{
 "documentInfo": {
  "documentType": "https://xbrl.org/2021/xbrl-json",
  "features": {
   "xbrl:canonicalValues": true
  },
  "namespaces": {
   "ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
   "iso4217": "http://www.xbrl.org/2003/iso4217",
   "mgplc": "http://mgplc.com/xbrl/2022",
   "scheme": "http://standards.iso.org/iso/17442",
   "xbrl": "https://xbrl.org/2021",
   "xbrli": "http://www.xbrl.org/2003/instance"
  },
  "taxonomy": [
   "http://mgplc.com/xbrl/2022/254900twujuq44tqjy84-2022-12-31.xsd"
  ]
 },
 "facts": {
  "fact-1": {
   "value": "We have a proud history in managing savings and investments, delivering superior outcomes for our clients through our investment expertise and innovative propositions, in line with our purpose",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-17": {
   "value": "6507000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:GrossPremiumsEarned",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-18": {
   "value": "4784000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:GrossPremiumsEarned",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-19": {
   "value": "479000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:OutwardReinsurancePremiums",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-20": {
   "value": "1019000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:OutwardReinsurancePremiums",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-21": {
   "value": "6028000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:NetEarnedPremium",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-22": {
   "value": "3765000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:NetEarnedPremium",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-23": {
   "value": "-15656000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:InvestmentIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-24": {
   "value": "12909000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:InvestmentIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-25": {
   "value": "1037000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:FeeAndCommissionIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-26": {
   "value": "983000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:FeeAndCommissionIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-27": {
   "value": "46000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-28": {
   "value": "115000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-29": {
   "value": "-8545000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Revenue",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-30": {
   "value": "17772000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Revenue",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-31": {
   "value": "-6987000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:BenefitsAndClaims",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-32": {
   "value": "3551000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:BenefitsAndClaims",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-33": {
   "value": "241000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:OutwardReinsurersShareOfBenefitAndClaims",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-34": {
   "value": "8480000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:OutwardReinsurersShareOfBenefitAndClaims",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-35": {
   "value": "-1689000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:MovementInUnallocatedSurplusOfTheWithProfitsFund",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-36": {
   "value": "1052000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:MovementInUnallocatedSurplusOfTheWithProfitsFund",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-37": {
   "value": "-8435000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:BenefitsAndClaimsAndMovementInUnallocatedSurplusOfTheWithProfitsFundNetOfReinsurance",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-38": {
   "value": "13083000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:BenefitsAndClaimsAndMovementInUnallocatedSurplusOfTheWithProfitsFundNetOfReinsurance",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-39": {
   "value": "2810000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:AdministrativeExpense",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-40": {
   "value": "2803000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:AdministrativeExpense",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-41": {
   "value": "547000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:MovementsInThirdPartyInterestInConsolidatedFunds",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-42": {
   "value": "-1019000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:MovementsInThirdPartyInterestInConsolidatedFunds",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-43": {
   "value": "162000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:FinanceCosts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-44": {
   "value": "160000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:FinanceCosts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-45": {
   "value": "-6010000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:TotalChargesNetOfReinsurance",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-46": {
   "value": "17065000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:TotalChargesNetOfReinsurance",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-47": {
   "value": "38000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-48": {
   "value": "81000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-49": {
   "value": "-2497000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossBeforeTax",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-50": {
   "value": "788000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossBeforeTax",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-51": {
   "value": "-379000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:TaxChargeAttributableToPolicyholdersReturns",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-52": {
   "value": "707000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:TaxChargeAttributableToPolicyholdersReturns",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-53": {
   "value": "-2118000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ProfitBeforeTaxAttributableToEquityHolders",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-54": {
   "value": "81000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ProfitBeforeTaxAttributableToEquityHolders",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-55": {
   "value": "-878000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-56": {
   "value": "696000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-57": {
   "value": "-379000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:TaxChargeAttributableToPolicyholdersReturns",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-58": {
   "value": "707000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:TaxChargeAttributableToPolicyholdersReturns",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-59": {
   "value": "-499000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:TaxCreditChargeAttributableToEquityHolders",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-60": {
   "value": "-11000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:TaxCreditChargeAttributableToEquityHolders",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-61": {
   "value": "-1619000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-62": {
   "value": "92000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-595": {
   "value": "M&amp;G p<span class=\"__1 _201\"/>lc",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-63": {
   "value": "-1632000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-64": {
   "value": "83000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-65": {
   "value": "13000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-66": {
   "value": "9000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-67": {
   "value": "-1619000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-68": {
   "value": "92000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-69": {
   "value": "-0.66",
   "decimals": 3,
   "dimensions": {
    "concept": "ifrs-full:BasicEarningsLossPerShare",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-70": {
   "value": "0.033",
   "decimals": 3,
   "dimensions": {
    "concept": "ifrs-full:BasicEarningsLossPerShare",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-71": {
   "value": "-0.66",
   "decimals": 3,
   "dimensions": {
    "concept": "ifrs-full:DilutedEarningsLossPerShare",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-72": {
   "value": "0.032",
   "decimals": 3,
   "dimensions": {
    "concept": "ifrs-full:DilutedEarningsLossPerShare",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-73": {
   "value": "-1619000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-74": {
   "value": "92000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-75": {
   "value": "20000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-76": {
   "value": "-13000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-77": {
   "value": "20000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-78": {
   "value": "-13000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-79": {
   "value": "29000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-80": {
   "value": "71000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-81": {
   "value": "7000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-82": {
   "value": "19000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-83": {
   "value": "22000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-84": {
   "value": "52000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-85": {
   "value": "2000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:AmountTransferredToUnallocatedSurplusOfTheWithProfitsFundNetOfRelatedTax",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-86": {
   "value": "-2000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:AmountTransferredToUnallocatedSurplusOfTheWithProfitsFundNetOfRelatedTax",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-87": {
   "value": "24000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-88": {
   "value": "50000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-89": {
   "value": "44000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-90": {
   "value": "37000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-91": {
   "value": "-1575000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-92": {
   "value": "129000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-93": {
   "value": "-1588000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-94": {
   "value": "120000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-95": {
   "value": "13000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-96": {
   "value": "9000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-97": {
   "value": "-1575000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-98": {
   "value": "129000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-99": {
   "value": "1877000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IntangibleAssetsAndGoodwill",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-100": {
   "value": "1615000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IntangibleAssetsAndGoodwill",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-101": {
   "value": "94000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DeferredAcquisitionCostsArisingFromInsuranceContracts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-102": {
   "value": "94000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DeferredAcquisitionCostsArisingFromInsuranceContracts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-103": {
   "value": "155000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:RecognisedAssetsDefinedBenefitPlan",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-104": {
   "value": "38000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:RecognisedAssetsDefinedBenefitPlan",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-105": {
   "value": "413000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-106": {
   "value": "469000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-107": {
   "value": "1953000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:PropertyPlantAndEquipment",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-108": {
   "value": "2536000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:PropertyPlantAndEquipment",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-109": {
   "value": "16505000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:InvestmentProperty",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-110": {
   "value": "19698000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:InvestmentProperty",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-111": {
   "value": "651000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DeferredTaxAssets",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-112": {
   "value": "119000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DeferredTaxAssets",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-113": {
   "value": "1186000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ReinsuranceAssets",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-114": {
   "value": "1669000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ReinsuranceAssets",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-115": {
   "value": "70127000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EquityInstrumentsHeld",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-116": {
   "value": "74069000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EquityInstrumentsHeld",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-117": {
   "value": "3330000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:LoansAndReceivables",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-118": {
   "value": "5809000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:LoansAndReceivables",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-119": {
   "value": "62821000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DebtInstrumentsHeld",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-120": {
   "value": "81059000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DebtInstrumentsHeld",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-121": {
   "value": "2850000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DerivativeFinancialAssets",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-122": {
   "value": "3373000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DerivativeFinancialAssets",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-123": {
   "value": "21401000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:Deposits",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-124": {
   "value": "17633000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:Deposits",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-125": {
   "value": "289000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentTaxAssets",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-126": {
   "value": "375000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentTaxAssets",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-127": {
   "value": "2340000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:AccruedInvestmentIncomeAndOtherDebtors",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-128": {
   "value": "2647000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:AccruedInvestmentIncomeAndOtherDebtors",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-129": {
   "value": "684000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-130": {
   "value": "1023000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-131": {
   "value": "4884000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-132": {
   "value": "6908000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-133": {
   "value": "191560000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Assets",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-134": {
   "value": "219134000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Assets",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-135": {
   "value": "119000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IssuedCapital",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-136": {
   "value": "130000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IssuedCapital",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-137": {
   "value": "370000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:SharePremium",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-138": {
   "value": "370000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:SharePremium",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-139": {
   "value": "-70000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesHeldByEmployeeBenefitTrust",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-140": {
   "value": "-93000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesHeldByEmployeeBenefitTrust",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-141": {
   "value": "47000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:TreasuryShares",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-142": {
   "value": "1000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:TreasuryShares",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-143": {
   "value": "14023000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:RetainedEarnings",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-144": {
   "value": "16550000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:RetainedEarnings",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-145": {
   "value": "-11613000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherReserves",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-146": {
   "value": "-11660000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherReserves",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-147": {
   "value": "2782000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EquityAttributableToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-148": {
   "value": "5296000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EquityAttributableToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-149": {
   "value": "48000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:NoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-150": {
   "value": "49000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:NoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-151": {
   "value": "2830000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-152": {
   "value": "5345000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-153": {
   "value": "49805000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:InsuranceContractsIssuedThatAreLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-154": {
   "value": "63223000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:InsuranceContractsIssuedThatAreLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-155": {
   "value": "78594000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:InvestmentContractLiabilitiesWithDiscretionaryParticipationFeatures",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-156": {
   "value": "82743000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:InvestmentContractLiabilitiesWithDiscretionaryParticipationFeatures",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-157": {
   "value": "11937000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-158": {
   "value": "14884000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-159": {
   "value": "15130000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:UnallocatedSurplusOfTheWithProfitsFund",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-160": {
   "value": "16723000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:UnallocatedSurplusOfTheWithProfitsFund",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-161": {
   "value": "10389000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ThirdPartyInterestInConsolidatedFunds",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-162": {
   "value": "12636000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ThirdPartyInterestInConsolidatedFunds",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-163": {
   "value": "7537000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SubordinatedLiabilitiesAndOtherBorrowings",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-164": {
   "value": "8930000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SubordinatedLiabilitiesAndOtherBorrowings",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-165": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:RecognisedLiabilitiesDefinedBenefitPlan",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-166": {
   "value": "84000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:RecognisedLiabilitiesDefinedBenefitPlan",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-167": {
   "value": "780000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DeferredTaxLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-168": {
   "value": "1419000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DeferredTaxLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-169": {
   "value": "420000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:LeaseLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-170": {
   "value": "413000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:LeaseLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-171": {
   "value": "113000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentTaxLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-172": {
   "value": "359000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentTaxLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-173": {
   "value": "4185000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DerivativeFinancialLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-174": {
   "value": "2689000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DerivativeFinancialLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-175": {
   "value": "2172000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherFinancialLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-176": {
   "value": "2882000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherFinancialLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-177": {
   "value": "90000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Provisions",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-178": {
   "value": "138000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Provisions",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-179": {
   "value": "7406000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:AccrualsDeferredIncomeAndOtherLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-180": {
   "value": "6666000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:AccrualsDeferredIncomeAndOtherLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-181": {
   "value": "172000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-182": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-183": {
   "value": "188730000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Liabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-184": {
   "value": "213789000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Liabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-185": {
   "value": "191560000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EquityAndLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-186": {
   "value": "219134000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EquityAndLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-2": {
   "value": "158000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SeedCapitalIncludedInAssetsHeldForSale",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-3": {
   "value": "127000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SeedCapitalIncludedInAssetsHeldForSale",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-4": {
   "value": "333000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:InvestmentPropertyIncludedInAssetsHeldForSale",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-5": {
   "value": "896000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:InvestmentPropertyIncludedInAssetsHeldForSale",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-6": {
   "value": "398000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:HeldForSaleAssetsTransferredBackToInvestmentProperty",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-7": {
   "value": "193000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:AssetsHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-8": {
   "value": "172000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:LiabilitiesHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-187": {
   "value": "130000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-188": {
   "value": "370000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-189": {
   "value": "-93000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-190": {
   "value": "-1000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-191": {
   "value": "16550000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-192": {
   "value": "-11660000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-193": {
   "value": "5296000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-194": {
   "value": "49000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-195": {
   "value": "5345000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-196": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-197": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-198": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-199": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-200": {
   "value": "-1632000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-201": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-202": {
   "value": "-1632000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-203": {
   "value": "13000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-204": {
   "value": "-1619000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-205": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-206": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-207": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-208": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-209": {
   "value": "24000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-210": {
   "value": "20000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-211": {
   "value": "44000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-212": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-213": {
   "value": "44000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-214": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-215": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-216": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-217": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-218": {
   "value": "-1608000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-219": {
   "value": "20000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-220": {
   "value": "-1588000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-221": {
   "value": "13000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-222": {
   "value": "-1575000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-223": {
   "value": "-11000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesPurchasedInBuyBack",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-224": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesPurchasedInBuyBack",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-225": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesPurchasedInBuyBack",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-226": {
   "value": "-47000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesPurchasedInBuyBack",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-227": {
   "value": "-456000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesPurchasedInBuyBack",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-228": {
   "value": "11000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesPurchasedInBuyBack",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-229": {
   "value": "-503000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesPurchasedInBuyBack",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-230": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesPurchasedInBuyBack",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-231": {
   "value": "-503000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesPurchasedInBuyBack",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-232": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-233": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-234": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-235": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-236": {
   "value": "465000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-237": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-238": {
   "value": "465000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-239": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-240": {
   "value": "465000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-241": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-242": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-243": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-244": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-245": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-246": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-247": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-248": {
   "value": "14000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-249": {
   "value": "14000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-250": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-251": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-252": {
   "value": "23000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-253": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-254": {
   "value": "-22000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-255": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-256": {
   "value": "1000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-257": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-258": {
   "value": "1000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-259": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-260": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-261": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-262": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-263": {
   "value": "23000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-264": {
   "value": "-23000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-265": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-266": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-267": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-268": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-269": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-270": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-271": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-272": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-273": {
   "value": "34000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-274": {
   "value": "34000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-275": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-276": {
   "value": "34000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-277": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-278": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-279": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-280": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-281": {
   "value": "-1000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-282": {
   "value": "-5000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-283": {
   "value": "-6000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-284": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-285": {
   "value": "-6000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-286": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-287": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-288": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-289": {
   "value": "1000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-290": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-291": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-292": {
   "value": "1000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-293": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-294": {
   "value": "1000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-295": {
   "value": "-11000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-296": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-297": {
   "value": "23000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-298": {
   "value": "-46000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-299": {
   "value": "-2527000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-300": {
   "value": "47000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-301": {
   "value": "-2514000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-302": {
   "value": "-1000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-303": {
   "value": "-2515000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-304": {
   "value": "119000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-305": {
   "value": "370000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-306": {
   "value": "-70000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-307": {
   "value": "-47000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-308": {
   "value": "14023000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-309": {
   "value": "-11613000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-310": {
   "value": "2782000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-311": {
   "value": "48000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-312": {
   "value": "2830000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-313": {
   "value": "130000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-314": {
   "value": "370000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-315": {
   "value": "-117000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-316": {
   "value": "-1000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-317": {
   "value": "16853000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-318": {
   "value": "-11658000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-319": {
   "value": "5577000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-320": {
   "value": "8000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-321": {
   "value": "5585000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-322": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-323": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-324": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-325": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-326": {
   "value": "83000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-327": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-328": {
   "value": "83000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-329": {
   "value": "9000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-330": {
   "value": "92000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-331": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-332": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-333": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-334": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-335": {
   "value": "50000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-336": {
   "value": "-13000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-337": {
   "value": "37000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-338": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-339": {
   "value": "37000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-340": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-341": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-342": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-343": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-344": {
   "value": "133000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-345": {
   "value": "-13000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-346": {
   "value": "120000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-347": {
   "value": "9000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-348": {
   "value": "129000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-349": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:NonControllingInterestsArisingThroughBusinessCombinations",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-350": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:NonControllingInterestsArisingThroughBusinessCombinations",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-351": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:NonControllingInterestsArisingThroughBusinessCombinations",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-352": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:NonControllingInterestsArisingThroughBusinessCombinations",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-353": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:NonControllingInterestsArisingThroughBusinessCombinations",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-354": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:NonControllingInterestsArisingThroughBusinessCombinations",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-355": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:NonControllingInterestsArisingThroughBusinessCombinations",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-356": {
   "value": "38000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:NonControllingInterestsArisingThroughBusinessCombinations",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-357": {
   "value": "38000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:NonControllingInterestsArisingThroughBusinessCombinations",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-358": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-359": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-360": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-361": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-362": {
   "value": "466000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-363": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-364": {
   "value": "466000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-365": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-366": {
   "value": "466000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-367": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-368": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-369": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-370": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-371": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-372": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-373": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-374": {
   "value": "6000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-375": {
   "value": "6000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-376": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-377": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-378": {
   "value": "24000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-379": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-380": {
   "value": "-24000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-381": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-382": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-383": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-384": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:SharesDistributedByEmployeeTrusts",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-385": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-386": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-387": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-388": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-389": {
   "value": "33000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-390": {
   "value": "-33000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-391": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-392": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-393": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:VestedEmployeeShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-394": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-395": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-396": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-397": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-398": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-399": {
   "value": "40000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-400": {
   "value": "40000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-401": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-402": {
   "value": "40000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:ExpenseRecognisedInRespectOfShareBasedPayments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-403": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-404": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-405": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-406": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-407": {
   "value": "-21000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-408": {
   "value": "-4000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-409": {
   "value": "-25000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-410": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-411": {
   "value": "-25000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-412": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-413": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-414": {
   "value": "24000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-415": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-416": {
   "value": "-303000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-417": {
   "value": "-2000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-418": {
   "value": "-281000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-419": {
   "value": "41000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-420": {
   "value": "-240000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ChangesInEquity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-421": {
   "value": "130000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-422": {
   "value": "370000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-423": {
   "value": "-93000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "mgplc:SharesHeldByEmployeeBenefitTrustMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-424": {
   "value": "-1000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-425": {
   "value": "16550000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-426": {
   "value": "-11660000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-427": {
   "value": "5296000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-428": {
   "value": "49000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "fact-429": {
   "value": "5345000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-430": {
   "value": "-2497000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossBeforeTax",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-431": {
   "value": "788000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossBeforeTax",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-432": {
   "value": "26477000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:AdjustmentsForInvestments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-433": {
   "value": "-804000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:AdjustmentsForInvestments",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-434": {
   "value": "1761000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherAssets",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-435": {
   "value": "10524000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherAssets",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-436": {
   "value": "-22179000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:AdjustmentsForPolicyholderLiabilitiesIncludingUnallocatedSurplus",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-437": {
   "value": "-9846000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:AdjustmentsForPolicyholderLiabilitiesIncludingUnallocatedSurplus",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-438": {
   "value": "-4210000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-439": {
   "value": "1213000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-440": {
   "value": "4491000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-441": {
   "value": "4028000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-442": {
   "value": "242000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-443": {
   "value": "-456000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-444": {
   "value": "2529000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-445": {
   "value": "2321000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-446": {
   "value": "88000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-447": {
   "value": "144000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-448": {
   "value": "2220000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-449": {
   "value": "2066000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-450": {
   "value": "268000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-451": {
   "value": "332000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-452": {
   "value": "-504000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-453": {
   "value": "1302000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-454": {
   "value": "573000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-455": {
   "value": "770000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-456": {
   "value": "1000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-457": {
   "value": "41000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-458": {
   "value": "210000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:NetCashPaidAcquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-459": {
   "value": "-13000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:NetCashPaidAcquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-460": {
   "value": "429000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-461": {
   "value": "250000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-462": {
   "value": "15000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:InvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-463": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:InvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-464": {
   "value": "-368000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-465": {
   "value": "-466000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-466": {
   "value": "190000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-467": {
   "value": "186000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-468": {
   "value": "30000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-469": {
   "value": "23000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-470": {
   "value": "503000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-471": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-472": {
   "value": "465000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-473": {
   "value": "466000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-474": {
   "value": "14000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-475": {
   "value": "6000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-476": {
   "value": "-1202000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-477": {
   "value": "-681000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-478": {
   "value": "-2074000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-479": {
   "value": "155000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-480": {
   "value": "6908000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-481": {
   "value": "6776000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-482": {
   "value": "50000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-483": {
   "value": "-23000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-484": {
   "value": "4884000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-485": {
   "value": "6908000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-9": {
   "value": "6000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-10": {
   "value": "68000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:TaxPaidOnProfitsAtPolicyholderRatesClassifiedAsOperatingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-11": {
   "value": "173000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:TaxPaidOnProfitsAtPolicyholderRatesClassifiedAsOperatingActivities",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-12": {
   "value": "227000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:CashPaidOnAcquisitionsOfSubsidiaries",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-13": {
   "value": "200000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:CashPaidOnAcquisitionsOfSubsidiaries",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-14": {
   "value": "17000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:CashAcquiredOnAcquisitionsOfSubsidiaries",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-15": {
   "value": "13000000",
   "decimals": -6,
   "dimensions": {
    "concept": "mgplc:CashAcquiredOnAcquisitionsOfSubsidiaries",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-16": {
   "value": "Notes to the consolidated finan<span class=\"__1 _201\"/>cial statements<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies<span class=\"__1 _32b\"> </span>1.<span class=\"__1 _200\"/>1 Bas<span class=\"__1 _201\"/>is of pre<span class=\"__1 _201\"/>parat<span class=\"__1 _201\"/>ion<span class=\"__1 _201\"/> The c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l statem<span class=\"__1 _201\"/>ents fo<span class=\"__1 _201\"/>r the year en<span class=\"__1 _201\"/>ded 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>022 co<span class=\"__1 _201\"/>mpri<span class=\"__1 _201\"/>sing the fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al statem<span class=\"__1 _201\"/>ents of M&amp;<span class=\"__1 _201\"/>G plc<span class=\"__1 _201\"/> (\u2018<span class=\"__1 _201\"/>the Co<span class=\"__1 _201\"/>mpany<span class=\"__1 _201\"/>\u2019) and it<span class=\"__1 _201\"/>s subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es (t<span class=\"__1 _200\"/>og<span class=\"__1 _201\"/>ether refe<span class=\"__1 _201\"/>rred to as \u2018<span class=\"__1 _201\"/>the G<span class=\"__1 _201\"/>roup\u2019), have b<span class=\"__1 _201\"/>een p<span class=\"__1 _201\"/>repare<span class=\"__1 _201\"/>d in acco<span class=\"__1 _201\"/>rdance w<span class=\"__1 _201\"/>ith UK-ado<span class=\"__1 _201\"/>pted<span class=\"__1 _32b\"> </span>Inter<span class=\"__1 _201\"/>nationa<span class=\"__1 _201\"/>l Accountin<span class=\"__1 _201\"/>g Standa<span class=\"__1 _201\"/>rds (IAS) and t<span class=\"__1 _201\"/>he leg<span class=\"__1 _201\"/>al requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts of the Co<span class=\"__1 _201\"/>mpani<span class=\"__1 _201\"/>es Act 2<span class=\"__1 _201\"/>006<span class=\"__1 _201\"/>. The c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span>statem<span class=\"__1 _201\"/>ents h<span class=\"__1 _201\"/>ave been p<span class=\"__1 _201\"/>repare<span class=\"__1 _201\"/>d unde<span class=\"__1 _201\"/>r the his<span class=\"__1 _201\"/>toric<span class=\"__1 _201\"/>al cos<span class=\"__1 _201\"/>t basis exce<span class=\"__1 _201\"/>pt for inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at fair va<span class=\"__1 _201\"/>lue, ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain<span class=\"__1 _32b\"> </span>finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d finan<span class=\"__1 _201\"/>cial liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s (incl<span class=\"__1 _201\"/>uding d<span class=\"__1 _201\"/>eriv<span class=\"__1 _201\"/>ative ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts) that are meas<span class=\"__1 _201\"/>ured at fa<span class=\"__1 _201\"/>ir value t<span class=\"__1 _201\"/>hrough p<span class=\"__1 _201\"/>rofit or l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/> (F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>), insura<span class=\"__1 _201\"/>nce cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>t liabili<span class=\"__1 _201\"/>ties that are m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with the re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents of I<span class=\"__1 _201\"/>FRS 4: In<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce Con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts,<span class=\"__1 _201\"/> and d<span class=\"__1 _201\"/>efine<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efit as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabil<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>, meas<span class=\"__1 _201\"/>ured at the f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue of plan a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s les<span class=\"__1 _201\"/>s the pre<span class=\"__1 _201\"/>sent val<span class=\"__1 _201\"/>ue of the d<span class=\"__1 _201\"/>efine<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efit<span class=\"__1 _201\"/> obli<span class=\"__1 _201\"/>gations<span class=\"__1 _201\"/>. As<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd disp<span class=\"__1 _201\"/>osal g<span class=\"__1 _201\"/>roups he<span class=\"__1 _201\"/>ld for s<span class=\"__1 _201\"/>ale are s<span class=\"__1 _201\"/>tated at the l<span class=\"__1 _201\"/>ower of the p<span class=\"__1 _201\"/>reviou<span class=\"__1 _201\"/>s car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying am<span class=\"__1 _201\"/>ount an<span class=\"__1 _201\"/>d fair va<span class=\"__1 _201\"/>lue le<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/> cos<span class=\"__1 _201\"/>ts to sell<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Restat<span class=\"__1 _200\"/>ement o<span class=\"__1 _200\"/>f prior per<span class=\"__1 _200\"/>iod inform<span class=\"__1 _200\"/>ation<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>rative co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated st<span class=\"__1 _201\"/>atement of fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l positi<span class=\"__1 _201\"/>on as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>1 has be<span class=\"__1 _201\"/>en res<span class=\"__1 _201\"/>tated fol<span class=\"__1 _201\"/>lowing a<span class=\"__1 _201\"/> pres<span class=\"__1 _201\"/>entatio<span class=\"__1 _201\"/>nal chan<span class=\"__1 _201\"/>ge in tax-rel<span class=\"__1 _201\"/>ated bal<span class=\"__1 _201\"/>ances a<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g in cer<span class=\"__1 _201\"/>tain c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y fun<span class=\"__1 _201\"/>ds whic<span class=\"__1 _201\"/>h were disc<span class=\"__1 _201\"/>lose<span class=\"__1 _201\"/>d inco<span class=\"__1 _201\"/>rrec<span class=\"__1 _201\"/>tly<span class=\"__1 _201\"/> in the p<span class=\"__1 _201\"/>rior p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e tax ba<span class=\"__1 _201\"/>lance<span class=\"__1 _201\"/>s have bee<span class=\"__1 _201\"/>n reallo<span class=\"__1 _201\"/>cated f<span class=\"__1 _201\"/>rom Accru<span class=\"__1 _201\"/>als<span class=\"__1 _201\"/>, defer<span class=\"__1 _201\"/>red inco<span class=\"__1 _201\"/>me and o<span class=\"__1 _201\"/>ther lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s to Current ta<span class=\"__1 _201\"/>x<span class=\"__1 _32b\"> </span>liabilities and other taxes an<span class=\"__1 _201\"/>d Deferred tax liabilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>rative co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated inc<span class=\"__1 _201\"/>ome s<span class=\"__1 _201\"/>tatement f<span class=\"__1 _201\"/>or the year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2021 ha<span class=\"__1 _201\"/>s also be<span class=\"__1 _201\"/>en res<span class=\"__1 _201\"/>tated to real<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ate<span class=\"__1 _32b\"> </span>tax exp<span class=\"__1 _201\"/>ense f<span class=\"__1 _201\"/>rom Admini<span class=\"__1 _201\"/>strati<span class=\"__1 _201\"/>ve and othe<span class=\"__1 _201\"/>r expen<span class=\"__1 _201\"/>ses to T<span class=\"__1 _f_1\"/>a<span class=\"__1 _201\"/>x charge at<span class=\"__1 _201\"/>trib<span class=\"__1 _201\"/>utabl<span class=\"__1 _201\"/>e to polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs\u2019 returns<span class=\"__1 _201\"/>, to refle<span class=\"__1 _201\"/>ct this<span class=\"__1 _201\"/> pres<span class=\"__1 _201\"/>entatio<span class=\"__1 _201\"/>nal chan<span class=\"__1 _201\"/>ge. As a re<span class=\"__1 _201\"/>sult<span class=\"__1 _201\"/>, Profit b<span class=\"__1 _201\"/>efore tax f<span class=\"__1 _201\"/>or the year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021 ha<span class=\"__1 _201\"/>s bee<span class=\"__1 _201\"/>n restate<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>statem<span class=\"__1 _201\"/>ent has h<span class=\"__1 _201\"/>ad no imp<span class=\"__1 _201\"/>act o<span class=\"__1 _201\"/>n profit fo<span class=\"__1 _201\"/>r the year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2021 or tota<span class=\"__1 _201\"/>l equit<span class=\"__1 _201\"/>y at<span class=\"__1 _201\"/>tribut<span class=\"__1 _201\"/>able to sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s as<span class=\"__1 _32b\"> </span>at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021.<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of the res<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt on the co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatement of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al pos<span class=\"__1 _201\"/>ition an<span class=\"__1 _201\"/>d conso<span class=\"__1 _201\"/>lidated i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent is set o<span class=\"__1 _201\"/>ut<span class=\"__1 _32b\"> </span>in the ta<span class=\"__1 _201\"/>bles b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Note<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>ended 31<span class=\"__1 _32b\"> </span>December<span class=\"__1 _32b\"> </span>2021<span class=\"ls5_1 ws1_1\"> </span>as<span class=\"__1 _32b\"> </span>previo<span class=\"__1 _201\"/>usly<span class=\"__1 _32b\"> </span>reported<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Adjustments<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>ended 31<span class=\"__1 _32b\"> </span>December<span class=\"__1 _32b\"> </span>2021<span class=\"ls5_1 ws1_1\"> </span>res<span class=\"__1 _201\"/>tated<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Consolidat<span class=\"__1 _200\"/>ed income<span class=\"__1 _200\"/> statemen<span class=\"__1 _200\"/>t:<span class=\"__1 _32b\"> </span>Admini<span class=\"__1 _201\"/>strati<span class=\"__1 _201\"/>ve and othe<span class=\"__1 _201\"/>r expen<span class=\"__1 _201\"/>ses<span class=\"__1 _32b\"> </span>6<span class=\"__1 _210\"> </span><span class=\"fs3_1 fc2_1\">(2,884<span class=\"__1 _200\"/>)<span class=\"__1 _230\"> </span><span class=\"lsc_1 wsa_1\">81<span class=\"__1 _286\"> </span></span>(2,8<span class=\"__1 _200\"/>03<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l charge<span class=\"__1 _201\"/>s, net o<span class=\"__1 _201\"/>f reinsur<span class=\"__1 _201\"/>ance<span class=\"__1 _287\"> </span><span class=\"ls13_1 ws12_1\">(1<span class=\"__1 _250\"/>7,1<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _288\"> </span><span class=\"lsc_1 wsa_1\">81<span class=\"__1 _1c_1\"> </span></span>(1<span class=\"__1 _201\"/>7,<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>)<span class=\"__1 _32b\"> </span></span>Profi<span class=\"__1 _201\"/>t before ta<span class=\"__1 _201\"/>x<span class=\"__1 _289\"> </span><span class=\"ls23_1 ws22_1\">707<span class=\"__1 _8a_1\"> </span><span class=\"lsc_1 wsa_1\">81<span class=\"__1 _253\"> </span><span class=\"lsd_1 wsb_1\">788<span class=\"__1 _32b\"> </span></span></span></span>T<span class=\"__1 _f_1\"/>ax c<span class=\"__1 _201\"/>harge at<span class=\"__1 _201\"/>tribu<span class=\"__1 _201\"/>table to p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 returns<span class=\"__1 _32b\"> </span>9<span class=\"__1 _212\"> </span><span class=\"fs3_1 fc2_1 ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>26)<span class=\"__1 _1d_1\"> </span><span class=\"ls52_1 ws5a_1\">(8<span class=\"__1 _201\"/>1)<span class=\"__1 _7d_1\"> </span><span class=\"ls23_1 ws22_1\">(<span class=\"__1 _201\"/>707)<span class=\"__1 _32b\"> </span></span></span></span>T<span class=\"__1 _f_1\"/>otal tax charge<span class=\"__1 _32b\"> </span>9<span class=\"__1 _270\"> </span><span class=\"fs3_1 fc2_1 ls25_1 ws25_1\">(615<span class=\"__1 _201\"/>)<span class=\"__1 _219\"> </span><span class=\"ls52_1 ws5a_1\">(<span class=\"__1 _201\"/>81)<span class=\"__1 _7d_1\"> </span></span>(69<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>Les<span class=\"__1 _201\"/>s tax ch<span class=\"__1 _201\"/>arge att<span class=\"__1 _201\"/>ributa<span class=\"__1 _201\"/>ble to po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 retur<span class=\"__1 _201\"/>ns<span class=\"__1 _8b_1\"> </span><span class=\"ls25_1 ws25_1\">(62<span class=\"__1 _201\"/>6)<span class=\"__1 _1d_1\"> </span><span class=\"ls52_1 ws5a_1\">(81)<span class=\"__1 _3f_1\"> </span><span class=\"ls23_1 ws22_1\">(707<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span>Note<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span>December<span class=\"__1 _32b\"> </span>2021 <span class=\"ls5_1 ws1_1\"> </span>as<span class=\"__1 _32b\"> </span>previo<span class=\"__1 _201\"/>usly<span class=\"__1 _32b\"> </span>reported<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Adjustments<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span>December<span class=\"__1 _32b\"> </span>2021<span class=\"ls5_1 ws1_1\"> </span>res<span class=\"__1 _201\"/>tated<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>1 January<span class=\"__1 _201\"/> 2021<span class=\"ls5_1 ws1_1\"> </span>as<span class=\"__1 _32b\"> </span>previo<span class=\"__1 _201\"/>usly<span class=\"__1 _32b\"> </span>reported<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Adjustments<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>1 January<span class=\"__1 _201\"/> 2021<span class=\"ls5_1 ws1_1\"> </span>res<span class=\"__1 _201\"/>tated<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Consolidat<span class=\"__1 _200\"/>ed stat<span class=\"__1 _200\"/>ement<span class=\"__1 _200\"/> of financial<span class=\"__1 _200\"/> position:<span class=\"__1 _32b\"> </span>Liabilities:<span class=\"__1 _32b\"> </span>Deferre<span class=\"__1 _201\"/>d tax liabilities<span class=\"__1 _32b\"> </span>9<span class=\"__1 _5d_1\"> </span><span class=\"fs3_1 fc2_1 ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>7<span class=\"__1 _256\"> </span><span class=\"lsc_1 wsa_1\">262<span class=\"__1 _3f_1\"> </span><span class=\"ls4a_1 ws50_1\">1,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>9<span class=\"__1 _231\"> </span><span class=\"ls2a_1 ws2a_1\">9<span class=\"__1 _201\"/>16<span class=\"__1 _256\"> </span><span class=\"ls4d_1 ws54_1\">2<span class=\"__1 _201\"/>10<span class=\"__1 _5d_1\"> </span></span></span></span>1,<span class=\"__1 _200\"/>126<span class=\"__1 _32b\"> </span></span></span>Current tax liabilities and othe<span class=\"__1 _201\"/>r taxes<span class=\"__1 _32b\"> </span>9<span class=\"__1 _253\"> </span><span class=\"fs3_1 fc2_1 ls27_1 ws27_1\">323<span class=\"__1 _8c_1\"> </span><span class=\"lsf_1 wsd_1\">36<span class=\"__1 _c_1\"> </span><span class=\"ls38_1 ws38_1\">359<span class=\"__1 _239\"> </span><span class=\"ls23_1 ws22_1\">276<span class=\"__1 _8d_1\"> </span><span class=\"ls40_1 ws44_1\">21<span class=\"__1 _2c_1\"> </span><span class=\"ls7_1 ws5_1\">2<span class=\"__1 _201\"/>97<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _32b\"> </span>30<span class=\"__1 _243\"> </span><span class=\"fs3_1 fc2_1 lsf_1 wsd_1\">6,96<span class=\"__1 _201\"/>4<span class=\"__1 _253\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>8)<span class=\"__1 _286\"> </span><span class=\"ls3f_1 ws41_1\">6<span class=\"__1 _201\"/>,666<span class=\"__1 _243\"> </span></span></span>6,964<span class=\"__1 _228\"> </span><span class=\"ls52_1 ws5a_1\">(<span class=\"__1 _201\"/>23<span class=\"__1 _201\"/>1)<span class=\"__1 _282\"> </span><span class=\"ls8_1 ws6_1\">6<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span></span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _8e_1\"> </span><span class=\"ls47_1 ws4d_1\">20<span class=\"__1 _200\"/>5,345<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>20<span class=\"__1 _200\"/>5,345<span class=\"__1 _6f_1\"> </span><span class=\"ls10_1 wsf_1\">214,985<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>21<span class=\"__1 _200\"/>4,985<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities<span class=\"__1 _8f_1\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">21<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,78<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>21<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,78<span class=\"__1 _201\"/>9<span class=\"__1 _290\"> </span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span>In the c<span class=\"__1 _201\"/>onsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t of cash fl<span class=\"__1 _201\"/>ows<span class=\"__1 _201\"/>, \u00a381m has be<span class=\"__1 _201\"/>en real<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated from Pro<span class=\"__1 _201\"/>fit befo<span class=\"__1 _201\"/>re tax an<span class=\"__1 _201\"/>d split b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en O<span class=\"__1 _201\"/>ther lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>of \u00a367m, O<span class=\"__1 _201\"/>ther n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>cas<span class=\"__1 _201\"/>h items of \u00a33<span class=\"__1 _201\"/>m and T<span class=\"__1 _200\"/>ax paid of \u00a317m, to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t the chan<span class=\"__1 _201\"/>ge in pre<span class=\"__1 _201\"/>sentati<span class=\"__1 _201\"/>on. Th<span class=\"__1 _201\"/>e reall<span class=\"__1 _201\"/>ocati<span class=\"__1 _201\"/>on from Pro<span class=\"__1 _201\"/>fit<span class=\"__1 _32b\"> </span>befo<span class=\"__1 _201\"/>re tax relate<span class=\"__1 _201\"/>s to polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder t<span class=\"__1 _201\"/>ax and d<span class=\"__1 _201\"/>oes no<span class=\"__1 _201\"/>t impac<span class=\"__1 _201\"/>t Profi<span class=\"__1 _201\"/>t before ta<span class=\"__1 _201\"/>x attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to equi<span class=\"__1 _201\"/>ty h<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs. C<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ratives i<span class=\"__1 _201\"/>n the<span class=\"__1 _201\"/> impa<span class=\"__1 _201\"/>cted n<span class=\"__1 _201\"/>otes to the co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated fina<span class=\"__1 _201\"/>ncial s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>ts have also b<span class=\"__1 _201\"/>een re<span class=\"__1 _201\"/>state<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _32b\"> </span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Going concern<span class=\"__1 _32b\"> </span>The D<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tors have rea<span class=\"__1 _201\"/>sonab<span class=\"__1 _201\"/>le exp<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/>ation that th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>s a whol<span class=\"__1 _201\"/>e has ade<span class=\"__1 _201\"/>quate res<span class=\"__1 _201\"/>ources to c<span class=\"__1 _201\"/>ontinue i<span class=\"__1 _201\"/>n oper<span class=\"__1 _201\"/>ationa<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span> exis<span class=\"__1 _201\"/>tence over a p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od of at lea<span class=\"__1 _201\"/>st 12 month<span class=\"__1 _201\"/>s from the d<span class=\"__1 _201\"/>ate of approval o<span class=\"__1 _201\"/>f the cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated finan<span class=\"__1 _201\"/>cial st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> T<span class=\"__1 _f_1\"/>o s<span class=\"__1 _201\"/>atisf<span class=\"__1 _201\"/>y the<span class=\"__1 _201\"/>msel<span class=\"__1 _201\"/>ves of the ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iatene<span class=\"__1 _201\"/>ss of the u<span class=\"__1 _201\"/>se of the go<span class=\"__1 _201\"/>ing con<span class=\"__1 _201\"/>cer<span class=\"__1 _201\"/>n assum<span class=\"__1 _201\"/>ption in re<span class=\"__1 _201\"/>lation to the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span> statem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, the D<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tors have con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>red the li<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y proj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tions of th<span class=\"__1 _201\"/>e Group, i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ing the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of appl<span class=\"__1 _201\"/>ying s<span class=\"__1 _201\"/>peci<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/> liqu<span class=\"__1 _201\"/>idit<span class=\"__1 _201\"/>y stres<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Direc<span class=\"__1 _201\"/>tors al<span class=\"__1 _201\"/>so con<span class=\"__1 _201\"/>sidere<span class=\"__1 _201\"/>d the ab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y of the Gro<span class=\"__1 _201\"/>up to acce<span class=\"__1 _201\"/>ss ex<span class=\"__1 _201\"/>ternal f<span class=\"__1 _201\"/>undin<span class=\"__1 _201\"/>g source<span class=\"__1 _201\"/>s, in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g acce<span class=\"__1 _201\"/>ss to<span class=\"__1 _32b\"> </span> the \u00a31.<span class=\"__1 _201\"/>5bn revo<span class=\"__1 _201\"/>lvin<span class=\"__1 _201\"/>g credit f<span class=\"__1 _201\"/>acilit<span class=\"__1 _201\"/>y (as explain<span class=\"__1 _201\"/>ed in th<span class=\"__1 _201\"/>e Direc<span class=\"__1 _201\"/>tors\u2019 Rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t and di<span class=\"__1 _201\"/>sclos<span class=\"__1 _201\"/>ed at note 2<span class=\"__1 _201\"/>7<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1) and th<span class=\"__1 _201\"/>e manag<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt acti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/> that cou<span class=\"__1 _201\"/>ld be us<span class=\"__1 _201\"/>ed to man<span class=\"__1 _201\"/>age liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, the Dire<span class=\"__1 _201\"/>ctor<span class=\"__1 _201\"/>s also gave p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticular at<span class=\"__1 _201\"/>tentio<span class=\"__1 _201\"/>n to the sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y and liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y proj<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/>ions of th<span class=\"__1 _201\"/>e Group un<span class=\"__1 _201\"/>der va<span class=\"__1 _201\"/>riou<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> stre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d scen<span class=\"__1 _201\"/>arios w<span class=\"__1 _201\"/>hich co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>er vari<span class=\"__1 _201\"/>ous as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons arou<span class=\"__1 _201\"/>nd inflati<span class=\"__1 _201\"/>on and a<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns by centr<span class=\"__1 _201\"/>al banks re<span class=\"__1 _201\"/>sultin<span class=\"__1 _201\"/>g from the cur<span class=\"__1 _201\"/>rent<span class=\"__1 _201\"/> macro<span class=\"__1 _201\"/>eco<span class=\"__1 _201\"/>nomic e<span class=\"__1 _201\"/>nviron<span class=\"__1 _201\"/>ment an<span class=\"__1 _201\"/>d uncer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in geo<span class=\"__1 _201\"/>-p<span class=\"__1 _201\"/>olitic<span class=\"__1 _201\"/>al situati<span class=\"__1 _201\"/>on whi<span class=\"__1 _201\"/>ch affec<span class=\"__1 _201\"/>t sup<span class=\"__1 _201\"/>ply ch<span class=\"__1 _201\"/>ains and c<span class=\"__1 _201\"/>onsum<span class=\"__1 _201\"/>er beh<span class=\"__1 _201\"/>aviour<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of the fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g indiv<span class=\"__1 _201\"/>idua<span class=\"__1 _201\"/>l stres<span class=\"__1 _201\"/>ses o<span class=\"__1 _201\"/>n solve<span class=\"__1 _201\"/>ncy we<span class=\"__1 _201\"/>re consi<span class=\"__1 _201\"/>dere<span class=\"__1 _201\"/>d as par<span class=\"__1 _201\"/>t of the a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">20% fa<span class=\"__1 _201\"/>ll in equi<span class=\"__1 _201\"/>ty p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">20% fa<span class=\"__1 _201\"/>ll in prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">(50bp<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) paral<span class=\"__1 _201\"/>lel shi<span class=\"__1 _201\"/>ft in n<span class=\"__1 _201\"/>omina<span class=\"__1 _201\"/>l yiel<span class=\"__1 _201\"/>ds<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">20% of the c<span class=\"__1 _201\"/>redit p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio down<span class=\"__1 _201\"/>gradi<span class=\"__1 _201\"/>ng by one f<span class=\"__1 _201\"/>ull let<span class=\"__1 _201\"/>ter<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">+<span class=\"__1 _f_1\"/>100<span class=\"__1 _201\"/>bps sp<span class=\"__1 _201\"/>read wi<span class=\"__1 _201\"/>denin<span class=\"__1 _201\"/>g (A-rate<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>ets)<span class=\"__1 _32b\"> </span></span>We also as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sed th<span class=\"__1 _201\"/>e resilie<span class=\"__1 _201\"/>nce of o<span class=\"__1 _201\"/>ur finan<span class=\"__1 _201\"/>cial pos<span class=\"__1 _201\"/>ition in a h<span class=\"__1 _201\"/>igh inflat<span class=\"__1 _201\"/>ionar<span class=\"__1 _201\"/>y e<span class=\"__1 _201\"/>nvironm<span class=\"__1 _201\"/>ent sc<span class=\"__1 _201\"/>enar<span class=\"__1 _201\"/>io and the e<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>omic<span class=\"__1 _201\"/> impl<span class=\"__1 _201\"/>icatio<span class=\"__1 _201\"/>ns resul<span class=\"__1 _201\"/>ting from i<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span> The re<span class=\"__1 _201\"/>sults o<span class=\"__1 _201\"/>f the ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment d<span class=\"__1 _201\"/>emon<span class=\"__1 _201\"/>strated t<span class=\"__1 _201\"/>he abili<span class=\"__1 _201\"/>ty of th<span class=\"__1 _201\"/>e Group to m<span class=\"__1 _201\"/>eet all o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding paym<span class=\"__1 _201\"/>ents to sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> and d<span class=\"__1 _201\"/>ebt hol<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>, and f<span class=\"__1 _201\"/>uture bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s requi<span class=\"__1 _201\"/>rement<span class=\"__1 _201\"/>s for the fo<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>eabl<span class=\"__1 _201\"/>e future, co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ering re<span class=\"__1 _201\"/>levant m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment a<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns are<span class=\"__1 _201\"/> taken as ne<span class=\"__1 _201\"/>ces<span class=\"__1 _201\"/>sar<span class=\"__1 _201\"/>y. In addi<span class=\"__1 _201\"/>tion, th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment de<span class=\"__1 _201\"/>mons<span class=\"__1 _201\"/>trated th<span class=\"__1 _201\"/>at the Gro<span class=\"__1 _201\"/>up was abl<span class=\"__1 _201\"/>e to remain ab<span class=\"__1 _201\"/>ove its re<span class=\"__1 _201\"/>gulator<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>olven<span class=\"__1 _201\"/>cy<span class=\"__1 _201\"/> requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts in a stre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d scen<span class=\"__1 _201\"/>ario<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>For this re<span class=\"__1 _201\"/>ason<span class=\"__1 _201\"/>, the Dire<span class=\"__1 _201\"/>cto<span class=\"__1 _201\"/>rs contin<span class=\"__1 _201\"/>ue to adop<span class=\"__1 _201\"/>t the goin<span class=\"__1 _201\"/>g conc<span class=\"__1 _201\"/>ern ba<span class=\"__1 _201\"/>sis in pre<span class=\"__1 _201\"/>parin<span class=\"__1 _201\"/>g the con<span class=\"__1 _201\"/>solid<span class=\"__1 _201\"/>ated and C<span class=\"__1 _201\"/>ompany<span class=\"__1 _201\"/> financial<span class=\"__1 _200\"/> statemen<span class=\"__1 _200\"/>ts.<span class=\"__1 _32b\"> </span>1.2 New accoun<span class=\"__1 _200\"/>ting pr<span class=\"__1 _200\"/>onouncements<span class=\"__1 _32b\"> </span>1.2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 New acc<span class=\"__1 _200\"/>ounting pr<span class=\"__1 _200\"/>onouncements adop<span class=\"__1 _200\"/>ted b<span class=\"__1 _200\"/>y t<span class=\"__1 _200\"/>he Group In pre<span class=\"__1 _201\"/>parin<span class=\"__1 _201\"/>g thes<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al statem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up has ad<span class=\"__1 _201\"/>opted th<span class=\"__1 _201\"/>e follow<span class=\"__1 _201\"/>ing st<span class=\"__1 _201\"/>andard<span class=\"__1 _201\"/>s, inter<span class=\"__1 _201\"/>pretatio<span class=\"__1 _201\"/>ns and<span class=\"__1 _201\"/> ame<span class=\"__1 _201\"/>ndme<span class=\"__1 _201\"/>nts that be<span class=\"__1 _201\"/>cam<span class=\"__1 _201\"/>e effe<span class=\"__1 _201\"/>ctive d<span class=\"__1 _201\"/>uring th<span class=\"__1 _201\"/>e year<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Refere<span class=\"__1 _201\"/>nce to the C<span class=\"__1 _201\"/>once<span class=\"__1 _201\"/>ptual Framewo<span class=\"__1 _201\"/>rk (Am<span class=\"__1 _201\"/>endm<span class=\"__1 _201\"/>ents to IF<span class=\"__1 _201\"/>RS 3), issu<span class=\"__1 _201\"/>ed in May 20<span class=\"__1 _201\"/>20 and eff<span class=\"__1 _201\"/>ecti<span class=\"__1 _201\"/>ve from 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty, Plant an<span class=\"__1 _201\"/>d Equipm<span class=\"__1 _201\"/>ent: Pro<span class=\"__1 _201\"/>cee<span class=\"__1 _201\"/>ds befo<span class=\"__1 _201\"/>re Intend<span class=\"__1 _201\"/>ed Use (<span class=\"__1 _201\"/>Amen<span class=\"__1 _201\"/>dment<span class=\"__1 _201\"/>s to IAS 16), issu<span class=\"__1 _201\"/>ed in May 20<span class=\"__1 _201\"/>20 and eff<span class=\"__1 _201\"/>ecti<span class=\"__1 _201\"/>ve from<span class=\"__1 _32b\"> </span></span>1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">On<span class=\"__1 _201\"/>erous Co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts \u2013 Co<span class=\"__1 _201\"/>sts of Fulfi<span class=\"__1 _201\"/>lling a C<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t (Am<span class=\"__1 _201\"/>endm<span class=\"__1 _201\"/>ents to IA<span class=\"__1 _201\"/>S 37), is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d in March 2<span class=\"__1 _201\"/>018 and effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve from<span class=\"__1 _32b\"> </span></span>1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>Non<span class=\"__1 _201\"/>e of the ab<span class=\"__1 _201\"/>ove interpre<span class=\"__1 _201\"/>tations an<span class=\"__1 _201\"/>d amen<span class=\"__1 _201\"/>dmen<span class=\"__1 _201\"/>ts to stan<span class=\"__1 _201\"/>dards are co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ered to have a mater<span class=\"__1 _201\"/>ial effe<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>n thes<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated<span class=\"__1 _201\"/> financial<span class=\"__1 _200\"/> statemen<span class=\"__1 _200\"/>ts.<span class=\"__1 _32b\"> </span>1.2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Ne<span class=\"__1 _200\"/>w acc<span class=\"__1 _200\"/>ounting pr<span class=\"__1 _200\"/>onouncements no<span class=\"__1 _200\"/>t y<span class=\"__1 _200\"/>et eff<span class=\"__1 _200\"/>ective<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing sta<span class=\"__1 _201\"/>ndards<span class=\"__1 _201\"/>, inter<span class=\"__1 _201\"/>pretation<span class=\"__1 _201\"/>s and am<span class=\"__1 _201\"/>endm<span class=\"__1 _201\"/>ents have b<span class=\"__1 _201\"/>een is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d but are not ye<span class=\"__1 _201\"/>t effec<span class=\"__1 _201\"/>tive fo<span class=\"__1 _201\"/>r the Gro<span class=\"__1 _201\"/>up. Thi<span class=\"__1 _201\"/>s is not<span class=\"__1 _201\"/> intend<span class=\"__1 _201\"/>ed to be a co<span class=\"__1 _201\"/>mple<span class=\"__1 _201\"/>te list, a<span class=\"__1 _201\"/>s only th<span class=\"__1 _201\"/>ose s<span class=\"__1 _201\"/>tandard<span class=\"__1 _201\"/>s, inter<span class=\"__1 _201\"/>pretatio<span class=\"__1 _201\"/>ns and am<span class=\"__1 _201\"/>endm<span class=\"__1 _201\"/>ents th<span class=\"__1 _201\"/>at could h<span class=\"__1 _201\"/>ave an impac<span class=\"__1 _201\"/>t upo<span class=\"__1 _201\"/>n the<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated finan<span class=\"__1 _201\"/>cial st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>s are discu<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d.<span class=\"__1 _201\"/> 1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>186<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>1.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 I<span class=\"__1 _201\"/>FRS 9<span class=\"__1 _201\"/>: Fina<span class=\"__1 _201\"/>nci<span class=\"__1 _201\"/>al In<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>In Jul<span class=\"__1 _201\"/>y 2014, the I<span class=\"__1 _201\"/>nternati<span class=\"__1 _201\"/>onal Acco<span class=\"__1 _201\"/>unting Sta<span class=\"__1 _201\"/>ndards B<span class=\"__1 _201\"/>oard (I<span class=\"__1 _201\"/>ASB) publi<span class=\"__1 _201\"/>shed I<span class=\"__1 _201\"/>FRS 9<span class=\"__1 _201\"/>: Financ<span class=\"__1 _201\"/>ial Ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents (I<span class=\"__1 _201\"/>FRS 9) which is<span class=\"__1 _201\"/> effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve for annu<span class=\"__1 _201\"/>al per<span class=\"__1 _201\"/>iods b<span class=\"__1 _201\"/>egin<span class=\"__1 _201\"/>ning on o<span class=\"__1 _201\"/>r after 1 J<span class=\"__1 _201\"/>anuar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>018, except a<span class=\"__1 _201\"/>s descr<span class=\"__1 _201\"/>ibe<span class=\"__1 _201\"/>d belo<span class=\"__1 _201\"/>w<span class=\"__1 _200\"/>, with ea<span class=\"__1 _201\"/>rly ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>ation p<span class=\"__1 _201\"/>ermit<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> IFR<span class=\"__1 _201\"/>S 9 repla<span class=\"__1 _201\"/>ces the exi<span class=\"__1 _201\"/>sting s<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ard, IA<span class=\"__1 _201\"/>S 39: Fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l Instr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>ts \u2013 Rec<span class=\"__1 _201\"/>ogniti<span class=\"__1 _201\"/>on and M<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>. The s<span class=\"__1 _201\"/>tandard p<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> new pr<span class=\"__1 _201\"/>incip<span class=\"__1 _201\"/>les fo<span class=\"__1 _201\"/>r determi<span class=\"__1 _201\"/>ning cla<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>ficati<span class=\"__1 _201\"/>on and m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>ment of fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l instr<span class=\"__1 _201\"/>ument<span class=\"__1 _201\"/>s, intro<span class=\"__1 _201\"/>duce<span class=\"__1 _201\"/>s a new for<span class=\"__1 _201\"/>w<span class=\"__1 _201\"/>ard-l<span class=\"__1 _201\"/>ookin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> impa<span class=\"__1 _201\"/>irme<span class=\"__1 _201\"/>nt mod<span class=\"__1 _201\"/>el base<span class=\"__1 _201\"/>d on exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted los<span class=\"__1 _201\"/>ses (repla<span class=\"__1 _201\"/>cing the ex<span class=\"__1 _201\"/>istin<span class=\"__1 _201\"/>g incur<span class=\"__1 _201\"/>red los<span class=\"__1 _201\"/>s mod<span class=\"__1 _201\"/>el) an<span class=\"__1 _201\"/>d provid<span class=\"__1 _201\"/>es new gu<span class=\"__1 _201\"/>idanc<span class=\"__1 _201\"/>e on<span class=\"__1 _32b\"> </span> app<span class=\"__1 _201\"/>licati<span class=\"__1 _201\"/>on of he<span class=\"__1 _201\"/>dge acc<span class=\"__1 _201\"/>ounting<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> In Se<span class=\"__1 _201\"/>ptembe<span class=\"__1 _201\"/>r 2016, the I<span class=\"__1 _201\"/>ASB pu<span class=\"__1 _201\"/>blish<span class=\"__1 _201\"/>ed ame<span class=\"__1 _201\"/>ndme<span class=\"__1 _201\"/>nts to IFR<span class=\"__1 _201\"/>S 4, \u201c<span class=\"__1 _200\"/>Appl<span class=\"__1 _201\"/>ying I<span class=\"__1 _201\"/>FRS 9: F<span class=\"__1 _201\"/>inanc<span class=\"__1 _201\"/>ial Ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts with I<span class=\"__1 _201\"/>FRS 4: I<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce<span class=\"__1 _201\"/> Cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts\u201d to addres<span class=\"__1 _201\"/>s the temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y c<span class=\"__1 _201\"/>onse<span class=\"__1 _201\"/>quen<span class=\"__1 _201\"/>ces of the d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nt effe<span class=\"__1 _201\"/>ctive d<span class=\"__1 _201\"/>ates of IFR<span class=\"__1 _201\"/>S 9 and IFR<span class=\"__1 _201\"/>S 17: Insuran<span class=\"__1 _201\"/>ce Contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> The a<span class=\"__1 _201\"/>mend<span class=\"__1 _201\"/>ments i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>e an optio<span class=\"__1 _201\"/>nal temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y exem<span class=\"__1 _201\"/>ption fro<span class=\"__1 _201\"/>m appl<span class=\"__1 _201\"/>ying I<span class=\"__1 _201\"/>FRS 9 an<span class=\"__1 _201\"/>d the ass<span class=\"__1 _201\"/>ociate<span class=\"__1 _201\"/>d amen<span class=\"__1 _201\"/>dment<span class=\"__1 _201\"/>s until IFR<span class=\"__1 _201\"/>S<span class=\"__1 _32b\"> </span> 17 come<span class=\"__1 _201\"/>s into effe<span class=\"__1 _201\"/>ct. T<span class=\"__1 _201\"/>his temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y exem<span class=\"__1 _201\"/>ption is ava<span class=\"__1 _201\"/>ilabl<span class=\"__1 _201\"/>e to compa<span class=\"__1 _201\"/>nies wh<span class=\"__1 _201\"/>ose pre<span class=\"__1 _201\"/>dom<span class=\"__1 _201\"/>inant ac<span class=\"__1 _201\"/>tiv<span class=\"__1 _201\"/>ity is to i<span class=\"__1 _201\"/>ssue i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce<span class=\"__1 _32b\"> </span> contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on me<span class=\"__1 _201\"/>eting the e<span class=\"__1 _201\"/>ligibi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y criteri<span class=\"__1 _201\"/>a as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2015, as s<span class=\"__1 _201\"/>et out in th<span class=\"__1 _201\"/>e amen<span class=\"__1 _201\"/>dment<span class=\"__1 _201\"/>s. In J<span class=\"__1 _201\"/>une 2020, t<span class=\"__1 _201\"/>he IAS<span class=\"__1 _201\"/>B<span class=\"__1 _32b\"> </span> ame<span class=\"__1 _201\"/>nded I<span class=\"__1 _201\"/>FRS 17 so th<span class=\"__1 _201\"/>at the revis<span class=\"__1 _201\"/>ed effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve date of the s<span class=\"__1 _201\"/>tandard i<span class=\"__1 _201\"/>s for pe<span class=\"__1 _201\"/>riod<span class=\"__1 _201\"/>s begi<span class=\"__1 _201\"/>nning o<span class=\"__1 _201\"/>n or af<span class=\"__1 _201\"/>ter 1 Janua<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y 2023<span class=\"__1 _201\"/>. The I<span class=\"__1 _201\"/>ASB<span class=\"__1 _201\"/> also c<span class=\"__1 _201\"/>onfir<span class=\"__1 _201\"/>med th<span class=\"__1 _201\"/>rough thi<span class=\"__1 _201\"/>s amen<span class=\"__1 _201\"/>dment th<span class=\"__1 _201\"/>at IFRS 9 co<span class=\"__1 _201\"/>uld be d<span class=\"__1 _201\"/>elayed fo<span class=\"__1 _201\"/>r insure<span class=\"__1 _201\"/>rs to keep the eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive dates of I<span class=\"__1 _201\"/>FRS 9 an<span class=\"__1 _201\"/>d IFRS<span class=\"__1 _201\"/> 17 al<span class=\"__1 _201\"/>ign<span class=\"__1 _201\"/>e<span class=\"__1 _201\"/>d.<span class=\"__1 _201\"/> As th<span class=\"__1 _201\"/>e Group m<span class=\"__1 _201\"/>et the req<span class=\"__1 _201\"/>uired e<span class=\"__1 _201\"/>ligibil<span class=\"__1 _201\"/>ity cr<span class=\"__1 _201\"/>iteria f<span class=\"__1 _201\"/>or tempo<span class=\"__1 _201\"/>rar<span class=\"__1 _201\"/>y exemp<span class=\"__1 _201\"/>tion, th<span class=\"__1 _201\"/>e adop<span class=\"__1 _201\"/>tion of IF<span class=\"__1 _201\"/>RS 9 has b<span class=\"__1 _201\"/>een de<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d to coinci<span class=\"__1 _201\"/>de<span class=\"__1 _32b\"> </span> with th<span class=\"__1 _201\"/>e adopti<span class=\"__1 _201\"/>on of IFR<span class=\"__1 _201\"/>S 17 on 1 Janua<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y 2023<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e compa<span class=\"__1 _201\"/>rative pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d will be re<span class=\"__1 _201\"/>state<span class=\"__1 _201\"/>d for IFR<span class=\"__1 _201\"/>S 9 and the G<span class=\"__1 _201\"/>roup wi<span class=\"__1 _201\"/>ll appl<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> the cla<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>ficati<span class=\"__1 _201\"/>on overl<span class=\"__1 _201\"/>ay in IFRS 17 to fina<span class=\"__1 _201\"/>ncial as<span class=\"__1 _201\"/>sets d<span class=\"__1 _201\"/>erec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in 202<span class=\"__1 _201\"/>2 and p<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>t these a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s as if clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n and<span class=\"__1 _201\"/> mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt of IFR<span class=\"__1 _201\"/>S 9 have bee<span class=\"__1 _201\"/>n appli<span class=\"__1 _201\"/>ed.<span class=\"__1 _32b\"> </span>Classificat<span class=\"__1 _200\"/>ion and mea<span class=\"__1 _200\"/>surement<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er IFR<span class=\"__1 _201\"/>S 9, finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets are c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d into three c<span class=\"__1 _201\"/>ategor<span class=\"__1 _201\"/>ies: f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e throug<span class=\"__1 _201\"/>h profit o<span class=\"__1 _201\"/>r loss<span class=\"__1 _201\"/>, fai<span class=\"__1 _201\"/>r value thro<span class=\"__1 _201\"/>ugh othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> comp<span class=\"__1 _201\"/>rehen<span class=\"__1 _201\"/>sive in<span class=\"__1 _201\"/>come o<span class=\"__1 _201\"/>r amor<span class=\"__1 _201\"/>tis<span class=\"__1 _201\"/>ed cos<span class=\"__1 _201\"/>t. Th<span class=\"__1 _201\"/>e clas<span class=\"__1 _201\"/>sific<span class=\"__1 _201\"/>ation i<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on the bu<span class=\"__1 _201\"/>sine<span class=\"__1 _201\"/>ss mo<span class=\"__1 _201\"/>del on w<span class=\"__1 _201\"/>hich the fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al ass<span class=\"__1 _201\"/>ets are<span class=\"__1 _201\"/> mana<span class=\"__1 _201\"/>ged an<span class=\"__1 _201\"/>d the con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>tual cas<span class=\"__1 _201\"/>h flows of th<span class=\"__1 _201\"/>ese as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>. IFR<span class=\"__1 _201\"/>S 9 large<span class=\"__1 _201\"/>ly retain<span class=\"__1 _201\"/>s the req<span class=\"__1 _201\"/>uireme<span class=\"__1 _201\"/>nts of IAS 3<span class=\"__1 _201\"/>9 in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of the<span class=\"__1 _201\"/> clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n and me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent of fina<span class=\"__1 _201\"/>ncial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>IFR<span class=\"__1 _201\"/>S 9 will affe<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e clas<span class=\"__1 _201\"/>sific<span class=\"__1 _201\"/>ation a<span class=\"__1 _201\"/>nd mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents he<span class=\"__1 _201\"/>ld at 1 Jan<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>3 as follo<span class=\"__1 _201\"/>ws:<span class=\"__1 _32b\"> </span>Classification u<span class=\"__1 _200\"/>nder IAS 39<span class=\"__1 _292\"> </span><span class=\"ls1_1 ws1_1\">Cla<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n und<span class=\"__1 _201\"/>er IF<span class=\"__1 _201\"/>RS 9<span class=\"__1 _32b\"> </span></span>Financial assets<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _293\"> </span><span class=\"ls6_1 ws1_1\">Loa<span class=\"__1 _201\"/>ns and re<span class=\"__1 _201\"/>ceiva<span class=\"__1 _201\"/>bles/<span class=\"__1 _201\"/>FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL de<span class=\"__1 _201\"/>signate<span class=\"__1 _201\"/>d<span class=\"__1 _2d_1\"> </span>F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L mandato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _294\"> </span>F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL he<span class=\"__1 _201\"/>ld for tr<span class=\"__1 _201\"/>ading<span class=\"__1 _292\"> </span>FV<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L mandato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _290\"> </span>F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL d<span class=\"__1 _201\"/>esig<span class=\"__1 _201\"/>nated<span class=\"__1 _295\"> </span>F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL ma<span class=\"__1 _201\"/>ndator<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Deposits<span class=\"__1 _296\"> </span><span class=\"ls38_1 ws3e_1\">Loans and receivable<span class=\"__1 _201\"/>s<span class=\"__1 _297\"> </span><span class=\"ls1c_1 ws1b_1\">Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _32b\"> </span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _298\"> </span><span class=\"ls6_1 ws1_1\">F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL de<span class=\"__1 _201\"/>signate<span class=\"__1 _201\"/>d<span class=\"__1 _295\"> </span>FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL man<span class=\"__1 _201\"/>dator<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _258\"> </span><span class=\"ls38_1 ws3e_1\">Loans and recei<span class=\"__1 _201\"/>vables<span class=\"__1 _297\"> </span><span class=\"ls1c_1 ws1b_1\">Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _32b\"> </span></span></span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _299\"> </span>Loans and receivable<span class=\"__1 _201\"/>s<span class=\"__1 _297\"> </span><span class=\"ls1c_1 ws1b_1\">Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _32b\"> </span></span>Classification u<span class=\"__1 _200\"/>nder IAS 39<span class=\"__1 _292\"> </span><span class=\"ls1_1 ws1_1\">Cla<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n und<span class=\"__1 _201\"/>er IF<span class=\"__1 _201\"/>RS 9<span class=\"__1 _32b\"> </span></span>Financial li<span class=\"__1 _200\"/>abilities:<span class=\"__1 _32b\"> </span>Investment contra<span class=\"__1 _201\"/>ct liabilities witho<span class=\"__1 _201\"/>ut DPF<span class=\"__1 _228\"> </span><span class=\"ls6_1 ws1_1\">F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL d<span class=\"__1 _201\"/>esign<span class=\"__1 _201\"/>ated<span class=\"__1 _295\"> </span>F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL de<span class=\"__1 _201\"/>signate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest<span class=\"__1 _201\"/>s in cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated fund<span class=\"__1 _201\"/>s<span class=\"__1 _228\"> </span>F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L desig<span class=\"__1 _201\"/>nated<span class=\"__1 _295\"> </span>F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL d<span class=\"__1 _201\"/>esign<span class=\"__1 _201\"/>ated<span class=\"__1 _32b\"> </span>Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _242\"> </span><span class=\"ls1c_1 ws1b_1\">Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _9a_1\"> </span>Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _32b\"> </span></span>Deri<span class=\"__1 _201\"/>vative liabilities <span class=\"__1 _9b_1\"> </span><span class=\"ls6_1 ws1_1\">F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL he<span class=\"__1 _201\"/>ld for tr<span class=\"__1 _201\"/>ading<span class=\"__1 _292\"> </span>FV<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L mandato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></span>Other fin<span class=\"__1 _201\"/>ancial liabilities<span class=\"__1 _233\"> </span><span class=\"ls1c_1 ws1b_1\">Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _9a_1\"> </span>Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _32b\"> </span></span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _9a_1\"> </span>Amortise<span class=\"__1 _201\"/>d cost<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>E<span class=\"__1 _201\"/>xcept D<span class=\"__1 _201\"/>efe<span class=\"__1 _201\"/>rre<span class=\"__1 _201\"/>d cons<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>on wh<span class=\"__1 _201\"/>ich i<span class=\"__1 _201\"/>s clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed a<span class=\"__1 _201\"/>s FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL de<span class=\"__1 _201\"/>sig<span class=\"__1 _201\"/>nate<span class=\"__1 _201\"/>d und<span class=\"__1 _201\"/>er IAS 3<span class=\"__1 _201\"/>9 an<span class=\"__1 _201\"/>d IFR<span class=\"__1 _201\"/>S 9.<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>ajor<span class=\"__1 _201\"/>ity of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts are m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at fair va<span class=\"__1 _201\"/>lue both b<span class=\"__1 _201\"/>efore an<span class=\"__1 _201\"/>d after tr<span class=\"__1 _201\"/>ansiti<span class=\"__1 _201\"/>on to IFR<span class=\"__1 _201\"/>S 9. The im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> to Grou<span class=\"__1 _201\"/>p total equi<span class=\"__1 _201\"/>ty fro<span class=\"__1 _201\"/>m recla<span class=\"__1 _201\"/>ssif<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing lo<span class=\"__1 _201\"/>ans from am<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cost to f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e is a de<span class=\"__1 _201\"/>crease of \u00a30.1bn at 1 Januar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>023 and a<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> incre<span class=\"__1 _201\"/>ase of \u00a30.<span class=\"__1 _200\"/>1bn at 1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2d_1 ws2d_1\">187<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Impairment<span class=\"__1 _32b\"> </span>A new imp<span class=\"__1 _201\"/>airm<span class=\"__1 _201\"/>ent mo<span class=\"__1 _201\"/>del wil<span class=\"__1 _201\"/>l appl<span class=\"__1 _201\"/>y to the Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets me<span class=\"__1 _201\"/>asure<span class=\"__1 _201\"/>d at amor<span class=\"__1 _201\"/>tis<span class=\"__1 _201\"/>ed cos<span class=\"__1 _201\"/>t. Th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p estim<span class=\"__1 _201\"/>ate that due<span class=\"__1 _201\"/> to the size and n<span class=\"__1 _201\"/>ature of the as<span class=\"__1 _201\"/>sets th<span class=\"__1 _201\"/>at will be h<span class=\"__1 _201\"/>eld at am<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cost f<span class=\"__1 _201\"/>ollowi<span class=\"__1 _201\"/>ng the ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>ation of the I<span class=\"__1 _201\"/>FRS 9, th<span class=\"__1 _201\"/>ere will b<span class=\"__1 _201\"/>e no<span class=\"__1 _201\"/> materi<span class=\"__1 _201\"/>al chang<span class=\"__1 _201\"/>e to the impa<span class=\"__1 _201\"/>irme<span class=\"__1 _201\"/>nt reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>Hedge accounting<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup d<span class=\"__1 _201\"/>oes not c<span class=\"__1 _201\"/>urrentl<span class=\"__1 _201\"/>y appl<span class=\"__1 _201\"/>y hed<span class=\"__1 _201\"/>ge acco<span class=\"__1 _201\"/>unting<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent above i<span class=\"__1 _201\"/>s prelimi<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y and i<span class=\"__1 _201\"/>s subje<span class=\"__1 _201\"/>ct to cha<span class=\"__1 _201\"/>nge as th<span class=\"__1 _201\"/>e Group c<span class=\"__1 _201\"/>ontinu<span class=\"__1 _201\"/>es to refine th<span class=\"__1 _201\"/>e new acc<span class=\"__1 _201\"/>ountin<span class=\"__1 _201\"/>g polic<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns, ju<span class=\"__1 _201\"/>dgem<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d esti<span class=\"__1 _201\"/>mates in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of IFR<span class=\"__1 _201\"/>S 9.<span class=\"__1 _32b\"> </span>Pres<span class=\"__1 _201\"/>ented b<span class=\"__1 _201\"/>elow are di<span class=\"__1 _201\"/>sclos<span class=\"__1 _201\"/>ures req<span class=\"__1 _201\"/>uired by th<span class=\"__1 _201\"/>e amen<span class=\"__1 _201\"/>dment<span class=\"__1 _201\"/>s to IFRS 4 fo<span class=\"__1 _201\"/>r entitie<span class=\"__1 _201\"/>s defer<span class=\"__1 _201\"/>ring th<span class=\"__1 _201\"/>e adopti<span class=\"__1 _201\"/>on of IFR<span class=\"__1 _201\"/>S 9. The<span class=\"__1 _201\"/>se are<span class=\"__1 _201\"/> provi<span class=\"__1 _201\"/>ded to en<span class=\"__1 _201\"/>able us<span class=\"__1 _201\"/>ers to co<span class=\"__1 _201\"/>mpare res<span class=\"__1 _201\"/>ults wi<span class=\"__1 _201\"/>th those e<span class=\"__1 _201\"/>ntities th<span class=\"__1 _201\"/>at have adopte<span class=\"__1 _201\"/>d IFRS 9<span class=\"__1 _201\"/>. As req<span class=\"__1 _201\"/>uired by the a<span class=\"__1 _201\"/>mend<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, the<span class=\"__1 _32b\"> </span> tabl<span class=\"__1 _201\"/>e shows th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue of the G<span class=\"__1 _201\"/>roup\u2019s direc<span class=\"__1 _201\"/>tly he<span class=\"__1 _201\"/>ld fina<span class=\"__1 _201\"/>ncial as<span class=\"__1 _201\"/>sets at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>, dis<span class=\"__1 _201\"/>tinguis<span class=\"__1 _201\"/>hing tho<span class=\"__1 _201\"/>se fina<span class=\"__1 _201\"/>ncial as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h have contra<span class=\"__1 _201\"/>ctua<span class=\"__1 _201\"/>l terms that gi<span class=\"__1 _201\"/>ve ris<span class=\"__1 _201\"/>e on spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>ed dates to c<span class=\"__1 _201\"/>ash flows t<span class=\"__1 _201\"/>hat are sol<span class=\"__1 _201\"/>ely p<span class=\"__1 _201\"/>ayment<span class=\"__1 _201\"/>s of prin<span class=\"__1 _201\"/>cipal an<span class=\"__1 _201\"/>d interes<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> (SPPI) as d<span class=\"__1 _201\"/>efine<span class=\"__1 _201\"/>d by IFR<span class=\"__1 _201\"/>S 9.<span class=\"__1 _32b\"> </span> Financial assets that <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>pas<span class=\"__1 _201\"/>s the S<span class=\"__1 _201\"/>PP<span class=\"__1 _201\"/>I test<span class=\"__1 _32b\"> </span>All ot<span class=\"__1 _200\"/>her financial<span class=\"__1 _200\"/> assets, <span class=\"ls5_1 ws1_1\"> </span>net of derivative liabilities<span class=\"__1 _32b\"> </span>Fin<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>ial as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s on th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>date<span class=\"__1 _201\"/>d stat<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt of fin<span class=\"__1 _201\"/>anci<span class=\"__1 _201\"/>al po<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on<span class=\"__1 _32b\"> </span>31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent <span class=\"ls5_1 ws1_1\"> </span>in fa<span class=\"__1 _201\"/>ir va<span class=\"__1 _201\"/>lue<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>dur<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent <span class=\"ls5_1 ws1_1\"> </span>in fa<span class=\"__1 _201\"/>ir va<span class=\"__1 _201\"/>lue<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>dur<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>7<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>7<span class=\"__1 _269\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>76)<span class=\"__1 _32b\"> </span></span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>3,<span class=\"__1 _201\"/>233<span class=\"__1 _9d_1\"> </span><span class=\"ls52_1 ws5a_1\">(93<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>62<span class=\"__1 _201\"/>,821<span class=\"__1 _288\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts \u2013 net of d<span class=\"__1 _201\"/>eriv<span class=\"__1 _201\"/>ative liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _9e_1\"> </span><span class=\"ls1f_1 ws1e_1\">(<span class=\"__1 _200\"/>3,983<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></span>Deposits<span class=\"__1 _7f_1\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">21,4<span class=\"__1 _201\"/>01<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9f_1\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _a0_1\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">2,3<span class=\"__1 _201\"/>40<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9f_1\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _a1_1\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">4,88<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9f_1\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _201\"/>, net of<span class=\"__1 _200\"/> derivativ<span class=\"__1 _200\"/>e liabilities<span class=\"__1 _a2_1\"> </span><span class=\"ls19_1 ws18_1\">28<span class=\"__1 _201\"/>,625<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>134,846<span class=\"__1 _232\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span>Financial assets that <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>pas<span class=\"__1 _201\"/>s the S<span class=\"__1 _201\"/>PP<span class=\"__1 _201\"/>I test<span class=\"__1 _32b\"> </span>All ot<span class=\"__1 _200\"/>her financial<span class=\"__1 _200\"/> assets, <span class=\"ls5_1 ws1_1\"> </span>net of derivative liabilities<span class=\"__1 _32b\"> </span>Fin<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>ial as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s on th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>date<span class=\"__1 _201\"/>d stat<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt of fin<span class=\"__1 _201\"/>anci<span class=\"__1 _201\"/>al po<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on<span class=\"__1 _32b\"> </span>31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent <span class=\"ls5_1 ws1_1\"> </span>in fa<span class=\"__1 _201\"/>ir va<span class=\"__1 _201\"/>lue<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>dur<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent <span class=\"ls5_1 ws1_1\"> </span>in fa<span class=\"__1 _201\"/>ir va<span class=\"__1 _201\"/>lue<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>dur<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>74<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>9<span class=\"__1 _a3_1\"> </span><span class=\"ls7_1 ws5_1\">9,<span class=\"__1 _201\"/>298<span class=\"__1 _32b\"> </span></span>Loans<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>5,<span class=\"__1 _201\"/>876<span class=\"__1 _a4_1\"> </span><span class=\"lsa_1 ws8_1\">(17<span class=\"__1 _250\"/>2)<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>81,059<span class=\"__1 _a5_1\"> </span><span class=\"ls8_1 ws6_1\">(2<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts \u2013 net of de<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>ative liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>684<span class=\"__1 _a6_1\"> </span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>Deposits<span class=\"__1 _a7_1\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9f_1\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _a8_1\"> </span><span class=\"ls5_1 ws1_1\">2,64<span class=\"__1 _f_1\"/>7<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9f_1\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _a9_1\"> </span><span class=\"ls3f_1 ws41_1\">6,908<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9f_1\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _201\"/>, net of<span class=\"__1 _200\"/> derivativ<span class=\"__1 _200\"/>e liabilities<span class=\"__1 _aa_1\"> </span><span class=\"ff2_1 ls13_1 ws12_1\">2<span class=\"__1 _250\"/>7,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>161,<span class=\"__1 _201\"/>68<span class=\"__1 _201\"/>8<span class=\"__1 _ab_1\"> </span><span class=\"ls1f_1 ws1e_1\">6,338<span class=\"__1 _32b\"> </span></span>i <span class=\"__1 _2d_1\"> </span>Lo<span class=\"__1 _201\"/>ans hav<span class=\"__1 _201\"/>e bee<span class=\"__1 _201\"/>n res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d for 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>1 fro<span class=\"__1 _201\"/>m Fina<span class=\"__1 _201\"/>ncia<span class=\"__1 _201\"/>l as<span class=\"__1 _201\"/>sets t<span class=\"__1 _201\"/>hat pa<span class=\"__1 _201\"/>ss th<span class=\"__1 _201\"/>e SPP<span class=\"__1 _201\"/>I tes<span class=\"__1 _201\"/>t to All ot<span class=\"__1 _201\"/>her fi<span class=\"__1 _201\"/>nanc<span class=\"__1 _201\"/>ial a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ts net o<span class=\"__1 _201\"/>f der<span class=\"__1 _201\"/>iva<span class=\"__1 _201\"/>tive li<span class=\"__1 _201\"/>abi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> fol<span class=\"__1 _201\"/>low<span class=\"__1 _201\"/>ing a bu<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>s mod<span class=\"__1 _201\"/>el as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sm<span class=\"__1 _201\"/>ent c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>ie<span class=\"__1 _201\"/>d out in 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> 1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>188<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>1.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 IFRS 17<span class=\"__1 _201\"/>: Ins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce Con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>IFR<span class=\"__1 _201\"/>S 17<span class=\"__1 _200\"/>: Insur<span class=\"__1 _201\"/>ance C<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts (I<span class=\"__1 _201\"/>FRS 17<span class=\"__1 _201\"/>), effec<span class=\"__1 _201\"/>tive fro<span class=\"__1 _201\"/>m 1 Januar<span class=\"__1 _250\"/>y 2023<span class=\"__1 _201\"/>, has be<span class=\"__1 _201\"/>en pu<span class=\"__1 _201\"/>blish<span class=\"__1 _201\"/>ed by the IA<span class=\"__1 _201\"/>SB, a<span class=\"__1 _201\"/>nd end<span class=\"__1 _201\"/>orse<span class=\"__1 _201\"/>d with<span class=\"__1 _201\"/>out<span class=\"__1 _32b\"> </span> ame<span class=\"__1 _201\"/>ndme<span class=\"__1 _201\"/>nt for app<span class=\"__1 _201\"/>licati<span class=\"__1 _201\"/>on by UK li<span class=\"__1 _201\"/>sted gro<span class=\"__1 _201\"/>ups by the U<span class=\"__1 _201\"/>K Endor<span class=\"__1 _201\"/>sem<span class=\"__1 _201\"/>ent Boa<span class=\"__1 _201\"/>rd. IFR<span class=\"__1 _201\"/>S 17 replac<span class=\"__1 _201\"/>es the exis<span class=\"__1 _201\"/>ting inte<span class=\"__1 _201\"/>rim st<span class=\"__1 _201\"/>andard<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> IFR<span class=\"__1 _201\"/>S 4: Insur<span class=\"__1 _201\"/>ance C<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup inte<span class=\"__1 _201\"/>nds to ado<span class=\"__1 _201\"/>pt the new s<span class=\"__1 _201\"/>tanda<span class=\"__1 _201\"/>rd on its ma<span class=\"__1 _201\"/>ndator<span class=\"__1 _201\"/>y eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive date, al<span class=\"__1 _201\"/>ongsi<span class=\"__1 _201\"/>de the<span class=\"__1 _201\"/> ado<span class=\"__1 _201\"/>ption of IF<span class=\"__1 _201\"/>RS 9: Fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l Instr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>ts.<span class=\"__1 _201\"/> A key princ<span class=\"__1 _201\"/>iple of I<span class=\"__1 _201\"/>FRS 17 is that the p<span class=\"__1 _201\"/>rofit fro<span class=\"__1 _201\"/>m insura<span class=\"__1 _201\"/>nce co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts (<span class=\"__1 _200\"/>and inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s with dis<span class=\"__1 _201\"/>cretiona<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> feature<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d over the p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od over wh<span class=\"__1 _201\"/>ich ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice is p<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>d to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs. I<span class=\"__1 _201\"/>n additi<span class=\"__1 _201\"/>on, w<span class=\"__1 _201\"/>hile exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted profi<span class=\"__1 _201\"/>ts are<span class=\"__1 _201\"/> defe<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>, expec<span class=\"__1 _201\"/>ted l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s are reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed imm<span class=\"__1 _201\"/>ediatel<span class=\"__1 _201\"/>y and, a<span class=\"__1 _201\"/>s a conse<span class=\"__1 _201\"/>quen<span class=\"__1 _201\"/>ce, the a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ting resu<span class=\"__1 _201\"/>lt dep<span class=\"__1 _201\"/>ends on t<span class=\"__1 _201\"/>he level of<span class=\"__1 _201\"/> aggre<span class=\"__1 _201\"/>gation at w<span class=\"__1 _201\"/>hich th<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts are m<span class=\"__1 _201\"/>easu<span class=\"__1 _201\"/>red. G<span class=\"__1 _201\"/>iven thi<span class=\"__1 _201\"/>s, IFR<span class=\"__1 _201\"/>S 17 spe<span class=\"__1 _201\"/>cifie<span class=\"__1 _201\"/>s how the in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s shoul<span class=\"__1 _201\"/>d be di<span class=\"__1 _201\"/>vide<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> into group<span class=\"__1 _201\"/>s for the p<span class=\"__1 _201\"/>urpo<span class=\"__1 _201\"/>se of reco<span class=\"__1 _201\"/>gnitio<span class=\"__1 _201\"/>n and me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent.<span class=\"__1 _32b\"> </span>Sta<span class=\"__1 _200\"/>tus o<span class=\"__1 _200\"/>f implementa<span class=\"__1 _200\"/>tion pr<span class=\"__1 _200\"/>oject<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>mple<span class=\"__1 _201\"/>mentati<span class=\"__1 _201\"/>on of IFR<span class=\"__1 _201\"/>S 17 continue<span class=\"__1 _201\"/>s to be a key prio<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>y for the G<span class=\"__1 _201\"/>roup an<span class=\"__1 _201\"/>d involve<span class=\"__1 _201\"/>s signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt chang<span class=\"__1 _201\"/>e to syste<span class=\"__1 _201\"/>ms and<span class=\"__1 _201\"/> processes. Key<span class=\"__1 _200\"/> components of<span class=\"__1 _200\"/> the pr<span class=\"__1 _200\"/>ogramme incl<span class=\"__1 _200\"/>ude a lar<span class=\"__1 _200\"/>ge number o<span class=\"__1 _200\"/>f methodology and<span class=\"__1 _200\"/> implementa<span class=\"__1 _200\"/>tion judgemen<span class=\"__1 _200\"/>ts, delivery<span class=\"__1 _201\"/> of new s<span class=\"__1 _201\"/>ystems a<span class=\"__1 _201\"/>nd contro<span class=\"__1 _201\"/>ls and th<span class=\"__1 _201\"/>e produ<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n of comp<span class=\"__1 _201\"/>arative re<span class=\"__1 _201\"/>sults<span class=\"__1 _201\"/>. T<span class=\"__1 _f_1\"/>o d<span class=\"__1 _201\"/>eliver a p<span class=\"__1 _201\"/>rogra<span class=\"__1 _201\"/>mme of thi<span class=\"__1 _201\"/>s size, a large n<span class=\"__1 _201\"/>umber o<span class=\"__1 _201\"/>f<span class=\"__1 _32b\"> </span> reso<span class=\"__1 _201\"/>urces<span class=\"__1 _201\"/>, inco<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>rating a wi<span class=\"__1 _201\"/>de ran<span class=\"__1 _201\"/>ge of skil<span class=\"__1 _201\"/>ls and exp<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tise, a<span class=\"__1 _201\"/>re require<span class=\"__1 _201\"/>d.<span class=\"__1 _201\"/> Proje<span class=\"__1 _201\"/>ct p<span class=\"__1 _201\"/>rogres<span class=\"__1 _201\"/>s is trac<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed ag<span class=\"__1 _201\"/>ainst key mil<span class=\"__1 _201\"/>eston<span class=\"__1 _201\"/>es and re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ted th<span class=\"__1 _201\"/>rough inte<span class=\"__1 _201\"/>rnal g<span class=\"__1 _201\"/>overnan<span class=\"__1 _201\"/>ce, inc<span class=\"__1 _201\"/>ludin<span class=\"__1 _201\"/>g to the Grou<span class=\"__1 _201\"/>p Audit<span class=\"__1 _201\"/> Com<span class=\"__1 _201\"/>mitte<span class=\"__1 _201\"/>e, on an o<span class=\"__1 _201\"/>ngoin<span class=\"__1 _201\"/>g basis<span class=\"__1 _201\"/>. Du<span class=\"__1 _201\"/>e to the comp<span class=\"__1 _201\"/>lexit<span class=\"__1 _201\"/>y of the w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss an<span class=\"__1 _201\"/>d scal<span class=\"__1 _201\"/>e of chang<span class=\"__1 _201\"/>e involve<span class=\"__1 _201\"/>d, de<span class=\"__1 _201\"/>liver<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> remai<span class=\"__1 _201\"/>ns chall<span class=\"__1 _201\"/>engin<span class=\"__1 _201\"/>g but the p<span class=\"__1 _201\"/>rogram<span class=\"__1 _201\"/>me has m<span class=\"__1 _201\"/>et key miles<span class=\"__1 _201\"/>tones an<span class=\"__1 _201\"/>d is prep<span class=\"__1 _201\"/>aring to re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>t in ac<span class=\"__1 _201\"/>cordan<span class=\"__1 _201\"/>ce with the n<span class=\"__1 _201\"/>ew sta<span class=\"__1 _201\"/>ndard<span class=\"__1 _201\"/> in 202<span class=\"__1 _201\"/>3. Th<span class=\"__1 _201\"/>e focus ove<span class=\"__1 _201\"/>r 2023 is th<span class=\"__1 _201\"/>e comp<span class=\"__1 _201\"/>letion o<span class=\"__1 _201\"/>f the prod<span class=\"__1 _201\"/>ucti<span class=\"__1 _201\"/>on of res<span class=\"__1 _201\"/>tated com<span class=\"__1 _201\"/>parati<span class=\"__1 _201\"/>ves and e<span class=\"__1 _201\"/>nsuri<span class=\"__1 _201\"/>ng the bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s is read<span class=\"__1 _201\"/>y to<span class=\"__1 _32b\"> </span> migr<span class=\"__1 _201\"/>ate to the new sys<span class=\"__1 _201\"/>tems<span class=\"__1 _201\"/>, proce<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s and inte<span class=\"__1 _201\"/>rnal co<span class=\"__1 _201\"/>ntrols in th<span class=\"__1 _201\"/>e times<span class=\"__1 _201\"/>cale<span class=\"__1 _201\"/>s availab<span class=\"__1 _201\"/>le.<span class=\"__1 _201\"/> Over<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ew of IFR<span class=\"__1 _201\"/>S 17<span class=\"__1 _32b\"> </span>Con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>thin t<span class=\"__1 _201\"/>he sc<span class=\"__1 _201\"/>ope of I<span class=\"__1 _201\"/>FRS 17<span class=\"__1 _32b\"> </span>An enti<span class=\"__1 _201\"/>ty mu<span class=\"__1 _201\"/>st app<span class=\"__1 _201\"/>ly IF<span class=\"__1 _201\"/>RS 17 to determi<span class=\"__1 _201\"/>ne the re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents for re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nition<span class=\"__1 _201\"/>, meas<span class=\"__1 _201\"/>ureme<span class=\"__1 _201\"/>nt, pres<span class=\"__1 _201\"/>entatio<span class=\"__1 _201\"/>n and dis<span class=\"__1 _201\"/>closu<span class=\"__1 _201\"/>re of:<span class=\"__1 _201\"/> \u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">Insurance c<span class=\"__1 _200\"/>ontracts (incl<span class=\"__1 _200\"/>uding r<span class=\"__1 _200\"/>einsurance<span class=\"__1 _200\"/> contracts issued);<span class=\"__1 _32b\"> </span></span><span class=\"lsd_1 wse_1\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">Reinsurance<span class=\"__1 _200\"/> contracts held;<span class=\"__1 _200\"/> and<span class=\"__1 _32b\"> </span></span><span class=\"lsd_1 wse_1\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>th discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s (DPF<span class=\"__1 _201\"/>) is<span class=\"__1 _201\"/>sued<span class=\"__1 _201\"/>, provi<span class=\"__1 _201\"/>ded the e<span class=\"__1 _201\"/>ntit<span class=\"__1 _201\"/>y also is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>insurance<span class=\"__1 _200\"/> contracts.<span class=\"__1 _32b\"> </span>The d<span class=\"__1 _201\"/>efiniti<span class=\"__1 _201\"/>ons of ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e risk a<span class=\"__1 _201\"/>nd discre<span class=\"__1 _201\"/>tionar<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ation feature<span class=\"__1 _201\"/>s unde<span class=\"__1 _201\"/>r IFRS 17 are u<span class=\"__1 _201\"/>nchan<span class=\"__1 _201\"/>ged fro<span class=\"__1 _201\"/>m IFRS 4<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>erefore th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s judg<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s as to what co<span class=\"__1 _201\"/>nstitu<span class=\"__1 _201\"/>tes signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt insur<span class=\"__1 _201\"/>ance ri<span class=\"__1 _201\"/>sk and s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant di<span class=\"__1 _201\"/>scretio<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cipatio<span class=\"__1 _201\"/>n features w<span class=\"__1 _201\"/>hen<span class=\"__1 _201\"/> deter<span class=\"__1 _201\"/>mining w<span class=\"__1 _201\"/>hethe<span class=\"__1 _201\"/>r contra<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>re within th<span class=\"__1 _201\"/>e scop<span class=\"__1 _201\"/>e of IFRS 17 are u<span class=\"__1 _201\"/>nchan<span class=\"__1 _201\"/>ged fro<span class=\"__1 _201\"/>m the jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nts that the G<span class=\"__1 _201\"/>roup m<span class=\"__1 _201\"/>ade for<span class=\"__1 _201\"/> IFRS 4.<span class=\"__1 _32b\"> </span>Identifying contr<span class=\"__1 _200\"/>acts<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>ments f<span class=\"__1 _201\"/>or iden<span class=\"__1 _201\"/>tif<span class=\"__1 _201\"/>ying c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>thin the sc<span class=\"__1 _201\"/>ope of I<span class=\"__1 _201\"/>FRS 17 is not li<span class=\"__1 _201\"/>mited to deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g only w<span class=\"__1 _201\"/>hethe<span class=\"__1 _201\"/>r a contra<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/> fall<span class=\"__1 _201\"/>s into one of th<span class=\"__1 _201\"/>e three c<span class=\"__1 _201\"/>ategor<span class=\"__1 _201\"/>ies ab<span class=\"__1 _201\"/>ove but als<span class=\"__1 _201\"/>o requi<span class=\"__1 _201\"/>res the enti<span class=\"__1 _201\"/>ty to as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>s wheth<span class=\"__1 _201\"/>er con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts within t<span class=\"__1 _201\"/>he sco<span class=\"__1 _201\"/>pe of IFR<span class=\"__1 _201\"/>S<span class=\"__1 _32b\"> </span> 17 contai<span class=\"__1 _201\"/>n embe<span class=\"__1 _201\"/>dde<span class=\"__1 _201\"/>d deri<span class=\"__1 _201\"/>vative<span class=\"__1 _201\"/>s, dis<span class=\"__1 _201\"/>tinc<span class=\"__1 _201\"/>t inves<span class=\"__1 _201\"/>tment co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>r oblig<span class=\"__1 _201\"/>ations to prov<span class=\"__1 _201\"/>ide dis<span class=\"__1 _201\"/>tinc<span class=\"__1 _201\"/>t goo<span class=\"__1 _201\"/>ds or se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s other<span class=\"__1 _201\"/> than in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>es that mus<span class=\"__1 _201\"/>t be se<span class=\"__1 _201\"/>parate<span class=\"__1 _201\"/>d out and a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ted for un<span class=\"__1 _201\"/>der a di<span class=\"__1 _201\"/>fferent s<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ard (with the rema<span class=\"__1 _201\"/>ining<span class=\"__1 _201\"/> components accoun<span class=\"__1 _200\"/>ted f<span class=\"__1 _200\"/>or under IFRS<span class=\"__1 _200\"/> 17).<span class=\"__1 _32b\"> </span>Lev<span class=\"__1 _200\"/>el of<span class=\"__1 _200\"/> aggrega<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span>IFR<span class=\"__1 _201\"/>S 17 require<span class=\"__1 _201\"/>s contra<span class=\"__1 _201\"/>cts to be a<span class=\"__1 _201\"/>ggreg<span class=\"__1 _201\"/>ated togeth<span class=\"__1 _201\"/>er into grou<span class=\"__1 _201\"/>ps for me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent pur<span class=\"__1 _201\"/>pos<span class=\"__1 _201\"/>es. C<span class=\"__1 _201\"/>ontra<span class=\"__1 _201\"/>cts are g<span class=\"__1 _201\"/>roupe<span class=\"__1 _201\"/>d togeth<span class=\"__1 _201\"/>er:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">If they a<span class=\"__1 _201\"/>re subje<span class=\"__1 _201\"/>ct to sim<span class=\"__1 _201\"/>ilar ri<span class=\"__1 _201\"/>sks and ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>d togeth<span class=\"__1 _201\"/>er;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">If they we<span class=\"__1 _201\"/>re iss<span class=\"__1 _201\"/>ued in th<span class=\"__1 _201\"/>e same c<span class=\"__1 _201\"/>ale<span class=\"__1 _201\"/>ndar yea<span class=\"__1 _201\"/>r; and<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Accord<span class=\"__1 _201\"/>ing to wheth<span class=\"__1 _201\"/>er at initia<span class=\"__1 _201\"/>l reco<span class=\"__1 _201\"/>gnition t<span class=\"__1 _201\"/>hey are expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to be los<span class=\"__1 _201\"/>s makin<span class=\"__1 _201\"/>g, profi<span class=\"__1 _201\"/>tabl<span class=\"__1 _201\"/>e with no si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant p<span class=\"__1 _201\"/>ossi<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y of<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>be<span class=\"__1 _201\"/>comin<span class=\"__1 _201\"/>g loss m<span class=\"__1 _201\"/>aking s<span class=\"__1 _201\"/>ubse<span class=\"__1 _201\"/>quentl<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, or neit<span class=\"__1 _201\"/>her of the<span class=\"__1 _201\"/>se.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>re are simil<span class=\"__1 _201\"/>ar group<span class=\"__1 _201\"/>ing req<span class=\"__1 _201\"/>uireme<span class=\"__1 _201\"/>nts app<span class=\"__1 _201\"/>lied to rei<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s held a<span class=\"__1 _201\"/>lthou<span class=\"__1 _201\"/>gh, rath<span class=\"__1 _201\"/>er than b<span class=\"__1 _201\"/>eing as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d by<span class=\"__1 _32b\"> </span> profi<span class=\"__1 _201\"/>tabilit<span class=\"__1 _201\"/>y, reinsura<span class=\"__1 _201\"/>nce co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts hel<span class=\"__1 _201\"/>d are ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ed acc<span class=\"__1 _201\"/>ording to w<span class=\"__1 _201\"/>hether at i<span class=\"__1 _201\"/>nitial re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>tion the<span class=\"__1 _201\"/>ir value to th<span class=\"__1 _201\"/>e Group i<span class=\"__1 _201\"/>s a net<span class=\"__1 _201\"/> gain<span class=\"__1 _201\"/>, a net los<span class=\"__1 _201\"/>s with n<span class=\"__1 _201\"/>o signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt pos<span class=\"__1 _201\"/>sibilit<span class=\"__1 _201\"/>y that th<span class=\"__1 _201\"/>e value b<span class=\"__1 _201\"/>eco<span class=\"__1 _201\"/>mes a n<span class=\"__1 _201\"/>et gain sub<span class=\"__1 _201\"/>sequ<span class=\"__1 _201\"/>ently, or neith<span class=\"__1 _201\"/>er of the<span class=\"__1 _201\"/>se.<span class=\"__1 _32b\"> </span>Upo<span class=\"__1 _201\"/>n trans<span class=\"__1 _201\"/>ition the G<span class=\"__1 _201\"/>roup exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts to aggre<span class=\"__1 _201\"/>gate the in<span class=\"__1 _201\"/>-force co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts into abo<span class=\"__1 _201\"/>ut 70 groups<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2d_1 ws2d_1\">189<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Measurement<span class=\"__1 _200\"/> \u2013 Ov<span class=\"__1 _200\"/>erview<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing am<span class=\"__1 _201\"/>ount of a gro<span class=\"__1 _201\"/>up of insur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts is the s<span class=\"__1 _201\"/>um of the lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y for in<span class=\"__1 _201\"/>curre<span class=\"__1 _201\"/>d claims an<span class=\"__1 _201\"/>d the lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y for rem<span class=\"__1 _201\"/>aining<span class=\"__1 _201\"/> covera<span class=\"__1 _201\"/>ge. Th<span class=\"__1 _201\"/>e liabi<span class=\"__1 _201\"/>lity f<span class=\"__1 _201\"/>or incur<span class=\"__1 _201\"/>red cl<span class=\"__1 _201\"/>aims cont<span class=\"__1 _201\"/>ains ful<span class=\"__1 _201\"/>filme<span class=\"__1 _201\"/>nt cash fl<span class=\"__1 _201\"/>ows for i<span class=\"__1 _201\"/>ncurre<span class=\"__1 _201\"/>d claim<span class=\"__1 _201\"/>s that have not yet b<span class=\"__1 _201\"/>een pa<span class=\"__1 _201\"/>id to<span class=\"__1 _32b\"> </span> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers an<span class=\"__1 _201\"/>d other rel<span class=\"__1 _201\"/>evant c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y fo<span class=\"__1 _201\"/>r remaini<span class=\"__1 _201\"/>ng covera<span class=\"__1 _201\"/>ge is the s<span class=\"__1 _201\"/>um of:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nt value of th<span class=\"__1 _201\"/>e proba<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y-wei<span class=\"__1 _201\"/>ghted exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted future c<span class=\"__1 _201\"/>ash flo<span class=\"__1 _201\"/>ws that are exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to aris<span class=\"__1 _201\"/>e from ful<span class=\"__1 _201\"/>filling t<span class=\"__1 _201\"/>he<span class=\"__1 _32b\"> </span></span>contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s. C<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s are disco<span class=\"__1 _201\"/>unted us<span class=\"__1 _201\"/>ing ris<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>-free yi<span class=\"__1 _201\"/>eld cur<span class=\"__1 _201\"/>ve<span class=\"__1 _201\"/>s adjus<span class=\"__1 _201\"/>ted to refle<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e liqui<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/>y charac<span class=\"__1 _201\"/>teri<span class=\"__1 _201\"/>stic<span class=\"__1 _201\"/>s of<span class=\"__1 _32b\"> </span> the cont<span class=\"__1 _200\"/>racts;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">An exp<span class=\"__1 _201\"/>licit ri<span class=\"__1 _201\"/>sk adjus<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t that refle<span class=\"__1 _201\"/>cts t<span class=\"__1 _201\"/>he entit<span class=\"__1 _201\"/>y\u2019s own v<span class=\"__1 _201\"/>iew of the a<span class=\"__1 _201\"/>dditio<span class=\"__1 _201\"/>nal amo<span class=\"__1 _201\"/>unt it req<span class=\"__1 _201\"/>uires for b<span class=\"__1 _201\"/>ear<span class=\"__1 _201\"/>ing the un<span class=\"__1 _201\"/>cer<span class=\"__1 _201\"/>taint<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></span>abo<span class=\"__1 _201\"/>ut the timi<span class=\"__1 _201\"/>ng and am<span class=\"__1 _201\"/>ount of th<span class=\"__1 _201\"/>e cash fl<span class=\"__1 _201\"/>ows that ar<span class=\"__1 _201\"/>ises f<span class=\"__1 _201\"/>rom non<span class=\"__1 _201\"/>-finan<span class=\"__1 _201\"/>cial ri<span class=\"__1 _201\"/>sk; an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> \u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">A contr<span class=\"__1 _201\"/>actu<span class=\"__1 _201\"/>al ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice marg<span class=\"__1 _201\"/>in (CSM), wh<span class=\"__1 _201\"/>ich repre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s the une<span class=\"__1 _201\"/>arne<span class=\"__1 _201\"/>d profit th<span class=\"__1 _201\"/>at will be re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d as the entit<span class=\"__1 _201\"/>y prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span>ser<span class=\"__1 _201\"/>vices under<span class=\"__1 _200\"/> the cont<span class=\"__1 _200\"/>racts.<span class=\"__1 _32b\"> </span>Mea<span class=\"__1 _201\"/>sure<span class=\"__1 _201\"/>ment \u2013 f<span class=\"__1 _201\"/>uture c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ows<span class=\"__1 _32b\"> </span> Underlying item<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span>IFR<span class=\"__1 _201\"/>S 17 includ<span class=\"__1 _201\"/>es the co<span class=\"__1 _201\"/>ncept of \u201c<span class=\"__1 _201\"/>unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing items\u201d<span class=\"__1 _200\"/>, whic<span class=\"__1 _201\"/>h are ass<span class=\"__1 _201\"/>ets that de<span class=\"__1 _201\"/>termin<span class=\"__1 _201\"/>e some of th<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nts payab<span class=\"__1 _201\"/>le to<span class=\"__1 _32b\"> </span> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>. Unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing items f<span class=\"__1 _201\"/>orm pa<span class=\"__1 _201\"/>rt of th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment of \u201cdire<span class=\"__1 _201\"/>ct p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s\u201d<span class=\"__1 _f_1\"/>, wh<span class=\"__1 _201\"/>ich deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>s which C<span class=\"__1 _201\"/>SM<span class=\"__1 _201\"/> mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt mod<span class=\"__1 _201\"/>el mus<span class=\"__1 _201\"/>t be use<span class=\"__1 _201\"/>d and h<span class=\"__1 _201\"/>ow the CS<span class=\"__1 _201\"/>M is re<span class=\"__1 _201\"/>-meas<span class=\"__1 _201\"/>ured un<span class=\"__1 _201\"/>der the Varia<span class=\"__1 _201\"/>ble Fee A<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch (see se<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n on CS<span class=\"__1 _201\"/>M<span class=\"__1 _32b\"> </span> mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt bel<span class=\"__1 _201\"/>ow). Under<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g items are al<span class=\"__1 _201\"/>so incl<span class=\"__1 _201\"/>uded i<span class=\"__1 _201\"/>n the ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment of w<span class=\"__1 _201\"/>hethe<span class=\"__1 _201\"/>r there is m<span class=\"__1 _201\"/>utualis<span class=\"__1 _201\"/>ation (see b<span class=\"__1 _201\"/>elow)<span class=\"__1 _32b\"> </span> bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n groups of c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing items of th<span class=\"__1 _201\"/>e with-p<span class=\"__1 _201\"/>rofits gr<span class=\"__1 _201\"/>oups of in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contra<span class=\"__1 _201\"/>cts<span class=\"__1 _32b\"> </span>The u<span class=\"__1 _201\"/>nder<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g items are th<span class=\"__1 _201\"/>e asse<span class=\"__1 _201\"/>ts back<span class=\"__1 _201\"/>ing the as<span class=\"__1 _201\"/>set sh<span class=\"__1 _201\"/>ares (which a<span class=\"__1 _201\"/>re the accum<span class=\"__1 _201\"/>ulated va<span class=\"__1 _201\"/>lue of all ite<span class=\"__1 _201\"/>ms of inco<span class=\"__1 _201\"/>me and o<span class=\"__1 _201\"/>utgo<span class=\"__1 _201\"/> for wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits p<span class=\"__1 _201\"/>olici<span class=\"__1 _201\"/>es) plus, w<span class=\"__1 _201\"/>here ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>able, th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets bac<span class=\"__1 _201\"/>king en<span class=\"__1 _201\"/>hance<span class=\"__1 _201\"/>ments t<span class=\"__1 _201\"/>hat are expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to be add<span class=\"__1 _201\"/>ed to ass<span class=\"__1 _201\"/>et share<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> in the f<span class=\"__1 _201\"/>uture, suc<span class=\"__1 _201\"/>h as profit f<span class=\"__1 _201\"/>rom som<span class=\"__1 _201\"/>e of the no<span class=\"__1 _201\"/>n-p<span class=\"__1 _201\"/>rofit bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s writ<span class=\"__1 _201\"/>ten in th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund.<span class=\"__1 _32b\"> </span>Other underlying items in t<span class=\"__1 _200\"/>he With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>The W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund inclu<span class=\"__1 _201\"/>des as<span class=\"__1 _201\"/>sets th<span class=\"__1 _201\"/>at are expe<span class=\"__1 _201\"/>cted to b<span class=\"__1 _201\"/>e utilis<span class=\"__1 _201\"/>ed to pay amo<span class=\"__1 _201\"/>unts to cur<span class=\"__1 _201\"/>rent or futu<span class=\"__1 _201\"/>re poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs in<span class=\"__1 _201\"/> addi<span class=\"__1 _201\"/>tion to the p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>ns hel<span class=\"__1 _201\"/>d in the grou<span class=\"__1 _201\"/>ps of insur<span class=\"__1 _201\"/>ance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. The un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g items for th<span class=\"__1 _201\"/>ese ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>al amou<span class=\"__1 _201\"/>nts are<span class=\"__1 _201\"/> defined as:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The e<span class=\"__1 _201\"/>ntiret<span class=\"__1 _201\"/>y of the as<span class=\"__1 _201\"/>sets in th<span class=\"__1 _201\"/>e With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Les<span class=\"__1 _201\"/>s: the un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g items of the w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits g<span class=\"__1 _201\"/>roups of ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>; and<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Les<span class=\"__1 _201\"/>s: the as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s held to me<span class=\"__1 _201\"/>et othe<span class=\"__1 _201\"/>r liabili<span class=\"__1 _201\"/>ties of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund, for exa<span class=\"__1 _201\"/>mple fo<span class=\"__1 _201\"/>r non<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>t contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>Mutua<span class=\"__1 _201\"/>lisatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>In ge<span class=\"__1 _201\"/>neral<span class=\"__1 _201\"/>, IFR<span class=\"__1 _201\"/>S 17 only req<span class=\"__1 _201\"/>uires a lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y to be he<span class=\"__1 _201\"/>ld for th<span class=\"__1 _201\"/>e current p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s at each va<span class=\"__1 _201\"/>luation<span class=\"__1 _201\"/>. Howeve<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, in a<span class=\"__1 _201\"/>dditio<span class=\"__1 _201\"/>n, IFR<span class=\"__1 _201\"/>S<span class=\"__1 _32b\"> </span> 17 acknow<span class=\"__1 _201\"/>led<span class=\"__1 _201\"/>ges the \u201c<span class=\"__1 _201\"/>mutual<span class=\"__1 _201\"/>isatio<span class=\"__1 _201\"/>n\u201d feature of with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s fund<span class=\"__1 _201\"/>s where<span class=\"__1 _201\"/>by the cas<span class=\"__1 _201\"/>h flows of s<span class=\"__1 _201\"/>ome co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts may affe<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> be aff<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d by the ca<span class=\"__1 _201\"/>sh flows of o<span class=\"__1 _201\"/>ther co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts. I<span class=\"__1 _201\"/>n reco<span class=\"__1 _201\"/>gnition o<span class=\"__1 _201\"/>f this feature, I<span class=\"__1 _201\"/>FRS 17 als<span class=\"__1 _201\"/>o per<span class=\"__1 _201\"/>mits a lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y to be he<span class=\"__1 _201\"/>ld that<span class=\"__1 _201\"/> repre<span class=\"__1 _201\"/>sents t<span class=\"__1 _201\"/>he share of th<span class=\"__1 _201\"/>e surp<span class=\"__1 _201\"/>lus as<span class=\"__1 _201\"/>sets in th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund attr<span class=\"__1 _201\"/>ibuta<span class=\"__1 _201\"/>ble to curre<span class=\"__1 _201\"/>nt or futu<span class=\"__1 _201\"/>re polic<span class=\"__1 _201\"/>yh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs.<span class=\"__1 _32b\"> </span>Future c<span class=\"__1 _201\"/>ash flows of th<span class=\"__1 _201\"/>e with-p<span class=\"__1 _201\"/>rofits gr<span class=\"__1 _201\"/>oups of in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contra<span class=\"__1 _201\"/>cts \u2013 imp<span class=\"__1 _201\"/>act of mutual<span class=\"__1 _201\"/>isation<span class=\"__1 _32b\"> </span>Sur<span class=\"__1 _201\"/>pluse<span class=\"__1 _201\"/>s may aris<span class=\"__1 _201\"/>e from so<span class=\"__1 _201\"/>me with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts cont<span class=\"__1 _201\"/>ract<span class=\"__1 _201\"/>s, fo<span class=\"__1 _201\"/>r exampl<span class=\"__1 _201\"/>e if the amo<span class=\"__1 _201\"/>unts cha<span class=\"__1 _201\"/>rged to p<span class=\"__1 _201\"/>olicie<span class=\"__1 _201\"/>s excee<span class=\"__1 _201\"/>d the cos<span class=\"__1 _201\"/>ts they<span class=\"__1 _201\"/> are inten<span class=\"__1 _201\"/>ded to cove<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>. T<span class=\"__1 _201\"/>hese s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>ses ac<span class=\"__1 _201\"/>crue to the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund and may b<span class=\"__1 _201\"/>e utilise<span class=\"__1 _201\"/>d to meet d<span class=\"__1 _201\"/>efici<span class=\"__1 _201\"/>ts aris<span class=\"__1 _201\"/>ing on oth<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s or to enha<span class=\"__1 _201\"/>nce the b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts payab<span class=\"__1 _201\"/>le to curre<span class=\"__1 _201\"/>nt or future p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s. In o<span class=\"__1 _201\"/>rder to rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>e this feature o<span class=\"__1 _201\"/>f<span class=\"__1 _32b\"> </span> the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>, the liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s for eac<span class=\"__1 _201\"/>h with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s group of ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 share of the<span class=\"__1 _201\"/> expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d future sur<span class=\"__1 _201\"/>plus<span class=\"__1 _201\"/>es/<span class=\"__1 _200\"/>defici<span class=\"__1 _201\"/>ts, w<span class=\"__1 _201\"/>here the ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted fu<span class=\"__1 _201\"/>ture surp<span class=\"__1 _201\"/>luses/defici<span class=\"__1 _201\"/>ts are give<span class=\"__1 _201\"/>n by:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The d<span class=\"__1 _201\"/>iscou<span class=\"__1 _201\"/>nted valu<span class=\"__1 _201\"/>e of the am<span class=\"__1 _201\"/>ounts that w<span class=\"__1 _201\"/>ill be ch<span class=\"__1 _201\"/>arged to p<span class=\"__1 _201\"/>olici<span class=\"__1 _201\"/>es;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Les<span class=\"__1 _201\"/>s: the di<span class=\"__1 _201\"/>scoun<span class=\"__1 _201\"/>ted valu<span class=\"__1 _201\"/>e of future sh<span class=\"__1 _201\"/>arehol<span class=\"__1 _201\"/>der tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>rs, g<span class=\"__1 _201\"/>ross of ta<span class=\"__1 _201\"/>x; an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Les<span class=\"__1 _201\"/>s: the di<span class=\"__1 _201\"/>scoun<span class=\"__1 _201\"/>ted valu<span class=\"__1 _201\"/>e of other co<span class=\"__1 _201\"/>sts dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to the gro<span class=\"__1 _201\"/>up of insur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>Future c<span class=\"__1 _201\"/>ash flows \u2013 a<span class=\"__1 _201\"/>dditiona<span class=\"__1 _201\"/>l amounts p<span class=\"__1 _201\"/>ayable to cur<span class=\"__1 _201\"/>rent or f<span class=\"__1 _201\"/>uture po<span class=\"__1 _201\"/>licyh<span class=\"__1 _201\"/>older<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>The l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y fo<span class=\"__1 _201\"/>r the addi<span class=\"__1 _201\"/>tional a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s payabl<span class=\"__1 _201\"/>e to current o<span class=\"__1 _201\"/>r future po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>ders w<span class=\"__1 _201\"/>ill be a key judg<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt and is exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be<span class=\"__1 _201\"/> equ<span class=\"__1 _201\"/>al to around 9<span class=\"__1 _201\"/>0% of the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of the othe<span class=\"__1 _201\"/>r unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing items in t<span class=\"__1 _201\"/>he With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund. T<span class=\"__1 _201\"/>he fai<span class=\"__1 _201\"/>r value of th<span class=\"__1 _201\"/>ese un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying<span class=\"__1 _201\"/> items in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>s the fa<span class=\"__1 _201\"/>ir value of t<span class=\"__1 _201\"/>he non<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>t contra<span class=\"__1 _201\"/>cts i<span class=\"__1 _201\"/>n the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>190<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup w<span class=\"__1 _201\"/>ill deter<span class=\"__1 _201\"/>mine the a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>tment fo<span class=\"__1 _201\"/>r illiqui<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/>y using e<span class=\"__1 _201\"/>ither a top<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>down or a b<span class=\"__1 _201\"/>ottom<span class=\"__1 _201\"/>-up ap<span class=\"__1 _201\"/>proac<span class=\"__1 _201\"/>h. Un<span class=\"__1 _201\"/>der the top<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>down<span class=\"__1 _201\"/> appro<span class=\"__1 _201\"/>ach a yi<span class=\"__1 _201\"/>eld cur<span class=\"__1 _201\"/>ve th<span class=\"__1 _201\"/>at refle<span class=\"__1 _201\"/>cts th<span class=\"__1 _201\"/>e curren<span class=\"__1 _201\"/>t market rates of retu<span class=\"__1 _201\"/>rn impl<span class=\"__1 _201\"/>icit in a fa<span class=\"__1 _201\"/>ir valu<span class=\"__1 _201\"/>e measu<span class=\"__1 _201\"/>rement of a re<span class=\"__1 _201\"/>ferenc<span class=\"__1 _201\"/>e por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>folio<span class=\"__1 _201\"/> of ass<span class=\"__1 _201\"/>ets is ad<span class=\"__1 _201\"/>juste<span class=\"__1 _201\"/>d to eliminate any f<span class=\"__1 _201\"/>acto<span class=\"__1 _201\"/>rs that are n<span class=\"__1 _201\"/>ot relevan<span class=\"__1 _201\"/>t to the insur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts, s<span class=\"__1 _201\"/>uch as c<span class=\"__1 _201\"/>ash flow m<span class=\"__1 _201\"/>ismatchin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> and cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k. H<span class=\"__1 _201\"/>owever<span class=\"__1 _200\"/>, it is not req<span class=\"__1 _201\"/>uired to ad<span class=\"__1 _201\"/>just th<span class=\"__1 _201\"/>e yiel<span class=\"__1 _201\"/>d cur<span class=\"__1 _201\"/>ve for di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ces in th<span class=\"__1 _201\"/>e liqui<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/>y charac<span class=\"__1 _201\"/>teri<span class=\"__1 _201\"/>stic<span class=\"__1 _201\"/>s of the ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s and the ref<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>e por<span class=\"__1 _201\"/>tf<span class=\"__1 _201\"/>olio.<span class=\"__1 _201\"/> Jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt is requ<span class=\"__1 _201\"/>ired to cho<span class=\"__1 _201\"/>ose an a<span class=\"__1 _201\"/>pprop<span class=\"__1 _201\"/>riate referen<span class=\"__1 _201\"/>ce po<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>o and to deter<span class=\"__1 _201\"/>mine th<span class=\"__1 _201\"/>e elem<span class=\"__1 _201\"/>ent of the y<span class=\"__1 _201\"/>ield o<span class=\"__1 _201\"/>n the po<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>o<span class=\"__1 _32b\"> </span> that is at<span class=\"__1 _201\"/>tribu<span class=\"__1 _201\"/>table to f<span class=\"__1 _201\"/>actor<span class=\"__1 _201\"/>s not rel<span class=\"__1 _201\"/>evant to the ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> Und<span class=\"__1 _201\"/>er the b<span class=\"__1 _201\"/>ottom<span class=\"__1 _201\"/>-up ap<span class=\"__1 _201\"/>proach a li<span class=\"__1 _201\"/>quid r<span class=\"__1 _201\"/>isk<span class=\"__1 _200\"/>-free y<span class=\"__1 _201\"/>ield c<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>ve is incre<span class=\"__1 _201\"/>ased to re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t the di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ces bet<span class=\"__1 _201\"/>we<span class=\"__1 _201\"/>en the liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> char<span class=\"__1 _201\"/>acter<span class=\"__1 _201\"/>isti<span class=\"__1 _201\"/>cs of the fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al instr<span class=\"__1 _201\"/>ume<span class=\"__1 _201\"/>nts that und<span class=\"__1 _201\"/>erli<span class=\"__1 _201\"/>e the ris<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>-free rates o<span class=\"__1 _201\"/>bser<span class=\"__1 _250\"/>ved in the m<span class=\"__1 _201\"/>arket and th<span class=\"__1 _201\"/>e liquid<span class=\"__1 _201\"/>ity<span class=\"__1 _201\"/> char<span class=\"__1 _201\"/>acter<span class=\"__1 _201\"/>isti<span class=\"__1 _201\"/>cs of the i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s. J<span class=\"__1 _201\"/>udge<span class=\"__1 _201\"/>ment is re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d to determi<span class=\"__1 _201\"/>ne the illi<span class=\"__1 _201\"/>quidi<span class=\"__1 _201\"/>ty pre<span class=\"__1 _201\"/>mium<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The G<span class=\"__1 _201\"/>roup inte<span class=\"__1 _201\"/>nds to app<span class=\"__1 _201\"/>ly the top<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>down ap<span class=\"__1 _201\"/>proach fo<span class=\"__1 _201\"/>r annuit<span class=\"__1 _201\"/>ies con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts and th<span class=\"__1 _201\"/>e botto<span class=\"__1 _201\"/>m-up a<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch for all oth<span class=\"__1 _201\"/>er cont<span class=\"__1 _201\"/>ract<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> including<span class=\"__1 _200\"/> with-profits.<span class=\"__1 _32b\"> </span>Measurement<span class=\"__1 _200\"/> \u2013 risk<span class=\"__1 _200\"/> adjustment f<span class=\"__1 _200\"/>or non-financial r<span class=\"__1 _200\"/>isk<span class=\"__1 _32b\"> </span>Diff<span class=\"__1 _201\"/>erent ap<span class=\"__1 _201\"/>proac<span class=\"__1 _201\"/>hes are exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be us<span class=\"__1 _201\"/>ed with<span class=\"__1 _201\"/>in the ind<span class=\"__1 _201\"/>ustr<span class=\"__1 _201\"/>y to es<span class=\"__1 _201\"/>timate the r<span class=\"__1 _201\"/>isk adj<span class=\"__1 _201\"/>ustme<span class=\"__1 _201\"/>nt for no<span class=\"__1 _201\"/>n-fin<span class=\"__1 _201\"/>ancial r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding<span class=\"__1 _201\"/> a confi<span class=\"__1 _201\"/>den<span class=\"__1 _201\"/>ce level te<span class=\"__1 _201\"/>chniqu<span class=\"__1 _201\"/>e or a cos<span class=\"__1 _201\"/>t of cap<span class=\"__1 _201\"/>ital tech<span class=\"__1 _201\"/>nique<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>For all li<span class=\"__1 _201\"/>nes of bu<span class=\"__1 _201\"/>sine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up will us<span class=\"__1 _201\"/>e a confi<span class=\"__1 _201\"/>denc<span class=\"__1 _201\"/>e level tech<span class=\"__1 _201\"/>nique u<span class=\"__1 _201\"/>nder w<span class=\"__1 _201\"/>hich a pro<span class=\"__1 _201\"/>babil<span class=\"__1 _201\"/>ity d<span class=\"__1 _201\"/>istri<span class=\"__1 _201\"/>bution of t<span class=\"__1 _201\"/>he expe<span class=\"__1 _201\"/>cted<span class=\"__1 _201\"/> pres<span class=\"__1 _201\"/>ent valu<span class=\"__1 _201\"/>e of future c<span class=\"__1 _201\"/>ash flo<span class=\"__1 _201\"/>ws from the c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts is e<span class=\"__1 _201\"/>stimate<span class=\"__1 _201\"/>d and the r<span class=\"__1 _201\"/>isk ad<span class=\"__1 _201\"/>justm<span class=\"__1 _201\"/>ent for n<span class=\"__1 _201\"/>on-fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l risk is c<span class=\"__1 _201\"/>alcu<span class=\"__1 _201\"/>lated as<span class=\"__1 _201\"/> the exces<span class=\"__1 _201\"/>s of the va<span class=\"__1 _201\"/>lue at ris<span class=\"__1 _201\"/>k at the targ<span class=\"__1 _201\"/>et confi<span class=\"__1 _201\"/>denc<span class=\"__1 _201\"/>e level over th<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>cted p<span class=\"__1 _201\"/>resent v<span class=\"__1 _201\"/>alue of th<span class=\"__1 _201\"/>e future c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s set the co<span class=\"__1 _201\"/>mpe<span class=\"__1 _201\"/>nsatio<span class=\"__1 _201\"/>n it require<span class=\"__1 _201\"/>s for un<span class=\"__1 _201\"/>cer<span class=\"__1 _201\"/>taint<span class=\"__1 _201\"/>y ari<span class=\"__1 _201\"/>sing fro<span class=\"__1 _201\"/>m non<span class=\"__1 _201\"/>-finan<span class=\"__1 _201\"/>cial ris<span class=\"__1 _201\"/>k over the p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d of covera<span class=\"__1 _201\"/>ge<span class=\"__1 _32b\"> </span> equ<span class=\"__1 _201\"/>ivale<span class=\"__1 _201\"/>nt to the 75th pe<span class=\"__1 _201\"/>rcentil<span class=\"__1 _201\"/>e over a 1-year tim<span class=\"__1 _201\"/>e hor<span class=\"__1 _201\"/>izon. Thi<span class=\"__1 _201\"/>s is a key judgem<span class=\"__1 _201\"/>ent.<span class=\"__1 _32b\"> </span>The r<span class=\"__1 _201\"/>isk ad<span class=\"__1 _201\"/>justm<span class=\"__1 _201\"/>ent will re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of diver<span class=\"__1 _201\"/>sific<span class=\"__1 _201\"/>ation of n<span class=\"__1 _201\"/>on-fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al risks w<span class=\"__1 _201\"/>ithin ea<span class=\"__1 _201\"/>ch entit<span class=\"__1 _201\"/>y in the G<span class=\"__1 _201\"/>roup bu<span class=\"__1 _201\"/>t not<span class=\"__1 _32b\"> </span> dive<span class=\"__1 _201\"/>rsifi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n of risks b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en enti<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Measurement<span class=\"__1 _200\"/> \u2013 CSM<span class=\"__1 _32b\"> </span>The C<span class=\"__1 _201\"/>SM is s<span class=\"__1 _201\"/>ubje<span class=\"__1 _201\"/>ct to diff<span class=\"__1 _201\"/>erent m<span class=\"__1 _201\"/>easurem<span class=\"__1 _201\"/>ent re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents de<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>ing on w<span class=\"__1 _201\"/>hether i<span class=\"__1 _201\"/>t relates to grou<span class=\"__1 _201\"/>ps of contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s that are<span class=\"__1 _32b\"> </span> clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as be<span class=\"__1 _201\"/>ing wit<span class=\"__1 _201\"/>h or witho<span class=\"__1 _201\"/>ut dire<span class=\"__1 _201\"/>ct par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cipatio<span class=\"__1 _201\"/>n features<span class=\"__1 _201\"/>. Insu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>nd inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wit<span class=\"__1 _201\"/>h direc<span class=\"__1 _201\"/>t par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> feature<span class=\"__1 _201\"/>s are contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s for whi<span class=\"__1 _201\"/>ch the entit<span class=\"__1 _201\"/>y exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts to pay the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der a sub<span class=\"__1 _201\"/>stanti<span class=\"__1 _201\"/>al share of th<span class=\"__1 _201\"/>e returns o<span class=\"__1 _201\"/>n the<span class=\"__1 _201\"/> underlying it<span class=\"__1 _200\"/>ems.<span class=\"__1 _32b\"> </span>For the G<span class=\"__1 _201\"/>roup\u2019s busin<span class=\"__1 _201\"/>ess al<span class=\"__1 _201\"/>l contra<span class=\"__1 _201\"/>cts th<span class=\"__1 _201\"/>at are in the sc<span class=\"__1 _201\"/>ope of I<span class=\"__1 _201\"/>FRS 17 and th<span class=\"__1 _201\"/>at are witho<span class=\"__1 _201\"/>ut direc<span class=\"__1 _201\"/>t par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ipation f<span class=\"__1 _201\"/>eatures wi<span class=\"__1 _201\"/>ll<span class=\"__1 _32b\"> </span> app<span class=\"__1 _201\"/>ly the G<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>al Mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt Mod<span class=\"__1 _201\"/>el (GMM<span class=\"__1 _201\"/>). Thes<span class=\"__1 _201\"/>e prim<span class=\"__1 _201\"/>aril<span class=\"__1 _201\"/>y consi<span class=\"__1 _201\"/>st of the n<span class=\"__1 _201\"/>on-p<span class=\"__1 _201\"/>rofit an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y and no<span class=\"__1 _201\"/>n-p<span class=\"__1 _201\"/>rofit prote<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n lines<span class=\"__1 _201\"/> of busi<span class=\"__1 _200\"/>ness.<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>th direc<span class=\"__1 _201\"/>t par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pation fe<span class=\"__1 _201\"/>atures wil<span class=\"__1 _201\"/>l use the Variab<span class=\"__1 _201\"/>le Fee A<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch (V<span class=\"__1 _201\"/>F<span class=\"__1 _200\"/>A). The<span class=\"__1 _201\"/>se are exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to comp<span class=\"__1 _201\"/>rise th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> with-profits<span class=\"__1 _200\"/> business, incl<span class=\"__1 _200\"/>uding PruF<span class=\"__1 _f_1\"/>und, and unit<span class=\"__1 _f_1\"/>-link<span class=\"__1 _200\"/>ed business.<span class=\"__1 _32b\"> </span>A key differe<span class=\"__1 _201\"/>nce bet<span class=\"__1 _201\"/>we<span class=\"__1 _201\"/>en the G<span class=\"__1 _201\"/>MM and V<span class=\"__1 _201\"/>F<span class=\"__1 _200\"/>A measure<span class=\"__1 _201\"/>ment m<span class=\"__1 _201\"/>odel<span class=\"__1 _201\"/>s is that adj<span class=\"__1 _201\"/>ustme<span class=\"__1 _201\"/>nts to the VFA CSM re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t prevai<span class=\"__1 _201\"/>ling mar<span class=\"__1 _201\"/>ket<span class=\"__1 _32b\"> </span> con<span class=\"__1 _201\"/>ditions<span class=\"__1 _201\"/>, giv<span class=\"__1 _201\"/>ing so<span class=\"__1 _201\"/>me alig<span class=\"__1 _201\"/>nment b<span class=\"__1 _201\"/>etw<span class=\"__1 _201\"/>een the m<span class=\"__1 _201\"/>oveme<span class=\"__1 _201\"/>nts in as<span class=\"__1 _201\"/>set and l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y va<span class=\"__1 _201\"/>lues<span class=\"__1 _201\"/>. In contr<span class=\"__1 _201\"/>ast<span class=\"__1 _201\"/>, adjus<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s to the GM<span class=\"__1 _201\"/>M<span class=\"__1 _32b\"> </span> CS<span class=\"__1 _201\"/>M are deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d using p<span class=\"__1 _201\"/>rospe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve financ<span class=\"__1 _201\"/>ial ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns and dis<span class=\"__1 _201\"/>count r<span class=\"__1 _201\"/>ates that are fixe<span class=\"__1 _201\"/>d (\u201clo<span class=\"__1 _201\"/>cked-in\u201d) at i<span class=\"__1 _201\"/>nitial re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>tion.<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er the G<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>al Mea<span class=\"__1 _201\"/>surem<span class=\"__1 _201\"/>ent Mo<span class=\"__1 _201\"/>del the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing amo<span class=\"__1 _201\"/>unt of CS<span class=\"__1 _201\"/>M is adj<span class=\"__1 _201\"/>usted to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t the fol<span class=\"__1 _201\"/>lowing c<span class=\"__1 _201\"/>hange<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span> \u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Effec<span class=\"__1 _201\"/>t of new c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts ad<span class=\"__1 _201\"/>ded to the g<span class=\"__1 _201\"/>roup of co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Intere<span class=\"__1 _201\"/>st accre<span class=\"__1 _201\"/>ted on the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing amo<span class=\"__1 _201\"/>unt of CS<span class=\"__1 _201\"/>M, m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at the lo<span class=\"__1 _201\"/>cked-in r<span class=\"__1 _201\"/>ate;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Chang<span class=\"__1 _201\"/>es in c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s arisin<span class=\"__1 _201\"/>g from no<span class=\"__1 _201\"/>n-fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l risk that re<span class=\"__1 _201\"/>late to future se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Effec<span class=\"__1 _201\"/>t of any cur<span class=\"__1 _201\"/>renc<span class=\"__1 _201\"/>y exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces o<span class=\"__1 _201\"/>n the CS<span class=\"__1 _201\"/>M; an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Rec<span class=\"__1 _201\"/>ogniti<span class=\"__1 _201\"/>on of insu<span class=\"__1 _201\"/>rance reve<span class=\"__1 _201\"/>nue for s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d in the year<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span></span>Und<span class=\"__1 _201\"/>er the Variab<span class=\"__1 _201\"/>le Fee Ap<span class=\"__1 _201\"/>proac<span class=\"__1 _201\"/>h the CS<span class=\"__1 _201\"/>M is adju<span class=\"__1 _201\"/>sted to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t the foll<span class=\"__1 _201\"/>owing ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Effec<span class=\"__1 _201\"/>t of new c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts ad<span class=\"__1 _201\"/>ded to the g<span class=\"__1 _201\"/>roup of co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Chang<span class=\"__1 _201\"/>e in the ent<span class=\"__1 _201\"/>ity<span class=\"__1 _201\"/>\u2019s share of the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing items<span class=\"__1 _201\"/>;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Chang<span class=\"__1 _201\"/>es in c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s that relate to future s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ce, incl<span class=\"__1 _201\"/>uding th<span class=\"__1 _201\"/>e effe<span class=\"__1 _201\"/>ct of the ti<span class=\"__1 _201\"/>me valu<span class=\"__1 _201\"/>e of mon<span class=\"__1 _201\"/>ey and fina<span class=\"__1 _201\"/>ncial r<span class=\"__1 _201\"/>isk not ar<span class=\"__1 _201\"/>ising<span class=\"__1 _32b\"> </span></span>from th<span class=\"__1 _201\"/>e unde<span class=\"__1 _201\"/>rlyi<span class=\"__1 _201\"/>ng items;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Effec<span class=\"__1 _201\"/>t of any cur<span class=\"__1 _201\"/>renc<span class=\"__1 _201\"/>y exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces o<span class=\"__1 _201\"/>n the CS<span class=\"__1 _201\"/>M; an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Rec<span class=\"__1 _201\"/>ogniti<span class=\"__1 _201\"/>on of insu<span class=\"__1 _201\"/>rance reve<span class=\"__1 _201\"/>nue for s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d in the year<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span></span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls4f_1 ws55_1\">191<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Som<span class=\"__1 _201\"/>e of the ad<span class=\"__1 _201\"/>justm<span class=\"__1 _201\"/>ents to the C<span class=\"__1 _201\"/>SM fo<span class=\"__1 _201\"/>r the V<span class=\"__1 _200\"/>aria<span class=\"__1 _201\"/>ble Fe<span class=\"__1 _201\"/>e Appro<span class=\"__1 _201\"/>ach lis<span class=\"__1 _201\"/>ted above a<span class=\"__1 _201\"/>re determi<span class=\"__1 _201\"/>ned by refe<span class=\"__1 _201\"/>rence to ch<span class=\"__1 _201\"/>anges i<span class=\"__1 _201\"/>n the<span class=\"__1 _201\"/> \u201cv<span class=\"__1 _201\"/>ariab<span class=\"__1 _201\"/>le fee\u201d<span class=\"__1 _200\"/>, whic<span class=\"__1 _201\"/>h repres<span class=\"__1 _201\"/>ents th<span class=\"__1 _201\"/>e value of th<span class=\"__1 _201\"/>e entit<span class=\"__1 _201\"/>y\u2019s interes<span class=\"__1 _201\"/>t in the c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. For with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s, th<span class=\"__1 _201\"/>e variab<span class=\"__1 _201\"/>le fe<span class=\"__1 _201\"/>e is<span class=\"__1 _32b\"> </span> deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d as the dis<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d value of f<span class=\"__1 _201\"/>uture share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er tran<span class=\"__1 _201\"/>sfer<span class=\"__1 _201\"/>s, gros<span class=\"__1 _201\"/>s of tax<span class=\"__1 _201\"/>, plu<span class=\"__1 _201\"/>s the share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 sha<span class=\"__1 _201\"/>re of the expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> future s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>ses/<span class=\"__1 _200\"/>defi<span class=\"__1 _201\"/>cits<span class=\"__1 _201\"/>, whe<span class=\"__1 _201\"/>re the expe<span class=\"__1 _201\"/>cted f<span class=\"__1 _201\"/>uture sur<span class=\"__1 _201\"/>plus<span class=\"__1 _201\"/>es/<span class=\"__1 _200\"/>defici<span class=\"__1 _201\"/>ts are give<span class=\"__1 _201\"/>n by:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The d<span class=\"__1 _201\"/>iscou<span class=\"__1 _201\"/>nted valu<span class=\"__1 _201\"/>e of the am<span class=\"__1 _201\"/>ounts that w<span class=\"__1 _201\"/>ill be ch<span class=\"__1 _201\"/>arged to p<span class=\"__1 _201\"/>olici<span class=\"__1 _201\"/>es;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Les<span class=\"__1 _201\"/>s: the di<span class=\"__1 _201\"/>scoun<span class=\"__1 _201\"/>ted valu<span class=\"__1 _201\"/>e of future sh<span class=\"__1 _201\"/>arehol<span class=\"__1 _201\"/>der tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>rs, g<span class=\"__1 _201\"/>ross of ta<span class=\"__1 _201\"/>x; an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Les<span class=\"__1 _201\"/>s: the di<span class=\"__1 _201\"/>scoun<span class=\"__1 _201\"/>ted valu<span class=\"__1 _201\"/>e of other co<span class=\"__1 _201\"/>sts dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to the gro<span class=\"__1 _201\"/>up of insur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>The s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 share is exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be aro<span class=\"__1 _201\"/>und 10%<span class=\"__1 _201\"/>, mirro<span class=\"__1 _201\"/>ring the key jud<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent that the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 share is exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to<span class=\"__1 _32b\"> </span> be aro<span class=\"__1 _201\"/>und 90<span class=\"__1 _201\"/>%.<span class=\"__1 _32b\"> </span>Insu<span class=\"__1 _201\"/>rance reve<span class=\"__1 _201\"/>nue for s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d in the year is re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d by referenc<span class=\"__1 _201\"/>e to \u201ccoverag<span class=\"__1 _201\"/>e units\u201d<span class=\"__1 _200\"/>, which re<span class=\"__1 _201\"/>pres<span class=\"__1 _201\"/>ent the<span class=\"__1 _201\"/> quanti<span class=\"__1 _201\"/>ty of s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces prov<span class=\"__1 _201\"/>ided<span class=\"__1 _201\"/>. For no<span class=\"__1 _201\"/>n-pro<span class=\"__1 _201\"/>fit annu<span class=\"__1 _201\"/>ities that a<span class=\"__1 _201\"/>re alread<span class=\"__1 _201\"/>y in paym<span class=\"__1 _201\"/>ent the cove<span class=\"__1 _201\"/>rage un<span class=\"__1 _201\"/>its are dete<span class=\"__1 _201\"/>rmine<span class=\"__1 _201\"/>d as the<span class=\"__1 _201\"/> annu<span class=\"__1 _201\"/>al annuit<span class=\"__1 _201\"/>y b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t payable<span class=\"__1 _201\"/>. This is c<span class=\"__1 _201\"/>onsis<span class=\"__1 _201\"/>tent with th<span class=\"__1 _201\"/>e conc<span class=\"__1 _201\"/>lusio<span class=\"__1 _201\"/>n publi<span class=\"__1 _201\"/>shed o<span class=\"__1 _201\"/>n this topi<span class=\"__1 _201\"/>c by the IAS<span class=\"__1 _201\"/>B\u2019s Interp<span class=\"__1 _201\"/>retation<span class=\"__1 _201\"/> Com<span class=\"__1 _201\"/>mitte<span class=\"__1 _201\"/>e (IFR<span class=\"__1 _201\"/>IC) in 2022<span class=\"__1 _201\"/>. For th<span class=\"__1 _201\"/>e major<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y of the with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts the cove<span class=\"__1 _201\"/>rage un<span class=\"__1 _201\"/>its are de<span class=\"__1 _201\"/>fined a<span class=\"__1 _201\"/>s the max<span class=\"__1 _201\"/>imum of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> ben<span class=\"__1 _201\"/>efit paya<span class=\"__1 _201\"/>ble on d<span class=\"__1 _201\"/>eath and th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>et share, a<span class=\"__1 _201\"/>s this be<span class=\"__1 _201\"/>st repre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s the insu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>nd inves<span class=\"__1 _201\"/>tment s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>e bein<span class=\"__1 _201\"/>g provid<span class=\"__1 _201\"/>ed.<span class=\"__1 _201\"/> The exce<span class=\"__1 _201\"/>ption is w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s in paym<span class=\"__1 _201\"/>ent, fo<span class=\"__1 _201\"/>r which th<span class=\"__1 _201\"/>e covera<span class=\"__1 _201\"/>ge units a<span class=\"__1 _201\"/>re defin<span class=\"__1 _201\"/>ed as the a<span class=\"__1 _201\"/>nnual a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> benefit paya<span class=\"__1 _200\"/>ble.<span class=\"__1 _32b\"> </span>For a pro<span class=\"__1 _201\"/>fitabl<span class=\"__1 _201\"/>e group of co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts the va<span class=\"__1 _201\"/>lue of the C<span class=\"__1 _201\"/>SM at in<span class=\"__1 _201\"/>ceptio<span class=\"__1 _201\"/>n equa<span class=\"__1 _201\"/>ls the pre<span class=\"__1 _201\"/>sent va<span class=\"__1 _201\"/>lue of the exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted net in<span class=\"__1 _201\"/>flow.<span class=\"__1 _32b\"> </span> This re<span class=\"__1 _201\"/>sult<span class=\"__1 _201\"/>s in no inco<span class=\"__1 _201\"/>me or exp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>es bein<span class=\"__1 _201\"/>g reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d for the g<span class=\"__1 _201\"/>roup of con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts at their i<span class=\"__1 _201\"/>nitial re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>tion. C<span class=\"__1 _201\"/>onvers<span class=\"__1 _201\"/>ely, for<span class=\"__1 _32b\"> </span> a group of c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts that i<span class=\"__1 _201\"/>s loss m<span class=\"__1 _201\"/>aking (or \u201cone<span class=\"__1 _201\"/>rous\u201d) at inc<span class=\"__1 _201\"/>eption<span class=\"__1 _201\"/>, the C<span class=\"__1 _201\"/>SM is se<span class=\"__1 _201\"/>t to zero and the exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted net o<span class=\"__1 _201\"/>utfl<span class=\"__1 _201\"/>ow is<span class=\"__1 _32b\"> </span> imme<span class=\"__1 _201\"/>diatel<span class=\"__1 _201\"/>y recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d as a los<span class=\"__1 _201\"/>s. A lo<span class=\"__1 _201\"/>ss com<span class=\"__1 _201\"/>pon<span class=\"__1 _201\"/>ent is es<span class=\"__1 _201\"/>tabli<span class=\"__1 _201\"/>shed w<span class=\"__1 _201\"/>ith valu<span class=\"__1 _201\"/>e equa<span class=\"__1 _201\"/>l to the net ou<span class=\"__1 _201\"/>tflo<span class=\"__1 _201\"/>w<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> T<span class=\"__1 _f_1\"/>ra<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>tion to I<span class=\"__1 _201\"/>FRS 17<span class=\"__1 _32b\"> </span>IFR<span class=\"__1 _201\"/>S 17 require<span class=\"__1 _201\"/>s that the chan<span class=\"__1 _201\"/>ges in a<span class=\"__1 _201\"/>ccount<span class=\"__1 _201\"/>ing pol<span class=\"__1 _201\"/>icies a<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g from ad<span class=\"__1 _201\"/>opting th<span class=\"__1 _201\"/>e new sta<span class=\"__1 _201\"/>ndard<span class=\"__1 _201\"/>, at 1 Januar<span class=\"__1 _250\"/>y 2022<span class=\"__1 _201\"/>, mus<span class=\"__1 _201\"/>t be<span class=\"__1 _201\"/> app<span class=\"__1 _201\"/>lied us<span class=\"__1 _201\"/>ing a full<span class=\"__1 _201\"/>y retrosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive app<span class=\"__1 _201\"/>roach unl<span class=\"__1 _201\"/>ess i<span class=\"__1 _201\"/>t is not pr<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>cabl<span class=\"__1 _201\"/>e to do so. U<span class=\"__1 _201\"/>nder th<span class=\"__1 _201\"/>e fully re<span class=\"__1 _201\"/>trospe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve approa<span class=\"__1 _201\"/>ch the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up will:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Ide<span class=\"__1 _201\"/>ntif<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, reco<span class=\"__1 _201\"/>gnise a<span class=\"__1 _201\"/>nd mea<span class=\"__1 _201\"/>sure each g<span class=\"__1 _201\"/>roup of ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>, inves<span class=\"__1 _201\"/>tment w<span class=\"__1 _201\"/>ith DPF co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d reinsur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span></span>hel<span class=\"__1 _201\"/>d as if IFR<span class=\"__1 _201\"/>S 17 had always a<span class=\"__1 _201\"/>ppli<span class=\"__1 _201\"/>ed;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Dere<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nise prev<span class=\"__1 _201\"/>ious<span class=\"__1 _201\"/>ly repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ted bala<span class=\"__1 _201\"/>nces th<span class=\"__1 _201\"/>at would n<span class=\"__1 _201\"/>ot have existe<span class=\"__1 _201\"/>d if IFR<span class=\"__1 _201\"/>S 17 had always a<span class=\"__1 _201\"/>pplie<span class=\"__1 _201\"/>d (inc<span class=\"__1 _201\"/>ludin<span class=\"__1 _201\"/>g IFRS 4<span class=\"__1 _201\"/>-rel<span class=\"__1 _201\"/>ated<span class=\"__1 _32b\"> </span></span>defe<span class=\"__1 _201\"/>rred ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on cos<span class=\"__1 _201\"/>ts, a<span class=\"__1 _201\"/>nd the un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund); a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>e any resul<span class=\"__1 _201\"/>ting net di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ce in eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, after a<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g for any def<span class=\"__1 _201\"/>erred t<span class=\"__1 _201\"/>ax adju<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt.<span class=\"__1 _32b\"> </span></span>Whe<span class=\"__1 _201\"/>re it is impr<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>cab<span class=\"__1 _201\"/>le to appl<span class=\"__1 _201\"/>y a fully <span class=\"__1 _201\"/>retrospe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve appro<span class=\"__1 _201\"/>ach to a group of c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, then th<span class=\"__1 _201\"/>e Group w<span class=\"__1 _201\"/>ill, as p<span class=\"__1 _201\"/>ermi<span class=\"__1 _201\"/>tted un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/> IFR<span class=\"__1 _201\"/>S 17<span class=\"__1 _f_1\"/>, use e<span class=\"__1 _201\"/>ither th<span class=\"__1 _201\"/>e modi<span class=\"__1 _201\"/>fied retro<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ctive a<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch or the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e appro<span class=\"__1 _201\"/>ach.<span class=\"__1 _201\"/> The G<span class=\"__1 _201\"/>roup exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts to appl<span class=\"__1 _201\"/>y the fol<span class=\"__1 _201\"/>lowin<span class=\"__1 _201\"/>g approa<span class=\"__1 _201\"/>ches to va<span class=\"__1 _201\"/>luing th<span class=\"__1 _201\"/>e CSM o<span class=\"__1 _201\"/>n transi<span class=\"__1 _201\"/>tion to IFR<span class=\"__1 _201\"/>S 17<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>:<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ransition approach<span class=\"__1 _ac_1\"> </span>Applied for<span class=\"__1 _32b\"> </span>Fully Retro<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ctive A<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch<span class=\"__1 _ad_1\"> </span><span class=\"lsd_1 wse_1\">With-profits<span class=\"__1 _200\"/> business written 2<span class=\"__1 _200\"/>020-20<span class=\"__1 _200\"/>21<span class=\"__1 _32b\"> </span></span>Non<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fit protec<span class=\"__1 _201\"/>tion i<span class=\"__1 _201\"/>n Polan<span class=\"__1 _201\"/>d writ<span class=\"__1 _201\"/>ten 2020<span class=\"__1 _201\"/>-2021<span class=\"__1 _32b\"> </span>Rothe<span class=\"__1 _201\"/>say annu<span class=\"__1 _201\"/>ity re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce treat<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>Mo<span class=\"__1 _201\"/>difie<span class=\"__1 _201\"/>d Retrosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive App<span class=\"__1 _201\"/>roach<span class=\"__1 _ae_1\"> </span><span class=\"ls27_1 ws5d_1\">90:10<span class=\"__1 _200\"/> with-profi<span class=\"__1 _200\"/>ts business<span class=\"__1 _200\"/> written 2<span class=\"__1 _200\"/>004-20<span class=\"__1 _200\"/>19<span class=\"__1 _32b\"> </span></span>F<span class=\"__1 _200\"/>air V<span class=\"__1 _f_1\"/>alue Approach<span class=\"__1 _af_1\"> </span><span class=\"ls6_1 ws1_1\">With<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s writ<span class=\"__1 _201\"/>ten befo<span class=\"__1 _201\"/>re 200<span class=\"__1 _201\"/>4 <span class=\"ls5_1\"> </span></span>All oth<span class=\"__1 _201\"/>er contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s writ<span class=\"__1 _201\"/>ten up to 2021<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>All oth<span class=\"__1 _201\"/>er reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e treaties in<span class=\"__1 _201\"/>cepted u<span class=\"__1 _201\"/>p to 2021<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e app<span class=\"__1 _201\"/>roac<span class=\"__1 _201\"/>h to be us<span class=\"__1 _201\"/>ed fo<span class=\"__1 _201\"/>r Pru<span class=\"__1 _201\"/>Prote<span class=\"__1 _201\"/>ct b<span class=\"__1 _201\"/>usi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s is s<span class=\"__1 _201\"/>till to b<span class=\"__1 _201\"/>e con<span class=\"__1 _201\"/>firm<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/>. As thi<span class=\"__1 _201\"/>s bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss is f<span class=\"__1 _201\"/>ull<span class=\"__1 _201\"/>y reins<span class=\"__1 _201\"/>ure<span class=\"__1 _201\"/>d, th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>f Pru<span class=\"__1 _201\"/>Prote<span class=\"__1 _201\"/>ct c<span class=\"__1 _201\"/>ontr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s on<span class=\"__1 _201\"/> sha<span class=\"__1 _201\"/>reh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y at tr<span class=\"__1 _201\"/>ansi<span class=\"__1 _201\"/>tion to I<span class=\"__1 _201\"/>FR<span class=\"__1 _201\"/>S 17 is not s<span class=\"__1 _201\"/>igni<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Th<span class=\"__1 _201\"/>e Roth<span class=\"__1 _201\"/>esay P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t VI<span class=\"__1 _201\"/>I tran<span class=\"__1 _201\"/>sfe<span class=\"__1 _201\"/>r in De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r 2021 a<span class=\"__1 _201\"/>nd co<span class=\"__1 _201\"/>nse<span class=\"__1 _201\"/>que<span class=\"__1 _201\"/>ntia<span class=\"__1 _201\"/>l upda<span class=\"__1 _201\"/>te to the re<span class=\"__1 _201\"/>insu<span class=\"__1 _201\"/>ran<span class=\"__1 _201\"/>ce tre<span class=\"__1 _201\"/>aty f<span class=\"__1 _201\"/>or th<span class=\"__1 _201\"/>e retai<span class=\"__1 _201\"/>ned a<span class=\"__1 _201\"/>nnui<span class=\"__1 _201\"/>ty b<span class=\"__1 _201\"/>usi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s is de<span class=\"__1 _201\"/>em<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/> to con<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>tute a de<span class=\"__1 _201\"/>rec<span class=\"__1 _201\"/>ogn<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n event<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>eref<span class=\"__1 _201\"/>ore, f<span class=\"__1 _201\"/>or IF<span class=\"__1 _201\"/>RS 17 pu<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, the i<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/>ptio<span class=\"__1 _201\"/>n date of th<span class=\"__1 _201\"/>e rein<span class=\"__1 _201\"/>sur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>t is 15 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>1 and s<span class=\"__1 _201\"/>o is<span class=\"__1 _32b\"> </span> transitioned<span class=\"__1 _200\"/> under the<span class=\"__1 _200\"/> Fu<span class=\"__1 _200\"/>lly Ret<span class=\"__1 _200\"/>rospective Approac<span class=\"__1 _200\"/>h.<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>ason<span class=\"__1 _201\"/>s why the Gro<span class=\"__1 _201\"/>up cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>s the full<span class=\"__1 _201\"/>y retrosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive app<span class=\"__1 _201\"/>roach to be i<span class=\"__1 _201\"/>mprac<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>able fo<span class=\"__1 _201\"/>r som<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>e:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>ts of retros<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>tive ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>ation are n<span class=\"__1 _201\"/>ot determ<span class=\"__1 _201\"/>inabl<span class=\"__1 _201\"/>e bec<span class=\"__1 _201\"/>ause th<span class=\"__1 _201\"/>e infor<span class=\"__1 _201\"/>mation re<span class=\"__1 _201\"/>quired h<span class=\"__1 _201\"/>as not b<span class=\"__1 _201\"/>een co<span class=\"__1 _201\"/>llec<span class=\"__1 _201\"/>ted, o<span class=\"__1 _201\"/>r has<span class=\"__1 _32b\"> </span></span>not b<span class=\"__1 _201\"/>een co<span class=\"__1 _201\"/>llec<span class=\"__1 _201\"/>ted wi<span class=\"__1 _201\"/>th suffic<span class=\"__1 _201\"/>ient gr<span class=\"__1 _201\"/>anular<span class=\"__1 _201\"/>ity, or is unava<span class=\"__1 _201\"/>ilabl<span class=\"__1 _201\"/>e bec<span class=\"__1 _201\"/>ause of s<span class=\"__1 _201\"/>ystem m<span class=\"__1 _201\"/>igratio<span class=\"__1 _201\"/>ns or othe<span class=\"__1 _201\"/>r reaso<span class=\"__1 _201\"/>ns.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The f<span class=\"__1 _201\"/>ully retro<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ctive a<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch require<span class=\"__1 _201\"/>s ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s abou<span class=\"__1 _201\"/>t what the G<span class=\"__1 _201\"/>roup ma<span class=\"__1 _201\"/>nagem<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>\u2019s intentions wo<span class=\"__1 _201\"/>uld have be<span class=\"__1 _201\"/>en in<span class=\"__1 _32b\"> </span></span>previ<span class=\"__1 _201\"/>ous pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>ds that ca<span class=\"__1 _201\"/>nnot be m<span class=\"__1 _201\"/>ade with<span class=\"__1 _201\"/>out the u<span class=\"__1 _201\"/>se of hin<span class=\"__1 _201\"/>dsight<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>se incl<span class=\"__1 _201\"/>ude jud<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ents ab<span class=\"__1 _201\"/>out the co<span class=\"__1 _201\"/>mpe<span class=\"__1 _201\"/>nsatio<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span> Gro<span class=\"__1 _201\"/>up require<span class=\"__1 _201\"/>s for be<span class=\"__1 _201\"/>arin<span class=\"__1 _201\"/>g non-<span class=\"__1 _201\"/>financ<span class=\"__1 _201\"/>ial ris<span class=\"__1 _201\"/>k in order to d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>e the ris<span class=\"__1 _201\"/>k adjus<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>. As the G<span class=\"__1 _201\"/>roup wa<span class=\"__1 _201\"/>s esta<span class=\"__1 _201\"/>blish<span class=\"__1 _201\"/>ed as a<span class=\"__1 _201\"/> sep<span class=\"__1 _201\"/>arate entit<span class=\"__1 _201\"/>y in 2019, th<span class=\"__1 _201\"/>e Group\u2019s curre<span class=\"__1 _201\"/>nt busin<span class=\"__1 _201\"/>ess m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment an<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s are not ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate prio<span class=\"__1 _201\"/>r to 2020 and<span class=\"__1 _201\"/> cho<span class=\"__1 _201\"/>osing to us<span class=\"__1 _201\"/>e thes<span class=\"__1 _201\"/>e or other a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions wo<span class=\"__1 _201\"/>uld req<span class=\"__1 _201\"/>uire the ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>ation of hin<span class=\"__1 _201\"/>dsigh<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Whe<span class=\"__1 _201\"/>re the full<span class=\"__1 _201\"/>y retrosp<span class=\"__1 _201\"/>ecti<span class=\"__1 _201\"/>ve appro<span class=\"__1 _201\"/>ach is im<span class=\"__1 _201\"/>prac<span class=\"__1 _201\"/>tica<span class=\"__1 _201\"/>ble fo<span class=\"__1 _201\"/>r the valu<span class=\"__1 _201\"/>ation of a po<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tfol<span class=\"__1 _201\"/>io of insur<span class=\"__1 _201\"/>ance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wr<span class=\"__1 _201\"/>itten th<span class=\"__1 _201\"/>en it wi<span class=\"__1 _201\"/>ll<span class=\"__1 _32b\"> </span></span>also b<span class=\"__1 _201\"/>e impr<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>cabl<span class=\"__1 _201\"/>e for the v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n of ass<span class=\"__1 _201\"/>ociated re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce po<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tfol<span class=\"__1 _201\"/>io as mea<span class=\"__1 _201\"/>surem<span class=\"__1 _201\"/>ent requ<span class=\"__1 _201\"/>ires simi<span class=\"__1 _201\"/>lar con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>rations<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>192<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Mo<span class=\"__1 _201\"/>difie<span class=\"__1 _201\"/>d retrosp<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/>ive appro<span class=\"__1 _201\"/>ach<span class=\"__1 _32b\"> </span>The o<span class=\"__1 _201\"/>bje<span class=\"__1 _201\"/>ctive of th<span class=\"__1 _201\"/>e mod<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d retrospe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve appro<span class=\"__1 _201\"/>ach is to achi<span class=\"__1 _201\"/>eve the clo<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>t outcom<span class=\"__1 _201\"/>e to retrospe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve appli<span class=\"__1 _201\"/>cation p<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>ible<span class=\"__1 _201\"/> usin<span class=\"__1 _201\"/>g reason<span class=\"__1 _201\"/>able a<span class=\"__1 _201\"/>nd supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tabl<span class=\"__1 _201\"/>e infor<span class=\"__1 _201\"/>mation avai<span class=\"__1 _201\"/>lable w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t undue c<span class=\"__1 _201\"/>ost or e<span class=\"__1 _201\"/>ffor<span class=\"__1 _201\"/>t. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up will ap<span class=\"__1 _201\"/>ply ea<span class=\"__1 _201\"/>ch of the fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> mod<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ations o<span class=\"__1 _201\"/>nly to the ex<span class=\"__1 _201\"/>tent that it d<span class=\"__1 _201\"/>oes n<span class=\"__1 _201\"/>ot have reaso<span class=\"__1 _201\"/>nabl<span class=\"__1 _201\"/>e and sup<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tab<span class=\"__1 _201\"/>le infor<span class=\"__1 _201\"/>mation to ap<span class=\"__1 _201\"/>ply I<span class=\"__1 _201\"/>FRS 17 retrosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tivel<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>Asse<span class=\"__1 _201\"/>ssme<span class=\"__1 _201\"/>nts at incep<span class=\"__1 _201\"/>tion or on in<span class=\"__1 _201\"/>itial rec<span class=\"__1 _201\"/>ognitio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup w<span class=\"__1 _201\"/>ill deter<span class=\"__1 _201\"/>mine the i<span class=\"__1 _201\"/>denti<span class=\"__1 _201\"/>ficati<span class=\"__1 _201\"/>on of group<span class=\"__1 _201\"/>s of contra<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>nd clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n of contra<span class=\"__1 _201\"/>cts u<span class=\"__1 _201\"/>sing info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n availab<span class=\"__1 _201\"/>le at<span class=\"__1 _32b\"> </span> contr<span class=\"__1 _201\"/>act in<span class=\"__1 _201\"/>cepti<span class=\"__1 _201\"/>on whe<span class=\"__1 _201\"/>re reason<span class=\"__1 _201\"/>able a<span class=\"__1 _201\"/>nd supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tabl<span class=\"__1 _201\"/>e infor<span class=\"__1 _201\"/>mation is ava<span class=\"__1 _201\"/>ilabl<span class=\"__1 _201\"/>e. Whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up doe<span class=\"__1 _201\"/>s not have reas<span class=\"__1 _201\"/>onabl<span class=\"__1 _201\"/>e and<span class=\"__1 _201\"/> supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tabl<span class=\"__1 _201\"/>e infor<span class=\"__1 _201\"/>mation thi<span class=\"__1 _201\"/>s will be a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d base<span class=\"__1 _201\"/>d on info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n at 1 Janua<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y 2022<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>ups of contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s value<span class=\"__1 _201\"/>d unde<span class=\"__1 _201\"/>r the mo<span class=\"__1 _201\"/>difie<span class=\"__1 _201\"/>d retrosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive app<span class=\"__1 _201\"/>roach wi<span class=\"__1 _201\"/>ll contai<span class=\"__1 _201\"/>n contra<span class=\"__1 _201\"/>cts i<span class=\"__1 _201\"/>ssue<span class=\"__1 _201\"/>d more th<span class=\"__1 _201\"/>an one yea<span class=\"__1 _201\"/>r apar<span class=\"__1 _201\"/>t.<span class=\"__1 _201\"/> 90:10 with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts busin<span class=\"__1 _201\"/>ess wr<span class=\"__1 _201\"/>itten 20<span class=\"__1 _201\"/>04<span class=\"__1 _201\"/>-<span class=\"__1 _200\"/>201<span class=\"__1 _200\"/>9<span class=\"__1 _32b\"> </span>For grou<span class=\"__1 _201\"/>ps of with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s issu<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>twe<span class=\"__1 _201\"/>en 200<span class=\"__1 _201\"/>4 and 2019 tra<span class=\"__1 _201\"/>nsitio<span class=\"__1 _201\"/>ning un<span class=\"__1 _201\"/>der the m<span class=\"__1 _201\"/>odifi<span class=\"__1 _201\"/>ed retros<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>tive ap<span class=\"__1 _201\"/>proac<span class=\"__1 _201\"/>h,<span class=\"__1 _201\"/> the G<span class=\"__1 _201\"/>roup will d<span class=\"__1 _201\"/>etermi<span class=\"__1 _201\"/>ne the C<span class=\"__1 _201\"/>SM at 1 Jan<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2 by cal<span class=\"__1 _201\"/>culating a p<span class=\"__1 _201\"/>roxy (as per<span class=\"__1 _201\"/>mitte<span class=\"__1 _201\"/>d in IFR<span class=\"__1 _201\"/>S 17) for th<span class=\"__1 _201\"/>e total CS<span class=\"__1 _201\"/>M for all<span class=\"__1 _201\"/> ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices to b<span class=\"__1 _201\"/>e provid<span class=\"__1 _201\"/>ed fro<span class=\"__1 _201\"/>m incepti<span class=\"__1 _201\"/>on as the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying ite<span class=\"__1 _201\"/>ms at 1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2 minus the f<span class=\"__1 _201\"/>ulfil<span class=\"__1 _201\"/>ment c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> at 1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2, ad<span class=\"__1 _201\"/>justed f<span class=\"__1 _201\"/>or:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Amo<span class=\"__1 _201\"/>unts cha<span class=\"__1 _201\"/>rged to po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>ders (<span class=\"__1 _201\"/>inclu<span class=\"__1 _201\"/>ding cha<span class=\"__1 _201\"/>rges de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>ted from th<span class=\"__1 _201\"/>e unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing items) befo<span class=\"__1 _201\"/>re 1 Januar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Amo<span class=\"__1 _201\"/>unts pai<span class=\"__1 _201\"/>d befo<span class=\"__1 _201\"/>re 1 Januar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>022 that d<span class=\"__1 _201\"/>id not var<span class=\"__1 _250\"/>y base<span class=\"__1 _201\"/>d on the un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g items<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The c<span class=\"__1 _201\"/>hange i<span class=\"__1 _201\"/>n the ris<span class=\"__1 _201\"/>k adjus<span class=\"__1 _201\"/>tment fo<span class=\"__1 _201\"/>r non<span class=\"__1 _201\"/>-finan<span class=\"__1 _201\"/>cial ris<span class=\"__1 _201\"/>k caus<span class=\"__1 _201\"/>ed by the re<span class=\"__1 _201\"/>leas<span class=\"__1 _201\"/>e from ris<span class=\"__1 _201\"/>k before 1 J<span class=\"__1 _201\"/>anuar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>, whic<span class=\"__1 _201\"/>h will be<span class=\"__1 _201\"/> </span>es<span class=\"__1 _201\"/>timated by refe<span class=\"__1 _201\"/>rence to the re<span class=\"__1 _201\"/>leas<span class=\"__1 _201\"/>e of risk fo<span class=\"__1 _201\"/>r simil<span class=\"__1 _201\"/>ar contr<span class=\"__1 _201\"/>acts t<span class=\"__1 _201\"/>hat the Gro<span class=\"__1 _201\"/>up iss<span class=\"__1 _201\"/>ues at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>If the c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ation res<span class=\"__1 _201\"/>ults in a C<span class=\"__1 _201\"/>SM<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up will m<span class=\"__1 _201\"/>easure th<span class=\"__1 _201\"/>e CSM at 1 J<span class=\"__1 _201\"/>anuar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>022 by de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>ting the C<span class=\"__1 _201\"/>SM re<span class=\"__1 _201\"/>lated to ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/> provi<span class=\"__1 _201\"/>ded b<span class=\"__1 _201\"/>efore 1 Jan<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2. T<span class=\"__1 _201\"/>he C<span class=\"__1 _201\"/>SM relate<span class=\"__1 _201\"/>d to ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces prov<span class=\"__1 _201\"/>ided b<span class=\"__1 _201\"/>efore 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22 will b<span class=\"__1 _201\"/>e deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d by compa<span class=\"__1 _201\"/>ring<span class=\"__1 _201\"/> the rem<span class=\"__1 _201\"/>aining c<span class=\"__1 _201\"/>overag<span class=\"__1 _201\"/>e units at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2 with c<span class=\"__1 _201\"/>overag<span class=\"__1 _201\"/>e units pr<span class=\"__1 _201\"/>ior to 1 Jan<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/> If the c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ation res<span class=\"__1 _201\"/>ults in a l<span class=\"__1 _201\"/>oss co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ent the<span class=\"__1 _201\"/>n the Gro<span class=\"__1 _201\"/>up will ad<span class=\"__1 _201\"/>just th<span class=\"__1 _201\"/>e loss c<span class=\"__1 _201\"/>ompo<span class=\"__1 _201\"/>nent to nil a<span class=\"__1 _201\"/>nd incre<span class=\"__1 _201\"/>ase the l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y fo<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> remai<span class=\"__1 _201\"/>ning cover<span class=\"__1 _201\"/>age exclu<span class=\"__1 _201\"/>ding the l<span class=\"__1 _201\"/>oss c<span class=\"__1 _201\"/>ompo<span class=\"__1 _201\"/>nent by the s<span class=\"__1 _201\"/>ame am<span class=\"__1 _201\"/>ount<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Fair value a<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e approa<span class=\"__1 _201\"/>ch, th<span class=\"__1 _201\"/>e CSM (or the lo<span class=\"__1 _201\"/>ss com<span class=\"__1 _201\"/>pon<span class=\"__1 _201\"/>ent) at 1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2 will be d<span class=\"__1 _201\"/>etermi<span class=\"__1 _201\"/>ned as th<span class=\"__1 _201\"/>e diffe<span class=\"__1 _201\"/>rence b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en<span class=\"__1 _201\"/> the fa<span class=\"__1 _201\"/>ir value o<span class=\"__1 _201\"/>f a group of co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts at that date an<span class=\"__1 _201\"/>d the ful<span class=\"__1 _201\"/>filme<span class=\"__1 _201\"/>nt cash fl<span class=\"__1 _201\"/>ows at that date. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up will m<span class=\"__1 _201\"/>easure th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue<span class=\"__1 _201\"/> of the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts as the s<span class=\"__1 _201\"/>um of:<span class=\"__1 _201\"/> \u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The b<span class=\"__1 _201\"/>est e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ate of the liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, determi<span class=\"__1 _201\"/>ned us<span class=\"__1 _201\"/>ing a disc<span class=\"__1 _201\"/>ounted c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ow techni<span class=\"__1 _201\"/>que; and<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The c<span class=\"__1 _201\"/>ompe<span class=\"__1 _201\"/>nsatio<span class=\"__1 _201\"/>n a market par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cipant wo<span class=\"__1 _201\"/>uld req<span class=\"__1 _201\"/>uire for ta<span class=\"__1 _201\"/>king on th<span class=\"__1 _201\"/>e oblig<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/>, over and ab<span class=\"__1 _201\"/>ove the be<span class=\"__1 _201\"/>st es<span class=\"__1 _201\"/>timate<span class=\"__1 _201\"/> </span>liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, determi<span class=\"__1 _201\"/>ned us<span class=\"__1 _201\"/>ing a cos<span class=\"__1 _201\"/>t of cap<span class=\"__1 _201\"/>ital app<span class=\"__1 _201\"/>roach<span class=\"__1 _201\"/>, and an am<span class=\"__1 _201\"/>ount to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t the ris<span class=\"__1 _201\"/>k around th<span class=\"__1 _201\"/>e quantum o<span class=\"__1 _201\"/>f future<span class=\"__1 _201\"/> shareholder t<span class=\"__1 _200\"/>ransfers.<span class=\"__1 _32b\"> </span>The key jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nts are in th<span class=\"__1 _201\"/>e assu<span class=\"__1 _201\"/>mption<span class=\"__1 _201\"/>s used to s<span class=\"__1 _201\"/>et the be<span class=\"__1 _201\"/>st es<span class=\"__1 _201\"/>timate of the li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y, such as lon<span class=\"__1 _201\"/>gevit<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, assum<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>et mix fo<span class=\"__1 _201\"/>r annuiti<span class=\"__1 _201\"/>es, a<span class=\"__1 _201\"/>nd disc<span class=\"__1 _201\"/>ount rates<span class=\"__1 _201\"/>, and th<span class=\"__1 _201\"/>e comp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>ation a mar<span class=\"__1 _201\"/>ket par<span class=\"__1 _201\"/>ticipa<span class=\"__1 _201\"/>nt would re<span class=\"__1 _201\"/>quire fo<span class=\"__1 _201\"/>r taking o<span class=\"__1 _201\"/>n the obl<span class=\"__1 _201\"/>igation<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> in par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cular the l<span class=\"__1 _201\"/>evel of ca<span class=\"__1 _201\"/>pital as<span class=\"__1 _201\"/>sume<span class=\"__1 _201\"/>d to be he<span class=\"__1 _201\"/>ld, the a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ed cos<span class=\"__1 _201\"/>t of hol<span class=\"__1 _201\"/>ding th<span class=\"__1 _201\"/>e capi<span class=\"__1 _201\"/>tal, an<span class=\"__1 _201\"/>d the level of c<span class=\"__1 _201\"/>ompe<span class=\"__1 _201\"/>nsatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> requ<span class=\"__1 _201\"/>ired to refl<span class=\"__1 _201\"/>ect th<span class=\"__1 _201\"/>e risk i<span class=\"__1 _201\"/>n relation to f<span class=\"__1 _201\"/>uture share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er tran<span class=\"__1 _201\"/>sfer<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue will b<span class=\"__1 _201\"/>e calib<span class=\"__1 _201\"/>rated ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n analy<span class=\"__1 _201\"/>sis of the G<span class=\"__1 _201\"/>roup\u2019s own data and m<span class=\"__1 _201\"/>arket data in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g publi<span class=\"__1 _201\"/>c infor<span class=\"__1 _201\"/>mation on re<span class=\"__1 _201\"/>cent<span class=\"__1 _201\"/> trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions (to the exte<span class=\"__1 _201\"/>nt relevan<span class=\"__1 _201\"/>t and avail<span class=\"__1 _201\"/>able).<span class=\"__1 _32b\"> </span> The G<span class=\"__1 _201\"/>roup w<span class=\"__1 _201\"/>ill deter<span class=\"__1 _201\"/>mine the i<span class=\"__1 _201\"/>denti<span class=\"__1 _201\"/>ficati<span class=\"__1 _201\"/>on of group<span class=\"__1 _201\"/>s of contra<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>nd clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n of contra<span class=\"__1 _201\"/>cts u<span class=\"__1 _201\"/>sing info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n availab<span class=\"__1 _201\"/>le at<span class=\"__1 _32b\"> </span> 1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2. G<span class=\"__1 _201\"/>roups of p<span class=\"__1 _201\"/>olici<span class=\"__1 _201\"/>es valu<span class=\"__1 _201\"/>ed und<span class=\"__1 _201\"/>er the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e approa<span class=\"__1 _201\"/>ch will c<span class=\"__1 _201\"/>ontain co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts is<span class=\"__1 _201\"/>sued m<span class=\"__1 _201\"/>ore than o<span class=\"__1 _201\"/>ne year ap<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t.<span class=\"__1 _201\"/> For G<span class=\"__1 _201\"/>MM und<span class=\"__1 _201\"/>er the fa<span class=\"__1 _201\"/>ir value a<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch, lo<span class=\"__1 _201\"/>cked-i<span class=\"__1 _201\"/>n disco<span class=\"__1 _201\"/>unt rates an<span class=\"__1 _201\"/>d financ<span class=\"__1 _201\"/>ial ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns, as a<span class=\"__1 _201\"/>pplie<span class=\"__1 _201\"/>d af<span class=\"__1 _201\"/>ter transi<span class=\"__1 _201\"/>tion, w<span class=\"__1 _201\"/>ill be<span class=\"__1 _201\"/> deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d at 1 Januar<span class=\"__1 _250\"/>y 2022<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls14_1 ws13_1\">193<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Com<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>ison w<span class=\"__1 _201\"/>ith I<span class=\"__1 _201\"/>FRS 4<span class=\"__1 _32b\"> </span>The ti<span class=\"__1 _201\"/>ming of pro<span class=\"__1 _201\"/>fit rec<span class=\"__1 _201\"/>ogniti<span class=\"__1 _201\"/>on will ch<span class=\"__1 _201\"/>ange si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cantl<span class=\"__1 _201\"/>y unde<span class=\"__1 _201\"/>r IFRS 17<span class=\"__1 _200\"/>. Under I<span class=\"__1 _201\"/>FRS 4 pro<span class=\"__1 _201\"/>fits are re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised a<span class=\"__1 _201\"/>s follow<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">For wit<span class=\"__1 _201\"/>h-pro<span class=\"__1 _201\"/>fits co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts that sh<span class=\"__1 _201\"/>are in the pro<span class=\"__1 _201\"/>fit aris<span class=\"__1 _201\"/>ing in the m<span class=\"__1 _201\"/>ain With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits fun<span class=\"__1 _201\"/>d, pro<span class=\"__1 _201\"/>fits are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed w<span class=\"__1 _201\"/>hen bo<span class=\"__1 _201\"/>nuse<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span>are add<span class=\"__1 _201\"/>ed to po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s. A<span class=\"__1 _201\"/>s a subst<span class=\"__1 _201\"/>antial pro<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of the total b<span class=\"__1 _201\"/>onus is d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed wh<span class=\"__1 _201\"/>en claim<span class=\"__1 _201\"/>s are paid to p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>, a<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>able p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of the profi<span class=\"__1 _201\"/>t is reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed whe<span class=\"__1 _201\"/>n poli<span class=\"__1 _201\"/>cies ter<span class=\"__1 _201\"/>minate.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">For no<span class=\"__1 _201\"/>n-p<span class=\"__1 _201\"/>rofit con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts (notabl<span class=\"__1 _201\"/>y annuiti<span class=\"__1 _201\"/>es<span class=\"__1 _200\"/>) a subs<span class=\"__1 _201\"/>tantia<span class=\"__1 _201\"/>l propo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ion of the li<span class=\"__1 _201\"/>fetime exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted profi<span class=\"__1 _201\"/>t is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d at pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/> </span>ince<span class=\"__1 _201\"/>ption refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ting the d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nce bet<span class=\"__1 _201\"/>we<span class=\"__1 _201\"/>en the pre<span class=\"__1 _201\"/>miums re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d les<span class=\"__1 _201\"/>s cos<span class=\"__1 _201\"/>ts incur<span class=\"__1 _201\"/>red an<span class=\"__1 _201\"/>d the pru<span class=\"__1 _201\"/>dent li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y es<span class=\"__1 _201\"/>tabli<span class=\"__1 _201\"/>shed f<span class=\"__1 _201\"/>or<span class=\"__1 _32b\"> </span>the exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted future c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ows.<span class=\"__1 _32b\"> </span>In con<span class=\"__1 _201\"/>trast<span class=\"__1 _201\"/>, IFRS 17 d<span class=\"__1 _201\"/>oes not a<span class=\"__1 _201\"/>llow upfro<span class=\"__1 _201\"/>nt profi<span class=\"__1 _201\"/>t recog<span class=\"__1 _201\"/>nition fo<span class=\"__1 _201\"/>r profit<span class=\"__1 _201\"/>able co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts but r<span class=\"__1 _201\"/>ather re<span class=\"__1 _201\"/>quires th<span class=\"__1 _201\"/>at profit is re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nised<span class=\"__1 _201\"/> as se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s are provi<span class=\"__1 _201\"/>ded to the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Oth<span class=\"__1 _201\"/>er diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es in the m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>ment of th<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ties inc<span class=\"__1 _201\"/>lude:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">IFR<span class=\"__1 _201\"/>S 17 require<span class=\"__1 _201\"/>s that the dis<span class=\"__1 _201\"/>count r<span class=\"__1 _201\"/>ates inclu<span class=\"__1 _201\"/>de an illi<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y pre<span class=\"__1 _201\"/>mium. T<span class=\"__1 _201\"/>he IF<span class=\"__1 _201\"/>RS 4 disc<span class=\"__1 _201\"/>ount rates f<span class=\"__1 _201\"/>or with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s in<span class=\"__1 _32b\"> </span></span>par<span class=\"__1 _201\"/>ticu<span class=\"__1 _201\"/>lar do n<span class=\"__1 _201\"/>ot inclu<span class=\"__1 _201\"/>de an illi<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y pre<span class=\"__1 _201\"/>mium. Fo<span class=\"__1 _201\"/>r annuit<span class=\"__1 _201\"/>y co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts, th<span class=\"__1 _201\"/>e IFR<span class=\"__1 _201\"/>S 4 disco<span class=\"__1 _201\"/>unt rates are s<span class=\"__1 _201\"/>imilar to IF<span class=\"__1 _201\"/>RS 17<span class=\"__1 _f_1\"/>.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">IFRS 4 li<span class=\"__1 _200\"/>abilit<span class=\"__1 _200\"/>ies for non-profit<span class=\"__1 _200\"/> contracts a<span class=\"__1 _200\"/>re det<span class=\"__1 _200\"/>ermined usi<span class=\"__1 _200\"/>ng implici<span class=\"__1 _200\"/>t prudence mar<span class=\"__1 _200\"/>gins i<span class=\"__1 _200\"/>n the demograph<span class=\"__1 _200\"/>ic and e<span class=\"__1 _200\"/>xpense<span class=\"__1 _32b\"> </span></span><span class=\"lsd_1 wse_1\"> </span>ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns. In c<span class=\"__1 _201\"/>ontras<span class=\"__1 _201\"/>t IFR<span class=\"__1 _201\"/>S 17 requires a s<span class=\"__1 _201\"/>epar<span class=\"__1 _201\"/>ate risk ad<span class=\"__1 _201\"/>justm<span class=\"__1 _201\"/>ent for n<span class=\"__1 _201\"/>on-fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al risks w<span class=\"__1 _201\"/>hich may di<span class=\"__1 _201\"/>ffer fro<span class=\"__1 _201\"/>m the valu<span class=\"__1 _201\"/>e of<span class=\"__1 _32b\"> </span>the IF<span class=\"__1 _201\"/>RS 4 margi<span class=\"__1 _201\"/>ns.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Und<span class=\"__1 _201\"/>er IFR<span class=\"__1 _201\"/>S 4, th<span class=\"__1 _201\"/>e unallo<span class=\"__1 _201\"/>cated s<span class=\"__1 _201\"/>urpl<span class=\"__1 _201\"/>us of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund re<span class=\"__1 _201\"/>prese<span class=\"__1 _201\"/>nts the exce<span class=\"__1 _201\"/>ss of the f<span class=\"__1 _201\"/>und\u2019s ass<span class=\"__1 _201\"/>ets over p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/> </span>liabi<span class=\"__1 _201\"/>lities th<span class=\"__1 _201\"/>at are yet to be app<span class=\"__1 _201\"/>ropri<span class=\"__1 _201\"/>ated bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs and s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs with no a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ation to e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The<span class=\"__1 _201\"/>re is no<span class=\"__1 _201\"/> unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surp<span class=\"__1 _201\"/>lus und<span class=\"__1 _201\"/>er IFR<span class=\"__1 _201\"/>S 17 althou<span class=\"__1 _201\"/>gh IFRS 17 d<span class=\"__1 _201\"/>oes all<span class=\"__1 _201\"/>ow a liabi<span class=\"__1 _201\"/>lity to b<span class=\"__1 _201\"/>e held f<span class=\"__1 _201\"/>or the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>ders\u2019 sh<span class=\"__1 _201\"/>are of the sur<span class=\"__1 _201\"/>plus<span class=\"__1 _32b\"> </span>ass<span class=\"__1 _201\"/>ets in the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund. Un<span class=\"__1 _201\"/>der IF<span class=\"__1 _201\"/>RS 17 there wi<span class=\"__1 _201\"/>ll be eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y for the fi<span class=\"__1 _201\"/>rst tim<span class=\"__1 _201\"/>e relating to th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund.<span class=\"__1 _32b\"> </span>Over<span class=\"__1 _200\"/>all quanti<span class=\"__1 _200\"/>tativ<span class=\"__1 _200\"/>e i<span class=\"__1 _200\"/>mpact on the<span class=\"__1 _200\"/> Group<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup w<span class=\"__1 _201\"/>ill appl<span class=\"__1 _201\"/>y IFR<span class=\"__1 _201\"/>S 17 for the firs<span class=\"__1 _201\"/>t time at 1 J<span class=\"__1 _201\"/>anuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>23<span class=\"__1 _201\"/>. As a resu<span class=\"__1 _201\"/>lt of the req<span class=\"__1 _201\"/>uireme<span class=\"__1 _201\"/>nt to restate co<span class=\"__1 _201\"/>mpar<span class=\"__1 _201\"/>ative info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> pres<span class=\"__1 _201\"/>ented<span class=\"__1 _201\"/>, the date of tran<span class=\"__1 _201\"/>sition to I<span class=\"__1 _201\"/>FRS 17 for the G<span class=\"__1 _201\"/>roup is 1 J<span class=\"__1 _201\"/>anuar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>. The s<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ard will<span class=\"__1 _201\"/>, as detail<span class=\"__1 _201\"/>ed ab<span class=\"__1 _201\"/>ove, brin<span class=\"__1 _201\"/>g signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> chan<span class=\"__1 _201\"/>ges to the a<span class=\"__1 _201\"/>ccountin<span class=\"__1 _201\"/>g for ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e and rein<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s and is exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to have a materi<span class=\"__1 _201\"/>al impac<span class=\"__1 _201\"/>t on th<span class=\"__1 _201\"/>e Group\u2019s<span class=\"__1 _32b\"> </span> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated finan<span class=\"__1 _201\"/>cial st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>s in the pe<span class=\"__1 _201\"/>riod o<span class=\"__1 _201\"/>f initial ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s estim<span class=\"__1 _201\"/>ated the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t that the init<span class=\"__1 _201\"/>ial appl<span class=\"__1 _201\"/>icati<span class=\"__1 _201\"/>on of IFR<span class=\"__1 _201\"/>S 17 will have on th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al statem<span class=\"__1 _201\"/>ents at<span class=\"__1 _201\"/> 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021/1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2. Th<span class=\"__1 _201\"/>e quanti<span class=\"__1 _201\"/>tative as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sment i<span class=\"__1 _201\"/>s prelimi<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y as no<span class=\"__1 _201\"/>t all of the IF<span class=\"__1 _201\"/>RS 17 trans<span class=\"__1 _201\"/>ition wor<span class=\"__1 _201\"/>k is fina<span class=\"__1 _201\"/>lised<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> and th<span class=\"__1 _201\"/>e appli<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n of some e<span class=\"__1 _201\"/>leme<span class=\"__1 _201\"/>nts of IF<span class=\"__1 _201\"/>RS 17 to the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s ope<span class=\"__1 _201\"/>n with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess i<span class=\"__1 _201\"/>s compl<span class=\"__1 _201\"/>ex. T<span class=\"__1 _201\"/>he final i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of<span class=\"__1 _32b\"> </span> ado<span class=\"__1 _201\"/>pting IFR<span class=\"__1 _201\"/>S 17 may chang<span class=\"__1 _201\"/>e as:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">the G<span class=\"__1 _201\"/>roup is co<span class=\"__1 _201\"/>ntinuing to re<span class=\"__1 _201\"/>fine the n<span class=\"__1 _201\"/>ew acco<span class=\"__1 _201\"/>unting pro<span class=\"__1 _201\"/>ces<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, metho<span class=\"__1 _201\"/>dol<span class=\"__1 _201\"/>ogy an<span class=\"__1 _201\"/>d intern<span class=\"__1 _201\"/>al contro<span class=\"__1 _201\"/>ls in appl<span class=\"__1 _201\"/>ying I<span class=\"__1 _201\"/>FRS 17; and<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">the new a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ting po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s, as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons, j<span class=\"__1 _201\"/>udge<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>nd es<span class=\"__1 _201\"/>timation te<span class=\"__1 _201\"/>chniq<span class=\"__1 _201\"/>ues em<span class=\"__1 _201\"/>ployed a<span class=\"__1 _201\"/>re subje<span class=\"__1 _201\"/>ct to cha<span class=\"__1 _201\"/>nge unti<span class=\"__1 _201\"/>l the<span class=\"__1 _32b\"> </span></span>Gro<span class=\"__1 _201\"/>up finali<span class=\"__1 _201\"/>ses its a<span class=\"__1 _201\"/>dopti<span class=\"__1 _201\"/>on of IFR<span class=\"__1 _201\"/>S 17<span class=\"__1 _f_1\"/>.<span class=\"__1 _32b\"> </span>Alth<span class=\"__1 _201\"/>ough the q<span class=\"__1 _201\"/>uantitati<span class=\"__1 _201\"/>ve ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment is p<span class=\"__1 _201\"/>relimin<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, it may be rea<span class=\"__1 _201\"/>sona<span class=\"__1 _201\"/>bly es<span class=\"__1 _201\"/>timated th<span class=\"__1 _201\"/>at on trans<span class=\"__1 _201\"/>ition to IF<span class=\"__1 _201\"/>RS 17 equi<span class=\"__1 _201\"/>ty w<span class=\"__1 _201\"/>ill<span class=\"__1 _32b\"> </span> incre<span class=\"__1 _201\"/>ase by at lea<span class=\"__1 _201\"/>st \u00a31.<span class=\"__1 _201\"/>5bn at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, from \u00a35<span class=\"__1 _201\"/>.3<span class=\"__1 _201\"/>bn to \u00a36.<span class=\"__1 _201\"/>8bn<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y is expe<span class=\"__1 _201\"/>cted to in<span class=\"__1 _201\"/>crease a<span class=\"__1 _201\"/>s the redu<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on in equ<span class=\"__1 _201\"/>ity d<span class=\"__1 _201\"/>riven by th<span class=\"__1 _201\"/>e CS<span class=\"__1 _201\"/>M esta<span class=\"__1 _201\"/>blish<span class=\"__1 _201\"/>ed to defe<span class=\"__1 _201\"/>r previo<span class=\"__1 _201\"/>usly<span class=\"__1 _201\"/> reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d profi<span class=\"__1 _201\"/>ts on the a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>o is more th<span class=\"__1 _201\"/>an offs<span class=\"__1 _201\"/>et by the rec<span class=\"__1 _201\"/>ogniti<span class=\"__1 _201\"/>on as eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y of par<span class=\"__1 _201\"/>t of the s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s asse<span class=\"__1 _201\"/>ts in the<span class=\"__1 _201\"/> With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund. T<span class=\"__1 _201\"/>he eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y in the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund rep<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nts the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 assum<span class=\"__1 _201\"/>ed sha<span class=\"__1 _201\"/>re of the sur<span class=\"__1 _201\"/>plus as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/> in the f<span class=\"__1 _201\"/>und in acc<span class=\"__1 _201\"/>ordan<span class=\"__1 _201\"/>ce with the re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>ments of I<span class=\"__1 _201\"/>FRS 17 and i<span class=\"__1 _201\"/>s not imm<span class=\"__1 _201\"/>ediatel<span class=\"__1 _201\"/>y availab<span class=\"__1 _201\"/>le for dis<span class=\"__1 _201\"/>trib<span class=\"__1 _201\"/>ution to sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> T<span class=\"__1 _f_1\"/>ra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs from th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund to share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers wil<span class=\"__1 _201\"/>l continu<span class=\"__1 _201\"/>e to be der<span class=\"__1 _201\"/>ived f<span class=\"__1 _201\"/>rom the co<span class=\"__1 _201\"/>st of bo<span class=\"__1 _201\"/>nuse<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>or equi<span class=\"__1 _201\"/>vale<span class=\"__1 _201\"/>nt) adde<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> to wi<span class=\"__1 _200\"/>th-profits con<span class=\"__1 _200\"/>tracts.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup is cu<span class=\"__1 _201\"/>rrentl<span class=\"__1 _201\"/>y unabl<span class=\"__1 _201\"/>e to set an upp<span class=\"__1 _201\"/>er limi<span class=\"__1 _201\"/>t for the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on equ<span class=\"__1 _201\"/>ity at 1 J<span class=\"__1 _201\"/>anuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22 as th<span class=\"__1 _201\"/>ere is insu<span class=\"__1 _201\"/>fficie<span class=\"__1 _201\"/>nt cer<span class=\"__1 _201\"/>tain<span class=\"__1 _201\"/>ty in<span class=\"__1 _201\"/> the ou<span class=\"__1 _201\"/>tcome of th<span class=\"__1 _201\"/>e judge<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s that remain<span class=\"__1 _201\"/>, for wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss in pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cular<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>Adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>erating p<span class=\"__1 _201\"/>rofit wi<span class=\"__1 _201\"/>ll continu<span class=\"__1 _201\"/>e to be the G<span class=\"__1 _201\"/>roup\u2019s non-<span class=\"__1 _201\"/>G<span class=\"__1 _201\"/>AA<span class=\"__1 _201\"/>P altern<span class=\"__1 _201\"/>ative pe<span class=\"__1 _201\"/>rf<span class=\"__1 _201\"/>orman<span class=\"__1 _201\"/>ce mea<span class=\"__1 _201\"/>sure. Th<span class=\"__1 _201\"/>e defin<span class=\"__1 _201\"/>ition of ad<span class=\"__1 _201\"/>juste<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> ope<span class=\"__1 _201\"/>rating p<span class=\"__1 _201\"/>rofit is cur<span class=\"__1 _201\"/>rently b<span class=\"__1 _201\"/>eing re<span class=\"__1 _201\"/>fined f<span class=\"__1 _201\"/>or IFR<span class=\"__1 _201\"/>S 17<span class=\"__1 _f_1\"/>, to ensu<span class=\"__1 _201\"/>re that it contin<span class=\"__1 _201\"/>ues to prov<span class=\"__1 _201\"/>ide an a<span class=\"__1 _201\"/>ccurate refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tion of the G<span class=\"__1 _201\"/>roup\u2019s<span class=\"__1 _32b\"> </span> underlying busi<span class=\"__1 _200\"/>ness performance.<span class=\"__1 _32b\"> </span> The G<span class=\"__1 _201\"/>roup w<span class=\"__1 _201\"/>ill publ<span class=\"__1 _201\"/>ish res<span class=\"__1 _201\"/>tated com<span class=\"__1 _201\"/>parati<span class=\"__1 _201\"/>ve inform<span class=\"__1 _201\"/>ation on a<span class=\"__1 _201\"/>dopti<span class=\"__1 _201\"/>on of IFR<span class=\"__1 _201\"/>S 17 in the 2023 i<span class=\"__1 _201\"/>nterim fin<span class=\"__1 _201\"/>ancial s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nts.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>194<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>1.2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2.3 Other<span class=\"__1 _32b\"> </span>In ad<span class=\"__1 _201\"/>dition to the a<span class=\"__1 _201\"/>bove, the f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing new ac<span class=\"__1 _201\"/>countin<span class=\"__1 _201\"/>g prono<span class=\"__1 _201\"/>unce<span class=\"__1 _201\"/>ments h<span class=\"__1 _201\"/>ave also b<span class=\"__1 _201\"/>een is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d but are not ye<span class=\"__1 _201\"/>t effec<span class=\"__1 _201\"/>tive or h<span class=\"__1 _201\"/>ave<span class=\"__1 _32b\"> </span> not yet b<span class=\"__1 _201\"/>een ad<span class=\"__1 _201\"/>opted fo<span class=\"__1 _201\"/>r use in the U<span class=\"__1 _201\"/>K:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Clas<span class=\"__1 _201\"/>sific<span class=\"__1 _201\"/>ation of L<span class=\"__1 _201\"/>iabil<span class=\"__1 _201\"/>ities as Cu<span class=\"__1 _201\"/>rrent or N<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>cur<span class=\"__1 _201\"/>rent (Am<span class=\"__1 _201\"/>endm<span class=\"__1 _201\"/>ents to IFR<span class=\"__1 _201\"/>S 1), issue<span class=\"__1 _201\"/>d in Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2020 an<span class=\"__1 _201\"/>d effec<span class=\"__1 _201\"/>tive fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2023<span class=\"__1 _201\"/>, alth<span class=\"__1 _201\"/>ough it is a<span class=\"__1 _201\"/>nticipate<span class=\"__1 _201\"/>d that the eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive date will b<span class=\"__1 _201\"/>e push<span class=\"__1 _201\"/>ed ba<span class=\"__1 _201\"/>ck to no ear<span class=\"__1 _201\"/>lier tha<span class=\"__1 _201\"/>n 1 Januar<span class=\"__1 _250\"/>y 2024<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Sal<span class=\"__1 _201\"/>e or Con<span class=\"__1 _201\"/>tributi<span class=\"__1 _201\"/>on of As<span class=\"__1 _201\"/>sets b<span class=\"__1 _201\"/>etw<span class=\"__1 _201\"/>een an I<span class=\"__1 _201\"/>nvestor an<span class=\"__1 _201\"/>d its A<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciate or Jo<span class=\"__1 _201\"/>int V<span class=\"__1 _200\"/>enture \u2013 (A<span class=\"__1 _201\"/>mend<span class=\"__1 _201\"/>ments to I<span class=\"__1 _201\"/>FRS 10 and I<span class=\"__1 _201\"/>AS 28),<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>iss<span class=\"__1 _201\"/>ued in D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>015 and effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve date pend<span class=\"__1 _201\"/>ing com<span class=\"__1 _201\"/>pletio<span class=\"__1 _201\"/>n of the res<span class=\"__1 _201\"/>earch pro<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t on equ<span class=\"__1 _201\"/>ity m<span class=\"__1 _201\"/>ethod a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ting<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The D<span class=\"__1 _201\"/>iscl<span class=\"__1 _201\"/>osure Ini<span class=\"__1 _201\"/>tiative: Acco<span class=\"__1 _201\"/>unting Po<span class=\"__1 _201\"/>licy R<span class=\"__1 _201\"/>equire<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s (Ame<span class=\"__1 _201\"/>ndme<span class=\"__1 _201\"/>nts to IAS 1), issu<span class=\"__1 _201\"/>ed in Feb<span class=\"__1 _201\"/>ruar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>21 and eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive from<span class=\"__1 _201\"/> </span>1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2023<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Defi<span class=\"__1 _201\"/>nition o<span class=\"__1 _201\"/>f Accountin<span class=\"__1 _201\"/>g Es<span class=\"__1 _201\"/>timates (A<span class=\"__1 _201\"/>mendm<span class=\"__1 _201\"/>ents to IA<span class=\"__1 _201\"/>S 8), issue<span class=\"__1 _201\"/>d in Febr<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>1 and effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve from 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Defe<span class=\"__1 _201\"/>rred T<span class=\"__1 _200\"/>ax Relate<span class=\"__1 _201\"/>d to Ass<span class=\"__1 _201\"/>ets and L<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties Ar<span class=\"__1 _201\"/>ising f<span class=\"__1 _201\"/>rom a Sing<span class=\"__1 _201\"/>le T<span class=\"__1 _f_1\"/>ra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion (<span class=\"__1 _201\"/>Amen<span class=\"__1 _201\"/>dment<span class=\"__1 _201\"/>s to IAS 12), issu<span class=\"__1 _201\"/>ed in M<span class=\"__1 _201\"/>ay 2021<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>and eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive from 1 J<span class=\"__1 _201\"/>anuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>23<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Leas<span class=\"__1 _201\"/>e Liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y in a Sal<span class=\"__1 _201\"/>e and Lea<span class=\"__1 _201\"/>seba<span class=\"__1 _201\"/>ck (Am<span class=\"__1 _201\"/>endm<span class=\"__1 _201\"/>ents to IFR<span class=\"__1 _201\"/>S 16), issue<span class=\"__1 _201\"/>d in Sep<span class=\"__1 _201\"/>tember 2<span class=\"__1 _201\"/>022 an<span class=\"__1 _201\"/>d effec<span class=\"__1 _201\"/>tive f<span class=\"__1 _201\"/>rom 1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2024<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s asse<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of these p<span class=\"__1 _201\"/>rono<span class=\"__1 _201\"/>uncem<span class=\"__1 _201\"/>ents on t<span class=\"__1 _201\"/>he cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d finan<span class=\"__1 _201\"/>cial st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>s, no<span class=\"__1 _201\"/>ne of whi<span class=\"__1 _201\"/>ch are<span class=\"__1 _32b\"> </span> expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to have a material im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on the G<span class=\"__1 _201\"/>roup.<span class=\"__1 _32b\"> </span>1.3 Ke<span class=\"__1 _f_1\"/>y judgements in applying a<span class=\"__1 _200\"/>ccounting<span class=\"__1 _200\"/> policies<span class=\"__1 _32b\"> </span> A full li<span class=\"__1 _201\"/>st of the G<span class=\"__1 _201\"/>roup\u2019s signi<span class=\"__1 _201\"/>fican<span class=\"__1 _201\"/>t accou<span class=\"__1 _201\"/>nting po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s is provi<span class=\"__1 _201\"/>ded in S<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tion 1.<span class=\"__1 _201\"/>5 of this N<span class=\"__1 _201\"/>ote. In appl<span class=\"__1 _201\"/>ying t<span class=\"__1 _201\"/>hese a<span class=\"__1 _201\"/>ccounti<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span> pol<span class=\"__1 _201\"/>icies<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup has m<span class=\"__1 _201\"/>ade a num<span class=\"__1 _201\"/>ber of key jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nts whi<span class=\"__1 _201\"/>ch have a signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant effe<span class=\"__1 _201\"/>ct on th<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nts reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed in the<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated finan<span class=\"__1 _201\"/>cial st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e follo<span class=\"__1 _201\"/>wing tab<span class=\"__1 _201\"/>le set<span class=\"__1 _201\"/>s out the b<span class=\"__1 _201\"/>asis of the<span class=\"__1 _201\"/>se jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>, and refere<span class=\"__1 _201\"/>nces th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ociated<span class=\"__1 _201\"/> acco<span class=\"__1 _201\"/>unting p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y and rel<span class=\"__1 _201\"/>ated Note, w<span class=\"__1 _201\"/>hich both g<span class=\"__1 _201\"/>ive fur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r detail o<span class=\"__1 _201\"/>n the sp<span class=\"__1 _201\"/>ecifi<span class=\"__1 _201\"/>c appli<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n.<span class=\"__1 _32b\"> </span>Financial statement area<span class=\"__1 _210\"> </span><span class=\"ls2b_1 ws2b_1\">Key<span class=\"__1 _200\"/> judgement<span class=\"__1 _32b\"> </span></span>Accounting<span class=\"__1 _32b\"> </span> polic<span class=\"__1 _201\"/>y<span class=\"__1 _216\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>Consolidation<span class=\"__1 _200\"/> of<span class=\"__1 _32b\"> </span> structured en<span class=\"__1 _200\"/>tities<span class=\"__1 _32b\"> </span>IFR<span class=\"__1 _201\"/>S 10 require<span class=\"__1 _201\"/>s entitie<span class=\"__1 _201\"/>s that the G<span class=\"__1 _201\"/>roup cont<span class=\"__1 _201\"/>rols to be co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated in th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated finan<span class=\"__1 _201\"/>cial st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>s. Str<span class=\"__1 _201\"/>ucture<span class=\"__1 _201\"/>d entiti<span class=\"__1 _201\"/>es are entiti<span class=\"__1 _201\"/>es that have b<span class=\"__1 _201\"/>een<span class=\"__1 _201\"/> des<span class=\"__1 _201\"/>igne<span class=\"__1 _201\"/>d so that votin<span class=\"__1 _201\"/>g or simil<span class=\"__1 _201\"/>ar righ<span class=\"__1 _201\"/>ts are not th<span class=\"__1 _201\"/>e domin<span class=\"__1 _201\"/>ant fac<span class=\"__1 _201\"/>tor in d<span class=\"__1 _201\"/>ecidi<span class=\"__1 _201\"/>ng who<span class=\"__1 _201\"/> contro<span class=\"__1 _201\"/>ls the enti<span class=\"__1 _201\"/>ty. Due to the n<span class=\"__1 _201\"/>ature of str<span class=\"__1 _201\"/>ucture<span class=\"__1 _201\"/>d entiti<span class=\"__1 _201\"/>es, j<span class=\"__1 _201\"/>udge<span class=\"__1 _201\"/>ment is re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> to determ<span class=\"__1 _201\"/>ine wh<span class=\"__1 _201\"/>ether th<span class=\"__1 _201\"/>e Group c<span class=\"__1 _201\"/>ontrols a<span class=\"__1 _201\"/>nd theref<span class=\"__1 _201\"/>ore cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>s the str<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>tured<span class=\"__1 _201\"/> entiti<span class=\"__1 _201\"/>es. J<span class=\"__1 _201\"/>udge<span class=\"__1 _201\"/>ment is a<span class=\"__1 _201\"/>lso req<span class=\"__1 _201\"/>uired w<span class=\"__1 _201\"/>here ce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ain see<span class=\"__1 _201\"/>d cap<span class=\"__1 _201\"/>ital inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts in<span class=\"__1 _32b\"> </span> str<span class=\"__1 _201\"/>uctu<span class=\"__1 _201\"/>red entiti<span class=\"__1 _201\"/>es are cla<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>fied as h<span class=\"__1 _201\"/>eld fo<span class=\"__1 _201\"/>r sale inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>, and the<span class=\"__1 _201\"/>refore not<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated on a lin<span class=\"__1 _201\"/>e by line bas<span class=\"__1 _201\"/>is.<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>.1<span class=\"__1 _7d_1\"> </span><span class=\"ls14_1 ws13_1\">31<span class=\"__1 _32b\"> </span></span>Classifica<span class=\"__1 _200\"/>tion o<span class=\"__1 _200\"/>f<span class=\"__1 _32b\"> </span> insurance and<span class=\"__1 _32b\"> </span> investment cont<span class=\"__1 _201\"/>racts<span class=\"__1 _32b\"> </span>IFR<span class=\"__1 _201\"/>S 4 require<span class=\"__1 _201\"/>s contra<span class=\"__1 _201\"/>cts t<span class=\"__1 _201\"/>hat trans<span class=\"__1 _201\"/>fer sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>ant ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e risk to be a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ted<span class=\"__1 _32b\"> </span> for as<span class=\"__1 _200\"/> insurance<span class=\"__1 _200\"/> contracts. Judgement is<span class=\"__1 _200\"/> requir<span class=\"__1 _200\"/>ed to<span class=\"__1 _200\"/> determine<span class=\"__1 _200\"/> whether c<span class=\"__1 _200\"/>ontracts<span class=\"__1 _32b\"> </span> wri<span class=\"__1 _201\"/>tten by the G<span class=\"__1 _201\"/>roup tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>r signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt insur<span class=\"__1 _201\"/>ance ri<span class=\"__1 _201\"/>sk. J<span class=\"__1 _201\"/>udge<span class=\"__1 _201\"/>ment is a<span class=\"__1 _201\"/>lso req<span class=\"__1 _201\"/>uired<span class=\"__1 _201\"/> in the c<span class=\"__1 _201\"/>ase of ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, b<span class=\"__1 _201\"/>oth investm<span class=\"__1 _201\"/>ent and i<span class=\"__1 _201\"/>nsura<span class=\"__1 _201\"/>nce, wh<span class=\"__1 _201\"/>ich prov<span class=\"__1 _201\"/>ide an<span class=\"__1 _201\"/> additional<span class=\"__1 _200\"/> benefit in a<span class=\"__1 _200\"/>ddition t<span class=\"__1 _200\"/>o gu<span class=\"__1 _200\"/>arant<span class=\"__1 _200\"/>eed benefits to<span class=\"__1 _200\"/> determine<span class=\"__1 _200\"/> whether t<span class=\"__1 _200\"/>hey<span class=\"__1 _32b\"> </span> me<span class=\"__1 _201\"/>et the crite<span class=\"__1 _201\"/>ria to be co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ered as di<span class=\"__1 _201\"/>scretio<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cipatio<span class=\"__1 _201\"/>n features<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5<span class=\"__1 _201\"/>.2<span class=\"__1 _4a_1\"> </span>26<span class=\"__1 _32b\"> </span>Recognition<span class=\"__1 _200\"/> of def<span class=\"__1 _200\"/>erred<span class=\"__1 _32b\"> </span> tax as<span class=\"__1 _201\"/>set<span class=\"__1 _32b\"> </span>IAS 12 req<span class=\"__1 _201\"/>uires de<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d tax to be re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed to the ex<span class=\"__1 _201\"/>tent that i<span class=\"__1 _201\"/>t is prob<span class=\"__1 _201\"/>able that<span class=\"__1 _201\"/> suffi<span class=\"__1 _201\"/>cient ta<span class=\"__1 _201\"/>xabl<span class=\"__1 _201\"/>e profit w<span class=\"__1 _201\"/>ill be avail<span class=\"__1 _201\"/>able a<span class=\"__1 _201\"/>gains<span class=\"__1 _201\"/>t which th<span class=\"__1 _201\"/>e dedu<span class=\"__1 _201\"/>ctib<span class=\"__1 _201\"/>le temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> diff<span class=\"__1 _201\"/>erence<span class=\"__1 _201\"/>s and th<span class=\"__1 _201\"/>e carr<span class=\"__1 _201\"/>y f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ward unu<span class=\"__1 _201\"/>sed ta<span class=\"__1 _201\"/>x credit<span class=\"__1 _201\"/>s and unu<span class=\"__1 _201\"/>sed ta<span class=\"__1 _201\"/>x los<span class=\"__1 _201\"/>ses c<span class=\"__1 _201\"/>an<span class=\"__1 _32b\"> </span> be util<span class=\"__1 _201\"/>ised<span class=\"__1 _201\"/>. Jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt is requ<span class=\"__1 _201\"/>ired to deter<span class=\"__1 _201\"/>mine th<span class=\"__1 _201\"/>e extent to w<span class=\"__1 _201\"/>hich futu<span class=\"__1 _201\"/>re taxabl<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> profi<span class=\"__1 _201\"/>ts eme<span class=\"__1 _201\"/>rge and th<span class=\"__1 _201\"/>e corre<span class=\"__1 _201\"/>spo<span class=\"__1 _201\"/>nding p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d over whi<span class=\"__1 _201\"/>ch unus<span class=\"__1 _201\"/>ed tax cre<span class=\"__1 _201\"/>dits a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span> unus<span class=\"__1 _201\"/>ed tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es will b<span class=\"__1 _201\"/>e utilis<span class=\"__1 _201\"/>ed.<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>6<span class=\"__1 _222\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _32b\"> </span></span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls4f_1 ws55_1\">195<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>1.4 Sources<span class=\"__1 _200\"/> of estima<span class=\"__1 _200\"/>tion uncertainty<span class=\"__1 _32b\"> </span>The p<span class=\"__1 _201\"/>repar<span class=\"__1 _201\"/>ation of the<span class=\"__1 _201\"/>se con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dated fina<span class=\"__1 _201\"/>ncial s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>ts requi<span class=\"__1 _201\"/>res the G<span class=\"__1 _201\"/>roup to make es<span class=\"__1 _201\"/>timates and a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions th<span class=\"__1 _201\"/>at affec<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> the rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ted am<span class=\"__1 _201\"/>ounts of a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s, lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s, reven<span class=\"__1 _201\"/>ues an<span class=\"__1 _201\"/>d expen<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, and the re<span class=\"__1 _201\"/>lated dis<span class=\"__1 _201\"/>closu<span class=\"__1 _201\"/>re of conting<span class=\"__1 _201\"/>ent as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e sets o<span class=\"__1 _201\"/>ut the as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabil<span class=\"__1 _201\"/>ities m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d using a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions an<span class=\"__1 _201\"/>d esti<span class=\"__1 _201\"/>mates whi<span class=\"__1 _201\"/>ch have a signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant risk<span class=\"__1 _201\"/> of resu<span class=\"__1 _201\"/>lting in a mate<span class=\"__1 _201\"/>rial adj<span class=\"__1 _201\"/>ustm<span class=\"__1 _201\"/>ent to their c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing val<span class=\"__1 _201\"/>ue withi<span class=\"__1 _201\"/>n the nex<span class=\"__1 _201\"/>t finan<span class=\"__1 _201\"/>cial year. Details of th<span class=\"__1 _201\"/>e nature of the e<span class=\"__1 _201\"/>stimate is<span class=\"__1 _201\"/> provi<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e related a<span class=\"__1 _201\"/>ccounti<span class=\"__1 _201\"/>ng pol<span class=\"__1 _201\"/>icy an<span class=\"__1 _201\"/>d detail<span class=\"__1 _201\"/>s of the as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns appl<span class=\"__1 _201\"/>ied at the s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial po<span class=\"__1 _201\"/>sition d<span class=\"__1 _201\"/>ate are<span class=\"__1 _32b\"> </span> provi<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e related N<span class=\"__1 _201\"/>ote.<span class=\"__1 _32b\"> </span>Financial statement <span class=\"ls5_1 ws1_1\"> </span>asset or liabilit<span class=\"__1 _201\"/>y<span class=\"__1 _b0_1\"> </span><span class=\"ls1_1 ws1_1\">Key es<span class=\"__1 _201\"/>tim<span class=\"__1 _201\"/>ate and a<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>mpti<span class=\"__1 _201\"/>ons<span class=\"__1 _32b\"> </span></span>Accounting<span class=\"__1 _32b\"> </span> polic<span class=\"__1 _201\"/>y<span class=\"__1 _216\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>Insu<span class=\"__1 _201\"/>rance contrac<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> liabilities<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>n measu<span class=\"__1 _201\"/>ring in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es, a n<span class=\"__1 _201\"/>umbe<span class=\"__1 _201\"/>r of assu<span class=\"__1 _201\"/>mptions a<span class=\"__1 _201\"/>re<span class=\"__1 _32b\"> </span> app<span class=\"__1 _201\"/>lied to es<span class=\"__1 _201\"/>timate futu<span class=\"__1 _201\"/>re amount<span class=\"__1 _201\"/>s due to the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder. The areas w<span class=\"__1 _201\"/>here the<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns coul<span class=\"__1 _201\"/>d have a materia<span class=\"__1 _201\"/>l impac<span class=\"__1 _201\"/>t are the a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ed rates of p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/> mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lity, mainten<span class=\"__1 _201\"/>ance exp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>s and the v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n rate of interes<span class=\"__1 _201\"/>t use<span class=\"__1 _201\"/>d when<span class=\"__1 _201\"/> estab<span class=\"__1 _201\"/>lishing polic<span class=\"__1 _201\"/>yholde<span class=\"__1 _201\"/>r liabilities for annuities and also the as<span class=\"__1 _201\"/>sumptions used in<span class=\"__1 _201\"/> determi<span class=\"__1 _200\"/>ning the<span class=\"__1 _200\"/> allowanc<span class=\"__1 _200\"/>e for persist<span class=\"__1 _200\"/>ency and mai<span class=\"__1 _200\"/>ntena<span class=\"__1 _200\"/>nce expenses<span class=\"__1 _200\"/> within<span class=\"__1 _200\"/> the<span class=\"__1 _32b\"> </span> polic<span class=\"__1 _201\"/>yholde<span class=\"__1 _201\"/>r liabilities other than annuities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5<span class=\"__1 _201\"/>.2<span class=\"__1 _b1_1\"> </span><span class=\"ls1_1 ws1_1\">26<span class=\"__1 _201\"/>, 3<span class=\"__1 _32b\"> </span></span><span class=\"ls1_1 ws1_1\">3<span class=\"__1 _32b\"> </span></span>Assets class<span class=\"__1 _201\"/>ified as<span class=\"__1 _32b\"> </span> lev<span class=\"__1 _200\"/>el 3<span class=\"__1 _200\"/> under the<span class=\"__1 _200\"/> fair<span class=\"__1 _32b\"> </span> value hier<span class=\"__1 _200\"/>arch<span class=\"__1 _200\"/>y<span class=\"__1 _32b\"> </span>Deter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n of fair v<span class=\"__1 _201\"/>alue of fin<span class=\"__1 _201\"/>ancial a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s clas<span class=\"__1 _201\"/>sifie<span class=\"__1 _201\"/>d as level 3 i<span class=\"__1 _201\"/>n the fai<span class=\"__1 _201\"/>r value<span class=\"__1 _201\"/> hier<span class=\"__1 _201\"/>archy invol<span class=\"__1 _201\"/>ves the us<span class=\"__1 _201\"/>e of input<span class=\"__1 _201\"/>s which a<span class=\"__1 _201\"/>re not obs<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vab<span class=\"__1 _201\"/>le in the ma<span class=\"__1 _201\"/>rket and<span class=\"__1 _201\"/> hen<span class=\"__1 _201\"/>ce requ<span class=\"__1 _201\"/>ire a high de<span class=\"__1 _201\"/>gree of e<span class=\"__1 _201\"/>stimati<span class=\"__1 _201\"/>on whi<span class=\"__1 _201\"/>ch coul<span class=\"__1 _201\"/>d result in a s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant c<span class=\"__1 _201\"/>hange<span class=\"__1 _201\"/> in the va<span class=\"__1 _201\"/>luation<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5.4, <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span>19, 3<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>Determina<span class=\"__1 _200\"/>tion of<span class=\"__1 _200\"/> the<span class=\"__1 _32b\"> </span> reco<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>erable amount<span class=\"__1 _200\"/> of<span class=\"__1 _32b\"> </span> goodwill<span class=\"__1 _32b\"> </span>Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill is as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sed fo<span class=\"__1 _201\"/>r impair<span class=\"__1 _201\"/>ment at l<span class=\"__1 _201\"/>east o<span class=\"__1 _201\"/>n an annu<span class=\"__1 _201\"/>al basis by c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ring the<span class=\"__1 _201\"/> recove<span class=\"__1 _201\"/>rabl<span class=\"__1 _201\"/>e amoun<span class=\"__1 _201\"/>t of each c<span class=\"__1 _201\"/>ash-<span class=\"__1 _201\"/>gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g unit or gro<span class=\"__1 _201\"/>up of cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating<span class=\"__1 _201\"/> units to w<span class=\"__1 _201\"/>hich go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill has b<span class=\"__1 _201\"/>een all<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ated with it<span class=\"__1 _201\"/>s carr<span class=\"__1 _250\"/>ying v<span class=\"__1 _201\"/>alue. Re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>ble<span class=\"__1 _201\"/> amo<span class=\"__1 _201\"/>unt is defi<span class=\"__1 _201\"/>ned as th<span class=\"__1 _201\"/>e high<span class=\"__1 _201\"/>er of fair v<span class=\"__1 _201\"/>alue le<span class=\"__1 _201\"/>ss co<span class=\"__1 _201\"/>sts to se<span class=\"__1 _201\"/>ll and the v<span class=\"__1 _201\"/>alue in u<span class=\"__1 _201\"/>se<span class=\"__1 _32b\"> </span> whe<span class=\"__1 _201\"/>re the valu<span class=\"__1 _201\"/>e in use is b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on the pre<span class=\"__1 _201\"/>sent va<span class=\"__1 _201\"/>lue of futu<span class=\"__1 _201\"/>re cash fl<span class=\"__1 _201\"/>ows<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/> deter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n of the valu<span class=\"__1 _201\"/>e in use re<span class=\"__1 _201\"/>quires th<span class=\"__1 _201\"/>e use of va<span class=\"__1 _201\"/>riou<span class=\"__1 _201\"/>s assum<span class=\"__1 _201\"/>ptions a<span class=\"__1 _201\"/>round<span class=\"__1 _201\"/> future c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ows, f<span class=\"__1 _201\"/>uture grow<span class=\"__1 _201\"/>th rates an<span class=\"__1 _201\"/>d appro<span class=\"__1 _201\"/>priate dis<span class=\"__1 _201\"/>count r<span class=\"__1 _201\"/>ates base<span class=\"__1 _201\"/>d on the<span class=\"__1 _201\"/> ris<span class=\"__1 _201\"/>ks asso<span class=\"__1 _201\"/>ciated w<span class=\"__1 _201\"/>ith the ca<span class=\"__1 _201\"/>sh-<span class=\"__1 _201\"/>gen<span class=\"__1 _201\"/>erating u<span class=\"__1 _201\"/>nit or gro<span class=\"__1 _201\"/>up of cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating uni<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span> whic<span class=\"__1 _201\"/>h can have a mate<span class=\"__1 _201\"/>rial im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on the c<span class=\"__1 _201\"/>alculati<span class=\"__1 _201\"/>on.<span class=\"__1 _201\"/> 1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>7<span class=\"__1 _3f_1\"> </span><span class=\"ls39_1 ws39_1\">1<span class=\"__1 _32b\"> </span></span><span class=\"ls39_1 ws39_1\">2<span class=\"__1 _32b\"> </span></span>Defined benefit pension<span class=\"__1 _32b\"> </span> liability<span class=\"__1 _32b\"> </span>The d<span class=\"__1 _201\"/>efine<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efit p<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>n sche<span class=\"__1 _201\"/>me liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y is cal<span class=\"__1 _201\"/>culated us<span class=\"__1 _201\"/>ing ac<span class=\"__1 _201\"/>tuaria<span class=\"__1 _201\"/>l valuati<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h incor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ate a numbe<span class=\"__1 _201\"/>r of assu<span class=\"__1 _201\"/>mptions i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ing dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _201\"/>s, infl<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> rates<span class=\"__1 _201\"/>, and exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted future m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y. Due to the lo<span class=\"__1 _201\"/>ng-ter<span class=\"__1 _201\"/>m nature of the s<span class=\"__1 _201\"/>cheme<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> the val<span class=\"__1 _201\"/>ue of the p<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>n sche<span class=\"__1 _201\"/>me obl<span class=\"__1 _201\"/>igation i<span class=\"__1 _201\"/>s sens<span class=\"__1 _201\"/>itive to thes<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>5<span class=\"__1 _3f_1\"> </span><span class=\"ls31_1 ws31_1\">1<span class=\"__1 _32b\"> </span></span><span class=\"ls31_1 ws31_1\">7<span class=\"__1 _32b\"> </span></span>V<span class=\"__1 _200\"/>aluation<span class=\"__1 _200\"/> of<span class=\"__1 _200\"/> intangibles<span class=\"__1 _32b\"> </span> acquired at acquisition<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>aluati<span class=\"__1 _201\"/>on of intan<span class=\"__1 _201\"/>gible<span class=\"__1 _201\"/>s acqui<span class=\"__1 _201\"/>red as pa<span class=\"__1 _201\"/>rt of a b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess co<span class=\"__1 _201\"/>mbinati<span class=\"__1 _201\"/>on are ba<span class=\"__1 _201\"/>sed on<span class=\"__1 _201\"/> vari<span class=\"__1 _201\"/>ous as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons arou<span class=\"__1 _201\"/>nd future b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss grow<span class=\"__1 _201\"/>th an<span class=\"__1 _201\"/>d appro<span class=\"__1 _201\"/>priate dis<span class=\"__1 _201\"/>count r<span class=\"__1 _201\"/>ates<span class=\"__1 _32b\"> </span> whic<span class=\"__1 _201\"/>h can have a mate<span class=\"__1 _201\"/>rial im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on the val<span class=\"__1 _201\"/>uation<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>8<span class=\"__1 _3f_1\"> </span><span class=\"ls39_1 ws39_1\">1<span class=\"__1 _32b\"> </span></span><span class=\"ls39_1 ws39_1\">2<span class=\"__1 _32b\"> </span></span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of climate ch<span class=\"__1 _201\"/>ange ha<span class=\"__1 _201\"/>s bee<span class=\"__1 _201\"/>n consi<span class=\"__1 _201\"/>dere<span class=\"__1 _201\"/>d when p<span class=\"__1 _201\"/>repar<span class=\"__1 _201\"/>ing the<span class=\"__1 _201\"/>se cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d finan<span class=\"__1 _201\"/>cial st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>s, par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cularl<span class=\"__1 _201\"/>y in the<span class=\"__1 _201\"/> contex<span class=\"__1 _201\"/>t of our TCFD d<span class=\"__1 _201\"/>isclo<span class=\"__1 _201\"/>sures in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>d on pag<span class=\"__1 _201\"/>es 68 to 8<span class=\"__1 _201\"/>9. Key areas of fo<span class=\"__1 _201\"/>cus are: go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill impa<span class=\"__1 _201\"/>irme<span class=\"__1 _201\"/>nt ass<span class=\"__1 _201\"/>essm<span class=\"__1 _201\"/>ent (see N<span class=\"__1 _201\"/>ote<span class=\"__1 _32b\"> </span> 12.1<span class=\"__1 _200\"/>), and the val<span class=\"__1 _201\"/>uation ap<span class=\"__1 _201\"/>proac<span class=\"__1 _201\"/>h for level 3 a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>see N<span class=\"__1 _201\"/>ote 32<span class=\"__1 _201\"/>.3<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>).<span class=\"__1 _32b\"> </span>1.5 Acc<span class=\"__1 _200\"/>ounting policies<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/> Basis of<span class=\"__1 _200\"/> consolidat<span class=\"__1 _200\"/>ion<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s control ove<span class=\"__1 _201\"/>r an inves<span class=\"__1 _201\"/>tee if all thre<span class=\"__1 _201\"/>e of the fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g cond<span class=\"__1 _201\"/>itions are m<span class=\"__1 _201\"/>et: (i) i<span class=\"__1 _201\"/>t has powe<span class=\"__1 _201\"/>r over an inves<span class=\"__1 _201\"/>tee; (ii<span class=\"__1 _201\"/>) it is<span class=\"__1 _32b\"> </span> expo<span class=\"__1 _201\"/>sed to, or h<span class=\"__1 _201\"/>as right<span class=\"__1 _201\"/>s to, varia<span class=\"__1 _201\"/>ble retur<span class=\"__1 _201\"/>ns from it<span class=\"__1 _201\"/>s involve<span class=\"__1 _201\"/>ment wi<span class=\"__1 _201\"/>th the inves<span class=\"__1 _201\"/>tee; and (<span class=\"__1 _201\"/>iii) it ha<span class=\"__1 _201\"/>s the abili<span class=\"__1 _201\"/>ty to us<span class=\"__1 _201\"/>e its powe<span class=\"__1 _201\"/>r ove<span class=\"__1 _32b\"> </span>r<span class=\"__1 _201\"/> the inve<span class=\"__1 _201\"/>stee to affe<span class=\"__1 _201\"/>ct it<span class=\"__1 _201\"/>s own retur<span class=\"__1 _201\"/>ns.<span class=\"__1 _32b\"> </span>i Subsidiaries<span class=\"__1 _32b\"> </span>Subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>ies are th<span class=\"__1 _201\"/>ose inves<span class=\"__1 _201\"/>tees th<span class=\"__1 _201\"/>at the Gro<span class=\"__1 _201\"/>up control<span class=\"__1 _201\"/>s. Wh<span class=\"__1 _201\"/>ere the G<span class=\"__1 _201\"/>roup is de<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>d to control a<span class=\"__1 _201\"/>n entit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, the enti<span class=\"__1 _201\"/>ty is tre<span class=\"__1 _201\"/>ated<span class=\"__1 _32b\"> </span> as a sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>y a<span class=\"__1 _201\"/>nd its re<span class=\"__1 _201\"/>sults<span class=\"__1 _201\"/>, ass<span class=\"__1 _201\"/>ets and l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es are co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated. W<span class=\"__1 _201\"/>here the G<span class=\"__1 _201\"/>roup h<span class=\"__1 _201\"/>olds a mi<span class=\"__1 _201\"/>nori<span class=\"__1 _201\"/>ty sh<span class=\"__1 _201\"/>are in an enti<span class=\"__1 _201\"/>ty b<span class=\"__1 _201\"/>ut<span class=\"__1 _32b\"> </span> doe<span class=\"__1 _201\"/>s not have co<span class=\"__1 _201\"/>ntrol, jo<span class=\"__1 _201\"/>int contro<span class=\"__1 _201\"/>l or sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant infl<span class=\"__1 _201\"/>uenc<span class=\"__1 _201\"/>e over the enti<span class=\"__1 _201\"/>ty, the inves<span class=\"__1 _201\"/>tments a<span class=\"__1 _201\"/>re car<span class=\"__1 _201\"/>ried at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL within fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al<span class=\"__1 _32b\"> </span> inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in the con<span class=\"__1 _201\"/>solid<span class=\"__1 _201\"/>ated state<span class=\"__1 _201\"/>ment of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>s a reass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment of c<span class=\"__1 _201\"/>onsol<span class=\"__1 _201\"/>idatio<span class=\"__1 _201\"/>n when<span class=\"__1 _201\"/>ever there i<span class=\"__1 _201\"/>s a chang<span class=\"__1 _201\"/>e in the subs<span class=\"__1 _201\"/>tanc<span class=\"__1 _201\"/>e of the relati<span class=\"__1 _201\"/>onsh<span class=\"__1 _201\"/>ip bet<span class=\"__1 _201\"/>ween<span class=\"__1 _201\"/> the G<span class=\"__1 _201\"/>roup and a<span class=\"__1 _201\"/>n investe<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>196<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>ii Jo<span class=\"__1 _201\"/>int ventures a<span class=\"__1 _201\"/>nd as<span class=\"__1 _201\"/>sociate<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>Joi<span class=\"__1 _201\"/>nt ventures a<span class=\"__1 _201\"/>re joint ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s arisi<span class=\"__1 _201\"/>ng from a co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>tual ag<span class=\"__1 _201\"/>reeme<span class=\"__1 _201\"/>nt whe<span class=\"__1 _201\"/>reby the G<span class=\"__1 _201\"/>roup and oth<span class=\"__1 _201\"/>er inves<span class=\"__1 _201\"/>tors have jo<span class=\"__1 _201\"/>int<span class=\"__1 _32b\"> </span> contro<span class=\"__1 _201\"/>l of the net a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s of the arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>. In thes<span class=\"__1 _201\"/>e arran<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s share of th<span class=\"__1 _201\"/>e unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing net a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s may be lowe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> or hig<span class=\"__1 _201\"/>her than 5<span class=\"__1 _201\"/>0% but th<span class=\"__1 _201\"/>e terms of th<span class=\"__1 _201\"/>e relevant a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ent make it cl<span class=\"__1 _201\"/>ear that co<span class=\"__1 _201\"/>ntrol is jo<span class=\"__1 _201\"/>intly exerci<span class=\"__1 _201\"/>sed b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/> and th<span class=\"__1 _201\"/>e third par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, for exam<span class=\"__1 _201\"/>ple, w<span class=\"__1 _201\"/>here sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>ant de<span class=\"__1 _201\"/>cisio<span class=\"__1 _201\"/>ns requ<span class=\"__1 _201\"/>ired una<span class=\"__1 _201\"/>nimou<span class=\"__1 _201\"/>s approva<span class=\"__1 _201\"/>l of all par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s, o<span class=\"__1 _201\"/>r where al<span class=\"__1 _201\"/>l par<span class=\"__1 _201\"/>ties h<span class=\"__1 _201\"/>ave<span class=\"__1 _32b\"> </span> equ<span class=\"__1 _201\"/>al voting ri<span class=\"__1 _201\"/>ghts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>As<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ates are entiti<span class=\"__1 _201\"/>es over wh<span class=\"__1 _201\"/>ich the G<span class=\"__1 _201\"/>roup has s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant in<span class=\"__1 _201\"/>fluen<span class=\"__1 _201\"/>ce, bu<span class=\"__1 _201\"/>t which it d<span class=\"__1 _201\"/>oes n<span class=\"__1 _201\"/>ot control<span class=\"__1 _201\"/>. Gen<span class=\"__1 _201\"/>erall<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, it is pre<span class=\"__1 _201\"/>sume<span class=\"__1 _201\"/>d that<span class=\"__1 _32b\"> </span> the G<span class=\"__1 _201\"/>roup has s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant in<span class=\"__1 _201\"/>fluen<span class=\"__1 _201\"/>ce if it ho<span class=\"__1 _201\"/>lds be<span class=\"__1 _201\"/>twe<span class=\"__1 _201\"/>en 20% an<span class=\"__1 _201\"/>d 50% of the votin<span class=\"__1 _201\"/>g right<span class=\"__1 _201\"/>s of the entit<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in ass<span class=\"__1 _201\"/>ociates an<span class=\"__1 _201\"/>d joint ve<span class=\"__1 _201\"/>ntures he<span class=\"__1 _201\"/>ld by the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund t<span class=\"__1 _201\"/>hrough inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding venture c<span class=\"__1 _201\"/>apit<span class=\"__1 _201\"/>al<span class=\"__1 _32b\"> </span> busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s, mutu<span class=\"__1 _201\"/>al fund<span class=\"__1 _201\"/>s and unit t<span class=\"__1 _201\"/>rust<span class=\"__1 _201\"/>s, are a<span class=\"__1 _201\"/>ccounte<span class=\"__1 _201\"/>d for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> All oth<span class=\"__1 _201\"/>er inves<span class=\"__1 _201\"/>tments i<span class=\"__1 _201\"/>n joint ve<span class=\"__1 _201\"/>ntures and a<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciates are ac<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d for usin<span class=\"__1 _201\"/>g the eq<span class=\"__1 _201\"/>uity m<span class=\"__1 _201\"/>etho<span class=\"__1 _201\"/>d of accou<span class=\"__1 _201\"/>nting. U<span class=\"__1 _201\"/>nder th<span class=\"__1 _201\"/>e equi<span class=\"__1 _201\"/>ty<span class=\"__1 _201\"/> meth<span class=\"__1 _201\"/>od, th<span class=\"__1 _201\"/>e Group\u2019s share of p<span class=\"__1 _201\"/>rofit or l<span class=\"__1 _201\"/>oss of it<span class=\"__1 _201\"/>s joint ven<span class=\"__1 _201\"/>tures and a<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciates is re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed in th<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent an<span class=\"__1 _201\"/>d its share<span class=\"__1 _201\"/> of movem<span class=\"__1 _201\"/>ents in ot<span class=\"__1 _201\"/>her com<span class=\"__1 _201\"/>prehe<span class=\"__1 _201\"/>nsive i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in other c<span class=\"__1 _201\"/>ompre<span class=\"__1 _201\"/>hensi<span class=\"__1 _201\"/>ve inco<span class=\"__1 _201\"/>me.<span class=\"__1 _32b\"> </span>iii Str<span class=\"__1 _201\"/>ucture<span class=\"__1 _201\"/>d entiti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>Stru<span class=\"__1 _201\"/>cture<span class=\"__1 _201\"/>d entitie<span class=\"__1 _201\"/>s are thos<span class=\"__1 _201\"/>e that have be<span class=\"__1 _201\"/>en des<span class=\"__1 _201\"/>igne<span class=\"__1 _201\"/>d so that voting o<span class=\"__1 _201\"/>r simil<span class=\"__1 _201\"/>ar right<span class=\"__1 _201\"/>s are not the d<span class=\"__1 _201\"/>omina<span class=\"__1 _201\"/>nt fac<span class=\"__1 _201\"/>tor in de<span class=\"__1 _201\"/>cidin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> who c<span class=\"__1 _201\"/>ontrols th<span class=\"__1 _201\"/>e entit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. V<span class=\"__1 _200\"/>oting r<span class=\"__1 _201\"/>ights rel<span class=\"__1 _201\"/>ate to adminis<span class=\"__1 _201\"/>trative ta<span class=\"__1 _201\"/>sks. R<span class=\"__1 _201\"/>elevan<span class=\"__1 _201\"/>t acti<span class=\"__1 _201\"/>vitie<span class=\"__1 _201\"/>s are direc<span class=\"__1 _201\"/>ted by m<span class=\"__1 _201\"/>eans of co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>tual<span class=\"__1 _201\"/> arr<span class=\"__1 _201\"/>angem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup inve<span class=\"__1 _201\"/>sts in s<span class=\"__1 _201\"/>tru<span class=\"__1 _201\"/>cture<span class=\"__1 _201\"/>d entitie<span class=\"__1 _201\"/>s such as:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">coll<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive inves<span class=\"__1 _201\"/>tment ve<span class=\"__1 _201\"/>hicle<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>ding op<span class=\"__1 _201\"/>en-<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>ed inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt compa<span class=\"__1 _201\"/>nies (OEI<span class=\"__1 _201\"/>Cs<span class=\"__1 _200\"/>), Author<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d Contra<span class=\"__1 _201\"/>ctua<span class=\"__1 _201\"/>l Sche<span class=\"__1 _201\"/>mes (ACS<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>and L<span class=\"__1 _201\"/>uxembo<span class=\"__1 _201\"/>urg-<span class=\"__1 _201\"/>dom<span class=\"__1 _201\"/>icile<span class=\"__1 _201\"/>d Soc<span class=\"__1 _201\"/>i\u00e9t\u00e9s d\u2019I<span class=\"__1 _201\"/>nvesti<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ment \u00e0 C<span class=\"__1 _201\"/>apital Variab<span class=\"__1 _201\"/>le (SICA<span class=\"__1 _200\"/>Vs<span class=\"__1 _f_1\"/>)<span class=\"__1 _201\"/> \u2013 <span class=\"__1 _291\"> </span><span class=\"ls19_1 ws24_1\">limited par<span class=\"__1 _201\"/>tnerships<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">collat<span class=\"__1 _200\"/>eralised deb<span class=\"__1 _200\"/>t obliga<span class=\"__1 _200\"/>tions<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ls27_1 ws5d_1\">mortgage-backed secu<span class=\"__1 _200\"/>rities<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ls19_1 ws24_1\">similar ass<span class=\"__1 _201\"/>et<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>backed securities<span class=\"__1 _201\"/> </span>Colle<span class=\"__1 _201\"/>ctive investment vehicles<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup inve<span class=\"__1 _201\"/>sts in O<span class=\"__1 _201\"/>EICs<span class=\"__1 _201\"/>, ACSs<span class=\"__1 _201\"/>, SI<span class=\"__1 _201\"/>CA<span class=\"__1 _f_1\"/>Vs and uni<span class=\"__1 _201\"/>t trus<span class=\"__1 _201\"/>ts, w<span class=\"__1 _201\"/>hich inves<span class=\"__1 _201\"/>t main<span class=\"__1 _201\"/>ly in eq<span class=\"__1 _201\"/>uities<span class=\"__1 _201\"/>, bon<span class=\"__1 _201\"/>ds, c<span class=\"__1 _201\"/>ash an<span class=\"__1 _201\"/>d cas<span class=\"__1 _201\"/>h equi<span class=\"__1 _201\"/>valent<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> and properties.<span class=\"__1 _32b\"> </span> The a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent of cont<span class=\"__1 _201\"/>rol over OEI<span class=\"__1 _201\"/>Cs<span class=\"__1 _201\"/>, A<span class=\"__1 _200\"/>CS<span class=\"__1 _201\"/>s, S<span class=\"__1 _201\"/>ICA<span class=\"__1 _200\"/>V<span class=\"__1 _200\"/>s and uni<span class=\"__1 _201\"/>t trust<span class=\"__1 _201\"/>s requi<span class=\"__1 _201\"/>res judg<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt. In as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sing co<span class=\"__1 _201\"/>ntrol, th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p<span class=\"__1 _32b\"> </span> deter<span class=\"__1 _201\"/>mines w<span class=\"__1 _201\"/>hethe<span class=\"__1 _201\"/>r it is ac<span class=\"__1 _201\"/>ting as pr<span class=\"__1 _201\"/>incip<span class=\"__1 _201\"/>al or ag<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>his incl<span class=\"__1 _201\"/>udes a<span class=\"__1 _201\"/>n asse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent of the s<span class=\"__1 _201\"/>cope of i<span class=\"__1 _201\"/>ts de<span class=\"__1 _201\"/>cision<span class=\"__1 _201\"/>-mak<span class=\"__1 _201\"/>ing auth<span class=\"__1 _201\"/>orit<span class=\"__1 _201\"/>y,<span class=\"__1 _32b\"> </span> incl<span class=\"__1 _201\"/>uding r<span class=\"__1 _201\"/>ights h<span class=\"__1 _201\"/>eld by third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>, which m<span class=\"__1 _201\"/>ay provid<span class=\"__1 _201\"/>e these p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ties s<span class=\"__1 _201\"/>ubsta<span class=\"__1 _201\"/>ntive remov<span class=\"__1 _201\"/>al righ<span class=\"__1 _201\"/>ts that may affe<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e Group\u2019s<span class=\"__1 _32b\"> </span> abili<span class=\"__1 _201\"/>ty to dire<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e releva<span class=\"__1 _201\"/>nt acti<span class=\"__1 _201\"/>vitie<span class=\"__1 _201\"/>s and in<span class=\"__1 _201\"/>dicate that th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p does n<span class=\"__1 _201\"/>ot have powe<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/> In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, the as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sment c<span class=\"__1 _201\"/>onsid<span class=\"__1 _201\"/>ers th<span class=\"__1 _201\"/>e aggre<span class=\"__1 _201\"/>gate econ<span class=\"__1 _201\"/>omic in<span class=\"__1 _201\"/>terest of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p, which in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es both dire<span class=\"__1 _201\"/>ct h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g and<span class=\"__1 _201\"/> expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d manag<span class=\"__1 _201\"/>ement f<span class=\"__1 _201\"/>ee if the f<span class=\"__1 _201\"/>und man<span class=\"__1 _201\"/>ager is a G<span class=\"__1 _201\"/>roup co<span class=\"__1 _201\"/>mpany, however<span class=\"__1 _200\"/>, the man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent fee i<span class=\"__1 _201\"/>n most c<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>s forms a<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> immater<span class=\"__1 _201\"/>ial par<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e aggre<span class=\"__1 _201\"/>gate eco<span class=\"__1 _201\"/>nomi<span class=\"__1 _201\"/>c interes<span class=\"__1 _201\"/>t of the Gro<span class=\"__1 _201\"/>up.<span class=\"__1 _32b\"> </span> Hol<span class=\"__1 _201\"/>dings i<span class=\"__1 _201\"/>n such inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts can fl<span class=\"__1 _201\"/>uctu<span class=\"__1 _201\"/>ate on a daily b<span class=\"__1 _201\"/>asis ac<span class=\"__1 _201\"/>cordin<span class=\"__1 _201\"/>g to the par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pation of th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>nd othe<span class=\"__1 _201\"/>r investor<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> in the<span class=\"__1 _201\"/>m. As a re<span class=\"__1 _201\"/>sult, i<span class=\"__1 _201\"/>n determi<span class=\"__1 _201\"/>ning co<span class=\"__1 _201\"/>ntrol, th<span class=\"__1 _201\"/>e Group l<span class=\"__1 _201\"/>ooks at th<span class=\"__1 _201\"/>e trend of ow<span class=\"__1 _201\"/>ners<span class=\"__1 _201\"/>hip over a lo<span class=\"__1 _201\"/>nger p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d (rather tha<span class=\"__1 _201\"/>n at<span class=\"__1 _32b\"> </span> a poi<span class=\"__1 _201\"/>nt in time) to mitigate the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of daily fl<span class=\"__1 _201\"/>uctu<span class=\"__1 _201\"/>ations w<span class=\"__1 _201\"/>hich do n<span class=\"__1 _201\"/>ot refle<span class=\"__1 _201\"/>ct the w<span class=\"__1 _201\"/>ider f<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>ts and circ<span class=\"__1 _201\"/>umsta<span class=\"__1 _201\"/>nces of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s involve<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Conso<span class=\"__1 _201\"/>lidation asses<span class=\"__1 _201\"/>sment is per<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ed in line with the following prin<span class=\"__1 _201\"/>ciples:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up mana<span class=\"__1 _201\"/>ges the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s of the entit<span class=\"__1 _201\"/>y, and the ag<span class=\"__1 _201\"/>gregate of th<span class=\"__1 _201\"/>e Group\u2019s owne<span class=\"__1 _201\"/>rship h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g in the enti<span class=\"__1 _201\"/>ty exce<span class=\"__1 _201\"/>eds<span class=\"__1 _201\"/> </span>50%<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up is jud<span class=\"__1 _201\"/>ged to have co<span class=\"__1 _201\"/>ntrol over th<span class=\"__1 _201\"/>e entit<span class=\"__1 _201\"/>y;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up mana<span class=\"__1 _201\"/>ges the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s of the entit<span class=\"__1 _201\"/>y, and the ag<span class=\"__1 _201\"/>gregate of th<span class=\"__1 _201\"/>e Group\u2019s owne<span class=\"__1 _201\"/>rship h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g in the enti<span class=\"__1 _201\"/>ty is b<span class=\"__1 _201\"/>etw<span class=\"__1 _201\"/>een<span class=\"__1 _201\"/> </span>20% and 5<span class=\"__1 _201\"/>0%, th<span class=\"__1 _201\"/>e fac<span class=\"__1 _201\"/>ts and c<span class=\"__1 _201\"/>ircums<span class=\"__1 _201\"/>tance<span class=\"__1 _201\"/>s of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s invol<span class=\"__1 _201\"/>vement i<span class=\"__1 _201\"/>n the entit<span class=\"__1 _201\"/>y are co<span class=\"__1 _201\"/>nside<span class=\"__1 _201\"/>red, i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ing the r<span class=\"__1 _201\"/>ights to any<span class=\"__1 _201\"/> fee<span class=\"__1 _201\"/>s earn<span class=\"__1 _201\"/>ed by the as<span class=\"__1 _201\"/>set ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>r from the e<span class=\"__1 _201\"/>ntity, in form<span class=\"__1 _201\"/>ing a jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt as to wheth<span class=\"__1 _201\"/>er the G<span class=\"__1 _201\"/>roup has c<span class=\"__1 _201\"/>ontrol ove<span class=\"__1 _201\"/>r the entit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up mana<span class=\"__1 _201\"/>ges the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s of the entit<span class=\"__1 _201\"/>y, and the ag<span class=\"__1 _201\"/>gregate of th<span class=\"__1 _201\"/>e Group\u2019s owne<span class=\"__1 _201\"/>rship h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g in the enti<span class=\"__1 _201\"/>ty is l<span class=\"__1 _201\"/>ess th<span class=\"__1 _201\"/>an<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>20%<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up is jud<span class=\"__1 _201\"/>ged to not h<span class=\"__1 _201\"/>ave control over th<span class=\"__1 _201\"/>e entit<span class=\"__1 _201\"/>y; a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">whe<span class=\"__1 _201\"/>re the as<span class=\"__1 _201\"/>sets of th<span class=\"__1 _201\"/>e entit<span class=\"__1 _201\"/>y are mana<span class=\"__1 _201\"/>ged ex<span class=\"__1 _201\"/>tern<span class=\"__1 _201\"/>ally, an asse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent is ma<span class=\"__1 _201\"/>de of whe<span class=\"__1 _201\"/>ther the G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s existin<span class=\"__1 _201\"/>g right<span class=\"__1 _201\"/>s that<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>give it th<span class=\"__1 _201\"/>e abilit<span class=\"__1 _201\"/>y to dire<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e current a<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>vities o<span class=\"__1 _201\"/>f the entit<span class=\"__1 _201\"/>y and t<span class=\"__1 _201\"/>herefore c<span class=\"__1 _201\"/>ontrol th<span class=\"__1 _201\"/>e entit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. In as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sing the G<span class=\"__1 _201\"/>roup\u2019s abilit<span class=\"__1 _201\"/>y to<span class=\"__1 _201\"/> direc<span class=\"__1 _201\"/>t an ent<span class=\"__1 _201\"/>ity, the Gro<span class=\"__1 _201\"/>up consi<span class=\"__1 _201\"/>ders i<span class=\"__1 _201\"/>ts abili<span class=\"__1 _201\"/>ty re<span class=\"__1 _201\"/>lative to othe<span class=\"__1 _201\"/>r investor<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up has a limi<span class=\"__1 _201\"/>ted numb<span class=\"__1 _201\"/>er of OEI<span class=\"__1 _201\"/>Cs and u<span class=\"__1 _201\"/>nit<span class=\"__1 _32b\"> </span> trus<span class=\"__1 _201\"/>ts wh<span class=\"__1 _201\"/>ere it con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>rs it has su<span class=\"__1 _201\"/>ch abili<span class=\"__1 _201\"/>ty.<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up is de<span class=\"__1 _201\"/>emed to co<span class=\"__1 _201\"/>ntrol the<span class=\"__1 _201\"/>se entit<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>, they are treate<span class=\"__1 _201\"/>d as subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es and are c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated<span class=\"__1 _201\"/>, with the<span class=\"__1 _201\"/> interes<span class=\"__1 _201\"/>ts of inve<span class=\"__1 _201\"/>stors oth<span class=\"__1 _201\"/>er than e<span class=\"__1 _201\"/>ntities w<span class=\"__1 _201\"/>ithin the G<span class=\"__1 _201\"/>roup be<span class=\"__1 _201\"/>ing cla<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>fied as l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es, p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nted as Th<span class=\"__1 _201\"/>ird par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y interes<span class=\"__1 _201\"/>t in<span class=\"__1 _32b\"> </span> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated fund<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> 1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls14_1 ws13_1\">197<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up doe<span class=\"__1 _201\"/>s not contro<span class=\"__1 _201\"/>l thes<span class=\"__1 _201\"/>e entitie<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>as it is de<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>d to be ac<span class=\"__1 _201\"/>ting as an a<span class=\"__1 _201\"/>gent) an<span class=\"__1 _201\"/>d they do not m<span class=\"__1 _201\"/>eet th<span class=\"__1 _201\"/>e defini<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/> of ass<span class=\"__1 _201\"/>ociate<span class=\"__1 _201\"/>s, they a<span class=\"__1 _201\"/>re carr<span class=\"__1 _201\"/>ied at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L within Eq<span class=\"__1 _201\"/>uity s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities a<span class=\"__1 _201\"/>nd poo<span class=\"__1 _201\"/>led i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent fun<span class=\"__1 _201\"/>ds in the Co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatement of<span class=\"__1 _201\"/> financial po<span class=\"__1 _201\"/>sition.<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up initial<span class=\"__1 _201\"/>ly sets u<span class=\"__1 _201\"/>p OEIC<span class=\"__1 _201\"/>s, ACS<span class=\"__1 _201\"/>s, SI<span class=\"__1 _201\"/>CA<span class=\"__1 _200\"/>V<span class=\"__1 _200\"/>s and unit tr<span class=\"__1 _201\"/>ust<span class=\"__1 _201\"/>s as par<span class=\"__1 _201\"/>t of its o<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ations thro<span class=\"__1 _201\"/>ugh its i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent<span class=\"__1 _32b\"> </span> mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d invest<span class=\"__1 _201\"/>s the initia<span class=\"__1 _201\"/>l see<span class=\"__1 _201\"/>d capi<span class=\"__1 _201\"/>tal whi<span class=\"__1 _201\"/>ch result<span class=\"__1 _201\"/>s in a signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant hol<span class=\"__1 _201\"/>ding res<span class=\"__1 _201\"/>ulting in c<span class=\"__1 _201\"/>ontrol of th<span class=\"__1 _201\"/>e fund<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> the G<span class=\"__1 _201\"/>roup as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>ses wh<span class=\"__1 _201\"/>ether th<span class=\"__1 _201\"/>ere is a for<span class=\"__1 _201\"/>mal pl<span class=\"__1 _201\"/>an in pla<span class=\"__1 _201\"/>ce to dives<span class=\"__1 _201\"/>t its ho<span class=\"__1 _201\"/>lding to b<span class=\"__1 _201\"/>elow the t<span class=\"__1 _201\"/>hresho<span class=\"__1 _201\"/>ld tri<span class=\"__1 _201\"/>gger<span class=\"__1 _201\"/>ing contro<span class=\"__1 _201\"/>l within<span class=\"__1 _201\"/> 12 month<span class=\"__1 _201\"/>s. In thi<span class=\"__1 _201\"/>s situatio<span class=\"__1 _201\"/>n, the ve<span class=\"__1 _201\"/>hicle is n<span class=\"__1 _201\"/>ot cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d, but c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as hel<span class=\"__1 _201\"/>d for sal<span class=\"__1 _201\"/>e and c<span class=\"__1 _201\"/>arri<span class=\"__1 _201\"/>ed at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Limited par<span class=\"__1 _201\"/>tnership<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup inve<span class=\"__1 _201\"/>sts in a n<span class=\"__1 _201\"/>umbe<span class=\"__1 _201\"/>r of limited p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners<span class=\"__1 _201\"/>hips<span class=\"__1 _201\"/>, eithe<span class=\"__1 _201\"/>r direc<span class=\"__1 _201\"/>tly or th<span class=\"__1 _201\"/>rough un<span class=\"__1 _201\"/>it trus<span class=\"__1 _201\"/>ts, th<span class=\"__1 _201\"/>rough a mi<span class=\"__1 _201\"/>x of capi<span class=\"__1 _201\"/>tal and l<span class=\"__1 _201\"/>oans<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The<span class=\"__1 _201\"/>se limi<span class=\"__1 _201\"/>ted par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rship<span class=\"__1 _201\"/>s are mana<span class=\"__1 _201\"/>ged by ge<span class=\"__1 _201\"/>nera<span class=\"__1 _201\"/>l par<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>s, in w<span class=\"__1 _201\"/>hich the G<span class=\"__1 _201\"/>roup h<span class=\"__1 _201\"/>olds e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> Such i<span class=\"__1 _201\"/>nterest<span class=\"__1 _201\"/>s in gen<span class=\"__1 _201\"/>eral p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners a<span class=\"__1 _201\"/>nd limite<span class=\"__1 _201\"/>d par<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ships p<span class=\"__1 _201\"/>rovide th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p with voting a<span class=\"__1 _201\"/>nd simi<span class=\"__1 _201\"/>lar righ<span class=\"__1 _201\"/>ts to par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ate in the<span class=\"__1 _201\"/> gover<span class=\"__1 _201\"/>nance f<span class=\"__1 _201\"/>ramewo<span class=\"__1 _201\"/>rk of the re<span class=\"__1 _201\"/>levant a<span class=\"__1 _201\"/>ctiv<span class=\"__1 _201\"/>ities w<span class=\"__1 _201\"/>hich lim<span class=\"__1 _201\"/>ited par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ershi<span class=\"__1 _201\"/>ps are eng<span class=\"__1 _201\"/>aged i<span class=\"__1 _201\"/>n.<span class=\"__1 _201\"/> Accou<span class=\"__1 _201\"/>nting for th<span class=\"__1 _201\"/>e limited p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ships (i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ing und<span class=\"__1 _201\"/>erly<span class=\"__1 _201\"/>ing inve<span class=\"__1 _201\"/>stees) as subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>, joint ve<span class=\"__1 _201\"/>ntures<span class=\"__1 _201\"/>, asso<span class=\"__1 _201\"/>ciates or ot<span class=\"__1 _201\"/>her<span class=\"__1 _201\"/> finan<span class=\"__1 _201\"/>cial inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts dep<span class=\"__1 _201\"/>ends o<span class=\"__1 _201\"/>n the term<span class=\"__1 _201\"/>s of each pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ersh<span class=\"__1 _201\"/>ip agre<span class=\"__1 _201\"/>ement a<span class=\"__1 _201\"/>nd the leve<span class=\"__1 _201\"/>l of share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ings in the g<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>ral par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/> focu<span class=\"__1 _201\"/>sing on a<span class=\"__1 _201\"/>spec<span class=\"__1 _201\"/>ts su<span class=\"__1 _201\"/>ch as sco<span class=\"__1 _201\"/>pe of dis<span class=\"__1 _201\"/>cretion th<span class=\"__1 _201\"/>at can b<span class=\"__1 _201\"/>e appli<span class=\"__1 _201\"/>ed by gen<span class=\"__1 _201\"/>eral p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners i<span class=\"__1 _201\"/>n makin<span class=\"__1 _201\"/>g investm<span class=\"__1 _201\"/>ent de<span class=\"__1 _201\"/>cisio<span class=\"__1 _201\"/>ns,<span class=\"__1 _201\"/> subs<span class=\"__1 _201\"/>tantive re<span class=\"__1 _201\"/>moval r<span class=\"__1 _201\"/>ights h<span class=\"__1 _201\"/>eld by lim<span class=\"__1 _201\"/>ited par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rs and re<span class=\"__1 _201\"/>lative co<span class=\"__1 _201\"/>ncentr<span class=\"__1 _201\"/>ation of ho<span class=\"__1 _201\"/>ldin<span class=\"__1 _201\"/>g bet<span class=\"__1 _201\"/>ween th<span class=\"__1 _201\"/>e limited p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r stru<span class=\"__1 _201\"/>cture<span class=\"__1 _201\"/>d entities<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup h<span class=\"__1 _201\"/>olds inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts in mo<span class=\"__1 _201\"/>rtg<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>-bac<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed s<span class=\"__1 _201\"/>ecuri<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>, collater<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d debt o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>ons an<span class=\"__1 _201\"/>d similar a<span class=\"__1 _201\"/>sset-bac<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed s<span class=\"__1 _201\"/>ecuri<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The G<span class=\"__1 _201\"/>roup co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idates the ve<span class=\"__1 _201\"/>hicle<span class=\"__1 _201\"/>s that hol<span class=\"__1 _201\"/>d the inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up is dee<span class=\"__1 _201\"/>med to co<span class=\"__1 _201\"/>ntrol the ve<span class=\"__1 _201\"/>hicle<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Whe<span class=\"__1 _201\"/>n asse<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>ng contro<span class=\"__1 _201\"/>l over the veh<span class=\"__1 _201\"/>icles<span class=\"__1 _201\"/>, the f<span class=\"__1 _201\"/>actor<span class=\"__1 _201\"/>s cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d inclu<span class=\"__1 _201\"/>de the pu<span class=\"__1 _201\"/>rpos<span class=\"__1 _201\"/>e and de<span class=\"__1 _201\"/>sign of th<span class=\"__1 _201\"/>e vehicl<span class=\"__1 _201\"/>e, the G<span class=\"__1 _201\"/>roup\u2019s<span class=\"__1 _32b\"> </span> expo<span class=\"__1 _201\"/>sure to the var<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ty of retu<span class=\"__1 _201\"/>rns and t<span class=\"__1 _201\"/>he sco<span class=\"__1 _201\"/>pe of the G<span class=\"__1 _201\"/>roup\u2019s abilit<span class=\"__1 _201\"/>y to direc<span class=\"__1 _201\"/>t the rel<span class=\"__1 _201\"/>evant ac<span class=\"__1 _201\"/>tiv<span class=\"__1 _201\"/>ities of th<span class=\"__1 _201\"/>e vehicl<span class=\"__1 _201\"/>e, incl<span class=\"__1 _201\"/>uding<span class=\"__1 _201\"/> any kick-o<span class=\"__1 _201\"/>ut or remov<span class=\"__1 _201\"/>al right<span class=\"__1 _201\"/>s that are he<span class=\"__1 _201\"/>ld by third pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>. The ou<span class=\"__1 _201\"/>tcome of th<span class=\"__1 _201\"/>e control as<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>ssme<span class=\"__1 _201\"/>nt is dep<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>ent on th<span class=\"__1 _201\"/>e terms<span class=\"__1 _201\"/> and co<span class=\"__1 _201\"/>nditi<span class=\"__1 _201\"/>ons of the re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ctive i<span class=\"__1 _201\"/>ndiv<span class=\"__1 _201\"/>idual ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nts, ta<span class=\"__1 _201\"/>king into ac<span class=\"__1 _201\"/>count a<span class=\"__1 _201\"/>ggregate e<span class=\"__1 _201\"/>cono<span class=\"__1 _201\"/>mic intere<span class=\"__1 _201\"/>st wh<span class=\"__1 _201\"/>ere relev<span class=\"__1 _201\"/>ant.<span class=\"__1 _32b\"> </span>iv Th<span class=\"__1 _201\"/>ird par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y interes<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/> Interes<span class=\"__1 _201\"/>ts of pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ties othe<span class=\"__1 _201\"/>r than the G<span class=\"__1 _201\"/>roup in e<span class=\"__1 _201\"/>ntities w<span class=\"__1 _201\"/>hich the G<span class=\"__1 _201\"/>roup co<span class=\"__1 _201\"/>ntrols are a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d to determi<span class=\"__1 _201\"/>ne whet<span class=\"__1 _201\"/>her they s<span class=\"__1 _201\"/>houl<span class=\"__1 _201\"/>d be<span class=\"__1 _32b\"> </span> clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as fin<span class=\"__1 _201\"/>ancial l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es or as n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>contro<span class=\"__1 _201\"/>lling in<span class=\"__1 _201\"/>terest<span class=\"__1 _201\"/>s in equi<span class=\"__1 _201\"/>ty on t<span class=\"__1 _201\"/>he statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on. Pu<span class=\"__1 _201\"/>ttab<span class=\"__1 _201\"/>le third pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> interes<span class=\"__1 _201\"/>ts su<span class=\"__1 _201\"/>ch as units h<span class=\"__1 _201\"/>eld by ex<span class=\"__1 _201\"/>terna<span class=\"__1 _201\"/>l investo<span class=\"__1 _201\"/>rs in unit tr<span class=\"__1 _201\"/>ust<span class=\"__1 _201\"/>s are clas<span class=\"__1 _201\"/>sifie<span class=\"__1 _201\"/>d as fina<span class=\"__1 _201\"/>ncial li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>hird par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y intere<span class=\"__1 _201\"/>sts in p<span class=\"__1 _201\"/>rivate<span class=\"__1 _201\"/> equ<span class=\"__1 _201\"/>ity ve<span class=\"__1 _201\"/>hicle<span class=\"__1 _201\"/>s set up wi<span class=\"__1 _201\"/>th finite live<span class=\"__1 _201\"/>s are also c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as finan<span class=\"__1 _201\"/>cial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _201\"/>2 Insurance<span class=\"__1 _200\"/> and in<span class=\"__1 _200\"/>vestmen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>racts<span class=\"__1 _32b\"> </span>i Clas<span class=\"__1 _201\"/>sific<span class=\"__1 _201\"/>ation<span class=\"__1 _32b\"> </span>Cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts writ<span class=\"__1 _201\"/>ten by the G<span class=\"__1 _201\"/>roup\u2019s insura<span class=\"__1 _201\"/>nce op<span class=\"__1 _201\"/>eratio<span class=\"__1 _201\"/>ns are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as ei<span class=\"__1 _201\"/>ther ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts o<span class=\"__1 _201\"/>r investm<span class=\"__1 _201\"/>ent co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts.<span class=\"__1 _201\"/> Cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts that tran<span class=\"__1 _201\"/>sfer s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce ris<span class=\"__1 _201\"/>k to the Grou<span class=\"__1 _201\"/>p are clas<span class=\"__1 _201\"/>sifie<span class=\"__1 _201\"/>d as ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>. Jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt is app<span class=\"__1 _201\"/>lied in<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ing wh<span class=\"__1 _201\"/>ether th<span class=\"__1 _201\"/>e features of a c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t give r<span class=\"__1 _201\"/>ise to the tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>r of signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt insur<span class=\"__1 _201\"/>ance ri<span class=\"__1 _201\"/>sk. T<span class=\"__1 _201\"/>his as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sment i<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on a<span class=\"__1 _201\"/> readi<span class=\"__1 _201\"/>ly ide<span class=\"__1 _201\"/>ntifiab<span class=\"__1 _201\"/>le sce<span class=\"__1 _201\"/>nari<span class=\"__1 _201\"/>o which is u<span class=\"__1 _201\"/>sed to de<span class=\"__1 _201\"/>termin<span class=\"__1 _201\"/>e if there wo<span class=\"__1 _201\"/>uld be a s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ce in the c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t\u2019s ca<span class=\"__1 _201\"/>sh out<span class=\"__1 _201\"/>flows i<span class=\"__1 _201\"/>f<span class=\"__1 _32b\"> </span> the ins<span class=\"__1 _201\"/>ured even<span class=\"__1 _201\"/>t occur<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>is judg<span class=\"__1 _201\"/>ement i<span class=\"__1 _201\"/>s made at in<span class=\"__1 _201\"/>ceptio<span class=\"__1 _201\"/>n and is n<span class=\"__1 _201\"/>ot revisite<span class=\"__1 _201\"/>d.<span class=\"__1 _201\"/> Cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts that tran<span class=\"__1 _201\"/>sfer fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l risk to th<span class=\"__1 _201\"/>e Group b<span class=\"__1 _201\"/>ut not sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>ant ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e risk are c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as inves<span class=\"__1 _201\"/>tment co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts.<span class=\"__1 _32b\"> </span>Som<span class=\"__1 _201\"/>e contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, bot<span class=\"__1 _201\"/>h insura<span class=\"__1 _201\"/>nce and i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent, co<span class=\"__1 _201\"/>ntain dis<span class=\"__1 _201\"/>cretion<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pation fe<span class=\"__1 _201\"/>atures (D<span class=\"__1 _201\"/>PF) re<span class=\"__1 _201\"/>pres<span class=\"__1 _201\"/>enting th<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>ctual<span class=\"__1 _201\"/> righ<span class=\"__1 _201\"/>t to recei<span class=\"__1 _201\"/>ve additi<span class=\"__1 _201\"/>onal be<span class=\"__1 _201\"/>nefit<span class=\"__1 _201\"/>s as a supp<span class=\"__1 _201\"/>lem<span class=\"__1 _201\"/>ent to guara<span class=\"__1 _201\"/>nteed b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts that: (<span class=\"__1 _201\"/>i) are likely to b<span class=\"__1 _201\"/>e a signi<span class=\"__1 _201\"/>fican<span class=\"__1 _201\"/>t por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of the total<span class=\"__1 _201\"/> contr<span class=\"__1 _201\"/>act b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts; (ii<span class=\"__1 _201\"/>) have amou<span class=\"__1 _201\"/>nt or timin<span class=\"__1 _201\"/>g contra<span class=\"__1 _201\"/>ctual<span class=\"__1 _201\"/>ly at the dis<span class=\"__1 _201\"/>cretion of t<span class=\"__1 _201\"/>he insure<span class=\"__1 _201\"/>r; an<span class=\"__1 _201\"/>d (iii) are c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>tuall<span class=\"__1 _201\"/>y base<span class=\"__1 _201\"/>d on as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/> or fun<span class=\"__1 _201\"/>d per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce. Th<span class=\"__1 _201\"/>ese co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce or inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t contra<span class=\"__1 _201\"/>cts w<span class=\"__1 _201\"/>ith DPF<span class=\"__1 _f_1\"/>.<span class=\"__1 _32b\"> </span>Som<span class=\"__1 _201\"/>e contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s writ<span class=\"__1 _201\"/>ten by the G<span class=\"__1 _201\"/>roup all<span class=\"__1 _201\"/>ow poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs to invest i<span class=\"__1 _201\"/>n both with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits an<span class=\"__1 _201\"/>d unit<span class=\"__1 _200\"/>-lin<span class=\"__1 _201\"/>ked funds<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>ccount<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> for th<span class=\"__1 _201\"/>e comp<span class=\"__1 _201\"/>onent<span class=\"__1 _201\"/>s of thes<span class=\"__1 _201\"/>e hybri<span class=\"__1 _201\"/>d contra<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>s if they are se<span class=\"__1 _201\"/>parate co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts on the b<span class=\"__1 _201\"/>asis that t<span class=\"__1 _201\"/>he unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> optio<span class=\"__1 _201\"/>ns give di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>t outcom<span class=\"__1 _201\"/>es to the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er and p<span class=\"__1 _201\"/>lace di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>t oblig<span class=\"__1 _201\"/>ations on th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p.<span class=\"__1 _32b\"> </span> The m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>ment of c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts de<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>ds on the<span class=\"__1 _201\"/>ir clas<span class=\"__1 _201\"/>sific<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/>. Thos<span class=\"__1 _201\"/>e clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as eith<span class=\"__1 _201\"/>er insu<span class=\"__1 _201\"/>rance c<span class=\"__1 _201\"/>ontra<span class=\"__1 _201\"/>cts o<span class=\"__1 _201\"/>r investm<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/> contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s with DP<span class=\"__1 _201\"/>F are acco<span class=\"__1 _201\"/>unted for a<span class=\"__1 _201\"/>s insura<span class=\"__1 _201\"/>nce con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts unde<span class=\"__1 _201\"/>r IFR<span class=\"__1 _201\"/>S 4. Inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt contra<span class=\"__1 _201\"/>cts w<span class=\"__1 _201\"/>ithout D<span class=\"__1 _201\"/>PF are ac<span class=\"__1 _201\"/>counted<span class=\"__1 _201\"/> for as fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l instr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>ts unde<span class=\"__1 _201\"/>r IAS 3<span class=\"__1 _201\"/>9. The cl<span class=\"__1 _201\"/>assi<span class=\"__1 _201\"/>ficati<span class=\"__1 _201\"/>on of the G<span class=\"__1 _201\"/>roup\u2019s insuran<span class=\"__1 _201\"/>ce op<span class=\"__1 _201\"/>eratio<span class=\"__1 _201\"/>ns\u2019 main contr<span class=\"__1 _201\"/>act t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>es is<span class=\"__1 _201\"/> shown b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>T<span class=\"__1 _200\"/>ype o<span class=\"__1 _201\"/>f cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>t<span class=\"__1 _3d_1\"> </span><span class=\"ls3e_1 ws40_1\">Cla<span class=\"__1 _201\"/>ssific<span class=\"__1 _201\"/>ation<span class=\"__1 _32b\"> </span></span>With-profits<span class=\"__1 _b2_1\"> </span><span class=\"wse_1\">Insurance c<span class=\"__1 _200\"/>ontract/Investment<span class=\"__1 _200\"/> contract wit<span class=\"__1 _200\"/>h DPF<span class=\"__1 _32b\"> </span></span>Unit<span class=\"__1 _200\"/>-linked with<span class=\"__1 _200\"/> significant insurance ris<span class=\"__1 _201\"/>k<span class=\"__1 _6d_1\"> </span><span class=\"lsd_1 wse_1\">Insurance contract<span class=\"__1 _32b\"> </span></span>Unit<span class=\"__1 _200\"/>-linked without significant insurance risk<span class=\"__1 _b3_1\"> </span><span class=\"lsd_1 wse_1\">Investmen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>ract<span class=\"__1 _32b\"> </span></span>Annui<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/> <span class=\"__1 _b4_1\"> </span><span class=\"lsd_1 wse_1\">Insurance c<span class=\"__1 _200\"/>ontract<span class=\"__1 _32b\"> </span></span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>198<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>ii Me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent: In<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s and inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>th discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>Insu<span class=\"__1 _201\"/>rance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts with D<span class=\"__1 _201\"/>PF are acc<span class=\"__1 _201\"/>ounted fo<span class=\"__1 _201\"/>r unde<span class=\"__1 _201\"/>r IFRS 4: I<span class=\"__1 _201\"/>nsura<span class=\"__1 _201\"/>nce Co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, which p<span class=\"__1 _201\"/>ermit<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> the co<span class=\"__1 _201\"/>ntinue<span class=\"__1 _201\"/>d usag<span class=\"__1 _201\"/>e of previ<span class=\"__1 _201\"/>ously a<span class=\"__1 _201\"/>ppli<span class=\"__1 _201\"/>ed Ge<span class=\"__1 _201\"/>nera<span class=\"__1 _201\"/>lly Acce<span class=\"__1 _201\"/>pted Accoun<span class=\"__1 _201\"/>ting Pra<span class=\"__1 _201\"/>ctic<span class=\"__1 _201\"/>e (<span class=\"__1 _200\"/>GA<span class=\"__1 _201\"/>AP) that h<span class=\"__1 _201\"/>as be<span class=\"__1 _201\"/>en gran<span class=\"__1 _201\"/>dfathe<span class=\"__1 _201\"/>red by the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up. In par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cular<span class=\"__1 _200\"/>, the Gro<span class=\"__1 _201\"/>up uses a m<span class=\"__1 _201\"/>odi<span class=\"__1 _201\"/>fied s<span class=\"__1 _201\"/>tatutor<span class=\"__1 _201\"/>y ba<span class=\"__1 _201\"/>sis, w<span class=\"__1 _201\"/>hich is b<span class=\"__1 _201\"/>ased o<span class=\"__1 _201\"/>n gran<span class=\"__1 _201\"/>dfathe<span class=\"__1 _201\"/>red reg<span class=\"__1 _201\"/>ulator<span class=\"__1 _201\"/>y req<span class=\"__1 _201\"/>uireme<span class=\"__1 _201\"/>nts pr<span class=\"__1 _201\"/>ior<span class=\"__1 _201\"/> to the ad<span class=\"__1 _201\"/>option of S<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I, adj<span class=\"__1 _201\"/>usted in a<span class=\"__1 _201\"/>ccord<span class=\"__1 _201\"/>ance wi<span class=\"__1 _201\"/>th the Stateme<span class=\"__1 _201\"/>nt of Rec<span class=\"__1 _201\"/>omme<span class=\"__1 _201\"/>nded P<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>tice is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d by the As<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> of Bri<span class=\"__1 _201\"/>tish Ins<span class=\"__1 _201\"/>urers (A<span class=\"__1 _201\"/>BI SO<span class=\"__1 _201\"/>RP<span class=\"__1 _f_1\"/>, iss<span class=\"__1 _201\"/>ued in D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>005 (amend<span class=\"__1 _201\"/>ed in D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>06 an<span class=\"__1 _201\"/>d withdr<span class=\"__1 _201\"/>awn with eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t for acc<span class=\"__1 _201\"/>ounting<span class=\"__1 _201\"/> per<span class=\"__1 _201\"/>iods b<span class=\"__1 _201\"/>egin<span class=\"__1 _201\"/>ning on o<span class=\"__1 _201\"/>r afte<span class=\"__1 _201\"/>r 1 Januar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>015)<span class=\"__1 _200\"/>). The G<span class=\"__1 _201\"/>roup\u2019s With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund is mea<span class=\"__1 _201\"/>sured o<span class=\"__1 _201\"/>n a realis<span class=\"__1 _201\"/>tic bas<span class=\"__1 _201\"/>is in acco<span class=\"__1 _201\"/>rdance w<span class=\"__1 _201\"/>ith<span class=\"__1 _32b\"> </span> FRS 2<span class=\"__1 _201\"/>7: Life As<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce. Th<span class=\"__1 _201\"/>e meas<span class=\"__1 _201\"/>uremen<span class=\"__1 _201\"/>t of the liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g from the m<span class=\"__1 _201\"/>ain t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/>s of contra<span class=\"__1 _201\"/>cts in s<span class=\"__1 _201\"/>cop<span class=\"__1 _201\"/>e of IFRS 4 is d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>ibe<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> further below<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> V<span class=\"__1 _200\"/>aluation<span class=\"__1 _200\"/> of the Wi<span class=\"__1 _200\"/>th-Profits Fund\u2019<span class=\"__1 _200\"/>s liabilit<span class=\"__1 _200\"/>ies<span class=\"__1 _32b\"> </span> The p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies for th<span class=\"__1 _201\"/>e Group\u2019s With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund are m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d unde<span class=\"__1 _201\"/>r FRS 27: Lif<span class=\"__1 _201\"/>e Ass<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e, whic<span class=\"__1 _201\"/>h require<span class=\"__1 _201\"/>s the use<span class=\"__1 _201\"/> of the rea<span class=\"__1 _201\"/>listi<span class=\"__1 _201\"/>c value of li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es. I<span class=\"__1 _201\"/>n aggre<span class=\"__1 _201\"/>gate, this ha<span class=\"__1 _201\"/>s the effe<span class=\"__1 _201\"/>ct of p<span class=\"__1 _201\"/>lacing a m<span class=\"__1 _201\"/>arket<span class=\"__1 _200\"/>-c<span class=\"__1 _201\"/>onsis<span class=\"__1 _201\"/>tent valu<span class=\"__1 _201\"/>e on the lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s of with<span class=\"__1 _201\"/>-<span class=\"__1 _32b\"> </span>profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ich refle<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s the amo<span class=\"__1 _201\"/>unts exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be pai<span class=\"__1 _201\"/>d base<span class=\"__1 _201\"/>d on the cur<span class=\"__1 _201\"/>rent val<span class=\"__1 _201\"/>ue of inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s held by th<span class=\"__1 _201\"/>e With-<span class=\"__1 _32b\"> </span>Profi<span class=\"__1 _201\"/>ts Fund and cu<span class=\"__1 _201\"/>rrent circu<span class=\"__1 _201\"/>msta<span class=\"__1 _201\"/>nces<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>alis<span class=\"__1 _201\"/>tic basi<span class=\"__1 _201\"/>s require<span class=\"__1 _201\"/>s the valu<span class=\"__1 _201\"/>e of with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilities to b<span class=\"__1 _201\"/>e cal<span class=\"__1 _201\"/>culated as th<span class=\"__1 _201\"/>e sum of:<span class=\"__1 _32b\"> </span>(i) a wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve (W<span class=\"__1 _201\"/>PBR); a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>(ii) f<span class=\"__1 _201\"/>uture pol<span class=\"__1 _201\"/>icy-<span class=\"__1 _201\"/>related lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s (FPR<span class=\"__1 _201\"/>L).<span class=\"__1 _32b\"> </span>The W<span class=\"__1 _201\"/>PBR is p<span class=\"__1 _201\"/>rimar<span class=\"__1 _201\"/>ily ba<span class=\"__1 _201\"/>sed on th<span class=\"__1 _201\"/>e retrosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive cal<span class=\"__1 _201\"/>culatio<span class=\"__1 _201\"/>n of accum<span class=\"__1 _201\"/>ulated as<span class=\"__1 _201\"/>set sha<span class=\"__1 _201\"/>res with a<span class=\"__1 _201\"/>djustm<span class=\"__1 _201\"/>ents to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t future<span class=\"__1 _201\"/> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd other c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/>s and exp<span class=\"__1 _201\"/>enses<span class=\"__1 _201\"/>. As<span class=\"__1 _201\"/>set sh<span class=\"__1 _201\"/>ares bro<span class=\"__1 _201\"/>adly re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 sh<span class=\"__1 _201\"/>are of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits<span class=\"__1 _201\"/> Fund as<span class=\"__1 _201\"/>sets at<span class=\"__1 _201\"/>tribut<span class=\"__1 _201\"/>able to the<span class=\"__1 _201\"/>ir pol<span class=\"__1 _201\"/>icies<span class=\"__1 _201\"/>. For ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain clas<span class=\"__1 _201\"/>ses of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, the WPB<span class=\"__1 _201\"/>R is ins<span class=\"__1 _201\"/>tead ca<span class=\"__1 _201\"/>lculated u<span class=\"__1 _201\"/>sing a pro<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ctive<span class=\"__1 _201\"/> bon<span class=\"__1 _201\"/>us rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve valuati<span class=\"__1 _201\"/>on, va<span class=\"__1 _201\"/>luing fu<span class=\"__1 _201\"/>ture claims a<span class=\"__1 _201\"/>nd expe<span class=\"__1 _201\"/>nses u<span class=\"__1 _201\"/>sing the ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted fu<span class=\"__1 _201\"/>ture bonu<span class=\"__1 _201\"/>s rates<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The F<span class=\"__1 _201\"/>PRL mu<span class=\"__1 _201\"/>st inc<span class=\"__1 _201\"/>lude a ma<span class=\"__1 _201\"/>rket<span class=\"__1 _200\"/>-co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent valuati<span class=\"__1 _201\"/>on of cos<span class=\"__1 _201\"/>ts of gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>s, opti<span class=\"__1 _201\"/>ons an<span class=\"__1 _201\"/>d smooth<span class=\"__1 _201\"/>ing, l<span class=\"__1 _201\"/>ess any re<span class=\"__1 _201\"/>lated cha<span class=\"__1 _201\"/>rges<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> and thi<span class=\"__1 _201\"/>s amoun<span class=\"__1 _201\"/>t is determ<span class=\"__1 _201\"/>ined u<span class=\"__1 _201\"/>sing a s<span class=\"__1 _201\"/>tochas<span class=\"__1 _201\"/>tic app<span class=\"__1 _201\"/>roach<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> In lin<span class=\"__1 _201\"/>e with FRS 2<span class=\"__1 _201\"/>7 requi<span class=\"__1 _201\"/>rement<span class=\"__1 _201\"/>s, th<span class=\"__1 _201\"/>e non-<span class=\"__1 _201\"/>profit a<span class=\"__1 _201\"/>nnuiti<span class=\"__1 _201\"/>es busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s within th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund is valu<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e statutor<span class=\"__1 _250\"/>y basis<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> i.e. i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ing marg<span class=\"__1 _201\"/>ins for ad<span class=\"__1 _201\"/>verse d<span class=\"__1 _201\"/>eviatio<span class=\"__1 _201\"/>ns (<span class=\"__1 _200\"/>as set o<span class=\"__1 _201\"/>ut in \u201cValuatio<span class=\"__1 _201\"/>n of annui<span class=\"__1 _201\"/>ty co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts\u201d). Th<span class=\"__1 _201\"/>e with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts liabi<span class=\"__1 _201\"/>lities a<span class=\"__1 _201\"/>re value<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> on a real<span class=\"__1 _201\"/>istic b<span class=\"__1 _201\"/>asis an<span class=\"__1 _201\"/>d therefo<span class=\"__1 _201\"/>re allow fo<span class=\"__1 _201\"/>r future en<span class=\"__1 _201\"/>hance<span class=\"__1 _201\"/>ments to th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs. Fo<span class=\"__1 _201\"/>llowi<span class=\"__1 _201\"/>ng this ap<span class=\"__1 _201\"/>proach u<span class=\"__1 _201\"/>nadjus<span class=\"__1 _201\"/>ted wou<span class=\"__1 _201\"/>ld<span class=\"__1 _32b\"> </span> lea<span class=\"__1 _201\"/>d to an incon<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>cy in th<span class=\"__1 _201\"/>e net as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>, as such<span class=\"__1 _201\"/>, the pre<span class=\"__1 _201\"/>sent va<span class=\"__1 _201\"/>lue of futu<span class=\"__1 _201\"/>re profit<span class=\"__1 _201\"/>s from the re<span class=\"__1 _201\"/>levant n<span class=\"__1 _201\"/>on-p<span class=\"__1 _201\"/>rofit an<span class=\"__1 _201\"/>nuitie<span class=\"__1 _201\"/>s is<span class=\"__1 _32b\"> </span> app<span class=\"__1 _201\"/>lied as a<span class=\"__1 _201\"/>n adjus<span class=\"__1 _201\"/>tment to the w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s liabili<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>. Annua<span class=\"__1 _201\"/>lly, when the e<span class=\"__1 _201\"/>nhanc<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s to asse<span class=\"__1 _201\"/>t shares a<span class=\"__1 _201\"/>re commit<span class=\"__1 _201\"/>ted to, th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> valu<span class=\"__1 _201\"/>e of the enh<span class=\"__1 _201\"/>ancem<span class=\"__1 _201\"/>ents is t<span class=\"__1 _201\"/>rans<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d from the U<span class=\"__1 _201\"/>nallo<span class=\"__1 _201\"/>cated s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund to with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 share of fu<span class=\"__1 _201\"/>ture cos<span class=\"__1 _201\"/>ts of bon<span class=\"__1 _201\"/>uses is i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ed wit<span class=\"__1 _201\"/>hin the lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s for una<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus<span class=\"__1 _201\"/>. The s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019<span class=\"__1 _32b\"> </span> share of p<span class=\"__1 _201\"/>rofit is re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised i<span class=\"__1 _201\"/>n line with t<span class=\"__1 _201\"/>he dis<span class=\"__1 _201\"/>tributi<span class=\"__1 _201\"/>on of bo<span class=\"__1 _201\"/>nuses to p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>Unallocated surplus of the With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>The u<span class=\"__1 _201\"/>nallo<span class=\"__1 _201\"/>cated s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund rep<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nts the exces<span class=\"__1 _201\"/>s of as<span class=\"__1 _201\"/>sets over p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es that have yet to be<span class=\"__1 _201\"/> appro<span class=\"__1 _201\"/>priate<span class=\"__1 _201\"/>d bet<span class=\"__1 _201\"/>ween p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s and sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surp<span class=\"__1 _201\"/>lus is rec<span class=\"__1 _201\"/>orded w<span class=\"__1 _201\"/>holl<span class=\"__1 _201\"/>y as a liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y with no al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> to equi<span class=\"__1 _201\"/>ty. The ann<span class=\"__1 _201\"/>ual exces<span class=\"__1 _201\"/>s/(<span class=\"__1 _200\"/>shor<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>fall) of i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e over expe<span class=\"__1 _201\"/>nditure of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund, af<span class=\"__1 _201\"/>ter de<span class=\"__1 _201\"/>clarati<span class=\"__1 _201\"/>on and at<span class=\"__1 _201\"/>trib<span class=\"__1 _201\"/>ution<span class=\"__1 _201\"/> of the co<span class=\"__1 _201\"/>st of bo<span class=\"__1 _201\"/>nuse<span class=\"__1 _201\"/>s to polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s and sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s, is tra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rred to/(<span class=\"__1 _200\"/>from) the unall<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ated surp<span class=\"__1 _201\"/>lus eac<span class=\"__1 _201\"/>h year throu<span class=\"__1 _201\"/>gh a<span class=\"__1 _32b\"> </span> charg<span class=\"__1 _201\"/>e/<span class=\"__1 _200\"/>(<span class=\"__1 _200\"/>credi<span class=\"__1 _201\"/>t) to the inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment. T<span class=\"__1 _201\"/>he bal<span class=\"__1 _201\"/>ance reta<span class=\"__1 _201\"/>ined i<span class=\"__1 _201\"/>n the unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surp<span class=\"__1 _201\"/>lus repre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s cumulati<span class=\"__1 _201\"/>ve inco<span class=\"__1 _201\"/>me aris<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/> on the w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss that h<span class=\"__1 _201\"/>as not be<span class=\"__1 _201\"/>en all<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d to polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs or sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Valua<span class=\"__1 _200\"/>tion of unit<span class=\"__1 _f_1\"/>-linked contracts<span class=\"__1 _201\"/> For unit-linked c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, the at<span class=\"__1 _201\"/>tachin<span class=\"__1 _201\"/>g liabili<span class=\"__1 _201\"/>ty refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts the un<span class=\"__1 _201\"/>it value o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>on (using ac<span class=\"__1 _201\"/>tuaria<span class=\"__1 _201\"/>l fundi<span class=\"__1 _201\"/>ng whe<span class=\"__1 _201\"/>re relevan<span class=\"__1 _201\"/>t) and, in<span class=\"__1 _201\"/> the c<span class=\"__1 _201\"/>ase of co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts with si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce risk w<span class=\"__1 _201\"/>hich are th<span class=\"__1 _201\"/>erefore c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as insur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, allowan<span class=\"__1 _201\"/>ce for exp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> per<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>ncy an<span class=\"__1 _201\"/>d mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>. The lat<span class=\"__1 _201\"/>ter com<span class=\"__1 _201\"/>pone<span class=\"__1 _201\"/>nt, c<span class=\"__1 _201\"/>alculate<span class=\"__1 _201\"/>d using a di<span class=\"__1 _201\"/>scou<span class=\"__1 _201\"/>nted cas<span class=\"__1 _201\"/>h flow app<span class=\"__1 _201\"/>roach<span class=\"__1 _201\"/>, is deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d by<span class=\"__1 _32b\"> </span> app<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons on a b<span class=\"__1 _201\"/>asis that is a<span class=\"__1 _201\"/>pprop<span class=\"__1 _201\"/>riate for th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r profil<span class=\"__1 _201\"/>e and inc<span class=\"__1 _201\"/>luding a m<span class=\"__1 _201\"/>argin fo<span class=\"__1 _201\"/>r prud<span class=\"__1 _201\"/>ence i<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> the mortality<span class=\"__1 _200\"/>, persistency a<span class=\"__1 _200\"/>nd expense<span class=\"__1 _200\"/> assumptions.<span class=\"__1 _32b\"> </span>Valuation of an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y contra<span class=\"__1 _201\"/>cts<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>re calc<span class=\"__1 _201\"/>ulated as th<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>cted va<span class=\"__1 _201\"/>lue of futu<span class=\"__1 _201\"/>re annuit<span class=\"__1 _201\"/>y pay<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>nd expe<span class=\"__1 _201\"/>nses<span class=\"__1 _201\"/>, disc<span class=\"__1 _201\"/>ounted by a v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> interes<span class=\"__1 _201\"/>t rate, hav<span class=\"__1 _201\"/>ing pru<span class=\"__1 _201\"/>dent re<span class=\"__1 _201\"/>gard to the as<span class=\"__1 _201\"/>sumpt<span class=\"__1 _201\"/>ions us<span class=\"__1 _201\"/>ed. T<span class=\"__1 _201\"/>he pri<span class=\"__1 _201\"/>mar<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons req<span class=\"__1 _201\"/>uired are in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/> mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lity, credit a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions w<span class=\"__1 _201\"/>ithin the v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n interes<span class=\"__1 _201\"/>t rate and futu<span class=\"__1 _201\"/>re expen<span class=\"__1 _201\"/>se levels<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> Liability adequacy test<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>s adeq<span class=\"__1 _201\"/>uacy te<span class=\"__1 _201\"/>sting o<span class=\"__1 _201\"/>n its liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s in resp<span class=\"__1 _201\"/>ect o<span class=\"__1 _201\"/>f insura<span class=\"__1 _201\"/>nce con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts and inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt contra<span class=\"__1 _201\"/>cts w<span class=\"__1 _201\"/>ith DPF to<span class=\"__1 _201\"/> ensu<span class=\"__1 _201\"/>re that the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng amo<span class=\"__1 _201\"/>unts (net of relate<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>n cost<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) are suffi<span class=\"__1 _201\"/>cient to c<span class=\"__1 _201\"/>over curre<span class=\"__1 _201\"/>nt estim<span class=\"__1 _201\"/>ates of future<span class=\"__1 _201\"/> cas<span class=\"__1 _201\"/>h flows<span class=\"__1 _201\"/>. Any defi<span class=\"__1 _201\"/>cien<span class=\"__1 _201\"/>cy is im<span class=\"__1 _201\"/>medi<span class=\"__1 _201\"/>ately charg<span class=\"__1 _201\"/>ed to the in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt.<span class=\"__1 _201\"/> 1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _32b\"> </span><span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls4f_1 ws55_1\">199<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>iii Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt contra<span class=\"__1 _201\"/>cts w<span class=\"__1 _201\"/>ithout d<span class=\"__1 _201\"/>iscretio<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cipatio<span class=\"__1 _201\"/>n features<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>thout D<span class=\"__1 _201\"/>PF<span class=\"__1 _f_1\"/>, such a<span class=\"__1 _201\"/>s unit-linked sav<span class=\"__1 _201\"/>ings an<span class=\"__1 _201\"/>d similar c<span class=\"__1 _201\"/>ontra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>, are acc<span class=\"__1 _201\"/>ounted fo<span class=\"__1 _201\"/>r as finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> This t<span class=\"__1 _201\"/>reatment re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>ts the d<span class=\"__1 _201\"/>epos<span class=\"__1 _201\"/>it nature of the a<span class=\"__1 _201\"/>rran<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt, with p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>s and cla<span class=\"__1 _201\"/>ims refle<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d as dep<span class=\"__1 _201\"/>osits an<span class=\"__1 _201\"/>d withd<span class=\"__1 _201\"/>rawals<span class=\"__1 _201\"/> and re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised di<span class=\"__1 _201\"/>rect<span class=\"__1 _201\"/>ly on the s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial po<span class=\"__1 _201\"/>sition a<span class=\"__1 _201\"/>s moveme<span class=\"__1 _201\"/>nts in the fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al liabil<span class=\"__1 _201\"/>ity. The<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as fin<span class=\"__1 _201\"/>ancial in<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>nd des<span class=\"__1 _201\"/>ignated a<span class=\"__1 _201\"/>s FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL be<span class=\"__1 _201\"/>caus<span class=\"__1 _201\"/>e the res<span class=\"__1 _201\"/>ulting lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s are mana<span class=\"__1 _201\"/>ged<span class=\"__1 _201\"/>, and<span class=\"__1 _201\"/> their p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>mance i<span class=\"__1 _201\"/>s evaluate<span class=\"__1 _201\"/>d on a fair v<span class=\"__1 _201\"/>alue ba<span class=\"__1 _201\"/>sis. Fo<span class=\"__1 _201\"/>r unit-linked con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts, th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue of the l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y is e<span class=\"__1 _201\"/>qual to the un<span class=\"__1 _201\"/>it<span class=\"__1 _32b\"> </span> value obligation.<span class=\"__1 _32b\"> </span> The G<span class=\"__1 _201\"/>roup in<span class=\"__1 _201\"/>curs var<span class=\"__1 _201\"/>ious i<span class=\"__1 _201\"/>ncreme<span class=\"__1 _201\"/>ntal, d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tly attr<span class=\"__1 _201\"/>ibuta<span class=\"__1 _201\"/>ble acq<span class=\"__1 _201\"/>uisiti<span class=\"__1 _201\"/>on cos<span class=\"__1 _201\"/>ts relatin<span class=\"__1 _201\"/>g to the inves<span class=\"__1 _201\"/>tment ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment el<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t of<span class=\"__1 _32b\"> </span> thes<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts w<span class=\"__1 _201\"/>hich are c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d and amo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tised i<span class=\"__1 _201\"/>n line wi<span class=\"__1 _201\"/>th the relate<span class=\"__1 _201\"/>d revenue. I<span class=\"__1 _201\"/>f the contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s involve u<span class=\"__1 _201\"/>pfront cha<span class=\"__1 _201\"/>rges<span class=\"__1 _201\"/>, this<span class=\"__1 _201\"/> inco<span class=\"__1 _201\"/>me is als<span class=\"__1 _201\"/>o defer<span class=\"__1 _201\"/>red an<span class=\"__1 _201\"/>d amor<span class=\"__1 _201\"/>tis<span class=\"__1 _201\"/>ed throu<span class=\"__1 _201\"/>gh the in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t, as the s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>e is provi<span class=\"__1 _201\"/>ded in a<span class=\"__1 _201\"/>ccorda<span class=\"__1 _201\"/>nce with I<span class=\"__1 _201\"/>FRS 15<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5.3 Business acqui<span class=\"__1 _200\"/>sitions<span class=\"__1 _32b\"> </span> Busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s acquis<span class=\"__1 _201\"/>itions a<span class=\"__1 _201\"/>re accou<span class=\"__1 _201\"/>nted for by ap<span class=\"__1 _201\"/>ply<span class=\"__1 _201\"/>ing the a<span class=\"__1 _201\"/>cquisit<span class=\"__1 _201\"/>ion meth<span class=\"__1 _201\"/>od of ac<span class=\"__1 _201\"/>countin<span class=\"__1 _201\"/>g, whe<span class=\"__1 _201\"/>re the ide<span class=\"__1 _201\"/>ntifia<span class=\"__1 _201\"/>ble as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> liabi<span class=\"__1 _201\"/>lities of th<span class=\"__1 _201\"/>e acqui<span class=\"__1 _201\"/>red bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s are reco<span class=\"__1 _201\"/>rded at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e on the date of a<span class=\"__1 _201\"/>cquisi<span class=\"__1 _201\"/>tion. T<span class=\"__1 _201\"/>he exces<span class=\"__1 _201\"/>s of the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of acquis<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ation over th<span class=\"__1 _201\"/>e record<span class=\"__1 _201\"/>ed val<span class=\"__1 _201\"/>ue of the as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liab<span class=\"__1 _201\"/>ilities o<span class=\"__1 _201\"/>f the acqu<span class=\"__1 _201\"/>ired enti<span class=\"__1 _201\"/>ty is re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d on the s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial<span class=\"__1 _201\"/> pos<span class=\"__1 _201\"/>ition as g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will. E<span class=\"__1 _201\"/>xp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>s related to ac<span class=\"__1 _201\"/>quirin<span class=\"__1 _201\"/>g a new bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s are charg<span class=\"__1 _201\"/>ed to the in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt in the year i<span class=\"__1 _201\"/>n which th<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span> are incu<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>. Where th<span class=\"__1 _201\"/>ere is def<span class=\"__1 _201\"/>erred c<span class=\"__1 _201\"/>onsi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>on payabl<span class=\"__1 _201\"/>e to form<span class=\"__1 _201\"/>er share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers of a b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss acq<span class=\"__1 _201\"/>uired<span class=\"__1 _201\"/>, those i<span class=\"__1 _201\"/>ndiv<span class=\"__1 _201\"/>idual<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> be<span class=\"__1 _201\"/>come e<span class=\"__1 _201\"/>mploye<span class=\"__1 _201\"/>es, a<span class=\"__1 _201\"/>nd paym<span class=\"__1 _201\"/>ent is de<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>ent on th<span class=\"__1 _201\"/>ose in<span class=\"__1 _201\"/>divi<span class=\"__1 _201\"/>duals rem<span class=\"__1 _201\"/>aining i<span class=\"__1 _201\"/>n ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ce from th<span class=\"__1 _201\"/>e date of acqui<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>; this<span class=\"__1 _32b\"> </span> defe<span class=\"__1 _201\"/>rred co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>eration d<span class=\"__1 _201\"/>oes n<span class=\"__1 _201\"/>ot form p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of the purc<span class=\"__1 _201\"/>hase co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>eration a<span class=\"__1 _201\"/>nd is acc<span class=\"__1 _201\"/>ounted fo<span class=\"__1 _201\"/>r as emp<span class=\"__1 _201\"/>loyme<span class=\"__1 _201\"/>nt cos<span class=\"__1 _201\"/>ts over the<span class=\"__1 _201\"/> ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d. Inc<span class=\"__1 _201\"/>ome an<span class=\"__1 _201\"/>d expen<span class=\"__1 _201\"/>ses of ac<span class=\"__1 _201\"/>quired e<span class=\"__1 _201\"/>ntities a<span class=\"__1 _201\"/>re inclu<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent from t<span class=\"__1 _201\"/>he date of acqu<span class=\"__1 _201\"/>isitio<span class=\"__1 _201\"/>n.<span class=\"__1 _32b\"> </span>Acqui<span class=\"__1 _200\"/>sitions<span class=\"__1 _200\"/> of ent<span class=\"__1 _200\"/>ities u<span class=\"__1 _200\"/>nder common con<span class=\"__1 _200\"/>trol<span class=\"__1 _200\"/> are acc<span class=\"__1 _200\"/>ounted<span class=\"__1 _200\"/> for under mer<span class=\"__1 _200\"/>ger accoun<span class=\"__1 _200\"/>ting princ<span class=\"__1 _200\"/>iples. Under merger acc<span class=\"__1 _200\"/>ounting,<span class=\"__1 _32b\"> </span> the res<span class=\"__1 _201\"/>ults an<span class=\"__1 _201\"/>d statem<span class=\"__1 _201\"/>ent of fina<span class=\"__1 _201\"/>ncial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n for entiti<span class=\"__1 _201\"/>es acq<span class=\"__1 _201\"/>uired are p<span class=\"__1 _201\"/>resente<span class=\"__1 _201\"/>d as if they h<span class=\"__1 _201\"/>ad always b<span class=\"__1 _201\"/>een c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ed.<span class=\"__1 _201\"/> As<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabil<span class=\"__1 _201\"/>ities of th<span class=\"__1 _201\"/>e entitie<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d are rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d at their c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng valu<span class=\"__1 _201\"/>es, a<span class=\"__1 _201\"/>nd a fair v<span class=\"__1 _201\"/>alue me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent is n<span class=\"__1 _201\"/>ot<span class=\"__1 _32b\"> </span> und<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>taken. No n<span class=\"__1 _201\"/>ew goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d, an<span class=\"__1 _201\"/>d the diff<span class=\"__1 _201\"/>erence<span class=\"__1 _201\"/>s bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the cos<span class=\"__1 _201\"/>t of investm<span class=\"__1 _201\"/>ent, w<span class=\"__1 _201\"/>hich is it<span class=\"__1 _201\"/>s fair va<span class=\"__1 _201\"/>lue, an<span class=\"__1 _201\"/>d the<span class=\"__1 _201\"/> car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying v<span class=\"__1 _201\"/>alue of as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d is reco<span class=\"__1 _201\"/>rded w<span class=\"__1 _201\"/>ithin eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. 1.5.<span class=\"__1 _201\"/>4 Financ<span class=\"__1 _200\"/>ial assets<span class=\"__1 _200\"/> and liabilities<span class=\"__1 _32b\"> </span>i Clas<span class=\"__1 _201\"/>sific<span class=\"__1 _201\"/>ation a<span class=\"__1 _201\"/>nd mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ation of fin<span class=\"__1 _201\"/>ancial a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s is deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d at initial re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>es der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve finan<span class=\"__1 _201\"/>cial assets an<span class=\"__1 _201\"/>d financial liabilities as hel<span class=\"__1 _201\"/>d for trading. Fina<span class=\"__1 _201\"/>ncial as<span class=\"__1 _201\"/>sets w<span class=\"__1 _201\"/>hich are m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>d and w<span class=\"__1 _201\"/>hose p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance is ev<span class=\"__1 _201\"/>aluated o<span class=\"__1 _201\"/>n a fair val<span class=\"__1 _201\"/>ue bas<span class=\"__1 _201\"/>is are des<span class=\"__1 _201\"/>ignated at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L<span class=\"__1 _201\"/>. The v<span class=\"__1 _201\"/>ast ma<span class=\"__1 _201\"/>jorit<span class=\"__1 _201\"/>y of the G<span class=\"__1 _201\"/>roup\u2019s finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets fa<span class=\"__1 _201\"/>ll into this c<span class=\"__1 _201\"/>ategor<span class=\"__1 _201\"/>y, as the as<span class=\"__1 _201\"/>sets are h<span class=\"__1 _201\"/>eld to ba<span class=\"__1 _201\"/>ck poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>. Mana<span class=\"__1 _201\"/>ging as<span class=\"__1 _201\"/>sets o<span class=\"__1 _201\"/>n a fair va<span class=\"__1 _201\"/>lue bas<span class=\"__1 _201\"/>is max<span class=\"__1 _201\"/>imise<span class=\"__1 _201\"/>s returns to po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>ders a<span class=\"__1 _201\"/>nd avoids a<span class=\"__1 _201\"/>ccounti<span class=\"__1 _201\"/>ng mism<span class=\"__1 _201\"/>atches in th<span class=\"__1 _201\"/>e income stat<span class=\"__1 _200\"/>ement.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ac<span class=\"__1 _201\"/>count<span class=\"__1 _201\"/>s for the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y rele<span class=\"__1 _201\"/>ase out<span class=\"__1 _201\"/>stan<span class=\"__1 _201\"/>ding mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tgage lo<span class=\"__1 _201\"/>ans as fin<span class=\"__1 _201\"/>ancial a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s desi<span class=\"__1 _201\"/>gnated at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL o<span class=\"__1 _201\"/>n the st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/> of finan<span class=\"__1 _201\"/>cial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n and the va<span class=\"__1 _201\"/>lue of the n<span class=\"__1 _201\"/>o neg<span class=\"__1 _201\"/>ative equ<span class=\"__1 _201\"/>ity g<span class=\"__1 _201\"/>uarante<span class=\"__1 _201\"/>e (NNEG) is in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed in dete<span class=\"__1 _201\"/>rminin<span class=\"__1 _201\"/>g the overa<span class=\"__1 _201\"/>ll fair v<span class=\"__1 _201\"/>alue of<span class=\"__1 _201\"/> the lo<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>. The exis<span class=\"__1 _201\"/>tence o<span class=\"__1 _201\"/>f the NNEG i<span class=\"__1 _201\"/>s not suffi<span class=\"__1 _201\"/>cient f<span class=\"__1 _201\"/>or the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y relea<span class=\"__1 _201\"/>se mor<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ge loa<span class=\"__1 _201\"/>ns to trans<span class=\"__1 _201\"/>fer sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant insu<span class=\"__1 _201\"/>rance r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/> to the Gro<span class=\"__1 _201\"/>up, and th<span class=\"__1 _201\"/>erefore th<span class=\"__1 _201\"/>e lifetime m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tgage<span class=\"__1 _201\"/>s are not co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ered an in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>. Fina<span class=\"__1 _201\"/>ncial as<span class=\"__1 _201\"/>sets c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as hel<span class=\"__1 _201\"/>d for trad<span class=\"__1 _201\"/>ing or at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>, a<span class=\"__1 _201\"/>nd finan<span class=\"__1 _201\"/>cial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s clas<span class=\"__1 _201\"/>sifie<span class=\"__1 _201\"/>d as hel<span class=\"__1 _201\"/>d for tra<span class=\"__1 _201\"/>ding, a<span class=\"__1 _201\"/>re meas<span class=\"__1 _201\"/>ured at<span class=\"__1 _201\"/> fair v<span class=\"__1 _201\"/>alue wi<span class=\"__1 _201\"/>th all chan<span class=\"__1 _201\"/>ges the<span class=\"__1 _201\"/>reon b<span class=\"__1 _201\"/>eing re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised in i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent return i<span class=\"__1 _201\"/>n the inco<span class=\"__1 _201\"/>me st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup\u2019s financ<span class=\"__1 _201\"/>ial ass<span class=\"__1 _201\"/>ets wh<span class=\"__1 _201\"/>ich are not d<span class=\"__1 _201\"/>eriv<span class=\"__1 _201\"/>atives o<span class=\"__1 _201\"/>r desig<span class=\"__1 _201\"/>nated at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL a<span class=\"__1 _201\"/>re class<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as loa<span class=\"__1 _201\"/>ns or rec<span class=\"__1 _201\"/>eivab<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>. These instruments c<span class=\"__1 _200\"/>omprise non-quoted in<span class=\"__1 _200\"/>vestments<span class=\"__1 _200\"/> that<span class=\"__1 _200\"/> hav<span class=\"__1 _200\"/>e fixed<span class=\"__1 _200\"/> or det<span class=\"__1 _200\"/>erminable pa<span class=\"__1 _200\"/>yments and<span class=\"__1 _200\"/> include loans<span class=\"__1 _200\"/> collat<span class=\"__1 _200\"/>eralised by mor<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ges<span class=\"__1 _201\"/>, depo<span class=\"__1 _201\"/>sits<span class=\"__1 _201\"/>, loan<span class=\"__1 _201\"/>s to polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs and oth<span class=\"__1 _201\"/>er unse<span class=\"__1 _201\"/>cured l<span class=\"__1 _201\"/>oans an<span class=\"__1 _201\"/>d recei<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>. Thes<span class=\"__1 _201\"/>e invest<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>re initiall<span class=\"__1 _201\"/>y reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d at fair v<span class=\"__1 _201\"/>alue pl<span class=\"__1 _201\"/>us trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tion cos<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. Subse<span class=\"__1 _201\"/>quen<span class=\"__1 _201\"/>tly<span class=\"__1 _200\"/>, thes<span class=\"__1 _201\"/>e instr<span class=\"__1 _201\"/>ume<span class=\"__1 _201\"/>nts are ca<span class=\"__1 _201\"/>rrie<span class=\"__1 _201\"/>d at amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed co<span class=\"__1 _201\"/>st usi<span class=\"__1 _201\"/>ng the eff<span class=\"__1 _201\"/>ecti<span class=\"__1 _201\"/>ve interes<span class=\"__1 _201\"/>t meth<span class=\"__1 _201\"/>od and are s<span class=\"__1 _201\"/>ubje<span class=\"__1 _201\"/>ct to imp<span class=\"__1 _201\"/>airm<span class=\"__1 _201\"/>ent review<span class=\"__1 _201\"/>s. Wh<span class=\"__1 _201\"/>ere there i<span class=\"__1 _201\"/>s obje<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve evide<span class=\"__1 _201\"/>nce that a l<span class=\"__1 _201\"/>oss even<span class=\"__1 _201\"/>t has occu<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>, the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up meas<span class=\"__1 _201\"/>ures the am<span class=\"__1 _201\"/>ount of th<span class=\"__1 _201\"/>e impair<span class=\"__1 _201\"/>ment l<span class=\"__1 _201\"/>oss by co<span class=\"__1 _201\"/>mpar<span class=\"__1 _201\"/>ing the am<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cost w<span class=\"__1 _201\"/>ith the pre<span class=\"__1 _201\"/>sent v<span class=\"__1 _201\"/>alue of it<span class=\"__1 _201\"/>s estim<span class=\"__1 _201\"/>ated future c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ows disc<span class=\"__1 _201\"/>ounted at th<span class=\"__1 _201\"/>e origi<span class=\"__1 _201\"/>nal effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve interes<span class=\"__1 _201\"/>t rate.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>200<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>The G<span class=\"__1 _201\"/>roup us<span class=\"__1 _201\"/>es the tr<span class=\"__1 _201\"/>ade date meth<span class=\"__1 _201\"/>od to acc<span class=\"__1 _201\"/>ount for re<span class=\"__1 _201\"/>gular p<span class=\"__1 _201\"/>urchas<span class=\"__1 _201\"/>es and s<span class=\"__1 _201\"/>ales of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al ass<span class=\"__1 _201\"/>ets<span class=\"__1 _201\"/>. T<span class=\"__1 _f_1\"/>rans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tion cos<span class=\"__1 _201\"/>ts are<span class=\"__1 _201\"/> expe<span class=\"__1 _201\"/>nsed a<span class=\"__1 _201\"/>s incur<span class=\"__1 _201\"/>red.<span class=\"__1 _201\"/> Fina<span class=\"__1 _201\"/>ncial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s other th<span class=\"__1 _201\"/>an der<span class=\"__1 _201\"/>ivative<span class=\"__1 _201\"/>s are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed acc<span class=\"__1 _201\"/>ording to th<span class=\"__1 _201\"/>e subst<span class=\"__1 _201\"/>ance of th<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>ctual a<span class=\"__1 _201\"/>rran<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nts. T<span class=\"__1 _201\"/>he G<span class=\"__1 _201\"/>roup<span class=\"__1 _32b\"> </span> des<span class=\"__1 _201\"/>ignates fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l liabili<span class=\"__1 _201\"/>ties at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL i<span class=\"__1 _201\"/>f these i<span class=\"__1 _201\"/>nstr<span class=\"__1 _201\"/>ument<span class=\"__1 _201\"/>s are manag<span class=\"__1 _201\"/>ed an<span class=\"__1 _201\"/>d their p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance eva<span class=\"__1 _201\"/>luated on a f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e basi<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s are desi<span class=\"__1 _201\"/>gnated at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L, w<span class=\"__1 _201\"/>ith chan<span class=\"__1 _201\"/>ges in f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d withi<span class=\"__1 _201\"/>n bene<span class=\"__1 _201\"/>fits an<span class=\"__1 _201\"/>d claims in t<span class=\"__1 _201\"/>he cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d inco<span class=\"__1 _201\"/>me statem<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>he fai<span class=\"__1 _201\"/>r value li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y is e<span class=\"__1 _201\"/>qual to the tota<span class=\"__1 _201\"/>l value of<span class=\"__1 _201\"/> units a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated to the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>s, bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e bid pr<span class=\"__1 _201\"/>ice of the u<span class=\"__1 _201\"/>nder<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g ass<span class=\"__1 _201\"/>ets.<span class=\"__1 _201\"/> Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds w<span class=\"__1 _201\"/>hich are cl<span class=\"__1 _201\"/>assi<span class=\"__1 _201\"/>fied a<span class=\"__1 _201\"/>s financ<span class=\"__1 _201\"/>ial liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>re desi<span class=\"__1 _201\"/>gnated as F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L to match the<span class=\"__1 _201\"/> treatme<span class=\"__1 _201\"/>nt of the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s in the fun<span class=\"__1 _201\"/>ds. Ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s in fair va<span class=\"__1 _201\"/>lue are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed in m<span class=\"__1 _201\"/>ovemen<span class=\"__1 _201\"/>ts in third pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y intere<span class=\"__1 _201\"/>st in<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated fund<span class=\"__1 _201\"/>s in the con<span class=\"__1 _201\"/>solid<span class=\"__1 _201\"/>ated inc<span class=\"__1 _201\"/>ome st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Fina<span class=\"__1 _201\"/>ncial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s whic<span class=\"__1 _201\"/>h are not de<span class=\"__1 _201\"/>signate<span class=\"__1 _201\"/>d at FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL are me<span class=\"__1 _201\"/>asured at a<span class=\"__1 _201\"/>mor<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cos<span class=\"__1 _201\"/>t using th<span class=\"__1 _201\"/>e effe<span class=\"__1 _201\"/>ctive in<span class=\"__1 _201\"/>terest m<span class=\"__1 _201\"/>ethod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> ii Dete<span class=\"__1 _201\"/>rminati<span class=\"__1 _201\"/>on of fair v<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/> The G<span class=\"__1 _201\"/>roup us<span class=\"__1 _201\"/>es cur<span class=\"__1 _201\"/>rent bid p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s to value it<span class=\"__1 _201\"/>s investm<span class=\"__1 _201\"/>ents wi<span class=\"__1 _201\"/>th quoted p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s. Ac<span class=\"__1 _201\"/>tivel<span class=\"__1 _201\"/>y trade<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ents w<span class=\"__1 _201\"/>ithout q<span class=\"__1 _201\"/>uoted pr<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/> are val<span class=\"__1 _201\"/>ued us<span class=\"__1 _201\"/>ing pri<span class=\"__1 _201\"/>ces prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d by third par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s. Fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l asse<span class=\"__1 _201\"/>ts meas<span class=\"__1 _201\"/>ured at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e are clas<span class=\"__1 _201\"/>sifie<span class=\"__1 _201\"/>d into a thre<span class=\"__1 _201\"/>e-l<span class=\"__1 _201\"/>evel hie<span class=\"__1 _201\"/>rarchy<span class=\"__1 _32b\"> </span>, as de<span class=\"__1 _201\"/>scrib<span class=\"__1 _201\"/>ed in N<span class=\"__1 _201\"/>ote 32.<span class=\"__1 _32b\"> </span>If the m<span class=\"__1 _201\"/>arket for a fin<span class=\"__1 _201\"/>ancial i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent of the G<span class=\"__1 _201\"/>roup is no<span class=\"__1 _201\"/>t acti<span class=\"__1 _201\"/>ve, the fa<span class=\"__1 _201\"/>ir value i<span class=\"__1 _201\"/>s determ<span class=\"__1 _201\"/>ined us<span class=\"__1 _201\"/>ing val<span class=\"__1 _201\"/>uation tec<span class=\"__1 _201\"/>hniqu<span class=\"__1 _201\"/>es.<span class=\"__1 _201\"/> The G<span class=\"__1 _201\"/>roup e<span class=\"__1 _201\"/>stab<span class=\"__1 _201\"/>lishe<span class=\"__1 _201\"/>s fair va<span class=\"__1 _201\"/>lue for th<span class=\"__1 _201\"/>ese fin<span class=\"__1 _201\"/>ancial i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents by usi<span class=\"__1 _201\"/>ng quotati<span class=\"__1 _201\"/>ons fro<span class=\"__1 _201\"/>m indep<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>ent third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>, such as<span class=\"__1 _201\"/> brokers o<span class=\"__1 _201\"/>r pric<span class=\"__1 _201\"/>ing ser<span class=\"__1 _250\"/>vice<span class=\"__1 _201\"/>s, or by u<span class=\"__1 _201\"/>sing inter<span class=\"__1 _201\"/>nall<span class=\"__1 _201\"/>y develo<span class=\"__1 _201\"/>ped p<span class=\"__1 _201\"/>ricin<span class=\"__1 _201\"/>g mode<span class=\"__1 _201\"/>ls. P<span class=\"__1 _201\"/>rior<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y is given to p<span class=\"__1 _201\"/>ublicl<span class=\"__1 _201\"/>y availab<span class=\"__1 _201\"/>le pri<span class=\"__1 _201\"/>ces fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> ind<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>dent s<span class=\"__1 _201\"/>ources w<span class=\"__1 _201\"/>hen avail<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>, but overa<span class=\"__1 _201\"/>ll the so<span class=\"__1 _201\"/>urce of pri<span class=\"__1 _201\"/>cing an<span class=\"__1 _201\"/>d/<span class=\"__1 _200\"/>or the val<span class=\"__1 _201\"/>uation tec<span class=\"__1 _201\"/>hniqu<span class=\"__1 _201\"/>e is chos<span class=\"__1 _201\"/>en with th<span class=\"__1 _201\"/>e obje<span class=\"__1 _201\"/>ctive<span class=\"__1 _201\"/> of arr<span class=\"__1 _201\"/>ivin<span class=\"__1 _201\"/>g at a fair va<span class=\"__1 _201\"/>lue me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent, w<span class=\"__1 _201\"/>hich refl<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/>s the pr<span class=\"__1 _201\"/>ice at whi<span class=\"__1 _201\"/>ch an orde<span class=\"__1 _201\"/>rly tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n would ta<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>e pla<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>ween m<span class=\"__1 _201\"/>arket<span class=\"__1 _32b\"> </span> par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pants o<span class=\"__1 _201\"/>n the mea<span class=\"__1 _201\"/>surem<span class=\"__1 _201\"/>ent date.<span class=\"__1 _201\"/> The v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n techni<span class=\"__1 _201\"/>ques in<span class=\"__1 _201\"/>clude t<span class=\"__1 _201\"/>he use of re<span class=\"__1 _201\"/>cent ar<span class=\"__1 _201\"/>m\u2019<span class=\"__1 _200\"/>s leng<span class=\"__1 _201\"/>th trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, referen<span class=\"__1 _201\"/>ce to other ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents th<span class=\"__1 _201\"/>at are<span class=\"__1 _32b\"> </span> subs<span class=\"__1 _201\"/>tantial<span class=\"__1 _201\"/>ly the s<span class=\"__1 _201\"/>ame, di<span class=\"__1 _201\"/>scounte<span class=\"__1 _201\"/>d cas<span class=\"__1 _201\"/>h flow anal<span class=\"__1 _201\"/>ysis<span class=\"__1 _201\"/>, optio<span class=\"__1 _201\"/>n-ad<span class=\"__1 _201\"/>justed s<span class=\"__1 _201\"/>pread m<span class=\"__1 _201\"/>ode<span class=\"__1 _201\"/>ls and<span class=\"__1 _201\"/>, if appli<span class=\"__1 _201\"/>cab<span class=\"__1 _201\"/>le, enter<span class=\"__1 _201\"/>pris<span class=\"__1 _201\"/>e valuati<span class=\"__1 _201\"/>on,<span class=\"__1 _201\"/> and may in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>e a numbe<span class=\"__1 _201\"/>r of ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s relating to v<span class=\"__1 _201\"/>ariab<span class=\"__1 _201\"/>les su<span class=\"__1 _201\"/>ch as credi<span class=\"__1 _201\"/>t risk an<span class=\"__1 _201\"/>d interes<span class=\"__1 _201\"/>t rates<span class=\"__1 _201\"/>. Chang<span class=\"__1 _201\"/>es in as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span> relatin<span class=\"__1 _201\"/>g to these v<span class=\"__1 _201\"/>ariab<span class=\"__1 _201\"/>les co<span class=\"__1 _201\"/>uld po<span class=\"__1 _201\"/>sitivel<span class=\"__1 _201\"/>y or ne<span class=\"__1 _201\"/>gativel<span class=\"__1 _201\"/>y impa<span class=\"__1 _201\"/>ct the re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ted f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of thes<span class=\"__1 _201\"/>e finan<span class=\"__1 _201\"/>cial inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s. D<span class=\"__1 _201\"/>etails of<span class=\"__1 _201\"/> the fin<span class=\"__1 _201\"/>ancial i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents cla<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>fied as \u201c<span class=\"__1 _201\"/>level 3<span class=\"__1 _201\"/>\u201d to which va<span class=\"__1 _201\"/>luation te<span class=\"__1 _201\"/>chniq<span class=\"__1 _201\"/>ues are ap<span class=\"__1 _201\"/>plie<span class=\"__1 _201\"/>d, and th<span class=\"__1 _201\"/>e sens<span class=\"__1 _201\"/>itivi<span class=\"__1 _201\"/>ty of p<span class=\"__1 _201\"/>rofit bef<span class=\"__1 _201\"/>ore tax<span class=\"__1 _201\"/> to a chang<span class=\"__1 _201\"/>e in thes<span class=\"__1 _201\"/>e items\u2019 valuat<span class=\"__1 _201\"/>ion, a<span class=\"__1 _201\"/>re prese<span class=\"__1 _201\"/>nted in Note 3<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/> 1.5.<span class=\"__1 _201\"/>5 Earned<span class=\"__1 _200\"/> premiums, policy<span class=\"__1 _200\"/> fees and<span class=\"__1 _200\"/> claims pa<span class=\"__1 _200\"/>id<span class=\"__1 _32b\"> </span> Premi<span class=\"__1 _201\"/>ums and a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ations fo<span class=\"__1 _201\"/>r conventi<span class=\"__1 _201\"/>onal wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits p<span class=\"__1 _201\"/>olici<span class=\"__1 _201\"/>es and oth<span class=\"__1 _201\"/>er protec<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>-t<span class=\"__1 _201\"/>ype lif<span class=\"__1 _201\"/>e insura<span class=\"__1 _201\"/>nce and a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> pol<span class=\"__1 _201\"/>icies a<span class=\"__1 _201\"/>re accou<span class=\"__1 _201\"/>nted for w<span class=\"__1 _201\"/>hen due<span class=\"__1 _201\"/>. For unit-linked b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss and u<span class=\"__1 _201\"/>nitise<span class=\"__1 _201\"/>d with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts pol<span class=\"__1 _201\"/>icies<span class=\"__1 _201\"/>, prem<span class=\"__1 _201\"/>iums are ac<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d for<span class=\"__1 _32b\"> </span> whe<span class=\"__1 _201\"/>n the liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s arisin<span class=\"__1 _201\"/>g from the p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>s are reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>ese am<span class=\"__1 _201\"/>ounts excl<span class=\"__1 _201\"/>ude pre<span class=\"__1 _201\"/>mium taxe<span class=\"__1 _201\"/>s and sim<span class=\"__1 _201\"/>ilar duti<span class=\"__1 _201\"/>es wh<span class=\"__1 _201\"/>ere<span class=\"__1 _32b\"> </span> the G<span class=\"__1 _201\"/>roup col<span class=\"__1 _201\"/>lec<span class=\"__1 _201\"/>ts and s<span class=\"__1 _201\"/>ettl<span class=\"__1 _201\"/>es taxes b<span class=\"__1 _201\"/>orn<span class=\"__1 _201\"/>e by the clie<span class=\"__1 _201\"/>nt.<span class=\"__1 _32b\"> </span>Poli<span class=\"__1 _201\"/>cy fee<span class=\"__1 _201\"/>s charg<span class=\"__1 _201\"/>ed on lin<span class=\"__1 _201\"/>ked and uniti<span class=\"__1 _201\"/>sed w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits p<span class=\"__1 _201\"/>olici<span class=\"__1 _201\"/>es for m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, ass<span class=\"__1 _201\"/>et mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt and p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y admini<span class=\"__1 _201\"/>strati<span class=\"__1 _201\"/>on are<span class=\"__1 _201\"/> reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d as revenu<span class=\"__1 _201\"/>e as relate<span class=\"__1 _201\"/>d ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces are p<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>Claims p<span class=\"__1 _201\"/>aid inc<span class=\"__1 _201\"/>lude m<span class=\"__1 _201\"/>aturitie<span class=\"__1 _201\"/>s, ann<span class=\"__1 _201\"/>uities<span class=\"__1 _201\"/>, sur<span class=\"__1 _201\"/>rende<span class=\"__1 _201\"/>rs and d<span class=\"__1 _201\"/>eaths<span class=\"__1 _201\"/>. Maturit<span class=\"__1 _201\"/>y cla<span class=\"__1 _201\"/>ims are rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d as charge<span class=\"__1 _201\"/>s on the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y maturit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> date. Ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y claims a<span class=\"__1 _201\"/>re record<span class=\"__1 _201\"/>ed wh<span class=\"__1 _201\"/>en each a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y ins<span class=\"__1 _201\"/>talme<span class=\"__1 _201\"/>nt bec<span class=\"__1 _201\"/>omes d<span class=\"__1 _201\"/>ue for pay<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>. Surren<span class=\"__1 _201\"/>ders a<span class=\"__1 _201\"/>re charge<span class=\"__1 _201\"/>d to the<span class=\"__1 _201\"/> inco<span class=\"__1 _201\"/>me st<span class=\"__1 _201\"/>atement w<span class=\"__1 _201\"/>hen pai<span class=\"__1 _201\"/>d and de<span class=\"__1 _201\"/>ath claims a<span class=\"__1 _201\"/>re record<span class=\"__1 _201\"/>ed wh<span class=\"__1 _201\"/>en notifi<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5.6 Reinsurance<span class=\"__1 _32b\"> </span>The b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss se<span class=\"__1 _201\"/>eks to red<span class=\"__1 _201\"/>uce los<span class=\"__1 _201\"/>s expo<span class=\"__1 _201\"/>sure by reins<span class=\"__1 _201\"/>uring c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain leve<span class=\"__1 _201\"/>ls of ris<span class=\"__1 _201\"/>k in vari<span class=\"__1 _201\"/>ous area<span class=\"__1 _201\"/>s of exposu<span class=\"__1 _201\"/>re with othe<span class=\"__1 _201\"/>r insur<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/> comp<span class=\"__1 _201\"/>anie<span class=\"__1 _201\"/>s or reins<span class=\"__1 _201\"/>urers<span class=\"__1 _201\"/>. Where th<span class=\"__1 _201\"/>e reinsu<span class=\"__1 _201\"/>rance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>r signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt insur<span class=\"__1 _201\"/>ance ri<span class=\"__1 _201\"/>sk to the rein<span class=\"__1 _201\"/>surer<span class=\"__1 _200\"/>, the as<span class=\"__1 _201\"/>set ari<span class=\"__1 _201\"/>sing<span class=\"__1 _201\"/> from th<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>ct is cl<span class=\"__1 _201\"/>assi<span class=\"__1 _201\"/>fied a<span class=\"__1 _201\"/>s Reinsu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s. Re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce als<span class=\"__1 _201\"/>o inclu<span class=\"__1 _201\"/>des th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t of lon<span class=\"__1 _201\"/>gevit<span class=\"__1 _201\"/>y sw<span class=\"__1 _201\"/>aps<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>ment of re<span class=\"__1 _201\"/>insur<span class=\"__1 _201\"/>ance as<span class=\"__1 _201\"/>sets is c<span class=\"__1 _201\"/>onsis<span class=\"__1 _201\"/>tent with t<span class=\"__1 _201\"/>he meas<span class=\"__1 _201\"/>ureme<span class=\"__1 _201\"/>nt of the und<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>ying di<span class=\"__1 _201\"/>rect i<span class=\"__1 _201\"/>nsura<span class=\"__1 _201\"/>nce cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts.<span class=\"__1 _201\"/> Rein<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce premi<span class=\"__1 _201\"/>ums paid a<span class=\"__1 _201\"/>nd reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e recover<span class=\"__1 _201\"/>ies o<span class=\"__1 _201\"/>n claims p<span class=\"__1 _201\"/>aid are rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed wh<span class=\"__1 _201\"/>en the co<span class=\"__1 _201\"/>rresp<span class=\"__1 _201\"/>ondi<span class=\"__1 _201\"/>ng insur<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/> prem<span class=\"__1 _201\"/>ium is rec<span class=\"__1 _201\"/>eived f<span class=\"__1 _201\"/>rom the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der an<span class=\"__1 _201\"/>d when th<span class=\"__1 _201\"/>e reinsu<span class=\"__1 _201\"/>red clai<span class=\"__1 _201\"/>ms are incu<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>, respe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>vely. The<span class=\"__1 _201\"/>se items a<span class=\"__1 _201\"/>re discl<span class=\"__1 _201\"/>osed s<span class=\"__1 _201\"/>epar<span class=\"__1 _201\"/>ately on th<span class=\"__1 _201\"/>e face of th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent. A<span class=\"__1 _201\"/>ny gains or l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es aris<span class=\"__1 _201\"/>ing on th<span class=\"__1 _201\"/>e purch<span class=\"__1 _201\"/>ase of rein<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s are imme<span class=\"__1 _201\"/>diately re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised i<span class=\"__1 _201\"/>n the cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>If a rein<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce ass<span class=\"__1 _201\"/>et is imp<span class=\"__1 _201\"/>aired, t<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p reduc<span class=\"__1 _201\"/>es the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng amo<span class=\"__1 _201\"/>unt acco<span class=\"__1 _201\"/>rdingl<span class=\"__1 _201\"/>y and rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>es that im<span class=\"__1 _201\"/>pairm<span class=\"__1 _201\"/>ent los<span class=\"__1 _201\"/>s in the<span class=\"__1 _201\"/> inco<span class=\"__1 _201\"/>me st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>. A reinsur<span class=\"__1 _201\"/>ance as<span class=\"__1 _201\"/>set is i<span class=\"__1 _201\"/>mpaire<span class=\"__1 _201\"/>d if there is o<span class=\"__1 _201\"/>bje<span class=\"__1 _201\"/>ctive ev<span class=\"__1 _201\"/>iden<span class=\"__1 _201\"/>ce, as a re<span class=\"__1 _201\"/>sult of an eve<span class=\"__1 _201\"/>nt that occu<span class=\"__1 _201\"/>rred af<span class=\"__1 _201\"/>ter ini<span class=\"__1 _201\"/>tial reco<span class=\"__1 _201\"/>gnitio<span class=\"__1 _201\"/>n of the rein<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce ass<span class=\"__1 _201\"/>et, that th<span class=\"__1 _201\"/>e Group m<span class=\"__1 _201\"/>ay not rece<span class=\"__1 _201\"/>ive all am<span class=\"__1 _201\"/>ounts d<span class=\"__1 _201\"/>ue to it unde<span class=\"__1 _201\"/>r the term<span class=\"__1 _201\"/>s of the con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>t, and th<span class=\"__1 _201\"/>e event ha<span class=\"__1 _201\"/>s a reliabl<span class=\"__1 _201\"/>y meas<span class=\"__1 _201\"/>urabl<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct on th<span class=\"__1 _201\"/>e amoun<span class=\"__1 _201\"/>ts that the G<span class=\"__1 _201\"/>roup wi<span class=\"__1 _201\"/>ll recei<span class=\"__1 _201\"/>ve from th<span class=\"__1 _201\"/>e reinsure<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/> Whe<span class=\"__1 _201\"/>re the reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>ct do<span class=\"__1 _201\"/>es not tr<span class=\"__1 _201\"/>ansf<span class=\"__1 _201\"/>er signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant insur<span class=\"__1 _201\"/>ance r<span class=\"__1 _201\"/>isk to the rein<span class=\"__1 _201\"/>surer<span class=\"__1 _200\"/>, the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t is clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as a<span class=\"__1 _201\"/> finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ent and i<span class=\"__1 _201\"/>s measu<span class=\"__1 _201\"/>red at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls4f_1 ws55_1\">201<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>1.5.7 Fee<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span>Revenu<span class=\"__1 _201\"/>e aris<span class=\"__1 _201\"/>ing from c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wit<span class=\"__1 _201\"/>h client<span class=\"__1 _201\"/>s consi<span class=\"__1 _201\"/>sts of inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt and pe<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>forma<span class=\"__1 _201\"/>nce fe<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e from the G<span class=\"__1 _201\"/>roup\u2019s<span class=\"__1 _32b\"> </span> ass<span class=\"__1 _201\"/>et mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts w<span class=\"__1 _201\"/>ithout D<span class=\"__1 _201\"/>PF<span class=\"__1 _f_1\"/>, pl<span class=\"__1 _201\"/>atfor<span class=\"__1 _201\"/>m fee an<span class=\"__1 _201\"/>d other fe<span class=\"__1 _201\"/>es and c<span class=\"__1 _201\"/>ommis<span class=\"__1 _201\"/>sio<span class=\"__1 _201\"/>ns.<span class=\"__1 _32b\"> </span>Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent fee in<span class=\"__1 _201\"/>come i<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on inves<span class=\"__1 _201\"/>tment a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s unde<span class=\"__1 _201\"/>r manag<span class=\"__1 _201\"/>ement a<span class=\"__1 _201\"/>nd is on<span class=\"__1 _201\"/>ly reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d whe<span class=\"__1 _201\"/>n the Gro<span class=\"__1 _201\"/>up satis<span class=\"__1 _201\"/>fie<span class=\"__1 _201\"/>s its<span class=\"__1 _32b\"> </span> per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce obli<span class=\"__1 _201\"/>gation to prov<span class=\"__1 _201\"/>ide th<span class=\"__1 _201\"/>e asset m<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces<span class=\"__1 _201\"/>. It is rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in the ye<span class=\"__1 _201\"/>ar in whi<span class=\"__1 _201\"/>ch the se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s are rend<span class=\"__1 _201\"/>ered<span class=\"__1 _201\"/> and is re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised n<span class=\"__1 _201\"/>et of rebate<span class=\"__1 _201\"/>s. Sin<span class=\"__1 _201\"/>ce the as<span class=\"__1 _201\"/>set ma<span class=\"__1 _201\"/>nagem<span class=\"__1 _201\"/>ent se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p provid<span class=\"__1 _201\"/>es is a con<span class=\"__1 _201\"/>tinuou<span class=\"__1 _201\"/>s ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ce, it s<span class=\"__1 _201\"/>atisfi<span class=\"__1 _201\"/>es its<span class=\"__1 _201\"/> per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce obli<span class=\"__1 _201\"/>gation ove<span class=\"__1 _201\"/>r time. Th<span class=\"__1 _201\"/>erefore<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up mee<span class=\"__1 _201\"/>ts the cr<span class=\"__1 _201\"/>iteria fo<span class=\"__1 _201\"/>r its revenu<span class=\"__1 _201\"/>e to be reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d over tim<span class=\"__1 _201\"/>e, as the cli<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/> ben<span class=\"__1 _201\"/>efits f<span class=\"__1 _201\"/>rom the as<span class=\"__1 _201\"/>set ma<span class=\"__1 _201\"/>nagem<span class=\"__1 _201\"/>ent se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s recei<span class=\"__1 _201\"/>ved fro<span class=\"__1 _201\"/>m the Gro<span class=\"__1 _201\"/>up.<span class=\"__1 _32b\"> </span> Per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>manc<span class=\"__1 _201\"/>e fee inc<span class=\"__1 _201\"/>ome is b<span class=\"__1 _201\"/>ased o<span class=\"__1 _201\"/>n the ach<span class=\"__1 _201\"/>ieveme<span class=\"__1 _201\"/>nt of pres<span class=\"__1 _201\"/>cribe<span class=\"__1 _201\"/>d per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce hurdle<span class=\"__1 _201\"/>s. I<span class=\"__1 _201\"/>t is only re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nised w<span class=\"__1 _201\"/>hen th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce obli<span class=\"__1 _201\"/>gations a<span class=\"__1 _201\"/>re satis<span class=\"__1 _201\"/>fied o<span class=\"__1 _201\"/>r upon th<span class=\"__1 _201\"/>e cr<span class=\"__1 _201\"/>ys<span class=\"__1 _201\"/>tallis<span class=\"__1 _201\"/>ation event o<span class=\"__1 _201\"/>ccurr<span class=\"__1 _201\"/>ing an<span class=\"__1 _201\"/>d when it i<span class=\"__1 _201\"/>s highl<span class=\"__1 _201\"/>y proba<span class=\"__1 _201\"/>ble that a si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant<span class=\"__1 _201\"/> revers<span class=\"__1 _201\"/>al will n<span class=\"__1 _201\"/>ot occur.<span class=\"__1 _32b\"> </span>Fee<span class=\"__1 _201\"/>s from inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>thout D<span class=\"__1 _201\"/>PF are rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed over tim<span class=\"__1 _201\"/>e as the se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s are provi<span class=\"__1 _201\"/>ded<span class=\"__1 _201\"/>. Oth<span class=\"__1 _201\"/>er fee<span class=\"__1 _201\"/>s and com<span class=\"__1 _201\"/>miss<span class=\"__1 _201\"/>ions<span class=\"__1 _201\"/> such a<span class=\"__1 _201\"/>s from the p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>n of finan<span class=\"__1 _201\"/>cial ad<span class=\"__1 _201\"/>vice to cli<span class=\"__1 _201\"/>ents are re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nised w<span class=\"__1 _201\"/>hen p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>ons are sati<span class=\"__1 _201\"/>sfi<span class=\"__1 _201\"/>ed or up<span class=\"__1 _201\"/>on the<span class=\"__1 _201\"/> cr<span class=\"__1 _201\"/>ys<span class=\"__1 _201\"/>tallis<span class=\"__1 _201\"/>ation of an eve<span class=\"__1 _201\"/>nt. Th<span class=\"__1 _201\"/>e pric<span class=\"__1 _201\"/>e is determ<span class=\"__1 _201\"/>ined b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on the agre<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/>itial or on<span class=\"__1 _201\"/>goin<span class=\"__1 _201\"/>g advi<span class=\"__1 _201\"/>ser cha<span class=\"__1 _201\"/>rge.<span class=\"__1 _32b\"> </span>Plat<span class=\"__1 _201\"/>form fe<span class=\"__1 _201\"/>es are re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised a<span class=\"__1 _201\"/>s the related s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces are prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d to the clie<span class=\"__1 _201\"/>nt.<span class=\"__1 _201\"/> No si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant ju<span class=\"__1 _201\"/>dgem<span class=\"__1 _201\"/>ents are a<span class=\"__1 _201\"/>pplie<span class=\"__1 _201\"/>d on the tim<span class=\"__1 _201\"/>ing or tr<span class=\"__1 _201\"/>ansac<span class=\"__1 _201\"/>tion p<span class=\"__1 _201\"/>rice o<span class=\"__1 _201\"/>r the deter<span class=\"__1 _201\"/>minati<span class=\"__1 _201\"/>on of the cos<span class=\"__1 _201\"/>ts in<span class=\"__1 _201\"/>curred to o<span class=\"__1 _201\"/>btain or<span class=\"__1 _201\"/> fulfil a con<span class=\"__1 _200\"/>tract.<span class=\"__1 _32b\"> </span>1.<span class=\"__1 _201\"/>5.<span class=\"__1 _201\"/>8 Inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt retur<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment retu<span class=\"__1 _201\"/>rn incl<span class=\"__1 _201\"/>uded i<span class=\"__1 _201\"/>n the con<span class=\"__1 _201\"/>solid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me st<span class=\"__1 _201\"/>atement co<span class=\"__1 _201\"/>mpri<span class=\"__1 _201\"/>ses intere<span class=\"__1 _201\"/>st in<span class=\"__1 _201\"/>come, re<span class=\"__1 _201\"/>ntal inc<span class=\"__1 _201\"/>ome, d<span class=\"__1 _201\"/>ivid<span class=\"__1 _201\"/>ends<span class=\"__1 _201\"/>, forei<span class=\"__1 _201\"/>gn<span class=\"__1 _32b\"> </span> exchang<span class=\"__1 _201\"/>e gains an<span class=\"__1 _201\"/>d los<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, realis<span class=\"__1 _201\"/>ed and u<span class=\"__1 _201\"/>nrealis<span class=\"__1 _201\"/>ed gai<span class=\"__1 _201\"/>ns and lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s on inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s desig<span class=\"__1 _201\"/>nated as F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L, a<span class=\"__1 _201\"/>nd reali<span class=\"__1 _201\"/>sed ga<span class=\"__1 _201\"/>ins<span class=\"__1 _32b\"> </span> and l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s (incl<span class=\"__1 _201\"/>uding i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment) on ite<span class=\"__1 _201\"/>ms hel<span class=\"__1 _201\"/>d at amor<span class=\"__1 _201\"/>tis<span class=\"__1 _201\"/>ed cos<span class=\"__1 _201\"/>t. Intere<span class=\"__1 _201\"/>st in<span class=\"__1 _201\"/>come is re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nised a<span class=\"__1 _201\"/>s it accr<span class=\"__1 _201\"/>ues on a<span class=\"__1 _201\"/>n effec<span class=\"__1 _201\"/>tive<span class=\"__1 _201\"/> interes<span class=\"__1 _201\"/>t basi<span class=\"__1 _201\"/>s for ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents he<span class=\"__1 _201\"/>ld at amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed co<span class=\"__1 _201\"/>st. D<span class=\"__1 _201\"/>ivi<span class=\"__1 _201\"/>dend<span class=\"__1 _201\"/>s on equi<span class=\"__1 _201\"/>ty s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities are re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised o<span class=\"__1 _201\"/>n the ex-div<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>nd date and<span class=\"__1 _201\"/> rental i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d on an ac<span class=\"__1 _201\"/>crual<span class=\"__1 _201\"/>s basis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.<span class=\"__1 _201\"/>5.<span class=\"__1 _201\"/>9 Defe<span class=\"__1 _201\"/>rred a<span class=\"__1 _201\"/>cqui<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on cos<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/> The G<span class=\"__1 _201\"/>roup in<span class=\"__1 _201\"/>curs var<span class=\"__1 _201\"/>ious c<span class=\"__1 _201\"/>osts i<span class=\"__1 _201\"/>n acquir<span class=\"__1 _201\"/>ing new c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. For inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>thout D<span class=\"__1 _201\"/>PF<span class=\"__1 _f_1\"/>, inc<span class=\"__1 _201\"/>rement<span class=\"__1 _201\"/>al, dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>n cost<span class=\"__1 _201\"/>s are cap<span class=\"__1 _201\"/>italis<span class=\"__1 _201\"/>ed an<span class=\"__1 _201\"/>d amor<span class=\"__1 _201\"/>tis<span class=\"__1 _201\"/>ed in lin<span class=\"__1 _201\"/>e with the re<span class=\"__1 _201\"/>lated revenu<span class=\"__1 _201\"/>e as requ<span class=\"__1 _201\"/>ired by IFR<span class=\"__1 _201\"/>S 15. For c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain<span class=\"__1 _201\"/> insur<span class=\"__1 _201\"/>ance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, acqui<span class=\"__1 _201\"/>sition c<span class=\"__1 _201\"/>osts w<span class=\"__1 _201\"/>hich in<span class=\"__1 _201\"/>clude b<span class=\"__1 _201\"/>oth incre<span class=\"__1 _201\"/>mental a<span class=\"__1 _201\"/>cquis<span class=\"__1 _201\"/>ition co<span class=\"__1 _201\"/>sts an<span class=\"__1 _201\"/>d other co<span class=\"__1 _201\"/>sts of a<span class=\"__1 _201\"/>cquiri<span class=\"__1 _201\"/>ng and<span class=\"__1 _201\"/> proc<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ing new b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss are al<span class=\"__1 _201\"/>so cap<span class=\"__1 _201\"/>italis<span class=\"__1 _201\"/>ed and a<span class=\"__1 _201\"/>mor<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d in line w<span class=\"__1 _201\"/>ith the em<span class=\"__1 _201\"/>erge<span class=\"__1 _201\"/>nce of proj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted margi<span class=\"__1 _201\"/>ns. T<span class=\"__1 _201\"/>hese c<span class=\"__1 _201\"/>osts<span class=\"__1 _201\"/> (<span class=\"__1 _200\"/>defe<span class=\"__1 _201\"/>rred ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on cos<span class=\"__1 _201\"/>ts) are recog<span class=\"__1 _201\"/>nised a<span class=\"__1 _201\"/>s an ass<span class=\"__1 _201\"/>et in the s<span class=\"__1 _201\"/>tatement o<span class=\"__1 _201\"/>f financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y of any def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d acquis<span class=\"__1 _201\"/>ition co<span class=\"__1 _201\"/>sts is rev<span class=\"__1 _201\"/>iewed at e<span class=\"__1 _201\"/>ach rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ting date, a<span class=\"__1 _201\"/>nd to the ex<span class=\"__1 _201\"/>tent that the<span class=\"__1 _201\"/>se are no l<span class=\"__1 _201\"/>onge<span class=\"__1 _201\"/>r dee<span class=\"__1 _201\"/>med re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>ble fro<span class=\"__1 _201\"/>m future reven<span class=\"__1 _201\"/>ue or proj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted margi<span class=\"__1 _201\"/>ns, th<span class=\"__1 _201\"/>e carr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing va<span class=\"__1 _201\"/>lue is wr<span class=\"__1 _201\"/>itten d<span class=\"__1 _201\"/>own to the re<span class=\"__1 _201\"/>coverab<span class=\"__1 _201\"/>le amo<span class=\"__1 _201\"/>unt and th<span class=\"__1 _201\"/>e related im<span class=\"__1 _201\"/>pairm<span class=\"__1 _201\"/>ent char<span class=\"__1 _201\"/>ge reco<span class=\"__1 _201\"/>rded in th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent. Fo<span class=\"__1 _201\"/>r insura<span class=\"__1 _201\"/>nce co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts wri<span class=\"__1 _201\"/>tten wi<span class=\"__1 _201\"/>thin the<span class=\"__1 _201\"/> UK re<span class=\"__1 _201\"/>gulated W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund, in acc<span class=\"__1 _201\"/>ordan<span class=\"__1 _201\"/>ce with FR<span class=\"__1 _201\"/>S 27 there i<span class=\"__1 _201\"/>s no defe<span class=\"__1 _201\"/>rral of a<span class=\"__1 _201\"/>cquisi<span class=\"__1 _201\"/>tion cos<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d these c<span class=\"__1 _201\"/>osts a<span class=\"__1 _201\"/>re expen<span class=\"__1 _201\"/>sed<span class=\"__1 _201\"/> as incu<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>. Simila<span class=\"__1 _201\"/>rly, for insur<span class=\"__1 _201\"/>ance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wh<span class=\"__1 _201\"/>ere all of th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition co<span class=\"__1 _201\"/>sts are re<span class=\"__1 _201\"/>covere<span class=\"__1 _201\"/>d upfront<span class=\"__1 _201\"/>, such as a<span class=\"__1 _201\"/>nnuitie<span class=\"__1 _201\"/>s, n<span class=\"__1 _201\"/>o acqu<span class=\"__1 _201\"/>isitio<span class=\"__1 _201\"/>n cost<span class=\"__1 _201\"/>s are defer<span class=\"__1 _201\"/>red.<span class=\"__1 _201\"/> 1.5.<span class=\"__1 _200\"/>10<span class=\"__1 _200\"/> Deriva<span class=\"__1 _200\"/>tiv<span class=\"__1 _200\"/>es and hedge<span class=\"__1 _200\"/> accoun<span class=\"__1 _200\"/>ting<span class=\"__1 _32b\"> </span>The p<span class=\"__1 _201\"/>rimar<span class=\"__1 _250\"/>y areas of th<span class=\"__1 _201\"/>e Group\u2019s ope<span class=\"__1 _201\"/>rations w<span class=\"__1 _201\"/>here d<span class=\"__1 _201\"/>eriv<span class=\"__1 _201\"/>ative ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts are he<span class=\"__1 _201\"/>ld are in th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund and an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s. Ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment de<span class=\"__1 _201\"/>signate<span class=\"__1 _201\"/>s deri<span class=\"__1 _201\"/>vatives o<span class=\"__1 _201\"/>n ince<span class=\"__1 _201\"/>ption<span class=\"__1 _201\"/>, and thos<span class=\"__1 _201\"/>e that are not d<span class=\"__1 _201\"/>esig<span class=\"__1 _201\"/>nated as he<span class=\"__1 _201\"/>dgin<span class=\"__1 _201\"/>g instr<span class=\"__1 _201\"/>ument<span class=\"__1 _201\"/>s are<span class=\"__1 _32b\"> </span> clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as \u201ch<span class=\"__1 _201\"/>eld fo<span class=\"__1 _201\"/>r tradin<span class=\"__1 _201\"/>g\u201d and are me<span class=\"__1 _201\"/>asure<span class=\"__1 _201\"/>d at FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL<span class=\"__1 _201\"/>. Movem<span class=\"__1 _201\"/>ents in f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue are rec<span class=\"__1 _201\"/>orded w<span class=\"__1 _201\"/>ithin inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt return in th<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup d<span class=\"__1 _201\"/>oes not re<span class=\"__1 _201\"/>gula<span class=\"__1 _201\"/>rly se<span class=\"__1 _201\"/>ek to app<span class=\"__1 _201\"/>ly fai<span class=\"__1 _201\"/>r value o<span class=\"__1 _201\"/>r cash fl<span class=\"__1 _201\"/>ow hed<span class=\"__1 _201\"/>ging treatm<span class=\"__1 _201\"/>ent un<span class=\"__1 _201\"/>der IAS 3<span class=\"__1 _201\"/>9 and ha<span class=\"__1 _201\"/>s had no f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e or<span class=\"__1 _32b\"> </span> cas<span class=\"__1 _201\"/>h flow he<span class=\"__1 _201\"/>dge<span class=\"__1 _201\"/>s for the yea<span class=\"__1 _201\"/>rs end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 and 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>1 Der<span class=\"__1 _200\"/>ecognition<span class=\"__1 _200\"/> of financial<span class=\"__1 _200\"/> assets and<span class=\"__1 _200\"/> liabilities<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s poli<span class=\"__1 _201\"/>cy is to de<span class=\"__1 _201\"/>recog<span class=\"__1 _201\"/>nise fin<span class=\"__1 _201\"/>ancial a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s when i<span class=\"__1 _201\"/>t is dee<span class=\"__1 _201\"/>med th<span class=\"__1 _201\"/>at subst<span class=\"__1 _201\"/>antiall<span class=\"__1 _201\"/>y all the ri<span class=\"__1 _201\"/>sks and rew<span class=\"__1 _201\"/>ards of own<span class=\"__1 _201\"/>ershi<span class=\"__1 _201\"/>p<span class=\"__1 _32b\"> </span> have be<span class=\"__1 _201\"/>en trans<span class=\"__1 _201\"/>fer<span class=\"__1 _201\"/>red. G<span class=\"__1 _201\"/>ains an<span class=\"__1 _201\"/>d loss<span class=\"__1 _201\"/>es on di<span class=\"__1 _201\"/>spos<span class=\"__1 _201\"/>al are deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d as the di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the net dis<span class=\"__1 _201\"/>pos<span class=\"__1 _201\"/>al proc<span class=\"__1 _201\"/>eeds a<span class=\"__1 _201\"/>nd<span class=\"__1 _201\"/> the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng amo<span class=\"__1 _201\"/>unt of the as<span class=\"__1 _201\"/>set, a<span class=\"__1 _201\"/>nd are rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e stateme<span class=\"__1 _201\"/>nt.<span class=\"__1 _201\"/> The G<span class=\"__1 _201\"/>roup d<span class=\"__1 _201\"/>ereco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>s finan<span class=\"__1 _201\"/>cial liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s only w<span class=\"__1 _201\"/>hen the o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>on spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>ed in the c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t is dis<span class=\"__1 _201\"/>charge<span class=\"__1 _201\"/>d or c<span class=\"__1 _201\"/>ancel<span class=\"__1 _201\"/>led<span class=\"__1 _201\"/>, or<span class=\"__1 _32b\"> </span> has exp<span class=\"__1 _201\"/>ired.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>202<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>1.5.<span class=\"__1 _200\"/>12<span class=\"__1 _200\"/> Securities<span class=\"__1 _200\"/> lending and<span class=\"__1 _200\"/> re<span class=\"__1 _200\"/>ver<span class=\"__1 _200\"/>se r<span class=\"__1 _200\"/>epurchase<span class=\"__1 _200\"/> agreements<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup is p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty to va<span class=\"__1 _201\"/>riou<span class=\"__1 _201\"/>s secur<span class=\"__1 _201\"/>ities l<span class=\"__1 _201\"/>endin<span class=\"__1 _201\"/>g agree<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s and rep<span class=\"__1 _201\"/>urchase a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ents un<span class=\"__1 _201\"/>der w<span class=\"__1 _201\"/>hich se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es are tran<span class=\"__1 _201\"/>sfer<span class=\"__1 _201\"/>red<span class=\"__1 _201\"/> to third par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es on a sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term bas<span class=\"__1 _201\"/>is. T<span class=\"__1 _201\"/>he tran<span class=\"__1 _201\"/>sfer<span class=\"__1 _201\"/>red se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es are not d<span class=\"__1 _201\"/>ereco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed; rath<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>, they contin<span class=\"__1 _201\"/>ue to be re<span class=\"__1 _201\"/>cognis<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/> withi<span class=\"__1 _201\"/>n the app<span class=\"__1 _201\"/>ropriate inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>cation<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The G<span class=\"__1 _201\"/>roup\u2019s poli<span class=\"__1 _201\"/>cy is that c<span class=\"__1 _201\"/>ollatera<span class=\"__1 _201\"/>l in excess o<span class=\"__1 _201\"/>f 100% of the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s loan<span class=\"__1 _201\"/>ed is req<span class=\"__1 _201\"/>uired fro<span class=\"__1 _201\"/>m all se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> bor<span class=\"__1 _201\"/>rowers a<span class=\"__1 _201\"/>nd t<span class=\"__1 _201\"/>ypic<span class=\"__1 _201\"/>ally co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>ts of ca<span class=\"__1 _201\"/>sh, de<span class=\"__1 _201\"/>bt sec<span class=\"__1 _201\"/>uritie<span class=\"__1 _201\"/>s, e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s or let<span class=\"__1 _201\"/>ters of cre<span class=\"__1 _201\"/>dit.<span class=\"__1 _32b\"> </span>In ca<span class=\"__1 _201\"/>ses wh<span class=\"__1 _201\"/>ere the G<span class=\"__1 _201\"/>roup takes p<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>essi<span class=\"__1 _201\"/>on of the co<span class=\"__1 _201\"/>llatera<span class=\"__1 _201\"/>l under i<span class=\"__1 _201\"/>ts se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s len<span class=\"__1 _201\"/>ding pro<span class=\"__1 _201\"/>gramm<span class=\"__1 _201\"/>e, incl<span class=\"__1 _201\"/>uding c<span class=\"__1 _201\"/>ash co<span class=\"__1 _201\"/>llateral<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h is not le<span class=\"__1 _201\"/>gall<span class=\"__1 _201\"/>y separ<span class=\"__1 _201\"/>ated from th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p, the coll<span class=\"__1 _201\"/>ateral an<span class=\"__1 _201\"/>d corre<span class=\"__1 _201\"/>spon<span class=\"__1 _201\"/>ding ob<span class=\"__1 _201\"/>ligatio<span class=\"__1 _201\"/>n to return su<span class=\"__1 _201\"/>ch collater<span class=\"__1 _201\"/>al is rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/> as a fina<span class=\"__1 _201\"/>ncial li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y on th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The G<span class=\"__1 _201\"/>roup is a<span class=\"__1 _201\"/>lso par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y to var<span class=\"__1 _201\"/>ious rever<span class=\"__1 _201\"/>se repu<span class=\"__1 _201\"/>rchase a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ents un<span class=\"__1 _201\"/>der wh<span class=\"__1 _201\"/>ich se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es are purch<span class=\"__1 _201\"/>ased f<span class=\"__1 _201\"/>rom third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ties wit<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> an ob<span class=\"__1 _201\"/>ligation to re<span class=\"__1 _201\"/>sell th<span class=\"__1 _201\"/>e secur<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e secu<span class=\"__1 _201\"/>rities a<span class=\"__1 _201\"/>re not rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed as inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts on the s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The r<span class=\"__1 _201\"/>ight to rec<span class=\"__1 _201\"/>eive the re<span class=\"__1 _201\"/>turn of any c<span class=\"__1 _201\"/>ash pai<span class=\"__1 _201\"/>d as purcha<span class=\"__1 _201\"/>se cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ation pl<span class=\"__1 _201\"/>us interes<span class=\"__1 _201\"/>t is reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed as a fin<span class=\"__1 _201\"/>ancial a<span class=\"__1 _201\"/>sset o<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span> statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>3 Subordina<span class=\"__1 _200\"/>ted<span class=\"__1 _200\"/> liabilities and<span class=\"__1 _200\"/> other borr<span class=\"__1 _200\"/>owing<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span>Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties inc<span class=\"__1 _201\"/>lude l<span class=\"__1 _201\"/>oan notes i<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>ed by the G<span class=\"__1 _201\"/>roup whi<span class=\"__1 _201\"/>ch are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l liabili<span class=\"__1 _201\"/>ties as th<span class=\"__1 _201\"/>ey have a fixed<span class=\"__1 _201\"/> repay<span class=\"__1 _201\"/>ment date an<span class=\"__1 _201\"/>d do not rep<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nt a resid<span class=\"__1 _201\"/>ual interes<span class=\"__1 _201\"/>t in the n<span class=\"__1 _201\"/>et ass<span class=\"__1 _201\"/>ets of the C<span class=\"__1 _201\"/>ompany o<span class=\"__1 _201\"/>n liqui<span class=\"__1 _201\"/>dation<span class=\"__1 _201\"/>. The no<span class=\"__1 _201\"/>tes rank ju<span class=\"__1 _201\"/>nior to<span class=\"__1 _201\"/> all othe<span class=\"__1 _201\"/>r liabil<span class=\"__1 _201\"/>ities of th<span class=\"__1 _201\"/>e Group i<span class=\"__1 _201\"/>n the event of li<span class=\"__1 _201\"/>quidati<span class=\"__1 _201\"/>on, b<span class=\"__1 _201\"/>ut above sh<span class=\"__1 _201\"/>are cap<span class=\"__1 _201\"/>ital.<span class=\"__1 _32b\"> </span>Borrowings<span class=\"__1 _200\"/> include opera<span class=\"__1 _200\"/>tional borr<span class=\"__1 _200\"/>owings a<span class=\"__1 _200\"/>ttributable t<span class=\"__1 _200\"/>o sha<span class=\"__1 _200\"/>reholder<span class=\"__1 _f_1\"/>-financed operations<span class=\"__1 _200\"/> and ot<span class=\"__1 _200\"/>her borrowing<span class=\"__1 _200\"/>s attribut<span class=\"__1 _200\"/>able t<span class=\"__1 _200\"/>o<span class=\"__1 _32b\"> </span> the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs are initi<span class=\"__1 _201\"/>ally re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e, net of tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion c<span class=\"__1 _201\"/>osts<span class=\"__1 _201\"/>. Bor<span class=\"__1 _201\"/>rowing<span class=\"__1 _201\"/>s, exclu<span class=\"__1 _201\"/>ding<span class=\"__1 _201\"/> thos<span class=\"__1 _201\"/>e backi<span class=\"__1 _201\"/>ng buy-to<span class=\"__1 _201\"/>-let m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tgage<span class=\"__1 _201\"/>s, w<span class=\"__1 _201\"/>hich are ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>d on a fair v<span class=\"__1 _201\"/>alue b<span class=\"__1 _201\"/>asis and d<span class=\"__1 _201\"/>esig<span class=\"__1 _201\"/>nated at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>, are s<span class=\"__1 _201\"/>ubse<span class=\"__1 _201\"/>quentl<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> acco<span class=\"__1 _201\"/>unted fo<span class=\"__1 _201\"/>r on an amo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tised c<span class=\"__1 _201\"/>ost ba<span class=\"__1 _201\"/>sis usin<span class=\"__1 _201\"/>g the effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve interes<span class=\"__1 _201\"/>t metho<span class=\"__1 _201\"/>d. Un<span class=\"__1 _201\"/>der the e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>tive intere<span class=\"__1 _201\"/>st met<span class=\"__1 _201\"/>hod,<span class=\"__1 _201\"/> the diffe<span class=\"__1 _201\"/>rence<span class=\"__1 _201\"/> bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the red<span class=\"__1 _201\"/>emptio<span class=\"__1 _201\"/>n value of th<span class=\"__1 _201\"/>e bor<span class=\"__1 _201\"/>rowing an<span class=\"__1 _201\"/>d the init<span class=\"__1 _201\"/>ial proc<span class=\"__1 _201\"/>eed<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>net of rel<span class=\"__1 _201\"/>ated iss<span class=\"__1 _201\"/>ue cos<span class=\"__1 _201\"/>ts) is amor<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d throu<span class=\"__1 _201\"/>gh the<span class=\"__1 _201\"/> inco<span class=\"__1 _201\"/>me st<span class=\"__1 _201\"/>atement to the d<span class=\"__1 _201\"/>ate of maturit<span class=\"__1 _201\"/>y, or for hybr<span class=\"__1 _201\"/>id debt<span class=\"__1 _201\"/>, over the exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted life of th<span class=\"__1 _201\"/>e instr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span>Bor<span class=\"__1 _201\"/>rowing<span class=\"__1 _201\"/>s backin<span class=\"__1 _201\"/>g buy-to<span class=\"__1 _201\"/>-let m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tgage<span class=\"__1 _201\"/>s are des<span class=\"__1 _201\"/>ignated at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L in line w<span class=\"__1 _201\"/>ith the und<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>ying l<span class=\"__1 _201\"/>oan as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _f_1\"/>14 In<span class=\"__1 _200\"/>vestm<span class=\"__1 _200\"/>ent pr<span class=\"__1 _200\"/>operty<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in leas<span class=\"__1 _201\"/>ehol<span class=\"__1 _201\"/>d and fre<span class=\"__1 _201\"/>eho<span class=\"__1 _201\"/>ld prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties n<span class=\"__1 _201\"/>ot for oc<span class=\"__1 _201\"/>cupatio<span class=\"__1 _201\"/>n by the Grou<span class=\"__1 _201\"/>p, inclu<span class=\"__1 _201\"/>ding pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s unde<span class=\"__1 _201\"/>r develo<span class=\"__1 _201\"/>pment<span class=\"__1 _201\"/> for fu<span class=\"__1 _201\"/>ture use as inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty, are car<span class=\"__1 _201\"/>rie<span class=\"__1 _201\"/>d at fair va<span class=\"__1 _201\"/>lue, wi<span class=\"__1 _201\"/>th chang<span class=\"__1 _201\"/>es in fai<span class=\"__1 _201\"/>r value in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed in the in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt.<span class=\"__1 _201\"/> Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties are v<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/>d annual<span class=\"__1 _201\"/>ly eith<span class=\"__1 _201\"/>er by the Gro<span class=\"__1 _201\"/>up\u2019s qualifi<span class=\"__1 _201\"/>ed sur<span class=\"__1 _201\"/>veyo<span class=\"__1 _201\"/>rs or by taki<span class=\"__1 _201\"/>ng into cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ation the a<span class=\"__1 _201\"/>dvi<span class=\"__1 _201\"/>ce of profe<span class=\"__1 _201\"/>ssio<span class=\"__1 _201\"/>nal<span class=\"__1 _201\"/> exte<span class=\"__1 _201\"/>rnal va<span class=\"__1 _201\"/>luers u<span class=\"__1 _201\"/>sing th<span class=\"__1 _201\"/>e valuatio<span class=\"__1 _201\"/>n stan<span class=\"__1 _201\"/>dards of th<span class=\"__1 _201\"/>e Royal Ins<span class=\"__1 _201\"/>titutio<span class=\"__1 _201\"/>n of Char<span class=\"__1 _201\"/>tered S<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>veyors (R<span class=\"__1 _201\"/>IC<span class=\"__1 _201\"/>S). Each prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y is exter<span class=\"__1 _201\"/>nall<span class=\"__1 _201\"/>y valu<span class=\"__1 _201\"/>ed at lea<span class=\"__1 _201\"/>st on<span class=\"__1 _201\"/>ce ever<span class=\"__1 _201\"/>y thre<span class=\"__1 _201\"/>e years<span class=\"__1 _201\"/>. On di<span class=\"__1 _201\"/>spos<span class=\"__1 _201\"/>al of an inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y, the diffe<span class=\"__1 _201\"/>rence b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the n<span class=\"__1 _201\"/>et proc<span class=\"__1 _201\"/>eeds re<span class=\"__1 _201\"/>cei<span class=\"__1 _201\"/>ved<span class=\"__1 _201\"/> and th<span class=\"__1 _201\"/>e carr<span class=\"__1 _250\"/>ying a<span class=\"__1 _201\"/>mount is re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nised i<span class=\"__1 _201\"/>n the inc<span class=\"__1 _201\"/>ome st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>. 1.5.<span class=\"__1 _200\"/>15<span class=\"__1 _200\"/> Defined benefit<span class=\"__1 _200\"/> pension schemes<span class=\"__1 _32b\"> </span>For the G<span class=\"__1 _201\"/>roup\u2019s defin<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>nefit s<span class=\"__1 _201\"/>cheme<span class=\"__1 _201\"/>s, if th<span class=\"__1 _201\"/>e pres<span class=\"__1 _201\"/>ent valu<span class=\"__1 _201\"/>e of the defi<span class=\"__1 _201\"/>ned b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t obli<span class=\"__1 _201\"/>gation fo<span class=\"__1 _201\"/>r the relev<span class=\"__1 _201\"/>ant sch<span class=\"__1 _201\"/>eme excee<span class=\"__1 _201\"/>ds<span class=\"__1 _201\"/> the fa<span class=\"__1 _201\"/>ir value o<span class=\"__1 _201\"/>f the sch<span class=\"__1 _201\"/>eme as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>, then a l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y is re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d in the G<span class=\"__1 _201\"/>roup\u2019s statemen<span class=\"__1 _201\"/>t of finan<span class=\"__1 _201\"/>cial pos<span class=\"__1 _201\"/>ition in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of that<span class=\"__1 _201\"/> sch<span class=\"__1 _201\"/>eme. B<span class=\"__1 _201\"/>y contra<span class=\"__1 _201\"/>st, if th<span class=\"__1 _201\"/>e fair v<span class=\"__1 _201\"/>alue of the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s of the rel<span class=\"__1 _201\"/>evant sch<span class=\"__1 _201\"/>eme exce<span class=\"__1 _201\"/>eds the p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nt value of th<span class=\"__1 _201\"/>e defin<span class=\"__1 _201\"/>ed b<span class=\"__1 _201\"/>enefit<span class=\"__1 _201\"/> obli<span class=\"__1 _201\"/>gation<span class=\"__1 _201\"/>, then th<span class=\"__1 _201\"/>e surp<span class=\"__1 _201\"/>lus in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of that sch<span class=\"__1 _201\"/>eme wi<span class=\"__1 _201\"/>ll only b<span class=\"__1 _201\"/>e reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d if the n<span class=\"__1 _201\"/>ature of the arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s under th<span class=\"__1 _201\"/>e trus<span class=\"__1 _201\"/>t dee<span class=\"__1 _201\"/>d, an<span class=\"__1 _201\"/>d fundi<span class=\"__1 _201\"/>ng arr<span class=\"__1 _201\"/>angem<span class=\"__1 _201\"/>ents b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the T<span class=\"__1 _200\"/>rus<span class=\"__1 _201\"/>tee and th<span class=\"__1 _201\"/>e empl<span class=\"__1 _201\"/>oying en<span class=\"__1 _201\"/>tity, supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t the availa<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y of refun<span class=\"__1 _201\"/>ds or<span class=\"__1 _201\"/> recove<span class=\"__1 _201\"/>rabil<span class=\"__1 _201\"/>ity th<span class=\"__1 _201\"/>rough ag<span class=\"__1 _201\"/>reed re<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tions in f<span class=\"__1 _201\"/>uture cont<span class=\"__1 _201\"/>ributi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>. In addi<span class=\"__1 _201\"/>tion, i<span class=\"__1 _201\"/>f there is a co<span class=\"__1 _201\"/>nstr<span class=\"__1 _201\"/>ucti<span class=\"__1 _201\"/>ve obli<span class=\"__1 _201\"/>gation fo<span class=\"__1 _201\"/>r the emp<span class=\"__1 _201\"/>loyin<span class=\"__1 _201\"/>g entit<span class=\"__1 _201\"/>y to pay defi<span class=\"__1 _201\"/>cit fun<span class=\"__1 _201\"/>ding in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of sc<span class=\"__1 _201\"/>heme<span class=\"__1 _201\"/>s whe<span class=\"__1 _201\"/>re there is no u<span class=\"__1 _201\"/>ncon<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>al right to a ref<span class=\"__1 _201\"/>und to any sur<span class=\"__1 _201\"/>plus<span class=\"__1 _201\"/>, this is al<span class=\"__1 _201\"/>so reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d such th<span class=\"__1 _201\"/>at the fina<span class=\"__1 _201\"/>ncial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n record<span class=\"__1 _201\"/>ed for th<span class=\"__1 _201\"/>e sche<span class=\"__1 _201\"/>me refl<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/>s the hig<span class=\"__1 _201\"/>her of any un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying I<span class=\"__1 _201\"/>AS 19 Empl<span class=\"__1 _201\"/>oyee<span class=\"__1 _201\"/> Benefits deficit a<span class=\"__1 _200\"/>nd the obl<span class=\"__1 _200\"/>igation<span class=\"__1 _200\"/> for defici<span class=\"__1 _200\"/>t funding.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup uti<span class=\"__1 _201\"/>lises th<span class=\"__1 _201\"/>e proje<span class=\"__1 _201\"/>cted u<span class=\"__1 _201\"/>nit cred<span class=\"__1 _201\"/>it metho<span class=\"__1 _201\"/>d to calcu<span class=\"__1 _201\"/>late the defi<span class=\"__1 _201\"/>ned b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t obli<span class=\"__1 _201\"/>gation<span class=\"__1 _201\"/>. This m<span class=\"__1 _201\"/>ethod s<span class=\"__1 _201\"/>ees ea<span class=\"__1 _201\"/>ch year of<span class=\"__1 _201\"/> ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice as gi<span class=\"__1 _201\"/>ving r<span class=\"__1 _201\"/>ise to an ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>al unit of b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t entitle<span class=\"__1 _201\"/>ment an<span class=\"__1 _201\"/>d meas<span class=\"__1 _201\"/>ures ea<span class=\"__1 _201\"/>ch unit se<span class=\"__1 _201\"/>paratel<span class=\"__1 _201\"/>y to build up th<span class=\"__1 _201\"/>e final o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>on.<span class=\"__1 _201\"/> Es<span class=\"__1 _201\"/>timated f<span class=\"__1 _201\"/>uture cas<span class=\"__1 _201\"/>h flows are th<span class=\"__1 _201\"/>en dis<span class=\"__1 _201\"/>counted at a h<span class=\"__1 _201\"/>igh-<span class=\"__1 _201\"/>qual<span class=\"__1 _201\"/>ity c<span class=\"__1 _201\"/>orpo<span class=\"__1 _201\"/>rate bon<span class=\"__1 _201\"/>d rate, adju<span class=\"__1 _201\"/>sted to all<span class=\"__1 _201\"/>ow for the d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nce in<span class=\"__1 _201\"/> durati<span class=\"__1 _201\"/>on bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the bo<span class=\"__1 _201\"/>nd ind<span class=\"__1 _201\"/>ex and the p<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>n liabil<span class=\"__1 _201\"/>ities wh<span class=\"__1 _201\"/>ere app<span class=\"__1 _201\"/>ropri<span class=\"__1 _201\"/>ate, to determi<span class=\"__1 _201\"/>ne its pre<span class=\"__1 _201\"/>sent v<span class=\"__1 _201\"/>alue. T<span class=\"__1 _201\"/>hese c<span class=\"__1 _201\"/>alcu<span class=\"__1 _201\"/>lations<span class=\"__1 _201\"/> are performed by independent<span class=\"__1 _200\"/> actuaries.<span class=\"__1 _32b\"> </span>The p<span class=\"__1 _201\"/>lan as<span class=\"__1 _201\"/>sets of th<span class=\"__1 _201\"/>e Group\u2019s pen<span class=\"__1 _201\"/>sion s<span class=\"__1 _201\"/>cheme<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>de seve<span class=\"__1 _201\"/>ral insu<span class=\"__1 _201\"/>rance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts that h<span class=\"__1 _201\"/>ave been i<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>ed by the G<span class=\"__1 _201\"/>roup.<span class=\"__1 _201\"/> The<span class=\"__1 _201\"/>se as<span class=\"__1 _201\"/>sets are excl<span class=\"__1 _201\"/>uded f<span class=\"__1 _201\"/>rom plan a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s in deter<span class=\"__1 _201\"/>mining th<span class=\"__1 _201\"/>e pens<span class=\"__1 _201\"/>ion sur<span class=\"__1 _201\"/>plus o<span class=\"__1 _201\"/>r defic<span class=\"__1 _201\"/>it reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d on the co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated<span class=\"__1 _201\"/> statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on. T<span class=\"__1 _201\"/>he aggre<span class=\"__1 _201\"/>gate of the ac<span class=\"__1 _201\"/>tuar<span class=\"__1 _201\"/>ially d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice c<span class=\"__1 _201\"/>osts of th<span class=\"__1 _201\"/>e curre<span class=\"__1 _201\"/>ntly emp<span class=\"__1 _201\"/>loyed p<span class=\"__1 _201\"/>erso<span class=\"__1 _201\"/>nnel<span class=\"__1 _201\"/>, and th<span class=\"__1 _201\"/>e net intere<span class=\"__1 _201\"/>st on th<span class=\"__1 _201\"/>e net defi<span class=\"__1 _201\"/>ned b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t oblig<span class=\"__1 _201\"/>ation at the s<span class=\"__1 _201\"/>tar<span class=\"__1 _201\"/>t of the ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, i<span class=\"__1 _201\"/>s charge<span class=\"__1 _201\"/>d to the cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/> statem<span class=\"__1 _201\"/>ent. Ac<span class=\"__1 _201\"/>tuari<span class=\"__1 _201\"/>al and oth<span class=\"__1 _201\"/>er gains a<span class=\"__1 _201\"/>nd los<span class=\"__1 _201\"/>ses as a re<span class=\"__1 _201\"/>sult of ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s in ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s or expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce vari<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>s are reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d as other c<span class=\"__1 _200\"/>omprehensive<span class=\"__1 _200\"/> income. Cont<span class=\"__1 _201\"/>ributi<span class=\"__1 _201\"/>ons to the G<span class=\"__1 _201\"/>roup\u2019s define<span class=\"__1 _201\"/>d contr<span class=\"__1 _201\"/>ibutio<span class=\"__1 _201\"/>n pens<span class=\"__1 _201\"/>ion sch<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>s are expe<span class=\"__1 _201\"/>nsed w<span class=\"__1 _201\"/>hen du<span class=\"__1 _201\"/>e.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls14_1 ws13_1\">203<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>1<span class=\"__1 _250\"/>.<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>.<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/> Ta<span class=\"__1 _250\"/>x<span class=\"__1 _250\"/> The G<span class=\"__1 _201\"/>roup ap<span class=\"__1 _201\"/>plie<span class=\"__1 _201\"/>s IAS 12 Inco<span class=\"__1 _201\"/>me T<span class=\"__1 _f_1\"/>a<span class=\"__1 _201\"/>xes in acc<span class=\"__1 _201\"/>ounting f<span class=\"__1 _201\"/>or taxes o<span class=\"__1 _201\"/>n incom<span class=\"__1 _201\"/>e. Inc<span class=\"__1 _201\"/>ome ta<span class=\"__1 _201\"/>x compr<span class=\"__1 _201\"/>ises c<span class=\"__1 _201\"/>urrent ta<span class=\"__1 _201\"/>x and def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d tax<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Inco<span class=\"__1 _201\"/>me tax i<span class=\"__1 _201\"/>s reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in the inc<span class=\"__1 _201\"/>ome s<span class=\"__1 _201\"/>tatement exce<span class=\"__1 _201\"/>pt to the ex<span class=\"__1 _201\"/>tent that it rel<span class=\"__1 _201\"/>ates to items rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in othe<span class=\"__1 _201\"/>r comp<span class=\"__1 _201\"/>rehen<span class=\"__1 _201\"/>sive<span class=\"__1 _201\"/> inco<span class=\"__1 _201\"/>me or dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y in equ<span class=\"__1 _201\"/>ity, in which c<span class=\"__1 _201\"/>ase th<span class=\"__1 _201\"/>e tax is re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed in th<span class=\"__1 _201\"/>e sam<span class=\"__1 _201\"/>e stateme<span class=\"__1 _201\"/>nt as the re<span class=\"__1 _201\"/>lated item ap<span class=\"__1 _201\"/>pear<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Curre<span class=\"__1 _201\"/>nt tax exp<span class=\"__1 _201\"/>ense is c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/>d or cred<span class=\"__1 _201\"/>ited bas<span class=\"__1 _201\"/>ed upo<span class=\"__1 _201\"/>n amou<span class=\"__1 _201\"/>nts es<span class=\"__1 _201\"/>timated to be p<span class=\"__1 _201\"/>ayable o<span class=\"__1 _201\"/>r recover<span class=\"__1 _201\"/>able a<span class=\"__1 _201\"/>s a result of t<span class=\"__1 _201\"/>axabl<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> amo<span class=\"__1 _201\"/>unts for th<span class=\"__1 _201\"/>e curren<span class=\"__1 _201\"/>t year and a<span class=\"__1 _201\"/>djustm<span class=\"__1 _201\"/>ents m<span class=\"__1 _201\"/>ade in rel<span class=\"__1 _201\"/>ation to pr<span class=\"__1 _201\"/>ior year<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Inco<span class=\"__1 _201\"/>me tax re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>ble on t<span class=\"__1 _201\"/>ax allow<span class=\"__1 _201\"/>able l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s is reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed as a cur<span class=\"__1 _201\"/>rent tax a<span class=\"__1 _201\"/>sset o<span class=\"__1 _201\"/>nly to the ex<span class=\"__1 _201\"/>tent that it i<span class=\"__1 _201\"/>s regard<span class=\"__1 _201\"/>ed as<span class=\"__1 _201\"/> recove<span class=\"__1 _201\"/>rabl<span class=\"__1 _201\"/>e by offs<span class=\"__1 _201\"/>ettin<span class=\"__1 _201\"/>g agains<span class=\"__1 _201\"/>t taxab<span class=\"__1 _201\"/>le profi<span class=\"__1 _201\"/>ts ari<span class=\"__1 _201\"/>sing in th<span class=\"__1 _201\"/>e current o<span class=\"__1 _201\"/>r prio<span class=\"__1 _201\"/>r per<span class=\"__1 _201\"/>iods<span class=\"__1 _201\"/>. Curre<span class=\"__1 _201\"/>nt tax is m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d using t<span class=\"__1 _201\"/>ax rates<span class=\"__1 _201\"/> and ta<span class=\"__1 _201\"/>x laws that have b<span class=\"__1 _201\"/>een e<span class=\"__1 _201\"/>nacte<span class=\"__1 _201\"/>d or subs<span class=\"__1 _201\"/>tanti<span class=\"__1 _201\"/>vely en<span class=\"__1 _201\"/>acte<span class=\"__1 _201\"/>d at the bal<span class=\"__1 _201\"/>ance sh<span class=\"__1 _201\"/>eet date.<span class=\"__1 _32b\"> </span>Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>xes are prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d under th<span class=\"__1 _201\"/>e liabi<span class=\"__1 _201\"/>lity m<span class=\"__1 _201\"/>etho<span class=\"__1 _201\"/>d for all rel<span class=\"__1 _201\"/>evant temp<span class=\"__1 _201\"/>orar<span class=\"__1 _250\"/>y diffe<span class=\"__1 _201\"/>rence<span class=\"__1 _201\"/>s. IA<span class=\"__1 _201\"/>S 12 Incom<span class=\"__1 _201\"/>e T<span class=\"__1 _f_1\"/>axes d<span class=\"__1 _201\"/>oes n<span class=\"__1 _201\"/>ot<span class=\"__1 _32b\"> </span> requ<span class=\"__1 _201\"/>ire all temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y di<span class=\"__1 _201\"/>ffere<span class=\"__1 _201\"/>nces to be p<span class=\"__1 _201\"/>rovid<span class=\"__1 _201\"/>ed for<span class=\"__1 _200\"/>, in par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ular<span class=\"__1 _200\"/>, the Gro<span class=\"__1 _201\"/>up doe<span class=\"__1 _201\"/>s not prov<span class=\"__1 _201\"/>ide for d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax on u<span class=\"__1 _201\"/>ndis<span class=\"__1 _201\"/>tribute<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> ear<span class=\"__1 _201\"/>nings of su<span class=\"__1 _201\"/>bsidi<span class=\"__1 _201\"/>aries w<span class=\"__1 _201\"/>here th<span class=\"__1 _201\"/>e Group i<span class=\"__1 _201\"/>s able to co<span class=\"__1 _201\"/>ntrol the tim<span class=\"__1 _201\"/>ing of the di<span class=\"__1 _201\"/>strib<span class=\"__1 _201\"/>ution a<span class=\"__1 _201\"/>nd the temp<span class=\"__1 _201\"/>orar<span class=\"__1 _250\"/>y diffe<span class=\"__1 _201\"/>rence cre<span class=\"__1 _201\"/>ated is<span class=\"__1 _201\"/> not exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to revers<span class=\"__1 _201\"/>e in the fore<span class=\"__1 _201\"/>seea<span class=\"__1 _201\"/>ble fu<span class=\"__1 _201\"/>ture. Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x is als<span class=\"__1 _201\"/>o not reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed on temp<span class=\"__1 _201\"/>orar<span class=\"__1 _250\"/>y diffe<span class=\"__1 _201\"/>rence<span class=\"__1 _201\"/>s that aris<span class=\"__1 _201\"/>e from<span class=\"__1 _201\"/> initia<span class=\"__1 _201\"/>l recog<span class=\"__1 _201\"/>nition of a<span class=\"__1 _201\"/>n ass<span class=\"__1 _201\"/>et or a liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y in a trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>on (<span class=\"__1 _200\"/>othe<span class=\"__1 _201\"/>r than a bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s comb<span class=\"__1 _201\"/>ination) that at the ti<span class=\"__1 _201\"/>me of the tr<span class=\"__1 _201\"/>ansac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/> affe<span class=\"__1 _201\"/>cts n<span class=\"__1 _201\"/>eithe<span class=\"__1 _201\"/>r accou<span class=\"__1 _201\"/>nting no<span class=\"__1 _201\"/>r taxabl<span class=\"__1 _201\"/>e profit o<span class=\"__1 _201\"/>r los<span class=\"__1 _201\"/>s. De<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d tax as<span class=\"__1 _201\"/>sets are re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised to th<span class=\"__1 _201\"/>e extent th<span class=\"__1 _201\"/>at it is prob<span class=\"__1 _201\"/>able th<span class=\"__1 _201\"/>at<span class=\"__1 _32b\"> </span> suffi<span class=\"__1 _201\"/>cient ta<span class=\"__1 _201\"/>xabl<span class=\"__1 _201\"/>e profit w<span class=\"__1 _201\"/>ill be avail<span class=\"__1 _201\"/>able a<span class=\"__1 _201\"/>gains<span class=\"__1 _201\"/>t which th<span class=\"__1 _201\"/>e dedu<span class=\"__1 _201\"/>ctib<span class=\"__1 _201\"/>le temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y di<span class=\"__1 _201\"/>ffere<span class=\"__1 _201\"/>nces<span class=\"__1 _201\"/>, and th<span class=\"__1 _201\"/>e carr<span class=\"__1 _250\"/>y for<span class=\"__1 _201\"/>ward of u<span class=\"__1 _201\"/>nuse<span class=\"__1 _201\"/>d tax<span class=\"__1 _32b\"> </span> credi<span class=\"__1 _201\"/>ts and un<span class=\"__1 _201\"/>used t<span class=\"__1 _201\"/>ax los<span class=\"__1 _201\"/>ses c<span class=\"__1 _201\"/>an be uti<span class=\"__1 _201\"/>lised<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x is mea<span class=\"__1 _201\"/>sured at th<span class=\"__1 _201\"/>e tax rates th<span class=\"__1 _201\"/>at are expe<span class=\"__1 _201\"/>cted to ap<span class=\"__1 _201\"/>ply to the p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od wh<span class=\"__1 _201\"/>en the as<span class=\"__1 _201\"/>set is rea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d or the lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> set<span class=\"__1 _201\"/>tled<span class=\"__1 _201\"/>, base<span class=\"__1 _201\"/>d on tax r<span class=\"__1 _201\"/>ates (<span class=\"__1 _200\"/>and law<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) that have be<span class=\"__1 _201\"/>en ena<span class=\"__1 _201\"/>cted o<span class=\"__1 _201\"/>r are subs<span class=\"__1 _201\"/>tantive<span class=\"__1 _201\"/>ly ena<span class=\"__1 _201\"/>cted at th<span class=\"__1 _201\"/>e end of th<span class=\"__1 _201\"/>e repor<span class=\"__1 _201\"/>tin<span class=\"__1 _201\"/>g per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>ets and l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es are on<span class=\"__1 _201\"/>ly off<span class=\"__1 _201\"/>set wh<span class=\"__1 _201\"/>en there is b<span class=\"__1 _201\"/>oth a le<span class=\"__1 _201\"/>gal rig<span class=\"__1 _201\"/>ht to set<span class=\"__1 _200\"/>-o<span class=\"__1 _201\"/>ff and an inte<span class=\"__1 _201\"/>ntion to set<span class=\"__1 _201\"/>tle on a n<span class=\"__1 _201\"/>et basi<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The tota<span class=\"__1 _201\"/>l tax rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d in the con<span class=\"__1 _201\"/>solid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me st<span class=\"__1 _201\"/>atement in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>s tax at<span class=\"__1 _201\"/>tribu<span class=\"__1 _201\"/>table to b<span class=\"__1 _201\"/>oth poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs and s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs.<span class=\"__1 _201\"/> The t<span class=\"__1 _201\"/>ax attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers co<span class=\"__1 _201\"/>mpris<span class=\"__1 _201\"/>es the ta<span class=\"__1 _201\"/>x on the in<span class=\"__1 _201\"/>come o<span class=\"__1 _201\"/>f the cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts and un<span class=\"__1 _201\"/>it<span class=\"__1 _200\"/>-linked f<span class=\"__1 _201\"/>unds<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> In cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in juris<span class=\"__1 _201\"/>dic<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>, such a<span class=\"__1 _201\"/>s the UK<span class=\"__1 _201\"/>, life i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce com<span class=\"__1 _201\"/>panie<span class=\"__1 _201\"/>s are taxe<span class=\"__1 _201\"/>d on both th<span class=\"__1 _201\"/>eir share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 profi<span class=\"__1 _201\"/>ts and o<span class=\"__1 _201\"/>n their<span class=\"__1 _201\"/> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers\u2019 inves<span class=\"__1 _201\"/>tment retur<span class=\"__1 _201\"/>ns on ce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ain insur<span class=\"__1 _201\"/>ance a<span class=\"__1 _201\"/>nd inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roduc<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. Altho<span class=\"__1 _201\"/>ugh both t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>es of tax a<span class=\"__1 _201\"/>re inclu<span class=\"__1 _201\"/>ded in<span class=\"__1 _201\"/> the total ta<span class=\"__1 _201\"/>x charg<span class=\"__1 _201\"/>e in the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment, t<span class=\"__1 _201\"/>hey are pres<span class=\"__1 _201\"/>ented s<span class=\"__1 _201\"/>epar<span class=\"__1 _201\"/>ately in the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated in<span class=\"__1 _201\"/>come<span class=\"__1 _201\"/> statem<span class=\"__1 _201\"/>ent to prov<span class=\"__1 _201\"/>ide the m<span class=\"__1 _201\"/>ost rel<span class=\"__1 _201\"/>evant info<span class=\"__1 _201\"/>rmati<span class=\"__1 _201\"/>on abo<span class=\"__1 _201\"/>ut tax that th<span class=\"__1 _201\"/>e Group p<span class=\"__1 _201\"/>ays on its p<span class=\"__1 _201\"/>rofits<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup is s<span class=\"__1 _201\"/>ubje<span class=\"__1 _201\"/>ct to tax in n<span class=\"__1 _201\"/>umero<span class=\"__1 _201\"/>us juri<span class=\"__1 _201\"/>sdic<span class=\"__1 _201\"/>tions a<span class=\"__1 _201\"/>nd the c<span class=\"__1 _201\"/>alculati<span class=\"__1 _201\"/>on of the total t<span class=\"__1 _201\"/>ax charg<span class=\"__1 _201\"/>e inhere<span class=\"__1 _201\"/>ntly invol<span class=\"__1 _201\"/>ves a de<span class=\"__1 _201\"/>gree of<span class=\"__1 _201\"/> es<span class=\"__1 _201\"/>timation a<span class=\"__1 _201\"/>nd judg<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt. Th<span class=\"__1 _201\"/>e positi<span class=\"__1 _201\"/>ons taken in ta<span class=\"__1 _201\"/>x returns<span class=\"__1 _201\"/>, whe<span class=\"__1 _201\"/>re appl<span class=\"__1 _201\"/>icab<span class=\"__1 _201\"/>le tax re<span class=\"__1 _201\"/>gulatio<span class=\"__1 _201\"/>n is subj<span class=\"__1 _201\"/>ect to in<span class=\"__1 _201\"/>terpretati<span class=\"__1 _201\"/>on, are<span class=\"__1 _201\"/> reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in full i<span class=\"__1 _201\"/>n the deter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n of the tax c<span class=\"__1 _201\"/>harge in th<span class=\"__1 _201\"/>e finan<span class=\"__1 _201\"/>cial state<span class=\"__1 _201\"/>ments i<span class=\"__1 _201\"/>f the Gro<span class=\"__1 _201\"/>up cons<span class=\"__1 _201\"/>iders t<span class=\"__1 _201\"/>hat it is prob<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/> that the ta<span class=\"__1 _201\"/>xation au<span class=\"__1 _201\"/>thori<span class=\"__1 _201\"/>ty w<span class=\"__1 _201\"/>ill acce<span class=\"__1 _201\"/>pt those p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>. Othe<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>wise<span class=\"__1 _201\"/>, the Grou<span class=\"__1 _201\"/>p consi<span class=\"__1 _201\"/>ders a<span class=\"__1 _201\"/>n uncer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in tax po<span class=\"__1 _201\"/>sition to exi<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/> and a p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>n is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d to refle<span class=\"__1 _201\"/>ct that a t<span class=\"__1 _201\"/>axation a<span class=\"__1 _201\"/>uthor<span class=\"__1 _201\"/>ity, upon rev<span class=\"__1 _201\"/>iew of the p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>ns, c<span class=\"__1 _201\"/>ould alte<span class=\"__1 _201\"/>r the tax retu<span class=\"__1 _201\"/>rns<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> From reco<span class=\"__1 _201\"/>gnitio<span class=\"__1 _201\"/>n, the prov<span class=\"__1 _201\"/>isio<span class=\"__1 _201\"/>n is meas<span class=\"__1 _201\"/>ured ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n manag<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>\u2019s judge<span class=\"__1 _201\"/>ment a<span class=\"__1 _201\"/>nd es<span class=\"__1 _201\"/>timate of the likel<span class=\"__1 _201\"/>y amount o<span class=\"__1 _201\"/>f the liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>,<span class=\"__1 _32b\"> </span> or rec<span class=\"__1 _201\"/>over<span class=\"__1 _201\"/>y by prov<span class=\"__1 _201\"/>iding fo<span class=\"__1 _201\"/>r the sing<span class=\"__1 _201\"/>le be<span class=\"__1 _201\"/>st es<span class=\"__1 _201\"/>timate of the m<span class=\"__1 _201\"/>ost likel<span class=\"__1 _201\"/>y outcom<span class=\"__1 _201\"/>e or the wei<span class=\"__1 _201\"/>ghted avera<span class=\"__1 _201\"/>ge expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d value w<span class=\"__1 _201\"/>here<span class=\"__1 _201\"/> there a<span class=\"__1 _201\"/>re multipl<span class=\"__1 _201\"/>e pos<span class=\"__1 _201\"/>sibl<span class=\"__1 _201\"/>e outcom<span class=\"__1 _201\"/>es, ta<span class=\"__1 _201\"/>king into a<span class=\"__1 _201\"/>ccount ex<span class=\"__1 _201\"/>tern<span class=\"__1 _201\"/>al adv<span class=\"__1 _201\"/>ice wh<span class=\"__1 _201\"/>ere appro<span class=\"__1 _201\"/>priate. E<span class=\"__1 _201\"/>ach unc<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain ta<span class=\"__1 _201\"/>x treatment i<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> considered separa<span class=\"__1 _200\"/>tely<span class=\"__1 _200\"/> or toget<span class=\"__1 _200\"/>her as a<span class=\"__1 _200\"/> group<span class=\"__1 _200\"/>, depending<span class=\"__1 _200\"/> on management\u2019<span class=\"__1 _200\"/>s judgement<span class=\"__1 _200\"/> as t<span class=\"__1 _200\"/>o which<span class=\"__1 _200\"/> approach<span class=\"__1 _200\"/> better pr<span class=\"__1 _200\"/>edicts<span class=\"__1 _32b\"> </span> the res<span class=\"__1 _201\"/>oluti<span class=\"__1 _201\"/>on of the un<span class=\"__1 _201\"/>cer<span class=\"__1 _201\"/>taint<span class=\"__1 _201\"/>y. It is assu<span class=\"__1 _201\"/>med th<span class=\"__1 _201\"/>at tax auth<span class=\"__1 _201\"/>oritie<span class=\"__1 _201\"/>s will exam<span class=\"__1 _201\"/>ine the un<span class=\"__1 _201\"/>cer<span class=\"__1 _201\"/>tain ta<span class=\"__1 _201\"/>x treatme<span class=\"__1 _201\"/>nts and th<span class=\"__1 _201\"/>ey have full<span class=\"__1 _201\"/> know<span class=\"__1 _201\"/>led<span class=\"__1 _201\"/>ge of all rel<span class=\"__1 _201\"/>ated infor<span class=\"__1 _201\"/>mation<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The j<span class=\"__1 _201\"/>udge<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>nd es<span class=\"__1 _201\"/>timates ma<span class=\"__1 _201\"/>de to reco<span class=\"__1 _201\"/>gnise an<span class=\"__1 _201\"/>d meas<span class=\"__1 _201\"/>ure the eff<span class=\"__1 _201\"/>ect o<span class=\"__1 _201\"/>f uncer<span class=\"__1 _201\"/>tai<span class=\"__1 _201\"/>n tax po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>s are reas<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sed wh<span class=\"__1 _201\"/>eneve<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> circums<span class=\"__1 _201\"/>tanc<span class=\"__1 _201\"/>es chan<span class=\"__1 _201\"/>ge or wh<span class=\"__1 _201\"/>en the<span class=\"__1 _201\"/>re is new info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n that affe<span class=\"__1 _201\"/>cts th<span class=\"__1 _201\"/>ose jud<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>7 Goodwill<span class=\"__1 _32b\"> </span>Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill aris<span class=\"__1 _201\"/>es wh<span class=\"__1 _201\"/>en the Gro<span class=\"__1 _201\"/>up acqu<span class=\"__1 _201\"/>ires a bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s and th<span class=\"__1 _201\"/>e fair val<span class=\"__1 _201\"/>ue cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ation pa<span class=\"__1 _201\"/>id excee<span class=\"__1 _201\"/>ds the fai<span class=\"__1 _201\"/>r value of th<span class=\"__1 _201\"/>e net<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>ets acq<span class=\"__1 _201\"/>uired<span class=\"__1 _201\"/>. Goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l arisi<span class=\"__1 _201\"/>ng on acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>ns of subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>ies an<span class=\"__1 _201\"/>d busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es is ca<span class=\"__1 _201\"/>pitali<span class=\"__1 _201\"/>sed an<span class=\"__1 _201\"/>d car<span class=\"__1 _201\"/>ried o<span class=\"__1 _201\"/>n the con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dated<span class=\"__1 _201\"/> statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on at initia<span class=\"__1 _201\"/>l value l<span class=\"__1 _201\"/>ess any a<span class=\"__1 _201\"/>ccumul<span class=\"__1 _201\"/>ated impa<span class=\"__1 _201\"/>irmen<span class=\"__1 _201\"/>t loss<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>. Goo<span class=\"__1 _201\"/>dwill i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment tes<span class=\"__1 _201\"/>ting is c<span class=\"__1 _201\"/>ondu<span class=\"__1 _201\"/>cted<span class=\"__1 _201\"/> annu<span class=\"__1 _201\"/>ally an<span class=\"__1 _201\"/>d when th<span class=\"__1 _201\"/>ere is an in<span class=\"__1 _201\"/>dicati<span class=\"__1 _201\"/>on of imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt. For th<span class=\"__1 _201\"/>e purp<span class=\"__1 _201\"/>oses of i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment tes<span class=\"__1 _201\"/>ting<span class=\"__1 _201\"/>, goo<span class=\"__1 _201\"/>dwill is a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated to a cas<span class=\"__1 _201\"/>h-<span class=\"__1 _32b\"> </span>gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g unit or gro<span class=\"__1 _201\"/>up of cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating un<span class=\"__1 _201\"/>its. G<span class=\"__1 _201\"/>oo<span class=\"__1 _201\"/>dwill i<span class=\"__1 _201\"/>s alloc<span class=\"__1 _201\"/>ated to a group o<span class=\"__1 _201\"/>f cash<span class=\"__1 _201\"/>-g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ating unit<span class=\"__1 _201\"/>s when i<span class=\"__1 _201\"/>t cann<span class=\"__1 _201\"/>ot be<span class=\"__1 _201\"/> allo<span class=\"__1 _201\"/>cated o<span class=\"__1 _201\"/>n a non<span class=\"__1 _201\"/>-arbit<span class=\"__1 _201\"/>rar<span class=\"__1 _201\"/>y bas<span class=\"__1 _201\"/>is to indi<span class=\"__1 _201\"/>vidua<span class=\"__1 _201\"/>l cash<span class=\"__1 _201\"/>-g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ating unit<span class=\"__1 _201\"/>s. G<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will imp<span class=\"__1 _201\"/>airm<span class=\"__1 _201\"/>ent charg<span class=\"__1 _201\"/>es are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed im<span class=\"__1 _201\"/>medi<span class=\"__1 _201\"/>ately in the in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt.<span class=\"__1 _201\"/> 1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>204<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>1.5.<span class=\"__1 _200\"/>18<span class=\"__1 _200\"/> Intangible<span class=\"__1 _200\"/> assets<span class=\"__1 _32b\"> </span>Intan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d throu<span class=\"__1 _201\"/>gh busin<span class=\"__1 _201\"/>ess c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ations are m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at fair v<span class=\"__1 _201\"/>alue on a<span class=\"__1 _201\"/>cquis<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>. Sepa<span class=\"__1 _201\"/>rately ac<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d intan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s such as li<span class=\"__1 _201\"/>cenc<span class=\"__1 _201\"/>es and s<span class=\"__1 _201\"/>oft<span class=\"__1 _201\"/>ware<span class=\"__1 _201\"/>, are reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d at the pr<span class=\"__1 _201\"/>ice pai<span class=\"__1 _201\"/>d to acquire th<span class=\"__1 _201\"/>em. In<span class=\"__1 _201\"/>tangib<span class=\"__1 _201\"/>les ar<span class=\"__1 _201\"/>ising f<span class=\"__1 _201\"/>rom devel<span class=\"__1 _201\"/>opme<span class=\"__1 _201\"/>nt cos<span class=\"__1 _201\"/>ts are ca<span class=\"__1 _201\"/>pitalis<span class=\"__1 _201\"/>ed wh<span class=\"__1 _201\"/>en it has b<span class=\"__1 _201\"/>een e<span class=\"__1 _201\"/>stab<span class=\"__1 _201\"/>lishe<span class=\"__1 _201\"/>d that the p<span class=\"__1 _201\"/>rojec<span class=\"__1 _201\"/>t is techn<span class=\"__1 _201\"/>ical<span class=\"__1 _201\"/>ly and fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>lly fea<span class=\"__1 _201\"/>sible a<span class=\"__1 _201\"/>nd the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up has both th<span class=\"__1 _201\"/>e intentio<span class=\"__1 _201\"/>n and abi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y to use the co<span class=\"__1 _201\"/>mplete<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>et.<span class=\"__1 _32b\"> </span>Intan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s are subs<span class=\"__1 _201\"/>eque<span class=\"__1 _201\"/>ntly c<span class=\"__1 _201\"/>arri<span class=\"__1 _201\"/>ed at cos<span class=\"__1 _201\"/>t les<span class=\"__1 _201\"/>s amor<span class=\"__1 _201\"/>tis<span class=\"__1 _201\"/>ation an<span class=\"__1 _201\"/>d any accu<span class=\"__1 _201\"/>mulated im<span class=\"__1 _201\"/>pairm<span class=\"__1 _201\"/>ent los<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> Intan<span class=\"__1 _201\"/>gible<span class=\"__1 _201\"/>s are amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n a basis to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t the pat<span class=\"__1 _201\"/>tern in w<span class=\"__1 _201\"/>hich the f<span class=\"__1 _201\"/>uture eco<span class=\"__1 _201\"/>nomi<span class=\"__1 _201\"/>c ben<span class=\"__1 _201\"/>efits are ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to be co<span class=\"__1 _201\"/>nsum<span class=\"__1 _201\"/>ed by referen<span class=\"__1 _201\"/>ce to new bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s pro<span class=\"__1 _201\"/>ducti<span class=\"__1 _201\"/>on level<span class=\"__1 _201\"/>s unle<span class=\"__1 _201\"/>ss the p<span class=\"__1 _201\"/>attern c<span class=\"__1 _201\"/>ann<span class=\"__1 _201\"/>ot be deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d reliab<span class=\"__1 _201\"/>ly<span class=\"__1 _200\"/>, in whi<span class=\"__1 _201\"/>ch cas<span class=\"__1 _201\"/>e a strai<span class=\"__1 _201\"/>ght<span class=\"__1 _200\"/>-<span class=\"__1 _32b\"> </span>line m<span class=\"__1 _201\"/>ethod i<span class=\"__1 _201\"/>s appli<span class=\"__1 _201\"/>ed. Im<span class=\"__1 _201\"/>pair<span class=\"__1 _201\"/>ment tes<span class=\"__1 _201\"/>ting is co<span class=\"__1 _201\"/>nduc<span class=\"__1 _201\"/>ted wh<span class=\"__1 _201\"/>en the<span class=\"__1 _201\"/>re is an indi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n of impair<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>. If an imp<span class=\"__1 _201\"/>airm<span class=\"__1 _201\"/>ent has<span class=\"__1 _201\"/> occu<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>, an impa<span class=\"__1 _201\"/>irmen<span class=\"__1 _201\"/>t charge is re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d for the di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the ca<span class=\"__1 _201\"/>rr<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g value a<span class=\"__1 _201\"/>nd recove<span class=\"__1 _201\"/>rabl<span class=\"__1 _201\"/>e amount o<span class=\"__1 _201\"/>f the ass<span class=\"__1 _201\"/>et. Th<span class=\"__1 _201\"/>e recove<span class=\"__1 _201\"/>rable a<span class=\"__1 _201\"/>mount i<span class=\"__1 _201\"/>s the greater of f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e les<span class=\"__1 _201\"/>s cost<span class=\"__1 _201\"/>s to sell an<span class=\"__1 _201\"/>d value i<span class=\"__1 _201\"/>n use. Value in us<span class=\"__1 _201\"/>e is cal<span class=\"__1 _201\"/>culated as t<span class=\"__1 _201\"/>he pres<span class=\"__1 _201\"/>ent valu<span class=\"__1 _201\"/>e of future exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted ca<span class=\"__1 _201\"/>sh flows f<span class=\"__1 _201\"/>rom the as<span class=\"__1 _201\"/>set, c<span class=\"__1 _201\"/>ash<span class=\"__1 _201\"/>-ge<span class=\"__1 _201\"/>nerat<span class=\"__1 _201\"/>ing unit o<span class=\"__1 _201\"/>r group of c<span class=\"__1 _201\"/>ash-<span class=\"__1 _201\"/>gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g units to wh<span class=\"__1 _201\"/>ich it<span class=\"__1 _201\"/> is all<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>Amo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>isatio<span class=\"__1 _201\"/>n and imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt of intan<span class=\"__1 _201\"/>gible as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s is charge<span class=\"__1 _201\"/>d to the inc<span class=\"__1 _201\"/>ome s<span class=\"__1 _201\"/>tatement<span class=\"__1 _201\"/>. 1.5.<span class=\"__1 _f_1\"/>19 Cash and<span class=\"__1 _200\"/> cash<span class=\"__1 _200\"/> equivalen<span class=\"__1 _200\"/>ts<span class=\"__1 _32b\"> </span>Cas<span class=\"__1 _201\"/>h and c<span class=\"__1 _201\"/>ash equ<span class=\"__1 _201\"/>ival<span class=\"__1 _201\"/>ents co<span class=\"__1 _201\"/>nsist o<span class=\"__1 _201\"/>f cash at b<span class=\"__1 _201\"/>ank and i<span class=\"__1 _201\"/>n hand, d<span class=\"__1 _201\"/>epo<span class=\"__1 _201\"/>sits he<span class=\"__1 _201\"/>ld at cal<span class=\"__1 _201\"/>l with ban<span class=\"__1 _201\"/>ks, mo<span class=\"__1 _201\"/>ney mar<span class=\"__1 _201\"/>ket funds an<span class=\"__1 _201\"/>d debt<span class=\"__1 _201\"/> se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s with le<span class=\"__1 _201\"/>ss tha<span class=\"__1 _201\"/>n 90 days\u2019 maturi<span class=\"__1 _201\"/>ty f<span class=\"__1 _201\"/>rom the date of ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _201\"/>20 Dividends<span class=\"__1 _32b\"> </span>Div<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>nds are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed wh<span class=\"__1 _201\"/>en the o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>on be<span class=\"__1 _201\"/>come<span class=\"__1 _201\"/>s cer<span class=\"__1 _201\"/>tain<span class=\"__1 _201\"/>, i.e. wh<span class=\"__1 _201\"/>en the di<span class=\"__1 _201\"/>vid<span class=\"__1 _201\"/>end is n<span class=\"__1 _201\"/>o long<span class=\"__1 _201\"/>er at the dis<span class=\"__1 _201\"/>cretion of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> Com<span class=\"__1 _201\"/>pany. In the cas<span class=\"__1 _201\"/>e of interim d<span class=\"__1 _201\"/>ivid<span class=\"__1 _201\"/>ends<span class=\"__1 _201\"/>, this o<span class=\"__1 _201\"/>ccurs w<span class=\"__1 _201\"/>hen the d<span class=\"__1 _201\"/>ivid<span class=\"__1 _201\"/>ends a<span class=\"__1 _201\"/>re paid. Fo<span class=\"__1 _201\"/>r final di<span class=\"__1 _201\"/>vid<span class=\"__1 _201\"/>ends<span class=\"__1 _201\"/>, this oc<span class=\"__1 _201\"/>curs wh<span class=\"__1 _201\"/>en they are<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/> reco<span class=\"__1 _201\"/>mmen<span class=\"__1 _201\"/>ded by th<span class=\"__1 _201\"/>e Board a<span class=\"__1 _201\"/>nd approve<span class=\"__1 _201\"/>d by share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _201\"/>21 Shar<span class=\"__1 _200\"/>e capit<span class=\"__1 _200\"/>al and<span class=\"__1 _200\"/> share<span class=\"__1 _200\"/> premium<span class=\"__1 _32b\"> </span>An eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y instr<span class=\"__1 _201\"/>ument i<span class=\"__1 _201\"/>s any contr<span class=\"__1 _201\"/>act th<span class=\"__1 _201\"/>at evide<span class=\"__1 _201\"/>nces a re<span class=\"__1 _201\"/>sidua<span class=\"__1 _201\"/>l interes<span class=\"__1 _201\"/>t in the as<span class=\"__1 _201\"/>sets of th<span class=\"__1 _201\"/>e Group, af<span class=\"__1 _201\"/>ter de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>ting al<span class=\"__1 _201\"/>l of its<span class=\"__1 _32b\"> </span> liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>. Sha<span class=\"__1 _201\"/>res are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y whe<span class=\"__1 _201\"/>n their ter<span class=\"__1 _201\"/>ms do no<span class=\"__1 _201\"/>t create an obl<span class=\"__1 _201\"/>igation to tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>r ass<span class=\"__1 _201\"/>ets. T<span class=\"__1 _201\"/>he no<span class=\"__1 _201\"/>minal va<span class=\"__1 _201\"/>lue of<span class=\"__1 _201\"/> share<span class=\"__1 _201\"/>s iss<span class=\"__1 _201\"/>ued is re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d in share c<span class=\"__1 _201\"/>apit<span class=\"__1 _201\"/>al.<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>re the cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ation re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d from the i<span class=\"__1 _201\"/>ssue o<span class=\"__1 _201\"/>r sal<span class=\"__1 _201\"/>e of existin<span class=\"__1 _201\"/>g share<span class=\"__1 _201\"/>s exceed<span class=\"__1 _201\"/>s the nom<span class=\"__1 _201\"/>inal val<span class=\"__1 _201\"/>ue reco<span class=\"__1 _201\"/>rded in s<span class=\"__1 _201\"/>hare ca<span class=\"__1 _201\"/>pital,<span class=\"__1 _201\"/> the di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ce is reco<span class=\"__1 _201\"/>rded i<span class=\"__1 _201\"/>n share pre<span class=\"__1 _201\"/>mium. S<span class=\"__1 _201\"/>hare pre<span class=\"__1 _201\"/>mium is re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d net of sha<span class=\"__1 _201\"/>re issu<span class=\"__1 _201\"/>e cost<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> 1.5.<span class=\"__1 _201\"/>22 T<span class=\"__1 _f_1\"/>r<span class=\"__1 _200\"/>easury shar<span class=\"__1 _200\"/>es<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>re any of the Gro<span class=\"__1 _201\"/>up entiti<span class=\"__1 _201\"/>es purch<span class=\"__1 _201\"/>ase the C<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ny\u2019s share c<span class=\"__1 _201\"/>apital<span class=\"__1 _201\"/>, the con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>ration pa<span class=\"__1 _201\"/>id, in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g any attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le<span class=\"__1 _201\"/> trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tion cos<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, is show<span class=\"__1 _201\"/>n as a ded<span class=\"__1 _201\"/>ucti<span class=\"__1 _201\"/>on from total s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 equit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _201\"/>23 Merger<span class=\"__1 _200\"/> reserve<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>erge<span class=\"__1 _201\"/>r reser<span class=\"__1 _201\"/>ve a<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>s from the a<span class=\"__1 _201\"/>pplic<span class=\"__1 _201\"/>ation of m<span class=\"__1 _201\"/>erger a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ting pr<span class=\"__1 _201\"/>incipl<span class=\"__1 _201\"/>es to acqu<span class=\"__1 _201\"/>isitio<span class=\"__1 _201\"/>ns of entitie<span class=\"__1 _201\"/>s unde<span class=\"__1 _201\"/>r comm<span class=\"__1 _201\"/>on contro<span class=\"__1 _201\"/>l.<span class=\"__1 _201\"/> It rep<span class=\"__1 _201\"/>resent<span class=\"__1 _201\"/>s the diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>e bet<span class=\"__1 _201\"/>ween th<span class=\"__1 _201\"/>e aggre<span class=\"__1 _201\"/>gate cap<span class=\"__1 _201\"/>ital res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves an<span class=\"__1 _201\"/>d value of th<span class=\"__1 _201\"/>e entitie<span class=\"__1 _201\"/>s acqui<span class=\"__1 _201\"/>red, w<span class=\"__1 _201\"/>hich is re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed<span class=\"__1 _201\"/> direc<span class=\"__1 _201\"/>tly in e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y. On disp<span class=\"__1 _201\"/>osal of th<span class=\"__1 _201\"/>e releva<span class=\"__1 _201\"/>nt entit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, the relate<span class=\"__1 _201\"/>d merg<span class=\"__1 _201\"/>er rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve is rele<span class=\"__1 _201\"/>ased d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tly to retaine<span class=\"__1 _201\"/>d ear<span class=\"__1 _201\"/>nings<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _201\"/>24 Capital<span class=\"__1 _200\"/> redemption<span class=\"__1 _200\"/> reserve<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>apit<span class=\"__1 _201\"/>al rede<span class=\"__1 _201\"/>mption re<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>ve ar<span class=\"__1 _201\"/>ises f<span class=\"__1 _201\"/>rom the c<span class=\"__1 _201\"/>ancel<span class=\"__1 _201\"/>lation of s<span class=\"__1 _201\"/>hares fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g the sha<span class=\"__1 _201\"/>re buy-b<span class=\"__1 _201\"/>ack pro<span class=\"__1 _201\"/>gramm<span class=\"__1 _201\"/>e. 1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2e_1 ws6c_1\">205<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>1.5<span class=\"__1 _201\"/>.25 Share<span class=\"__1 _201\"/>-based payments<span class=\"__1 _32b\"> </span>All sh<span class=\"__1 _201\"/>are-<span class=\"__1 _201\"/>base<span class=\"__1 _201\"/>d payme<span class=\"__1 _201\"/>nts mad<span class=\"__1 _201\"/>e to empl<span class=\"__1 _201\"/>oyees fo<span class=\"__1 _201\"/>r ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices ren<span class=\"__1 _201\"/>dere<span class=\"__1 _201\"/>d are meas<span class=\"__1 _201\"/>ured ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n the fair v<span class=\"__1 _201\"/>alue of th<span class=\"__1 _201\"/>e equit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nt grante<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e fair val<span class=\"__1 _201\"/>ue takes into ac<span class=\"__1 _201\"/>count the i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>et-base<span class=\"__1 _201\"/>d vestin<span class=\"__1 _201\"/>g condi<span class=\"__1 _201\"/>tions an<span class=\"__1 _201\"/>d non<span class=\"__1 _201\"/>-vesti<span class=\"__1 _201\"/>ng cond<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/>, but exclu<span class=\"__1 _201\"/>des any im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of non<span class=\"__1 _201\"/>-mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>et<span class=\"__1 _200\"/>-ba<span class=\"__1 _201\"/>sed ve<span class=\"__1 _201\"/>sting c<span class=\"__1 _201\"/>onditi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>. The rel<span class=\"__1 _201\"/>ated share<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>ased p<span class=\"__1 _201\"/>ayment ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d over<span class=\"__1 _201\"/> the ves<span class=\"__1 _201\"/>ting p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue may be d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed us<span class=\"__1 _201\"/>ing an opti<span class=\"__1 _201\"/>on pri<span class=\"__1 _201\"/>cing mo<span class=\"__1 _201\"/>del su<span class=\"__1 _201\"/>ch as Bla<span class=\"__1 _201\"/>ck<span class=\"__1 _200\"/>-Sch<span class=\"__1 _201\"/>oles s<span class=\"__1 _201\"/>imulatio<span class=\"__1 _201\"/>n whe<span class=\"__1 _201\"/>re appro<span class=\"__1 _201\"/>priate, t<span class=\"__1 _201\"/>aking into a<span class=\"__1 _201\"/>ccount th<span class=\"__1 _201\"/>e terms a<span class=\"__1 _201\"/>nd cond<span class=\"__1 _201\"/>itions of t<span class=\"__1 _201\"/>he award.<span class=\"__1 _201\"/> For eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y-set<span class=\"__1 _201\"/>tled s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>-bas<span class=\"__1 _201\"/>ed paym<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, the fa<span class=\"__1 _201\"/>ir value o<span class=\"__1 _201\"/>f ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ce rend<span class=\"__1 _201\"/>ered is b<span class=\"__1 _201\"/>ased o<span class=\"__1 _201\"/>n the fa<span class=\"__1 _201\"/>ir value of th<span class=\"__1 _201\"/>e equi<span class=\"__1 _201\"/>ty in<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>ment at<span class=\"__1 _201\"/> grant d<span class=\"__1 _201\"/>ate, which i<span class=\"__1 _201\"/>s not reme<span class=\"__1 _201\"/>asure<span class=\"__1 _201\"/>d subse<span class=\"__1 _201\"/>quen<span class=\"__1 _201\"/>tly. The share<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>ased p<span class=\"__1 _201\"/>ayment ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d over the ve<span class=\"__1 _201\"/>sting p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od and<span class=\"__1 _201\"/> is bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e numb<span class=\"__1 _201\"/>er of equ<span class=\"__1 _201\"/>ity in<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>ments ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to ves<span class=\"__1 _201\"/>t, with th<span class=\"__1 _201\"/>e corre<span class=\"__1 _201\"/>spo<span class=\"__1 _201\"/>nding e<span class=\"__1 _201\"/>ntr<span class=\"__1 _201\"/>y to equi<span class=\"__1 _201\"/>ty.<span class=\"__1 _32b\"> </span>For c<span class=\"__1 _201\"/>ash-s<span class=\"__1 _201\"/>ettl<span class=\"__1 _201\"/>ed sha<span class=\"__1 _201\"/>re-b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d payme<span class=\"__1 _201\"/>nts, th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue of se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice re<span class=\"__1 _201\"/>ndere<span class=\"__1 _201\"/>d is bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue of the l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y rel<span class=\"__1 _201\"/>ated to the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y instr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>t granted<span class=\"__1 _201\"/>. The f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e equi<span class=\"__1 _201\"/>ty in<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>ment gr<span class=\"__1 _201\"/>anted is rem<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at each re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ting d<span class=\"__1 _201\"/>ate with any cha<span class=\"__1 _201\"/>nges<span class=\"__1 _201\"/> reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in the s<span class=\"__1 _201\"/>hare-<span class=\"__1 _201\"/>base<span class=\"__1 _201\"/>d paym<span class=\"__1 _201\"/>ent expe<span class=\"__1 _201\"/>nse fo<span class=\"__1 _201\"/>r the per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>A can<span class=\"__1 _201\"/>cellati<span class=\"__1 _201\"/>on of an award w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t the gran<span class=\"__1 _201\"/>t of a replac<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t equit<span class=\"__1 _201\"/>y ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ent is ac<span class=\"__1 _201\"/>counted f<span class=\"__1 _201\"/>or as an ac<span class=\"__1 _201\"/>celer<span class=\"__1 _201\"/>ation of<span class=\"__1 _201\"/> ves<span class=\"__1 _201\"/>ting. Acc<span class=\"__1 _201\"/>ordingl<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, any share<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>ased ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e that woul<span class=\"__1 _201\"/>d have bee<span class=\"__1 _201\"/>n recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d over the rem<span class=\"__1 _201\"/>aining ve<span class=\"__1 _201\"/>sting p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od is<span class=\"__1 _201\"/> reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d imm<span class=\"__1 _201\"/>ediatel<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>re repla<span class=\"__1 _201\"/>cemen<span class=\"__1 _201\"/>t equit<span class=\"__1 _201\"/>y ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents are g<span class=\"__1 _201\"/>ranted to em<span class=\"__1 _201\"/>ployee<span class=\"__1 _201\"/>s in pla<span class=\"__1 _201\"/>ce of the c<span class=\"__1 _201\"/>ancel<span class=\"__1 _201\"/>led e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y instr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>ts, th<span class=\"__1 _201\"/>e repla<span class=\"__1 _201\"/>ceme<span class=\"__1 _201\"/>nt award is tre<span class=\"__1 _201\"/>ated as a mo<span class=\"__1 _201\"/>dific<span class=\"__1 _201\"/>ation of th<span class=\"__1 _201\"/>e orig<span class=\"__1 _201\"/>inal award<span class=\"__1 _201\"/>. At the point o<span class=\"__1 _201\"/>f replac<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t, the award<span class=\"__1 _201\"/>s are reme<span class=\"__1 _201\"/>asured to th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue<span class=\"__1 _201\"/> at the date of rep<span class=\"__1 _201\"/>lace<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, which fo<span class=\"__1 _201\"/>rms the b<span class=\"__1 _201\"/>asis of re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ising th<span class=\"__1 _201\"/>e expens<span class=\"__1 _201\"/>e over the re<span class=\"__1 _201\"/>mainin<span class=\"__1 _201\"/>g vestin<span class=\"__1 _201\"/>g per<span class=\"__1 _201\"/>iod.<span class=\"__1 _201\"/> On ves<span class=\"__1 _201\"/>ting o<span class=\"__1 _201\"/>r exercise, th<span class=\"__1 _201\"/>e diffe<span class=\"__1 _201\"/>rence b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e charge<span class=\"__1 _201\"/>d to the inc<span class=\"__1 _201\"/>ome s<span class=\"__1 _201\"/>tatement a<span class=\"__1 _201\"/>nd the ac<span class=\"__1 _201\"/>tual co<span class=\"__1 _201\"/>st to the G<span class=\"__1 _201\"/>roup is<span class=\"__1 _201\"/> trans<span class=\"__1 _201\"/>fer<span class=\"__1 _201\"/>red to retain<span class=\"__1 _201\"/>ed ear<span class=\"__1 _201\"/>nings<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _201\"/>26 Discon<span class=\"__1 _200\"/>tinued opera<span class=\"__1 _200\"/>tions<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup cl<span class=\"__1 _201\"/>assi<span class=\"__1 _201\"/>fies an e<span class=\"__1 _201\"/>ntit<span class=\"__1 _201\"/>y (<span class=\"__1 _200\"/>or a com<span class=\"__1 _201\"/>pone<span class=\"__1 _201\"/>nt of an entit<span class=\"__1 _201\"/>y) within th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p as a disco<span class=\"__1 _201\"/>ntinue<span class=\"__1 _201\"/>d ope<span class=\"__1 _201\"/>ration if i<span class=\"__1 _201\"/>t has eith<span class=\"__1 _201\"/>er be<span class=\"__1 _201\"/>en<span class=\"__1 _32b\"> </span> disp<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>d of, or is clas<span class=\"__1 _201\"/>sifie<span class=\"__1 _201\"/>d as hel<span class=\"__1 _201\"/>d for sa<span class=\"__1 _201\"/>le, and<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">repre<span class=\"__1 _201\"/>sents a s<span class=\"__1 _201\"/>epar<span class=\"__1 _201\"/>ate major li<span class=\"__1 _201\"/>ne of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s or ge<span class=\"__1 _201\"/>ograp<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>al area of op<span class=\"__1 _201\"/>eratio<span class=\"__1 _201\"/>ns;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">is par<span class=\"__1 _201\"/>t of a s<span class=\"__1 _201\"/>ingle co<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>ordinate<span class=\"__1 _201\"/>d plan to dis<span class=\"__1 _201\"/>pose o<span class=\"__1 _201\"/>f a separ<span class=\"__1 _201\"/>ate major li<span class=\"__1 _201\"/>ne of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s or ge<span class=\"__1 _201\"/>ograp<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>al area of op<span class=\"__1 _201\"/>erati<span class=\"__1 _201\"/>ons; or<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">is a sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>y a<span class=\"__1 _201\"/>cquire<span class=\"__1 _201\"/>d exclusi<span class=\"__1 _201\"/>vely with a v<span class=\"__1 _201\"/>iew to res<span class=\"__1 _201\"/>ale.<span class=\"__1 _32b\"> </span></span>The a<span class=\"__1 _201\"/>nalys<span class=\"__1 _201\"/>is of the co<span class=\"__1 _201\"/>mpreh<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>ve incom<span class=\"__1 _201\"/>e and c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s relating to di<span class=\"__1 _201\"/>scontin<span class=\"__1 _201\"/>ued o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ons is dis<span class=\"__1 _201\"/>clos<span class=\"__1 _201\"/>ed se<span class=\"__1 _201\"/>paratel<span class=\"__1 _201\"/>y in the<span class=\"__1 _201\"/> consolidat<span class=\"__1 _200\"/>ed financi<span class=\"__1 _200\"/>al stat<span class=\"__1 _200\"/>ements.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _201\"/>27 Earnings per<span class=\"__1 _200\"/> share<span class=\"__1 _200\"/> (EPS)<span class=\"__1 _32b\"> </span>Basi<span class=\"__1 _201\"/>c EPS is c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ated by div<span class=\"__1 _201\"/>iding th<span class=\"__1 _201\"/>e profit o<span class=\"__1 _201\"/>r loss f<span class=\"__1 _201\"/>or the yea<span class=\"__1 _201\"/>r attrib<span class=\"__1 _201\"/>utabl<span class=\"__1 _201\"/>e to ordinar<span class=\"__1 _250\"/>y shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers by the we<span class=\"__1 _201\"/>ighted aver<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/> numb<span class=\"__1 _201\"/>er of ordi<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y sha<span class=\"__1 _201\"/>res outs<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ing, exclu<span class=\"__1 _201\"/>ding trea<span class=\"__1 _201\"/>sur<span class=\"__1 _201\"/>y sha<span class=\"__1 _201\"/>res.<span class=\"__1 _32b\"> </span>Dilu<span class=\"__1 _201\"/>ted EPS is c<span class=\"__1 _201\"/>alcu<span class=\"__1 _201\"/>lated by div<span class=\"__1 _201\"/>iding t<span class=\"__1 _201\"/>he profi<span class=\"__1 _201\"/>t or los<span class=\"__1 _201\"/>s for the ye<span class=\"__1 _201\"/>ar attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to ordina<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers by the we<span class=\"__1 _201\"/>ighted aver<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/> numb<span class=\"__1 _201\"/>er of ordi<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y sha<span class=\"__1 _201\"/>res, exclu<span class=\"__1 _201\"/>ding tre<span class=\"__1 _201\"/>asur<span class=\"__1 _201\"/>y sh<span class=\"__1 _201\"/>ares, a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>ted to take into accou<span class=\"__1 _201\"/>nt the effe<span class=\"__1 _201\"/>ct of a<span class=\"__1 _201\"/>ny dilutive p<span class=\"__1 _201\"/>otential o<span class=\"__1 _201\"/>rdinar<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> share<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s onl<span class=\"__1 _201\"/>y class of p<span class=\"__1 _201\"/>otential<span class=\"__1 _201\"/>ly diluti<span class=\"__1 _201\"/>ve ordina<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y share<span class=\"__1 _201\"/>s are share o<span class=\"__1 _201\"/>ptions an<span class=\"__1 _201\"/>d awards gr<span class=\"__1 _201\"/>anted to emp<span class=\"__1 _201\"/>loyee<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Potentia<span class=\"__1 _201\"/>l ordinar<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>hares are t<span class=\"__1 _201\"/>reated as dil<span class=\"__1 _201\"/>utive wh<span class=\"__1 _201\"/>en thei<span class=\"__1 _201\"/>r convers<span class=\"__1 _201\"/>ion to ordin<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y share<span class=\"__1 _201\"/>s resul<span class=\"__1 _201\"/>ts in a de<span class=\"__1 _201\"/>crease in E<span class=\"__1 _201\"/>PS.<span class=\"__1 _201\"/> 1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>206<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>1.5.<span class=\"__1 _201\"/>28 F<span class=\"__1 _200\"/>oreign e<span class=\"__1 _200\"/>x<span class=\"__1 _200\"/>change<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d financ<span class=\"__1 _201\"/>ial statem<span class=\"__1 _201\"/>ents are p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nted in mill<span class=\"__1 _201\"/>ion po<span class=\"__1 _201\"/>unds s<span class=\"__1 _201\"/>terlin<span class=\"__1 _201\"/>g, the G<span class=\"__1 _201\"/>roup\u2019s present<span class=\"__1 _201\"/>ation cur<span class=\"__1 _201\"/>renc<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. Accord<span class=\"__1 _201\"/>ingly, the resul<span class=\"__1 _201\"/>ts and fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l positi<span class=\"__1 _201\"/>on of fore<span class=\"__1 _201\"/>ign subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>ies are tr<span class=\"__1 _201\"/>anslate<span class=\"__1 _201\"/>d into the pres<span class=\"__1 _201\"/>entatio<span class=\"__1 _201\"/>n curren<span class=\"__1 _201\"/>cy of th<span class=\"__1 _201\"/>e Group<span class=\"__1 _201\"/> from th<span class=\"__1 _201\"/>eir fun<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>nal cur<span class=\"__1 _201\"/>rencie<span class=\"__1 _201\"/>s. Al<span class=\"__1 _201\"/>l asse<span class=\"__1 _201\"/>ts and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s of forei<span class=\"__1 _201\"/>gn subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es are co<span class=\"__1 _201\"/>nver<span class=\"__1 _201\"/>ted at year en<span class=\"__1 _201\"/>d exchang<span class=\"__1 _201\"/>e rates whil<span class=\"__1 _201\"/>e all<span class=\"__1 _201\"/> inco<span class=\"__1 _201\"/>me and ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es are co<span class=\"__1 _201\"/>nver<span class=\"__1 _201\"/>ted at averag<span class=\"__1 _201\"/>e exchange r<span class=\"__1 _201\"/>ates whe<span class=\"__1 _201\"/>re this is a rea<span class=\"__1 _201\"/>sonab<span class=\"__1 _201\"/>le app<span class=\"__1 _201\"/>roximatio<span class=\"__1 _201\"/>n of the rates p<span class=\"__1 _201\"/>revailin<span class=\"__1 _201\"/>g on tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion date<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Foreig<span class=\"__1 _201\"/>n curren<span class=\"__1 _201\"/>cy mo<span class=\"__1 _201\"/>netar<span class=\"__1 _201\"/>y a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s are trans<span class=\"__1 _201\"/>lated at the s<span class=\"__1 _201\"/>pot exchang<span class=\"__1 _201\"/>e rate for the f<span class=\"__1 _201\"/>unc<span class=\"__1 _201\"/>tiona<span class=\"__1 _201\"/>l curren<span class=\"__1 _201\"/>cy at the<span class=\"__1 _201\"/> repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting date. Cha<span class=\"__1 _201\"/>nges re<span class=\"__1 _201\"/>sultin<span class=\"__1 _201\"/>g from exchang<span class=\"__1 _201\"/>e rates are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed in th<span class=\"__1 _201\"/>e inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment.<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n curren<span class=\"__1 _201\"/>cy tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tions a<span class=\"__1 _201\"/>re transl<span class=\"__1 _201\"/>ated into fun<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>nal cur<span class=\"__1 _201\"/>rencie<span class=\"__1 _201\"/>s at the sp<span class=\"__1 _201\"/>ot rate prevail<span class=\"__1 _201\"/>ing on the d<span class=\"__1 _201\"/>ate of trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>ons.<span class=\"__1 _201\"/> Non<span class=\"__1 _201\"/>-mo<span class=\"__1 _201\"/>netar<span class=\"__1 _201\"/>y a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s that are mea<span class=\"__1 _201\"/>sured at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e in a forei<span class=\"__1 _201\"/>gn curren<span class=\"__1 _201\"/>cy are tr<span class=\"__1 _201\"/>anslate<span class=\"__1 _201\"/>d into the fun<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>nal<span class=\"__1 _201\"/> curre<span class=\"__1 _201\"/>ncy at th<span class=\"__1 _201\"/>e spot excha<span class=\"__1 _201\"/>nge rate at the d<span class=\"__1 _201\"/>ate on which t<span class=\"__1 _201\"/>he fair v<span class=\"__1 _201\"/>alue is d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed.<span class=\"__1 _201\"/> Non<span class=\"__1 _201\"/>-mo<span class=\"__1 _201\"/>netar<span class=\"__1 _201\"/>y ite<span class=\"__1 _201\"/>ms that are me<span class=\"__1 _201\"/>asure<span class=\"__1 _201\"/>d base<span class=\"__1 _201\"/>d on his<span class=\"__1 _201\"/>toric<span class=\"__1 _201\"/>al cos<span class=\"__1 _201\"/>t in a forei<span class=\"__1 _201\"/>gn curren<span class=\"__1 _201\"/>cy are tr<span class=\"__1 _201\"/>anslate<span class=\"__1 _201\"/>d using th<span class=\"__1 _201\"/>e spot excha<span class=\"__1 _201\"/>nge rate<span class=\"__1 _201\"/> at the date of th<span class=\"__1 _201\"/>e trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>Exc<span class=\"__1 _201\"/>hange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces ar<span class=\"__1 _201\"/>ising o<span class=\"__1 _201\"/>n the tran<span class=\"__1 _201\"/>slatio<span class=\"__1 _201\"/>n of foreig<span class=\"__1 _201\"/>n subsid<span class=\"__1 _201\"/>iarie<span class=\"__1 _201\"/>s are reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed in othe<span class=\"__1 _201\"/>r comp<span class=\"__1 _201\"/>rehens<span class=\"__1 _201\"/>ive inc<span class=\"__1 _201\"/>ome an<span class=\"__1 _201\"/>d taken to other re<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>ves w<span class=\"__1 _201\"/>ithin e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. On dis<span class=\"__1 _201\"/>pos<span class=\"__1 _201\"/>al of the fore<span class=\"__1 _201\"/>ign subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>y, the relate<span class=\"__1 _201\"/>d exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces are t<span class=\"__1 _201\"/>rans<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d out of this<span class=\"__1 _201\"/> rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve and are re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised in t<span class=\"__1 _201\"/>he inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment as p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of the gain o<span class=\"__1 _201\"/>r los<span class=\"__1 _201\"/>s on disp<span class=\"__1 _201\"/>osal<span class=\"__1 _201\"/>. The i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d cash fl<span class=\"__1 _201\"/>ows, a<span class=\"__1 _201\"/>nd state<span class=\"__1 _201\"/>ments of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al pos<span class=\"__1 _201\"/>ition of G<span class=\"__1 _201\"/>roup entit<span class=\"__1 _201\"/>ies that have a di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>t func<span class=\"__1 _201\"/>tiona<span class=\"__1 _201\"/>l curre<span class=\"__1 _201\"/>ncy f<span class=\"__1 _201\"/>rom the Gro<span class=\"__1 _201\"/>up\u2019s presentati<span class=\"__1 _201\"/>on curre<span class=\"__1 _201\"/>ncy, have bee<span class=\"__1 _201\"/>n trans<span class=\"__1 _201\"/>lated usin<span class=\"__1 _201\"/>g the foll<span class=\"__1 _201\"/>owing p<span class=\"__1 _201\"/>rinc<span class=\"__1 _201\"/>ipal exchan<span class=\"__1 _201\"/>ge rates<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _b5_1\"> </span>2021<span class=\"__1 _32b\"> </span>Income stat<span class=\"__1 _200\"/>ement and <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>cash flows<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>average<span class=\"__1 _200\"/> rate<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span>Statement of financial position (<span class=\"__1 _f_1\"/>closing rate<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span>Income stat<span class=\"__1 _200\"/>ement and <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>cash flows<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>average<span class=\"__1 _200\"/> rate<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span>Statement of financial position (<span class=\"__1 _f_1\"/>closing rate<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span>Euro (EU<span class=\"__1 _201\"/>R)<span class=\"__1 _b6_1\"> </span><span class=\"ff1_1 ls60_1 ws73_1\">1<span class=\"__1 _201\"/>.1<span class=\"__1 _250\"/>7<span class=\"__1 _b7_1\"> </span>1<span class=\"__1 _201\"/>.1<span class=\"__1 _250\"/>3<span class=\"__1 _b8_1\"> </span></span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>6<span class=\"__1 _b9_1\"> </span>1<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span>Indi<span class=\"__1 _201\"/>an Rupe<span class=\"__1 _201\"/>e (IN<span class=\"__1 _201\"/>R)<span class=\"__1 _ba_1\"> </span><span class=\"ff1_1 ls61_1 ws74_1\">9<span class=\"__1 _201\"/>7.<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _bb_1\"> </span><span class=\"ls32_1 ws33_1\">99.5<span class=\"__1 _201\"/>3<span class=\"__1 _3c_1\"> </span></span></span><span class=\"ls4d_1 ws54_1\">101<span class=\"__1 _201\"/>.70<span class=\"__1 _bc_1\"> </span>100.<span class=\"__1 _201\"/>68<span class=\"__1 _32b\"> </span></span>Poli<span class=\"__1 _201\"/>sh Z\u0142oty (<span class=\"__1 _201\"/>PLN)<span class=\"__1 _ac_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">5.<span class=\"__1 _201\"/>49<span class=\"__1 _bd_1\"> </span><span class=\"ls22_1 ws21_1\">5.<span class=\"__1 _201\"/>29<span class=\"__1 _be_1\"> </span></span></span><span class=\"lsc_1 wsa_1\">5.<span class=\"__1 _201\"/>31<span class=\"__1 _bf_1\"> </span><span class=\"ls1f_1 ws1e_1\">5.46<span class=\"__1 _32b\"> </span></span></span>Sou<span class=\"__1 _201\"/>th Afric<span class=\"__1 _201\"/>an Ran<span class=\"__1 _201\"/>d (Z<span class=\"__1 _201\"/>AR)<span class=\"__1 _295\"> </span><span class=\"ff1_1 ls60_1 ws73_1\">2<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>7<span class=\"__1 _bb_1\"> </span><span class=\"ls38_1 ws38_1\">20.59<span class=\"__1 _b3_1\"> </span></span></span><span class=\"ls32_1 ws33_1\">20.<span class=\"__1 _201\"/>34<span class=\"__1 _c0_1\"> </span><span class=\"ls1c_1 ws43_1\">21.62<span class=\"__1 _32b\"> </span></span></span>Swis<span class=\"__1 _201\"/>s Franc (CHF<span class=\"__1 _201\"/>)<span class=\"__1 _c1_1\"> </span><span class=\"ff1_1 ls60_1 ws73_1\">1<span class=\"__1 _201\"/>.1<span class=\"__1 _250\"/>8<span class=\"__1 _b7_1\"> </span>1<span class=\"__1 _250\"/>.1<span class=\"__1 _250\"/>2<span class=\"__1 _266\"> </span></span><span class=\"lsc_1 wsa_1\">1.26<span class=\"__1 _c2_1\"> </span>1.<span class=\"__1 _201\"/>23<span class=\"__1 _32b\"> </span></span>US Dollar (USD)<span class=\"__1 _c3_1\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">1.24<span class=\"__1 _c2_1\"> </span><span class=\"lsd_1 wsb_1\">1.21<span class=\"__1 _be_1\"> </span></span></span><span class=\"lsc_1 wsa_1\">1.<span class=\"__1 _201\"/>38<span class=\"__1 _c4_1\"> </span>1.3<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls3e_1 ws40_1\">207<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _201\"/>29 Leases The G<span class=\"__1 _201\"/>roup l<span class=\"__1 _201\"/>eases o<span class=\"__1 _201\"/>ffice p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y to con<span class=\"__1 _201\"/>duct i<span class=\"__1 _201\"/>ts busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s. At the in<span class=\"__1 _201\"/>ceptio<span class=\"__1 _201\"/>n of a contra<span class=\"__1 _201\"/>ct, t<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p asse<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es wheth<span class=\"__1 _201\"/>er a cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>t is<span class=\"__1 _201\"/>, or conta<span class=\"__1 _201\"/>ins, a l<span class=\"__1 _201\"/>ease. I<span class=\"__1 _201\"/>n simpl<span class=\"__1 _201\"/>e terms thi<span class=\"__1 _201\"/>s appli<span class=\"__1 _201\"/>es if the c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t conveys t<span class=\"__1 _201\"/>he righ<span class=\"__1 _201\"/>t to control the u<span class=\"__1 _201\"/>se of an id<span class=\"__1 _201\"/>entifi<span class=\"__1 _201\"/>ed as<span class=\"__1 _201\"/>set for<span class=\"__1 _201\"/> a per<span class=\"__1 _201\"/>iod of ti<span class=\"__1 _201\"/>me in exchang<span class=\"__1 _201\"/>e for co<span class=\"__1 _201\"/>nside<span class=\"__1 _201\"/>ration<span class=\"__1 _201\"/>. At incepti<span class=\"__1 _201\"/>on, th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ates the co<span class=\"__1 _201\"/>nside<span class=\"__1 _201\"/>ration i<span class=\"__1 _201\"/>n a contra<span class=\"__1 _201\"/>ct to eac<span class=\"__1 _201\"/>h lease<span class=\"__1 _201\"/> comp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nt. Howeve<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, f<span class=\"__1 _201\"/>or the le<span class=\"__1 _201\"/>ases of l<span class=\"__1 _201\"/>and and b<span class=\"__1 _201\"/>uildin<span class=\"__1 _201\"/>gs, i<span class=\"__1 _201\"/>n which th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>s les<span class=\"__1 _201\"/>see, th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p has ele<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to account<span class=\"__1 _201\"/> for the<span class=\"__1 _200\"/> lease and non-lease<span class=\"__1 _200\"/> components as<span class=\"__1 _200\"/> a single<span class=\"__1 _200\"/> lease component. Whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up act<span class=\"__1 _201\"/>s as a les<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>e, it reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>s a \u201crig<span class=\"__1 _201\"/>ht of use\u201d ass<span class=\"__1 _201\"/>et and a co<span class=\"__1 _201\"/>rresp<span class=\"__1 _201\"/>ondi<span class=\"__1 _201\"/>ng lea<span class=\"__1 _201\"/>se liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, repres<span class=\"__1 _201\"/>enting th<span class=\"__1 _201\"/>e obli<span class=\"__1 _201\"/>gation to ma<span class=\"__1 _201\"/>ke lease pay<span class=\"__1 _201\"/>ments at th<span class=\"__1 _201\"/>e leas<span class=\"__1 _201\"/>e comm<span class=\"__1 _201\"/>ence<span class=\"__1 _201\"/>ment date. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up appl<span class=\"__1 _201\"/>ies the c<span class=\"__1 _201\"/>ost mo<span class=\"__1 _201\"/>del to th<span class=\"__1 _201\"/>e right of us<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets,<span class=\"__1 _201\"/> except fo<span class=\"__1 _201\"/>r those th<span class=\"__1 _201\"/>at meet th<span class=\"__1 _201\"/>e defini<span class=\"__1 _201\"/>tion of an inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty, to which th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue mo<span class=\"__1 _201\"/>del is ap<span class=\"__1 _201\"/>plie<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>sset i<span class=\"__1 _201\"/>s initiall<span class=\"__1 _201\"/>y meas<span class=\"__1 _201\"/>ured at cos<span class=\"__1 _201\"/>t whi<span class=\"__1 _201\"/>ch comp<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>s the amo<span class=\"__1 _201\"/>unt of the le<span class=\"__1 _201\"/>ase lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, and le<span class=\"__1 _201\"/>ase pay<span class=\"__1 _201\"/>ments m<span class=\"__1 _201\"/>ade at or b<span class=\"__1 _201\"/>efore<span class=\"__1 _201\"/> the co<span class=\"__1 _201\"/>mmen<span class=\"__1 _201\"/>ceme<span class=\"__1 _201\"/>nt date, any initi<span class=\"__1 _201\"/>al direc<span class=\"__1 _201\"/>t cos<span class=\"__1 _201\"/>ts incu<span class=\"__1 _201\"/>rred an<span class=\"__1 _201\"/>d an es<span class=\"__1 _201\"/>timate of the cos<span class=\"__1 _201\"/>ts rel<span class=\"__1 _201\"/>ated to the dila<span class=\"__1 _201\"/>pidatio<span class=\"__1 _201\"/>n of the as<span class=\"__1 _201\"/>set that<span class=\"__1 _201\"/> woul<span class=\"__1 _201\"/>d be incu<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>, les<span class=\"__1 _201\"/>s any leas<span class=\"__1 _201\"/>e incen<span class=\"__1 _201\"/>tives re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d. Sub<span class=\"__1 _201\"/>sequ<span class=\"__1 _201\"/>ently, the ass<span class=\"__1 _201\"/>et is dep<span class=\"__1 _201\"/>reciate<span class=\"__1 _201\"/>d using th<span class=\"__1 _201\"/>e strai<span class=\"__1 _201\"/>ght<span class=\"__1 _200\"/>-lin<span class=\"__1 _201\"/>e metho<span class=\"__1 _201\"/>d from<span class=\"__1 _201\"/> the co<span class=\"__1 _201\"/>mmen<span class=\"__1 _201\"/>ceme<span class=\"__1 _201\"/>nt date to the ear<span class=\"__1 _201\"/>lier of (i<span class=\"__1 _201\"/>) the end o<span class=\"__1 _201\"/>f the righ<span class=\"__1 _201\"/>t of use as<span class=\"__1 _201\"/>set\u2019s us<span class=\"__1 _201\"/>eful life a<span class=\"__1 _201\"/>nd (ii) th<span class=\"__1 _201\"/>e end of th<span class=\"__1 _201\"/>e lease te<span class=\"__1 _201\"/>rm.<span class=\"__1 _201\"/> The l<span class=\"__1 _201\"/>ease li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y is in<span class=\"__1 _201\"/>itially m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at the pre<span class=\"__1 _201\"/>sent va<span class=\"__1 _201\"/>lue of le<span class=\"__1 _201\"/>ase paym<span class=\"__1 _201\"/>ents th<span class=\"__1 _201\"/>at are not yet pai<span class=\"__1 _201\"/>d at the com<span class=\"__1 _201\"/>menc<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t date, disc<span class=\"__1 _201\"/>ounted us<span class=\"__1 _201\"/>ing the in<span class=\"__1 _201\"/>terest r<span class=\"__1 _201\"/>ate implic<span class=\"__1 _201\"/>it in the le<span class=\"__1 _201\"/>ase or<span class=\"__1 _200\"/>, if that rate c<span class=\"__1 _201\"/>annot b<span class=\"__1 _201\"/>e readil<span class=\"__1 _201\"/>y determ<span class=\"__1 _201\"/>ined<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup\u2019s own increm<span class=\"__1 _201\"/>ental<span class=\"__1 _201\"/> bor<span class=\"__1 _201\"/>rowing r<span class=\"__1 _201\"/>ate. Subs<span class=\"__1 _201\"/>eque<span class=\"__1 _201\"/>ntly, the lease l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ty is m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at amor<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>sed co<span class=\"__1 _201\"/>st, us<span class=\"__1 _201\"/>ing the e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>tive intere<span class=\"__1 _201\"/>st meth<span class=\"__1 _201\"/>od. From tim<span class=\"__1 _201\"/>e to time, th<span class=\"__1 _201\"/>e leas<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ty m<span class=\"__1 _201\"/>ay be re-<span class=\"__1 _201\"/>meas<span class=\"__1 _201\"/>ured wh<span class=\"__1 _201\"/>ere there i<span class=\"__1 _201\"/>s a chang<span class=\"__1 _201\"/>e in future le<span class=\"__1 _201\"/>ase pay<span class=\"__1 _201\"/>ments f<span class=\"__1 _201\"/>or exampl<span class=\"__1 _201\"/>e, whe<span class=\"__1 _201\"/>re the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up reass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es wh<span class=\"__1 _201\"/>ether it w<span class=\"__1 _201\"/>ill exercis<span class=\"__1 _201\"/>e a purchas<span class=\"__1 _201\"/>e, exte<span class=\"__1 _201\"/>nsion o<span class=\"__1 _201\"/>r termin<span class=\"__1 _201\"/>ation opti<span class=\"__1 _201\"/>on. Wh<span class=\"__1 _201\"/>ere this h<span class=\"__1 _201\"/>appe<span class=\"__1 _201\"/>ns, a co<span class=\"__1 _201\"/>rresp<span class=\"__1 _201\"/>ondi<span class=\"__1 _201\"/>ng adju<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt is made to th<span class=\"__1 _201\"/>e car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying am<span class=\"__1 _201\"/>ount of th<span class=\"__1 _201\"/>e right of u<span class=\"__1 _201\"/>se ass<span class=\"__1 _201\"/>et or an am<span class=\"__1 _201\"/>ount is re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised in th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent if th<span class=\"__1 _201\"/>e carr<span class=\"__1 _250\"/>ying am<span class=\"__1 _201\"/>ount of th<span class=\"__1 _201\"/>e right of u<span class=\"__1 _201\"/>se ass<span class=\"__1 _201\"/>et has be<span class=\"__1 _201\"/>en red<span class=\"__1 _201\"/>uce<span class=\"__1 _201\"/>d to zero.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup p<span class=\"__1 _201\"/>resent<span class=\"__1 _201\"/>s the rig<span class=\"__1 _201\"/>ht of use as<span class=\"__1 _201\"/>sets th<span class=\"__1 _201\"/>at do not me<span class=\"__1 _201\"/>et the d<span class=\"__1 _201\"/>efiniti<span class=\"__1 _201\"/>on of inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y in \u201cP<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y, plant<span class=\"__1 _201\"/> and e<span class=\"__1 _201\"/>quipm<span class=\"__1 _201\"/>ent\u201d o<span class=\"__1 _201\"/>n the con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dated state<span class=\"__1 _201\"/>ment of fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l positi<span class=\"__1 _201\"/>on. T<span class=\"__1 _201\"/>he cor<span class=\"__1 _201\"/>respo<span class=\"__1 _201\"/>ndin<span class=\"__1 _201\"/>g lease l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies are pre<span class=\"__1 _201\"/>sente<span class=\"__1 _201\"/>d in \u201cLeas<span class=\"__1 _201\"/>e liabilities\u201d<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/> Whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up act<span class=\"__1 _201\"/>s as les<span class=\"__1 _201\"/>sor, it classi<span class=\"__1 _201\"/>fies a<span class=\"__1 _201\"/>nd acco<span class=\"__1 _201\"/>unts for i<span class=\"__1 _201\"/>ts leas<span class=\"__1 _201\"/>es as op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g or fina<span class=\"__1 _201\"/>nce lea<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>. Where t<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p act<span class=\"__1 _201\"/>s as an inter<span class=\"__1 _201\"/>medi<span class=\"__1 _201\"/>ate less<span class=\"__1 _201\"/>or<span class=\"__1 _200\"/>, as it doe<span class=\"__1 _201\"/>s with so<span class=\"__1 _201\"/>me of its p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y le<span class=\"__1 _201\"/>ases<span class=\"__1 _201\"/>, it acco<span class=\"__1 _201\"/>unts fo<span class=\"__1 _201\"/>r its interes<span class=\"__1 _201\"/>ts in th<span class=\"__1 _201\"/>e head l<span class=\"__1 _201\"/>ease an<span class=\"__1 _201\"/>d the sub<span class=\"__1 _201\"/>-l<span class=\"__1 _201\"/>ease<span class=\"__1 _201\"/> sep<span class=\"__1 _201\"/>arately. The G<span class=\"__1 _201\"/>roup as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>ses th<span class=\"__1 _201\"/>e leas<span class=\"__1 _201\"/>e class<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ation of a s<span class=\"__1 _201\"/>ub-<span class=\"__1 _201\"/>lease w<span class=\"__1 _201\"/>ith refere<span class=\"__1 _201\"/>nce to the r<span class=\"__1 _201\"/>ight of use a<span class=\"__1 _201\"/>sset a<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g from the<span class=\"__1 _201\"/> hea<span class=\"__1 _201\"/>d leas<span class=\"__1 _201\"/>e, not with re<span class=\"__1 _201\"/>ferenc<span class=\"__1 _201\"/>e to the unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing as<span class=\"__1 _201\"/>set. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>s leas<span class=\"__1 _201\"/>e payme<span class=\"__1 _201\"/>nts rece<span class=\"__1 _201\"/>ived u<span class=\"__1 _201\"/>nder o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ng leas<span class=\"__1 _201\"/>es as<span class=\"__1 _201\"/> inco<span class=\"__1 _201\"/>me on a s<span class=\"__1 _201\"/>traight-line b<span class=\"__1 _201\"/>asis over t<span class=\"__1 _201\"/>he leas<span class=\"__1 _201\"/>e term as p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of \u201cInve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt return\u201d<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _201\"/>30 Pr<span class=\"__1 _200\"/>operty<span class=\"__1 _200\"/>, plant<span class=\"__1 _200\"/> and equipment<span class=\"__1 _200\"/> (PPE)<span class=\"__1 _32b\"> </span> PPE includes<span class=\"__1 _200\"/> Group occu<span class=\"__1 _200\"/>pied properties and ot<span class=\"__1 _200\"/>her tangi<span class=\"__1 _200\"/>ble assets, such a<span class=\"__1 _200\"/>s comput<span class=\"__1 _200\"/>er equipment,<span class=\"__1 _200\"/> motor<span class=\"__1 _200\"/> vehicles, leasehold<span class=\"__1 _32b\"> </span> improve<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s and fix<span class=\"__1 _201\"/>tures a<span class=\"__1 _201\"/>nd fit<span class=\"__1 _201\"/>tings<span class=\"__1 _201\"/>. PPE in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g owner-occ<span class=\"__1 _201\"/>upie<span class=\"__1 _201\"/>d prope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y is m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at cos<span class=\"__1 _201\"/>t, whic<span class=\"__1 _201\"/>h repres<span class=\"__1 _201\"/>ents th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> ori<span class=\"__1 _201\"/>ginal pu<span class=\"__1 _201\"/>rchase p<span class=\"__1 _201\"/>rice l<span class=\"__1 _201\"/>ess any ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es incu<span class=\"__1 _201\"/>rred in b<span class=\"__1 _201\"/>ringi<span class=\"__1 _201\"/>ng it to its wor<span class=\"__1 _201\"/>king co<span class=\"__1 _201\"/>nditi<span class=\"__1 _201\"/>ons, a<span class=\"__1 _201\"/>nd subs<span class=\"__1 _201\"/>equ<span class=\"__1 _201\"/>ently m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d using th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> cost model.<span class=\"__1 _32b\"> </span>Dep<span class=\"__1 _201\"/>reciati<span class=\"__1 _201\"/>on is char<span class=\"__1 _201\"/>ged to the c<span class=\"__1 _201\"/>onsol<span class=\"__1 _201\"/>idated in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt on a str<span class=\"__1 _201\"/>aight-line ba<span class=\"__1 _201\"/>sis over the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s esti<span class=\"__1 _201\"/>mated use<span class=\"__1 _201\"/>ful live<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> as follows:<span class=\"__1 _32b\"> </span>T<span class=\"__1 _200\"/>ype o<span class=\"__1 _201\"/>f ass<span class=\"__1 _201\"/>et<span class=\"__1 _c5_1\"> </span><span class=\"ls3_1 ws69_1\">Estimated useful life<span class=\"__1 _32b\"> </span></span>i<span class=\"__1 _32b\"> </span>Gro<span class=\"__1 _201\"/>up occup<span class=\"__1 _201\"/>ied pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _c6_1\"> </span>20 \u2013 50 yea<span class=\"__1 _201\"/>rs<span class=\"__1 _32b\"> </span>Righ<span class=\"__1 _201\"/>t of use as<span class=\"__1 _201\"/>set<span class=\"__1 _c7_1\"> </span>2 \u2013 50 year<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>Other tangible<span class=\"__1 _200\"/> assets<span class=\"__1 _c8_1\"> </span><span class=\"ls6_1 ws1_1\">2 \u2013 40 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _32b\"> </span></span>i <span class=\"__1 _2d_1\"> </span>Use<span class=\"__1 _201\"/>ful l<span class=\"__1 _201\"/>ives s<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d are in<span class=\"__1 _201\"/>clu<span class=\"__1 _201\"/>sive o<span class=\"__1 _201\"/>f PPE h<span class=\"__1 _201\"/>eld by c<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated i<span class=\"__1 _201\"/>nfra<span class=\"__1 _201\"/>str<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>ture p<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>ate eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y vehi<span class=\"__1 _201\"/>cle<span class=\"__1 _201\"/>s whi<span class=\"__1 _201\"/>ch t<span class=\"__1 _201\"/>ypi<span class=\"__1 _201\"/>cal<span class=\"__1 _201\"/>ly hav<span class=\"__1 _201\"/>e lon<span class=\"__1 _201\"/>ger us<span class=\"__1 _201\"/>efu<span class=\"__1 _201\"/>l live<span class=\"__1 _201\"/>s tha<span class=\"__1 _201\"/>n othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> as<span class=\"__1 _201\"/>sets o<span class=\"__1 _201\"/>f the G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent deter<span class=\"__1 _201\"/>mines u<span class=\"__1 _201\"/>seful li<span class=\"__1 _201\"/>ves an<span class=\"__1 _201\"/>d residu<span class=\"__1 _201\"/>al valu<span class=\"__1 _201\"/>es for as<span class=\"__1 _201\"/>sets w<span class=\"__1 _201\"/>hen they a<span class=\"__1 _201\"/>re acqui<span class=\"__1 _201\"/>red. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es the us<span class=\"__1 _201\"/>eful life<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> resi<span class=\"__1 _201\"/>dual val<span class=\"__1 _201\"/>ue and d<span class=\"__1 _201\"/>eprec<span class=\"__1 _201\"/>iation me<span class=\"__1 _201\"/>thod fo<span class=\"__1 _201\"/>r PPE on an a<span class=\"__1 _201\"/>nnual b<span class=\"__1 _201\"/>asis and a<span class=\"__1 _201\"/>ny adjus<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s are made w<span class=\"__1 _201\"/>here re<span class=\"__1 _201\"/>quired<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> An imp<span class=\"__1 _201\"/>airm<span class=\"__1 _201\"/>ent review o<span class=\"__1 _201\"/>f PPE is c<span class=\"__1 _201\"/>arri<span class=\"__1 _201\"/>ed out w<span class=\"__1 _201\"/>heneve<span class=\"__1 _201\"/>r events or c<span class=\"__1 _201\"/>hange<span class=\"__1 _201\"/>s in circum<span class=\"__1 _201\"/>stanc<span class=\"__1 _201\"/>es indi<span class=\"__1 _201\"/>cate that th<span class=\"__1 _201\"/>e carr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing am<span class=\"__1 _201\"/>ount may<span class=\"__1 _201\"/> not b<span class=\"__1 _201\"/>e recover<span class=\"__1 _201\"/>able. M<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s impair<span class=\"__1 _201\"/>ment at th<span class=\"__1 _201\"/>e lowes<span class=\"__1 _201\"/>t level fo<span class=\"__1 _201\"/>r which th<span class=\"__1 _201\"/>ere are se<span class=\"__1 _201\"/>paratel<span class=\"__1 _201\"/>y ide<span class=\"__1 _201\"/>ntifiab<span class=\"__1 _201\"/>le cas<span class=\"__1 _201\"/>h flows<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Whe<span class=\"__1 _201\"/>re the car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g amount o<span class=\"__1 _201\"/>f an ass<span class=\"__1 _201\"/>et is greater th<span class=\"__1 _201\"/>an its es<span class=\"__1 _201\"/>timated re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>ble am<span class=\"__1 _201\"/>ount, w<span class=\"__1 _201\"/>hich is th<span class=\"__1 _201\"/>e highe<span class=\"__1 _201\"/>r of the as<span class=\"__1 _201\"/>sets f<span class=\"__1 _201\"/>air<span class=\"__1 _32b\"> </span> valu<span class=\"__1 _201\"/>e les<span class=\"__1 _201\"/>s cost<span class=\"__1 _201\"/>s of disp<span class=\"__1 _201\"/>osal an<span class=\"__1 _201\"/>d value i<span class=\"__1 _201\"/>n use, it is w<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>ten down im<span class=\"__1 _201\"/>med<span class=\"__1 _201\"/>iately to its re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>ble am<span class=\"__1 _201\"/>ount and a<span class=\"__1 _201\"/>n impair<span class=\"__1 _201\"/>ment l<span class=\"__1 _201\"/>oss is<span class=\"__1 _201\"/> reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in the co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt.<span class=\"__1 _201\"/> 1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>208<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>1.<span class=\"__1 _201\"/>5.<span class=\"__1 _201\"/>31 A<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and l<span class=\"__1 _201\"/>iab<span class=\"__1 _201\"/>ili<span class=\"__1 _201\"/>ties h<span class=\"__1 _201\"/>eld f<span class=\"__1 _201\"/>or sa<span class=\"__1 _201\"/>le The G<span class=\"__1 _201\"/>roup cl<span class=\"__1 _201\"/>assi<span class=\"__1 _201\"/>fies as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s as held f<span class=\"__1 _201\"/>or sal<span class=\"__1 _201\"/>e when th<span class=\"__1 _201\"/>e car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying a<span class=\"__1 _201\"/>mount is ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to be re<span class=\"__1 _201\"/>covere<span class=\"__1 _201\"/>d through a s<span class=\"__1 _201\"/>ale<span class=\"__1 _201\"/> trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tion, u<span class=\"__1 _201\"/>suall<span class=\"__1 _201\"/>y within o<span class=\"__1 _201\"/>ne year<span class=\"__1 _200\"/>, and ma<span class=\"__1 _201\"/>nagem<span class=\"__1 _201\"/>ent is co<span class=\"__1 _201\"/>mmit<span class=\"__1 _201\"/>ted to the s<span class=\"__1 _201\"/>ale.<span class=\"__1 _201\"/> As<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabil<span class=\"__1 _201\"/>ities h<span class=\"__1 _201\"/>eld for s<span class=\"__1 _201\"/>ale are s<span class=\"__1 _201\"/>hown se<span class=\"__1 _201\"/>paratel<span class=\"__1 _201\"/>y on the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t of financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition an<span class=\"__1 _201\"/>d are mea<span class=\"__1 _201\"/>sured at<span class=\"__1 _201\"/> the low<span class=\"__1 _201\"/>er of thei<span class=\"__1 _201\"/>r carr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing am<span class=\"__1 _201\"/>ount an<span class=\"__1 _201\"/>d their f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e les<span class=\"__1 _201\"/>s cost<span class=\"__1 _201\"/>s to sell. N<span class=\"__1 _201\"/>o depre<span class=\"__1 _201\"/>ciatio<span class=\"__1 _201\"/>n or amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sation i<span class=\"__1 _201\"/>s charge<span class=\"__1 _201\"/>d on an as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h is clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as he<span class=\"__1 _201\"/>ld for s<span class=\"__1 _201\"/>ale.<span class=\"__1 _201\"/> Whe<span class=\"__1 _201\"/>n the Gro<span class=\"__1 _201\"/>up is comm<span class=\"__1 _201\"/>itte<span class=\"__1 _201\"/>d to a sale of a su<span class=\"__1 _201\"/>bsidia<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, all of the as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liab<span class=\"__1 _201\"/>ilities o<span class=\"__1 _201\"/>f that subsi<span class=\"__1 _201\"/>diar<span class=\"__1 _201\"/>y are c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as held f<span class=\"__1 _201\"/>or<span class=\"__1 _32b\"> </span> sal<span class=\"__1 _201\"/>e when th<span class=\"__1 _201\"/>e criter<span class=\"__1 _201\"/>ia des<span class=\"__1 _201\"/>crib<span class=\"__1 _201\"/>ed above a<span class=\"__1 _201\"/>re met, re<span class=\"__1 _201\"/>gardle<span class=\"__1 _201\"/>ss of wh<span class=\"__1 _201\"/>ether th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p will retain a n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>cont<span class=\"__1 _201\"/>rolling i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n its for<span class=\"__1 _201\"/>me<span class=\"__1 _32b\"> </span>r<span class=\"__1 _201\"/> subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>y af<span class=\"__1 _201\"/>ter the s<span class=\"__1 _201\"/>ale.<span class=\"__1 _32b\"> </span>Inco<span class=\"__1 _201\"/>me and ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es of sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>ies s<span class=\"__1 _201\"/>old dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar are incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d in the inc<span class=\"__1 _201\"/>ome s<span class=\"__1 _201\"/>tatement up to th<span class=\"__1 _201\"/>e date of disp<span class=\"__1 _201\"/>osal<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The g<span class=\"__1 _201\"/>ain or lo<span class=\"__1 _201\"/>ss on di<span class=\"__1 _201\"/>spos<span class=\"__1 _201\"/>al is ca<span class=\"__1 _201\"/>lculated a<span class=\"__1 _201\"/>s the diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>e bet<span class=\"__1 _201\"/>ween s<span class=\"__1 _201\"/>ale pro<span class=\"__1 _201\"/>cee<span class=\"__1 _201\"/>ds net of s<span class=\"__1 _201\"/>elling c<span class=\"__1 _201\"/>osts<span class=\"__1 _201\"/>, les<span class=\"__1 _201\"/>s the n<span class=\"__1 _201\"/>et asse<span class=\"__1 _201\"/>ts of<span class=\"__1 _32b\"> </span> the ent<span class=\"__1 _201\"/>ity at th<span class=\"__1 _201\"/>e date of disp<span class=\"__1 _201\"/>osal<span class=\"__1 _201\"/>, adjus<span class=\"__1 _201\"/>ted for fo<span class=\"__1 _201\"/>reign exchan<span class=\"__1 _201\"/>ge move<span class=\"__1 _201\"/>ments at<span class=\"__1 _201\"/>tach<span class=\"__1 _201\"/>ing to the so<span class=\"__1 _201\"/>ld entit<span class=\"__1 _201\"/>y that are re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d to be<span class=\"__1 _32b\"> </span> rec<span class=\"__1 _201\"/>ycled to th<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent und<span class=\"__1 _201\"/>er IAS 21: T<span class=\"__1 _201\"/>he Effe<span class=\"__1 _201\"/>cts o<span class=\"__1 _201\"/>f Change<span class=\"__1 _201\"/>s in Foreig<span class=\"__1 _201\"/>n Exch<span class=\"__1 _201\"/>ange Rates<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _201\"/>32 Pr<span class=\"__1 _200\"/>o<span class=\"__1 _200\"/>visions and<span class=\"__1 _200\"/> contingent<span class=\"__1 _200\"/> assets and<span class=\"__1 _200\"/> liabilities<span class=\"__1 _32b\"> </span>Provis<span class=\"__1 _201\"/>ions a<span class=\"__1 _201\"/>re recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d in the st<span class=\"__1 _201\"/>atement of fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l positi<span class=\"__1 _201\"/>on wh<span class=\"__1 _201\"/>en the Gro<span class=\"__1 _201\"/>up has a pre<span class=\"__1 _201\"/>sent l<span class=\"__1 _201\"/>egal o<span class=\"__1 _201\"/>r cons<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>tive ob<span class=\"__1 _201\"/>ligatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> resul<span class=\"__1 _201\"/>ting from a p<span class=\"__1 _201\"/>ast eve<span class=\"__1 _201\"/>nt, it is m<span class=\"__1 _201\"/>ore prob<span class=\"__1 _201\"/>able tha<span class=\"__1 _201\"/>n not that a lo<span class=\"__1 _201\"/>ss wil<span class=\"__1 _201\"/>l be mad<span class=\"__1 _201\"/>e in set<span class=\"__1 _201\"/>tling the o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>on and th<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nts can b<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> es<span class=\"__1 _201\"/>timated rel<span class=\"__1 _201\"/>iably.<span class=\"__1 _32b\"> </span>Provis<span class=\"__1 _201\"/>ions a<span class=\"__1 _201\"/>re measu<span class=\"__1 _201\"/>red bas<span class=\"__1 _201\"/>ed on ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>\u2019s best e<span class=\"__1 _201\"/>stimate of th<span class=\"__1 _201\"/>e expen<span class=\"__1 _201\"/>diture re<span class=\"__1 _201\"/>quired to se<span class=\"__1 _201\"/>ttle th<span class=\"__1 _201\"/>e obli<span class=\"__1 _201\"/>gation at the<span class=\"__1 _201\"/> repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting date. Prov<span class=\"__1 _201\"/>ision<span class=\"__1 _201\"/>s are disc<span class=\"__1 _201\"/>ounted an<span class=\"__1 _201\"/>d repre<span class=\"__1 _201\"/>sent the p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nt value of th<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>cted ex<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>iture whe<span class=\"__1 _201\"/>re the effe<span class=\"__1 _201\"/>ct of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> time va<span class=\"__1 _201\"/>lue of mo<span class=\"__1 _201\"/>ney is mater<span class=\"__1 _201\"/>ial.<span class=\"__1 _201\"/> Cont<span class=\"__1 _201\"/>ingent l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies are p<span class=\"__1 _201\"/>ossib<span class=\"__1 _201\"/>le ob<span class=\"__1 _201\"/>ligation<span class=\"__1 _201\"/>s of the Gro<span class=\"__1 _201\"/>up whe<span class=\"__1 _201\"/>re the timin<span class=\"__1 _201\"/>g and am<span class=\"__1 _201\"/>ount are su<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>t to signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant unce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>aint<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> Cont<span class=\"__1 _201\"/>ingent l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies are no<span class=\"__1 _201\"/>t recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d in the con<span class=\"__1 _201\"/>solid<span class=\"__1 _201\"/>ated state<span class=\"__1 _201\"/>ment of fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l positi<span class=\"__1 _201\"/>on, un<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>s they are as<span class=\"__1 _201\"/>sume<span class=\"__1 _201\"/>d by the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up as par<span class=\"__1 _201\"/>t of a bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s com<span class=\"__1 _201\"/>binatio<span class=\"__1 _201\"/>n. Co<span class=\"__1 _201\"/>ntinge<span class=\"__1 _201\"/>nt liabili<span class=\"__1 _201\"/>ties are h<span class=\"__1 _201\"/>owever dis<span class=\"__1 _201\"/>close<span class=\"__1 _201\"/>d, unl<span class=\"__1 _201\"/>ess th<span class=\"__1 _201\"/>ey are con<span class=\"__1 _201\"/>sidere<span class=\"__1 _201\"/>d to be rem<span class=\"__1 _201\"/>ote.<span class=\"__1 _32b\"> </span> If a con<span class=\"__1 _201\"/>tingen<span class=\"__1 _201\"/>t liabili<span class=\"__1 _201\"/>ty b<span class=\"__1 _201\"/>ecom<span class=\"__1 _201\"/>es pro<span class=\"__1 _201\"/>bable a<span class=\"__1 _201\"/>nd the am<span class=\"__1 _201\"/>ount c<span class=\"__1 _201\"/>an be reli<span class=\"__1 _201\"/>ably m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d, it is n<span class=\"__1 _201\"/>o long<span class=\"__1 _201\"/>er treated a<span class=\"__1 _201\"/>s conting<span class=\"__1 _201\"/>ent an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> recognis<span class=\"__1 _201\"/>ed as a liability.<span class=\"__1 _32b\"> </span> Cont<span class=\"__1 _201\"/>ingent a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s which a<span class=\"__1 _201\"/>re pos<span class=\"__1 _201\"/>sible b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fits to the G<span class=\"__1 _201\"/>roup are on<span class=\"__1 _201\"/>ly dis<span class=\"__1 _201\"/>close<span class=\"__1 _201\"/>d if it is pro<span class=\"__1 _201\"/>babl<span class=\"__1 _201\"/>e that the G<span class=\"__1 _201\"/>roup will re<span class=\"__1 _201\"/>cei<span class=\"__1 _201\"/>ve the<span class=\"__1 _32b\"> </span> ben<span class=\"__1 _201\"/>efit. M<span class=\"__1 _201\"/>irror<span class=\"__1 _201\"/>ing the tre<span class=\"__1 _201\"/>atment of c<span class=\"__1 _201\"/>onting<span class=\"__1 _201\"/>ent liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>, if su<span class=\"__1 _201\"/>ch a ben<span class=\"__1 _201\"/>efit be<span class=\"__1 _201\"/>come<span class=\"__1 _201\"/>s vir<span class=\"__1 _201\"/>tuall<span class=\"__1 _201\"/>y cer<span class=\"__1 _201\"/>tain<span class=\"__1 _201\"/>, it is no l<span class=\"__1 _201\"/>onge<span class=\"__1 _201\"/>r consi<span class=\"__1 _201\"/>dere<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> contin<span class=\"__1 _201\"/>gent an<span class=\"__1 _201\"/>d is reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial po<span class=\"__1 _201\"/>sition a<span class=\"__1 _201\"/>s an ass<span class=\"__1 _201\"/>et.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2e_1 ws6c_1\">209<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>2 Group str<span class=\"__1 _201\"/>ucture and produc<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _200\"/>1 Gr<span class=\"__1 _200\"/>oup composition<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing diag<span class=\"__1 _201\"/>ram is an ex<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>t of the G<span class=\"__1 _201\"/>roup st<span class=\"__1 _201\"/>ruc<span class=\"__1 _201\"/>ture at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 and gi<span class=\"__1 _201\"/>ves an over<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>iew of the co<span class=\"__1 _201\"/>mpos<span class=\"__1 _201\"/>ition of t<span class=\"__1 _32b\"> </span>h<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> Gro<span class=\"__1 _201\"/>up. M&amp;G p<span class=\"__1 _201\"/>lc is the h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g compa<span class=\"__1 _201\"/>ny of the Gro<span class=\"__1 _201\"/>up.<span class=\"__1 _32b\"> </span>A comp<span class=\"__1 _201\"/>lete lis<span class=\"__1 _201\"/>t of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s relate<span class=\"__1 _201\"/>d under<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>kings c<span class=\"__1 _201\"/>ompr<span class=\"__1 _201\"/>ising su<span class=\"__1 _201\"/>bsidia<span class=\"__1 _201\"/>ries<span class=\"__1 _201\"/>, joi<span class=\"__1 _201\"/>nt ventures<span class=\"__1 _201\"/>, ass<span class=\"__1 _201\"/>ociates a<span class=\"__1 _201\"/>nd othe<span class=\"__1 _201\"/>r signi<span class=\"__1 _201\"/>fican<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> hol<span class=\"__1 _201\"/>dings is c<span class=\"__1 _201\"/>ontain<span class=\"__1 _201\"/>ed with<span class=\"__1 _201\"/>in Note 40<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>210<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Other<span class=\"__1 _32b\"> </span> Subsidiaries<span class=\"__1 _32b\"> </span> (including<span class=\"__1 _32b\"> </span> regulated<span class=\"__1 _32b\"> </span> subsidiaries<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>M&amp;G plc<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span> Property<span class=\"__1 _32b\"> </span> Services  Limited<span class=\"__1 _32b\"> </span>Ke<span class=\"__1 _200\"/>y: Regulated<span class=\"__1 _32b\"> </span> subsidiaries<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span> Subsidiaries<span class=\"__1 _32b\"> </span>Investment <span class=\"__1 _f_1\"/> Funds Dir<span class=\"__1 _200\"/>ect<span class=\"__1 _32b\"> </span> Holdings  Limited<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span> Lifetime<span class=\"__1 _32b\"> </span> Mortgages<span class=\"__1 _32b\"> </span> Limited<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span> Pensions <span class=\"ls5_1 ws1_1\"> </span>Limited<span class=\"__1 _32b\"> </span>M&amp;G Group<span class=\"__1 _32b\"> </span> Limited<span class=\"__1 _32b\"> </span>Wrap<span class=\"__1 _200\"/> IFA<span class=\"__1 _32b\"> </span> Services  Limited<span class=\"__1 _32b\"> </span>Investment <span class=\"__1 _f_1\"/> Funds Dir<span class=\"__1 _200\"/>ect<span class=\"__1 _32b\"> </span> Limited<span class=\"__1 _32b\"> </span>Investment <span class=\"__1 _f_1\"/> Funds Dir<span class=\"__1 _200\"/>ect<span class=\"__1 _32b\"> </span> Group <span class=\"__1 _200\"/> Limited<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span> Subsidiaries<span class=\"__1 _32b\"> </span>responsAbility<span class=\"ls5_1 ws1_1\"> </span>investmen<span class=\"__1 _200\"/>ts  AG<span class=\"__1 _32b\"> </span>Prudential <span class=\"ls5_1 ws1_1\"> </span>Capital<span class=\"ls5_1 ws1_1\"> </span>(Singapore<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span> Pte. Limited<span class=\"__1 _200\"/> In<span class=\"__1 _32b\"> </span> Liquidation<span class=\"__1 _32b\"> </span>Sandringham<span class=\"__1 _32b\"> </span> Financial<span class=\"ls5_1 ws1_1\"> </span>Partners<span class=\"__1 _32b\"> </span> Limited<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span> Subsidiaries<span class=\"__1 _32b\"> </span>M&amp;G Group<span class=\"__1 _32b\"> </span> Regulated<span class=\"__1 _32b\"> </span> Ent<span class=\"__1 _201\"/>ity H<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/> Company<span class=\"__1 _32b\"> </span> Limited<span class=\"__1 _32b\"> </span>Prudential <span class=\"ls5_1 ws1_1\"> </span>Portfolio<span class=\"ls5_1 ws1_1\"> </span>Management<span class=\"__1 _32b\"> </span> Group Limited<span class=\"__1 _32b\"> </span>M&amp;G<span class=\"__1 _32b\"> </span> Corporate<span class=\"__1 _32b\"> </span> Holdings  Limited<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span> Subsidiaries<span class=\"__1 _32b\"> </span>M&amp;G <span class=\"ls5_1 ws1_1\"> </span>Corporate<span class=\"__1 _32b\"> </span> Services  Limited<span class=\"__1 _32b\"> </span>Prudential <span class=\"ls5_1 ws1_1\"> </span>UK Services<span class=\"__1 _32b\"> </span> Limited<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span> Distribution<span class=\"__1 _32b\"> </span> Limited<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span> Financial<span class=\"__1 _32b\"> </span> Services  Limited<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span> Subsidiaries<span class=\"__1 _32b\"> </span>M&amp;G <span class=\"ls5_1 ws1_1\"> </span>Wealth<span class=\"__1 _32b\"> </span> Advice<span class=\"ls5_1 ws1_1\"> </span>Limited<span class=\"__1 _32b\"> </span>The<span class=\"__1 _32b\"> </span> Prudential<span class=\"__1 _32b\"> </span> Assurance<span class=\"__1 _32b\"> </span> Company<span class=\"ls5_1 ws1_1\"> </span> Limited<span class=\"__1 _32b\"> </span>Prudential <span class=\"ls5_1 ws1_1\"> </span>Capital<span class=\"__1 _32b\"> </span> Holding<span class=\"__1 _32b\"> </span> Company <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Limited<span class=\"__1 _32b\"> </span>M&amp;G W<span class=\"__1 _200\"/>ealth<span class=\"ls5_1 ws1_1\"> </span>Investments<span class=\"__1 _32b\"> </span> LLP<span class=\"__1 _32b\"> </span>Prudential <span class=\"ls5_1 ws1_1\"> </span>Capital Publi<span class=\"__1 _32b\"> </span>c<span class=\"__1 _32b\"> </span> Limited <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Company<span class=\"__1 _32b\"> </span>M&amp;G W<span class=\"__1 _200\"/>ealth <span class=\"ls5_1 ws1_1\"> </span>Solutions<span class=\"__1 _32b\"> </span> Limited<span class=\"__1 _32b\"> </span>Clear Vie<span class=\"__1 _200\"/>w<span class=\"ws1_1\"> </span>Assured<span class=\"__1 _32b\"> </span> Limited<span class=\"__1 _32b\"> </span>M&amp;G<span class=\"ls5_1 ws1_1\"> </span> Securities<span class=\"__1 _32b\"> </span> Limited<span class=\"__1 _32b\"> </span>M&amp;G <span class=\"ls5_1 ws1_1\"> </span>Financial<span class=\"__1 _32b\"> </span> Services  Limited<span class=\"__1 _32b\"> </span>M&amp;G<span class=\"__1 _32b\"> </span> Alternative<span class=\"__1 _32b\"> </span> Investment<span class=\"__1 _32b\"> </span> Management<span class=\"__1 _32b\"> </span> Limited<span class=\"__1 _32b\"> </span>M&amp;G Real<span class=\"__1 _32b\"> </span> Estate<span class=\"__1 _32b\"> </span> Limited<span class=\"__1 _32b\"> </span>M&amp;G<span class=\"__1 _32b\"> </span> Investment<span class=\"__1 _32b\"> </span> Management<span class=\"__1 _32b\"> </span> Limited<span class=\"__1 _32b\"> </span>MandG  Investments<span class=\"__1 _32b\"> </span> Southern<span class=\"__1 _32b\"> </span> Afric<span class=\"__1 _201\"/>a<span class=\"ls5_1 ws1_1\"> </span> (P<span class=\"__1 _201\"/>ty)<span class=\"__1 _201\"/> Ltd<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span> International<span class=\"__1 _32b\"> </span> Assurance <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Public Limited<span class=\"__1 _32b\"> </span> Company<span class=\"__1 _32b\"> </span> Ireland<span class=\"__1 _32b\"> </span>M&amp;G F<span class=\"__1 _200\"/>A <span class=\"ls5_1 ws1_1\"> </span>Limited<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>2 Corporate<span class=\"__1 _200\"/> transactions<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 Sandringham<span class=\"__1 _200\"/> Financial<span class=\"__1 _200\"/> Partners acquisition<span class=\"__1 _32b\"> </span>On 6 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up, via M&amp;<span class=\"__1 _201\"/>G Group R<span class=\"__1 _201\"/>egulate<span class=\"__1 _201\"/>d Entit<span class=\"__1 _201\"/>y Hol<span class=\"__1 _201\"/>ding Co<span class=\"__1 _201\"/>mpany Li<span class=\"__1 _201\"/>mited, (<span class=\"__1 _201\"/>M&amp;G R<span class=\"__1 _201\"/>EH), acqui<span class=\"__1 _201\"/>red a 100% h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> in Clea<span class=\"__1 _201\"/>r View A<span class=\"__1 _201\"/>ssure<span class=\"__1 _201\"/>d Limite<span class=\"__1 _201\"/>d, the h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g comp<span class=\"__1 _201\"/>any for Sa<span class=\"__1 _201\"/>ndrin<span class=\"__1 _201\"/>gham Fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l Par<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>s Limite<span class=\"__1 _201\"/>d (Sandri<span class=\"__1 _201\"/>ngham) for a p<span class=\"__1 _201\"/>urchase<span class=\"__1 _201\"/> considerat<span class=\"__1 _200\"/>ion of \u00a373m.<span class=\"__1 _32b\"> </span>San<span class=\"__1 _201\"/>dring<span class=\"__1 _201\"/>ham is pa<span class=\"__1 _201\"/>rt of M<span class=\"__1 _201\"/>&amp;G Wealth with<span class=\"__1 _201\"/>in our Reta<span class=\"__1 _201\"/>il and S<span class=\"__1 _201\"/>avings s<span class=\"__1 _201\"/>egme<span class=\"__1 _201\"/>nt and at ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on brou<span class=\"__1 _201\"/>ght to M&amp;G a wel<span class=\"__1 _201\"/>l-e<span class=\"__1 _201\"/>stab<span class=\"__1 _201\"/>lishe<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> natio<span class=\"__1 _201\"/>nal finan<span class=\"__1 _201\"/>cial se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s adv<span class=\"__1 _201\"/>isor<span class=\"__1 _201\"/>y b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss wi<span class=\"__1 _201\"/>th around 18<span class=\"__1 _201\"/>0 adv<span class=\"__1 _201\"/>isor<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>s workin<span class=\"__1 _201\"/>g on be<span class=\"__1 _201\"/>half of over 10,0<span class=\"__1 _201\"/>00 cli<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> more th<span class=\"__1 _201\"/>an \u00a32<span class=\"__1 _201\"/>.4<span class=\"__1 _201\"/>bn of as<span class=\"__1 _201\"/>sets un<span class=\"__1 _201\"/>der ad<span class=\"__1 _201\"/>vice to co<span class=\"__1 _201\"/>mple<span class=\"__1 _201\"/>ment o<span class=\"__1 _201\"/>ur existi<span class=\"__1 _201\"/>ng adv<span class=\"__1 _201\"/>isor<span class=\"__1 _201\"/>y b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, The Ad<span class=\"__1 _201\"/>vice P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ship.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>re is a fur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r defer<span class=\"__1 _201\"/>red am<span class=\"__1 _201\"/>ount payab<span class=\"__1 _201\"/>le to for<span class=\"__1 _201\"/>mer sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders w<span class=\"__1 _201\"/>ho are in th<span class=\"__1 _201\"/>e empl<span class=\"__1 _201\"/>oymen<span class=\"__1 _201\"/>t of Sand<span class=\"__1 _201\"/>ringh<span class=\"__1 _201\"/>am of \u00a38<span class=\"__1 _201\"/>.6m<span class=\"__1 _201\"/> over 2 year<span class=\"__1 _201\"/>s from the d<span class=\"__1 _201\"/>ate of acquis<span class=\"__1 _201\"/>ition prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d the sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders re<span class=\"__1 _201\"/>main in s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>e. This d<span class=\"__1 _201\"/>oes n<span class=\"__1 _201\"/>ot form p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of the purch<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ation an<span class=\"__1 _201\"/>d will be a<span class=\"__1 _201\"/>ccounte<span class=\"__1 _201\"/>d for as em<span class=\"__1 _201\"/>ploy<span class=\"__1 _201\"/>ment cos<span class=\"__1 _201\"/>ts over th<span class=\"__1 _201\"/>e ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>As at th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition date th<span class=\"__1 _201\"/>e consi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>on, n<span class=\"__1 _201\"/>et asse<span class=\"__1 _201\"/>ts and int<span class=\"__1 _201\"/>angib<span class=\"__1 _201\"/>le ass<span class=\"__1 _201\"/>ets acq<span class=\"__1 _201\"/>uired an<span class=\"__1 _201\"/>d resulti<span class=\"__1 _201\"/>ng goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l were as fol<span class=\"__1 _201\"/>lows:<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> cash considera<span class=\"__1 _200\"/>tion<span class=\"__1 _c9_1\"> </span><span class=\"ls3f_1 ws41_1\">73<span class=\"__1 _32b\"> </span></span>F<span class=\"__1 _200\"/>air v<span class=\"__1 _200\"/>alue of<span class=\"__1 _200\"/> net asse<span class=\"__1 _200\"/>ts acquired:<span class=\"__1 _32b\"> </span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _ca_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _cb_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">4<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal asset<span class=\"__1 _201\"/>s<span class=\"__1 _cc_1\"> </span><span class=\"ls5_1 ws1_1\">5<span class=\"__1 _32b\"> </span></span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _cd_1\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3)<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities<span class=\"__1 _ce_1\"> </span><span class=\"ls26_1 ws26_1\">(3)<span class=\"__1 _32b\"> </span></span>Acquired intangible as<span class=\"__1 _201\"/>sets:<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _cf_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">7<span class=\"__1 _32b\"> </span></span>Cus<span class=\"__1 _201\"/>tom<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>-re<span class=\"__1 _201\"/>late<span class=\"__1 _201\"/>d<span class=\"__1 _d0_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">15<span class=\"__1 _32b\"> </span></span>Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x on as<span class=\"__1 _201\"/>sets no<span class=\"__1 _201\"/>t on bala<span class=\"__1 _201\"/>nce sh<span class=\"__1 _201\"/>eet<span class=\"__1 _d1_1\"> </span><span class=\"ff1_1 ls11_1 ws10_1\">(6)<span class=\"__1 _32b\"> </span></span>Goodwill<span class=\"__1 _d2_1\"> </span><span class=\"ls15_1 ws14_1\">55<span class=\"__1 _32b\"> </span></span>The g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will of \u00a35<span class=\"__1 _201\"/>5m rep<span class=\"__1 _201\"/>resent<span class=\"__1 _201\"/>s the sy<span class=\"__1 _201\"/>nergi<span class=\"__1 _201\"/>es to be ach<span class=\"__1 _201\"/>ieved thro<span class=\"__1 _201\"/>ugh the c<span class=\"__1 _201\"/>reation of a f<span class=\"__1 _201\"/>ully inte<span class=\"__1 _201\"/>grated M&amp;<span class=\"__1 _201\"/>G W<span class=\"__1 _200\"/>ealth b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss to<span class=\"__1 _201\"/> comp<span class=\"__1 _201\"/>lem<span class=\"__1 _201\"/>ent the G<span class=\"__1 _201\"/>roup\u2019s well est<span class=\"__1 _201\"/>ablis<span class=\"__1 _201\"/>hed as<span class=\"__1 _201\"/>set ma<span class=\"__1 _201\"/>nagem<span class=\"__1 _201\"/>ent off<span class=\"__1 _201\"/>ering<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The S<span class=\"__1 _201\"/>andr<span class=\"__1 _201\"/>ingha<span class=\"__1 _201\"/>m trade n<span class=\"__1 _201\"/>ame was re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised o<span class=\"__1 _201\"/>n acqui<span class=\"__1 _201\"/>sition at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of \u00a36.7m. The v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n was bas<span class=\"__1 _201\"/>ed on the re<span class=\"__1 _201\"/>lief fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> royalt<span class=\"__1 _201\"/>y rates m<span class=\"__1 _201\"/>ethod a<span class=\"__1 _201\"/>nd the key ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s used i<span class=\"__1 _201\"/>n measu<span class=\"__1 _201\"/>ring th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue were di<span class=\"__1 _201\"/>scoun<span class=\"__1 _201\"/>t rate and royal<span class=\"__1 _201\"/>ty rate.<span class=\"__1 _32b\"> </span>A cus<span class=\"__1 _201\"/>tomer<span class=\"__1 _200\"/>-relate<span class=\"__1 _201\"/>d intang<span class=\"__1 _201\"/>ible wa<span class=\"__1 _201\"/>s also re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of \u00a314.6m<span class=\"__1 _201\"/>. The v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n was bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e multi-<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>iod exces<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> ear<span class=\"__1 _201\"/>ning meth<span class=\"__1 _201\"/>od an<span class=\"__1 _201\"/>d the key assum<span class=\"__1 _201\"/>ptions u<span class=\"__1 _201\"/>sed in m<span class=\"__1 _201\"/>easur<span class=\"__1 _201\"/>ing the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e were dis<span class=\"__1 _201\"/>count rate an<span class=\"__1 _201\"/>d net at<span class=\"__1 _201\"/>tritio<span class=\"__1 _201\"/>n.<span class=\"__1 _201\"/> San<span class=\"__1 _201\"/>dring<span class=\"__1 _201\"/>ham was a<span class=\"__1 _201\"/>cquire<span class=\"__1 _201\"/>d at the sta<span class=\"__1 _201\"/>rt of t<span class=\"__1 _201\"/>he repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting pe<span class=\"__1 _201\"/>riod<span class=\"__1 _201\"/>. The reve<span class=\"__1 _201\"/>nue and l<span class=\"__1 _201\"/>oss b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x inclu<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> inco<span class=\"__1 _201\"/>me st<span class=\"__1 _201\"/>atement in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of S<span class=\"__1 _201\"/>andri<span class=\"__1 _201\"/>ngham we<span class=\"__1 _201\"/>re \u00a326<span class=\"__1 _201\"/>.7<span class=\"__1 _200\"/>m and \u00a39.<span class=\"__1 _201\"/>9m re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ctive<span class=\"__1 _201\"/>ly. The los<span class=\"__1 _201\"/>s befo<span class=\"__1 _201\"/>re tax incl<span class=\"__1 _201\"/>udes th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of<span class=\"__1 _201\"/> deferred con<span class=\"__1 _200\"/>sideration<span class=\"__1 _200\"/> account<span class=\"__1 _200\"/>ed for a<span class=\"__1 _200\"/>s employment<span class=\"__1 _200\"/> costs.<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/>2 re<span class=\"__1 _200\"/>sponsAbility<span class=\"__1 _200\"/> acquisi<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span>On 3 M<span class=\"__1 _201\"/>ay 2022<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up, via M&amp;<span class=\"__1 _201\"/>G F<span class=\"__1 _200\"/>A Limite<span class=\"__1 _201\"/>d, acqu<span class=\"__1 _201\"/>ired a 94<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>8% hol<span class=\"__1 _201\"/>ding in res<span class=\"__1 _201\"/>pons<span class=\"__1 _201\"/>Abili<span class=\"__1 _201\"/>ty Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts AG (<span class=\"__1 _200\"/>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y).<span class=\"__1 _32b\"> </span> resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y is a Swi<span class=\"__1 _201\"/>ss pr<span class=\"__1 _201\"/>ivate ass<span class=\"__1 _201\"/>et mana<span class=\"__1 _201\"/>ger wh<span class=\"__1 _201\"/>ich is a le<span class=\"__1 _201\"/>ader in i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t inves<span class=\"__1 _201\"/>ting foc<span class=\"__1 _201\"/>used o<span class=\"__1 _201\"/>n priv<span class=\"__1 _201\"/>ate debt an<span class=\"__1 _201\"/>d priv<span class=\"__1 _201\"/>ate equit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> across emer<span class=\"__1 _200\"/>ging mark<span class=\"__1 _200\"/>ets, wit<span class=\"__1 _200\"/>h \u00a32.9bn of assets under<span class=\"__1 _200\"/> management. Fol<span class=\"__1 _200\"/>lowing com<span class=\"__1 _200\"/>pletion o<span class=\"__1 _200\"/>f the<span class=\"__1 _200\"/> acquisit<span class=\"__1 _200\"/>ion responsAbil<span class=\"__1 _200\"/>ity\u2019s<span class=\"__1 _32b\"> </span> 200 e<span class=\"__1 _201\"/>mploye<span class=\"__1 _201\"/>es join<span class=\"__1 _201\"/>ed M&amp;<span class=\"__1 _201\"/>G, th<span class=\"__1 _201\"/>e busin<span class=\"__1 _201\"/>ess w<span class=\"__1 _201\"/>ill rema<span class=\"__1 _201\"/>in head<span class=\"__1 _201\"/>quar<span class=\"__1 _201\"/>tere<span class=\"__1 _201\"/>d in Zurich c<span class=\"__1 _201\"/>reating a ne<span class=\"__1 _201\"/>w investm<span class=\"__1 _201\"/>ent hub fo<span class=\"__1 _201\"/>r M&amp;G<span class=\"__1 _201\"/> Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s. res<span class=\"__1 _201\"/>pons<span class=\"__1 _201\"/>Abili<span class=\"__1 _201\"/>ty wi<span class=\"__1 _201\"/>ll sit with<span class=\"__1 _201\"/>in the As<span class=\"__1 _201\"/>set M<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment s<span class=\"__1 _201\"/>egme<span class=\"__1 _201\"/>nt of the bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> The p<span class=\"__1 _201\"/>urchas<span class=\"__1 _201\"/>e consi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>on was su<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>t to an adju<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt for net a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s bet<span class=\"__1 _201\"/>ween th<span class=\"__1 _201\"/>e date of the Sh<span class=\"__1 _201\"/>are Purcha<span class=\"__1 _201\"/>se Agreem<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/> and th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition date<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup retain<span class=\"__1 _201\"/>ed ca<span class=\"__1 _201\"/>ll optio<span class=\"__1 _201\"/>ns and the s<span class=\"__1 _201\"/>elle<span class=\"__1 _201\"/>r retaine<span class=\"__1 _201\"/>d put opti<span class=\"__1 _201\"/>ons over th<span class=\"__1 _201\"/>e remain<span class=\"__1 _201\"/>ing hol<span class=\"__1 _201\"/>ding w<span class=\"__1 _201\"/>here<span class=\"__1 _201\"/> the exercis<span class=\"__1 _201\"/>e pri<span class=\"__1 _201\"/>ce was fixe<span class=\"__1 _201\"/>d at ince<span class=\"__1 _201\"/>ption. Fo<span class=\"__1 _201\"/>r acco<span class=\"__1 _201\"/>unting pu<span class=\"__1 _201\"/>rpos<span class=\"__1 _201\"/>es, at t<span class=\"__1 _201\"/>he bala<span class=\"__1 _201\"/>nce sh<span class=\"__1 _201\"/>eet date, th<span class=\"__1 _201\"/>e Group h<span class=\"__1 _201\"/>as acco<span class=\"__1 _201\"/>unted for th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tion on th<span class=\"__1 _201\"/>e basis i<span class=\"__1 _201\"/>t controls 10<span class=\"__1 _201\"/>0% of resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y. A liabilit<span class=\"__1 _201\"/>y has b<span class=\"__1 _201\"/>een re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised i<span class=\"__1 _201\"/>n respe<span class=\"__1 _201\"/>ct of th<span class=\"__1 _201\"/>e Group\u2019s obli<span class=\"__1 _201\"/>gation<span class=\"__1 _201\"/> und<span class=\"__1 _201\"/>er the c<span class=\"__1 _201\"/>all optio<span class=\"__1 _201\"/>n arran<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent and in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed with<span class=\"__1 _201\"/>in Note 29. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up acqui<span class=\"__1 _201\"/>red the re<span class=\"__1 _201\"/>mainin<span class=\"__1 _201\"/>g shares o<span class=\"__1 _201\"/>n 21 Febr<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>3.<span class=\"__1 _201\"/> 2 Group structur<span class=\"__1 _200\"/>e and products continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1e_1 ws1d_1\">2<span class=\"__1 _201\"/>11<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>As at th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition date th<span class=\"__1 _201\"/>e consi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>on, n<span class=\"__1 _201\"/>et asse<span class=\"__1 _201\"/>ts and int<span class=\"__1 _201\"/>angib<span class=\"__1 _201\"/>le ass<span class=\"__1 _201\"/>ets acq<span class=\"__1 _201\"/>uired an<span class=\"__1 _201\"/>d resulti<span class=\"__1 _201\"/>ng goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l were as fol<span class=\"__1 _201\"/>lows: <span class=\"__1 _d3_1\"> </span><span class=\"ls4_1 ws4_1\">\u00a3m<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> cash considera<span class=\"__1 _200\"/>tion<span class=\"__1 _d4_1\"> </span><span class=\"ls23_1 ws22_1\">148<span class=\"__1 _32b\"> </span></span>F<span class=\"__1 _200\"/>air v<span class=\"__1 _200\"/>alue of<span class=\"__1 _200\"/> net asse<span class=\"__1 _200\"/>ts acquired:<span class=\"__1 _32b\"> </span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _d5_1\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">41<span class=\"__1 _32b\"> </span></span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _d6_1\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">13<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal asset<span class=\"__1 _201\"/>s<span class=\"__1 _d7_1\"> </span><span class=\"ls1f_1 ws1e_1\">54<span class=\"__1 _32b\"> </span></span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _d8_1\"> </span><span class=\"ff1_1 ls56_1 ws5f_1\">(22)<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities<span class=\"__1 _d9_1\"> </span><span class=\"ls56_1 ws5f_1\">(22)<span class=\"__1 _32b\"> </span></span>Acquired intangible as<span class=\"__1 _201\"/>sets:<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _da_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">9<span class=\"__1 _32b\"> </span></span>Cus<span class=\"__1 _201\"/>tom<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>-re<span class=\"__1 _201\"/>late<span class=\"__1 _201\"/>d<span class=\"__1 _db_1\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">36<span class=\"__1 _32b\"> </span></span>Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x on as<span class=\"__1 _201\"/>sets no<span class=\"__1 _201\"/>t on bala<span class=\"__1 _201\"/>nce sh<span class=\"__1 _201\"/>eet<span class=\"__1 _d1_1\"> </span><span class=\"ff1_1 ls12_1 ws11_1\">(8)<span class=\"__1 _32b\"> </span></span>Goodwill<span class=\"__1 _dc_1\"> </span><span class=\"lsf_1 wsd_1\">79<span class=\"__1 _32b\"> </span></span>The g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will of \u00a3<span class=\"__1 _201\"/>79<span class=\"__1 _201\"/>m repres<span class=\"__1 _201\"/>ents th<span class=\"__1 _201\"/>e bene<span class=\"__1 _201\"/>fits of th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition w<span class=\"__1 _201\"/>hich intro<span class=\"__1 _201\"/>duce<span class=\"__1 _201\"/>s vario<span class=\"__1 _201\"/>us revenu<span class=\"__1 _201\"/>e syne<span class=\"__1 _201\"/>rgies i<span class=\"__1 _201\"/>ncludi<span class=\"__1 _201\"/>ng lever<span class=\"__1 _201\"/>aging<span class=\"__1 _201\"/> from th<span class=\"__1 _201\"/>e Group\u2019s cap<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es to grow resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y\u2019s UK i<span class=\"__1 _201\"/>nstituti<span class=\"__1 _201\"/>onal p<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>ce and th<span class=\"__1 _201\"/>e EU bank di<span class=\"__1 _201\"/>strib<span class=\"__1 _201\"/>ution re<span class=\"__1 _201\"/>lations<span class=\"__1 _201\"/>hips<span class=\"__1 _201\"/> outs<span class=\"__1 _201\"/>ide Sw<span class=\"__1 _201\"/>itzerl<span class=\"__1 _201\"/>and. Ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>ally, the acqui<span class=\"__1 _201\"/>sition i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es revenu<span class=\"__1 _201\"/>e bene<span class=\"__1 _201\"/>fits fro<span class=\"__1 _201\"/>m launch<span class=\"__1 _201\"/>ing new th<span class=\"__1 _201\"/>ematic p<span class=\"__1 _201\"/>roduc<span class=\"__1 _201\"/>ts fro<span class=\"__1 _201\"/>m an<span class=\"__1 _32b\"> </span> ESG p<span class=\"__1 _201\"/>ersp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive.<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>spo<span class=\"__1 _201\"/>nsAbi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y trade na<span class=\"__1 _201\"/>me was re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n acquis<span class=\"__1 _201\"/>ition at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of \u00a39.<span class=\"__1 _201\"/>3m<span class=\"__1 _201\"/>. The va<span class=\"__1 _201\"/>luation w<span class=\"__1 _201\"/>as base<span class=\"__1 _201\"/>d on the re<span class=\"__1 _201\"/>lief from<span class=\"__1 _201\"/> royalt<span class=\"__1 _201\"/>y rates m<span class=\"__1 _201\"/>ethod a<span class=\"__1 _201\"/>nd the key ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s used i<span class=\"__1 _201\"/>n measu<span class=\"__1 _201\"/>ring th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue were di<span class=\"__1 _201\"/>scoun<span class=\"__1 _201\"/>t rate and royal<span class=\"__1 _201\"/>ty rate.<span class=\"__1 _32b\"> </span>A cus<span class=\"__1 _201\"/>tomer<span class=\"__1 _200\"/>-relate<span class=\"__1 _201\"/>d intang<span class=\"__1 _201\"/>ible wa<span class=\"__1 _201\"/>s also re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of \u00a336<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3m. T<span class=\"__1 _201\"/>he valu<span class=\"__1 _201\"/>ation was b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on the mul<span class=\"__1 _201\"/>ti-p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d excess<span class=\"__1 _201\"/> ear<span class=\"__1 _201\"/>ning meth<span class=\"__1 _201\"/>od an<span class=\"__1 _201\"/>d the key assum<span class=\"__1 _201\"/>ptions u<span class=\"__1 _201\"/>sed in m<span class=\"__1 _201\"/>easur<span class=\"__1 _201\"/>ing the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e were dis<span class=\"__1 _201\"/>count rate an<span class=\"__1 _201\"/>d net at<span class=\"__1 _201\"/>tritio<span class=\"__1 _201\"/>n.<span class=\"__1 _32b\"> </span>The reve<span class=\"__1 _201\"/>nue an<span class=\"__1 _201\"/>d profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x includ<span class=\"__1 _201\"/>ed in th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of comp<span class=\"__1 _201\"/>rehen<span class=\"__1 _201\"/>sive in<span class=\"__1 _201\"/>come si<span class=\"__1 _201\"/>nce the d<span class=\"__1 _201\"/>ate of acquis<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/> were \u00a3<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>.7<span class=\"__1 _200\"/>m and \u00a30.<span class=\"__1 _201\"/>4m resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tivel<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The reven<span class=\"__1 _201\"/>ue and p<span class=\"__1 _201\"/>rofit bef<span class=\"__1 _201\"/>ore tax fo<span class=\"__1 _201\"/>r the year e<span class=\"__1 _201\"/>nded 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 fo<span class=\"__1 _201\"/>r resp<span class=\"__1 _201\"/>onsAb<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> was \u00a3<span class=\"__1 _201\"/>35.<span class=\"__1 _201\"/>6m and \u00a3<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>m respe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>vely.<span class=\"__1 _32b\"> </span>2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/>3 TCF Fu<span class=\"__1 _201\"/>nd Ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>rs LLP a<span class=\"__1 _201\"/>cqu<span class=\"__1 _201\"/>isit<span class=\"__1 _201\"/>ion<span class=\"__1 _32b\"> </span>On 17 Feb<span class=\"__1 _201\"/>ruar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up acqui<span class=\"__1 _201\"/>red the tota<span class=\"__1 _201\"/>l memb<span class=\"__1 _201\"/>ersh<span class=\"__1 _201\"/>ip interes<span class=\"__1 _201\"/>t of TCF Fund Mana<span class=\"__1 _201\"/>gers L<span class=\"__1 _201\"/>LP (<span class=\"__1 _201\"/>TCF<span class=\"__1 _201\"/>), a provide<span class=\"__1 _201\"/>r of mod<span class=\"__1 _201\"/>el<span class=\"__1 _201\"/> por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>o ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces fo<span class=\"__1 _201\"/>r a purchas<span class=\"__1 _201\"/>e consi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>on of \u00a317m. The a<span class=\"__1 _201\"/>cquisi<span class=\"__1 _201\"/>tion of TCF<span class=\"__1 _f_1\"/>, ha<span class=\"__1 _201\"/>s enabl<span class=\"__1 _201\"/>ed us to lau<span class=\"__1 _201\"/>nch an M&amp;<span class=\"__1 _201\"/>G W<span class=\"__1 _200\"/>ealth b<span class=\"__1 _201\"/>rand<span class=\"__1 _201\"/>ed<span class=\"__1 _32b\"> </span> rang<span class=\"__1 _201\"/>e of mod<span class=\"__1 _201\"/>el po<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>os in Apr<span class=\"__1 _201\"/>il 202<span class=\"__1 _201\"/>2. From 5 S<span class=\"__1 _201\"/>eptemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 TCF has be<span class=\"__1 _201\"/>en renam<span class=\"__1 _201\"/>ed M&amp;<span class=\"__1 _201\"/>G W<span class=\"__1 _200\"/>ealth I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents LL<span class=\"__1 _201\"/>P<span class=\"__1 _f_1\"/>.<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>cquis<span class=\"__1 _201\"/>ition was s<span class=\"__1 _201\"/>tru<span class=\"__1 _201\"/>cture<span class=\"__1 _201\"/>d as foll<span class=\"__1 _201\"/>ows:<span class=\"__1 _32b\"> </span> \u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">99.<span class=\"__1 _201\"/>99<span class=\"__1 _201\"/>99% of th<span class=\"__1 _201\"/>e memb<span class=\"__1 _201\"/>ersh<span class=\"__1 _201\"/>ip interes<span class=\"__1 _201\"/>t was acq<span class=\"__1 _201\"/>uired by M&amp;<span class=\"__1 _201\"/>G W<span class=\"__1 _200\"/>ealth S<span class=\"__1 _201\"/>oluti<span class=\"__1 _201\"/>ons Lim<span class=\"__1 _201\"/>ited (M&amp;<span class=\"__1 _201\"/>G WSL), fo<span class=\"__1 _201\"/>rmer<span class=\"__1 _201\"/>ly ca<span class=\"__1 _201\"/>lled M<span class=\"__1 _201\"/>&amp;G<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>Wealth Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s Limite<span class=\"__1 _201\"/>d, whi<span class=\"__1 _201\"/>ch is a who<span class=\"__1 _201\"/>lly own<span class=\"__1 _201\"/>ed sub<span class=\"__1 _201\"/>sidia<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y of M&amp;G R<span class=\"__1 _201\"/>EH;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">0.00<span class=\"__1 _201\"/>01<span class=\"__1 _200\"/>% of the m<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>rship in<span class=\"__1 _201\"/>terest w<span class=\"__1 _201\"/>as acqui<span class=\"__1 _201\"/>red by Pru L<span class=\"__1 _201\"/>imited<span class=\"__1 _201\"/>, a who<span class=\"__1 _201\"/>lly own<span class=\"__1 _201\"/>ed sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>y o<span class=\"__1 _201\"/>f M&amp;G Co<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate Hold<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/> </span>Limi<span class=\"__1 _201\"/>ted (M&amp;G C<span class=\"__1 _201\"/>HL).<span class=\"__1 _32b\"> </span>The p<span class=\"__1 _201\"/>urchas<span class=\"__1 _201\"/>e consi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>on comp<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>d of \u00a315m of c<span class=\"__1 _201\"/>ash con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>ration p<span class=\"__1 _201\"/>aid at com<span class=\"__1 _201\"/>pletio<span class=\"__1 _201\"/>n and a def<span class=\"__1 _201\"/>erred c<span class=\"__1 _201\"/>onsi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>on of<span class=\"__1 _32b\"> </span> \u00a32m p<span class=\"__1 _201\"/>aid on 7 N<span class=\"__1 _201\"/>ovembe<span class=\"__1 _201\"/>r 2022 o<span class=\"__1 _201\"/>n the satis<span class=\"__1 _201\"/>fac<span class=\"__1 _201\"/>tor<span class=\"__1 _201\"/>y co<span class=\"__1 _201\"/>mpleti<span class=\"__1 _201\"/>on of var<span class=\"__1 _201\"/>ious a<span class=\"__1 _201\"/>ctiv<span class=\"__1 _201\"/>ities li<span class=\"__1 _201\"/>nked to transi<span class=\"__1 _201\"/>tion by the p<span class=\"__1 _201\"/>reviou<span class=\"__1 _201\"/>s owner<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> The p<span class=\"__1 _201\"/>urpo<span class=\"__1 _201\"/>se of the d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ation was to en<span class=\"__1 _201\"/>sure a sm<span class=\"__1 _201\"/>ooth tran<span class=\"__1 _201\"/>sition to M&amp;<span class=\"__1 _201\"/>G ope<span class=\"__1 _201\"/>rations a<span class=\"__1 _201\"/>nd not to retai<span class=\"__1 _201\"/>n ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> existing<span class=\"__1 _200\"/> members ov<span class=\"__1 _200\"/>er a longer<span class=\"__1 _200\"/> durati<span class=\"__1 _200\"/>on.<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>cquis<span class=\"__1 _201\"/>ition ha<span class=\"__1 _201\"/>s been a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ted for us<span class=\"__1 _201\"/>ing the ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on meth<span class=\"__1 _201\"/>od. O<span class=\"__1 _201\"/>n acqui<span class=\"__1 _201\"/>sition g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will of \u00a316<span class=\"__1 _201\"/>m and a cus<span class=\"__1 _201\"/>tomer<span class=\"__1 _200\"/>-rel<span class=\"__1 _201\"/>ated<span class=\"__1 _32b\"> </span> intan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset of \u00a31m we<span class=\"__1 _201\"/>re recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>Sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ities in re<span class=\"__1 _201\"/>gard to val<span class=\"__1 _201\"/>uation of int<span class=\"__1 _201\"/>angibl<span class=\"__1 _201\"/>es from t<span class=\"__1 _201\"/>he acqu<span class=\"__1 _201\"/>isition<span class=\"__1 _201\"/>s comp<span class=\"__1 _201\"/>leted in th<span class=\"__1 _201\"/>e year are prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d in Note 12.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>3 Insuranc<span class=\"__1 _200\"/>e and in<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>estment pr<span class=\"__1 _200\"/>oducts written<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> the Gr<span class=\"__1 _200\"/>oup\u2019<span class=\"__1 _200\"/>s insurance<span class=\"__1 _200\"/> entitie<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span>A des<span class=\"__1 _201\"/>cripti<span class=\"__1 _201\"/>on of the mai<span class=\"__1 _201\"/>n insura<span class=\"__1 _201\"/>nce an<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts writ<span class=\"__1 _201\"/>ten by the G<span class=\"__1 _201\"/>roup\u2019s insura<span class=\"__1 _201\"/>nce entit<span class=\"__1 _201\"/>ies is prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d belo<span class=\"__1 _201\"/>w<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> The G<span class=\"__1 _201\"/>roup\u2019s with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s contra<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>re writ<span class=\"__1 _201\"/>ten in the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profits Fun<span class=\"__1 _201\"/>d in which p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s share in th<span class=\"__1 _201\"/>e profit o<span class=\"__1 _201\"/>f the<span class=\"__1 _32b\"> </span> fund<span class=\"__1 _201\"/>. Up until 1 A<span class=\"__1 _201\"/>pril 20<span class=\"__1 _201\"/>21 there we<span class=\"__1 _201\"/>re three w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits s<span class=\"__1 _201\"/>ub-f<span class=\"__1 _201\"/>unds: th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Sub<span class=\"__1 _201\"/>-Fund (<span class=\"__1 _201\"/>WP<span class=\"__1 _201\"/>SF<span class=\"__1 _201\"/>), the De<span class=\"__1 _201\"/>fine<span class=\"__1 _201\"/>d Charge<span class=\"__1 _201\"/> Par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ipating S<span class=\"__1 _201\"/>ub-<span class=\"__1 _201\"/>Fund (DCP<span class=\"__1 _201\"/>SF<span class=\"__1 _201\"/>) and th<span class=\"__1 _201\"/>e Scot<span class=\"__1 _201\"/>tish Am<span class=\"__1 _201\"/>icab<span class=\"__1 _201\"/>le Ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e Fund (SAIF<span class=\"__1 _201\"/>). On 1 Ap<span class=\"__1 _201\"/>ril 2021 S<span class=\"__1 _201\"/>AIF me<span class=\"__1 _201\"/>rged w<span class=\"__1 _201\"/>ith WPS<span class=\"__1 _201\"/>F and<span class=\"__1 _201\"/> the as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liabi<span class=\"__1 _201\"/>lities of S<span class=\"__1 _201\"/>AIF were c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ed with th<span class=\"__1 _201\"/>ose of th<span class=\"__1 _201\"/>e WPS<span class=\"__1 _201\"/>F<span class=\"__1 _f_1\"/>.<span class=\"__1 _32b\"> </span>Share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der<span class=\"__1 _200\"/>-bac<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed bu<span class=\"__1 _201\"/>sine<span class=\"__1 _201\"/>ss repre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s all insu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>nd inves<span class=\"__1 _201\"/>tment co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts in th<span class=\"__1 _201\"/>e Group oth<span class=\"__1 _201\"/>er than co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts wr<span class=\"__1 _201\"/>itten i<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span> With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund. T<span class=\"__1 _201\"/>he pro<span class=\"__1 _201\"/>fit on the<span class=\"__1 _201\"/>se contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s accr<span class=\"__1 _201\"/>ues dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y to the Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> 2 Group structur<span class=\"__1 _200\"/>e and products continued<span class=\"__1 _32b\"> </span>212<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>2.<span class=\"__1 _201\"/>3.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/> With-p<span class=\"__1 _201\"/>rofits contr<span class=\"__1 _200\"/>acts<span class=\"__1 _201\"/> With<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s provid<span class=\"__1 _201\"/>e returns to p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s through b<span class=\"__1 _201\"/>onus<span class=\"__1 _201\"/>es that are sm<span class=\"__1 _201\"/>oothe<span class=\"__1 _201\"/>d to redu<span class=\"__1 _201\"/>ce the imp<span class=\"__1 _201\"/>act of vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> the inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>manc<span class=\"__1 _201\"/>e of the as<span class=\"__1 _201\"/>sets in th<span class=\"__1 _201\"/>e fund<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> 2.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1.<span class=\"__1 _f_1\"/>1 C<span class=\"__1 _201\"/>onventio<span class=\"__1 _201\"/>nal and a<span class=\"__1 _201\"/>ccumul<span class=\"__1 _201\"/>ating with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts wri<span class=\"__1 _201\"/>tten in WP<span class=\"__1 _201\"/>SF an<span class=\"__1 _201\"/>d DCP<span class=\"__1 _201\"/>SF<span class=\"__1 _32b\"> </span>Conve<span class=\"__1 _201\"/>ntiona<span class=\"__1 _201\"/>l and accu<span class=\"__1 _201\"/>mulatin<span class=\"__1 _201\"/>g with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs rece<span class=\"__1 _201\"/>ive the<span class=\"__1 _201\"/>ir share of p<span class=\"__1 _201\"/>rofit by way of reg<span class=\"__1 _201\"/>ular an<span class=\"__1 _201\"/>d final b<span class=\"__1 _201\"/>onuse<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Reg<span class=\"__1 _201\"/>ular bo<span class=\"__1 _201\"/>nus rates a<span class=\"__1 _201\"/>re determi<span class=\"__1 _201\"/>ned fo<span class=\"__1 _201\"/>r each t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>e of poli<span class=\"__1 _201\"/>cy pr<span class=\"__1 _201\"/>imaril<span class=\"__1 _201\"/>y by targeti<span class=\"__1 _201\"/>ng the b<span class=\"__1 _201\"/>onus leve<span class=\"__1 _201\"/>l at a prud<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of the<span class=\"__1 _32b\"> </span> lon<span class=\"__1 _201\"/>g-term exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted future i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent return o<span class=\"__1 _201\"/>n unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>, reduc<span class=\"__1 _201\"/>ed as ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate for eac<span class=\"__1 _201\"/>h ty<span class=\"__1 _201\"/>pe of po<span class=\"__1 _201\"/>licy to al<span class=\"__1 _201\"/>low for<span class=\"__1 _201\"/> items<span class=\"__1 _200\"/> such as<span class=\"__1 _200\"/> expenses, char<span class=\"__1 _200\"/>ges, tax and sha<span class=\"__1 _200\"/>reholder tra<span class=\"__1 _200\"/>nsfers.<span class=\"__1 _32b\"> </span>In no<span class=\"__1 _201\"/>rmal inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt cond<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup exp<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/>s chang<span class=\"__1 _201\"/>es in reg<span class=\"__1 _201\"/>ular bo<span class=\"__1 _201\"/>nus rates to b<span class=\"__1 _201\"/>e gradu<span class=\"__1 _201\"/>al over time<span class=\"__1 _201\"/>. However<span class=\"__1 _200\"/>, the G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/> retains th<span class=\"__1 _201\"/>e discre<span class=\"__1 _201\"/>tion wh<span class=\"__1 _201\"/>ether or n<span class=\"__1 _201\"/>ot to decl<span class=\"__1 _201\"/>are a regu<span class=\"__1 _201\"/>lar bon<span class=\"__1 _201\"/>us each ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, a<span class=\"__1 _201\"/>nd there i<span class=\"__1 _201\"/>s no limit o<span class=\"__1 _201\"/>n the amo<span class=\"__1 _201\"/>unt by whi<span class=\"__1 _201\"/>ch regul<span class=\"__1 _201\"/>ar<span class=\"__1 _32b\"> </span> bon<span class=\"__1 _201\"/>us rates c<span class=\"__1 _201\"/>an chang<span class=\"__1 _201\"/>e.<span class=\"__1 _32b\"> </span> A final b<span class=\"__1 _201\"/>onus w<span class=\"__1 _201\"/>hich is n<span class=\"__1 _201\"/>orma<span class=\"__1 _201\"/>lly de<span class=\"__1 _201\"/>clared a<span class=\"__1 _201\"/>nnuall<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, may be ad<span class=\"__1 _201\"/>ded w<span class=\"__1 _201\"/>hen a cla<span class=\"__1 _201\"/>im is paid<span class=\"__1 _201\"/>. The r<span class=\"__1 _201\"/>ates of final b<span class=\"__1 _201\"/>onus us<span class=\"__1 _201\"/>ually v<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y by t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/> of po<span class=\"__1 _201\"/>licy an<span class=\"__1 _201\"/>d by referen<span class=\"__1 _201\"/>ce to the pe<span class=\"__1 _201\"/>riod<span class=\"__1 _201\"/>, usua<span class=\"__1 _201\"/>lly a year<span class=\"__1 _200\"/>, in whi<span class=\"__1 _201\"/>ch the po<span class=\"__1 _201\"/>licy c<span class=\"__1 _201\"/>omme<span class=\"__1 _201\"/>nces o<span class=\"__1 _201\"/>r each pre<span class=\"__1 _201\"/>mium is p<span class=\"__1 _201\"/>aid. T<span class=\"__1 _201\"/>hese r<span class=\"__1 _201\"/>ates are<span class=\"__1 _201\"/> deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d by referen<span class=\"__1 _201\"/>ce to the ass<span class=\"__1 _201\"/>et share<span class=\"__1 _201\"/>s of repre<span class=\"__1 _201\"/>sentati<span class=\"__1 _201\"/>ve samp<span class=\"__1 _201\"/>le pol<span class=\"__1 _201\"/>icies a<span class=\"__1 _201\"/>nd are sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to smo<span class=\"__1 _201\"/>othing.<span class=\"__1 _201\"/> Reg<span class=\"__1 _201\"/>ular bo<span class=\"__1 _201\"/>nuse<span class=\"__1 _201\"/>s are ty<span class=\"__1 _201\"/>pic<span class=\"__1 _201\"/>ally de<span class=\"__1 _201\"/>clare<span class=\"__1 _201\"/>d once a ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, a<span class=\"__1 _201\"/>nd onc<span class=\"__1 _201\"/>e credite<span class=\"__1 _201\"/>d are guar<span class=\"__1 _201\"/>anteed i<span class=\"__1 _201\"/>n accord<span class=\"__1 _201\"/>ance wi<span class=\"__1 _201\"/>th the term<span class=\"__1 _201\"/>s of the<span class=\"__1 _201\"/> par<span class=\"__1 _201\"/>ticu<span class=\"__1 _201\"/>lar pro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>t. Fina<span class=\"__1 _201\"/>l bonus r<span class=\"__1 _201\"/>ates are guar<span class=\"__1 _201\"/>antee<span class=\"__1 _201\"/>d only un<span class=\"__1 _201\"/>til the nex<span class=\"__1 _201\"/>t bo<span class=\"__1 _201\"/>nus de<span class=\"__1 _201\"/>claratio<span class=\"__1 _201\"/>n.<span class=\"__1 _201\"/> Cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts are pre<span class=\"__1 _201\"/>domin<span class=\"__1 _201\"/>antly wr<span class=\"__1 _201\"/>itten i<span class=\"__1 _201\"/>n the WP<span class=\"__1 _201\"/>SF<span class=\"__1 _f_1\"/>, wh<span class=\"__1 _201\"/>ere the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s are entitl<span class=\"__1 _201\"/>ed to an amo<span class=\"__1 _201\"/>unt up to one<span class=\"__1 _201\"/>-ni<span class=\"__1 _201\"/>nth of the bo<span class=\"__1 _201\"/>nus<span class=\"__1 _201\"/> dec<span class=\"__1 _201\"/>lared<span class=\"__1 _201\"/>, which i<span class=\"__1 _201\"/>s payabl<span class=\"__1 _201\"/>e as a cas<span class=\"__1 _201\"/>h trans<span class=\"__1 _201\"/>fer from th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund.<span class=\"__1 _201\"/> For the b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss wr<span class=\"__1 _201\"/>itten i<span class=\"__1 _201\"/>n the DCP<span class=\"__1 _201\"/>SF<span class=\"__1 _f_1\"/>, th<span class=\"__1 _201\"/>e charge<span class=\"__1 _201\"/>s accr<span class=\"__1 _201\"/>ue to share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers wh<span class=\"__1 _201\"/>o also m<span class=\"__1 _201\"/>eet the c<span class=\"__1 _201\"/>orres<span class=\"__1 _201\"/>pon<span class=\"__1 _201\"/>ding exp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Profi<span class=\"__1 _201\"/>ts aris<span class=\"__1 _201\"/>ing in the D<span class=\"__1 _201\"/>CPS<span class=\"__1 _201\"/>F are attr<span class=\"__1 _201\"/>ibuted w<span class=\"__1 _201\"/>holl<span class=\"__1 _201\"/>y to DCPS<span class=\"__1 _201\"/>F pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>. The sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 profit ar<span class=\"__1 _201\"/>ises as th<span class=\"__1 _201\"/>e diffe<span class=\"__1 _201\"/>rence<span class=\"__1 _201\"/> between charges a<span class=\"__1 _200\"/>nd expenses.<span class=\"__1 _32b\"> </span> 2.<span class=\"__1 _201\"/>3.<span class=\"__1 _200\"/>1.2 With-profits<span class=\"__1 _200\"/> contracts wi<span class=\"__1 _200\"/>th a P<span class=\"__1 _200\"/>ruFund<span class=\"__1 _200\"/> inv<span class=\"__1 _200\"/>estment opt<span class=\"__1 _200\"/>ion (\u201cPruF<span class=\"__1 _200\"/>und con<span class=\"__1 _200\"/>tracts\u201d)<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>se are a ra<span class=\"__1 _201\"/>nge of wi<span class=\"__1 _201\"/>th-pro<span class=\"__1 _201\"/>fits co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts offe<span class=\"__1 _201\"/>ring p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s a choic<span class=\"__1 _201\"/>e of inves<span class=\"__1 _201\"/>tment pro<span class=\"__1 _201\"/>files (\u201c<span class=\"__1 _201\"/>Pru<span class=\"__1 _201\"/>Fund fund<span class=\"__1 _201\"/>s\u201d). Unlike the<span class=\"__1 _201\"/> with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s desc<span class=\"__1 _201\"/>ribe<span class=\"__1 _201\"/>d above, n<span class=\"__1 _201\"/>o regul<span class=\"__1 _201\"/>ar or fina<span class=\"__1 _201\"/>l bonu<span class=\"__1 _201\"/>ses are d<span class=\"__1 _201\"/>eclare<span class=\"__1 _201\"/>d. In<span class=\"__1 _201\"/>stead<span class=\"__1 _201\"/>, poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ipate in profi<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span> by mea<span class=\"__1 _201\"/>ns of an incre<span class=\"__1 _201\"/>ase in th<span class=\"__1 _201\"/>eir inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>, which g<span class=\"__1 _201\"/>rows in line w<span class=\"__1 _201\"/>ith an E<span class=\"__1 _201\"/>xpe<span class=\"__1 _201\"/>cted G<span class=\"__1 _201\"/>row<span class=\"__1 _201\"/>th Rate (EGR). T<span class=\"__1 _201\"/>he EGR i<span class=\"__1 _201\"/>s adjus<span class=\"__1 _201\"/>ted for<span class=\"__1 _201\"/> sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>et movem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The EG<span class=\"__1 _201\"/>R may be ap<span class=\"__1 _201\"/>plie<span class=\"__1 _201\"/>d for eac<span class=\"__1 _201\"/>h of the diff<span class=\"__1 _201\"/>erent Pr<span class=\"__1 _201\"/>uFund fun<span class=\"__1 _201\"/>ds withi<span class=\"__1 _201\"/>n the ran<span class=\"__1 _201\"/>ge, var<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing de<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>ding on th<span class=\"__1 _201\"/>e indiv<span class=\"__1 _201\"/>idual a<span class=\"__1 _201\"/>sset m<span class=\"__1 _201\"/>ix<span class=\"__1 _32b\"> </span> of that fun<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e appl<span class=\"__1 _201\"/>icab<span class=\"__1 _201\"/>le EGR<span class=\"__1 _201\"/>, net of th<span class=\"__1 _201\"/>e releva<span class=\"__1 _201\"/>nt charge<span class=\"__1 _201\"/>s, is a<span class=\"__1 _201\"/>pplie<span class=\"__1 _201\"/>d to cal<span class=\"__1 _201\"/>culate the \u201csm<span class=\"__1 _201\"/>oothe<span class=\"__1 _201\"/>d unit va<span class=\"__1 _201\"/>lue\u201d of pol<span class=\"__1 _201\"/>icyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> fund<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he EGRs a<span class=\"__1 _201\"/>re reviewe<span class=\"__1 _201\"/>d and up<span class=\"__1 _201\"/>dated quar<span class=\"__1 _201\"/>ter<span class=\"__1 _201\"/>ly, with the sm<span class=\"__1 _201\"/>oothe<span class=\"__1 _201\"/>d unit val<span class=\"__1 _201\"/>ue cal<span class=\"__1 _201\"/>culated d<span class=\"__1 _201\"/>aily. In norm<span class=\"__1 _201\"/>al inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> con<span class=\"__1 _201\"/>ditions<span class=\"__1 _201\"/>, the EG<span class=\"__1 _201\"/>R is expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to reflec<span class=\"__1 _201\"/>t P<span class=\"__1 _200\"/>AC\u2019<span class=\"__1 _200\"/>s view o<span class=\"__1 _201\"/>f how the fu<span class=\"__1 _201\"/>nds will p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>m over the lo<span class=\"__1 _201\"/>nger te<span class=\"__1 _201\"/>rm.<span class=\"__1 _201\"/> Poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs are prote<span class=\"__1 _201\"/>cted f<span class=\"__1 _201\"/>rom som<span class=\"__1 _201\"/>e of the sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term ups a<span class=\"__1 _201\"/>nd down<span class=\"__1 _201\"/>s of direc<span class=\"__1 _201\"/>t inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s by using a<span class=\"__1 _201\"/>n esta<span class=\"__1 _201\"/>blish<span class=\"__1 _201\"/>ed sm<span class=\"__1 _201\"/>oothing<span class=\"__1 _201\"/> proc<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>. Pres<span class=\"__1 _201\"/>crib<span class=\"__1 _201\"/>ed adju<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts are ma<span class=\"__1 _201\"/>de to the smo<span class=\"__1 _201\"/>othe<span class=\"__1 _201\"/>d unit val<span class=\"__1 _201\"/>ue if it move<span class=\"__1 _201\"/>s outsi<span class=\"__1 _201\"/>de a sp<span class=\"__1 _201\"/>ecifi<span class=\"__1 _201\"/>ed ran<span class=\"__1 _201\"/>ge relati<span class=\"__1 _201\"/>ve to the valu<span class=\"__1 _201\"/>e of<span class=\"__1 _32b\"> </span> the underlying a<span class=\"__1 _200\"/>ssets.<span class=\"__1 _201\"/> Pru<span class=\"__1 _201\"/>Fund contra<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>re pred<span class=\"__1 _201\"/>ominan<span class=\"__1 _201\"/>tly wri<span class=\"__1 _201\"/>tten in th<span class=\"__1 _201\"/>e WPS<span class=\"__1 _201\"/>F<span class=\"__1 _f_1\"/>, whe<span class=\"__1 _201\"/>re the sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der is en<span class=\"__1 _201\"/>titled to an a<span class=\"__1 _201\"/>mount u<span class=\"__1 _201\"/>p to one<span class=\"__1 _201\"/>-ninth of<span class=\"__1 _201\"/> the di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the smo<span class=\"__1 _201\"/>othed u<span class=\"__1 _201\"/>nit valu<span class=\"__1 _201\"/>e on with<span class=\"__1 _201\"/>drawal an<span class=\"__1 _201\"/>d the init<span class=\"__1 _201\"/>ial inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>. The D<span class=\"__1 _201\"/>CPSF a<span class=\"__1 _201\"/>lso con<span class=\"__1 _201\"/>tains Pr<span class=\"__1 _201\"/>uFund<span class=\"__1 _201\"/> contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d for the<span class=\"__1 _201\"/>se contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s the share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders re<span class=\"__1 _201\"/>ceive p<span class=\"__1 _201\"/>rofits o<span class=\"__1 _201\"/>r los<span class=\"__1 _201\"/>ses ar<span class=\"__1 _201\"/>ising fro<span class=\"__1 _201\"/>m the diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>e bet<span class=\"__1 _201\"/>ween th<span class=\"__1 _201\"/>e charg<span class=\"__1 _201\"/>es and<span class=\"__1 _201\"/> expenses<span class=\"__1 _200\"/> on thi<span class=\"__1 _200\"/>s business.<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>3.<span class=\"__1 _200\"/>1.3 SAIF<span class=\"__1 _200\"/> with-profits<span class=\"__1 _200\"/> contracts<span class=\"__1 _32b\"> </span>SAIF w<span class=\"__1 _201\"/>as a ring<span class=\"__1 _201\"/>-fenc<span class=\"__1 _201\"/>ed with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits sub<span class=\"__1 _201\"/>-fun<span class=\"__1 _201\"/>d which m<span class=\"__1 _201\"/>erge<span class=\"__1 _201\"/>d with WP<span class=\"__1 _201\"/>SF on 1 A<span class=\"__1 _201\"/>pril 20<span class=\"__1 _201\"/>21. As SA<span class=\"__1 _201\"/>IF was a cl<span class=\"__1 _201\"/>osed s<span class=\"__1 _201\"/>ub-f<span class=\"__1 _201\"/>und, n<span class=\"__1 _201\"/>o new<span class=\"__1 _32b\"> </span> busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s was wr<span class=\"__1 _201\"/>itten in SA<span class=\"__1 _201\"/>IF<span class=\"__1 _f_1\"/>, alt<span class=\"__1 _201\"/>hough re<span class=\"__1 _201\"/>gular p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>s and top<span class=\"__1 _201\"/>-ups w<span class=\"__1 _201\"/>ere still b<span class=\"__1 _201\"/>eing c<span class=\"__1 _201\"/>olle<span class=\"__1 _201\"/>cted o<span class=\"__1 _201\"/>n in-forc<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cies<span class=\"__1 _201\"/>. The f<span class=\"__1 _201\"/>und was<span class=\"__1 _201\"/> sol<span class=\"__1 _201\"/>ely fo<span class=\"__1 _201\"/>r the ben<span class=\"__1 _201\"/>efit of p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s of SAIF<span class=\"__1 _f_1\"/>, a<span class=\"__1 _201\"/>nd at the date of th<span class=\"__1 _201\"/>e merge<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s asse<span class=\"__1 _201\"/>ts of the SA<span class=\"__1 _201\"/>IF fun<span class=\"__1 _201\"/>d were allo<span class=\"__1 _201\"/>cated to th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> SAIF p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs, w<span class=\"__1 _201\"/>ith the enh<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>ment du<span class=\"__1 _201\"/>e to be paid th<span class=\"__1 _201\"/>rough a ter<span class=\"__1 _201\"/>minal b<span class=\"__1 _201\"/>onus at th<span class=\"__1 _201\"/>e point of c<span class=\"__1 _201\"/>laim. S<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs have no<span class=\"__1 _201\"/> entit<span class=\"__1 _200\"/>lement t<span class=\"__1 _200\"/>o the<span class=\"__1 _200\"/> profits of<span class=\"__1 _200\"/> this<span class=\"__1 _200\"/> fund.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s main exp<span class=\"__1 _201\"/>osure to guar<span class=\"__1 _201\"/>antee<span class=\"__1 _201\"/>d annuit<span class=\"__1 _201\"/>y opti<span class=\"__1 _201\"/>ons ar<span class=\"__1 _201\"/>ises thro<span class=\"__1 _201\"/>ugh wit<span class=\"__1 _201\"/>h-pro<span class=\"__1 _201\"/>fits co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts ori<span class=\"__1 _201\"/>ginall<span class=\"__1 _201\"/>y writ<span class=\"__1 _201\"/>ten in SA<span class=\"__1 _201\"/>IF<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/> More d<span class=\"__1 _201\"/>etail on th<span class=\"__1 _201\"/>e provis<span class=\"__1 _201\"/>ions h<span class=\"__1 _201\"/>eld in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>d annuit<span class=\"__1 _201\"/>y opti<span class=\"__1 _201\"/>ons is p<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>d in Note 26<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>3.<span class=\"__1 _201\"/>2 Unit<span class=\"__1 _200\"/>-link<span class=\"__1 _200\"/>ed con<span class=\"__1 _200\"/>tracts<span class=\"__1 _32b\"> </span>Unit-linked co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts are co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts wh<span class=\"__1 _201\"/>ere the val<span class=\"__1 _201\"/>ue of the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y is linked to the v<span class=\"__1 _201\"/>alue of un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents (such as<span class=\"__1 _201\"/> coll<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive inves<span class=\"__1 _201\"/>tment s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>es, i<span class=\"__1 _201\"/>nternal inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt po<span class=\"__1 _201\"/>ols or oth<span class=\"__1 _201\"/>er prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty) or fl<span class=\"__1 _201\"/>uctu<span class=\"__1 _201\"/>ations in th<span class=\"__1 _201\"/>e value of u<span class=\"__1 _201\"/>nder<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g inves<span class=\"__1 _201\"/>tments<span class=\"__1 _201\"/> or ind<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/>. Inves<span class=\"__1 _201\"/>tment r<span class=\"__1 _201\"/>isk as<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ated with th<span class=\"__1 _201\"/>e produ<span class=\"__1 _201\"/>ct is pr<span class=\"__1 _201\"/>imar<span class=\"__1 _201\"/>ily bo<span class=\"__1 _201\"/>rne by th<span class=\"__1 _201\"/>e polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>. S<span class=\"__1 _201\"/>ome uni<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-linked co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/> an ele<span class=\"__1 _201\"/>ment of i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce cover<span class=\"__1 _201\"/>age, su<span class=\"__1 _201\"/>ch as a be<span class=\"__1 _201\"/>nefit p<span class=\"__1 _201\"/>ayable o<span class=\"__1 _201\"/>n death in exces<span class=\"__1 _201\"/>s of the va<span class=\"__1 _201\"/>lue of the u<span class=\"__1 _201\"/>nits<span class=\"__1 _201\"/>, and the<span class=\"__1 _201\"/>se contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s are<span class=\"__1 _32b\"> </span> clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>nd acco<span class=\"__1 _201\"/>unted fo<span class=\"__1 _201\"/>r under I<span class=\"__1 _201\"/>FRS 4 (see N<span class=\"__1 _201\"/>ote 26).<span class=\"__1 _32b\"> </span> Charg<span class=\"__1 _201\"/>es are de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>ted from th<span class=\"__1 _201\"/>e unit-linked fun<span class=\"__1 _201\"/>ds for inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t and adm<span class=\"__1 _201\"/>inistr<span class=\"__1 _201\"/>ation se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d for ce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ain contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> covera<span class=\"__1 _201\"/>ge. Be<span class=\"__1 _201\"/>nefit<span class=\"__1 _201\"/>s payabl<span class=\"__1 _201\"/>e will de<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>d on the pr<span class=\"__1 _201\"/>ice of the u<span class=\"__1 _201\"/>nits prev<span class=\"__1 _201\"/>ailing at th<span class=\"__1 _201\"/>e time of sur<span class=\"__1 _201\"/>rend<span class=\"__1 _201\"/>er<span class=\"__1 _f_1\"/>, d<span class=\"__1 _201\"/>eath or th<span class=\"__1 _201\"/>e maturit<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> the pro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>t.<span class=\"__1 _201\"/> 2 Group structur<span class=\"__1 _200\"/>e and products continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls3b_1 ws3c_1\">2<span class=\"__1 _201\"/>13<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>3.3 Annuities<span class=\"__1 _32b\"> </span>Annu<span class=\"__1 _201\"/>ities are c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wh<span class=\"__1 _201\"/>ich offe<span class=\"__1 _201\"/>r poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs a regu<span class=\"__1 _201\"/>lar inc<span class=\"__1 _201\"/>ome over th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r\u2019s life, in excha<span class=\"__1 _201\"/>nge fo<span class=\"__1 _201\"/>r an upfront<span class=\"__1 _201\"/> prem<span class=\"__1 _201\"/>ium, an<span class=\"__1 _201\"/>d may be imm<span class=\"__1 _201\"/>ediate or d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d. For i<span class=\"__1 _201\"/>mmed<span class=\"__1 _201\"/>iate annuiti<span class=\"__1 _201\"/>es, th<span class=\"__1 _201\"/>e regul<span class=\"__1 _201\"/>ar inco<span class=\"__1 _201\"/>me sta<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>s imme<span class=\"__1 _201\"/>diately af<span class=\"__1 _201\"/>ter th<span class=\"__1 _201\"/>e premiu<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> paym<span class=\"__1 _201\"/>ent, bu<span class=\"__1 _201\"/>t for defe<span class=\"__1 _201\"/>rred a<span class=\"__1 _201\"/>nnuitie<span class=\"__1 _201\"/>s, th<span class=\"__1 _201\"/>e regula<span class=\"__1 _201\"/>r incom<span class=\"__1 _201\"/>e is del<span class=\"__1 _201\"/>ayed until a sp<span class=\"__1 _201\"/>eci<span class=\"__1 _201\"/>fied date in th<span class=\"__1 _201\"/>e future. T<span class=\"__1 _201\"/>here are v<span class=\"__1 _201\"/>ario<span class=\"__1 _201\"/>us ty<span class=\"__1 _201\"/>pes<span class=\"__1 _201\"/> of annu<span class=\"__1 _201\"/>ity c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wr<span class=\"__1 _201\"/>itten a<span class=\"__1 _201\"/>cross th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p: level, fi<span class=\"__1 _201\"/>xed inc<span class=\"__1 _201\"/>rease, in<span class=\"__1 _201\"/>flation<span class=\"__1 _201\"/>-lin<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed (refer<span class=\"__1 _201\"/>red to as \u201cno<span class=\"__1 _201\"/>n-p<span class=\"__1 _201\"/>rofit ann<span class=\"__1 _201\"/>uities\u201d) a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span> with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts annu<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>. Som<span class=\"__1 _201\"/>e non<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>t annuiti<span class=\"__1 _201\"/>es have be<span class=\"__1 _201\"/>en wr<span class=\"__1 _201\"/>itten in th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund, an<span class=\"__1 _201\"/>d profit<span class=\"__1 _201\"/>s relatin<span class=\"__1 _201\"/>g to this busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/> accr<span class=\"__1 _201\"/>ue to the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> \u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Level an<span class=\"__1 _201\"/>nuitie<span class=\"__1 _201\"/>s: provi<span class=\"__1 _201\"/>de a regu<span class=\"__1 _201\"/>lar (for exampl<span class=\"__1 _201\"/>e, month<span class=\"__1 _201\"/>ly) fixed an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y payme<span class=\"__1 _201\"/>nt over the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>\u2019s life.<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Fixe<span class=\"__1 _201\"/>d increas<span class=\"__1 _201\"/>e annui<span class=\"__1 _201\"/>ties: prov<span class=\"__1 _201\"/>ide a re<span class=\"__1 _201\"/>gular an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y paym<span class=\"__1 _201\"/>ent whi<span class=\"__1 _201\"/>ch incor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ates automati<span class=\"__1 _201\"/>c increa<span class=\"__1 _201\"/>ses in an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y payme<span class=\"__1 _201\"/>nts by<span class=\"__1 _201\"/> </span>fixed a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s over the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>\u2019s life.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Infl<span class=\"__1 _201\"/>ation-<span class=\"__1 _201\"/>linked ann<span class=\"__1 _201\"/>uities<span class=\"__1 _201\"/>: provid<span class=\"__1 _201\"/>e for a reg<span class=\"__1 _201\"/>ular ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y payme<span class=\"__1 _201\"/>nt to which an a<span class=\"__1 _201\"/>dditio<span class=\"__1 _201\"/>nal amo<span class=\"__1 _201\"/>unt is ad<span class=\"__1 _201\"/>ded p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>dic<span class=\"__1 _201\"/>ally ba<span class=\"__1 _201\"/>sed on<span class=\"__1 _201\"/> </span>the in<span class=\"__1 _201\"/>crease in a<span class=\"__1 _201\"/>n inflatio<span class=\"__1 _201\"/>n index<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> \u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">With<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts annu<span class=\"__1 _201\"/>ities: a<span class=\"__1 _201\"/>re writ<span class=\"__1 _201\"/>ten in the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profits Fun<span class=\"__1 _201\"/>d. The<span class=\"__1 _201\"/>se com<span class=\"__1 _201\"/>bine th<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e features o<span class=\"__1 _201\"/>f annuit<span class=\"__1 _201\"/>y con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts with th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>inves<span class=\"__1 _201\"/>tment s<span class=\"__1 _201\"/>moothi<span class=\"__1 _201\"/>ng feature<span class=\"__1 _201\"/>s of with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s produ<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>nd enab<span class=\"__1 _201\"/>le po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders to obt<span class=\"__1 _201\"/>ain expos<span class=\"__1 _201\"/>ure to inves<span class=\"__1 _201\"/>tment retur<span class=\"__1 _201\"/>n on<span class=\"__1 _201\"/> the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>4 Ch<span class=\"__1 _200\"/>anges in c<span class=\"__1 _200\"/>onsolidation<span class=\"__1 _200\"/> of collectiv<span class=\"__1 _200\"/>e<span class=\"__1 _200\"/> inv<span class=\"__1 _200\"/>estment and<span class=\"__1 _200\"/> other<span class=\"__1 _200\"/> vehicles<span class=\"__1 _32b\"> </span>As pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t of the nor<span class=\"__1 _201\"/>mal co<span class=\"__1 _201\"/>urse of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss the G<span class=\"__1 _201\"/>roup, pr<span class=\"__1 _201\"/>imar<span class=\"__1 _201\"/>ily via th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund, inve<span class=\"__1 _201\"/>sts an<span class=\"__1 _201\"/>d disinve<span class=\"__1 _201\"/>sts in a n<span class=\"__1 _201\"/>umbe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> of coll<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive inves<span class=\"__1 _201\"/>tment a<span class=\"__1 _201\"/>nd other i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent vehi<span class=\"__1 _201\"/>cles<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup co<span class=\"__1 _201\"/>ntinuall<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>ess w<span class=\"__1 _201\"/>hethe<span class=\"__1 _201\"/>r thes<span class=\"__1 _201\"/>e investm<span class=\"__1 _201\"/>ents me<span class=\"__1 _201\"/>et the<span class=\"__1 _201\"/> requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts of IFR<span class=\"__1 _201\"/>S10 \u2013 Conso<span class=\"__1 _201\"/>lidated F<span class=\"__1 _201\"/>inanc<span class=\"__1 _201\"/>ial Stateme<span class=\"__1 _201\"/>nts and a<span class=\"__1 _201\"/>pply th<span class=\"__1 _201\"/>e acco<span class=\"__1 _201\"/>unting p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y explain<span class=\"__1 _201\"/>ed in 1.<span class=\"__1 _201\"/>5.1 in those<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s. In any g<span class=\"__1 _201\"/>iven year t<span class=\"__1 _201\"/>he inves<span class=\"__1 _201\"/>tment veh<span class=\"__1 _201\"/>icle<span class=\"__1 _201\"/>s movin<span class=\"__1 _201\"/>g in and ou<span class=\"__1 _201\"/>t of the sco<span class=\"__1 _201\"/>pe of con<span class=\"__1 _201\"/>solid<span class=\"__1 _201\"/>ation have a lim<span class=\"__1 _201\"/>ited imp<span class=\"__1 _201\"/>act o<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> the G<span class=\"__1 _201\"/>roup\u2019s financia<span class=\"__1 _201\"/>l statem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>. However, during the ye<span class=\"__1 _201\"/>ar end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2 a numb<span class=\"__1 _201\"/>er of inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t vehicl<span class=\"__1 _201\"/>es have be<span class=\"__1 _201\"/>en<span class=\"__1 _32b\"> </span> dec<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated w<span class=\"__1 _201\"/>hich have ha<span class=\"__1 _201\"/>d more si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>ts.<span class=\"__1 _201\"/> The<span class=\"__1 _201\"/>re were fou<span class=\"__1 _201\"/>r vehicl<span class=\"__1 _201\"/>es whic<span class=\"__1 _201\"/>h were de<span class=\"__1 _201\"/>conso<span class=\"__1 _201\"/>lidated \u2013 M<span class=\"__1 _201\"/>&amp;G Europ<span class=\"__1 _201\"/>ean Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund (MEP), Sk<span class=\"__1 _201\"/>y Fund I LP<span class=\"__1 _f_1\"/>, S<span class=\"__1 _201\"/>ky Fund V O<span class=\"__1 _201\"/>nsho<span class=\"__1 _201\"/>re<span class=\"__1 _32b\"> </span> LP an<span class=\"__1 _201\"/>d Harb<span class=\"__1 _201\"/>en 2017<span class=\"__1 _200\"/>-<span class=\"__1 _f_1\"/>1 p<span class=\"__1 _201\"/>lc. S<span class=\"__1 _201\"/>ky Fund I L<span class=\"__1 _201\"/>P was dis<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d of by P<span class=\"__1 _200\"/>A<span class=\"__1 _200\"/>C and th<span class=\"__1 _201\"/>e other thre<span class=\"__1 _201\"/>e entiti<span class=\"__1 _201\"/>es were re<span class=\"__1 _201\"/>-as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sed fo<span class=\"__1 _201\"/>r control<span class=\"__1 _201\"/> foll<span class=\"__1 _201\"/>owing a di<span class=\"__1 _201\"/>lution of th<span class=\"__1 _201\"/>eir ho<span class=\"__1 _201\"/>lding<span class=\"__1 _201\"/>s and de<span class=\"__1 _201\"/>cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d. In the c<span class=\"__1 _201\"/>ase of M<span class=\"__1 _201\"/>EP and Sk<span class=\"__1 _201\"/>y Fund V L<span class=\"__1 _201\"/>P<span class=\"__1 _f_1\"/>, the Grou<span class=\"__1 _201\"/>p holdi<span class=\"__1 _201\"/>ngs are no<span class=\"__1 _201\"/>w<span class=\"__1 _32b\"> </span> treated as i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents in as<span class=\"__1 _201\"/>so<span class=\"__1 _201\"/>ciates at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL an<span class=\"__1 _201\"/>d discl<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>d in Note 14 \u2013 Inves<span class=\"__1 _201\"/>tments i<span class=\"__1 _201\"/>n joint ven<span class=\"__1 _201\"/>tures and a<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciates<span class=\"__1 _201\"/>. The mai<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> impa<span class=\"__1 _201\"/>cts of t<span class=\"__1 _201\"/>he dec<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidatio<span class=\"__1 _201\"/>n of thes<span class=\"__1 _201\"/>e entitie<span class=\"__1 _201\"/>s are show<span class=\"__1 _201\"/>n in the imp<span class=\"__1 _201\"/>acte<span class=\"__1 _201\"/>d notes whi<span class=\"__1 _201\"/>ch incl<span class=\"__1 _201\"/>ude \u2013 Note 15 \u2013 Pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, plant a<span class=\"__1 _201\"/>nd<span class=\"__1 _201\"/> equ<span class=\"__1 _201\"/>ipmen<span class=\"__1 _201\"/>t, Note 16 \u2013 Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty, Note 18 \u2013 Loan<span class=\"__1 _201\"/>s, N<span class=\"__1 _201\"/>ote 27 \u2013 Subo<span class=\"__1 _201\"/>rdinated l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es and oth<span class=\"__1 _201\"/>er bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs.<span class=\"__1 _201\"/> 3 Segment<span class=\"__1 _200\"/>al analy<span class=\"__1 _200\"/>sis<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s oper<span class=\"__1 _201\"/>ating se<span class=\"__1 _201\"/>gmen<span class=\"__1 _201\"/>ts are defi<span class=\"__1 _201\"/>ned an<span class=\"__1 _201\"/>d pres<span class=\"__1 _201\"/>ented in ac<span class=\"__1 _201\"/>cordan<span class=\"__1 _201\"/>ce with I<span class=\"__1 _201\"/>FRS 8: O<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ating Se<span class=\"__1 _201\"/>gmen<span class=\"__1 _201\"/>ts on the b<span class=\"__1 _201\"/>asis of the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt repo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>ng str<span class=\"__1 _201\"/>ucture a<span class=\"__1 _201\"/>nd its fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t inform<span class=\"__1 _201\"/>ation. T<span class=\"__1 _201\"/>he G<span class=\"__1 _201\"/>roup\u2019s primar<span class=\"__1 _201\"/>y re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ting f<span class=\"__1 _201\"/>ormat i<span class=\"__1 _201\"/>s by clie<span class=\"__1 _201\"/>nt ty<span class=\"__1 _201\"/>pe, wi<span class=\"__1 _201\"/>th supp<span class=\"__1 _201\"/>leme<span class=\"__1 _201\"/>ntar<span class=\"__1 _201\"/>y info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n bein<span class=\"__1 _201\"/>g given by pro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>t ty<span class=\"__1 _201\"/>pe. T<span class=\"__1 _201\"/>he Chief O<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ating De<span class=\"__1 _201\"/>cisio<span class=\"__1 _201\"/>n Maker for th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p is the G<span class=\"__1 _201\"/>roup E<span class=\"__1 _201\"/>xecutive C<span class=\"__1 _201\"/>ommi<span class=\"__1 _201\"/>ttee.<span class=\"__1 _32b\"> </span>3.<span class=\"__1 _f_1\"/>1 Operating segments<span class=\"__1 _32b\"> </span> The G<span class=\"__1 _201\"/>roup\u2019s oper<span class=\"__1 _201\"/>ating se<span class=\"__1 _201\"/>gmen<span class=\"__1 _201\"/>ts are:<span class=\"__1 _32b\"> </span>Asset Management<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s investm<span class=\"__1 _201\"/>ent man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent ca<span class=\"__1 _201\"/>pabili<span class=\"__1 _201\"/>ty is o<span class=\"__1 _201\"/>ffere<span class=\"__1 _201\"/>d to both who<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>ale and i<span class=\"__1 _201\"/>nstitut<span class=\"__1 _201\"/>ional cl<span class=\"__1 _201\"/>ients<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group\u2019s who<span class=\"__1 _201\"/>lesa<span class=\"__1 _201\"/>le<span class=\"__1 _32b\"> </span> clie<span class=\"__1 _201\"/>nts inves<span class=\"__1 _201\"/>t throug<span class=\"__1 _201\"/>h either U<span class=\"__1 _201\"/>K dom<span class=\"__1 _201\"/>icile<span class=\"__1 _201\"/>d Ope<span class=\"__1 _201\"/>n Ende<span class=\"__1 _201\"/>d Investm<span class=\"__1 _201\"/>ent Co<span class=\"__1 _201\"/>mpani<span class=\"__1 _201\"/>es (OEICs) or Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg domi<span class=\"__1 _201\"/>cile<span class=\"__1 _201\"/>d Soci<span class=\"__1 _201\"/>\u00e9t\u00e9s<span class=\"__1 _32b\"> </span> d\u2019I<span class=\"__1 _201\"/>nvestis<span class=\"__1 _201\"/>sem<span class=\"__1 _201\"/>ent \u00e0 Ca<span class=\"__1 _201\"/>pital Variab<span class=\"__1 _201\"/>le (SICA<span class=\"__1 _200\"/>V<span class=\"__1 _200\"/>s<span class=\"__1 _200\"/>) and h<span class=\"__1 _201\"/>ave acces<span class=\"__1 _201\"/>s to a broad r<span class=\"__1 _201\"/>ange of a<span class=\"__1 _201\"/>ctive<span class=\"__1 _201\"/>ly mana<span class=\"__1 _201\"/>ged inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prod<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> incl<span class=\"__1 _201\"/>uding Equ<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>, Fixed I<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e, Mult<span class=\"__1 _201\"/>i-As<span class=\"__1 _201\"/>set and R<span class=\"__1 _201\"/>eal Es<span class=\"__1 _201\"/>tate. Th<span class=\"__1 _201\"/>e Group s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves th<span class=\"__1 _201\"/>ese cli<span class=\"__1 _201\"/>ents thro<span class=\"__1 _201\"/>ugh its m<span class=\"__1 _201\"/>any busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>-to-<span class=\"__1 _32b\"> </span>busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s relatio<span class=\"__1 _201\"/>nships b<span class=\"__1 _201\"/>oth in the U<span class=\"__1 _201\"/>K and over<span class=\"__1 _201\"/>seas<span class=\"__1 _201\"/>, whic<span class=\"__1 _201\"/>h includ<span class=\"__1 _201\"/>e inde<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>dent fin<span class=\"__1 _201\"/>ancial a<span class=\"__1 _201\"/>dvis<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>, high<span class=\"__1 _201\"/>-stre<span class=\"__1 _201\"/>et banks a<span class=\"__1 _201\"/>nd wealth<span class=\"__1 _201\"/> mana<span class=\"__1 _201\"/>gers<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group\u2019s insti<span class=\"__1 _201\"/>tutiona<span class=\"__1 _201\"/>l investor<span class=\"__1 _201\"/>s, in<span class=\"__1 _201\"/>clude p<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>on fun<span class=\"__1 _201\"/>ds, in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce comp<span class=\"__1 _201\"/>anies a<span class=\"__1 _201\"/>nd ban<span class=\"__1 _201\"/>ks from arou<span class=\"__1 _201\"/>nd the wor<span class=\"__1 _201\"/>ld,<span class=\"__1 _201\"/> who i<span class=\"__1 _201\"/>nvest thro<span class=\"__1 _201\"/>ugh se<span class=\"__1 _201\"/>gregate<span class=\"__1 _201\"/>d mandate<span class=\"__1 _201\"/>s and po<span class=\"__1 _201\"/>ole<span class=\"__1 _201\"/>d funds i<span class=\"__1 _201\"/>nto a diver<span class=\"__1 _201\"/>se rang<span class=\"__1 _201\"/>e of Fixed I<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e and Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate investm<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/> products and services<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The A<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>et Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt segm<span class=\"__1 _201\"/>ent ge<span class=\"__1 _201\"/>nerate<span class=\"__1 _201\"/>s revenues by c<span class=\"__1 _201\"/>harging f<span class=\"__1 _201\"/>ees w<span class=\"__1 _201\"/>hich are t<span class=\"__1 _201\"/>ypi<span class=\"__1 _201\"/>call<span class=\"__1 _201\"/>y base<span class=\"__1 _201\"/>d on the l<span class=\"__1 _201\"/>evel of as<span class=\"__1 _201\"/>sets un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/> mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt. Th<span class=\"__1 _201\"/>e As<span class=\"__1 _201\"/>set Man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent se<span class=\"__1 _201\"/>gment a<span class=\"__1 _201\"/>lso ear<span class=\"__1 _201\"/>ns inves<span class=\"__1 _201\"/>tment ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment reven<span class=\"__1 _201\"/>ues fro<span class=\"__1 _201\"/>m the sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant prop<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tion of<span class=\"__1 _201\"/> Retail a<span class=\"__1 _201\"/>nd Savi<span class=\"__1 _201\"/>ngs as<span class=\"__1 _201\"/>sets it m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>2 Group structur<span class=\"__1 _200\"/>e and products continued<span class=\"__1 _32b\"> </span>214<span class=\"fc2_1 ls5_1 ws1_1\"> <span class=\"__1 _291\"> </span><span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Retail<span class=\"__1 _200\"/> and Sa<span class=\"__1 _200\"/>vings<span class=\"__1 _32b\"> </span>Our R<span class=\"__1 _201\"/>etail and S<span class=\"__1 _201\"/>aving<span class=\"__1 _201\"/>s oper<span class=\"__1 _201\"/>ating se<span class=\"__1 _201\"/>gment i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es M&amp;G Wealth<span class=\"__1 _201\"/>, our H<span class=\"__1 _201\"/>erita<span class=\"__1 _201\"/>ge bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s and O<span class=\"__1 _201\"/>ther Ret<span class=\"__1 _201\"/>ail and S<span class=\"__1 _201\"/>avings b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h prima<span class=\"__1 _201\"/>rily re<span class=\"__1 _201\"/>lates to our inte<span class=\"__1 _201\"/>rnatio<span class=\"__1 _201\"/>nal savi<span class=\"__1 _201\"/>ngs bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>W<span class=\"__1 _200\"/>ealth<span class=\"__1 _32b\"> </span>M&amp;G Wealth p<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>s a rang<span class=\"__1 _201\"/>e of retireme<span class=\"__1 _201\"/>nt, sav<span class=\"__1 _201\"/>ings an<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent so<span class=\"__1 _201\"/>lution<span class=\"__1 _201\"/>s to its clien<span class=\"__1 _201\"/>ts. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e produ<span class=\"__1 _201\"/>cts are<span class=\"__1 _201\"/> dis<span class=\"__1 _201\"/>tribute<span class=\"__1 _201\"/>d to client<span class=\"__1 _201\"/>s through th<span class=\"__1 _201\"/>e wrap p<span class=\"__1 _201\"/>latfo<span class=\"__1 _201\"/>rm, i<span class=\"__1 _201\"/>nterme<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es and a<span class=\"__1 _201\"/>dvis<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>, and in<span class=\"__1 _201\"/>clude th<span class=\"__1 _201\"/>e Retirem<span class=\"__1 _201\"/>ent Acco<span class=\"__1 _201\"/>unt (<span class=\"__1 _200\"/>a comb<span class=\"__1 _201\"/>ined<span class=\"__1 _201\"/> indi<span class=\"__1 _201\"/>vidu<span class=\"__1 _201\"/>al pen<span class=\"__1 _201\"/>sion an<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e drawdo<span class=\"__1 _201\"/>wn prod<span class=\"__1 _201\"/>uct), in<span class=\"__1 _201\"/>divi<span class=\"__1 _201\"/>dual p<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>ns, IS<span class=\"__1 _201\"/>As<span class=\"__1 _201\"/>, colle<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve investm<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d a rang<span class=\"__1 _201\"/>e of on-s<span class=\"__1 _201\"/>hore an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> off-s<span class=\"__1 _201\"/>hore bo<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> All of th<span class=\"__1 _201\"/>e Group\u2019s produ<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s that give ac<span class=\"__1 _201\"/>cess to th<span class=\"__1 _201\"/>e UK Pr<span class=\"__1 _201\"/>uFund inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>ropos<span class=\"__1 _201\"/>ition are i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ed in M&amp;<span class=\"__1 _201\"/>G W<span class=\"__1 _200\"/>ealth<span class=\"__1 _201\"/>. The U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span> Pru<span class=\"__1 _201\"/>Fund invest<span class=\"__1 _201\"/>ment pro<span class=\"__1 _201\"/>posit<span class=\"__1 _201\"/>ion give<span class=\"__1 _201\"/>s clien<span class=\"__1 _201\"/>ts acce<span class=\"__1 _201\"/>ss to sav<span class=\"__1 _201\"/>ings con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts with sm<span class=\"__1 _201\"/>ooth<span class=\"__1 _201\"/>ed inves<span class=\"__1 _201\"/>tment retu<span class=\"__1 _201\"/>rns and a w<span class=\"__1 _201\"/>ide ch<span class=\"__1 _201\"/>oice<span class=\"__1 _201\"/> of inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>rofile<span class=\"__1 _201\"/>s. Un<span class=\"__1 _201\"/>like the convent<span class=\"__1 _201\"/>ional a<span class=\"__1 _201\"/>nd accum<span class=\"__1 _201\"/>ulating w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts in th<span class=\"__1 _201\"/>e Her<span class=\"__1 _201\"/>itage b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, no regu<span class=\"__1 _201\"/>lar or<span class=\"__1 _201\"/> final b<span class=\"__1 _201\"/>onus<span class=\"__1 _201\"/>es are de<span class=\"__1 _201\"/>clare<span class=\"__1 _201\"/>d. Ins<span class=\"__1 _201\"/>tead, p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ate in profit<span class=\"__1 _201\"/>s by means o<span class=\"__1 _201\"/>f an increa<span class=\"__1 _201\"/>se in the<span class=\"__1 _201\"/>ir investm<span class=\"__1 _201\"/>ent, w<span class=\"__1 _201\"/>hich grow<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> in line w<span class=\"__1 _201\"/>ith an EGR<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Herita<span class=\"__1 _201\"/>ge<span class=\"__1 _32b\"> </span>The H<span class=\"__1 _201\"/>erit<span class=\"__1 _201\"/>age bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s incl<span class=\"__1 _201\"/>udes in<span class=\"__1 _201\"/>div<span class=\"__1 _201\"/>idual an<span class=\"__1 _201\"/>d corp<span class=\"__1 _201\"/>orate pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>ns, an<span class=\"__1 _201\"/>nuitie<span class=\"__1 _201\"/>s, life<span class=\"__1 _201\"/>, savin<span class=\"__1 _201\"/>gs and inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt produ<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e major<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> of the pro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>ts in the H<span class=\"__1 _201\"/>erit<span class=\"__1 _201\"/>age bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s are clo<span class=\"__1 _201\"/>sed to new c<span class=\"__1 _201\"/>lients b<span class=\"__1 _201\"/>ut may acc<span class=\"__1 _201\"/>ept fur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r contr<span class=\"__1 _201\"/>ibutio<span class=\"__1 _201\"/>ns from exis<span class=\"__1 _201\"/>ting<span class=\"__1 _201\"/> policyholders<span class=\"__1 _32b\"> </span>1<span class=\"__1 _32b\"> </span>. The a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>de: level a<span class=\"__1 _201\"/>nnuitie<span class=\"__1 _201\"/>s, w<span class=\"__1 _201\"/>hich prov<span class=\"__1 _201\"/>ide a fixe<span class=\"__1 _201\"/>d annui<span class=\"__1 _201\"/>ty p<span class=\"__1 _201\"/>ayment<span class=\"__1 _201\"/>; fixed in<span class=\"__1 _201\"/>crease a<span class=\"__1 _201\"/>nnuitie<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h incor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ate a peri<span class=\"__1 _201\"/>odic au<span class=\"__1 _201\"/>tomatic fixe<span class=\"__1 _201\"/>d incre<span class=\"__1 _201\"/>ase in ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y payme<span class=\"__1 _201\"/>nts; and i<span class=\"__1 _201\"/>nflatio<span class=\"__1 _201\"/>n-lin<span class=\"__1 _201\"/>ked annuiti<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>, which in<span class=\"__1 _201\"/>corp<span class=\"__1 _201\"/>orate a<span class=\"__1 _201\"/> per<span class=\"__1 _201\"/>iodi<span class=\"__1 _201\"/>c increa<span class=\"__1 _201\"/>se bas<span class=\"__1 _201\"/>ed on a de<span class=\"__1 _201\"/>fine<span class=\"__1 _201\"/>d inflatio<span class=\"__1 _201\"/>n index<span class=\"__1 _201\"/>. Som<span class=\"__1 _201\"/>e inflati<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>linked annu<span class=\"__1 _201\"/>ities have m<span class=\"__1 _201\"/>inimum an<span class=\"__1 _201\"/>d/<span class=\"__1 _200\"/>or max<span class=\"__1 _201\"/>imum inc<span class=\"__1 _201\"/>reases<span class=\"__1 _201\"/> relati<span class=\"__1 _201\"/>ve to the cor<span class=\"__1 _201\"/>respo<span class=\"__1 _201\"/>nding i<span class=\"__1 _201\"/>nflatio<span class=\"__1 _201\"/>n index<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The l<span class=\"__1 _201\"/>ife prod<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>s in Her<span class=\"__1 _201\"/>itage are p<span class=\"__1 _201\"/>rima<span class=\"__1 _201\"/>rily w<span class=\"__1 _201\"/>hole of l<span class=\"__1 _201\"/>ife ass<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e, end<span class=\"__1 _201\"/>owmen<span class=\"__1 _201\"/>t assu<span class=\"__1 _201\"/>rance<span class=\"__1 _201\"/>s, ter<span class=\"__1 _201\"/>m assu<span class=\"__1 _201\"/>rance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, lifetim<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> mor<span class=\"__1 _201\"/>tg<span class=\"__1 _200\"/>ages, income pro<span class=\"__1 _200\"/>tection, and c<span class=\"__1 _200\"/>ritical il<span class=\"__1 _200\"/>lness products. Investment<span class=\"__1 _200\"/> products include<span class=\"__1 _200\"/> unit<span class=\"__1 _f_1\"/>-linked c<span class=\"__1 _200\"/>ontracts and<span class=\"__1 _200\"/> the Prudent<span class=\"__1 _200\"/>ial<span class=\"__1 _32b\"> </span> bon<span class=\"__1 _201\"/>d offer<span class=\"__1 _201\"/>ing, w<span class=\"__1 _201\"/>hich ma<span class=\"__1 _201\"/>inly co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>ts of sing<span class=\"__1 _201\"/>le-<span class=\"__1 _201\"/>premi<span class=\"__1 _201\"/>um-inve<span class=\"__1 _201\"/>sted w<span class=\"__1 _201\"/>hole o<span class=\"__1 _201\"/>f life pol<span class=\"__1 _201\"/>icies<span class=\"__1 _201\"/>, wh<span class=\"__1 _201\"/>ere the cli<span class=\"__1 _201\"/>ent has th<span class=\"__1 _201\"/>e option of t<span class=\"__1 _201\"/>aking<span class=\"__1 _201\"/> ad-<span class=\"__1 _201\"/>hoc w<span class=\"__1 _201\"/>ithdraw<span class=\"__1 _201\"/>als, re<span class=\"__1 _201\"/>gular i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e or the opti<span class=\"__1 _201\"/>on of ful<span class=\"__1 _201\"/>ly surre<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>ring th<span class=\"__1 _201\"/>eir bon<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>Som<span class=\"__1 _201\"/>e of the G<span class=\"__1 _201\"/>roup\u2019s Herita<span class=\"__1 _201\"/>ge pro<span class=\"__1 _201\"/>duct<span class=\"__1 _201\"/>s writ<span class=\"__1 _201\"/>ten thro<span class=\"__1 _201\"/>ugh conve<span class=\"__1 _201\"/>ntional a<span class=\"__1 _201\"/>nd accu<span class=\"__1 _201\"/>mulating w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profits c<span class=\"__1 _201\"/>ontra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>, in the wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits<span class=\"__1 _201\"/> sub<span class=\"__1 _201\"/>-fund<span class=\"__1 _201\"/>, provi<span class=\"__1 _201\"/>de returns to p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s through \u201c<span class=\"__1 _201\"/>regul<span class=\"__1 _201\"/>ar\u201d an<span class=\"__1 _201\"/>d \u201cfin<span class=\"__1 _201\"/>al\u201d bon<span class=\"__1 _201\"/>uses th<span class=\"__1 _201\"/>at reflec<span class=\"__1 _201\"/>t a sm<span class=\"__1 _201\"/>oothe<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent retur<span class=\"__1 _201\"/>n.<span class=\"__1 _32b\"> </span>The H<span class=\"__1 _201\"/>erit<span class=\"__1 _201\"/>age bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s incl<span class=\"__1 _201\"/>udes th<span class=\"__1 _201\"/>e clos<span class=\"__1 _201\"/>ed SAI<span class=\"__1 _201\"/>F busin<span class=\"__1 _201\"/>ess w<span class=\"__1 _201\"/>hich pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cipates in p<span class=\"__1 _201\"/>rofits o<span class=\"__1 _201\"/>n a 100:0 b<span class=\"__1 _201\"/>asis wi<span class=\"__1 _201\"/>th no share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der pro<span class=\"__1 _201\"/>fit<span class=\"__1 _32b\"> </span> trans<span class=\"__1 _201\"/>fers<span class=\"__1 _201\"/>. Sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders a<span class=\"__1 _201\"/>re entitle<span class=\"__1 _201\"/>d to ass<span class=\"__1 _201\"/>et manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t fees<span class=\"__1 _201\"/>. This b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess is n<span class=\"__1 _201\"/>ow inclu<span class=\"__1 _201\"/>ded in PA<span class=\"__1 _200\"/>C\u2019s main wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits su<span class=\"__1 _201\"/>b fund<span class=\"__1 _201\"/> foll<span class=\"__1 _201\"/>owing th<span class=\"__1 _201\"/>e merge<span class=\"__1 _201\"/>r with the S<span class=\"__1 _201\"/>AIF wi<span class=\"__1 _201\"/>th-pro<span class=\"__1 _201\"/>fits su<span class=\"__1 _201\"/>b fund on 1 A<span class=\"__1 _201\"/>pril 20<span class=\"__1 _201\"/>21 as dis<span class=\"__1 _201\"/>cuss<span class=\"__1 _201\"/>ed in Note 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3.<span class=\"__1 _200\"/>1.<span class=\"__1 _201\"/>3.<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er Retai<span class=\"__1 _201\"/>l and Sav<span class=\"__1 _201\"/>ings<span class=\"__1 _32b\"> </span>Our s<span class=\"__1 _201\"/>avings b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es base<span class=\"__1 _201\"/>d in Irel<span class=\"__1 _201\"/>and (Pr<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>ntial Inter<span class=\"__1 _201\"/>nationa<span class=\"__1 _201\"/>l Ass<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce plc) and Pol<span class=\"__1 _201\"/>and are in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>d withi<span class=\"__1 _201\"/>n Othe<span class=\"__1 _201\"/>r Retail<span class=\"__1 _201\"/> and Savings.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s other rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tabl<span class=\"__1 _201\"/>e seg<span class=\"__1 _201\"/>ment is:<span class=\"__1 _32b\"> </span>Corporat<span class=\"__1 _200\"/>e Centr<span class=\"__1 _200\"/>e<span class=\"__1 _32b\"> </span>Corporate Cen<span class=\"__1 _200\"/>tre<span class=\"__1 _200\"/> includes cen<span class=\"__1 _200\"/>tral corpora<span class=\"__1 _200\"/>te co<span class=\"__1 _200\"/>sts and debt<span class=\"__1 _200\"/> costs.<span class=\"__1 _32b\"> </span>3.<span class=\"__1 _201\"/>2 A<span class=\"__1 _200\"/>djusted oper<span class=\"__1 _200\"/>ating pr<span class=\"__1 _200\"/>ofit bef<span class=\"__1 _200\"/>ore t<span class=\"__1 _200\"/>ax met<span class=\"__1 _200\"/>hodology<span class=\"__1 _32b\"> </span>Adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>erating p<span class=\"__1 _201\"/>rofit be<span class=\"__1 _201\"/>fore tax is th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s non<span class=\"__1 _201\"/>-G<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>AP alter<span class=\"__1 _201\"/>native p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance me<span class=\"__1 _201\"/>asure, w<span class=\"__1 _201\"/>hich co<span class=\"__1 _201\"/>mple<span class=\"__1 _201\"/>ments I<span class=\"__1 _201\"/>FRS G<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>AP<span class=\"__1 _32b\"> </span> mea<span class=\"__1 _201\"/>sures an<span class=\"__1 _201\"/>d is key to decisi<span class=\"__1 _201\"/>on-m<span class=\"__1 _201\"/>aking a<span class=\"__1 _201\"/>nd the inter<span class=\"__1 _201\"/>nal pe<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>forma<span class=\"__1 _201\"/>nce man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent of op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g segm<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>For the G<span class=\"__1 _201\"/>roup\u2019s fee<span class=\"__1 _201\"/>-bas<span class=\"__1 _201\"/>ed bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s, a<span class=\"__1 _201\"/>djuste<span class=\"__1 _201\"/>d oper<span class=\"__1 _201\"/>ating pro<span class=\"__1 _201\"/>fit befo<span class=\"__1 _201\"/>re tax inc<span class=\"__1 _201\"/>lude<span class=\"__1 _201\"/>s fees re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d from cl<span class=\"__1 _201\"/>ients an<span class=\"__1 _201\"/>d ope<span class=\"__1 _201\"/>rating co<span class=\"__1 _201\"/>sts<span class=\"__1 _201\"/> for th<span class=\"__1 _201\"/>e busin<span class=\"__1 _201\"/>ess in<span class=\"__1 _201\"/>cludi<span class=\"__1 _201\"/>ng overh<span class=\"__1 _201\"/>eads<span class=\"__1 _201\"/>, expen<span class=\"__1 _201\"/>ses re<span class=\"__1 _201\"/>quired to m<span class=\"__1 _201\"/>eet reg<span class=\"__1 _201\"/>ulator<span class=\"__1 _201\"/>y re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d regula<span class=\"__1 _201\"/>r busin<span class=\"__1 _201\"/>ess d<span class=\"__1 _201\"/>evelop<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>/<span class=\"__1 _32b\"> </span>res<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>turin<span class=\"__1 _201\"/>g and othe<span class=\"__1 _201\"/>r cost<span class=\"__1 _201\"/>s. Co<span class=\"__1 _201\"/>sts as<span class=\"__1 _201\"/>so<span class=\"__1 _201\"/>ciated with f<span class=\"__1 _201\"/>undam<span class=\"__1 _201\"/>ental G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/>-wid<span class=\"__1 _201\"/>e restr<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>turing a<span class=\"__1 _201\"/>nd trans<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ation are n<span class=\"__1 _201\"/>ot inclu<span class=\"__1 _201\"/>ded<span class=\"__1 _201\"/> in adju<span class=\"__1 _201\"/>sted o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ng profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x.<span class=\"__1 _32b\"> </span>For the G<span class=\"__1 _201\"/>roup\u2019s busin<span class=\"__1 _201\"/>ess w<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>ten in the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund<span class=\"__1 _201\"/>, adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>erating p<span class=\"__1 _201\"/>rofit b<span class=\"__1 _201\"/>efore tax in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es the s<span class=\"__1 _201\"/>tatutor<span class=\"__1 _201\"/>y tran<span class=\"__1 _201\"/>sfer<span class=\"__1 _201\"/> to share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers gros<span class=\"__1 _201\"/>s of attr<span class=\"__1 _201\"/>ibuta<span class=\"__1 _201\"/>ble sh<span class=\"__1 _201\"/>arehol<span class=\"__1 _201\"/>der ta<span class=\"__1 _201\"/>x. D<span class=\"__1 _201\"/>eriv<span class=\"__1 _201\"/>ative ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents are h<span class=\"__1 _201\"/>eld to mitig<span class=\"__1 _201\"/>ate the risk to th<span class=\"__1 _201\"/>e shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er of<span class=\"__1 _32b\"> </span> lower f<span class=\"__1 _201\"/>uture sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der tra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs, an<span class=\"__1 _201\"/>d can b<span class=\"__1 _201\"/>e sepa<span class=\"__1 _201\"/>rated into t<span class=\"__1 _201\"/>wo t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span>(i) C<span class=\"__1 _201\"/>ash flow h<span class=\"__1 _201\"/>edg<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>2<span class=\"__1 _32b\"> </span>: thos<span class=\"__1 _201\"/>e instr<span class=\"__1 _201\"/>ument<span class=\"__1 _201\"/>s that are he<span class=\"__1 _201\"/>ld to mitigate vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y in the G<span class=\"__1 _201\"/>roup\u2019s IFRS res<span class=\"__1 _201\"/>ults by b<span class=\"__1 _201\"/>eing exp<span class=\"__1 _201\"/>licitly m<span class=\"__1 _201\"/>atched<span class=\"__1 _32b\"> </span>to t<span class=\"__1 _200\"/>he expected fu<span class=\"__1 _200\"/>ture<span class=\"__1 _200\"/> shareholder<span class=\"__1 _200\"/> transfers.<span class=\"__1 _32b\"> </span>(ii) C<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l hedg<span class=\"__1 _201\"/>es: ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents that h<span class=\"__1 _201\"/>edg<span class=\"__1 _201\"/>e the ec<span class=\"__1 _201\"/>onomi<span class=\"__1 _201\"/>c pres<span class=\"__1 _201\"/>ent valu<span class=\"__1 _201\"/>e of shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er trans<span class=\"__1 _201\"/>fers o<span class=\"__1 _201\"/>n a Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II bas<span class=\"__1 _201\"/>is, to<span class=\"__1 _32b\"> </span>optimise the capita<span class=\"__1 _201\"/>l position.<span class=\"__1 _201\"/> 1  <span class=\"__1 _5a_1\"> </span>T<span class=\"__1 _201\"/>he Gr<span class=\"__1 _201\"/>oup ac<span class=\"__1 _201\"/>cep<span class=\"__1 _201\"/>ts new m<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>s to exis<span class=\"__1 _201\"/>ting C<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ate Pen<span class=\"__1 _201\"/>sio<span class=\"__1 _201\"/>n sch<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>s and w<span class=\"__1 _201\"/>rite<span class=\"__1 _201\"/>s a sma<span class=\"__1 _201\"/>ll num<span class=\"__1 _201\"/>ber o<span class=\"__1 _201\"/>f new an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>cies w<span class=\"__1 _201\"/>ith cl<span class=\"__1 _201\"/>ien<span class=\"__1 _201\"/>ts wh<span class=\"__1 _201\"/>o have a<span class=\"__1 _201\"/> pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>n is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d by PA<span class=\"__1 _200\"/>C.<span class=\"__1 _32b\"> </span>2  <span class=\"__1 _dd_1\"> </span>These cash flow<span class=\"__1 _200\"/> hedges do no<span class=\"__1 _200\"/>t constit<span class=\"__1 _200\"/>ute<span class=\"__1 _200\"/> hedge accounti<span class=\"__1 _200\"/>ng arrangements<span class=\"__1 _200\"/> under IAS<span class=\"__1 _200\"/> 39.<span class=\"__1 _32b\"> </span>3 Segment<span class=\"__1 _200\"/>al analy<span class=\"__1 _200\"/>sis co<span class=\"__1 _200\"/>ntinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls14_1 ws13_1\">215<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d gains o<span class=\"__1 _201\"/>r los<span class=\"__1 _201\"/>ses on th<span class=\"__1 _201\"/>e cash fl<span class=\"__1 _201\"/>ow he<span class=\"__1 _201\"/>dges are a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated to adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x in line w<span class=\"__1 _201\"/>ith eme<span class=\"__1 _201\"/>rgenc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> of the co<span class=\"__1 _201\"/>rresp<span class=\"__1 _201\"/>ondi<span class=\"__1 _201\"/>ng share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er tran<span class=\"__1 _201\"/>sfer w<span class=\"__1 _201\"/>ithin IF<span class=\"__1 _201\"/>RS profi<span class=\"__1 _201\"/>t. Any sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y m<span class=\"__1 _201\"/>oveme<span class=\"__1 _201\"/>nts in the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of thes<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts, n<span class=\"__1 _201\"/>ot relatin<span class=\"__1 _201\"/>g to the curre<span class=\"__1 _201\"/>nt year\u2019s sh<span class=\"__1 _201\"/>arehol<span class=\"__1 _201\"/>der tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>r are exclude<span class=\"__1 _201\"/>d from ad<span class=\"__1 _201\"/>juste<span class=\"__1 _201\"/>d oper<span class=\"__1 _201\"/>ating pro<span class=\"__1 _201\"/>fit befo<span class=\"__1 _201\"/>re tax<span class=\"__1 _201\"/>. As the<span class=\"__1 _201\"/> cap<span class=\"__1 _201\"/>ital he<span class=\"__1 _201\"/>dges d<span class=\"__1 _201\"/>o not exp<span class=\"__1 _201\"/>licitly h<span class=\"__1 _201\"/>edg<span class=\"__1 _201\"/>e future IF<span class=\"__1 _201\"/>RS profi<span class=\"__1 _201\"/>ts, a<span class=\"__1 _201\"/>ll movem<span class=\"__1 _201\"/>ents in th<span class=\"__1 _201\"/>e fair val<span class=\"__1 _201\"/>ue of the<span class=\"__1 _201\"/>se ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts are exclud<span class=\"__1 _201\"/>ed fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x.<span class=\"__1 _32b\"> </span>For the G<span class=\"__1 _201\"/>roup\u2019s shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r annuit<span class=\"__1 _201\"/>y pro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>ts wr<span class=\"__1 _201\"/>itten by th<span class=\"__1 _201\"/>e Retail an<span class=\"__1 _201\"/>d Savin<span class=\"__1 _201\"/>gs seg<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, adjus<span class=\"__1 _201\"/>ted ope<span class=\"__1 _201\"/>rating p<span class=\"__1 _201\"/>rofit bef<span class=\"__1 _201\"/>ore tax<span class=\"__1 _201\"/> exclude<span class=\"__1 _201\"/>s the imp<span class=\"__1 _201\"/>act of s<span class=\"__1 _201\"/>hor<span class=\"__1 _201\"/>t-t<span class=\"__1 _200\"/>erm c<span class=\"__1 _201\"/>ompo<span class=\"__1 _201\"/>nent<span class=\"__1 _201\"/>s of credit r<span class=\"__1 _201\"/>isk prov<span class=\"__1 _201\"/>ision<span class=\"__1 _201\"/>ing, th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t of cred<span class=\"__1 _201\"/>it risk ex<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ience v<span class=\"__1 _201\"/>arian<span class=\"__1 _201\"/>ces over<span class=\"__1 _201\"/> the pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d, and tota<span class=\"__1 _201\"/>l fair va<span class=\"__1 _201\"/>lue movem<span class=\"__1 _201\"/>ent on s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s asse<span class=\"__1 _201\"/>ts back<span class=\"__1 _201\"/>ing the s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y ca<span class=\"__1 _201\"/>pital, th<span class=\"__1 _201\"/>at are not refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive of the<span class=\"__1 _201\"/> longer<span class=\"__1 _f_1\"/>-term performance of t<span class=\"__1 _200\"/>he business.<span class=\"__1 _32b\"> </span> Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in adjus<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s that are con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>red to be no<span class=\"__1 _201\"/>n-re<span class=\"__1 _201\"/>curr<span class=\"__1 _201\"/>ing or s<span class=\"__1 _201\"/>trategic<span class=\"__1 _201\"/>, or du<span class=\"__1 _201\"/>e to shor<span class=\"__1 _201\"/>t-term movem<span class=\"__1 _201\"/>ents no<span class=\"__1 _201\"/>t reflec<span class=\"__1 _201\"/>tive of<span class=\"__1 _201\"/> lon<span class=\"__1 _201\"/>ger<span class=\"__1 _200\"/>-term pe<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>forma<span class=\"__1 _201\"/>nce are ma<span class=\"__1 _201\"/>de to IFR<span class=\"__1 _201\"/>S profit b<span class=\"__1 _201\"/>efore tax<span class=\"__1 _201\"/>. Adjus<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts are in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term fluc<span class=\"__1 _201\"/>tuatio<span class=\"__1 _201\"/>ns in inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> return<span class=\"__1 _201\"/>s, cos<span class=\"__1 _201\"/>ts as<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ated with fu<span class=\"__1 _201\"/>ndam<span class=\"__1 _201\"/>ental G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/>-wide re<span class=\"__1 _201\"/>str<span class=\"__1 _201\"/>uctur<span class=\"__1 _201\"/>ing an<span class=\"__1 _201\"/>d trans<span class=\"__1 _201\"/>format<span class=\"__1 _201\"/>ion, p<span class=\"__1 _201\"/>rofits o<span class=\"__1 _201\"/>r loss<span class=\"__1 _201\"/>es ari<span class=\"__1 _201\"/>sing on c<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>orate<span class=\"__1 _32b\"> </span> trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions an<span class=\"__1 _201\"/>d profit<span class=\"__1 _201\"/>/(los<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) before ta<span class=\"__1 _201\"/>x from any di<span class=\"__1 _201\"/>sconti<span class=\"__1 _201\"/>nued o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, and imp<span class=\"__1 _201\"/>airm<span class=\"__1 _201\"/>ent and am<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tisati<span class=\"__1 _201\"/>on in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of<span class=\"__1 _32b\"> </span> acquired intangib<span class=\"__1 _201\"/>les.<span class=\"__1 _201\"/> The key adj<span class=\"__1 _201\"/>ustin<span class=\"__1 _201\"/>g items bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n IFRS p<span class=\"__1 _201\"/>rofit b<span class=\"__1 _201\"/>efore tax a<span class=\"__1 _201\"/>nd adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x are:<span class=\"__1 _32b\"> </span>Short-t<span class=\"__1 _200\"/>erm fluctua<span class=\"__1 _200\"/>tions in<span class=\"__1 _200\"/> inv<span class=\"__1 _200\"/>estment r<span class=\"__1 _200\"/>eturn<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>tment fo<span class=\"__1 _201\"/>r shor<span class=\"__1 _201\"/>t-term fluc<span class=\"__1 _201\"/>tuatio<span class=\"__1 _201\"/>ns in inves<span class=\"__1 _201\"/>tment retur<span class=\"__1 _201\"/>ns repre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span>(i) Sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term tem<span class=\"__1 _201\"/>pora<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y moveme<span class=\"__1 _201\"/>nts in the f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue of ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts hel<span class=\"__1 _201\"/>d to mitigate e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y risk i<span class=\"__1 _201\"/>n the with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der<span class=\"__1 _32b\"> </span>trans<span class=\"__1 _201\"/>fer<span class=\"__1 _200\"/>, inclu<span class=\"__1 _201\"/>ding b<span class=\"__1 _201\"/>oth cash fl<span class=\"__1 _201\"/>ow and c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l hedg<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>(ii) T<span class=\"__1 _200\"/>otal fair v<span class=\"__1 _201\"/>alue m<span class=\"__1 _201\"/>ovement<span class=\"__1 _201\"/>s on othe<span class=\"__1 _201\"/>r capit<span class=\"__1 _201\"/>al hed<span class=\"__1 _201\"/>ges<span class=\"__1 _201\"/>, which a<span class=\"__1 _201\"/>re sole<span class=\"__1 _201\"/>ly he<span class=\"__1 _201\"/>ld to optimis<span class=\"__1 _201\"/>e the So<span class=\"__1 _201\"/>lven<span class=\"__1 _201\"/>cy II c<span class=\"__1 _201\"/>apital p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>(iii) T<span class=\"__1 _200\"/>otal fai<span class=\"__1 _201\"/>r value m<span class=\"__1 _201\"/>ovemen<span class=\"__1 _201\"/>ts on sur<span class=\"__1 _201\"/>plus as<span class=\"__1 _201\"/>sets b<span class=\"__1 _201\"/>ackin<span class=\"__1 _201\"/>g the share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y capit<span class=\"__1 _201\"/>al, an<span class=\"__1 _201\"/>d the impa<span class=\"__1 _201\"/>ct of sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k<span class=\"__1 _32b\"> </span>provi<span class=\"__1 _201\"/>sioni<span class=\"__1 _201\"/>ng and exp<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ence va<span class=\"__1 _201\"/>rianc<span class=\"__1 _201\"/>es over the p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od whi<span class=\"__1 _201\"/>ch are not refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive of the l<span class=\"__1 _201\"/>onge<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>-ter<span class=\"__1 _201\"/>m per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce of the bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> speci<span class=\"__1 _201\"/>fically<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of credi<span class=\"__1 _201\"/>t risk p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>ning fo<span class=\"__1 _201\"/>r shor<span class=\"__1 _201\"/>t-term adve<span class=\"__1 _201\"/>rse cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k exper<span class=\"__1 _201\"/>ienc<span class=\"__1 _201\"/>e;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of credi<span class=\"__1 _201\"/>t risk p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>ning fo<span class=\"__1 _201\"/>r actu<span class=\"__1 _201\"/>al upgr<span class=\"__1 _201\"/>ades an<span class=\"__1 _201\"/>d down<span class=\"__1 _201\"/>grade<span class=\"__1 _201\"/>s relati<span class=\"__1 _201\"/>ve to best e<span class=\"__1 _201\"/>stimate as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>. This i<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span>cal<span class=\"__1 _201\"/>culated by ref<span class=\"__1 _201\"/>erence to cu<span class=\"__1 _201\"/>rrent inte<span class=\"__1 _201\"/>rest rate<span class=\"__1 _201\"/>s;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Credi<span class=\"__1 _201\"/>t exper<span class=\"__1 _201\"/>ienc<span class=\"__1 _201\"/>e reflec<span class=\"__1 _201\"/>ting th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of def<span class=\"__1 _201\"/>aults a<span class=\"__1 _201\"/>nd othe<span class=\"__1 _201\"/>r simila<span class=\"__1 _201\"/>r exper<span class=\"__1 _201\"/>ienc<span class=\"__1 _201\"/>e, such as a<span class=\"__1 _201\"/>sset exch<span class=\"__1 _201\"/>anges a<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g from<span class=\"__1 _32b\"> </span></span>debt re<span class=\"__1 _201\"/>str<span class=\"__1 _201\"/>uctur<span class=\"__1 _201\"/>ing;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>et movem<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>n bond p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tf<span class=\"__1 _201\"/>olio wei<span class=\"__1 _201\"/>ghtings a<span class=\"__1 _201\"/>nd the su<span class=\"__1 _201\"/>bseq<span class=\"__1 _201\"/>uent imp<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>t on credi<span class=\"__1 _201\"/>t provisi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>Items re<span class=\"__1 _201\"/>lating to inves<span class=\"__1 _201\"/>tment re<span class=\"__1 _201\"/>turns wh<span class=\"__1 _201\"/>ich are in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>d in adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x are:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The n<span class=\"__1 _201\"/>et impa<span class=\"__1 _201\"/>ct of m<span class=\"__1 _201\"/>ovement<span class=\"__1 _201\"/>s in the val<span class=\"__1 _201\"/>ue of pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>nd fair v<span class=\"__1 _201\"/>alue of th<span class=\"__1 _201\"/>e asse<span class=\"__1 _201\"/>ts back<span class=\"__1 _201\"/>ing the<span class=\"__1 _201\"/>se liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>excludin<span class=\"__1 _201\"/>g the items i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ed in sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term flu<span class=\"__1 _201\"/>ctuati<span class=\"__1 _201\"/>ons ab<span class=\"__1 _201\"/>ove. The f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e movem<span class=\"__1 _201\"/>ents of the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s backi<span class=\"__1 _201\"/>ng the lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s are<span class=\"__1 _32b\"> </span>clos<span class=\"__1 _201\"/>ely co<span class=\"__1 _201\"/>rrelate<span class=\"__1 _201\"/>d with the re<span class=\"__1 _201\"/>lated cha<span class=\"__1 _201\"/>nge in lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The u<span class=\"__1 _201\"/>nwind of th<span class=\"__1 _201\"/>e credit r<span class=\"__1 _201\"/>isk pre<span class=\"__1 _201\"/>mium, w<span class=\"__1 _201\"/>hich is th<span class=\"__1 _201\"/>e ope<span class=\"__1 _201\"/>ning val<span class=\"__1 _201\"/>ue of the as<span class=\"__1 _201\"/>sets m<span class=\"__1 _201\"/>ultipli<span class=\"__1 _201\"/>ed by the cre<span class=\"__1 _201\"/>dit ri<span class=\"__1 _201\"/>sk premi<span class=\"__1 _201\"/>um<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>n, with a<span class=\"__1 _201\"/>n adjus<span class=\"__1 _201\"/>tment fo<span class=\"__1 _201\"/>r claims p<span class=\"__1 _201\"/>aid over th<span class=\"__1 _201\"/>e year<span class=\"__1 _200\"/>. The cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k premium a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ption is th<span class=\"__1 _201\"/>e diffe<span class=\"__1 _201\"/>rence b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en<span class=\"__1 _201\"/> the total l<span class=\"__1 _201\"/>onge<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>-ter<span class=\"__1 _201\"/>m credit a<span class=\"__1 _201\"/>llowan<span class=\"__1 _201\"/>ce and a b<span class=\"__1 _201\"/>est e<span class=\"__1 _201\"/>stimate cre<span class=\"__1 _201\"/>dit all<span class=\"__1 _201\"/>owance (<span class=\"__1 _201\"/>both of whi<span class=\"__1 _201\"/>ch allow f<span class=\"__1 _201\"/>or the co<span class=\"__1 _201\"/>mbinati<span class=\"__1 _201\"/>on of def<span class=\"__1 _201\"/>aults<span class=\"__1 _32b\"> </span>and downgrades<span class=\"__1 _f_1\"/>);<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Actua<span class=\"__1 _201\"/>l incom<span class=\"__1 _201\"/>e rece<span class=\"__1 _201\"/>ived in th<span class=\"__1 _201\"/>e year<span class=\"__1 _200\"/>, such as co<span class=\"__1 _201\"/>upon p<span class=\"__1 _201\"/>aymen<span class=\"__1 _201\"/>ts, re<span class=\"__1 _201\"/>dempt<span class=\"__1 _201\"/>ion paym<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d rental in<span class=\"__1 _201\"/>come<span class=\"__1 _201\"/>, on sur<span class=\"__1 _201\"/>plus as<span class=\"__1 _201\"/>sets<span class=\"__1 _32b\"> </span></span>back<span class=\"__1 _201\"/>ing the s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y ca<span class=\"__1 _201\"/>pital, l<span class=\"__1 _201\"/>ess a<span class=\"__1 _201\"/>n allowa<span class=\"__1 _201\"/>nce for ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The n<span class=\"__1 _201\"/>et effe<span class=\"__1 _201\"/>ct of ch<span class=\"__1 _201\"/>anges to th<span class=\"__1 _201\"/>e valuati<span class=\"__1 _201\"/>on rate of intere<span class=\"__1 _201\"/>st due to as<span class=\"__1 _201\"/>set tr<span class=\"__1 _201\"/>ading an<span class=\"__1 _201\"/>d por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>folio re<span class=\"__1 _201\"/>balan<span class=\"__1 _201\"/>cing;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of chan<span class=\"__1 _201\"/>ges in th<span class=\"__1 _201\"/>e long<span class=\"__1 _201\"/>-term com<span class=\"__1 _201\"/>pon<span class=\"__1 _201\"/>ent of cred<span class=\"__1 _201\"/>it provis<span class=\"__1 _201\"/>ionin<span class=\"__1 _201\"/>g.<span class=\"__1 _32b\"> </span></span>Profit/<span class=\"__1 _f_1\"/>(loss<span class=\"__1 _200\"/>) on<span class=\"__1 _200\"/> disposal<span class=\"__1 _200\"/> of busine<span class=\"__1 _200\"/>sses and c<span class=\"__1 _200\"/>orpora<span class=\"__1 _200\"/>te t<span class=\"__1 _200\"/>ransactions Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in additi<span class=\"__1 _201\"/>onal item<span class=\"__1 _201\"/>s are exclude<span class=\"__1 _201\"/>d from a<span class=\"__1 _201\"/>djuste<span class=\"__1 _201\"/>d oper<span class=\"__1 _201\"/>ating pro<span class=\"__1 _201\"/>fit befo<span class=\"__1 _201\"/>re tax wh<span class=\"__1 _201\"/>ere thos<span class=\"__1 _201\"/>e items are co<span class=\"__1 _201\"/>nside<span class=\"__1 _201\"/>red to be n<span class=\"__1 _201\"/>on-<span class=\"__1 _32b\"> </span>recur<span class=\"__1 _201\"/>ring o<span class=\"__1 _201\"/>r strate<span class=\"__1 _201\"/>gic, o<span class=\"__1 _201\"/>r cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d to be one<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>off, due to their s<span class=\"__1 _201\"/>ize or nature, an<span class=\"__1 _201\"/>d therefo<span class=\"__1 _201\"/>re not indi<span class=\"__1 _201\"/>cative of t<span class=\"__1 _201\"/>he lon<span class=\"__1 _201\"/>g term<span class=\"__1 _201\"/> ope<span class=\"__1 _201\"/>rating p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance of th<span class=\"__1 _201\"/>e Group, i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ing profi<span class=\"__1 _201\"/>ts or lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s arisi<span class=\"__1 _201\"/>ng on cor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ate transa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns and p<span class=\"__1 _201\"/>rofits o<span class=\"__1 _201\"/>r loss<span class=\"__1 _201\"/>es on<span class=\"__1 _201\"/> disconti<span class=\"__1 _200\"/>nued operation<span class=\"__1 _200\"/>s.<span class=\"__1 _32b\"> </span>Restructuring and<span class=\"__1 _200\"/> other c<span class=\"__1 _200\"/>osts<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>turin<span class=\"__1 _201\"/>g and othe<span class=\"__1 _201\"/>r cos<span class=\"__1 _201\"/>ts prim<span class=\"__1 _201\"/>aril<span class=\"__1 _201\"/>y refle<span class=\"__1 _201\"/>ct the s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r alloc<span class=\"__1 _201\"/>ation of c<span class=\"__1 _201\"/>osts a<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciated wi<span class=\"__1 _201\"/>th the trans<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>mation of o<span class=\"__1 _201\"/>ur<span class=\"__1 _32b\"> </span> busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>ese co<span class=\"__1 _201\"/>sts re<span class=\"__1 _201\"/>prese<span class=\"__1 _201\"/>nt fund<span class=\"__1 _201\"/>amenta<span class=\"__1 _201\"/>l Group<span class=\"__1 _201\"/>-wi<span class=\"__1 _201\"/>de res<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>turin<span class=\"__1 _201\"/>g and tra<span class=\"__1 _201\"/>nsfor<span class=\"__1 _201\"/>mation a<span class=\"__1 _201\"/>nd are the<span class=\"__1 _201\"/>refore exclud<span class=\"__1 _201\"/>ed fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x.<span class=\"__1 _32b\"> </span>Amortisation and<span class=\"__1 _200\"/> impairment o<span class=\"__1 _200\"/>f int<span class=\"__1 _200\"/>angible assets<span class=\"__1 _200\"/> acquired<span class=\"__1 _200\"/> in business combina<span class=\"__1 _200\"/>tions<span class=\"__1 _32b\"> </span>Amo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>isatio<span class=\"__1 _201\"/>n and imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt of intan<span class=\"__1 _201\"/>gible as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s (inclu<span class=\"__1 _201\"/>ding G<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will) a<span class=\"__1 _201\"/>cquire<span class=\"__1 _201\"/>d in busin<span class=\"__1 _201\"/>ess c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ations are excl<span class=\"__1 _201\"/>uded f<span class=\"__1 _201\"/>rom<span class=\"__1 _32b\"> </span> adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x.<span class=\"__1 _32b\"> </span>3 Segment<span class=\"__1 _200\"/>al analy<span class=\"__1 _200\"/>sis co<span class=\"__1 _200\"/>ntinued<span class=\"__1 _32b\"> </span>216<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>3.3 Analysis o<span class=\"__1 _200\"/>f Group<span class=\"__1 _200\"/> adjusted oper<span class=\"__1 _200\"/>ating pr<span class=\"__1 _200\"/>ofit bef<span class=\"__1 _200\"/>ore t<span class=\"__1 _200\"/>ax b<span class=\"__1 _200\"/>y segment  <span class=\"__1 _de_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> Ass<span class=\"__1 _201\"/>et <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Management<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Retail and<span class=\"__1 _32b\"> </span> Sav<span class=\"__1 _201\"/>ings<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Corporate <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Centre<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Fee ba<span class=\"__1 _201\"/>sed reve<span class=\"__1 _201\"/>nues<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>51<span class=\"__1 _c_1\"> </span><span class=\"lsd_1 wsb_1\">295<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>1,346<span class=\"__1 _32b\"> </span>Annuit<span class=\"__1 _201\"/>y margin<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>227<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>227<span class=\"__1 _32b\"> </span>With-profits<span class=\"__1 _200\"/> shareholder t<span class=\"__1 _200\"/>ransfer net<span class=\"__1 _200\"/> of hedging<span class=\"__1 _200\"/> and ot<span class=\"__1 _200\"/>her gains<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>(losses<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>354<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>354<span class=\"__1 _32b\"> </span>Adjusted<span class=\"__1 _200\"/> operating<span class=\"__1 _200\"/> income<span class=\"__1 _df_1\"> </span><span class=\"ls3c_1 ws3d_1\">1<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>51<span class=\"__1 _253\"> </span><span class=\"ls7_1 ws5_1\">876<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>1,927<span class=\"__1 _32b\"> </span>Adjust<span class=\"__1 _200\"/>ed operati<span class=\"__1 _200\"/>ng expenses<span class=\"__1 _e0_1\"> </span><span class=\"ff1_1 ls8_1 ws6_1\">(<span class=\"__1 _201\"/>76<span class=\"__1 _201\"/>3)<span class=\"__1 _208\"> </span><span class=\"ls21_1 ws20_1\">(2<span class=\"__1 _201\"/>95)<span class=\"__1 _7d_1\"> </span><span class=\"ls1d_1 ws1c_1\">(10<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _217\"> </span><span class=\"ls24_1 ws23_1\">(<span class=\"__1 _201\"/>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>Other shareholder<span class=\"__1 _200\"/> loss<span class=\"__1 _e1_1\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">(5)<span class=\"__1 _219\"> </span><span class=\"ls3c_1 ws3d_1\">(9)<span class=\"__1 _204\"> </span>(<span class=\"__1 _201\"/>20<span class=\"__1 _201\"/>0)<span class=\"__1 _3f_1\"> </span><span class=\"ls17_1 ws16_1\">(21<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span></span></span>Share o<span class=\"__1 _201\"/>f profit fro<span class=\"__1 _201\"/>m joint ve<span class=\"__1 _201\"/>ntures an<span class=\"__1 _201\"/>d asso<span class=\"__1 _201\"/>ciates<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>erating p<span class=\"__1 _201\"/>rofit at<span class=\"__1 _201\"/>tribut<span class=\"__1 _201\"/>able to no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>control<span class=\"__1 _201\"/>ling intere<span class=\"__1 _201\"/>sts<span class=\"__1 _e2_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span>Adjusted<span class=\"__1 _200\"/> operating<span class=\"__1 _200\"/> profit/<span class=\"__1 _f_1\"/>(loss<span class=\"__1 _200\"/>) bef<span class=\"__1 _200\"/>ore t<span class=\"__1 _200\"/>ax<span class=\"__1 _e3_1\"> </span><span class=\"ls30_1 ws30_1\">264<span class=\"__1 _253\"> </span><span class=\"ls32_1 ws33_1\">57<span class=\"__1 _201\"/>2<span class=\"__1 _5d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _272\"> </span><span class=\"ls40_1 ws44_1\">52<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span>Sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term fluc<span class=\"__1 _201\"/>tuatio<span class=\"__1 _201\"/>ns in inves<span class=\"__1 _201\"/>tment retu<span class=\"__1 _201\"/>rns<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>Amo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>isatio<span class=\"__1 _201\"/>n and imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt of intan<span class=\"__1 _201\"/>gible as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d in bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> combinations<span class=\"__1 _e4_1\"> </span><span class=\"ff1_1 ls12_1 ws11_1\">(8)<span class=\"__1 _223\"> </span><span class=\"ls21_1 ws20_1\">(2<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>turin<span class=\"__1 _201\"/>g and othe<span class=\"__1 _201\"/>r cos<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>(<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>)<span class=\"__1 _237\"> </span><span class=\"ls1f_1 ws1e_1\">(77)<span class=\"__1 _288\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _6b_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span>IFRS pro<span class=\"__1 _200\"/>fit/<span class=\"__1 _200\"/>(loss<span class=\"__1 _f_1\"/>) before<span class=\"__1 _200\"/> tax and<span class=\"__1 _200\"/> non-controlling in<span class=\"__1 _200\"/>terests<span class=\"__1 _200\"/> attribut<span class=\"__1 _200\"/>able to<span class=\"__1 _200\"/> equity<span class=\"__1 _32b\"> </span> holders bef<span class=\"__1 _200\"/>ore t<span class=\"__1 _200\"/>ax<span class=\"__1 _e5_1\"> </span><span class=\"ls38_1 ws38_1\">182<span class=\"__1 _210\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>16)<span class=\"__1 _208\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>3)<span class=\"__1 _4c_1\"> </span><span class=\"ls24_1 ws23_1\">(<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>IFR<span class=\"__1 _201\"/>S profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x attrib<span class=\"__1 _201\"/>utabl<span class=\"__1 _201\"/>e to non-<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>trolling i<span class=\"__1 _201\"/>nterest<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>19<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>19<span class=\"__1 _32b\"> </span>Profit/<span class=\"__1 _f_1\"/>(loss<span class=\"__1 _200\"/>) befor<span class=\"__1 _200\"/>e ta<span class=\"__1 _200\"/>x attr<span class=\"__1 _200\"/>ibutable t<span class=\"__1 _200\"/>o equity holder<span class=\"__1 _200\"/>s<span class=\"__1 _e6_1\"> </span><span class=\"ls40_1 ws44_1\">201<span class=\"__1 _210\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>16)<span class=\"__1 _208\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>3)<span class=\"__1 _210\"> </span><span class=\"ls24_1 ws23_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _e7_1\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>i <span class=\"__1 _2d_1\"> </span>Of t<span class=\"__1 _201\"/>he fe<span class=\"__1 _201\"/>e-<span class=\"__1 _201\"/>bas<span class=\"__1 _201\"/>ed reve<span class=\"__1 _201\"/>nue<span class=\"__1 _201\"/>s, \u00a3<span class=\"__1 _201\"/>30<span class=\"__1 _201\"/>6m (2<span class=\"__1 _201\"/>021: \u00a3<span class=\"__1 _201\"/>303<span class=\"__1 _201\"/>m) rela<span class=\"__1 _201\"/>tes to reve<span class=\"__1 _201\"/>nue<span class=\"__1 _201\"/>s that A<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>et Ma<span class=\"__1 _201\"/>nag<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt ear<span class=\"__1 _201\"/>ne<span class=\"__1 _201\"/>d from th<span class=\"__1 _201\"/>e Ret<span class=\"__1 _201\"/>ail an<span class=\"__1 _201\"/>d Sav<span class=\"__1 _201\"/>ings s<span class=\"__1 _201\"/>egm<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Ot<span class=\"__1 _201\"/>her p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>ntat<span class=\"__1 _201\"/>iona<span class=\"__1 _201\"/>l diff<span class=\"__1 _201\"/>ere<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/>s whe<span class=\"__1 _201\"/>n com<span class=\"__1 _201\"/>pare<span class=\"__1 _201\"/>d to the f<span class=\"__1 _201\"/>ee in<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e in Note 5 i<span class=\"__1 _201\"/>ncl<span class=\"__1 _201\"/>ude th<span class=\"__1 _201\"/>e net<span class=\"__1 _201\"/>tin<span class=\"__1 _201\"/>g of cer<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>ain ite<span class=\"__1 _201\"/>ms that h<span class=\"__1 _201\"/>ave a nil p<span class=\"__1 _201\"/>rofi<span class=\"__1 _201\"/>t imp<span class=\"__1 _201\"/>act i<span class=\"__1 _201\"/>n adju<span class=\"__1 _201\"/>ste<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> operating<span class=\"__1 _200\"/> profit, and<span class=\"__1 _200\"/> the inc<span class=\"__1 _200\"/>lusion of<span class=\"__1 _200\"/> certain re<span class=\"__1 _200\"/>venue pr<span class=\"__1 _200\"/>esented el<span class=\"__1 _200\"/>sewhere wit<span class=\"__1 _200\"/>hin t<span class=\"__1 _200\"/>he IFRS inc<span class=\"__1 _200\"/>ome stat<span class=\"__1 _200\"/>ement.<span class=\"__1 _32b\"> </span> ii <span class=\"__1 _2e_1\"> </span>Th<span class=\"__1 _201\"/>e with<span class=\"__1 _201\"/>-p<span class=\"__1 _201\"/>rofit<span class=\"__1 _201\"/>s sha<span class=\"__1 _201\"/>reho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r tra<span class=\"__1 _201\"/>nsf<span class=\"__1 _201\"/>er is pa<span class=\"__1 _201\"/>id to th<span class=\"__1 _201\"/>e sha<span class=\"__1 _201\"/>reho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r net of t<span class=\"__1 _201\"/>ax<span class=\"__1 _201\"/>. The s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>ho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r tran<span class=\"__1 _201\"/>sfe<span class=\"__1 _201\"/>r amo<span class=\"__1 _201\"/>unt is g<span class=\"__1 _201\"/>ros<span class=\"__1 _201\"/>sed u<span class=\"__1 _201\"/>p for ta<span class=\"__1 _201\"/>x pur<span class=\"__1 _201\"/>pos<span class=\"__1 _201\"/>es w<span class=\"__1 _201\"/>ith re<span class=\"__1 _201\"/>gard<span class=\"__1 _201\"/> to ad<span class=\"__1 _200\"/>justed operat<span class=\"__1 _200\"/>ing pr<span class=\"__1 _200\"/>ofit.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _285\"> </span>Excludes ad<span class=\"__1 _200\"/>justed operat<span class=\"__1 _200\"/>ing pr<span class=\"__1 _200\"/>ofit from<span class=\"__1 _200\"/> joint<span class=\"__1 _200\"/> ventur<span class=\"__1 _200\"/>es in<span class=\"__1 _200\"/> the Wit<span class=\"__1 _200\"/>h-Profits F<span class=\"__1 _200\"/>und.<span class=\"__1 _32b\"> </span>iv <span class=\"__1 _285\"> </span>Mar<span class=\"__1 _201\"/>ket con<span class=\"__1 _201\"/>diti<span class=\"__1 _201\"/>ons h<span class=\"__1 _201\"/>ave le<span class=\"__1 _201\"/>d to sig<span class=\"__1 _201\"/>nifi<span class=\"__1 _201\"/>can<span class=\"__1 _201\"/>t los<span class=\"__1 _201\"/>ses f<span class=\"__1 _201\"/>rom s<span class=\"__1 _201\"/>hor<span class=\"__1 _201\"/>t-term fl<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>tuati<span class=\"__1 _201\"/>ons i<span class=\"__1 _201\"/>n inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt retu<span class=\"__1 _201\"/>rns f<span class=\"__1 _201\"/>or the y<span class=\"__1 _201\"/>ear e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e los<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> pr<span class=\"__1 _201\"/>imar<span class=\"__1 _201\"/>ily c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>ris<span class=\"__1 _201\"/>e a \u00a31,<span class=\"__1 _201\"/>301m l<span class=\"__1 _201\"/>oss (<span class=\"__1 _201\"/>2021: \u00a3<span class=\"__1 _201\"/>99<span class=\"__1 _201\"/>m los<span class=\"__1 _201\"/>s) from f<span class=\"__1 _201\"/>air v<span class=\"__1 _201\"/>alue m<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s on su<span class=\"__1 _201\"/>rpl<span class=\"__1 _201\"/>us as<span class=\"__1 _201\"/>sets i<span class=\"__1 _201\"/>n the a<span class=\"__1 _201\"/>nnui<span class=\"__1 _201\"/>ty p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tf<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>o and a \u00a3<span class=\"__1 _201\"/>98<span class=\"__1 _201\"/>9m lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/> (20<span class=\"__1 _201\"/>21: \u00a310<span class=\"__1 _201\"/>3m lo<span class=\"__1 _201\"/>ss) on int<span class=\"__1 _201\"/>eres<span class=\"__1 _201\"/>t rate s<span class=\"__1 _201\"/>wap<span class=\"__1 _201\"/>s purc<span class=\"__1 _201\"/>hase<span class=\"__1 _201\"/>d to pro<span class=\"__1 _201\"/>tec<span class=\"__1 _201\"/>t P<span class=\"__1 _200\"/>AC\u2019s So<span class=\"__1 _201\"/>lven<span class=\"__1 _201\"/>cy I<span class=\"__1 _201\"/>I cap<span class=\"__1 _201\"/>ital p<span class=\"__1 _201\"/>osi<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n agai<span class=\"__1 _201\"/>nst f<span class=\"__1 _201\"/>all<span class=\"__1 _201\"/>s in inte<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>t rates<span class=\"__1 _201\"/>, bo<span class=\"__1 _201\"/>th due to s<span class=\"__1 _201\"/>ign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant<span class=\"__1 _201\"/> ris<span class=\"__1 _201\"/>ing y<span class=\"__1 _201\"/>iel<span class=\"__1 _201\"/>ds in th<span class=\"__1 _201\"/>e pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d. Ad<span class=\"__1 _201\"/>diti<span class=\"__1 _201\"/>onal<span class=\"__1 _201\"/>ly lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es of \u00a3<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>3m (20<span class=\"__1 _201\"/>21: \u00a3<span class=\"__1 _201\"/>39m) a<span class=\"__1 _201\"/>rose o<span class=\"__1 _201\"/>n gilt<span class=\"__1 _201\"/>s ple<span class=\"__1 _201\"/>dg<span class=\"__1 _201\"/>ed as c<span class=\"__1 _201\"/>olla<span class=\"__1 _201\"/>tera<span class=\"__1 _201\"/>l. Th<span class=\"__1 _201\"/>ese l<span class=\"__1 _201\"/>os<span class=\"__1 _201\"/>ses we<span class=\"__1 _201\"/>re pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ly off<span class=\"__1 _201\"/>set b<span class=\"__1 _201\"/>y a pos<span class=\"__1 _201\"/>itive<span class=\"__1 _201\"/> move<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>nt on th<span class=\"__1 _201\"/>e hed<span class=\"__1 _201\"/>gin<span class=\"__1 _201\"/>g ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s hel<span class=\"__1 _201\"/>d to prote<span class=\"__1 _201\"/>ct t<span class=\"__1 _201\"/>he fu<span class=\"__1 _201\"/>ture sh<span class=\"__1 _201\"/>areh<span class=\"__1 _201\"/>ol<span class=\"__1 _201\"/>der tr<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>fer<span class=\"__1 _201\"/>s from f<span class=\"__1 _201\"/>all<span class=\"__1 _201\"/>ing e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y ma<span class=\"__1 _201\"/>rkets w<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>h move<span class=\"__1 _201\"/>d to a \u00a3104<span class=\"__1 _201\"/>m gai<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> (20<span class=\"__1 _201\"/>21: \u00a32<span class=\"__1 _201\"/>48<span class=\"__1 _201\"/>m los<span class=\"__1 _201\"/>s) as a resu<span class=\"__1 _201\"/>lt of f<span class=\"__1 _201\"/>alls i<span class=\"__1 _201\"/>n the US a<span class=\"__1 _201\"/>nd Eur<span class=\"__1 _201\"/>ope<span class=\"__1 _201\"/>an eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y mar<span class=\"__1 _201\"/>kets<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>v <span class=\"__1 _6c_1\"> </span>Res<span class=\"__1 _201\"/>tr<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>urin<span class=\"__1 _201\"/>g and o<span class=\"__1 _201\"/>ther c<span class=\"__1 _201\"/>os<span class=\"__1 _201\"/>ts excl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d from a<span class=\"__1 _201\"/>dju<span class=\"__1 _201\"/>sted o<span class=\"__1 _201\"/>pe<span class=\"__1 _201\"/>ratin<span class=\"__1 _201\"/>g pro<span class=\"__1 _201\"/>fit in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es co<span class=\"__1 _201\"/>sts t<span class=\"__1 _201\"/>hat re<span class=\"__1 _201\"/>late to th<span class=\"__1 _201\"/>e tran<span class=\"__1 _201\"/>sfo<span class=\"__1 _201\"/>rmat<span class=\"__1 _201\"/>ion of o<span class=\"__1 _201\"/>ur bu<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>ess w<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>h are<span class=\"__1 _201\"/> all<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ated to th<span class=\"__1 _201\"/>e sha<span class=\"__1 _201\"/>reh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>. Th<span class=\"__1 _201\"/>ese d<span class=\"__1 _201\"/>iffe<span class=\"__1 _201\"/>r to Res<span class=\"__1 _201\"/>tru<span class=\"__1 _201\"/>ctu<span class=\"__1 _201\"/>rin<span class=\"__1 _201\"/>g cos<span class=\"__1 _201\"/>ts in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed in t<span class=\"__1 _201\"/>he an<span class=\"__1 _201\"/>aly<span class=\"__1 _201\"/>sis of a<span class=\"__1 _201\"/>dmin<span class=\"__1 _201\"/>ist<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>ve and o<span class=\"__1 _201\"/>ther ex<span class=\"__1 _201\"/>pe<span class=\"__1 _201\"/>nse<span class=\"__1 _201\"/>s in Note 6 w<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>h incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/> cos<span class=\"__1 _201\"/>ts al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ate<span class=\"__1 _201\"/>d to the Po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>. In th<span class=\"__1 _201\"/>e year to 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, res<span class=\"__1 _201\"/>tru<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>urin<span class=\"__1 _201\"/>g and o<span class=\"__1 _201\"/>ther c<span class=\"__1 _201\"/>ost<span class=\"__1 _201\"/>s inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es \u00a317m (20<span class=\"__1 _201\"/>21: \u00a34<span class=\"__1 _201\"/>8m) in re<span class=\"__1 _201\"/>sp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of our f<span class=\"__1 _201\"/>uture<span class=\"__1 _201\"/> ways o<span class=\"__1 _201\"/>f wor<span class=\"__1 _201\"/>king a<span class=\"__1 _201\"/>nd as<span class=\"__1 _201\"/>so<span class=\"__1 _201\"/>ciate<span class=\"__1 _201\"/>d chan<span class=\"__1 _201\"/>ges t<span class=\"__1 _201\"/>o our offi<span class=\"__1 _201\"/>ce s<span class=\"__1 _201\"/>pace<span class=\"__1 _201\"/>, and \u00a3<span class=\"__1 _201\"/>32m (<span class=\"__1 _201\"/>2021<span class=\"__1 _201\"/>: \u00a345<span class=\"__1 _201\"/>m) of cos<span class=\"__1 _201\"/>ts in re<span class=\"__1 _201\"/>lati<span class=\"__1 _201\"/>on to th<span class=\"__1 _201\"/>e integ<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>on of M&amp;<span class=\"__1 _201\"/>G Wealt<span class=\"__1 _201\"/>h plat<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. Inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>ed in t<span class=\"__1 _201\"/>he Co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>rate C<span class=\"__1 _201\"/>entr<span class=\"__1 _201\"/>e is a reve<span class=\"__1 _201\"/>rsa<span class=\"__1 _201\"/>l of imp<span class=\"__1 _201\"/>air<span class=\"__1 _201\"/>ment r<span class=\"__1 _201\"/>eco<span class=\"__1 _201\"/>gni<span class=\"__1 _201\"/>sed i<span class=\"__1 _201\"/>n resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of ou<span class=\"__1 _201\"/>r futu<span class=\"__1 _201\"/>re ways of w<span class=\"__1 _201\"/>ork<span class=\"__1 _201\"/>ing of \u00a3<span class=\"__1 _201\"/>6m (20<span class=\"__1 _201\"/>21: \u00a3<span class=\"__1 _201\"/>29m<span class=\"__1 _201\"/> rec<span class=\"__1 _201\"/>ogn<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n of imp<span class=\"__1 _201\"/>air<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>t) whi<span class=\"__1 _201\"/>ch is pr<span class=\"__1 _201\"/>ese<span class=\"__1 _201\"/>nted i<span class=\"__1 _201\"/>n impa<span class=\"__1 _201\"/>irm<span class=\"__1 _201\"/>ent of p<span class=\"__1 _201\"/>rop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, pla<span class=\"__1 _201\"/>nt an<span class=\"__1 _201\"/>d equ<span class=\"__1 _201\"/>ipm<span class=\"__1 _201\"/>ent in th<span class=\"__1 _201\"/>e ana<span class=\"__1 _201\"/>lys<span class=\"__1 _201\"/>is of ad<span class=\"__1 _201\"/>mini<span class=\"__1 _201\"/>str<span class=\"__1 _201\"/>ativ<span class=\"__1 _201\"/>e and oth<span class=\"__1 _201\"/>er ex<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>ses i<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> Note 6<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>vi <span class=\"__1 _285\"> </span>Exc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>trol<span class=\"__1 _201\"/>ling i<span class=\"__1 _201\"/>ntere<span class=\"__1 _201\"/>sts i<span class=\"__1 _201\"/>n rela<span class=\"__1 _201\"/>tion to a<span class=\"__1 _201\"/>mor<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>sati<span class=\"__1 _201\"/>on of i<span class=\"__1 _201\"/>ntan<span class=\"__1 _201\"/>gibl<span class=\"__1 _201\"/>e as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>cqu<span class=\"__1 _201\"/>ired i<span class=\"__1 _201\"/>n bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss co<span class=\"__1 _201\"/>mbin<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>ns wh<span class=\"__1 _201\"/>ich is p<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>ente<span class=\"__1 _201\"/>d net w<span class=\"__1 _201\"/>ithi<span class=\"__1 _201\"/>n the<span class=\"__1 _201\"/> non-operating line<span class=\"__1 _200\"/> item.<span class=\"__1 _32b\"> </span>3 Segment<span class=\"__1 _200\"/>al analy<span class=\"__1 _200\"/>sis co<span class=\"__1 _200\"/>ntinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls73_1 ws88_1\">2<span class=\"__1 _201\"/>17<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Ass<span class=\"__1 _201\"/>et <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Management<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Retail and<span class=\"__1 _32b\"> </span> Sav<span class=\"__1 _201\"/>ings<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Corporate <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Centre<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Fee ba<span class=\"__1 _201\"/>sed reve<span class=\"__1 _201\"/>nues<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>976<span class=\"__1 _2c_1\"> </span><span class=\"lsd_1 wsb_1\">278<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>1,<span class=\"__1 _201\"/>254<span class=\"__1 _32b\"> </span>Annuit<span class=\"__1 _201\"/>y margin<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>369<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>369<span class=\"__1 _32b\"> </span>With-profits<span class=\"__1 _200\"/> shareholder t<span class=\"__1 _200\"/>ransfer net<span class=\"__1 _200\"/> of hedging<span class=\"__1 _200\"/> and ot<span class=\"__1 _200\"/>her gains<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>(losses<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>268<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>268<span class=\"__1 _32b\"> </span>Adjusted<span class=\"__1 _200\"/> operating<span class=\"__1 _200\"/> income<span class=\"__1 _e8_1\"> </span><span class=\"ff2_1 ls23_1 ws22_1\">976<span class=\"__1 _231\"> </span><span class=\"ls4d_1 ws54_1\">915<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>1,8<span class=\"__1 _201\"/>91<span class=\"__1 _32b\"> </span>Adjust<span class=\"__1 _200\"/>ed operati<span class=\"__1 _200\"/>ng expenses<span class=\"__1 _e9_1\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>2)<span class=\"__1 _7d_1\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>96)<span class=\"__1 _253\"> </span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>5)<span class=\"__1 _245\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span></span></span></span></span><span class=\"ls25_1 ws25_1\"><span class=\"ls5b_1 ws67_1\"><span class=\"ls46_1 ws4b_1\"><span class=\"lsa_1 ws8_1\">)<span class=\"__1 _32b\"> </span></span></span></span></span>Other shareholder<span class=\"__1 _200\"/> profit/(<span class=\"__1 _200\"/>loss<span class=\"__1 _200\"/>)<span class=\"__1 _ea_1\"> </span><span class=\"ls56_1 ws5f_1\">17<span class=\"__1 _230\"> </span><span class=\"ls4a_1 ws50_1\">41<span class=\"__1 _237\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>9)<span class=\"__1 _6b_1\"> </span><span class=\"ls4d_1 ws54_1\">(101<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>Share o<span class=\"__1 _201\"/>f profit fro<span class=\"__1 _201\"/>m joint ve<span class=\"__1 _201\"/>ntures an<span class=\"__1 _201\"/>d asso<span class=\"__1 _201\"/>ciates<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>6<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>6<span class=\"__1 _32b\"> </span>Adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>erating p<span class=\"__1 _201\"/>rofit at<span class=\"__1 _201\"/>tribut<span class=\"__1 _201\"/>able to no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>control<span class=\"__1 _201\"/>ling intere<span class=\"__1 _201\"/>sts<span class=\"__1 _eb_1\"> </span><span class=\"lsa_1 ws8_1\">(12<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(12<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>Adjusted<span class=\"__1 _200\"/> operating<span class=\"__1 _200\"/> profit/<span class=\"__1 _f_1\"/>(loss<span class=\"__1 _200\"/>) bef<span class=\"__1 _200\"/>ore t<span class=\"__1 _200\"/>ax<span class=\"__1 _ec_1\"> </span><span class=\"ff2_1 ls4d_1 ws54_1\">315<span class=\"__1 _237\"> </span><span class=\"ls3f_1 ws41_1\">660<span class=\"__1 _272\"> </span><span class=\"ls17_1 ws16_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>4)<span class=\"__1 _237\"> </span><span class=\"ls40_1 ws44_1\">721<span class=\"__1 _32b\"> </span></span></span></span></span>Sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term fluc<span class=\"__1 _201\"/>tuatio<span class=\"__1 _201\"/>ns in inves<span class=\"__1 _201\"/>tment retu<span class=\"__1 _201\"/>rns<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>5<span class=\"__1 _272\"> </span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(5<span class=\"__1 _201\"/>37<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>Profi<span class=\"__1 _201\"/>t on disp<span class=\"__1 _201\"/>osal of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s and co<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>ons<span class=\"__1 _ed_1\"> </span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _219\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>3<span class=\"__1 _32b\"> </span>5<span class=\"__1 _32b\"> </span>Amo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>isatio<span class=\"__1 _201\"/>n and imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt of intan<span class=\"__1 _201\"/>gible as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d in bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> combinations<span class=\"__1 _ee_1\"> </span><span class=\"ls57_1 ws61_1\">(4)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(4<span class=\"__1 _32b\"> </span>)<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>turin<span class=\"__1 _201\"/>g and othe<span class=\"__1 _201\"/>r cos<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>(51<span class=\"__1 _201\"/>)<span class=\"__1 _253\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _253\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>8)<span class=\"__1 _1a_1\"> </span><span class=\"lsa_1 ws8_1\">(14<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span></span></span></span><span class=\"ls25_1 ws25_1\"><span class=\"ls5b_1 ws67_1\"><span class=\"lsa_1 ws8_1\">)<span class=\"__1 _32b\"> </span></span></span></span>IFRS pro<span class=\"__1 _200\"/>fit/<span class=\"__1 _200\"/>(loss<span class=\"__1 _f_1\"/>) before<span class=\"__1 _200\"/> tax and<span class=\"__1 _200\"/> non-controlling in<span class=\"__1 _200\"/>terests<span class=\"__1 _200\"/> attribut<span class=\"__1 _200\"/>able to<span class=\"__1 _200\"/> equity<span class=\"__1 _32b\"> </span> holders bef<span class=\"__1 _200\"/>ore t<span class=\"__1 _200\"/>ax<span class=\"__1 _207\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">316<span class=\"__1 _232\"> </span><span class=\"ls1f_1 ws1e_1\">35<span class=\"__1 _212\"> </span><span class=\"ls33_1 ws34_1\">(28<span class=\"__1 _201\"/>2)<span class=\"__1 _228\"> </span><span class=\"ls22_1 ws21_1\">69<span class=\"__1 _32b\"> </span></span></span></span></span>IFR<span class=\"__1 _201\"/>S profit at<span class=\"__1 _201\"/>trib<span class=\"__1 _201\"/>utable to n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>contro<span class=\"__1 _201\"/>lling inte<span class=\"__1 _201\"/>rest<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>12<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>12<span class=\"__1 _32b\"> </span>Profit/<span class=\"__1 _f_1\"/>(loss<span class=\"__1 _200\"/>) befor<span class=\"__1 _200\"/>e ta<span class=\"__1 _200\"/>x attr<span class=\"__1 _200\"/>ibutable t<span class=\"__1 _200\"/>o equity holder<span class=\"__1 _200\"/>s<span class=\"__1 _e6_1\"> </span><span class=\"ff2_1 ls1c_1 ws43_1\">328<span class=\"__1 _232\"> </span><span class=\"ls1f_1 ws1e_1\">35<span class=\"__1 _272\"> </span><span class=\"ls33_1 ws34_1\">(2<span class=\"__1 _201\"/>82)<span class=\"__1 _256\"> </span><span class=\"lsc_1 wsa_1\">81<span class=\"__1 _32b\"> </span></span></span></span></span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s a wide<span class=\"__1 _201\"/>ly dive<span class=\"__1 _201\"/>rsifi<span class=\"__1 _201\"/>ed cli<span class=\"__1 _201\"/>ent bas<span class=\"__1 _201\"/>e. The<span class=\"__1 _201\"/>re are no cli<span class=\"__1 _201\"/>ents wh<span class=\"__1 _201\"/>ose reven<span class=\"__1 _201\"/>ue repre<span class=\"__1 _201\"/>sents g<span class=\"__1 _201\"/>reater than 10% of f<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>-<span class=\"__1 _32b\"> </span>bas<span class=\"__1 _201\"/>ed revenu<span class=\"__1 _201\"/>es.<span class=\"__1 _32b\"> </span>Each re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tab<span class=\"__1 _201\"/>le se<span class=\"__1 _201\"/>gment re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ts a<span class=\"__1 _201\"/>djuste<span class=\"__1 _201\"/>d ope<span class=\"__1 _201\"/>rating in<span class=\"__1 _201\"/>come as i<span class=\"__1 _201\"/>ts mea<span class=\"__1 _201\"/>sure of revenu<span class=\"__1 _201\"/>e. Fee<span class=\"__1 _201\"/>-ba<span class=\"__1 _201\"/>sed reven<span class=\"__1 _201\"/>ues rep<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>ts ass<span class=\"__1 _201\"/>et<span class=\"__1 _32b\"> </span> management charges<span class=\"__1 _201\"/>, transactional charges and annual management charges on unit<span class=\"__1 _200\"/>-linked business<span class=\"__1 _201\"/>. The annuity margin<span class=\"__1 _32b\"> </span> refle<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s the margi<span class=\"__1 _201\"/>n earn<span class=\"__1 _201\"/>ed on an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y busin<span class=\"__1 _201\"/>ess a<span class=\"__1 _201\"/>nd incl<span class=\"__1 _201\"/>udes n<span class=\"__1 _201\"/>et earn<span class=\"__1 _201\"/>ed pre<span class=\"__1 _201\"/>miums<span class=\"__1 _201\"/>, claim<span class=\"__1 _201\"/>s and be<span class=\"__1 _201\"/>nefit<span class=\"__1 _201\"/>s paid<span class=\"__1 _201\"/>, net inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> return fo<span class=\"__1 _201\"/>r ass<span class=\"__1 _201\"/>ets bac<span class=\"__1 _201\"/>king the l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es, n<span class=\"__1 _201\"/>et inves<span class=\"__1 _201\"/>tment in<span class=\"__1 _201\"/>come f<span class=\"__1 _201\"/>or surp<span class=\"__1 _201\"/>lus as<span class=\"__1 _201\"/>sets ba<span class=\"__1 _201\"/>cking th<span class=\"__1 _201\"/>e annuit<span class=\"__1 _201\"/>y c<span class=\"__1 _201\"/>apital<span class=\"__1 _201\"/>, actu<span class=\"__1 _201\"/>arial re<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ing<span class=\"__1 _32b\"> </span> changes, inv<span class=\"__1 _200\"/>estment mana<span class=\"__1 _200\"/>gement expenses<span class=\"__1 _200\"/> and admin<span class=\"__1 _200\"/>istrativ<span class=\"__1 _200\"/>e expenses. The wi<span class=\"__1 _200\"/>th-profits sha<span class=\"__1 _200\"/>reholder tra<span class=\"__1 _200\"/>nsfer reflects the<span class=\"__1 _32b\"> </span> statuto<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y trans<span class=\"__1 _201\"/>fer gros<span class=\"__1 _201\"/>s of attr<span class=\"__1 _201\"/>ibuta<span class=\"__1 _201\"/>ble tax n<span class=\"__1 _201\"/>et of he<span class=\"__1 _201\"/>dging ga<span class=\"__1 _201\"/>ins or lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s on cas<span class=\"__1 _201\"/>h flow he<span class=\"__1 _201\"/>dge<span class=\"__1 _201\"/>s held to match th<span class=\"__1 _201\"/>ose tra<span class=\"__1 _201\"/>nsfer<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>Adjust<span class=\"__1 _200\"/>ed operati<span class=\"__1 _200\"/>ng expenses i<span class=\"__1 _200\"/>ncludes shar<span class=\"__1 _200\"/>eholders operati<span class=\"__1 _200\"/>ng expenses<span class=\"__1 _200\"/> incurred ou<span class=\"__1 _200\"/>tside of<span class=\"__1 _200\"/> the annu<span class=\"__1 _200\"/>ity and with-profits<span class=\"__1 _32b\"> </span> por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>os. O<span class=\"__1 _201\"/>ther s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder p<span class=\"__1 _201\"/>rofit<span class=\"__1 _201\"/>/(loss) inclu<span class=\"__1 _201\"/>des no<span class=\"__1 _201\"/>n-re<span class=\"__1 _201\"/>curr<span class=\"__1 _201\"/>ing cos<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, moveme<span class=\"__1 _201\"/>nts in prov<span class=\"__1 _201\"/>ision<span class=\"__1 _201\"/>s that are an exp<span class=\"__1 _201\"/>ense to th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er and s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r investm<span class=\"__1 _201\"/>ent retur<span class=\"__1 _201\"/>n earn<span class=\"__1 _201\"/>ed out<span class=\"__1 _201\"/>side of th<span class=\"__1 _201\"/>e annuit<span class=\"__1 _201\"/>y po<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio.<span class=\"__1 _201\"/> 3.4 Reconciliation<span class=\"__1 _200\"/> of adjusted<span class=\"__1 _200\"/> operat<span class=\"__1 _200\"/>ing income<span class=\"__1 _200\"/> and adjusted<span class=\"__1 _200\"/> operating<span class=\"__1 _200\"/> expenses<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> tot<span class=\"__1 _200\"/>al re<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>enues and<span class=\"__1 _200\"/> expenses<span class=\"__1 _200\"/> as<span class=\"__1 _32b\"> </span> present<span class=\"__1 _200\"/>ed in t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>ted inc<span class=\"__1 _200\"/>ome sta<span class=\"__1 _200\"/>tement<span class=\"__1 _32b\"> </span>Adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>erating i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e and adju<span class=\"__1 _201\"/>sted o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ng expe<span class=\"__1 _201\"/>nses are c<span class=\"__1 _201\"/>ompo<span class=\"__1 _201\"/>nent p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ts of the G<span class=\"__1 _201\"/>roup\u2019s k<span class=\"__1 _200\"/>ey altern<span class=\"__1 _201\"/>ative pe<span class=\"__1 _201\"/>rf<span class=\"__1 _201\"/>orman<span class=\"__1 _201\"/>ce<span class=\"__1 _32b\"> </span> mea<span class=\"__1 _201\"/>sures (A<span class=\"__1 _201\"/>PM) of adj<span class=\"__1 _201\"/>usted o<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ating profi<span class=\"__1 _201\"/>t before t<span class=\"__1 _201\"/>ax and as a re<span class=\"__1 _201\"/>sult they a<span class=\"__1 _201\"/>re also co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ered AP<span class=\"__1 _201\"/>Ms. T<span class=\"__1 _201\"/>hey di<span class=\"__1 _201\"/>ffer sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>antly<span class=\"__1 _201\"/> from I<span class=\"__1 _201\"/>FRS total in<span class=\"__1 _201\"/>come a<span class=\"__1 _201\"/>nd total exp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>s as they exclud<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r items wh<span class=\"__1 _201\"/>ich have an eq<span class=\"__1 _201\"/>ual and o<span class=\"__1 _201\"/>ppos<span class=\"__1 _201\"/>ite effec<span class=\"__1 _201\"/>t on<span class=\"__1 _201\"/> IFR<span class=\"__1 _201\"/>S revenue an<span class=\"__1 _201\"/>d charg<span class=\"__1 _201\"/>es incl<span class=\"__1 _201\"/>uded w<span class=\"__1 _201\"/>ithin the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt, su<span class=\"__1 _201\"/>ch as premi<span class=\"__1 _201\"/>ums, p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent<span class=\"__1 _32b\"> </span> return<span class=\"__1 _201\"/>s, be<span class=\"__1 _201\"/>nefit<span class=\"__1 _201\"/>s and cla<span class=\"__1 _201\"/>ims, m<span class=\"__1 _201\"/>ovemen<span class=\"__1 _201\"/>t in unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surpl<span class=\"__1 _201\"/>us of the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund a<span class=\"__1 _201\"/>nd movem<span class=\"__1 _201\"/>ents in th<span class=\"__1 _201\"/>ird par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y interes<span class=\"__1 _201\"/>t in<span class=\"__1 _32b\"> </span> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated fund<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e mos<span class=\"__1 _201\"/>t signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt diffe<span class=\"__1 _201\"/>rence b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en adj<span class=\"__1 _201\"/>usted o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ng inco<span class=\"__1 _201\"/>me and a<span class=\"__1 _201\"/>djuste<span class=\"__1 _201\"/>d ope<span class=\"__1 _201\"/>rating exp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>s and<span class=\"__1 _201\"/> IFR<span class=\"__1 _201\"/>S total inco<span class=\"__1 _201\"/>me and tota<span class=\"__1 _201\"/>l expen<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, relates to the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t that mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>et move<span class=\"__1 _201\"/>ments h<span class=\"__1 _201\"/>ave on insur<span class=\"__1 _201\"/>ance an<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> liabi<span class=\"__1 _201\"/>lities i<span class=\"__1 _201\"/>ncludi<span class=\"__1 _201\"/>ng the una<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund whi<span class=\"__1 _201\"/>ch has no ove<span class=\"__1 _201\"/>rall imp<span class=\"__1 _201\"/>act o<span class=\"__1 _201\"/>n IFRS p<span class=\"__1 _201\"/>rofit bu<span class=\"__1 _201\"/>t is inclu<span class=\"__1 _201\"/>ded in<span class=\"__1 _201\"/> deter<span class=\"__1 _201\"/>mining b<span class=\"__1 _201\"/>oth IFR<span class=\"__1 _201\"/>S total inco<span class=\"__1 _201\"/>me and I<span class=\"__1 _201\"/>FRS total ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es.<span class=\"__1 _201\"/> Oth<span class=\"__1 _201\"/>er diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es incl<span class=\"__1 _201\"/>ude pre<span class=\"__1 _201\"/>sentati<span class=\"__1 _201\"/>onal di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ces bet<span class=\"__1 _201\"/>we<span class=\"__1 _201\"/>en repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting req<span class=\"__1 _201\"/>uireme<span class=\"__1 _201\"/>nts and th<span class=\"__1 _201\"/>e determ<span class=\"__1 _201\"/>ination of a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>ted<span class=\"__1 _32b\"> </span> ope<span class=\"__1 _201\"/>rating in<span class=\"__1 _201\"/>come a<span class=\"__1 _201\"/>nd adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g expen<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, as set o<span class=\"__1 _201\"/>ut in the de<span class=\"__1 _201\"/>finitio<span class=\"__1 _201\"/>ns in se<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n 1.<span class=\"__1 _f_1\"/>1 o<span class=\"__1 _201\"/>f the supp<span class=\"__1 _201\"/>leme<span class=\"__1 _201\"/>ntar<span class=\"__1 _201\"/>y info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n,<span class=\"__1 _201\"/> including:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Admini<span class=\"__1 _201\"/>strati<span class=\"__1 _201\"/>ve expen<span class=\"__1 _201\"/>ses in th<span class=\"__1 _201\"/>e annuit<span class=\"__1 _201\"/>y and w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s por<span class=\"__1 _201\"/>tf<span class=\"__1 _201\"/>olio, w<span class=\"__1 _201\"/>hich are n<span class=\"__1 _201\"/>etted a<span class=\"__1 _201\"/>gains<span class=\"__1 _201\"/>t adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>erating i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e in the<span class=\"__1 _32b\"> </span></span>anal<span class=\"__1 _201\"/>ysis of G<span class=\"__1 _201\"/>roup adj<span class=\"__1 _201\"/>usted o<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ating profi<span class=\"__1 _201\"/>t before t<span class=\"__1 _201\"/>ax by seg<span class=\"__1 _201\"/>ment;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Revenu<span class=\"__1 _201\"/>es whi<span class=\"__1 _201\"/>ch are requ<span class=\"__1 _201\"/>ired to me<span class=\"__1 _201\"/>et the tax c<span class=\"__1 _201\"/>harge o<span class=\"__1 _201\"/>r credit at<span class=\"__1 _201\"/>tribu<span class=\"__1 _201\"/>table to p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder retu<span class=\"__1 _201\"/>rns<span class=\"__1 _201\"/>, which are n<span class=\"__1 _201\"/>ot incl<span class=\"__1 _201\"/>uded i<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span></span>anal<span class=\"__1 _201\"/>ysis of G<span class=\"__1 _201\"/>roup adj<span class=\"__1 _201\"/>usted o<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ating profi<span class=\"__1 _201\"/>t before t<span class=\"__1 _201\"/>ax by seg<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>As a re<span class=\"__1 _201\"/>sult of the<span class=\"__1 _201\"/>se diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es we do no<span class=\"__1 _201\"/>t use IFR<span class=\"__1 _201\"/>S total inco<span class=\"__1 _201\"/>me and I<span class=\"__1 _201\"/>FRS total ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es to expla<span class=\"__1 _201\"/>in our res<span class=\"__1 _201\"/>ults an<span class=\"__1 _201\"/>d we do not<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>ider th<span class=\"__1 _201\"/>em to be co<span class=\"__1 _201\"/>mpara<span class=\"__1 _201\"/>ble to adj<span class=\"__1 _201\"/>usted o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ng inco<span class=\"__1 _201\"/>me and a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>ted ope<span class=\"__1 _201\"/>rating exp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>s which a<span class=\"__1 _201\"/>re comp<span class=\"__1 _201\"/>onen<span class=\"__1 _201\"/>ts of the<span class=\"__1 _201\"/> adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g profit m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> 3 Segment<span class=\"__1 _200\"/>al analy<span class=\"__1 _200\"/>sis co<span class=\"__1 _200\"/>ntinued<span class=\"__1 _32b\"> </span>218<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e is provi<span class=\"__1 _201\"/>ded to re<span class=\"__1 _201\"/>conci<span class=\"__1 _201\"/>le adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g incom<span class=\"__1 _201\"/>e and ad<span class=\"__1 _201\"/>juste<span class=\"__1 _201\"/>d oper<span class=\"__1 _201\"/>ating exp<span class=\"__1 _201\"/>enses<span class=\"__1 _201\"/>, pre<span class=\"__1 _201\"/>sented i<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span> tabl<span class=\"__1 _201\"/>es above<span class=\"__1 _201\"/>, to total IFRS reve<span class=\"__1 _201\"/>nue net o<span class=\"__1 _201\"/>f reinsur<span class=\"__1 _201\"/>ance an<span class=\"__1 _201\"/>d total IFR<span class=\"__1 _201\"/>S charge<span class=\"__1 _201\"/>s net of rei<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tivel<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, as prese<span class=\"__1 _201\"/>nted in the<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment: <span class=\"__1 _8d_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> Income<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Expense<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Income<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Expense<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Adjusted<span class=\"__1 _200\"/> operating<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> operating<span class=\"__1 _200\"/> ex<span class=\"__1 _200\"/>penses<span class=\"__1 _ef_1\"> </span><span class=\"ls15_1 ws14_1\">1,927<span class=\"__1 _242\"> </span><span class=\"ls24_1 ws23_1\">(<span class=\"__1 _201\"/>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _223\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">1,<span class=\"__1 _201\"/>891<span class=\"__1 _242\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>Items<span class=\"__1 _200\"/> present<span class=\"__1 _200\"/>ed as ot<span class=\"__1 _200\"/>her shar<span class=\"__1 _200\"/>eholder profit/<span class=\"__1 _200\"/>(loss<span class=\"__1 _200\"/>)<span class=\"__1 _f0_1\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>6)<span class=\"__1 _7d_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>8)<span class=\"__1 _9e_1\"> </span></span></span><span class=\"ls28_1 ws28_1\">89<span class=\"__1 _222\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd claim<span class=\"__1 _201\"/>s and move<span class=\"__1 _201\"/>ment in un<span class=\"__1 _201\"/>allo<span class=\"__1 _201\"/>cated su<span class=\"__1 _201\"/>rplus of t<span class=\"__1 _201\"/>he With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund,<span class=\"__1 _201\"/> net of rei<span class=\"__1 _201\"/>nsura<span class=\"__1 _201\"/>nce<span class=\"__1 _f1_1\"> </span><span class=\"ff1_1 ls1a_1 ws19_1\">(<span class=\"__1 _200\"/>8,435<span class=\"__1 _f_1\"/>)<span class=\"__1 _217\"> </span>8,435<span class=\"__1 _240\"> </span><span class=\"ff2_1 lse_1 wsc_1\">13<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>83<span class=\"__1 _290\"> </span><span class=\"lsa_1 ws8_1\">(13<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span>Movem<span class=\"__1 _201\"/>ents in th<span class=\"__1 _201\"/>ird par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y interes<span class=\"__1 _201\"/>ts in co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated fun<span class=\"__1 _201\"/>ds<span class=\"__1 _f2_1\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>47<span class=\"__1 _201\"/>)<span class=\"__1 _6b_1\"> </span><span class=\"ls1b_1 ws1a_1\">5<span class=\"__1 _201\"/>47<span class=\"__1 _239\"> </span></span></span><span class=\"ls4d_1 ws54_1\">1<span class=\"__1 _201\"/>,019<span class=\"__1 _214\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>19<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Annuities<span class=\"__1 _200\"/> and Wit<span class=\"__1 _200\"/>h-Profits F<span class=\"__1 _200\"/>und admi<span class=\"__1 _200\"/>nistrat<span class=\"__1 _200\"/>ion expenses<span class=\"__1 _f3_1\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">1,056<span class=\"__1 _286\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _271\"> </span></span></span><span class=\"ls56_1 ws5f_1\">617<span class=\"__1 _223\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>17<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Renewal commission<span class=\"__1 _251\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">152<span class=\"__1 _212\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _f4_1\"> </span></span></span><span class=\"ls2a_1 ws2a_1\">163<span class=\"__1 _223\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Share o<span class=\"__1 _201\"/>f profit fro<span class=\"__1 _201\"/>m joint ve<span class=\"__1 _201\"/>ntures an<span class=\"__1 _201\"/>d asso<span class=\"__1 _201\"/>ciates<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>6<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ax (credit)/<span class=\"__1 _200\"/>charg<span class=\"__1 _201\"/>e attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r returns<span class=\"__1 _f5_1\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>707<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term fluc<span class=\"__1 _201\"/>tuatio<span class=\"__1 _201\"/>ns in inves<span class=\"__1 _201\"/>tment retu<span class=\"__1 _201\"/>rns<span class=\"__1 _f6_1\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(2<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(5<span class=\"__1 _201\"/>37<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Profi<span class=\"__1 _201\"/>t on disp<span class=\"__1 _201\"/>osal of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss an<span class=\"__1 _201\"/>d corp<span class=\"__1 _201\"/>orate tran<span class=\"__1 _201\"/>sac<span class=\"__1 _201\"/>tions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>35<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>turin<span class=\"__1 _201\"/>g and othe<span class=\"__1 _201\"/>r cos<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>47<span class=\"__1 _250\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(14<span class=\"__1 _250\"/>6)<span class=\"__1 _32b\"> </span>Amo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>isatio<span class=\"__1 _201\"/>n and imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt of intan<span class=\"__1 _201\"/>gible as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d in bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> combinations<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(4)<span class=\"__1 _32b\"> </span>Other presenta<span class=\"__1 _200\"/>tional<span class=\"__1 _200\"/> items<span class=\"__1 _e8_1\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">211<span class=\"__1 _1a_1\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>9)<span class=\"__1 _f7_1\"> </span></span></span><span class=\"ls22_1 ws21_1\">699<span class=\"__1 _220\"> </span><span class=\"ls18_1 ws17_1\">(<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span>IFR<span class=\"__1 _201\"/>S total i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e and (total ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es)<span class=\"__1 _e3_1\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _210\"> </span><span class=\"lsc_1 wsa_1\">6<span class=\"__1 _201\"/>,010<span class=\"__1 _212\"> </span><span class=\"ff2_1 ls13_1 ws12_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>7<span class=\"__1 _250\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _249\"> </span>(1<span class=\"__1 _250\"/>7,<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span>i <span class=\"__1 _2d_1\"> </span>Fol<span class=\"__1 _201\"/>lowi<span class=\"__1 _201\"/>ng a rev<span class=\"__1 _201\"/>iew of t<span class=\"__1 _201\"/>he Gr<span class=\"__1 _201\"/>oup\u2019s pre<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>tatio<span class=\"__1 _201\"/>n of ta<span class=\"__1 _201\"/>x pos<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>ns wi<span class=\"__1 _201\"/>thin c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lid<span class=\"__1 _201\"/>ated i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt fun<span class=\"__1 _201\"/>ds, c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>ara<span class=\"__1 _201\"/>tive am<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>ts have b<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>n res<span class=\"__1 _201\"/>tated f<span class=\"__1 _201\"/>rom<span class=\"__1 _201\"/> tho<span class=\"__1 _201\"/>se pre<span class=\"__1 _201\"/>vio<span class=\"__1 _201\"/>usl<span class=\"__1 _201\"/>y rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/>. The r<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/>atem<span class=\"__1 _201\"/>ent ha<span class=\"__1 _201\"/>s had n<span class=\"__1 _201\"/>o impa<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>n pro<span class=\"__1 _201\"/>fit for t<span class=\"__1 _201\"/>he yea<span class=\"__1 _201\"/>r or ne<span class=\"__1 _201\"/>t ass<span class=\"__1 _201\"/>ets<span class=\"__1 _201\"/>. Se<span class=\"__1 _201\"/>e Note 1<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1 for fu<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ther i<span class=\"__1 _201\"/>nfor<span class=\"__1 _201\"/>mati<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>3.5 T<span class=\"__1 _f_1\"/>otal e<span class=\"__1 _200\"/>xternal<span class=\"__1 _200\"/> re<span class=\"__1 _200\"/>venue<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> geograph<span class=\"__1 _200\"/>y<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e provi<span class=\"__1 _201\"/>des a ge<span class=\"__1 _201\"/>ogra<span class=\"__1 _201\"/>phic<span class=\"__1 _201\"/>al se<span class=\"__1 _201\"/>gmentati<span class=\"__1 _201\"/>on of total ea<span class=\"__1 _201\"/>rned p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>s, ne<span class=\"__1 _201\"/>t of reinsur<span class=\"__1 _201\"/>ance an<span class=\"__1 _201\"/>d other in<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> (inc<span class=\"__1 _201\"/>lude<span class=\"__1 _201\"/>s Fee inc<span class=\"__1 _201\"/>ome and <span class=\"__1 _201\"/>Othe<span class=\"__1 _201\"/>r incom<span class=\"__1 _201\"/>e<span class=\"__1 _200\"/>), as pres<span class=\"__1 _201\"/>ented in th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> 2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>United Kingdom:<span class=\"__1 _32b\"> </span>Ear<span class=\"__1 _201\"/>ned p<span class=\"__1 _201\"/>remiums<span class=\"__1 _201\"/>, net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce<span class=\"__1 _f8_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">5<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>9<span class=\"__1 _7d_1\"> </span></span><span class=\"lse_1 wsc_1\">3,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>13<span class=\"__1 _32b\"> </span></span>Other income<span class=\"__1 _f9_1\"> </span><span class=\"ff1_1 wsb_1\">504<span class=\"__1 _252\"> </span></span><span class=\"ls23_1 ws22_1\">571<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> United Kingdom<span class=\"__1 _fa_1\"> </span><span class=\"ls33_1 ws34_1\">5,7<span class=\"__1 _201\"/>03<span class=\"__1 _204\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">3<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>Res<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e world<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Ear<span class=\"__1 _201\"/>ned p<span class=\"__1 _201\"/>remiums<span class=\"__1 _201\"/>, net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce<span class=\"__1 _fb_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">829<span class=\"__1 _253\"> </span></span><span class=\"ls32_1 ws33_1\">552<span class=\"__1 _32b\"> </span></span>Other income<span class=\"__1 _fc_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">579<span class=\"__1 _239\"> </span><span class=\"ff2_1\">527<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l Res<span class=\"__1 _201\"/>t of the wo<span class=\"__1 _201\"/>rld<span class=\"__1 _255\"> </span><span class=\"lsd_1 wsb_1\">1,408<span class=\"__1 _4a_1\"> </span><span class=\"ff2_1 ls23_1 ws22_1\">1,<span class=\"__1 _201\"/>079<span class=\"__1 _32b\"> </span></span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _250\"/>:<span class=\"__1 _32b\"> </span>Ear<span class=\"__1 _201\"/>ned p<span class=\"__1 _201\"/>remiums<span class=\"__1 _201\"/>, net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce<span class=\"__1 _fd_1\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">6,02<span class=\"__1 _201\"/>8<span class=\"__1 _208\"> </span></span><span class=\"ls8_1 ws6_1\">3<span class=\"__1 _201\"/>,76<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span>Other income<span class=\"__1 _fe_1\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">1,08<span class=\"__1 _201\"/>3<span class=\"__1 _204\"> </span></span><span class=\"ls42_1 ws46_1\">1,0<span class=\"__1 _201\"/>98<span class=\"__1 _32b\"> </span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _2f_1\"> </span><span class=\"ls45_1 ws49_1\">7,<span class=\"__1 _f_1\"/>111<span class=\"__1 _214\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">4,863<span class=\"__1 _32b\"> </span></span></span>The g<span class=\"__1 _201\"/>eog<span class=\"__1 _201\"/>raphi<span class=\"__1 _201\"/>cal an<span class=\"__1 _201\"/>alys<span class=\"__1 _201\"/>es of revenu<span class=\"__1 _201\"/>es from l<span class=\"__1 _201\"/>ong-ter<span class=\"__1 _201\"/>m busin<span class=\"__1 _201\"/>ess a<span class=\"__1 _201\"/>re base<span class=\"__1 _201\"/>d on the ter<span class=\"__1 _201\"/>ritor<span class=\"__1 _201\"/>y of th<span class=\"__1 _201\"/>e ope<span class=\"__1 _201\"/>rating uni<span class=\"__1 _201\"/>t assu<span class=\"__1 _201\"/>ming the<span class=\"__1 _201\"/> ris<span class=\"__1 _201\"/>k. O<span class=\"__1 _201\"/>ther inc<span class=\"__1 _201\"/>ome fro<span class=\"__1 _201\"/>m exter<span class=\"__1 _201\"/>nal cus<span class=\"__1 _201\"/>tomer<span class=\"__1 _201\"/>s and cli<span class=\"__1 _201\"/>ents in th<span class=\"__1 _201\"/>e Ass<span class=\"__1 _201\"/>et Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s has be<span class=\"__1 _201\"/>en upd<span class=\"__1 _201\"/>ated in the yea<span class=\"__1 _201\"/>r to<span class=\"__1 _32b\"> </span> refle<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e domi<span class=\"__1 _201\"/>cile of wh<span class=\"__1 _201\"/>ere revenu<span class=\"__1 _201\"/>es are ge<span class=\"__1 _201\"/>nerate<span class=\"__1 _201\"/>d rather th<span class=\"__1 _201\"/>an the do<span class=\"__1 _201\"/>micile o<span class=\"__1 _201\"/>f the clie<span class=\"__1 _201\"/>nt.<span class=\"__1 _32b\"> </span>3 Segment<span class=\"__1 _200\"/>al analy<span class=\"__1 _200\"/>sis co<span class=\"__1 _200\"/>ntinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls4f_1 ws55_1\">219<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> non-current, non-financial assets<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> geographical loca<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span> The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e provi<span class=\"__1 _201\"/>des a ge<span class=\"__1 _201\"/>ogra<span class=\"__1 _201\"/>phic<span class=\"__1 _201\"/>al se<span class=\"__1 _201\"/>gmentati<span class=\"__1 _201\"/>on of non<span class=\"__1 _201\"/>-c<span class=\"__1 _201\"/>urrent<span class=\"__1 _201\"/>, non<span class=\"__1 _201\"/>-finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets as p<span class=\"__1 _201\"/>resente<span class=\"__1 _201\"/>d in the co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated<span class=\"__1 _201\"/> statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _ff_1\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">14<span class=\"__1 _201\"/>,4<span class=\"__1 _201\"/>60<span class=\"__1 _217\"> </span></span><span class=\"ls1f_1 ws1e_1\">15,435<span class=\"__1 _32b\"> </span></span>Res<span class=\"__1 _201\"/>t of the wor<span class=\"__1 _201\"/>ld<span class=\"__1 _300\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">6,3<span class=\"__1 _201\"/>82<span class=\"__1 _204\"> </span></span><span class=\"ls7_1 ws5_1\">8,<span class=\"__1 _201\"/>977<span class=\"__1 _32b\"> </span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _301\"> </span><span class=\"ls19_1 ws18_1\">20,8<span class=\"__1 _201\"/>42<span class=\"__1 _286\"> </span><span class=\"ff2_1 ls4a_1 ws50_1\">2<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>412<span class=\"__1 _32b\"> </span></span></span>Non<span class=\"__1 _201\"/>-cu<span class=\"__1 _201\"/>rrent<span class=\"__1 _201\"/>, non-<span class=\"__1 _201\"/>financ<span class=\"__1 _201\"/>ial as<span class=\"__1 _201\"/>sets for t<span class=\"__1 _201\"/>his pur<span class=\"__1 _201\"/>pose c<span class=\"__1 _201\"/>onsis<span class=\"__1 _201\"/>t of goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l and intan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s, de<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d acquis<span class=\"__1 _201\"/>ition co<span class=\"__1 _201\"/>sts<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, plant an<span class=\"__1 _201\"/>d equip<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, investm<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, and inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t in joint ve<span class=\"__1 _201\"/>ntures an<span class=\"__1 _201\"/>d asso<span class=\"__1 _201\"/>ciates ac<span class=\"__1 _201\"/>counted f<span class=\"__1 _201\"/>or usin<span class=\"__1 _201\"/>g the<span class=\"__1 _32b\"> </span> equ<span class=\"__1 _201\"/>ity m<span class=\"__1 _201\"/>ethod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>4 Inv<span class=\"__1 _200\"/>estment return<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er <span class=\"__1 _202\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inter<span class=\"__1 _200\"/>est income ar<span class=\"__1 _200\"/>ising fr<span class=\"__1 _200\"/>om:<span class=\"__1 _32b\"> </span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _302\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">25<span class=\"__1 _8d_1\"> </span></span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _32b\"> </span></span>Depo<span class=\"__1 _201\"/>sits with credit institutions<span class=\"__1 _303\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">192<span class=\"__1 _2b_1\"> </span></span><span class=\"ls5_1 ws1_1\">5<span class=\"__1 _32b\"> </span></span>Loans<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>193<span class=\"__1 _237\"> </span><span class=\"ff2_1\">20<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _304\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">2<span class=\"__1 _201\"/>,010<span class=\"__1 _4a_1\"> </span><span class=\"ff2_1\">1,<span class=\"__1 _201\"/>967<span class=\"__1 _32b\"> </span></span></span>2<span class=\"__1 _201\"/>,420<span class=\"__1 _240\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>4<span class=\"__1 _32b\"> </span></span>Dividend income<span class=\"__1 _305\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">2,<span class=\"__1 _201\"/>234<span class=\"__1 _204\"> </span></span><span class=\"ls23_1 ws22_1\">2<span class=\"__1 _201\"/>,07<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span>Income fr<span class=\"__1 _200\"/>om in<span class=\"__1 _200\"/>ve<span class=\"__1 _200\"/>stment property:<span class=\"__1 _32b\"> </span>Rental income<span class=\"__1 _32b\"> </span>16<span class=\"__1 _223\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls28_1 ws28_1\">884<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1 ls7_1 ws5_1\">973<span class=\"__1 _32b\"> </span></span></span>Net (l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es)<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>gains on inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty<span class=\"__1 _32b\"> </span>16<span class=\"__1 _206\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _243\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>258<span class=\"__1 _32b\"> </span></span></span>(59<span class=\"__1 _201\"/>3)<span class=\"__1 _243\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>231<span class=\"__1 _32b\"> </span></span>(Losses<span class=\"__1 _200\"/>)<span class=\"__1 _f_1\"/>/<span class=\"__1 _200\"/>gains on<span class=\"__1 _200\"/> financial instrumen<span class=\"__1 _200\"/>ts at<span class=\"__1 _200\"/> fair v<span class=\"__1 _200\"/>alue thr<span class=\"__1 _200\"/>ough profit<span class=\"__1 _200\"/> and loss<span class=\"__1 _200\"/> arising f<span class=\"__1 _200\"/>rom:<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _306\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(2<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>87<span class=\"__1 _201\"/>6)<span class=\"__1 _248\"> </span></span><span class=\"ls7_1 ws5_1\">9,<span class=\"__1 _201\"/>298<span class=\"__1 _32b\"> </span></span>Loans<span class=\"__1 _307\"> </span><span class=\"ff1_1 ls76_1 ws8b_1\">(<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>71)<span class=\"__1 _f7_1\"> </span></span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _300\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(12<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _217\"> </span></span><span class=\"ls8_1 ws6_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,73<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span>Derivat<span class=\"__1 _200\"/>ives<span class=\"__1 _d4_1\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">(<span class=\"__1 _f_1\"/>3<span class=\"__1 _201\"/>,983<span class=\"__1 _200\"/>)<span class=\"__1 _237\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span></span><span class=\"ff1_1 ls1f_1 ws1e_1\"><span class=\"ff2_1 ls8_1 ws6_1\">)<span class=\"__1 _32b\"> </span></span></span>(20,267<span class=\"__1 _201\"/>)<span class=\"__1 _286\"> </span><span class=\"ff2_1 ls32_1 ws33_1\">6,<span class=\"__1 _201\"/>520<span class=\"__1 _32b\"> </span></span>Net (i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment)/reversal of i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment on l<span class=\"__1 _201\"/>oans h<span class=\"__1 _201\"/>eld at am<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cost<span class=\"__1 _c8_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>2)<span class=\"__1 _f7_1\"> </span></span><span class=\"ls10_1 wsf_1\">22<span class=\"__1 _32b\"> </span></span>Foreig<span class=\"__1 _201\"/>n exchange g<span class=\"__1 _201\"/>ains/(los<span class=\"__1 _201\"/>ses)<span class=\"__1 _205\"> </span><span class=\"ff1_1 ls1c_1 ws43_1\">562<span class=\"__1 _270\"> </span></span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal investment return<span class=\"__1 _308\"> </span><span class=\"lsd_1 wsb_1\">(<span class=\"__1 _200\"/>15,656<span class=\"__1 _200\"/>)<span class=\"__1 _b_1\"> </span><span class=\"ff2_1 lse_1 wsc_1\">12<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>09<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>T<span class=\"__1 _200\"/>otal in<span class=\"__1 _201\"/>teres<span class=\"__1 _201\"/>t ar<span class=\"__1 _201\"/>isin<span class=\"__1 _201\"/>g on lo<span class=\"__1 _201\"/>ans o<span class=\"__1 _201\"/>f \u00a3193<span class=\"__1 _201\"/>m for th<span class=\"__1 _201\"/>e year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 (202<span class=\"__1 _201\"/>1: \u00a32<span class=\"__1 _201\"/>08m) c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>ris<span class=\"__1 _201\"/>es \u00a39<span class=\"__1 _201\"/>1m (202<span class=\"__1 _201\"/>1: \u00a3109<span class=\"__1 _201\"/>m) aris<span class=\"__1 _201\"/>ing o<span class=\"__1 _201\"/>n loa<span class=\"__1 _201\"/>ns he<span class=\"__1 _201\"/>ld at f<span class=\"__1 _201\"/>air<span class=\"__1 _32b\"> </span> val<span class=\"__1 _201\"/>ue thr<span class=\"__1 _201\"/>oug<span class=\"__1 _201\"/>h profi<span class=\"__1 _201\"/>t or lo<span class=\"__1 _201\"/>ss an<span class=\"__1 _201\"/>d \u00a3102<span class=\"__1 _201\"/>m (202<span class=\"__1 _201\"/>1: \u00a39<span class=\"__1 _201\"/>9m) ari<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>g on lo<span class=\"__1 _201\"/>ans h<span class=\"__1 _201\"/>eld at a<span class=\"__1 _201\"/>mor<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>sed c<span class=\"__1 _201\"/>ost<span class=\"__1 _201\"/>. 3 Segment<span class=\"__1 _200\"/>al analy<span class=\"__1 _200\"/>sis co<span class=\"__1 _200\"/>ntinued<span class=\"__1 _32b\"> </span>220<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>5 F<span class=\"__1 _200\"/>ee income<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e disa<span class=\"__1 _201\"/>ggreg<span class=\"__1 _201\"/>ates fee reven<span class=\"__1 _201\"/>ue by se<span class=\"__1 _201\"/>gment<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> 2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Management fees<span class=\"__1 _244\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">870<span class=\"__1 _223\"> </span></span><span class=\"ls3f_1 ws41_1\">8<span class=\"__1 _201\"/>60<span class=\"__1 _32b\"> </span></span>Rebat<span class=\"__1 _200\"/>es<span class=\"__1 _309\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>4)<span class=\"__1 _253\"> </span></span><span class=\"ls5b_1 ws67_1\">(<span class=\"__1 _201\"/>28)<span class=\"__1 _32b\"> </span></span>Per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>manc<span class=\"__1 _201\"/>e fees a<span class=\"__1 _201\"/>nd car<span class=\"__1 _201\"/>rie<span class=\"__1 _201\"/>d interes<span class=\"__1 _201\"/>t<span class=\"__1 _10a_1\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">41<span class=\"__1 _230\"> </span></span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> Asset Management<span class=\"__1 _200\"/> fee income<span class=\"__1 _10b_1\"> </span><span class=\"ls15_1 ws14_1\">887<span class=\"__1 _223\"> </span><span class=\"ff2_1 ls27_1 ws27_1\">8<span class=\"__1 _201\"/>50<span class=\"__1 _32b\"> </span></span></span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>thout di<span class=\"__1 _201\"/>scretion<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ipation f<span class=\"__1 _201\"/>eatures<span class=\"__1 _10c_1\"> </span><span class=\"ff1_1 ls77_1 ws8c_1\">42<span class=\"__1 _219\"> </span></span><span class=\"ls27_1 ws27_1\">50<span class=\"__1 _32b\"> </span></span>Plat<span class=\"__1 _201\"/>form fe<span class=\"__1 _201\"/>es<span class=\"__1 _247\"> </span><span class=\"ff1_1 ls1c_1 ws43_1\">31<span class=\"__1 _f4_1\"> </span></span><span class=\"ls29_1 ws29_1\">34<span class=\"__1 _32b\"> </span></span>Adv<span class=\"__1 _201\"/>ice fe<span class=\"__1 _201\"/>es<span class=\"__1 _10d_1\"> </span><span class=\"ff1_1 ls78_1 ws24_1\">77<span class=\"__1 _1d_1\"> </span></span><span class=\"ls3f_1 ws41_1\">49<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> Retail<span class=\"__1 _200\"/> and Sa<span class=\"__1 _200\"/>vings f<span class=\"__1 _200\"/>ee income<span class=\"__1 _10a_1\"> </span><span class=\"ls32_1 ws33_1\">150<span class=\"__1 _231\"> </span><span class=\"ff2_1 lse_1 wsc_1\">13<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> fee income<span class=\"__1 _305\"> </span><span class=\"lsc_1 wsa_1\">1,03<span class=\"__1 _201\"/>7<span class=\"__1 _237\"> </span><span class=\"ff2_1 lsf_1 wsd_1\">983<span class=\"__1 _32b\"> </span></span></span>6 Administrative and other expenses<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er <span class=\"__1 _202\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Staff<span class=\"__1 _200\"/> and employment<span class=\"__1 _200\"/> costs<span class=\"__1 _10e_1\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">791<span class=\"__1 _252\"> </span></span><span class=\"lsc_1 wsa_1\">73<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span></span>Acquisit<span class=\"__1 _200\"/>ion costs<span class=\"__1 _200\"/> incurred:<span class=\"__1 _32b\"> </span>Insurance c<span class=\"__1 _200\"/>ontracts and i<span class=\"__1 _200\"/>nvestmen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>racts with DPF<span class=\"__1 _10f_1\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">132<span class=\"__1 _e_1\"> </span></span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span>Other contracts<span class=\"__1 _310\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">15<span class=\"__1 _232\"> </span></span><span class=\"ls27_1 ws27_1\">23<span class=\"__1 _32b\"> </span></span>Acquisit<span class=\"__1 _200\"/>ion costs<span class=\"__1 _200\"/> deferr<span class=\"__1 _200\"/>ed:<span class=\"__1 _32b\"> </span>Insurance c<span class=\"__1 _200\"/>ontracts and i<span class=\"__1 _200\"/>nvestmen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>racts with DPF<span class=\"__1 _32b\"> </span>13<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>0)<span class=\"__1 _232\"> </span><span class=\"ff2_1 ls5b_1 ws67_1\">(8)<span class=\"__1 _32b\"> </span></span>Other contracts<span class=\"__1 _32b\"> </span>13<span class=\"__1 _264\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls11_1 ws10_1\">(6)<span class=\"__1 _f4_1\"> </span><span class=\"ff2_1 ls25_1 ws25_1\">(6)<span class=\"__1 _32b\"> </span></span></span>Amortisation of<span class=\"__1 _200\"/> deferr<span class=\"__1 _200\"/>ed ac<span class=\"__1 _200\"/>quisition co<span class=\"__1 _200\"/>sts:<span class=\"__1 _32b\"> </span>Insurance c<span class=\"__1 _200\"/>ontracts and i<span class=\"__1 _200\"/>nvestmen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>racts with DPF<span class=\"__1 _32b\"> </span>13<span class=\"__1 _8d_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls5_1 ws1_1\">6<span class=\"__1 _8d_1\"> </span><span class=\"ff2_1\">6<span class=\"__1 _32b\"> </span></span></span>Other contracts<span class=\"__1 _32b\"> </span>13<span class=\"__1 _f4_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls19_1 ws18_1\">10<span class=\"__1 _311\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">7<span class=\"__1 _32b\"> </span></span></span>Imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt of defer<span class=\"__1 _201\"/>red ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on cos<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>13<span class=\"__1 _311\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls5_1 ws1_1\">1<span class=\"__1 _8d_1\"> </span><span class=\"ff2_1\">4<span class=\"__1 _32b\"> </span></span></span>Dep<span class=\"__1 _201\"/>reciati<span class=\"__1 _201\"/>on of prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, plant an<span class=\"__1 _201\"/>d equip<span class=\"__1 _201\"/>ment<span class=\"__1 _32b\"> </span>15<span class=\"__1 _239\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls23_1 ws22_1\">142<span class=\"__1 _252\"> </span><span class=\"ff2_1 lse_1 wsc_1\">123<span class=\"__1 _32b\"> </span></span></span>Imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt of prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty, plant an<span class=\"__1 _201\"/>d equi<span class=\"__1 _201\"/>pment<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>15<span class=\"__1 _8d_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls5_1 ws1_1\">3<span class=\"__1 _239\"> </span><span class=\"ff2_1 ls4d_1 ws54_1\">102<span class=\"__1 _32b\"> </span></span></span>Amor<span class=\"__1 _201\"/>tisa<span class=\"__1 _200\"/>tion o<span class=\"__1 _200\"/>f int<span class=\"__1 _200\"/>angible assets<span class=\"__1 _32b\"> </span>12<span class=\"__1 _1d_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls53_1 ws5b_1\">34<span class=\"__1 _f4_1\"> </span><span class=\"ff2_1 ls15_1 ws14_1\">25<span class=\"__1 _32b\"> </span></span></span>Impairm<span class=\"__1 _201\"/>ent of goodwill and intan<span class=\"__1 _201\"/>gible assets<span class=\"__1 _32b\"> </span>12<span class=\"__1 _f4_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls3f_1 ws41_1\">25<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>turin<span class=\"__1 _201\"/>g cost<span class=\"__1 _201\"/>s<span class=\"__1 _279\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">228<span class=\"__1 _231\"> </span></span><span class=\"ls2a_1 ws2a_1\">193<span class=\"__1 _32b\"> </span></span>Inter<span class=\"__1 _200\"/>est expense<span class=\"__1 _310\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">136<span class=\"__1 _e_1\"> </span></span><span class=\"lse_1 wsc_1\">161<span class=\"__1 _32b\"> </span></span>Commission expense<span class=\"__1 _312\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">190<span class=\"__1 _223\"> </span></span><span class=\"ls32_1 ws33_1\">20<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span>Investmen<span class=\"__1 _200\"/>t management<span class=\"__1 _200\"/> fees<span class=\"__1 _313\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">134<span class=\"__1 _231\"> </span><span class=\"ff2_1\">16<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty-<span class=\"__1 _201\"/>related c<span class=\"__1 _201\"/>osts<span class=\"__1 _314\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">165<span class=\"__1 _231\"> </span></span><span class=\"ls2a_1 ws2a_1\">19<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span>Other expenses<span class=\"__1 _315\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">814<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1\">766<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> administrativ<span class=\"__1 _200\"/>e<span class=\"__1 _200\"/> and other<span class=\"__1 _200\"/> expenses<span class=\"__1 _280\"> </span><span class=\"ls19_1 ws18_1\">2<span class=\"__1 _201\"/>,810<span class=\"__1 _214\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">2,80<span class=\"__1 _200\"/>3<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>Fol<span class=\"__1 _201\"/>lowi<span class=\"__1 _201\"/>ng a rev<span class=\"__1 _201\"/>iew of t<span class=\"__1 _201\"/>he Gr<span class=\"__1 _201\"/>oup\u2019s pre<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>tatio<span class=\"__1 _201\"/>n of ta<span class=\"__1 _201\"/>x pos<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>ns wi<span class=\"__1 _201\"/>thin c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lid<span class=\"__1 _201\"/>ated i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt fun<span class=\"__1 _201\"/>ds, c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>ara<span class=\"__1 _201\"/>tive am<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>ts have b<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>n res<span class=\"__1 _201\"/>tated f<span class=\"__1 _201\"/>rom<span class=\"__1 _201\"/> tho<span class=\"__1 _201\"/>se pre<span class=\"__1 _201\"/>vio<span class=\"__1 _201\"/>usl<span class=\"__1 _201\"/>y rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/>. The r<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/>atem<span class=\"__1 _201\"/>ent ha<span class=\"__1 _201\"/>s had n<span class=\"__1 _201\"/>o impa<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>n pro<span class=\"__1 _201\"/>fit for t<span class=\"__1 _201\"/>he yea<span class=\"__1 _201\"/>r or ne<span class=\"__1 _201\"/>t ass<span class=\"__1 _201\"/>ets<span class=\"__1 _201\"/>. Se<span class=\"__1 _201\"/>e Note 1<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1 for fu<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ther i<span class=\"__1 _201\"/>nfor<span class=\"__1 _201\"/>mati<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es im<span class=\"__1 _201\"/>pair<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>nt of ce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ain pr<span class=\"__1 _201\"/>ope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty, pla<span class=\"__1 _201\"/>nt and e<span class=\"__1 _201\"/>qui<span class=\"__1 _201\"/>pme<span class=\"__1 _201\"/>nt he<span class=\"__1 _201\"/>ld by th<span class=\"__1 _201\"/>e Gro<span class=\"__1 _201\"/>up\u2019s infr<span class=\"__1 _201\"/>ast<span class=\"__1 _201\"/>ruc<span class=\"__1 _201\"/>ture c<span class=\"__1 _201\"/>ap<span class=\"__1 _201\"/>ital p<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>ate eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y veh<span class=\"__1 _201\"/>icle<span class=\"__1 _201\"/>s of \u00a311m (20<span class=\"__1 _201\"/>21: \u00a3<span class=\"__1 _201\"/>73<span class=\"__1 _201\"/>m).<span class=\"__1 _32b\"> </span> In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es rev<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>al of im<span class=\"__1 _201\"/>pair<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>nt rec<span class=\"__1 _201\"/>ogn<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d in res<span class=\"__1 _201\"/>pe<span class=\"__1 _201\"/>ct of o<span class=\"__1 _201\"/>ur fu<span class=\"__1 _201\"/>ture way<span class=\"__1 _201\"/>s of wor<span class=\"__1 _201\"/>kin<span class=\"__1 _201\"/>g of \u00a36m (2<span class=\"__1 _201\"/>021: \u00a3<span class=\"__1 _201\"/>29<span class=\"__1 _201\"/>m rec<span class=\"__1 _201\"/>ogn<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n of imp<span class=\"__1 _201\"/>air<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>) incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d in<span class=\"__1 _201\"/> \u2018re<span class=\"__1 _201\"/>str<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>turi<span class=\"__1 _201\"/>ng an<span class=\"__1 _201\"/>d othe<span class=\"__1 _201\"/>r cos<span class=\"__1 _201\"/>ts\u2019 wi<span class=\"__1 _201\"/>thin th<span class=\"__1 _201\"/>e Se<span class=\"__1 _201\"/>gme<span class=\"__1 _201\"/>ntal A<span class=\"__1 _201\"/>nal<span class=\"__1 _201\"/>ysis i<span class=\"__1 _201\"/>n Note 3<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> In ad<span class=\"__1 _201\"/>dition to the i<span class=\"__1 _201\"/>nterest ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e show<span class=\"__1 _201\"/>n above of \u00a3136<span class=\"__1 _201\"/>m (2021: \u00a3161m), the interes<span class=\"__1 _201\"/>t expen<span class=\"__1 _201\"/>se incur<span class=\"__1 _201\"/>red in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of sub<span class=\"__1 _201\"/>ordinate<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/>d liabi<span class=\"__1 _201\"/>lities fo<span class=\"__1 _201\"/>r the year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 w<span class=\"__1 _201\"/>as \u00a3162m (202<span class=\"__1 _201\"/>1: \u00a3160m). This i<span class=\"__1 _201\"/>s shown a<span class=\"__1 _201\"/>s finan<span class=\"__1 _201\"/>ce cost<span class=\"__1 _201\"/>s in the co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated<span class=\"__1 _201\"/> income stat<span class=\"__1 _200\"/>ement.<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2f_1 ws2f_1\">221<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>7 Staff and employment costs<span class=\"__1 _32b\"> </span>The ave<span class=\"__1 _201\"/>rage nu<span class=\"__1 _201\"/>mber of s<span class=\"__1 _201\"/>taff em<span class=\"__1 _201\"/>ployed by th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p durin<span class=\"__1 _201\"/>g the year wa<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er <span class=\"__1 _316\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _237\"> </span>2021<span class=\"__1 _32b\"> </span></span>A<span class=\"__1 _200\"/>verage staff<span class=\"__1 _200\"/> headcount<span class=\"__1 _317\"> </span><span class=\"ff1_1 ls49_1 ws4f_1\">7,<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>7<span class=\"__1 _204\"> </span></span><span class=\"ls15_1 ws14_1\">6,9<span class=\"__1 _201\"/>93<span class=\"__1 _32b\"> </span></span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e shows th<span class=\"__1 _201\"/>e staff c<span class=\"__1 _201\"/>osts a<span class=\"__1 _201\"/>nd othe<span class=\"__1 _201\"/>r empl<span class=\"__1 _201\"/>oyee-<span class=\"__1 _201\"/>related c<span class=\"__1 _201\"/>osts<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _fd_1\"> </span><span class=\"ls2_1 ws2_1\">N<span class=\"__1 _201\"/>ote<span class=\"__1 _32b\"> </span></span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>202<span class=\"__1 _32b\"> </span>1<span class=\"__1 _32b\"> </span>\u00a3<span class=\"__1 _32b\"> </span>m<span class=\"__1 _32b\"> </span>W<span class=\"__1 _200\"/>ages and salarie<span class=\"__1 _201\"/>s<span class=\"__1 _318\"> </span><span class=\"ff1_1 ls43_1 ws47_1\">74<span class=\"__1 _201\"/>6<span class=\"__1 _2c_1\"> </span></span><span class=\"ls3f_1 ws41_1\">665<span class=\"__1 _32b\"> </span></span>Social se<span class=\"__1 _201\"/>curit<span class=\"__1 _201\"/>y costs<span class=\"__1 _319\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">91<span class=\"__1 _232\"> </span></span><span class=\"ls22_1 ws21_1\">79<span class=\"__1 _32b\"> </span></span>Share-based pa<span class=\"__1 _200\"/>yments<span class=\"__1 _32b\"> </span>38<span class=\"__1 _1d_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls53_1 ws5b_1\">34<span class=\"__1 _256\"> </span><span class=\"ff2_1\">40<span class=\"__1 _32b\"> </span></span></span>Pension co<span class=\"__1 _200\"/>sts:<span class=\"__1 _32b\"> </span>Defined benefit schemes<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f4_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls3f_1 ws41_1\">25<span class=\"__1 _1d_1\"> </span><span class=\"ff2_1 lsf_1 wsd_1\">36<span class=\"__1 _32b\"> </span></span></span>Defined contribut<span class=\"__1 _200\"/>ion schemes<span class=\"__1 _11a_1\"> </span><span class=\"ff1_1 ls1c_1 ws43_1\">59<span class=\"__1 _232\"> </span></span><span class=\"ls32_1 ws33_1\">52<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> sta<span class=\"__1 _200\"/>ff and<span class=\"__1 _200\"/> emplo<span class=\"__1 _200\"/>yment<span class=\"__1 _200\"/> co<span class=\"__1 _200\"/>sts<span class=\"__1 _11b_1\"> </span><span class=\"ls15_1 ws14_1\">955<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1\">872<span class=\"__1 _32b\"> </span></span></span>Infor<span class=\"__1 _201\"/>mation i<span class=\"__1 _201\"/>n respe<span class=\"__1 _201\"/>ct of D<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tors\u2019 remun<span class=\"__1 _201\"/>eratio<span class=\"__1 _201\"/>n is provi<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e Dire<span class=\"__1 _201\"/>ctors\u2019 rem<span class=\"__1 _201\"/>uner<span class=\"__1 _201\"/>ation rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t on pag<span class=\"__1 _201\"/>es 119 to 159.<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>able b<span class=\"__1 _201\"/>elow prov<span class=\"__1 _201\"/>ides a b<span class=\"__1 _201\"/>reakdown of s<span class=\"__1 _201\"/>taff and e<span class=\"__1 _201\"/>mploy<span class=\"__1 _201\"/>ment c<span class=\"__1 _201\"/>osts c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/>d within a<span class=\"__1 _201\"/>dminis<span class=\"__1 _201\"/>trative an<span class=\"__1 _201\"/>d other ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> 2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>202<span class=\"__1 _32b\"> </span>1<span class=\"__1 _32b\"> </span>\u00a3<span class=\"__1 _32b\"> </span>m<span class=\"__1 _32b\"> </span>Staff<span class=\"__1 _200\"/> and employment<span class=\"__1 _200\"/> costs<span class=\"__1 _10e_1\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">791<span class=\"__1 _252\"> </span></span><span class=\"lsc_1 wsa_1\">73<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span></span>Acquisition costs<span class=\"__1 _11c_1\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">65<span class=\"__1 _271\"> </span></span><span class=\"ls7a_1 ws6b_1\">77<span class=\"__1 _32b\"> </span></span>Res<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>turin<span class=\"__1 _201\"/>g cost<span class=\"__1 _201\"/>s<span class=\"__1 _11d_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">82<span class=\"__1 _f4_1\"> </span></span><span class=\"ls38_1 ws38_1\">59<span class=\"__1 _32b\"> </span></span>Other expenses<span class=\"__1 _11e_1\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">17<span class=\"__1 _2b_1\"> </span></span><span class=\"ls5_1 ws1_1\">5<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> sta<span class=\"__1 _200\"/>ff and<span class=\"__1 _200\"/> emplo<span class=\"__1 _200\"/>yment<span class=\"__1 _200\"/> co<span class=\"__1 _200\"/>sts<span class=\"__1 _11b_1\"> </span><span class=\"ls15_1 ws14_1\">955<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1\">872<span class=\"__1 _32b\"> </span></span></span>8 Fees pa<span class=\"__1 _200\"/>yable to the auditor<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e shows th<span class=\"__1 _201\"/>e audito<span class=\"__1 _201\"/>r remune<span class=\"__1 _201\"/>ration<span class=\"__1 _201\"/>, excludin<span class=\"__1 _201\"/>g V<span class=\"__1 _f_1\"/>A<span class=\"__1 _200\"/>T<span class=\"__1 _f_1\"/>. For t<span class=\"__1 _201\"/>he year en<span class=\"__1 _201\"/>ded 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>022 total f<span class=\"__1 _201\"/>ees paya<span class=\"__1 _201\"/>ble are<span class=\"__1 _201\"/> in relati<span class=\"__1 _201\"/>on to thos<span class=\"__1 _201\"/>e payable to P<span class=\"__1 _201\"/>w<span class=\"__1 _201\"/>C with the c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>rative pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d inform<span class=\"__1 _201\"/>ation rel<span class=\"__1 _201\"/>ating to fee<span class=\"__1 _201\"/>s payabl<span class=\"__1 _201\"/>e to KPMG<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Fees p<span class=\"__1 _201\"/>ayable to t<span class=\"__1 _201\"/>he Co<span class=\"__1 _201\"/>mpany\u2019<span class=\"__1 _201\"/>s audi<span class=\"__1 _201\"/>tor an<span class=\"__1 _201\"/>d its a<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciates f<span class=\"__1 _201\"/>or aud<span class=\"__1 _201\"/>it an<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce se<span class=\"__1 _201\"/>rv<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Fee<span class=\"__1 _201\"/>s payable to th<span class=\"__1 _201\"/>e Comp<span class=\"__1 _201\"/>any\u2019s audi<span class=\"__1 _201\"/>tors for th<span class=\"__1 _201\"/>e audit of th<span class=\"__1 _201\"/>e Comp<span class=\"__1 _201\"/>any\u2019s indi<span class=\"__1 _201\"/>vidu<span class=\"__1 _201\"/>al and co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated<span class=\"__1 _201\"/> financial<span class=\"__1 _200\"/> statemen<span class=\"__1 _200\"/>ts <span class=\"__1 _279\"> </span><span class=\"ff1_1 ls60_1 ws73_1\">4<span class=\"__1 _250\"/>.1<span class=\"__1 _232\"> </span></span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _250\"/>.1<span class=\"__1 _32b\"> </span></span>Audit of s<span class=\"__1 _201\"/>ubsidi<span class=\"__1 _201\"/>arie<span class=\"__1 _201\"/>s pursu<span class=\"__1 _201\"/>ant to legi<span class=\"__1 _201\"/>slation<span class=\"__1 _11f_1\"> </span><span class=\"ff1_1 ls60_1 ws73_1\">1<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>.1<span class=\"__1 _226\"> </span></span><span class=\"ls10_1 wsf_1\">6.5<span class=\"__1 _32b\"> </span></span>Audit-related a<span class=\"__1 _201\"/>ssur<span class=\"__1 _201\"/>ance s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>es<span class=\"__1 _205\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">2<span class=\"__1 _201\"/>.0<span class=\"__1 _f7_1\"> </span></span><span class=\"ls8_1 ws6_1\">2<span class=\"__1 _201\"/>.7<span class=\"__1 _32b\"> </span></span>Other assurance services<span class=\"__1 _320\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">0.5<span class=\"__1 _e_1\"> </span></span><span class=\"ls32_1 ws33_1\">0.6<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l fees p<span class=\"__1 _201\"/>ayable t<span class=\"__1 _201\"/>o the au<span class=\"__1 _201\"/>dito<span class=\"__1 _201\"/>r<span class=\"__1 _e4_1\"> </span><span class=\"ls33_1 ws34_1\">16<span class=\"__1 _201\"/>.7<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">11.<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span>The i<span class=\"__1 _201\"/>ncreas<span class=\"__1 _201\"/>e in fee<span class=\"__1 _201\"/>s payabl<span class=\"__1 _201\"/>e to the auditor i<span class=\"__1 _201\"/>s prim<span class=\"__1 _201\"/>arily d<span class=\"__1 _201\"/>riven by a<span class=\"__1 _201\"/>udit fe<span class=\"__1 _201\"/>es relatin<span class=\"__1 _201\"/>g to IFRS 17 an<span class=\"__1 _201\"/>d the chan<span class=\"__1 _201\"/>ge in sco<span class=\"__1 _201\"/>pe as a res<span class=\"__1 _201\"/>ult<span class=\"__1 _32b\"> </span> of chan<span class=\"__1 _201\"/>ge in aud<span class=\"__1 _201\"/>itors for th<span class=\"__1 _201\"/>e audit of s<span class=\"__1 _201\"/>ubsid<span class=\"__1 _201\"/>iarie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>For mo<span class=\"__1 _201\"/>re infor<span class=\"__1 _201\"/>mation on n<span class=\"__1 _201\"/>on-a<span class=\"__1 _201\"/>udit se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s, refe<span class=\"__1 _201\"/>r to the Audit C<span class=\"__1 _201\"/>ommit<span class=\"__1 _201\"/>tee Re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>t and p<span class=\"__1 _201\"/>age 115.<span class=\"__1 _32b\"> </span>Addi<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>nal fe<span class=\"__1 _201\"/>es payab<span class=\"__1 _201\"/>le to the a<span class=\"__1 _201\"/>udi<span class=\"__1 _201\"/>tor<span class=\"__1 _32b\"> </span>Fee<span class=\"__1 _201\"/>s payable to th<span class=\"__1 _201\"/>e auditor d<span class=\"__1 _201\"/>isclo<span class=\"__1 _201\"/>sed ab<span class=\"__1 _201\"/>ove exclude a<span class=\"__1 _201\"/>udit an<span class=\"__1 _201\"/>d non-<span class=\"__1 _201\"/>audit fe<span class=\"__1 _201\"/>es payab<span class=\"__1 _201\"/>le to the G<span class=\"__1 _201\"/>roup\u2019s princi<span class=\"__1 _201\"/>pal audi<span class=\"__1 _201\"/>tor by fund<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> mana<span class=\"__1 _201\"/>ged by th<span class=\"__1 _201\"/>e Group, b<span class=\"__1 _201\"/>ut whic<span class=\"__1 _201\"/>h are not con<span class=\"__1 _201\"/>trolle<span class=\"__1 _201\"/>d by the Gro<span class=\"__1 _201\"/>up, and the<span class=\"__1 _201\"/>refore are n<span class=\"__1 _201\"/>ot cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d in the con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dated<span class=\"__1 _201\"/> financial<span class=\"__1 _200\"/> statemen<span class=\"__1 _200\"/>ts.<span class=\"__1 _32b\"> </span>For the ye<span class=\"__1 _201\"/>ar end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _201\"/>, fees of \u00a30<span class=\"__1 _201\"/>.3<span class=\"__1 _201\"/>m were paid to K<span class=\"__1 _201\"/>PMG in re<span class=\"__1 _201\"/>lation to th<span class=\"__1 _201\"/>eir audi<span class=\"__1 _201\"/>t of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s defi<span class=\"__1 _201\"/>ned b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> pen<span class=\"__1 _201\"/>sion s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>es. Fo<span class=\"__1 _201\"/>r the year e<span class=\"__1 _201\"/>nded 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 2022 th<span class=\"__1 _201\"/>ese sc<span class=\"__1 _201\"/>heme<span class=\"__1 _201\"/>s were not au<span class=\"__1 _201\"/>dited by th<span class=\"__1 _201\"/>e Group\u2019s auditor.<span class=\"__1 _32b\"> </span>222<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G plc</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> A<span class=\"__1 _201\"/>nnual Report and Accounts<span class=\"__1 _200\"/> 2022<span class=\"__1 _32b\"> </span></span></span>9<span class=\"__1 _250\"/> Ta<span class=\"__1 _e7_1\"/>x<span class=\"__1 _32b\"> </span>9.<span class=\"__1 _f_1\"/>1 T<span class=\"__1 _f_1\"/>ax<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>cr<span class=\"__1 _200\"/>edited)<span class=\"__1 _f_1\"/>/<span class=\"__1 _200\"/>charged<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> the consolida<span class=\"__1 _200\"/>ted<span class=\"__1 _200\"/> income sta<span class=\"__1 _200\"/>tement<span class=\"__1 _32b\"> </span>Follo<span class=\"__1 _201\"/>wing a rev<span class=\"__1 _201\"/>iew of the G<span class=\"__1 _201\"/>roup\u2019s present<span class=\"__1 _201\"/>ation of ta<span class=\"__1 _201\"/>x positi<span class=\"__1 _201\"/>ons with<span class=\"__1 _201\"/>in cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent fun<span class=\"__1 _201\"/>ds, c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>rative am<span class=\"__1 _201\"/>ounts have<span class=\"__1 _201\"/> be<span class=\"__1 _201\"/>en res<span class=\"__1 _201\"/>tated from th<span class=\"__1 _201\"/>ose prev<span class=\"__1 _201\"/>ious<span class=\"__1 _201\"/>ly repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ted throu<span class=\"__1 _201\"/>ghout th<span class=\"__1 _201\"/>is tax note. T<span class=\"__1 _201\"/>he res<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt has had n<span class=\"__1 _201\"/>o impac<span class=\"__1 _201\"/>t on p<span class=\"__1 _201\"/>rofit for th<span class=\"__1 _201\"/>e year<span class=\"__1 _201\"/> or net a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s. S<span class=\"__1 _201\"/>ee Note 1.1 for fur<span class=\"__1 _201\"/>ther i<span class=\"__1 _201\"/>nform<span class=\"__1 _201\"/>ation.<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>The tota<span class=\"__1 _201\"/>l tax (credit)/<span class=\"__1 _200\"/>charge co<span class=\"__1 _201\"/>mpri<span class=\"__1 _201\"/>ses:<span class=\"__1 _32b\"> </span>Current tax:<span class=\"__1 _32b\"> </span>Curre<span class=\"__1 _201\"/>nt year<span class=\"__1 _321\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">158<span class=\"__1 _239\"> </span><span class=\"ff2_1\">427<span class=\"__1 _32b\"> </span></span></span>Adjus<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in resp<span class=\"__1 _201\"/>ect o<span class=\"__1 _201\"/>f prio<span class=\"__1 _201\"/>r years<span class=\"__1 _201\"/> <span class=\"__1 _322\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>9)<span class=\"__1 _224\"> </span></span><span class=\"ls5_1\">4<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l curre<span class=\"__1 _201\"/>nt tax<span class=\"__1 _201\"/> <span class=\"__1 _323\"> </span><span class=\"ls2a_1 ws2a_1\">139<span class=\"__1 _231\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">43<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span></span></span>Deferr<span class=\"__1 _200\"/>ed tax:<span class=\"__1 _32b\"> </span>Or<span class=\"__1 _201\"/>iginatio<span class=\"__1 _201\"/>n and rever<span class=\"__1 _201\"/>sal of tem<span class=\"__1 _201\"/>pora<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y differe<span class=\"__1 _201\"/>nces i<span class=\"__1 _201\"/>n the year<span class=\"__1 _324\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _6b_1\"> </span></span><span class=\"ls1c_1 ws43_1\">288<span class=\"__1 _32b\"> </span></span>Adjus<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in resp<span class=\"__1 _201\"/>ect o<span class=\"__1 _201\"/>f prio<span class=\"__1 _201\"/>r years<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> deferr<span class=\"__1 _200\"/>ed tax<span class=\"__1 _254\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _222\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">265<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>otal tax<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>credit<span class=\"__1 _200\"/>)<span class=\"__1 _200\"/>/<span class=\"__1 _f_1\"/>charge<span class=\"__1 _203\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8)<span class=\"__1 _272\"> </span><span class=\"ff2_1 ls22_1 ws21_1\">696<span class=\"__1 _32b\"> </span></span></span>The t<span class=\"__1 _201\"/>ax (<span class=\"__1 _200\"/>credi<span class=\"__1 _201\"/>t)/<span class=\"__1 _f_1\"/>cha<span class=\"__1 _201\"/>rge above<span class=\"__1 _201\"/>, comp<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g current a<span class=\"__1 _201\"/>nd defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x, c<span class=\"__1 _201\"/>an be an<span class=\"__1 _201\"/>alyse<span class=\"__1 _201\"/>d as foll<span class=\"__1 _201\"/>ows:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>UK ta<span class=\"__1 _201\"/>x<span class=\"__1 _325\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _222\"> </span></span><span class=\"ls32_1 ws33_1\">528<span class=\"__1 _32b\"> </span></span>Ove<span class=\"__1 _201\"/>rsea<span class=\"__1 _201\"/>s tax<span class=\"__1 _c9_1\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">184<span class=\"__1 _239\"> </span></span><span class=\"ls2a_1 ws2a_1\">16<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal tax<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>credit<span class=\"__1 _200\"/>)<span class=\"__1 _200\"/>/<span class=\"__1 _f_1\"/>charge<span class=\"__1 _203\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8)<span class=\"__1 _272\"> </span><span class=\"ff2_1 ls22_1 ws21_1\">696<span class=\"__1 _32b\"> </span></span></span>9.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _f_1\"/>1 Allocation o<span class=\"__1 _200\"/>f (loss<span class=\"__1 _f_1\"/>)/<span class=\"__1 _f_1\"/>profit befor<span class=\"__1 _200\"/>e tax<span class=\"__1 _200\"/> and t<span class=\"__1 _200\"/>ax char<span class=\"__1 _200\"/>ge betw<span class=\"__1 _200\"/>een equity holders<span class=\"__1 _200\"/> and policy<span class=\"__1 _200\"/>holders<span class=\"__1 _32b\"> </span>The l<span class=\"__1 _201\"/>oss b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x reflec<span class=\"__1 _201\"/>ted in th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent for th<span class=\"__1 _201\"/>e year en<span class=\"__1 _201\"/>ded 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 of \u00a3(2<span class=\"__1 _201\"/>,4<span class=\"__1 _201\"/>97)<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> (2021: p<span class=\"__1 _201\"/>rofit bef<span class=\"__1 _201\"/>ore tax of \u00a3<span class=\"__1 _201\"/>78<span class=\"__1 _201\"/>8m (restate<span class=\"__1 _201\"/>d)) compr<span class=\"__1 _201\"/>ises p<span class=\"__1 _201\"/>rofit at<span class=\"__1 _201\"/>tribut<span class=\"__1 _201\"/>able to e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y hol<span class=\"__1 _201\"/>ders an<span class=\"__1 _201\"/>d pre<span class=\"__1 _201\"/>-tax profi<span class=\"__1 _201\"/>t attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to<span class=\"__1 _32b\"> </span> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers of uni<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-linked an<span class=\"__1 _201\"/>d with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s fund<span class=\"__1 _201\"/>s and unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>. This i<span class=\"__1 _201\"/>s the for<span class=\"__1 _201\"/>mal mea<span class=\"__1 _201\"/>sure of<span class=\"__1 _201\"/> profi<span class=\"__1 _201\"/>t before ta<span class=\"__1 _201\"/>x unde<span class=\"__1 _201\"/>r IFRS b<span class=\"__1 _201\"/>ut it is not th<span class=\"__1 _201\"/>e resul<span class=\"__1 _201\"/>t attrib<span class=\"__1 _201\"/>utabl<span class=\"__1 _201\"/>e to equit<span class=\"__1 _201\"/>y ho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> This i<span class=\"__1 _201\"/>s prin<span class=\"__1 _201\"/>cipall<span class=\"__1 _201\"/>y bec<span class=\"__1 _201\"/>ause th<span class=\"__1 _201\"/>e corp<span class=\"__1 _201\"/>orate ta<span class=\"__1 _201\"/>xes of the G<span class=\"__1 _201\"/>roup inc<span class=\"__1 _201\"/>lude tho<span class=\"__1 _201\"/>se on th<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e of cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s and uni<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-<span class=\"__1 _32b\"> </span>linked fu<span class=\"__1 _201\"/>nds that<span class=\"__1 _201\"/>, through a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>tments to b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts, a<span class=\"__1 _201\"/>re born<span class=\"__1 _201\"/>e by poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>. Thes<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nts are req<span class=\"__1 _201\"/>uired to b<span class=\"__1 _201\"/>e includ<span class=\"__1 _201\"/>ed in th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> tax ch<span class=\"__1 _201\"/>arge of the C<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ny under I<span class=\"__1 _201\"/>AS 12. C<span class=\"__1 _201\"/>onse<span class=\"__1 _201\"/>quen<span class=\"__1 _201\"/>tly<span class=\"__1 _200\"/>, this me<span class=\"__1 _201\"/>asure of p<span class=\"__1 _201\"/>rofit bef<span class=\"__1 _201\"/>ore all taxe<span class=\"__1 _201\"/>s is not rep<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>tative of pre<span class=\"__1 _201\"/>-tax<span class=\"__1 _201\"/> profi<span class=\"__1 _201\"/>ts of the G<span class=\"__1 _201\"/>roup att<span class=\"__1 _201\"/>ributa<span class=\"__1 _201\"/>ble to eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y hold<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The t<span class=\"__1 _201\"/>ax charg<span class=\"__1 _201\"/>e attri<span class=\"__1 _201\"/>butab<span class=\"__1 _201\"/>le to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r returns i<span class=\"__1 _201\"/>s removed f<span class=\"__1 _201\"/>rom the G<span class=\"__1 _201\"/>roup\u2019s total profit b<span class=\"__1 _201\"/>efore tax i<span class=\"__1 _201\"/>n arri<span class=\"__1 _201\"/>ving at th<span class=\"__1 _201\"/>e Group\u2019s<span class=\"__1 _32b\"> </span> profi<span class=\"__1 _201\"/>t before ta<span class=\"__1 _201\"/>x attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to equ<span class=\"__1 _201\"/>ity h<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs. A<span class=\"__1 _201\"/>s the ne<span class=\"__1 _201\"/>t of tax profi<span class=\"__1 _201\"/>ts attr<span class=\"__1 _201\"/>ibuta<span class=\"__1 _201\"/>ble to po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers is zero<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s pre<span class=\"__1 _201\"/>-tax<span class=\"__1 _201\"/> profi<span class=\"__1 _201\"/>t attri<span class=\"__1 _201\"/>butabl<span class=\"__1 _201\"/>e to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs is an am<span class=\"__1 _201\"/>ount e<span class=\"__1 _201\"/>qual and o<span class=\"__1 _201\"/>ppos<span class=\"__1 _201\"/>ite to the tax ch<span class=\"__1 _201\"/>arge at<span class=\"__1 _201\"/>tribut<span class=\"__1 _201\"/>able to po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed in the<span class=\"__1 _201\"/> total tax (<span class=\"__1 _200\"/>credit)<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>charge. <span class=\"__1 _bc_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y <span class=\"ls5_1 ws1_1\"> </span>holders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Policyholders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y <span class=\"ls5_1 ws1_1\"> </span>holders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Policyholders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>(Los<span class=\"__1 _201\"/>s)<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>profi<span class=\"__1 _201\"/>t before ta<span class=\"__1 _201\"/>x<span class=\"__1 _326\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _1d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _327\"> </span><span class=\"ls21_1 ws20_1\">(2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>497<span class=\"__1 _201\"/>)<span class=\"__1 _8d_1\"> </span></span></span></span><span class=\"lsc_1 wsa_1\">81<span class=\"__1 _311\"> </span><span class=\"ls23_1 ws22_1\">707<span class=\"__1 _253\"> </span><span class=\"lsd_1 wsb_1\">788<span class=\"__1 _32b\"> </span></span></span></span>T<span class=\"__1 _f_1\"/>ax credit<span class=\"__1 _201\"/>/(<span class=\"__1 _f_1\"/>charge)<span class=\"__1 _328\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">499<span class=\"__1 _8d_1\"> </span><span class=\"ls22_1 ws21_1\">379<span class=\"__1 _c_1\"> </span></span>878<span class=\"__1 _329\"> </span></span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _224\"> </span><span class=\"ls23_1 ws22_1\">(<span class=\"__1 _201\"/>707<span class=\"__1 _201\"/>)<span class=\"__1 _240\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span></span>(Lo<span class=\"__1 _201\"/>ss)<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>profi<span class=\"__1 _201\"/>t afte<span class=\"__1 _201\"/>r tax for t<span class=\"__1 _201\"/>he year<span class=\"__1 _12a_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>9)<span class=\"__1 _8a_1\"> </span><span class=\"ff2_1 ls27_1 ws27_1\">92<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>92<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls7b_1 ws8e_1\">223<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>9.<span class=\"__1 _f_1\"/>1.2 T<span class=\"__1 _f_1\"/>ax reconcili<span class=\"__1 _200\"/>ation<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"ls5_1 ws1_1\"> </span>2021<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y <span class=\"ls5_1 ws1_1\"> </span>holders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Policyholders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y <span class=\"ls5_1 ws1_1\"> </span>holders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Policyholders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>(Lo<span class=\"__1 _201\"/>ss)<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>profi<span class=\"__1 _201\"/>t befo<span class=\"__1 _201\"/>re tax<span class=\"__1 _12b_1\"> </span><span class=\"ls24_1 ws23_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _1d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _327\"> </span><span class=\"ls21_1 ws20_1\">(2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>497<span class=\"__1 _201\"/>)<span class=\"__1 _8d_1\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">81<span class=\"__1 _311\"> </span><span class=\"ls23_1 ws22_1\">707<span class=\"__1 _253\"> </span><span class=\"lsd_1 wsb_1\">788<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>T<span class=\"__1 _f_1\"/>ax (credit)/<span class=\"__1 _200\"/>charg<span class=\"__1 _201\"/>e base<span class=\"__1 _201\"/>d on the s<span class=\"__1 _201\"/>tanda<span class=\"__1 _201\"/>rd UK<span class=\"__1 _201\"/> cor<span class=\"__1 _201\"/>porati<span class=\"__1 _201\"/>on tax r<span class=\"__1 _201\"/>ate of 19% (2021: 19%)<span class=\"__1 _12c_1\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _8a_1\"> </span><span class=\"ls56_1 ws5f_1\">(<span class=\"__1 _201\"/>72)<span class=\"__1 _7d_1\"> </span></span>(47<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _2b_1\"> </span></span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _12d_1\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>4<span class=\"__1 _239\"> </span><span class=\"ls45_1 ws49_1\">14<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span>Imp<span class=\"__1 _201\"/>act of p<span class=\"__1 _201\"/>rofits e<span class=\"__1 _201\"/>arne<span class=\"__1 _201\"/>d in juris<span class=\"__1 _201\"/>dic<span class=\"__1 _201\"/>tions w<span class=\"__1 _201\"/>ith diffe<span class=\"__1 _201\"/>rent<span class=\"__1 _201\"/> statuto<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y rates to the U<span class=\"__1 _201\"/>K<span class=\"__1 _12e_1\"> </span><span class=\"ff1_1 ls5_1\">3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>3<span class=\"__1 _12f_1\"> </span><span class=\"ff2_1\">2<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _32b\"> </span>(weig<span class=\"__1 _201\"/>hted av<span class=\"__1 _201\"/>erag<span class=\"__1 _201\"/>e rate f<span class=\"__1 _201\"/>or eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y ho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs is 19<span class=\"__1 _201\"/>% (202<span class=\"__1 _201\"/>1: 19%))<span class=\"__1 _32b\"> </span>Recurring<span class=\"__1 _200\"/> items<span class=\"__1 _32b\"> </span>Diff<span class=\"__1 _201\"/>erent b<span class=\"__1 _201\"/>asis of tax<span class=\"__1 _201\"/>ation \u2013 po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>3)<span class=\"__1 _208\"> </span>(<span class=\"__1 _201\"/>28<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>586<span class=\"__1 _237\"> </span>586<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tions n<span class=\"__1 _201\"/>ot allowa<span class=\"__1 _201\"/>ble for t<span class=\"__1 _201\"/>ax pur<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>30<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>30<span class=\"__1 _330\"> </span><span class=\"ff2_1 ls4d_1 ws54_1\">15<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>15<span class=\"__1 _32b\"> </span>Inco<span class=\"__1 _201\"/>me and g<span class=\"__1 _201\"/>ains not t<span class=\"__1 _201\"/>axabl<span class=\"__1 _201\"/>e or taxab<span class=\"__1 _201\"/>le at<span class=\"__1 _201\"/> concessio<span class=\"__1 _201\"/>nary rates<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>(8)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(8)<span class=\"__1 _288\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>)<span class=\"__1 _32b\"> </span>Effec<span class=\"__1 _201\"/>ts of re<span class=\"__1 _201\"/>sults of j<span class=\"__1 _201\"/>oint ventu<span class=\"__1 _201\"/>res and as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iates<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _331\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _32b\"> </span>)<span class=\"__1 _32b\"> </span>Chang<span class=\"__1 _201\"/>es in re<span class=\"__1 _201\"/>cogniti<span class=\"__1 _201\"/>on of defe<span class=\"__1 _201\"/>rred t<span class=\"__1 _201\"/>ax and eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of<span class=\"__1 _32b\"> </span> unre<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed ta<span class=\"__1 _201\"/>x loss<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>(7)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(7)<span class=\"__1 _288\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span>)<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _332\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _12f_1\"> </span><span class=\"ff2_1\">3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>3<span class=\"__1 _32b\"> </span>Non recur<span class=\"__1 _200\"/>ring it<span class=\"__1 _200\"/>ems<span class=\"__1 _32b\"> </span>Adjus<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in relatio<span class=\"__1 _201\"/>n to prio<span class=\"__1 _201\"/>r peri<span class=\"__1 _201\"/>ods<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>5<span class=\"__1 _12d_1\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>4)<span class=\"__1 _253\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _12d_1\"> </span><span class=\"ff2_1 ls25_1 ws25_1\">(6)<span class=\"__1 _333\"> </span><span class=\"lsa_1 ws8_1\">(13<span class=\"__1 _201\"/>)<span class=\"__1 _252\"> </span>(1<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span><span class=\"ls17_1 ws16_1\"><span class=\"ls1d_1 ws1c_1\"><span class=\"ff2_1 ls25_1 ws25_1\"><span class=\"lsa_1 ws8_1\">)<span class=\"__1 _32b\"> </span></span></span></span></span>Chang<span class=\"__1 _201\"/>es in lo<span class=\"__1 _201\"/>cal s<span class=\"__1 _201\"/>tatutor<span class=\"__1 _201\"/>y ta<span class=\"__1 _201\"/>x rates or law<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _331\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _32b\"> </span>)<span class=\"__1 _32b\"> </span>Impairm<span class=\"__1 _201\"/>ent of goodwill<span class=\"__1 _334\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">5<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _331\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Imp<span class=\"__1 _201\"/>act of d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed at 25% on cu<span class=\"__1 _201\"/>rrent<span class=\"__1 _201\"/> year m<span class=\"__1 _201\"/>ovement<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>vii<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _331\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Non<span class=\"__1 _201\"/>-taxab<span class=\"__1 _201\"/>le inc<span class=\"__1 _201\"/>ome \u2013 MG<span class=\"__1 _201\"/>SA acqu<span class=\"__1 _201\"/>isitio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>viii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _331\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>)<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ax (<span class=\"__1 _f_1\"/>credit)/<span class=\"__1 _f_1\"/>charge<span class=\"__1 _335\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>9)<span class=\"__1 _1d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>9)<span class=\"__1 _240\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8)<span class=\"__1 _8a_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(11)<span class=\"__1 _9e_1\"> </span><span class=\"ls23_1 ws22_1\">707<span class=\"__1 _c_1\"> </span><span class=\"ls22_1 ws21_1\">696<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>i <span class=\"__1 _2d_1\"> </span>Of t<span class=\"__1 _201\"/>he \u00a33<span class=\"__1 _201\"/>0m<span class=\"__1 _201\"/>, \u00a32<span class=\"__1 _201\"/>2m (20<span class=\"__1 _201\"/>21: \u00a3<span class=\"__1 _201\"/>3m) rel<span class=\"__1 _201\"/>ates to th<span class=\"__1 _201\"/>e non<span class=\"__1 _201\"/>-ta<span class=\"__1 _201\"/>xabl<span class=\"__1 _201\"/>e adj<span class=\"__1 _201\"/>ustm<span class=\"__1 _201\"/>ent i<span class=\"__1 _201\"/>n relat<span class=\"__1 _201\"/>ion to a h<span class=\"__1 _201\"/>isto<span class=\"__1 _201\"/>ric j<span class=\"__1 _201\"/>oint v<span class=\"__1 _201\"/>entu<span class=\"__1 _201\"/>re agre<span class=\"__1 _201\"/>em<span class=\"__1 _201\"/>ent in re<span class=\"__1 _201\"/>sp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of lon<span class=\"__1 _201\"/>g ter<span class=\"__1 _201\"/>m ass<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce<span class=\"__1 _201\"/> bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e rema<span class=\"__1 _201\"/>inin<span class=\"__1 _201\"/>g amo<span class=\"__1 _201\"/>unt re<span class=\"__1 _201\"/>lates to e<span class=\"__1 _201\"/>xpe<span class=\"__1 _201\"/>nse<span class=\"__1 _201\"/>s that ar<span class=\"__1 _201\"/>e not d<span class=\"__1 _201\"/>edu<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ble fo<span class=\"__1 _201\"/>r tax p<span class=\"__1 _201\"/>urp<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>s, p<span class=\"__1 _201\"/>rim<span class=\"__1 _201\"/>ari<span class=\"__1 _201\"/>ly in th<span class=\"__1 _201\"/>e UK<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Of t<span class=\"__1 _201\"/>he 202<span class=\"__1 _201\"/>2 am<span class=\"__1 _201\"/>ount o<span class=\"__1 _201\"/>f (\u00a38<span class=\"__1 _201\"/>m), (\u00a37m) rel<span class=\"__1 _201\"/>ates to n<span class=\"__1 _201\"/>on-t<span class=\"__1 _201\"/>axa<span class=\"__1 _201\"/>ble di<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>den<span class=\"__1 _201\"/>d inc<span class=\"__1 _201\"/>ome in t<span class=\"__1 _201\"/>he UK (<span class=\"__1 _201\"/>2021<span class=\"__1 _201\"/>: \u00a3nil)<span class=\"__1 _201\"/>. For 20<span class=\"__1 _201\"/>21, th<span class=\"__1 _201\"/>e bal<span class=\"__1 _201\"/>ance p<span class=\"__1 _201\"/>rim<span class=\"__1 _201\"/>ari<span class=\"__1 _201\"/>ly re<span class=\"__1 _201\"/>lates to a n<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/>-taxa<span class=\"__1 _201\"/>bl<span class=\"__1 _32b\"> </span>e<span class=\"__1 _201\"/> inc<span class=\"__1 _201\"/>ome a<span class=\"__1 _201\"/>ris<span class=\"__1 _201\"/>ing o<span class=\"__1 _201\"/>n the rev<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>al of pr<span class=\"__1 _201\"/>ovis<span class=\"__1 _201\"/>ion th<span class=\"__1 _201\"/>at was n<span class=\"__1 _201\"/>ot ta<span class=\"__1 _201\"/>x ded<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>tibl<span class=\"__1 _201\"/>e in pre<span class=\"__1 _201\"/>vio<span class=\"__1 _201\"/>us pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>ds<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Pro<span class=\"__1 _201\"/>fit be<span class=\"__1 _201\"/>fore ta<span class=\"__1 _201\"/>x inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019s shar<span class=\"__1 _201\"/>e of pro<span class=\"__1 _201\"/>fits af<span class=\"__1 _201\"/>ter t<span class=\"__1 _201\"/>ax fro<span class=\"__1 _201\"/>m the j<span class=\"__1 _201\"/>oint v<span class=\"__1 _201\"/>entur<span class=\"__1 _201\"/>es an<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>oci<span class=\"__1 _201\"/>ates<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>erefo<span class=\"__1 _201\"/>re, th<span class=\"__1 _201\"/>e ac<span class=\"__1 _201\"/>tual t<span class=\"__1 _201\"/>ax cha<span class=\"__1 _201\"/>rge d<span class=\"__1 _201\"/>oes n<span class=\"__1 _201\"/>ot inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> tax a<span class=\"__1 _201\"/>ris<span class=\"__1 _201\"/>ing f<span class=\"__1 _201\"/>rom pro<span class=\"__1 _201\"/>fit or l<span class=\"__1 _201\"/>os<span class=\"__1 _201\"/>s of joi<span class=\"__1 _201\"/>nt ven<span class=\"__1 _201\"/>tures a<span class=\"__1 _201\"/>nd as<span class=\"__1 _201\"/>so<span class=\"__1 _201\"/>ciate<span class=\"__1 _201\"/>s and i<span class=\"__1 _201\"/>s refle<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d as a re<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>cili<span class=\"__1 _201\"/>ng ite<span class=\"__1 _201\"/>m.<span class=\"__1 _32b\"> </span>iv <span class=\"__1 _285\"> </span>Th<span class=\"__1 _201\"/>e total a<span class=\"__1 _201\"/>moun<span class=\"__1 _201\"/>t of \u00a3(<span class=\"__1 _201\"/>7)<span class=\"__1 _201\"/>m rel<span class=\"__1 _201\"/>ated to th<span class=\"__1 _201\"/>e rem<span class=\"__1 _201\"/>easu<span class=\"__1 _201\"/>rem<span class=\"__1 _201\"/>ent of DT<span class=\"__1 _200\"/>A on c<span class=\"__1 _201\"/>api<span class=\"__1 _201\"/>tal lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es ca<span class=\"__1 _201\"/>rri<span class=\"__1 _201\"/>ed fo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ward (<span class=\"__1 _201\"/>2021: \u00a3<span class=\"__1 _201\"/>(3)m). Th<span class=\"__1 _201\"/>e rema<span class=\"__1 _201\"/>inin<span class=\"__1 _201\"/>g tax b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit in 2<span class=\"__1 _201\"/>021 of<span class=\"__1 _201\"/> (\u00a313<span class=\"__1 _201\"/>m) relate<span class=\"__1 _201\"/>d to the u<span class=\"__1 _201\"/>tilis<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n of c<span class=\"__1 _201\"/>apit<span class=\"__1 _201\"/>al los<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>s on wh<span class=\"__1 _201\"/>ich n<span class=\"__1 _201\"/>o defe<span class=\"__1 _201\"/>rre<span class=\"__1 _201\"/>d tax a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>t was re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nis<span class=\"__1 _201\"/>ed.<span class=\"__1 _32b\"> </span>v <span class=\"__1 _6c_1\"> </span>Th<span class=\"__1 _201\"/>e equ<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y hol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>s imp<span class=\"__1 _201\"/>act o<span class=\"__1 _201\"/>f \u00a35m (2<span class=\"__1 _201\"/>021: (\u00a3<span class=\"__1 _201\"/>6m)) rela<span class=\"__1 _201\"/>tes to ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s in es<span class=\"__1 _201\"/>tim<span class=\"__1 _201\"/>ates of p<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>r year p<span class=\"__1 _201\"/>osi<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>ns. T<span class=\"__1 _201\"/>he p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit of (\u00a3<span class=\"__1 _201\"/>24m) pr<span class=\"__1 _201\"/>ima<span class=\"__1 _201\"/>ril<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> rel<span class=\"__1 _201\"/>ates to an a<span class=\"__1 _201\"/>gre<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt rea<span class=\"__1 _201\"/>che<span class=\"__1 _201\"/>d with H<span class=\"__1 _201\"/>MR<span class=\"__1 _201\"/>C to ame<span class=\"__1 _201\"/>nd th<span class=\"__1 _201\"/>e app<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n of inc<span class=\"__1 _201\"/>ome a<span class=\"__1 _201\"/>llo<span class=\"__1 _201\"/>cati<span class=\"__1 _201\"/>on me<span class=\"__1 _201\"/>tho<span class=\"__1 _201\"/>dol<span class=\"__1 _201\"/>ogy w<span class=\"__1 _201\"/>ithi<span class=\"__1 _201\"/>n the l<span class=\"__1 _201\"/>ife ins<span class=\"__1 _201\"/>ura<span class=\"__1 _201\"/>nce b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>s (202<span class=\"__1 _201\"/>1:<span class=\"__1 _32b\"> </span> (\u00a313<span class=\"__1 _201\"/>m) prim<span class=\"__1 _201\"/>ari<span class=\"__1 _201\"/>ly du<span class=\"__1 _201\"/>e to chan<span class=\"__1 _201\"/>ges i<span class=\"__1 _201\"/>n es<span class=\"__1 _201\"/>timate<span class=\"__1 _201\"/>s to def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d tax a<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>ets).<span class=\"__1 _32b\"> </span>vi <span class=\"__1 _285\"> </span>In Ju<span class=\"__1 _201\"/>ne 20<span class=\"__1 _201\"/>21, th<span class=\"__1 _201\"/>e sta<span class=\"__1 _201\"/>nda<span class=\"__1 _201\"/>rd rate of C<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ation Tax in th<span class=\"__1 _201\"/>e UK wa<span class=\"__1 _201\"/>s chan<span class=\"__1 _201\"/>ged f<span class=\"__1 _201\"/>rom 19<span class=\"__1 _201\"/>% to 25% wi<span class=\"__1 _201\"/>th effe<span class=\"__1 _201\"/>ct f<span class=\"__1 _201\"/>rom 1 Ap<span class=\"__1 _201\"/>ril 2<span class=\"__1 _201\"/>023<span class=\"__1 _201\"/>. Acc<span class=\"__1 _201\"/>ordi<span class=\"__1 _201\"/>ngl<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, the U<span class=\"__1 _201\"/>K def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> tax b<span class=\"__1 _201\"/>ala<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/>s were re<span class=\"__1 _201\"/>valu<span class=\"__1 _201\"/>ed to re<span class=\"__1 _201\"/>fle<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e chan<span class=\"__1 _201\"/>ge in r<span class=\"__1 _201\"/>ate.<span class=\"__1 _32b\"> </span>vii <span class=\"__1 _284\"> </span>Ben<span class=\"__1 _201\"/>efit a<span class=\"__1 _201\"/>ris<span class=\"__1 _201\"/>ing o<span class=\"__1 _201\"/>n defe<span class=\"__1 _201\"/>rre<span class=\"__1 _201\"/>d tax m<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s in the p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od b<span class=\"__1 _201\"/>ooke<span class=\"__1 _201\"/>d at the f<span class=\"__1 _201\"/>uture r<span class=\"__1 _201\"/>ate of co<span class=\"__1 _201\"/>rp<span class=\"__1 _201\"/>orati<span class=\"__1 _201\"/>on ta<span class=\"__1 _201\"/>x in the U<span class=\"__1 _201\"/>K of 25% c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>are<span class=\"__1 _201\"/>d to the cu<span class=\"__1 _201\"/>rren<span class=\"__1 _201\"/>t per<span class=\"__1 _201\"/>io<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> rate o<span class=\"__1 _201\"/>f 19%<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>vii<span class=\"__1 _201\"/>i <span class=\"__1 _336\"> </span>No<span class=\"__1 _201\"/>n-ta<span class=\"__1 _201\"/>xab<span class=\"__1 _201\"/>le in<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e relate<span class=\"__1 _201\"/>s to the \u00a3<span class=\"__1 _201\"/>51m incom<span class=\"__1 _201\"/>e rec<span class=\"__1 _201\"/>ogn<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d on th<span class=\"__1 _201\"/>e acqu<span class=\"__1 _201\"/>isi<span class=\"__1 _201\"/>tion o<span class=\"__1 _201\"/>f the ad<span class=\"__1 _201\"/>diti<span class=\"__1 _201\"/>ona<span class=\"__1 _201\"/>l 0.<span class=\"__1 _200\"/>13% sh<span class=\"__1 _201\"/>areh<span class=\"__1 _201\"/>ol<span class=\"__1 _201\"/>ding i<span class=\"__1 _201\"/>n MGS<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s profit<span class=\"__1 _201\"/>s are taxed at d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nt rates de<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>ing on the c<span class=\"__1 _201\"/>ountr<span class=\"__1 _201\"/>y or te<span class=\"__1 _201\"/>rritor<span class=\"__1 _250\"/>y in whic<span class=\"__1 _201\"/>h the profi<span class=\"__1 _201\"/>ts aris<span class=\"__1 _201\"/>e. The key ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/> tax rate fo<span class=\"__1 _201\"/>r 2022 i<span class=\"__1 _201\"/>s the UK C<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>oratio<span class=\"__1 _201\"/>n tax rate of 19% as th<span class=\"__1 _201\"/>e major<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s profi<span class=\"__1 _201\"/>ts are ear<span class=\"__1 _201\"/>ned a<span class=\"__1 _201\"/>nd taxed i<span class=\"__1 _201\"/>n the UK<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>9.<span class=\"__1 _200\"/>1.3 Fac<span class=\"__1 _201\"/>tors th<span class=\"__1 _201\"/>at may imp<span class=\"__1 _201\"/>act t<span class=\"__1 _201\"/>he futu<span class=\"__1 _201\"/>re tax rate<span class=\"__1 _32b\"> </span>Chang<span class=\"__1 _201\"/>es in ta<span class=\"__1 _201\"/>x laws and r<span class=\"__1 _201\"/>ates may affe<span class=\"__1 _201\"/>ct rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red tax as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>nd our e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>tive tax r<span class=\"__1 _201\"/>ate in the future<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> On 10 Ju<span class=\"__1 _201\"/>ne 2021, th<span class=\"__1 _201\"/>e UK G<span class=\"__1 _201\"/>overnm<span class=\"__1 _201\"/>ent\u2019s pro<span class=\"__1 _201\"/>posa<span class=\"__1 _201\"/>l to increas<span class=\"__1 _201\"/>e the rate of UK c<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>oratio<span class=\"__1 _201\"/>n tax from 19<span class=\"__1 _201\"/>% to 25% with effe<span class=\"__1 _201\"/>ct fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> 1 Apr<span class=\"__1 _201\"/>il 2023 w<span class=\"__1 _201\"/>as enac<span class=\"__1 _201\"/>ted into U<span class=\"__1 _201\"/>K law. In line with th<span class=\"__1 _201\"/>e rate incre<span class=\"__1 _201\"/>ase, th<span class=\"__1 _201\"/>ere will b<span class=\"__1 _201\"/>e an incre<span class=\"__1 _201\"/>ase to our eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive tax r<span class=\"__1 _201\"/>ate for per<span class=\"__1 _201\"/>iods<span class=\"__1 _201\"/> from 20<span class=\"__1 _201\"/>23 onward<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e majo<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>y of the Gro<span class=\"__1 _201\"/>up\u2019s profits are g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ated in the U<span class=\"__1 _201\"/>K<span class=\"__1 _201\"/>. T<span class=\"__1 _f_1\"/>akin<span class=\"__1 _201\"/>g into acco<span class=\"__1 _201\"/>unt recur<span class=\"__1 _201\"/>ring ta<span class=\"__1 _201\"/>x adjus<span class=\"__1 _201\"/>ting<span class=\"__1 _201\"/> items<span class=\"__1 _201\"/>, the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>tive tax r<span class=\"__1 _201\"/>ate for equ<span class=\"__1 _201\"/>ity h<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers\u2019 por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of profit<span class=\"__1 _201\"/>s is expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to be margin<span class=\"__1 _201\"/>ally hi<span class=\"__1 _201\"/>gher tha<span class=\"__1 _201\"/>n the statu<span class=\"__1 _201\"/>tor<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> rate in the U<span class=\"__1 _201\"/>K<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> 9 T<span class=\"__1 _337\"/>ax cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>224<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s unuse<span class=\"__1 _201\"/>d tax lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s carr<span class=\"__1 _201\"/>ied f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ward of \u00a34<span class=\"__1 _201\"/>81m, pr<span class=\"__1 _201\"/>imari<span class=\"__1 _201\"/>ly UK c<span class=\"__1 _201\"/>apital l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es, o<span class=\"__1 _201\"/>n which n<span class=\"__1 _201\"/>o defer<span class=\"__1 _201\"/>red ta<span class=\"__1 _201\"/>x is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d.<span class=\"__1 _201\"/> Sho<span class=\"__1 _201\"/>uld app<span class=\"__1 _201\"/>ropr<span class=\"__1 _201\"/>iate capit<span class=\"__1 _201\"/>al gains ar<span class=\"__1 _201\"/>ise in f<span class=\"__1 _201\"/>uture per<span class=\"__1 _201\"/>iods i<span class=\"__1 _201\"/>t will res<span class=\"__1 _201\"/>ult in tax b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fits the<span class=\"__1 _201\"/>reby redu<span class=\"__1 _201\"/>cing the f<span class=\"__1 _201\"/>uture effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve tax rate in<span class=\"__1 _201\"/> the rel<span class=\"__1 _201\"/>evant pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>ds.<span class=\"__1 _32b\"> </span>Dur<span class=\"__1 _201\"/>ing late 2021<span class=\"__1 _201\"/>, the Org<span class=\"__1 _201\"/>anisati<span class=\"__1 _201\"/>on for Eco<span class=\"__1 _201\"/>nomi<span class=\"__1 _201\"/>c Co-<span class=\"__1 _201\"/>op<span class=\"__1 _201\"/>eratio<span class=\"__1 _201\"/>n and Deve<span class=\"__1 _201\"/>lopm<span class=\"__1 _201\"/>ent (OECD) announ<span class=\"__1 _201\"/>ced a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ent had b<span class=\"__1 _201\"/>een<span class=\"__1 _201\"/> reach<span class=\"__1 _201\"/>ed on a s<span class=\"__1 _201\"/>weep<span class=\"__1 _201\"/>ing overh<span class=\"__1 _201\"/>aul of the in<span class=\"__1 _201\"/>ternatio<span class=\"__1 _201\"/>nal tax s<span class=\"__1 _201\"/>ystem a<span class=\"__1 _201\"/>nd the G<span class=\"__1 _201\"/>-20 leade<span class=\"__1 _201\"/>rs end<span class=\"__1 _201\"/>ors<span class=\"__1 _201\"/>ed the pl<span class=\"__1 _201\"/>an duri<span class=\"__1 _201\"/>ng the Le<span class=\"__1 _201\"/>ader<span class=\"__1 _201\"/>s\u2019<span class=\"__1 _32b\"> </span> Summ<span class=\"__1 _201\"/>it. Th<span class=\"__1 _201\"/>e plan fo<span class=\"__1 _201\"/>llows a T<span class=\"__1 _200\"/>wo-<span class=\"__1 _201\"/>Pillar f<span class=\"__1 _201\"/>ramewo<span class=\"__1 _201\"/>rk whi<span class=\"__1 _201\"/>ch sets o<span class=\"__1 _201\"/>ut the pr<span class=\"__1 _201\"/>incip<span class=\"__1 _201\"/>les of a so<span class=\"__1 _201\"/>lution to ta<span class=\"__1 _201\"/>ckle th<span class=\"__1 _201\"/>e tax chal<span class=\"__1 _201\"/>leng<span class=\"__1 _201\"/>es aris<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/> from an i<span class=\"__1 _201\"/>ncreas<span class=\"__1 _201\"/>ingly g<span class=\"__1 _201\"/>lobal<span class=\"__1 _201\"/>ised a<span class=\"__1 _201\"/>nd digit<span class=\"__1 _201\"/>al glob<span class=\"__1 _201\"/>al eco<span class=\"__1 _201\"/>nomy. Pillar O<span class=\"__1 _201\"/>ne addre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s taxi<span class=\"__1 _201\"/>ng right<span class=\"__1 _201\"/>s and dis<span class=\"__1 _201\"/>trib<span class=\"__1 _201\"/>ution of p<span class=\"__1 _201\"/>rofits<span class=\"__1 _201\"/>, and Pi<span class=\"__1 _201\"/>llar<span class=\"__1 _201\"/> T<span class=\"__1 _f_1\"/>wo th<span class=\"__1 _201\"/>e impos<span class=\"__1 _201\"/>ition of a gl<span class=\"__1 _201\"/>obal m<span class=\"__1 _201\"/>inimum ta<span class=\"__1 _201\"/>x rate of 15% on large c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>nies<span class=\"__1 _201\"/>. For Pill<span class=\"__1 _201\"/>ar One p<span class=\"__1 _201\"/>urp<span class=\"__1 _201\"/>oses<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup is not ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/> to be with<span class=\"__1 _201\"/>in the sc<span class=\"__1 _201\"/>ope of th<span class=\"__1 _201\"/>e rule<span class=\"__1 _201\"/>s due to the exclus<span class=\"__1 _201\"/>ion fo<span class=\"__1 _201\"/>r regulate<span class=\"__1 _201\"/>d finan<span class=\"__1 _201\"/>cial ser<span class=\"__1 _250\"/>vice<span class=\"__1 _201\"/>s and/<span class=\"__1 _200\"/>or be<span class=\"__1 _201\"/>neath th<span class=\"__1 _201\"/>e scop<span class=\"__1 _201\"/>ing thres<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> For Pil<span class=\"__1 _201\"/>lar T<span class=\"__1 _f_1\"/>wo, th<span class=\"__1 _201\"/>ere is no fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices exem<span class=\"__1 _201\"/>ption an<span class=\"__1 _201\"/>d the Gro<span class=\"__1 _201\"/>up is above th<span class=\"__1 _201\"/>e size thresh<span class=\"__1 _201\"/>old (\u20ac750<span class=\"__1 _201\"/>m of revenue) and wi<span class=\"__1 _201\"/>ll<span class=\"__1 _32b\"> </span> be in s<span class=\"__1 _201\"/>cope<span class=\"__1 _201\"/>. It was or<span class=\"__1 _201\"/>iginal<span class=\"__1 _201\"/>ly ann<span class=\"__1 _201\"/>ounce<span class=\"__1 _201\"/>d the Pil<span class=\"__1 _201\"/>lar T<span class=\"__1 _f_1\"/>wo r<span class=\"__1 _201\"/>ules to b<span class=\"__1 _201\"/>e effec<span class=\"__1 _201\"/>tive fo<span class=\"__1 _201\"/>r 2023<span class=\"__1 _201\"/>, however, this has be<span class=\"__1 _201\"/>en defe<span class=\"__1 _201\"/>rred un<span class=\"__1 _201\"/>til 2024.<span class=\"__1 _201\"/> The G<span class=\"__1 _201\"/>roup g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ates its pro<span class=\"__1 _201\"/>fits pre<span class=\"__1 _201\"/>domin<span class=\"__1 _201\"/>antly in th<span class=\"__1 _201\"/>e UK an<span class=\"__1 _201\"/>d the remai<span class=\"__1 _201\"/>nder m<span class=\"__1 _201\"/>ainly in j<span class=\"__1 _201\"/>urisd<span class=\"__1 _201\"/>icti<span class=\"__1 _201\"/>ons with a t<span class=\"__1 _201\"/>ax rate high<span class=\"__1 _201\"/>er than<span class=\"__1 _201\"/> 15%. Whi<span class=\"__1 _201\"/>lst th<span class=\"__1 _201\"/>e T<span class=\"__1 _f_1\"/>wo<span class=\"__1 _201\"/>-pill<span class=\"__1 _201\"/>ar fram<span class=\"__1 _201\"/>ework is n<span class=\"__1 _201\"/>ot expe<span class=\"__1 _201\"/>cted to have a s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on the fu<span class=\"__1 _201\"/>ture effe<span class=\"__1 _201\"/>ctive t<span class=\"__1 _201\"/>ax rate, mu<span class=\"__1 _201\"/>ch will<span class=\"__1 _201\"/> dep<span class=\"__1 _201\"/>end up<span class=\"__1 _201\"/>on the fr<span class=\"__1 _201\"/>amewo<span class=\"__1 _201\"/>rk to be fin<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d by the OECD, the e<span class=\"__1 _201\"/>nac<span class=\"__1 _201\"/>ted le<span class=\"__1 _201\"/>gislati<span class=\"__1 _201\"/>on, an<span class=\"__1 _201\"/>d the impa<span class=\"__1 _201\"/>ct on t<span class=\"__1 _201\"/>he insur<span class=\"__1 _201\"/>ance an<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>et<span class=\"__1 _32b\"> </span> mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt indu<span class=\"__1 _201\"/>strie<span class=\"__1 _201\"/>s, in p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticula<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, treatm<span class=\"__1 _201\"/>ent of inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt in fund s<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>tures a<span class=\"__1 _201\"/>nd pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er attr<span class=\"__1 _201\"/>ibutes<span class=\"__1 _201\"/>. Dur<span class=\"__1 _201\"/>ing the p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od,<span class=\"__1 _201\"/> the G<span class=\"__1 _201\"/>roup were h<span class=\"__1 _201\"/>eavily e<span class=\"__1 _201\"/>ngag<span class=\"__1 _201\"/>ed in the c<span class=\"__1 _201\"/>onsul<span class=\"__1 _201\"/>tations w<span class=\"__1 _201\"/>ith the UK G<span class=\"__1 _201\"/>overn<span class=\"__1 _201\"/>ment thro<span class=\"__1 _201\"/>ugh In<span class=\"__1 _201\"/>dustr<span class=\"__1 _201\"/>y b<span class=\"__1 _201\"/>odie<span class=\"__1 _201\"/>s and thi<span class=\"__1 _201\"/>s work is exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/> to contin<span class=\"__1 _201\"/>ue in 202<span class=\"__1 _201\"/>3. Th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p is review<span class=\"__1 _201\"/>ing the cur<span class=\"__1 _201\"/>rent set o<span class=\"__1 _201\"/>f OECD rul<span class=\"__1 _201\"/>es, d<span class=\"__1 _201\"/>raf<span class=\"__1 _201\"/>t UK le<span class=\"__1 _201\"/>gislati<span class=\"__1 _201\"/>on, up<span class=\"__1 _201\"/>dates to the fr<span class=\"__1 _201\"/>amewor<span class=\"__1 _201\"/>k<span class=\"__1 _32b\"> </span> and awa<span class=\"__1 _201\"/>iting the O<span class=\"__1 _201\"/>ECD\u2019s anticip<span class=\"__1 _201\"/>ated rele<span class=\"__1 _201\"/>ase of the fi<span class=\"__1 _201\"/>nal fra<span class=\"__1 _201\"/>mewor<span class=\"__1 _201\"/>k, as wel<span class=\"__1 _201\"/>l as new le<span class=\"__1 _201\"/>gislati<span class=\"__1 _201\"/>on expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to be relea<span class=\"__1 _201\"/>sed by<span class=\"__1 _201\"/> gover<span class=\"__1 _201\"/>nment<span class=\"__1 _201\"/>s impl<span class=\"__1 _201\"/>ementi<span class=\"__1 _201\"/>ng this ne<span class=\"__1 _201\"/>w tax regi<span class=\"__1 _201\"/>me and w<span class=\"__1 _201\"/>ill ass<span class=\"__1 _201\"/>ess th<span class=\"__1 _201\"/>e potentia<span class=\"__1 _201\"/>l impac<span class=\"__1 _201\"/>t of new l<span class=\"__1 _201\"/>egis<span class=\"__1 _201\"/>lation du<span class=\"__1 _201\"/>ring 202<span class=\"__1 _201\"/>3.<span class=\"__1 _32b\"> </span>9.<span class=\"__1 _f_1\"/>1.4 Use of<span class=\"__1 _200\"/> accounting<span class=\"__1 _200\"/> estimat<span class=\"__1 _200\"/>es and judgemen<span class=\"__1 _200\"/>ts<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>alcu<span class=\"__1 _201\"/>lation of th<span class=\"__1 _201\"/>e Group\u2019s tax cha<span class=\"__1 _201\"/>rge invol<span class=\"__1 _201\"/>ves a de<span class=\"__1 _201\"/>gree of es<span class=\"__1 _201\"/>timatio<span class=\"__1 _201\"/>n and jud<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent. Th<span class=\"__1 _201\"/>e reco<span class=\"__1 _201\"/>gnitio<span class=\"__1 _201\"/>n of a defer<span class=\"__1 _201\"/>red tax a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/> is a key judge<span class=\"__1 _201\"/>ment in a<span class=\"__1 _201\"/>pply<span class=\"__1 _201\"/>ing the G<span class=\"__1 _201\"/>roup\u2019s accou<span class=\"__1 _201\"/>nting po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s and reli<span class=\"__1 _201\"/>es on an a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent of the pro<span class=\"__1 _201\"/>babi<span class=\"__1 _201\"/>lity o<span class=\"__1 _201\"/>f future tax<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/> profi<span class=\"__1 _201\"/>ts, f<span class=\"__1 _201\"/>uture revers<span class=\"__1 _201\"/>als of exis<span class=\"__1 _201\"/>ting ta<span class=\"__1 _201\"/>xable te<span class=\"__1 _201\"/>mpor<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y diffe<span class=\"__1 _201\"/>rence<span class=\"__1 _201\"/>s and on<span class=\"__1 _201\"/>goin<span class=\"__1 _201\"/>g tax pla<span class=\"__1 _201\"/>nning s<span class=\"__1 _201\"/>trategi<span class=\"__1 _201\"/>es.<span class=\"__1 _201\"/> Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>ets are revi<span class=\"__1 _201\"/>ewed at ea<span class=\"__1 _201\"/>ch repo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>ng date. In co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ering t<span class=\"__1 _201\"/>heir re<span class=\"__1 _201\"/>coverab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, the Gro<span class=\"__1 _201\"/>up ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es the likeli<span class=\"__1 _201\"/>hoo<span class=\"__1 _201\"/>d of<span class=\"__1 _32b\"> </span> their b<span class=\"__1 _201\"/>eing re<span class=\"__1 _201\"/>covere<span class=\"__1 _201\"/>d within th<span class=\"__1 _201\"/>e expir<span class=\"__1 _201\"/>y of l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s and/or while o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ng as a goi<span class=\"__1 _201\"/>ng con<span class=\"__1 _201\"/>cern<span class=\"__1 _201\"/>. This ta<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>es into ac<span class=\"__1 _201\"/>count th<span class=\"__1 _201\"/>e future<span class=\"__1 _201\"/> expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d profit pro<span class=\"__1 _201\"/>file an<span class=\"__1 _201\"/>d busin<span class=\"__1 _201\"/>ess m<span class=\"__1 _201\"/>ode<span class=\"__1 _201\"/>l of each rel<span class=\"__1 _201\"/>evant co<span class=\"__1 _201\"/>mpany or c<span class=\"__1 _201\"/>ountr<span class=\"__1 _201\"/>y, and any poten<span class=\"__1 _201\"/>tial leg<span class=\"__1 _201\"/>islati<span class=\"__1 _201\"/>ve restr<span class=\"__1 _201\"/>icti<span class=\"__1 _201\"/>ons on<span class=\"__1 _201\"/> use. S<span class=\"__1 _201\"/>hor<span class=\"__1 _201\"/>t-t<span class=\"__1 _200\"/>erm ti<span class=\"__1 _201\"/>ming di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ces are ge<span class=\"__1 _201\"/>ner<span class=\"__1 _201\"/>ally rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed ah<span class=\"__1 _201\"/>ead of lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s and othe<span class=\"__1 _201\"/>r tax at<span class=\"__1 _201\"/>tribute<span class=\"__1 _201\"/>s as bein<span class=\"__1 _201\"/>g likely to revers<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> more q<span class=\"__1 _201\"/>uickl<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>re is also j<span class=\"__1 _201\"/>udge<span class=\"__1 _201\"/>ment invo<span class=\"__1 _201\"/>lved in th<span class=\"__1 _201\"/>e level of p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>ning fo<span class=\"__1 _201\"/>r uncer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in tax po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>ese p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>ns cover a w<span class=\"__1 _201\"/>ide ran<span class=\"__1 _201\"/>ge of<span class=\"__1 _201\"/> iss<span class=\"__1 _201\"/>ues<span class=\"__1 _201\"/>, only a f<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>tion of wh<span class=\"__1 _201\"/>ich are exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to challe<span class=\"__1 _201\"/>nge by a ta<span class=\"__1 _201\"/>x author<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y at any point i<span class=\"__1 _201\"/>n time. T<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p enga<span class=\"__1 _201\"/>ges<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>tru<span class=\"__1 _201\"/>ctive<span class=\"__1 _201\"/>ly and tr<span class=\"__1 _201\"/>anspa<span class=\"__1 _201\"/>rently w<span class=\"__1 _201\"/>ith tax auth<span class=\"__1 _201\"/>oriti<span class=\"__1 _201\"/>es with a v<span class=\"__1 _201\"/>iew to ear<span class=\"__1 _201\"/>ly reso<span class=\"__1 _201\"/>lution o<span class=\"__1 _201\"/>f uncer<span class=\"__1 _201\"/>tai<span class=\"__1 _201\"/>n tax mat<span class=\"__1 _201\"/>ters<span class=\"__1 _201\"/>. Es<span class=\"__1 _201\"/>timated po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> are bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e proba<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y of poten<span class=\"__1 _201\"/>tial chall<span class=\"__1 _201\"/>enge w<span class=\"__1 _201\"/>ithin ce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ain juri<span class=\"__1 _201\"/>sdic<span class=\"__1 _201\"/>tions a<span class=\"__1 _201\"/>nd the po<span class=\"__1 _201\"/>ssib<span class=\"__1 _201\"/>le outco<span class=\"__1 _201\"/>me bas<span class=\"__1 _201\"/>ed on re<span class=\"__1 _201\"/>levant f<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> and ci<span class=\"__1 _201\"/>rcumsta<span class=\"__1 _201\"/>nces<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e judge<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s and es<span class=\"__1 _201\"/>timates ma<span class=\"__1 _201\"/>de to reco<span class=\"__1 _201\"/>gnise a<span class=\"__1 _201\"/>nd mea<span class=\"__1 _201\"/>sure the eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of uncer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in tax po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>s are<span class=\"__1 _32b\"> </span> reas<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sed w<span class=\"__1 _201\"/>heneve<span class=\"__1 _201\"/>r circums<span class=\"__1 _201\"/>tanc<span class=\"__1 _201\"/>es chan<span class=\"__1 _201\"/>ge or wh<span class=\"__1 _201\"/>en there i<span class=\"__1 _201\"/>s new infor<span class=\"__1 _201\"/>mation th<span class=\"__1 _201\"/>at affec<span class=\"__1 _201\"/>ts tho<span class=\"__1 _201\"/>se jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nts.<span class=\"__1 _32b\"> </span>Not w<span class=\"__1 _201\"/>ithsta<span class=\"__1 _201\"/>nding any o<span class=\"__1 _201\"/>rigin<span class=\"__1 _201\"/>ation an<span class=\"__1 _201\"/>d reversa<span class=\"__1 _201\"/>l of tempo<span class=\"__1 _201\"/>rar<span class=\"__1 _201\"/>y diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es in the ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p does n<span class=\"__1 _201\"/>ot cons<span class=\"__1 _201\"/>ider th<span class=\"__1 _201\"/>ere to be a<span class=\"__1 _201\"/> sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant ris<span class=\"__1 _201\"/>k of a material a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>tment in th<span class=\"__1 _201\"/>e nex<span class=\"__1 _201\"/>t financ<span class=\"__1 _201\"/>ial year to the d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d and cur<span class=\"__1 _201\"/>rent ta<span class=\"__1 _201\"/>x balan<span class=\"__1 _201\"/>ces from e<span class=\"__1 _201\"/>ither re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/> and m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>ment of d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax as<span class=\"__1 _201\"/>sets or t<span class=\"__1 _201\"/>he level of p<span class=\"__1 _201\"/>rovisi<span class=\"__1 _201\"/>oning fo<span class=\"__1 _201\"/>r unce<span class=\"__1 _201\"/>rta<span class=\"__1 _201\"/>in tax po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>9.<span class=\"__1 _f_1\"/>1.5 T<span class=\"__1 _f_1\"/>ax char<span class=\"__1 _200\"/>ged to<span class=\"__1 _200\"/> other c<span class=\"__1 _200\"/>omprehensiv<span class=\"__1 _200\"/>e income<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>The ta<span class=\"__1 _200\"/>x charge<span class=\"__1 _200\"/> book<span class=\"__1 _200\"/>ed to<span class=\"__1 _200\"/> other<span class=\"__1 _200\"/> comprehensiv<span class=\"__1 _200\"/>e income,<span class=\"__1 _200\"/> curr<span class=\"__1 _200\"/>ent and<span class=\"__1 _200\"/> deferr<span class=\"__1 _200\"/>ed tax,<span class=\"__1 _200\"/> comprises:<span class=\"__1 _32b\"> </span>Actuarial<span class=\"__1 _200\"/> gains<span class=\"__1 _200\"/> on defined benefit pension<span class=\"__1 _200\"/> schemes<span class=\"__1 _338\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">7<span class=\"__1 _1e_1\"> </span></span><span class=\"ls2a_1 ws2a_1\">19<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> tax ch<span class=\"__1 _200\"/>arge t<span class=\"__1 _200\"/>o other<span class=\"__1 _200\"/> comprehensiv<span class=\"__1 _200\"/>e<span class=\"__1 _200\"/> income<span class=\"__1 _339\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _1e_1\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">19<span class=\"__1 _32b\"> </span></span></span>9.<span class=\"__1 _200\"/>1.6 T<span class=\"__1 _f_1\"/>ax c<span class=\"__1 _201\"/>redi<span class=\"__1 _201\"/>ted to eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>The ta<span class=\"__1 _200\"/>x credi<span class=\"__1 _200\"/>t book<span class=\"__1 _200\"/>ed t<span class=\"__1 _200\"/>o shareholder<span class=\"__1 _200\"/>s\u2019<span class=\"__1 _200\"/> equity<span class=\"__1 _200\"/>,<span class=\"__1 _200\"/> curren<span class=\"__1 _200\"/>t and de<span class=\"__1 _200\"/>ferred<span class=\"__1 _200\"/> tax, comprise<span class=\"__1 _200\"/>s:<span class=\"__1 _32b\"> </span>Subordinated liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span>Share-based pa<span class=\"__1 _200\"/>yments<span class=\"__1 _13a_1\"> </span><span class=\"ff1_1 ls11_1 ws10_1\">(6)<span class=\"__1 _232\"> </span></span><span class=\"ls57_1 ws61_1\">(4)<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l tax cre<span class=\"__1 _201\"/>dit to e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y<span class=\"__1 _13b_1\"> </span><span class=\"ls11_1 ws10_1\">(6)<span class=\"__1 _253\"> </span><span class=\"ff2_1 ls21_1 ws20_1\">(2<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span></span></span>9 T<span class=\"__1 _337\"/>ax cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls7b_1 ws8e_1\">225<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>9.<span class=\"__1 _201\"/>2 Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x<span class=\"__1 _32b\"> </span>Deferre<span class=\"__1 _201\"/>d tax assets and liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er IAS12<span class=\"__1 _201\"/>, defer<span class=\"__1 _201\"/>red tax i<span class=\"__1 _201\"/>s measu<span class=\"__1 _201\"/>red at the ta<span class=\"__1 _201\"/>x rates that are ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to app<span class=\"__1 _201\"/>ly to the p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d when th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>et is reali<span class=\"__1 _201\"/>sed or th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y settl<span class=\"__1 _201\"/>ed, b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on tax rate<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>and laws) that have be<span class=\"__1 _201\"/>en ena<span class=\"__1 _201\"/>cted o<span class=\"__1 _201\"/>r are subs<span class=\"__1 _201\"/>tantive<span class=\"__1 _201\"/>ly ena<span class=\"__1 _201\"/>cted at th<span class=\"__1 _201\"/>e end of th<span class=\"__1 _201\"/>e repor<span class=\"__1 _201\"/>tin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>. Defer<span class=\"__1 _201\"/>red ta<span class=\"__1 _201\"/>x asse<span class=\"__1 _201\"/>ts are reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed as re<span class=\"__1 _201\"/>coverab<span class=\"__1 _201\"/>le to the ex<span class=\"__1 _201\"/>tent that, o<span class=\"__1 _201\"/>n the bas<span class=\"__1 _201\"/>is of all avail<span class=\"__1 _201\"/>able ev<span class=\"__1 _201\"/>iden<span class=\"__1 _201\"/>ce, it is re<span class=\"__1 _201\"/>garde<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> as prob<span class=\"__1 _201\"/>able th<span class=\"__1 _201\"/>ere wil<span class=\"__1 _201\"/>l be suita<span class=\"__1 _201\"/>ble ta<span class=\"__1 _201\"/>xable p<span class=\"__1 _201\"/>rofits fro<span class=\"__1 _201\"/>m which t<span class=\"__1 _201\"/>he future reve<span class=\"__1 _201\"/>rsal of th<span class=\"__1 _201\"/>e unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y di<span class=\"__1 _201\"/>ffere<span class=\"__1 _201\"/>nces c<span class=\"__1 _201\"/>an be<span class=\"__1 _201\"/> ded<span class=\"__1 _201\"/>ucte<span class=\"__1 _201\"/>d or tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es utilis<span class=\"__1 _201\"/>ed. D<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>re only o<span class=\"__1 _201\"/>ffset w<span class=\"__1 _201\"/>hen th<span class=\"__1 _201\"/>ere is both a l<span class=\"__1 _201\"/>egal r<span class=\"__1 _201\"/>ight to set-off a<span class=\"__1 _201\"/>nd an<span class=\"__1 _201\"/> intentio<span class=\"__1 _201\"/>n to settl<span class=\"__1 _201\"/>e on a net b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x in the s<span class=\"__1 _201\"/>tatement o<span class=\"__1 _201\"/>f financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>able b<span class=\"__1 _201\"/>elow sh<span class=\"__1 _201\"/>ows movem<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>n defer<span class=\"__1 _201\"/>red tax a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s durin<span class=\"__1 _201\"/>g the year<span class=\"__1 _200\"/>. The a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s are diffe<span class=\"__1 _201\"/>rent from th<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/> disc<span class=\"__1 _201\"/>lose<span class=\"__1 _201\"/>d on the co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated s<span class=\"__1 _201\"/>tatement of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al posi<span class=\"__1 _201\"/>tion as th<span class=\"__1 _201\"/>e below a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s are pres<span class=\"__1 _201\"/>ented b<span class=\"__1 _201\"/>efore off<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>ting as<span class=\"__1 _201\"/>set and<span class=\"__1 _201\"/> liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y balan<span class=\"__1 _201\"/>ces wh<span class=\"__1 _201\"/>ere there i<span class=\"__1 _201\"/>s a lega<span class=\"__1 _201\"/>l right to se<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-off an<span class=\"__1 _201\"/>d an intenti<span class=\"__1 _201\"/>on to set<span class=\"__1 _201\"/>tle on a net b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Chang<span class=\"__1 _201\"/>es in ta<span class=\"__1 _201\"/>x laws and r<span class=\"__1 _201\"/>ates may affe<span class=\"__1 _201\"/>ct rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red tax as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _201\"/>. On 10 J<span class=\"__1 _201\"/>une 202<span class=\"__1 _201\"/>1, the UK G<span class=\"__1 _201\"/>overn<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>\u2019s<span class=\"__1 _32b\"> </span> prop<span class=\"__1 _201\"/>osal to in<span class=\"__1 _201\"/>crease th<span class=\"__1 _201\"/>e rate of UK co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>ration ta<span class=\"__1 _201\"/>x from 19% to 25% wi<span class=\"__1 _201\"/>th effec<span class=\"__1 _201\"/>t from 1 A<span class=\"__1 _201\"/>pril 20<span class=\"__1 _201\"/>23 was en<span class=\"__1 _201\"/>acte<span class=\"__1 _201\"/>d into UK law. In lin<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> with th<span class=\"__1 _201\"/>e chang<span class=\"__1 _201\"/>es to the UK r<span class=\"__1 _201\"/>ate of corp<span class=\"__1 _201\"/>oratio<span class=\"__1 _201\"/>n tax<span class=\"__1 _201\"/>, the ca<span class=\"__1 _201\"/>rr<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g value<span class=\"__1 _201\"/>s of our def<span class=\"__1 _201\"/>erred t<span class=\"__1 _201\"/>ax ass<span class=\"__1 _201\"/>ets an<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties were rev<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span> The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of whi<span class=\"__1 _201\"/>ch was limite<span class=\"__1 _201\"/>d prim<span class=\"__1 _201\"/>aril<span class=\"__1 _201\"/>y due to the maj<span class=\"__1 _201\"/>orit<span class=\"__1 _201\"/>y of the U<span class=\"__1 _201\"/>K defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x balan<span class=\"__1 _201\"/>ces b<span class=\"__1 _201\"/>eing me<span class=\"__1 _201\"/>asure<span class=\"__1 _201\"/>d at a polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> rate of tax w<span class=\"__1 _201\"/>hich rem<span class=\"__1 _201\"/>ains una<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>ted. <span class=\"__1 _13c_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Unrealised<span class=\"__1 _32b\"> </span> gains/<span class=\"__1 _201\"/> (losses)<span class=\"__1 _200\"/> on<span class=\"__1 _32b\"> </span> investments<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Life tax<span class=\"__1 _32b\"> </span> transiti<span class=\"__1 _201\"/>onal<span class=\"__1 _32b\"> </span> adjustments<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> short-t<span class=\"__1 _200\"/>erm<span class=\"__1 _32b\"> </span> timing<span class=\"__1 _32b\"> </span> differences<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Defer<span class=\"__1 _200\"/>red<span class=\"__1 _32b\"> </span> acquisition<span class=\"__1 _32b\"> </span> costs<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Defined <span class=\"__1 _f_1\"/> benefit <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>pensions<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Capit<span class=\"__1 _200\"/>al <span class=\"__1 _f_1\"/> allowances<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ax losses<span class=\"__1 _32b\"> </span> carried<span class=\"__1 _32b\"> </span> for<span class=\"__1 _201\"/>ward<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Share-bas<span class=\"__1 _201\"/>ed <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>payments <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>and deferr<span class=\"__1 _200\"/>ed <span class=\"ls5_1 ws1_1\"> </span>compensation<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>As<span class=\"__1 _201\"/>sets<span class=\"__1 _9c_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>162<span class=\"__1 _e_1\"> </span><span class=\"ls77_1 ws8c_1\">42<span class=\"__1 _256\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _219\"> </span><span class=\"ls3f_1 ws41_1\">25<span class=\"__1 _2c_1\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _13d_1\"> </span><span class=\"ls30_1 ws30_1\">20<span class=\"__1 _253\"> </span></span></span>273<span class=\"__1 _32b\"> </span></span></span></span>Liabilities<span class=\"__1 _13e_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>41<span class=\"__1 _201\"/>0)<span class=\"__1 _271\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _231\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _228\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>)<span class=\"__1 _208\"> </span></span>(4<span class=\"__1 _250\"/>8)<span class=\"__1 _270\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span>As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2022<span class=\"__1 _340\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _271\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _252\"> </span><span class=\"ls45_1 ws49_1\">113<span class=\"__1 _e_1\"> </span><span class=\"ls22_1 ws21_1\">39<span class=\"__1 _3f_1\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>0)<span class=\"__1 _c_1\"> </span></span></span></span></span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _222\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _13d_1\"> </span><span class=\"ls30_1 ws30_1\">20<span class=\"__1 _245\"> </span></span></span>(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>0)<span class=\"__1 _32b\"> </span></span>Income stat<span class=\"__1 _200\"/>ement<span class=\"__1 _bb_1\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">414<span class=\"__1 _12d_1\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _224\"> </span><span class=\"ls3f_1 ws41_1\">27<span class=\"__1 _219\"> </span><span class=\"ls56_1 ws5f_1\">(2)<span class=\"__1 _228\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _256\"> </span><span class=\"lsb_1 ws32_1\">28<span class=\"__1 _3f_1\"> </span><span class=\"ls3c_1 ws3d_1\">515<span class=\"__1 _341\"> </span></span></span>1<span class=\"__1 _4a_1\"> </span><span class=\"ls4d_1 ws54_1\">1,<span class=\"__1 _201\"/>017<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>Equit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/> comprehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _342\"> </span>\u2014<span class=\"__1 _266\"> </span>\u2014<span class=\"__1 _343\"> </span>\u2014<span class=\"__1 _32b\"> </span>(7)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _261\"> </span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _230\"> </span><span class=\"ls56_1 ws5f_1\">(2)<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er movem<span class=\"__1 _201\"/>ents/fo<span class=\"__1 _201\"/>reign<span class=\"__1 _201\"/> excha<span class=\"__1 _201\"/>nge<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>173<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _261\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>156<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _9e_1\"> </span><span class=\"ls3c_1 ws3d_1\">(8<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>126<span class=\"__1 _226\"> </span><span class=\"ls22_1 ws21_1\">37<span class=\"__1 _5d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>9)<span class=\"__1 _e_1\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _240\"> </span><span class=\"ls40_1 ws44_1\">52<span class=\"__1 _201\"/>8<span class=\"__1 _344\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _212\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>As<span class=\"__1 _201\"/>sets<span class=\"__1 _9c_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">5<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>163<span class=\"__1 _345\"> </span><span class=\"ls1f_1 ws1e_1\">38<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>28<span class=\"__1 _240\"> </span><span class=\"ls40_1 ws44_1\">528<span class=\"__1 _344\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _c_1\"> </span><span class=\"ls27_1 ws27_1\">788<span class=\"__1 _32b\"> </span></span></span></span>Liabilities<span class=\"__1 _346\"> </span><span class=\"ff1_1 ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>25<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _226\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>)<span class=\"__1 _4a_1\"> </span></span>(3<span class=\"__1 _201\"/>9)<span class=\"__1 _237\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(9<span class=\"__1 _201\"/>17<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _9e_1\"> </span><span class=\"ls3c_1 ws3d_1\">(8<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>126<span class=\"__1 _226\"> </span><span class=\"ls22_1 ws21_1\">37<span class=\"__1 _5d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>9)<span class=\"__1 _e_1\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _240\"> </span><span class=\"ls40_1 ws44_1\">52<span class=\"__1 _201\"/>8<span class=\"__1 _344\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _212\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>i<span class=\"__1 _32b\"> </span>Def<span class=\"__1 _201\"/>err<span class=\"__1 _201\"/>ed ta<span class=\"__1 _201\"/>x on unr<span class=\"__1 _201\"/>eali<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d gain<span class=\"__1 _201\"/>s/lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es on i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts pr<span class=\"__1 _201\"/>ima<span class=\"__1 _201\"/>ril<span class=\"__1 _201\"/>y aris<span class=\"__1 _201\"/>e on t<span class=\"__1 _201\"/>wo key co<span class=\"__1 _201\"/>mpo<span class=\"__1 _201\"/>nen<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. The l<span class=\"__1 _201\"/>arge<span class=\"__1 _201\"/>st co<span class=\"__1 _201\"/>mp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nt rel<span class=\"__1 _201\"/>ates to ga<span class=\"__1 _201\"/>ins/(l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es)<span class=\"__1 _32b\"> </span> on ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts wh<span class=\"__1 _201\"/>ich a<span class=\"__1 _201\"/>re onl<span class=\"__1 _201\"/>y taxe<span class=\"__1 _201\"/>d wh<span class=\"__1 _201\"/>en rea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d, i<span class=\"__1 _201\"/>.e. w<span class=\"__1 _201\"/>hen a<span class=\"__1 _201\"/>n ass<span class=\"__1 _201\"/>et is s<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>. The s<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ond c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nt rel<span class=\"__1 _201\"/>ates to ga<span class=\"__1 _201\"/>ins/(l<span class=\"__1 _201\"/>os<span class=\"__1 _201\"/>ses) on ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain<span class=\"__1 _201\"/> inve<span class=\"__1 _201\"/>stm<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s hel<span class=\"__1 _201\"/>d by life i<span class=\"__1 _201\"/>nsu<span class=\"__1 _201\"/>ranc<span class=\"__1 _201\"/>e com<span class=\"__1 _201\"/>pan<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch fo<span class=\"__1 _201\"/>r UK co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>on ta<span class=\"__1 _201\"/>x pur<span class=\"__1 _201\"/>pos<span class=\"__1 _201\"/>es are d<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>med t<span class=\"__1 _201\"/>o have be<span class=\"__1 _201\"/>en di<span class=\"__1 _201\"/>spo<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d of and i<span class=\"__1 _201\"/>mme<span class=\"__1 _201\"/>diate<span class=\"__1 _201\"/>ly<span class=\"__1 _201\"/> rea<span class=\"__1 _201\"/>cqui<span class=\"__1 _201\"/>red at m<span class=\"__1 _201\"/>arket v<span class=\"__1 _201\"/>alu<span class=\"__1 _201\"/>e at the e<span class=\"__1 _201\"/>nd of ea<span class=\"__1 _201\"/>ch ac<span class=\"__1 _201\"/>coun<span class=\"__1 _201\"/>ting p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>. Any ga<span class=\"__1 _201\"/>in/(l<span class=\"__1 _201\"/>oss) ar<span class=\"__1 _201\"/>isin<span class=\"__1 _201\"/>g on th<span class=\"__1 _201\"/>e dee<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>d disp<span class=\"__1 _201\"/>os<span class=\"__1 _201\"/>al is re<span class=\"__1 _201\"/>quir<span class=\"__1 _201\"/>ed to be s<span class=\"__1 _201\"/>pre<span class=\"__1 _201\"/>ad ove<span class=\"__1 _201\"/>r a seve<span class=\"__1 _201\"/>n-<span class=\"__1 _32b\"> </span>year period.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Th<span class=\"__1 _201\"/>e UK G<span class=\"__1 _201\"/>over<span class=\"__1 _201\"/>nme<span class=\"__1 _201\"/>nt mad<span class=\"__1 _201\"/>e sub<span class=\"__1 _201\"/>sta<span class=\"__1 _201\"/>ntial c<span class=\"__1 _201\"/>han<span class=\"__1 _201\"/>ges to th<span class=\"__1 _201\"/>e ru<span class=\"__1 _201\"/>les re<span class=\"__1 _201\"/>lati<span class=\"__1 _201\"/>ng to the t<span class=\"__1 _201\"/>axat<span class=\"__1 _201\"/>ion of l<span class=\"__1 _201\"/>ife in<span class=\"__1 _201\"/>sura<span class=\"__1 _201\"/>nce c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>ani<span class=\"__1 _201\"/>es wh<span class=\"__1 _201\"/>ich ap<span class=\"__1 _201\"/>pli<span class=\"__1 _201\"/>ed fro<span class=\"__1 _201\"/>m 1 Jan<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>13. A n<span class=\"__1 _201\"/>et<span class=\"__1 _32b\"> </span> def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d ta<span class=\"__1 _201\"/>x liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y wa<span class=\"__1 _201\"/>s reco<span class=\"__1 _201\"/>gni<span class=\"__1 _201\"/>sed f<span class=\"__1 _201\"/>or th<span class=\"__1 _201\"/>e temp<span class=\"__1 _201\"/>ora<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y diff<span class=\"__1 _201\"/>eren<span class=\"__1 _201\"/>ce tha<span class=\"__1 _201\"/>t aros<span class=\"__1 _201\"/>e on th<span class=\"__1 _201\"/>e tran<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on to the n<span class=\"__1 _201\"/>ew re<span class=\"__1 _201\"/>gim<span class=\"__1 _201\"/>e. Th<span class=\"__1 _201\"/>e defe<span class=\"__1 _201\"/>rre<span class=\"__1 _201\"/>d tax b<span class=\"__1 _201\"/>alan<span class=\"__1 _201\"/>ces a<span class=\"__1 _201\"/>re now f<span class=\"__1 _201\"/>ull<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> reve<span class=\"__1 _201\"/>rse<span class=\"__1 _201\"/>d at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2.<span class=\"__1 _32b\"> </span>iii  <span class=\"__1 _347\"> </span>Th<span class=\"__1 _201\"/>e clos<span class=\"__1 _201\"/>ing b<span class=\"__1 _201\"/>ala<span class=\"__1 _201\"/>nce at 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 p<span class=\"__1 _201\"/>rima<span class=\"__1 _201\"/>ril<span class=\"__1 _201\"/>y com<span class=\"__1 _201\"/>pri<span class=\"__1 _201\"/>ses \u00a3<span class=\"__1 _201\"/>83<span class=\"__1 _201\"/>m (20<span class=\"__1 _201\"/>21: \u00a38<span class=\"__1 _201\"/>8m) of d<span class=\"__1 _201\"/>efer<span class=\"__1 _201\"/>red t<span class=\"__1 _201\"/>ax as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s on su<span class=\"__1 _201\"/>bord<span class=\"__1 _201\"/>inate<span class=\"__1 _201\"/>d de<span class=\"__1 _201\"/>bt tog<span class=\"__1 _201\"/>ethe<span class=\"__1 _201\"/>r with a \u00a3<span class=\"__1 _201\"/>33<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> (20<span class=\"__1 _201\"/>21: \u00a32<span class=\"__1 _201\"/>2m: M<span class=\"__1 _201\"/>GS<span class=\"__1 _201\"/>A) def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d ta<span class=\"__1 _201\"/>x liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y on c<span class=\"__1 _201\"/>usto<span class=\"__1 _201\"/>mer-rel<span class=\"__1 _201\"/>ated i<span class=\"__1 _201\"/>ntan<span class=\"__1 _201\"/>gib<span class=\"__1 _201\"/>le as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s aris<span class=\"__1 _201\"/>ing o<span class=\"__1 _201\"/>n the a<span class=\"__1 _201\"/>cqui<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>ons of M<span class=\"__1 _201\"/>GSA<span class=\"__1 _201\"/>, S<span class=\"__1 _201\"/>and<span class=\"__1 _201\"/>rin<span class=\"__1 _201\"/>gham &amp; r<span class=\"__1 _201\"/>esp<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>Abi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span> Th<span class=\"__1 _201\"/>e rema<span class=\"__1 _201\"/>inin<span class=\"__1 _201\"/>g bal<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e pri<span class=\"__1 _201\"/>mari<span class=\"__1 _201\"/>ly re<span class=\"__1 _201\"/>lates to d<span class=\"__1 _201\"/>efe<span class=\"__1 _201\"/>rre<span class=\"__1 _201\"/>d tax as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s on em<span class=\"__1 _201\"/>plo<span class=\"__1 _201\"/>yee re<span class=\"__1 _201\"/>late<span class=\"__1 _201\"/>d comp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>ati<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>iv <span class=\"__1 _285\"> </span>Th<span class=\"__1 _201\"/>e Gro<span class=\"__1 _201\"/>up inc<span class=\"__1 _201\"/>urs va<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>us in<span class=\"__1 _201\"/>crem<span class=\"__1 _201\"/>enta<span class=\"__1 _201\"/>l, di<span class=\"__1 _201\"/>rec<span class=\"__1 _201\"/>tly at<span class=\"__1 _201\"/>tr<span class=\"__1 _201\"/>ibut<span class=\"__1 _201\"/>abl<span class=\"__1 _201\"/>e acq<span class=\"__1 _201\"/>uisi<span class=\"__1 _201\"/>tion c<span class=\"__1 _201\"/>ost<span class=\"__1 _201\"/>s in ob<span class=\"__1 _201\"/>taini<span class=\"__1 _201\"/>ng ne<span class=\"__1 _201\"/>w cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. For U<span class=\"__1 _201\"/>K cor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n tax p<span class=\"__1 _201\"/>urp<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>s, a<span class=\"__1 _201\"/>cqui<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/> exp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>es in<span class=\"__1 _201\"/>curr<span class=\"__1 _201\"/>ed un<span class=\"__1 _201\"/>til 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tai<span class=\"__1 _201\"/>n life i<span class=\"__1 _201\"/>nsur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss we<span class=\"__1 _201\"/>re req<span class=\"__1 _201\"/>uire<span class=\"__1 _201\"/>d to be sp<span class=\"__1 _201\"/>rea<span class=\"__1 _201\"/>d over a s<span class=\"__1 _201\"/>even<span class=\"__1 _201\"/>-year p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>. A def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> tax a<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>et was re<span class=\"__1 _201\"/>co<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed fo<span class=\"__1 _201\"/>r the ex<span class=\"__1 _201\"/>pe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d futu<span class=\"__1 _201\"/>re tax d<span class=\"__1 _201\"/>edu<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>v <span class=\"__1 _6c_1\"> </span>Th<span class=\"__1 _201\"/>e tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>ied f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>war<span class=\"__1 _201\"/>d at 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 relate t<span class=\"__1 _201\"/>o \u00a382m (<span class=\"__1 _201\"/>2021<span class=\"__1 _201\"/>: \u00a366<span class=\"__1 _201\"/>m) of UK ca<span class=\"__1 _201\"/>pit<span class=\"__1 _201\"/>al los<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>s and \u00a3<span class=\"__1 _201\"/>2,<span class=\"__1 _201\"/>024m (<span class=\"__1 _201\"/>2021<span class=\"__1 _201\"/>: \u00a3nil) o<span class=\"__1 _201\"/>f trad<span class=\"__1 _201\"/>ing l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Un<span class=\"__1 _201\"/>der U<span class=\"__1 _201\"/>K law, bo<span class=\"__1 _201\"/>th trad<span class=\"__1 _201\"/>ing c<span class=\"__1 _201\"/>api<span class=\"__1 _201\"/>tal lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es ca<span class=\"__1 _201\"/>n be c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>ied f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>wa<span class=\"__1 _201\"/>rd ind<span class=\"__1 _201\"/>efin<span class=\"__1 _201\"/>itel<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. A def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>et has b<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>n rec<span class=\"__1 _201\"/>ogni<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d in ful<span class=\"__1 _201\"/>l on the t<span class=\"__1 _201\"/>rad<span class=\"__1 _201\"/>ing lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> and a p<span class=\"__1 _201\"/>rop<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of the<span class=\"__1 _201\"/>se c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>ied f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>war<span class=\"__1 _201\"/>d los<span class=\"__1 _201\"/>ses a<span class=\"__1 _201\"/>s the G<span class=\"__1 _201\"/>rou<span class=\"__1 _201\"/>p cons<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>rs it i<span class=\"__1 _201\"/>s prob<span class=\"__1 _201\"/>abl<span class=\"__1 _201\"/>e that s<span class=\"__1 _201\"/>uffic<span class=\"__1 _201\"/>ien<span class=\"__1 _201\"/>t futur<span class=\"__1 _201\"/>e UK ta<span class=\"__1 _201\"/>xabl<span class=\"__1 _201\"/>e pro<span class=\"__1 _201\"/>fit an<span class=\"__1 _201\"/>d cap<span class=\"__1 _201\"/>ital g<span class=\"__1 _201\"/>ains w<span class=\"__1 _201\"/>ill b<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> avai<span class=\"__1 _201\"/>lab<span class=\"__1 _201\"/>le ag<span class=\"__1 _201\"/>ains<span class=\"__1 _201\"/>t whi<span class=\"__1 _201\"/>ch the<span class=\"__1 _201\"/>se l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es c<span class=\"__1 _201\"/>an be ut<span class=\"__1 _201\"/>ilis<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>vi <span class=\"__1 _285\"> </span>Oth<span class=\"__1 _201\"/>er m<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>f \u00a3173<span class=\"__1 _201\"/>m incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d wit<span class=\"__1 _201\"/>hin U<span class=\"__1 _201\"/>nrea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d gai<span class=\"__1 _201\"/>ns/l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es o<span class=\"__1 _201\"/>n inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>, \u00a318<span class=\"__1 _201\"/>7m is ass<span class=\"__1 _201\"/>oci<span class=\"__1 _201\"/>ated w<span class=\"__1 _201\"/>ith the d<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n of the M<span class=\"__1 _201\"/>&amp;G<span class=\"__1 _201\"/> Euro<span class=\"__1 _201\"/>pea<span class=\"__1 _201\"/>n Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund in t<span class=\"__1 _201\"/>he pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d an<span class=\"__1 _201\"/>d \u00a314m re<span class=\"__1 _201\"/>lates to f<span class=\"__1 _201\"/>orei<span class=\"__1 _201\"/>gn exch<span class=\"__1 _201\"/>ang<span class=\"__1 _201\"/>e move<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s. S<span class=\"__1 _201\"/>hor<span class=\"__1 _201\"/>t-ter<span class=\"__1 _201\"/>m timi<span class=\"__1 _201\"/>ng di<span class=\"__1 _201\"/>ffere<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/>s of \u00a314m r<span class=\"__1 _201\"/>elate<span class=\"__1 _201\"/>s to def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> tax l<span class=\"__1 _201\"/>iab<span class=\"__1 _201\"/>iliti<span class=\"__1 _201\"/>es on i<span class=\"__1 _201\"/>ntan<span class=\"__1 _201\"/>gib<span class=\"__1 _201\"/>le as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s reco<span class=\"__1 _201\"/>gni<span class=\"__1 _201\"/>sed a<span class=\"__1 _201\"/>s par<span class=\"__1 _201\"/>t of t<span class=\"__1 _201\"/>he acq<span class=\"__1 _201\"/>uis<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n of Sa<span class=\"__1 _201\"/>ndr<span class=\"__1 _201\"/>ingh<span class=\"__1 _201\"/>am Fin<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>ial P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>s Lim<span class=\"__1 _201\"/>ited a<span class=\"__1 _201\"/>nd re<span class=\"__1 _201\"/>spo<span class=\"__1 _201\"/>nsA<span class=\"__1 _201\"/>bili<span class=\"__1 _201\"/>ty I<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts AG;<span class=\"__1 _201\"/> (20<span class=\"__1 _201\"/>21: \u00a32<span class=\"__1 _201\"/>2m \u2013 a<span class=\"__1 _201\"/>cqui<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on of M<span class=\"__1 _201\"/>GSA<span class=\"__1 _201\"/>).<span class=\"__1 _32b\"> </span>9 T<span class=\"__1 _337\"/>ax cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>226<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"ls5_1 ws1_1\"> </span>2021<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Unrealised<span class=\"__1 _32b\"> </span> gains/<span class=\"__1 _201\"/> (losses)<span class=\"__1 _200\"/> on<span class=\"__1 _32b\"> </span> investments<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Life tax<span class=\"__1 _32b\"> </span> transiti<span class=\"__1 _201\"/>onal<span class=\"__1 _32b\"> </span> adjustments<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>short-t<span class=\"__1 _200\"/>erm <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>timing <span class=\"ls5_1 ws1_1\"> </span>differences<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Defer<span class=\"__1 _200\"/>red<span class=\"__1 _32b\"> </span> acquisition<span class=\"__1 _32b\"> </span> costs<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Defined <span class=\"__1 _f_1\"/> benefit <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>pensions<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Capit<span class=\"__1 _200\"/>al <span class=\"__1 _f_1\"/> allowances<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ax losses<span class=\"__1 _32b\"> </span> carried<span class=\"__1 _32b\"> </span> for<span class=\"__1 _201\"/>ward<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Share-bas<span class=\"__1 _201\"/>ed <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>payments <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>and deferr<span class=\"__1 _200\"/>ed <span class=\"ls5_1 ws1_1\"> </span>compensation<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>As<span class=\"__1 _201\"/>sets<span class=\"__1 _348\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _12f_1\"> </span>2<span class=\"__1 _256\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>5<span class=\"__1 _1d_1\"> </span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _231\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _264\"> </span>13<span class=\"__1 _2c_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _a3_1\"> </span>15<span class=\"__1 _253\"> </span></span></span></span></span></span>226<span class=\"__1 _32b\"> </span>Liabilities<span class=\"__1 _349\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3)<span class=\"__1 _230\"> </span><span class=\"ls18_1 ws17_1\">(<span class=\"__1 _201\"/>70)<span class=\"__1 _1d_1\"> </span></span>(1<span class=\"__1 _201\"/>1)<span class=\"__1 _226\"> </span><span class=\"ls25_1 ws25_1\">(6)<span class=\"__1 _240\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _253\"> </span>(3<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>4<span class=\"__1 _32b\"> </span>)<span class=\"__1 _32b\"> </span>As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2021<span class=\"__1 _14a_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>6)<span class=\"__1 _230\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>8)<span class=\"__1 _c_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>4<span class=\"__1 _345\"> </span><span class=\"ls47_1 ws4d_1\">45<span class=\"__1 _270\"> </span></span></span></span>(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _252\"> </span><span class=\"ls52_1 ws5a_1\">(<span class=\"__1 _201\"/>21)<span class=\"__1 _222\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _ab_1\"> </span>15<span class=\"__1 _214\"> </span><span class=\"ls42_1 ws46_1\">(1,018<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>Income stat<span class=\"__1 _200\"/>ement<span class=\"__1 _14b_1\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>21)<span class=\"__1 _8a_1\"> </span><span class=\"ls32_1 ws33_1\">42<span class=\"__1 _8a_1\"> </span></span>11<span class=\"__1 _232\"> </span><span class=\"ls25_1 ws25_1\">(6)<span class=\"__1 _253\"> </span><span class=\"ls57_1 ws61_1\">(4)<span class=\"__1 _224\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _1d_1\"> </span>3<span class=\"__1 _341\"> </span>1<span class=\"__1 _272\"> </span><span class=\"ls21_1 ws20_1\">(26<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span></span><span class=\"ls11_1 ws10_1\"><span class=\"ls25_1 ws25_1\"><span class=\"ls57_1 ws61_1\"><span class=\"ls5_1 ws1_1\"><span class=\"ls21_1 ws20_1\">)<span class=\"__1 _32b\"> </span></span></span></span></span></span>Equit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/> comprehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _342\"> </span>\u2014<span class=\"__1 _32b\"> </span>20<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _261\"> </span>\u2014<span class=\"__1 _32b\"> </span>4<span class=\"__1 _8d_1\"> </span>5<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er movem<span class=\"__1 _201\"/>ents/fo<span class=\"__1 _201\"/>reign<span class=\"__1 _201\"/> excha<span class=\"__1 _201\"/>nge<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _342\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _261\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _261\"> </span>\u2014<span class=\"__1 _349\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>)<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _f4_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _264\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _252\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>3<span class=\"__1 _e_1\"> </span><span class=\"ls28_1 ws28_1\">39<span class=\"__1 _220\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>0)<span class=\"__1 _228\"> </span></span></span></span></span>(1<span class=\"__1 _201\"/>2)<span class=\"__1 _223\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _344\"> </span><span class=\"ls32_1 ws33_1\">20<span class=\"__1 _206\"> </span><span class=\"ls28_1 ws28_1\">(1<span class=\"__1 _200\"/>,300<span class=\"__1 _32b\"> </span></span></span></span></span><span class=\"ff2_1 lsa_1 ws8_1\"><span class=\"lse_1 wsc_1\"><span class=\"ls32_1 ws33_1\"><span class=\"ls28_1 ws28_1\">)<span class=\"__1 _32b\"> </span></span></span></span></span>As<span class=\"__1 _201\"/>sets<span class=\"__1 _af_1\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>162<span class=\"__1 _226\"> </span><span class=\"ls32_1 ws33_1\">42<span class=\"__1 _1d_1\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _f4_1\"> </span><span class=\"ls15_1 ws14_1\">25<span class=\"__1 _231\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _344\"> </span></span></span></span>20<span class=\"__1 _239\"> </span><span class=\"lsb_1 ws32_1\">273<span class=\"__1 _32b\"> </span></span></span>Liabilities<span class=\"__1 _14c_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>0)<span class=\"__1 _264\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _252\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>9)<span class=\"__1 _226\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>)<span class=\"__1 _240\"> </span></span>(4<span class=\"__1 _250\"/>8)<span class=\"__1 _2c_1\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _f4_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _264\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _252\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>3<span class=\"__1 _e_1\"> </span><span class=\"ls28_1 ws28_1\">39<span class=\"__1 _220\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>0)<span class=\"__1 _228\"> </span></span></span></span></span>(1<span class=\"__1 _201\"/>2)<span class=\"__1 _223\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _344\"> </span><span class=\"ls32_1 ws33_1\">20<span class=\"__1 _206\"> </span><span class=\"ls28_1 ws28_1\">(1<span class=\"__1 _200\"/>,300<span class=\"__1 _32b\"> </span></span></span></span></span><span class=\"ff2_1 lsa_1 ws8_1\"><span class=\"lse_1 wsc_1\"><span class=\"ls32_1 ws33_1\"><span class=\"ls28_1 ws28_1\">)<span class=\"__1 _32b\"> </span></span></span></span></span>The G<span class=\"__1 _201\"/>roup\u2019s net defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x liabi<span class=\"__1 _201\"/>lity at 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 of \u00a312<span class=\"__1 _201\"/>9m chan<span class=\"__1 _201\"/>ged si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cantl<span class=\"__1 _201\"/>y from the d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y at<span class=\"__1 _32b\"> </span> 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021 of \u00a31<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>00m<span class=\"__1 _201\"/>, repres<span class=\"__1 _201\"/>enting a<span class=\"__1 _201\"/>n overall n<span class=\"__1 _201\"/>et movem<span class=\"__1 _201\"/>ent of \u00a31,<span class=\"__1 _200\"/>171m. The si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant m<span class=\"__1 _201\"/>ovement i<span class=\"__1 _201\"/>s pred<span class=\"__1 _201\"/>ominant<span class=\"__1 _201\"/>ly due<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/> to a decre<span class=\"__1 _201\"/>ase of de<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d tax liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y (DTL) ar<span class=\"__1 _201\"/>ising o<span class=\"__1 _201\"/>n unreali<span class=\"__1 _201\"/>sed l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s in the pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d togethe<span class=\"__1 _201\"/>r with an in<span class=\"__1 _201\"/>crease i<span class=\"__1 _201\"/>n the rec<span class=\"__1 _201\"/>ogniti<span class=\"__1 _201\"/>on<span class=\"__1 _32b\"> </span> of defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>ets (DT<span class=\"__1 _f_1\"/>A) o<span class=\"__1 _201\"/>n carr<span class=\"__1 _201\"/>y f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ward U<span class=\"__1 _201\"/>K tax los<span class=\"__1 _201\"/>ses of \u00a3<span class=\"__1 _201\"/>5<span class=\"__1 _200\"/>15m, of w<span class=\"__1 _201\"/>hich \u00a35<span class=\"__1 _201\"/>08m re<span class=\"__1 _201\"/>lates UK in<span class=\"__1 _201\"/>come ta<span class=\"__1 _201\"/>x los<span class=\"__1 _201\"/>ses ar<span class=\"__1 _201\"/>ising i<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span> per<span class=\"__1 _201\"/>iod of \u00a3<span class=\"__1 _201\"/>2,0<span class=\"__1 _201\"/>24m.<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nition of a DT<span class=\"__1 _f_1\"/>A re<span class=\"__1 _201\"/>lies o<span class=\"__1 _201\"/>n an ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment of th<span class=\"__1 _201\"/>e probab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y of future ta<span class=\"__1 _201\"/>xabl<span class=\"__1 _201\"/>e profits<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group\u2019s expe<span class=\"__1 _201\"/>ctati<span class=\"__1 _201\"/>ons of futu<span class=\"__1 _201\"/>re<span class=\"__1 _32b\"> </span> UK ta<span class=\"__1 _201\"/>xable p<span class=\"__1 _201\"/>rofits re<span class=\"__1 _201\"/>quire ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment ju<span class=\"__1 _201\"/>dgem<span class=\"__1 _201\"/>ent, an<span class=\"__1 _201\"/>d take into accou<span class=\"__1 _201\"/>nt the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s lon<span class=\"__1 _201\"/>g-term fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l and st<span class=\"__1 _201\"/>rategic p<span class=\"__1 _201\"/>lans an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> projected fut<span class=\"__1 _200\"/>ure<span class=\"__1 _200\"/> shareholder t<span class=\"__1 _200\"/>ransfers.<span class=\"__1 _32b\"> </span> The DT<span class=\"__1 _200\"/>A on tax los<span class=\"__1 _201\"/>ses c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>ied fo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ward at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 of \u00a3528<span class=\"__1 _201\"/>m (2021: \u00a313m) com<span class=\"__1 _201\"/>pris<span class=\"__1 _201\"/>es of \u00a350<span class=\"__1 _201\"/>8m in re<span class=\"__1 _201\"/>lation to UK<span class=\"__1 _201\"/> inco<span class=\"__1 _201\"/>me tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es (2021: \u00a3ni<span class=\"__1 _201\"/>l) and \u00a3<span class=\"__1 _201\"/>20m in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of UK c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l loss<span class=\"__1 _201\"/>es (202<span class=\"__1 _201\"/>1: \u00a313m). The DT<span class=\"__1 _f_1\"/>A on U<span class=\"__1 _201\"/>K inco<span class=\"__1 _201\"/>me tax lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s has be<span class=\"__1 _201\"/>en<span class=\"__1 _201\"/> reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in full b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d upon s<span class=\"__1 _201\"/>uffici<span class=\"__1 _201\"/>ent future ta<span class=\"__1 _201\"/>xabl<span class=\"__1 _201\"/>e profit<span class=\"__1 _201\"/>s arisin<span class=\"__1 _201\"/>g from sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>rs. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e trans<span class=\"__1 _201\"/>fers are c<span class=\"__1 _201\"/>onsid<span class=\"__1 _201\"/>ered<span class=\"__1 _201\"/> a reliab<span class=\"__1 _201\"/>le so<span class=\"__1 _201\"/>urce of profi<span class=\"__1 _201\"/>t and are a co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent mea<span class=\"__1 _201\"/>sure use<span class=\"__1 _201\"/>d in the G<span class=\"__1 _201\"/>roup\u2019s Busine<span class=\"__1 _201\"/>ss Pla<span class=\"__1 _201\"/>ns and S<span class=\"__1 _201\"/>olven<span class=\"__1 _201\"/>cy II c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ations<span class=\"__1 _201\"/>. The DT<span class=\"__1 _200\"/>A<span class=\"__1 _32b\"> </span> on UK c<span class=\"__1 _201\"/>apit<span class=\"__1 _201\"/>al los<span class=\"__1 _201\"/>ses has b<span class=\"__1 _201\"/>een p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tiall<span class=\"__1 _201\"/>y recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d and is ba<span class=\"__1 _201\"/>sed up<span class=\"__1 _201\"/>on exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d revers<span class=\"__1 _201\"/>al of the tax<span class=\"__1 _201\"/>able tem<span class=\"__1 _201\"/>pora<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y diffe<span class=\"__1 _201\"/>rence<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d on unre<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d gains o<span class=\"__1 _201\"/>n investm<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, onl<span class=\"__1 _201\"/>y a propo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tion of wh<span class=\"__1 _201\"/>ich are exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be availa<span class=\"__1 _201\"/>ble fo<span class=\"__1 _201\"/>r offs<span class=\"__1 _201\"/>et agains<span class=\"__1 _201\"/>t the U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span> capital los<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Mo<span class=\"__1 _201\"/>dellin<span class=\"__1 _201\"/>g was und<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>taken to review th<span class=\"__1 _201\"/>e recove<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y per<span class=\"__1 _201\"/>iod of the DT<span class=\"__1 _200\"/>A on both the i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e and ca<span class=\"__1 _201\"/>pital lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s. Un<span class=\"__1 _201\"/>der cur<span class=\"__1 _201\"/>rent UK t<span class=\"__1 _201\"/>ax<span class=\"__1 _32b\"> </span> leg<span class=\"__1 _201\"/>islatio<span class=\"__1 _201\"/>n, the<span class=\"__1 _201\"/>re is no tim<span class=\"__1 _201\"/>e limit on uti<span class=\"__1 _201\"/>lisatio<span class=\"__1 _201\"/>n of both th<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e and c<span class=\"__1 _201\"/>apital l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s, h<span class=\"__1 _201\"/>owever<span class=\"__1 _200\"/>, these ta<span class=\"__1 _201\"/>x los<span class=\"__1 _201\"/>ses c<span class=\"__1 _201\"/>an onl<span class=\"__1 _201\"/>y be use<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> again<span class=\"__1 _201\"/>st 50% o<span class=\"__1 _201\"/>f taxabl<span class=\"__1 _201\"/>e inco<span class=\"__1 _201\"/>me profi<span class=\"__1 _201\"/>ts and c<span class=\"__1 _201\"/>apital g<span class=\"__1 _201\"/>ains in fu<span class=\"__1 _201\"/>ture per<span class=\"__1 _201\"/>iods<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>se res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>tions i<span class=\"__1 _201\"/>n utilis<span class=\"__1 _201\"/>ation me<span class=\"__1 _201\"/>an that the va<span class=\"__1 _201\"/>lue of<span class=\"__1 _201\"/> the DT<span class=\"__1 _f_1\"/>A in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of in<span class=\"__1 _201\"/>come ta<span class=\"__1 _201\"/>x los<span class=\"__1 _201\"/>ses is o<span class=\"__1 _201\"/>nly exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be full<span class=\"__1 _201\"/>y recove<span class=\"__1 _201\"/>red by 203<span class=\"__1 _201\"/>5 in the ba<span class=\"__1 _201\"/>se cas<span class=\"__1 _201\"/>e forec<span class=\"__1 _201\"/>ast<span class=\"__1 _201\"/>. An imp<span class=\"__1 _201\"/>aired<span class=\"__1 _201\"/> sce<span class=\"__1 _201\"/>nario w<span class=\"__1 _201\"/>as also m<span class=\"__1 _201\"/>ode<span class=\"__1 _201\"/>lled w<span class=\"__1 _201\"/>hich refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted a 10% redu<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n of forec<span class=\"__1 _201\"/>as<span class=\"__1 _201\"/>t shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r trans<span class=\"__1 _201\"/>fer in ea<span class=\"__1 _201\"/>ch per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>, this exte<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d the<span class=\"__1 _32b\"> </span> recove<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y to 2037<span class=\"__1 _200\"/>. The inc<span class=\"__1 _201\"/>ome ta<span class=\"__1 _201\"/>x los<span class=\"__1 _201\"/>ses ar<span class=\"__1 _201\"/>ising in 20<span class=\"__1 _201\"/>22 are n<span class=\"__1 _201\"/>ot expe<span class=\"__1 _201\"/>cted to b<span class=\"__1 _201\"/>e recurr<span class=\"__1 _201\"/>ing in f<span class=\"__1 _201\"/>uture per<span class=\"__1 _201\"/>iods<span class=\"__1 _201\"/>, and g<span class=\"__1 _201\"/>iven the f<span class=\"__1 _201\"/>orec<span class=\"__1 _201\"/>ast<span class=\"__1 _201\"/> of future p<span class=\"__1 _201\"/>rofitab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y and the G<span class=\"__1 _201\"/>roup\u2019s commi<span class=\"__1 _201\"/>tment to the U<span class=\"__1 _201\"/>K market, i<span class=\"__1 _201\"/>n manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t\u2019s judg<span class=\"__1 _201\"/>ement i<span class=\"__1 _201\"/>t is proba<span class=\"__1 _201\"/>ble that th<span class=\"__1 _201\"/>e value of<span class=\"__1 _201\"/> the DT<span class=\"__1 _f_1\"/>A on l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es will b<span class=\"__1 _201\"/>e recove<span class=\"__1 _201\"/>red by the G<span class=\"__1 _201\"/>roup wh<span class=\"__1 _201\"/>ile stil<span class=\"__1 _201\"/>l oper<span class=\"__1 _201\"/>ating as a go<span class=\"__1 _201\"/>ing co<span class=\"__1 _201\"/>ncer<span class=\"__1 _201\"/>n. Th<span class=\"__1 _201\"/>e mode<span class=\"__1 _201\"/>lling of f<span class=\"__1 _201\"/>uture cap<span class=\"__1 _201\"/>ital gain<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> aris<span class=\"__1 _201\"/>ing on inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts sho<span class=\"__1 _201\"/>w that the rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed DT<span class=\"__1 _f_1\"/>A on c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l los<span class=\"__1 _201\"/>ses is exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be re<span class=\"__1 _201\"/>covered by 20<span class=\"__1 _201\"/>28.<span class=\"__1 _32b\"> </span>It is p<span class=\"__1 _201\"/>ossi<span class=\"__1 _201\"/>ble that f<span class=\"__1 _201\"/>uture tax law ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s could m<span class=\"__1 _201\"/>ateriall<span class=\"__1 _201\"/>y affe<span class=\"__1 _201\"/>ct the ti<span class=\"__1 _201\"/>ming of re<span class=\"__1 _201\"/>cover<span class=\"__1 _201\"/>y and th<span class=\"__1 _201\"/>e valu<span class=\"__1 _201\"/>e of these l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es ultim<span class=\"__1 _201\"/>ately<span class=\"__1 _201\"/> realis<span class=\"__1 _201\"/>ed by the G<span class=\"__1 _201\"/>roup.<span class=\"__1 _201\"/> The d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax ba<span class=\"__1 _201\"/>lance<span class=\"__1 _201\"/>s, af<span class=\"__1 _201\"/>ter net<span class=\"__1 _201\"/>ting<span class=\"__1 _201\"/>, aris<span class=\"__1 _201\"/>e in the fol<span class=\"__1 _201\"/>lowin<span class=\"__1 _201\"/>g par<span class=\"__1 _201\"/>ts of the G<span class=\"__1 _201\"/>roup: <span class=\"__1 _b_1\"> </span><span class=\"ls1_1\">D<span class=\"__1 _201\"/>efe<span class=\"__1 _201\"/>rre<span class=\"__1 _201\"/>d tax a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ts<span class=\"__1 _1a_1\"> </span><span class=\"ls3_1 ws69_1\">D<span class=\"__1 _201\"/>eferred tax liabilities<span class=\"__1 _32b\"> </span></span></span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _3e_1\"> </span><span class=\"ff1_1 ls1c_1 ws43_1\">594<span class=\"__1 _f4_1\"> </span></span><span class=\"ls1f_1 ws1e_1\">68<span class=\"__1 _228\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _14d_1\"> </span></span><span class=\"ls18_1 ws17_1\">(9<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span>Overseas<span class=\"__1 _205\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">57<span class=\"__1 _264\"> </span></span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _256\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>5)<span class=\"__1 _3f_1\"> </span></span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>59<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _280\"> </span><span class=\"ls3c_1 ws3d_1\">6<span class=\"__1 _201\"/>51<span class=\"__1 _226\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">11<span class=\"__1 _201\"/>9<span class=\"__1 _228\"> </span></span>(<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>0)<span class=\"__1 _282\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span></span>9 T<span class=\"__1 _337\"/>ax cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls7b_1 ws8e_1\">227<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>9.2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 Unrecognised<span class=\"__1 _200\"/> deferr<span class=\"__1 _200\"/>ed ta<span class=\"__1 _200\"/>x<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ax losses and t<span class=\"__1 _200\"/>emporar<span class=\"__1 _201\"/>y differ<span class=\"__1 _200\"/>ences<span class=\"__1 _32b\"> </span>At the end of t<span class=\"__1 _201\"/>he repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting pe<span class=\"__1 _201\"/>riod<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up have unus<span class=\"__1 _201\"/>ed tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es of \u00a34<span class=\"__1 _201\"/>81m (2021: \u00a3512m<span class=\"__1 _200\"/>) and temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces of \u00a3n<span class=\"__1 _201\"/>il<span class=\"__1 _32b\"> </span> (2021: \u00a3<span class=\"__1 _201\"/>2m) for whic<span class=\"__1 _201\"/>h no defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>et is bein<span class=\"__1 _201\"/>g reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e Group\u2019s unus<span class=\"__1 _201\"/>ed tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es prim<span class=\"__1 _201\"/>aril<span class=\"__1 _201\"/>y relate to cap<span class=\"__1 _201\"/>ital los<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/> in the U<span class=\"__1 _201\"/>K of \u00a3472m (2021: \u00a3<span class=\"__1 _201\"/>502m). No def<span class=\"__1 _201\"/>erred t<span class=\"__1 _201\"/>ax ass<span class=\"__1 _201\"/>et is rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e unuse<span class=\"__1 _201\"/>d tax lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of \u00a3481m as it i<span class=\"__1 _201\"/>s not cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> prob<span class=\"__1 _201\"/>able th<span class=\"__1 _201\"/>at future taxa<span class=\"__1 _201\"/>ble U<span class=\"__1 _201\"/>K capi<span class=\"__1 _201\"/>tal gains o<span class=\"__1 _201\"/>r other ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate profit<span class=\"__1 _201\"/>s will b<span class=\"__1 _201\"/>e availabl<span class=\"__1 _201\"/>e again<span class=\"__1 _201\"/>st whi<span class=\"__1 _201\"/>ch they ca<span class=\"__1 _201\"/>n be utili<span class=\"__1 _201\"/>sed<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Und<span class=\"__1 _201\"/>er UK law, ca<span class=\"__1 _201\"/>pital l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s can b<span class=\"__1 _201\"/>e car<span class=\"__1 _201\"/>ried f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ward in<span class=\"__1 _201\"/>defini<span class=\"__1 _201\"/>tely.<span class=\"__1 _32b\"> </span>Gro<span class=\"__1 _201\"/>up investm<span class=\"__1 _201\"/>ents in s<span class=\"__1 _201\"/>ubsid<span class=\"__1 _201\"/>iarie<span class=\"__1 _201\"/>s, br<span class=\"__1 _201\"/>anch<span class=\"__1 _201\"/>es and inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts<span class=\"__1 _32b\"> </span>Retain<span class=\"__1 _201\"/>ed ear<span class=\"__1 _201\"/>nings o<span class=\"__1 _201\"/>f overse<span class=\"__1 _201\"/>as subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es are exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be reinve<span class=\"__1 _201\"/>sted in<span class=\"__1 _201\"/>defini<span class=\"__1 _201\"/>tely or re<span class=\"__1 _201\"/>mitte<span class=\"__1 _201\"/>d to the UK fre<span class=\"__1 _201\"/>e from<span class=\"__1 _201\"/> fur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r taxatio<span class=\"__1 _201\"/>n by vir<span class=\"__1 _201\"/>tue of pa<span class=\"__1 _201\"/>rent com<span class=\"__1 _201\"/>pany exempti<span class=\"__1 _201\"/>ons on di<span class=\"__1 _201\"/>vide<span class=\"__1 _201\"/>nds fro<span class=\"__1 _201\"/>m subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es and o<span class=\"__1 _201\"/>n capit<span class=\"__1 _201\"/>al gains o<span class=\"__1 _201\"/>n dispo<span class=\"__1 _201\"/>sal.<span class=\"__1 _201\"/> Con<span class=\"__1 _201\"/>sequ<span class=\"__1 _201\"/>entiall<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, the Gro<span class=\"__1 _201\"/>up doe<span class=\"__1 _201\"/>s not con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>r there to be a<span class=\"__1 _201\"/>ny signifi<span class=\"__1 _201\"/>cant t<span class=\"__1 _201\"/>axabl<span class=\"__1 _201\"/>e tempo<span class=\"__1 _201\"/>rar<span class=\"__1 _201\"/>y diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es as<span class=\"__1 _201\"/>sociate<span class=\"__1 _201\"/>d with<span class=\"__1 _201\"/> inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es, b<span class=\"__1 _201\"/>ranch<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>, asso<span class=\"__1 _201\"/>ciates an<span class=\"__1 _201\"/>d joint ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>9.<span class=\"__1 _201\"/>3 Curre<span class=\"__1 _201\"/>nt tax an<span class=\"__1 _201\"/>d othe<span class=\"__1 _201\"/>r tax as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and li<span class=\"__1 _201\"/>abi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es <span class=\"__1 _249\"> </span><span class=\"ls14_1 ws92_1\">Current tax asset<span class=\"__1 _201\"/>s<span class=\"__1 _2c_1\"> </span><span class=\"ls3_1 ws69_1\">Current tax liabilities<span class=\"__1 _32b\"> </span></span></span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Corporation tax<span class=\"__1 _fd_1\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">254<span class=\"__1 _2c_1\"> </span></span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>47<span class=\"__1 _224\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(5<span class=\"__1 _201\"/>8)<span class=\"__1 _240\"> </span></span><span class=\"ls28_1 ws28_1\">(<span class=\"__1 _f_1\"/>300<span class=\"__1 _32b\"> </span></span></span><span class=\"ls45_1 ws49_1\"><span class=\"ls28_1 ws28_1\">)<span class=\"__1 _32b\"> </span></span></span>Other tax<span class=\"__1 _200\"/>es<span class=\"__1 _14e_1\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">35<span class=\"__1 _f4_1\"> </span></span><span class=\"ls1c_1 ws43_1\">28<span class=\"__1 _288\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>5)<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1\">(59<span class=\"__1 _32b\"> </span></span></span></span><span class=\"ls1c_1 ws43_1\"><span class=\"ff1_1 ls18_1 ws17_1\"><span class=\"ff2_1\">)<span class=\"__1 _32b\"> </span></span></span></span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _14f_1\"> </span><span class=\"ls15_1 ws14_1\">289<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1 ls32_1 ws33_1\">375<span class=\"__1 _f4_1\"> </span></span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>3)<span class=\"__1 _3f_1\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>59<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span>Movem<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>n corp<span class=\"__1 _201\"/>oratio<span class=\"__1 _201\"/>n tax cur<span class=\"__1 _201\"/>rent tax as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ere as foll<span class=\"__1 _201\"/>ows:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net c<span class=\"__1 _201\"/>orpo<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>on tax as<span class=\"__1 _201\"/>set as a<span class=\"__1 _201\"/>t 1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y<span class=\"__1 _350\"> </span><span class=\"ls1b_1 ws1a_1\">47<span class=\"__1 _231\"> </span><span class=\"ff2_1 ls45_1 ws49_1\">146<span class=\"__1 _32b\"> </span></span></span>Income stat<span class=\"__1 _200\"/>ement<span class=\"__1 _351\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>9)<span class=\"__1 _220\"> </span></span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span></span>Res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves move<span class=\"__1 _201\"/>ment fo<span class=\"__1 _201\"/>r the pe<span class=\"__1 _201\"/>riod<span class=\"__1 _352\"> </span><span class=\"ff1_1 ls5_1\">1<span class=\"__1 _353\"> </span><span class=\"ff2_1\">1<span class=\"__1 _32b\"> </span></span></span>Corporation tax<span class=\"__1 _200\"/> paid<span class=\"__1 _354\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">268<span class=\"__1 _253\"> </span></span><span class=\"ls22_1 ws21_1\">3<span class=\"__1 _201\"/>32<span class=\"__1 _32b\"> </span></span>Other movemen<span class=\"__1 _200\"/>ts<span class=\"__1 _310\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">19<span class=\"__1 _8a_1\"> </span></span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _32b\"> </span></span>Foreig<span class=\"__1 _201\"/>n exchange<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span><span class=\"ff2_1\">\u2014<span class=\"__1 _32b\"> </span></span>Net c<span class=\"__1 _201\"/>orpo<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>on tax as<span class=\"__1 _201\"/>set as a<span class=\"__1 _201\"/>t 31 Dec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er<span class=\"__1 _355\"> </span><span class=\"ls40_1 ws44_1\">196<span class=\"__1 _271\"> </span><span class=\"ff2_1 ls45_1 ws49_1\">47<span class=\"__1 _32b\"> </span></span></span>Corporation t<span class=\"__1 _200\"/>ax assets<span class=\"__1 _4e_1\"> </span><span class=\"ls3f_1 ws41_1\">254<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1 ls45_1 ws49_1\">3<span class=\"__1 _201\"/>47<span class=\"__1 _32b\"> </span></span></span>UK<span class=\"__1 _356\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">213<span class=\"__1 _231\"> </span><span class=\"ff2_1\">316<span class=\"__1 _32b\"> </span></span></span>Overseas<span class=\"__1 _357\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">41<span class=\"__1 _230\"> </span></span><span class=\"lsc_1 wsa_1\">31<span class=\"__1 _32b\"> </span></span>Corporation<span class=\"__1 _200\"/> tax<span class=\"__1 _200\"/> liabilities<span class=\"__1 _274\"> </span><span class=\"ls17_1 ws16_1\">(5<span class=\"__1 _201\"/>8)<span class=\"__1 _240\"> </span><span class=\"ff2_1 ls28_1 ws28_1\">(<span class=\"__1 _200\"/>300<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></span></span>UK<span class=\"__1 _358\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>4)<span class=\"__1 _220\"> </span></span><span class=\"ls74_1 ws89_1\">(2<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Overseas<span class=\"__1 _359\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>4)<span class=\"__1 _253\"> </span></span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span>Net c<span class=\"__1 _201\"/>orpo<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>on tax as<span class=\"__1 _201\"/>set as a<span class=\"__1 _201\"/>t 31 Dec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er<span class=\"__1 _355\"> </span><span class=\"ls40_1 ws44_1\">196<span class=\"__1 _271\"> </span><span class=\"ff2_1 ls45_1 ws49_1\">47<span class=\"__1 _32b\"> </span></span></span>All co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>ration ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>ets and li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es are exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be set<span class=\"__1 _201\"/>tled w<span class=\"__1 _201\"/>ithin 12 mo<span class=\"__1 _201\"/>nths.<span class=\"__1 _32b\"> </span>On<span class=\"__1 _201\"/>e of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es, T<span class=\"__1 _201\"/>he Pr<span class=\"__1 _201\"/>udent<span class=\"__1 _201\"/>ial As<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce Com<span class=\"__1 _201\"/>pany Lim<span class=\"__1 _201\"/>ited, is th<span class=\"__1 _201\"/>e lead l<span class=\"__1 _201\"/>itigant in a c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ed gro<span class=\"__1 _201\"/>up acti<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/> again<span class=\"__1 _201\"/>st HM R<span class=\"__1 _201\"/>evenue an<span class=\"__1 _201\"/>d Custom<span class=\"__1 _201\"/>s (HMR<span class=\"__1 _201\"/>C) concer<span class=\"__1 _201\"/>ning th<span class=\"__1 _201\"/>e corre<span class=\"__1 _201\"/>ct hi<span class=\"__1 _201\"/>stori<span class=\"__1 _201\"/>cal ta<span class=\"__1 _201\"/>x treatmen<span class=\"__1 _201\"/>t appl<span class=\"__1 _201\"/>ying to di<span class=\"__1 _201\"/>vide<span class=\"__1 _201\"/>nds rec<span class=\"__1 _201\"/>eive<span class=\"__1 _201\"/>d from<span class=\"__1 _201\"/> overs<span class=\"__1 _201\"/>eas po<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>o invest<span class=\"__1 _201\"/>ments of i<span class=\"__1 _201\"/>ts With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund.<span class=\"__1 _201\"/> In Feb<span class=\"__1 _201\"/>ruar<span class=\"__1 _201\"/>y 2018<span class=\"__1 _201\"/>, the Su<span class=\"__1 _201\"/>preme C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t he<span class=\"__1 _201\"/>ard HMR<span class=\"__1 _201\"/>C\u2019s appe<span class=\"__1 _201\"/>al again<span class=\"__1 _201\"/>st the ea<span class=\"__1 _201\"/>rlie<span class=\"__1 _201\"/>r Cour<span class=\"__1 _201\"/>t of Ap<span class=\"__1 _201\"/>peal d<span class=\"__1 _201\"/>ecis<span class=\"__1 _201\"/>ion in PA<span class=\"__1 _200\"/>C\u2019s favour<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> The d<span class=\"__1 _201\"/>ecis<span class=\"__1 _201\"/>ion of the S<span class=\"__1 _201\"/>uprem<span class=\"__1 _201\"/>e Cour<span class=\"__1 _201\"/>t, re<span class=\"__1 _201\"/>leas<span class=\"__1 _201\"/>ed in Ju<span class=\"__1 _201\"/>ly 2018<span class=\"__1 _201\"/>, uphel<span class=\"__1 _201\"/>d the mai<span class=\"__1 _201\"/>n point of di<span class=\"__1 _201\"/>spute in PA<span class=\"__1 _200\"/>C\u2019s favour bu<span class=\"__1 _201\"/>t reverse<span class=\"__1 _201\"/>d the<span class=\"__1 _201\"/> dec<span class=\"__1 _201\"/>ision<span class=\"__1 _201\"/>s of the lowe<span class=\"__1 _201\"/>r cour<span class=\"__1 _201\"/>ts o<span class=\"__1 _201\"/>n some p<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>tical p<span class=\"__1 _201\"/>oints o<span class=\"__1 _201\"/>f how to appl<span class=\"__1 _201\"/>y that pr<span class=\"__1 _201\"/>incipl<span class=\"__1 _201\"/>e. The S<span class=\"__1 _201\"/>uprem<span class=\"__1 _201\"/>e Cour<span class=\"__1 _201\"/>t is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d its ord<span class=\"__1 _201\"/>er giv<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/> effe<span class=\"__1 _201\"/>ct to its d<span class=\"__1 _201\"/>ecis<span class=\"__1 _201\"/>ion in O<span class=\"__1 _201\"/>ctob<span class=\"__1 _201\"/>er 2019, stati<span class=\"__1 _201\"/>ng any remai<span class=\"__1 _201\"/>ning is<span class=\"__1 _201\"/>sues o<span class=\"__1 _201\"/>f compu<span class=\"__1 _201\"/>tation b<span class=\"__1 _201\"/>e remit<span class=\"__1 _201\"/>ted back to th<span class=\"__1 _201\"/>e High C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t. P<span class=\"__1 _200\"/>AC and<span class=\"__1 _32b\"> </span> HM<span class=\"__1 _201\"/>RC are wor<span class=\"__1 _201\"/>king thro<span class=\"__1 _201\"/>ugh the m<span class=\"__1 _201\"/>echan<span class=\"__1 _201\"/>ics of i<span class=\"__1 _201\"/>mple<span class=\"__1 _201\"/>mentin<span class=\"__1 _201\"/>g the Sup<span class=\"__1 _201\"/>reme Co<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>t deci<span class=\"__1 _201\"/>sions<span class=\"__1 _201\"/>. T<span class=\"__1 _f_1\"/>o date<span class=\"__1 _201\"/>, this wor<span class=\"__1 _201\"/>k has le<span class=\"__1 _201\"/>d to a<span class=\"__1 _32b\"> </span> redu<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n in the es<span class=\"__1 _201\"/>timate for p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder t<span class=\"__1 _201\"/>ax credi<span class=\"__1 _201\"/>t recover<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>, and the as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iated es<span class=\"__1 _201\"/>timate of intere<span class=\"__1 _201\"/>st rec<span class=\"__1 _201\"/>eivab<span class=\"__1 _201\"/>le.<span class=\"__1 _201\"/> As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, P<span class=\"__1 _200\"/>A<span class=\"__1 _200\"/>C has re<span class=\"__1 _201\"/>cognis<span class=\"__1 _201\"/>ed a total p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder t<span class=\"__1 _201\"/>ax credi<span class=\"__1 _201\"/>t of \u00a31<span class=\"__1 _200\"/>14m (2021: \u00a3114m) in respe<span class=\"__1 _201\"/>ct of i<span class=\"__1 _201\"/>ts claim a<span class=\"__1 _201\"/>gains<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> HM<span class=\"__1 _201\"/>RC. O<span class=\"__1 _201\"/>f this amo<span class=\"__1 _201\"/>unt, \u00a34<span class=\"__1 _201\"/>0m (202<span class=\"__1 _201\"/>1: \u00a340m) has b<span class=\"__1 _201\"/>een p<span class=\"__1 _201\"/>aid by HM<span class=\"__1 _201\"/>RC leav<span class=\"__1 _201\"/>ing a tax re<span class=\"__1 _201\"/>coverab<span class=\"__1 _201\"/>le bal<span class=\"__1 _201\"/>ance of \u00a3<span class=\"__1 _201\"/>7<span class=\"__1 _200\"/>4m (2021: \u00a3<span class=\"__1 _201\"/>7<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>m)<span class=\"__1 _32b\"> </span> reco<span class=\"__1 _201\"/>rded as a<span class=\"__1 _201\"/>n amoun<span class=\"__1 _201\"/>t of tax due f<span class=\"__1 _201\"/>rom HM<span class=\"__1 _201\"/>RC. PA<span class=\"__1 _200\"/>C will be e<span class=\"__1 _201\"/>ntitle<span class=\"__1 _201\"/>d to interes<span class=\"__1 _201\"/>t on the tax re<span class=\"__1 _201\"/>paid<span class=\"__1 _201\"/>. As a res<span class=\"__1 _201\"/>ult of the COVI<span class=\"__1 _201\"/>D<span class=\"__1 _32b\"> </span> pan<span class=\"__1 _201\"/>demic th<span class=\"__1 _201\"/>e timing to fi<span class=\"__1 _201\"/>nalis<span class=\"__1 _201\"/>e the iss<span class=\"__1 _201\"/>ue has b<span class=\"__1 _201\"/>een fu<span class=\"__1 _201\"/>rth<span class=\"__1 _201\"/>er de<span class=\"__1 _201\"/>layed. It i<span class=\"__1 _201\"/>s now expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to be final<span class=\"__1 _201\"/>ised d<span class=\"__1 _201\"/>uring 2<span class=\"__1 _201\"/>023 at whi<span class=\"__1 _201\"/>ch poin<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> P<span class=\"__1 _200\"/>AC should re<span class=\"__1 _201\"/>cei<span class=\"__1 _201\"/>ve full and fi<span class=\"__1 _201\"/>nal pay<span class=\"__1 _201\"/>ment.<span class=\"__1 _32b\"> </span>9 T<span class=\"__1 _337\"/>ax cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>228<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G plc</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> A<span class=\"__1 _201\"/>nnual Report and Accounts<span class=\"__1 _200\"/> 2022<span class=\"__1 _32b\"> </span></span></span>9.4 Change<span class=\"__1 _200\"/> in corpor<span class=\"__1 _200\"/>ation<span class=\"__1 _200\"/> tax r<span class=\"__1 _200\"/>ate<span class=\"__1 _32b\"> </span>On 10 Ju<span class=\"__1 _201\"/>ne 2021, th<span class=\"__1 _201\"/>e UK G<span class=\"__1 _201\"/>overnm<span class=\"__1 _201\"/>ent\u2019s pro<span class=\"__1 _201\"/>posa<span class=\"__1 _201\"/>l to increas<span class=\"__1 _201\"/>e the rate of UK c<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>oratio<span class=\"__1 _201\"/>n tax from 19<span class=\"__1 _201\"/>% to 25% with effe<span class=\"__1 _201\"/>ct fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> 1 Apr<span class=\"__1 _201\"/>il 2023 w<span class=\"__1 _201\"/>as enac<span class=\"__1 _201\"/>ted into U<span class=\"__1 _201\"/>K law. Changes i<span class=\"__1 _201\"/>n tax laws an<span class=\"__1 _201\"/>d rates may aff<span class=\"__1 _201\"/>ect re<span class=\"__1 _201\"/>cord<span class=\"__1 _201\"/>ed defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>ets and l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/> and o<span class=\"__1 _201\"/>ur effe<span class=\"__1 _201\"/>ctive ta<span class=\"__1 _201\"/>x rate in the f<span class=\"__1 _201\"/>uture. We expec<span class=\"__1 _201\"/>t that, i<span class=\"__1 _201\"/>n line wit<span class=\"__1 _201\"/>h the rate incre<span class=\"__1 _201\"/>ase, p<span class=\"__1 _201\"/>ropos<span class=\"__1 _201\"/>ed, th<span class=\"__1 _201\"/>ere will b<span class=\"__1 _201\"/>e an incre<span class=\"__1 _201\"/>ase to our<span class=\"__1 _201\"/> effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve tax rate for p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ods from 2<span class=\"__1 _201\"/>023 onwa<span class=\"__1 _201\"/>rds.<span class=\"__1 _201\"/> 10 Earnings p<span class=\"__1 _201\"/>er share<span class=\"__1 _32b\"> </span>Basi<span class=\"__1 _201\"/>c earn<span class=\"__1 _201\"/>ings pe<span class=\"__1 _201\"/>r share fo<span class=\"__1 _201\"/>r the year e<span class=\"__1 _201\"/>nded 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 w<span class=\"__1 _201\"/>as (66.0)p (202<span class=\"__1 _201\"/>1: 3.<span class=\"__1 _201\"/>3p) and dilute<span class=\"__1 _201\"/>d earn<span class=\"__1 _201\"/>ings pe<span class=\"__1 _201\"/>r share wa<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> (66.0)p (20<span class=\"__1 _201\"/>21: 3.<span class=\"__1 _201\"/>2p). Basic e<span class=\"__1 _201\"/>arnin<span class=\"__1 _201\"/>gs per s<span class=\"__1 _201\"/>hare is ba<span class=\"__1 _201\"/>sed on t<span class=\"__1 _201\"/>he weigh<span class=\"__1 _201\"/>ted averag<span class=\"__1 _201\"/>e ordinar<span class=\"__1 _250\"/>y share<span class=\"__1 _201\"/>s in issu<span class=\"__1 _201\"/>e afte<span class=\"__1 _201\"/>r dedu<span class=\"__1 _201\"/>ctin<span class=\"__1 _201\"/>g treasur<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> share<span class=\"__1 _201\"/>s and sh<span class=\"__1 _201\"/>ares he<span class=\"__1 _201\"/>ld by the em<span class=\"__1 _201\"/>ployee b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit trus<span class=\"__1 _201\"/>t. Dil<span class=\"__1 _201\"/>uted EP<span class=\"__1 _201\"/>S is base<span class=\"__1 _201\"/>d on the p<span class=\"__1 _201\"/>otential fu<span class=\"__1 _201\"/>ture share<span class=\"__1 _201\"/>s in iss<span class=\"__1 _201\"/>ue resul<span class=\"__1 _201\"/>ting from<span class=\"__1 _201\"/> exercise o<span class=\"__1 _201\"/>f options u<span class=\"__1 _201\"/>nder th<span class=\"__1 _201\"/>e vari<span class=\"__1 _201\"/>ous sha<span class=\"__1 _201\"/>re-b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d payme<span class=\"__1 _201\"/>nt sche<span class=\"__1 _201\"/>mes in a<span class=\"__1 _201\"/>dditio<span class=\"__1 _201\"/>n to the weighte<span class=\"__1 _201\"/>d averag<span class=\"__1 _201\"/>e ordinar<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>hares in<span class=\"__1 _201\"/> iss<span class=\"__1 _201\"/>ue. Th<span class=\"__1 _201\"/>e weighte<span class=\"__1 _201\"/>d average<span class=\"__1 _201\"/> ordinar<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>hares in i<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>e reflec<span class=\"__1 _201\"/>ts th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t of the sh<span class=\"__1 _201\"/>are buy-<span class=\"__1 _201\"/>back d<span class=\"__1 _201\"/>uring th<span class=\"__1 _201\"/>e year<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e shows d<span class=\"__1 _201\"/>etails of b<span class=\"__1 _201\"/>asic an<span class=\"__1 _201\"/>d dilute<span class=\"__1 _201\"/>d earnin<span class=\"__1 _201\"/>gs per s<span class=\"__1 _201\"/>hare:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> 2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>(Loss<span class=\"__1 _200\"/>)<span class=\"__1 _200\"/>/<span class=\"__1 _f_1\"/>profit attribut<span class=\"__1 _200\"/>able to<span class=\"__1 _200\"/> equity holders<span class=\"__1 _200\"/> of t<span class=\"__1 _200\"/>he Compan<span class=\"__1 _200\"/>y<span class=\"__1 _15a_1\"> </span><span class=\"ls28_1 ws28_1\">(<span class=\"__1 _f_1\"/>1,632)<span class=\"__1 _228\"> </span><span class=\"ff2_1 ls29_1 ws29_1\">83<span class=\"__1 _32b\"> </span></span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> 2022<span class=\"__1 _32b\"> </span>Millions<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>Millions<span class=\"__1 _32b\"> </span>W<span class=\"__1 _200\"/>eight<span class=\"__1 _200\"/>ed a<span class=\"__1 _200\"/>ver<span class=\"__1 _200\"/>age number o<span class=\"__1 _200\"/>f ordinary shar<span class=\"__1 _200\"/>es outstanding<span class=\"__1 _15b_1\"> </span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _250\"/>,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>74<span class=\"__1 _204\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">2,542<span class=\"__1 _32b\"> </span></span></span>Dilu<span class=\"__1 _201\"/>tive effe<span class=\"__1 _201\"/>ct of s<span class=\"__1 _201\"/>hare optio<span class=\"__1 _201\"/>ns and awa<span class=\"__1 _201\"/>rds<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>33<span class=\"__1 _32b\"> </span>Weighted aver<span class=\"__1 _201\"/>age num<span class=\"__1 _201\"/>ber of dil<span class=\"__1 _201\"/>uted ordi<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y sha<span class=\"__1 _201\"/>res outs<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ing<span class=\"__1 _15c_1\"> </span><span class=\"ff1_1 ls43_1 ws47_1\">2<span class=\"__1 _250\"/>,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>74<span class=\"__1 _208\"> </span></span><span class=\"ls32_1 ws33_1\">2<span class=\"__1 _201\"/>,5<span class=\"__1 _201\"/>75<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> 2022<span class=\"__1 _32b\"> </span>Pence<span class=\"__1 _32b\"> </span> per share<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>Pence<span class=\"__1 _32b\"> </span> per share<span class=\"__1 _32b\"> </span>Basic (lo<span class=\"__1 _200\"/>ss<span class=\"__1 _200\"/>)<span class=\"__1 _200\"/>/<span class=\"__1 _f_1\"/>earnings per<span class=\"__1 _200\"/> share<span class=\"__1 _e4_1\"> </span><span class=\"ls11_1 ws10_1\">(66<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>0)<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">3.3<span class=\"__1 _32b\"> </span></span></span>Diluted (<span class=\"__1 _200\"/>loss<span class=\"__1 _200\"/>)<span class=\"__1 _200\"/>/<span class=\"__1 _f_1\"/>earnings per<span class=\"__1 _200\"/> share<span class=\"__1 _15d_1\"> </span><span class=\"ls11_1 ws10_1\">(6<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>.0)<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">3.<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span>As th<span class=\"__1 _201\"/>e Group h<span class=\"__1 _201\"/>as made a l<span class=\"__1 _201\"/>oss at<span class=\"__1 _201\"/>tribu<span class=\"__1 _201\"/>table to e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y hol<span class=\"__1 _201\"/>ders of t<span class=\"__1 _201\"/>he Com<span class=\"__1 _201\"/>pany for th<span class=\"__1 _201\"/>e year en<span class=\"__1 _201\"/>ded 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the dilute<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> ear<span class=\"__1 _201\"/>nings p<span class=\"__1 _201\"/>er share i<span class=\"__1 _201\"/>s the sam<span class=\"__1 _201\"/>e as the ba<span class=\"__1 _201\"/>sic ear<span class=\"__1 _201\"/>nings p<span class=\"__1 _201\"/>er sha<span class=\"__1 _201\"/>re as it is not p<span class=\"__1 _201\"/>ermi<span class=\"__1 _201\"/>ssib<span class=\"__1 _201\"/>le for th<span class=\"__1 _201\"/>e diluted e<span class=\"__1 _201\"/>arnin<span class=\"__1 _201\"/>gs per s<span class=\"__1 _201\"/>hare to be<span class=\"__1 _201\"/> greater th<span class=\"__1 _201\"/>an the bas<span class=\"__1 _201\"/>ic ear<span class=\"__1 _201\"/>nings p<span class=\"__1 _201\"/>er share<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>11 Dividends <span class=\"__1 _15e_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _15f_1\"> </span>2021<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> Pence <span class=\"ls5_1 ws1_1\"> </span>per share<span class=\"__1 _219\"> </span><span class=\"ls4_1 ws4_1\">\u00a3m<span class=\"__1 _32b\"> </span></span>Pence <span class=\"ls5_1 ws1_1\"> </span>per share<span class=\"__1 _219\"> </span><span class=\"ls4_1 ws4_1\">\u00a3m<span class=\"__1 _32b\"> </span></span>Dividends r<span class=\"__1 _200\"/>elating t<span class=\"__1 _200\"/>o r<span class=\"__1 _200\"/>eporting period:<span class=\"__1 _32b\"> </span>Firs<span class=\"__1 _201\"/>t interi<span class=\"__1 _201\"/>m divi<span class=\"__1 _201\"/>dend \u2013 O<span class=\"__1 _201\"/>rdinar<span class=\"__1 _201\"/>y<span class=\"__1 _360\"> </span><span class=\"ff1_1 ls7f_1 ws93_1\">6.2<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">154<span class=\"__1 _311\"> </span></span></span><span class=\"ls43_1 ws47_1\">6<span class=\"__1 _201\"/>.1<span class=\"__1 _252\"> </span><span class=\"ls4d_1 ws54_1\">156<span class=\"__1 _32b\"> </span></span></span>Se<span class=\"__1 _201\"/>cond in<span class=\"__1 _201\"/>terim di<span class=\"__1 _201\"/>vide<span class=\"__1 _201\"/>nd \u2013 Ordi<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y<span class=\"__1 _361\"> </span><span class=\"ff1_1 ls47_1 ws4d_1\">1<span class=\"__1 _200\"/>3.4<span class=\"__1 _c_1\"> </span><span class=\"ls19_1 ws18_1\">310<span class=\"__1 _271\"> </span><span class=\"ff2_1 lse_1 wsc_1\">12.<span class=\"__1 _201\"/>2<span class=\"__1 _226\"> </span><span class=\"ls11_1 ws10_1\">3<span class=\"__1 _201\"/>11<span class=\"__1 _32b\"> </span></span></span></span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _362\"> </span><span class=\"ls32_1 ws33_1\">19.6<span class=\"__1 _223\"> </span><span class=\"ls10_1 wsf_1\">464<span class=\"__1 _f4_1\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">18.<span class=\"__1 _201\"/>3<span class=\"__1 _253\"> </span><span class=\"ls1f_1 ws1e_1\">467<span class=\"__1 _32b\"> </span></span></span></span></span>Dividends paid<span class=\"__1 _200\"/> in r<span class=\"__1 _200\"/>eporting period:<span class=\"__1 _32b\"> </span>Pri<span class=\"__1 _201\"/>or year<span class=\"__1 _201\"/>\u2019s secon<span class=\"__1 _201\"/>d interim di<span class=\"__1 _201\"/>vid<span class=\"__1 _201\"/>end \u2013 O<span class=\"__1 _201\"/>rdinar<span class=\"__1 _201\"/>y<span class=\"__1 _363\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">12<span class=\"__1 _201\"/>.2<span class=\"__1 _252\"> </span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>11<span class=\"__1 _271\"> </span></span></span><span class=\"lse_1 wsc_1\">12.<span class=\"__1 _201\"/>2<span class=\"__1 _231\"> </span><span class=\"ls4d_1 ws54_1\">310<span class=\"__1 _32b\"> </span></span></span>Firs<span class=\"__1 _201\"/>t interi<span class=\"__1 _201\"/>m divi<span class=\"__1 _201\"/>dend \u2013 O<span class=\"__1 _201\"/>rdinar<span class=\"__1 _201\"/>y<span class=\"__1 _360\"> </span><span class=\"ff1_1 ls7f_1 ws93_1\">6.2<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">154<span class=\"__1 _311\"> </span></span></span><span class=\"ls43_1 ws47_1\">6<span class=\"__1 _201\"/>.1<span class=\"__1 _252\"> </span><span class=\"ls4d_1 ws54_1\">156<span class=\"__1 _32b\"> </span></span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _323\"> </span><span class=\"lsd_1 wsb_1\">465<span class=\"__1 _b7_1\"> </span><span class=\"ff2_1 ls3f_1 ws41_1\">466<span class=\"__1 _32b\"> </span></span></span>Subs<span class=\"__1 _201\"/>eque<span class=\"__1 _201\"/>nt to 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, the B<span class=\"__1 _201\"/>oard ha<span class=\"__1 _201\"/>s decla<span class=\"__1 _201\"/>red a se<span class=\"__1 _201\"/>cond i<span class=\"__1 _201\"/>nterim di<span class=\"__1 _201\"/>vide<span class=\"__1 _201\"/>nd for 20<span class=\"__1 _201\"/>22 of 13<span class=\"__1 _201\"/>.4 pe<span class=\"__1 _201\"/>nce pe<span class=\"__1 _201\"/>r ordinar<span class=\"__1 _250\"/>y share<span class=\"__1 _201\"/> and<span class=\"__1 _201\"/>, an est<span class=\"__1 _201\"/>imated \u00a33<span class=\"__1 _201\"/>10m in total. T<span class=\"__1 _201\"/>he di<span class=\"__1 _201\"/>vide<span class=\"__1 _201\"/>nd is exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be pai<span class=\"__1 _201\"/>d on 27 Ap<span class=\"__1 _201\"/>ril 202<span class=\"__1 _201\"/>3 and wil<span class=\"__1 _201\"/>l be rec<span class=\"__1 _201\"/>orded a<span class=\"__1 _201\"/>s an appro<span class=\"__1 _201\"/>priati<span class=\"__1 _201\"/>on of<span class=\"__1 _32b\"> </span> retain<span class=\"__1 _201\"/>ed ear<span class=\"__1 _201\"/>nings in th<span class=\"__1 _201\"/>e finan<span class=\"__1 _201\"/>cial st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>s at the time th<span class=\"__1 _201\"/>at it is paid<span class=\"__1 _201\"/>. The fi<span class=\"__1 _201\"/>nal div<span class=\"__1 _201\"/>iden<span class=\"__1 _201\"/>d amou<span class=\"__1 _201\"/>nt per o<span class=\"__1 _201\"/>rdinar<span class=\"__1 _201\"/>y sh<span class=\"__1 _201\"/>are is imp<span class=\"__1 _201\"/>acte<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> by the sh<span class=\"__1 _201\"/>are buy-<span class=\"__1 _201\"/>back pro<span class=\"__1 _201\"/>gram<span class=\"__1 _201\"/>me, se<span class=\"__1 _201\"/>e Note 22 f<span class=\"__1 _201\"/>or fur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r detail<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>9 T<span class=\"__1 _337\"/>ax cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls35_1 ws4a_1\">229<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>12 Goodwill and in<span class=\"__1 _200\"/>tangible asse<span class=\"__1 _200\"/>ts <span class=\"__1 _364\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _5b_1\"> </span>2021<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Goo<span class=\"__1 _201\"/>dwill<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Intangibles<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Goo<span class=\"__1 _201\"/>dwill<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Intangibles<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Cost<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _365\"> </span><span class=\"ls17_1 ws16_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>411<span class=\"__1 _252\"> </span><span class=\"ls1f_1 ws1e_1\">338<span class=\"__1 _4a_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>9<span class=\"__1 _231\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>375<span class=\"__1 _253\"> </span><span class=\"ls15_1 ws14_1\">255<span class=\"__1 _208\"> </span></span>1,6<span class=\"__1 _201\"/>30<span class=\"__1 _32b\"> </span></span></span></span></span>Add<span class=\"__1 _201\"/>iti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Arising on acquisitio<span class=\"__1 _201\"/>ns<span class=\"__1 _366\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">166<span class=\"__1 _264\"> </span><span class=\"ls40_1 ws44_1\">69<span class=\"__1 _c_1\"> </span><span class=\"lsb_1 ws32_1\">235<span class=\"__1 _353\"> </span></span></span></span><span class=\"ls5_1 ws1_1\">38<span class=\"__1 _232\"> </span><span class=\"ls15_1 ws14_1\">87<span class=\"__1 _252\"> </span><span class=\"lse_1 wsc_1\">125<span class=\"__1 _32b\"> </span></span></span></span>Interna<span class=\"__1 _200\"/>lly generat<span class=\"__1 _200\"/>ed<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>7<span class=\"__1 _2b_1\"> </span>7<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>7<span class=\"__1 _367\"> </span>7<span class=\"__1 _32b\"> </span>Other pur<span class=\"__1 _200\"/>chases<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>76<span class=\"__1 _f4_1\"> </span>76<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>47<span class=\"__1 _271\"> </span>47<span class=\"__1 _32b\"> </span>Disposals and trans<span class=\"__1 _201\"/>fers<span class=\"__1 _368\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4)<span class=\"__1 _229\"> </span>(4<span class=\"__1 _201\"/>)<span class=\"__1 _219\"> </span><span class=\"ls12_1 ws11_1\">(8)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>(5<span class=\"__1 _201\"/>4)<span class=\"__1 _253\"> </span>(5<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _369\"> </span><span class=\"ff1_1 ls5_1\">7<span class=\"__1 _333\"> </span>4<span class=\"__1 _264\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _329\"> </span></span></span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _232\"> </span><span class=\"ls57_1 ws61_1\">(4)<span class=\"__1 _232\"> </span><span class=\"ls25_1 ws25_1\">(6)<span class=\"__1 _32b\"> </span></span></span></span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _16a_1\"> </span><span class=\"ls15_1 ws14_1\">1,580<span class=\"__1 _231\"> </span><span class=\"ls27_1 ws27_1\">490<span class=\"__1 _243\"> </span><span class=\"lsc_1 wsa_1\">2<span class=\"__1 _201\"/>,070<span class=\"__1 _226\"> </span><span class=\"ff2_1 ls4a_1 ws50_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>411<span class=\"__1 _253\"> </span><span class=\"ls5_1 ws1_1\">338<span class=\"__1 _7d_1\"> </span><span class=\"ls3d_1 ws3f_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>Acc<span class=\"__1 _200\"/>umulated<span class=\"__1 _200\"/> amortisation and<span class=\"__1 _200\"/> impairment<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _16b_1\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _201\"/>0)<span class=\"__1 _270\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>14<span class=\"__1 _201\"/>)<span class=\"__1 _7d_1\"> </span>(1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4)<span class=\"__1 _230\"> </span><span class=\"ff2_1 ls18_1 ws17_1\">(2<span class=\"__1 _201\"/>0)<span class=\"__1 _222\"> </span><span class=\"lsa_1 ws8_1\">(115<span class=\"__1 _201\"/>)<span class=\"__1 _220\"> </span>(13<span class=\"__1 _250\"/>5)<span class=\"__1 _32b\"> </span></span></span></span></span>Amor<span class=\"__1 _201\"/>tisa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>4)<span class=\"__1 _237\"> </span>(3<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(25)<span class=\"__1 _253\"> </span>(2<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span>Impairment<span class=\"__1 _16c_1\"> </span><span class=\"ff1_1 ls21_1 ws20_1\">(25)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(25)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Disposals and trans<span class=\"__1 _201\"/>fers<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>4<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>26<span class=\"__1 _f4_1\"> </span>26<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(4)<span class=\"__1 _1d_1\"> </span>(4<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _16d_1\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _212\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _7d_1\"> </span>(1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _1e_1\"> </span><span class=\"ff2_1 ls18_1 ws17_1\">(2<span class=\"__1 _201\"/>0)<span class=\"__1 _222\"> </span><span class=\"lsa_1 ws8_1\">(11<span class=\"__1 _201\"/>4)<span class=\"__1 _220\"> </span>(13<span class=\"__1 _250\"/>4)<span class=\"__1 _32b\"> </span></span></span></span></span>Net book amoun<span class=\"__1 _200\"/>t<span class=\"__1 _15c_1\"> </span><span class=\"ws32_1\">1,<span class=\"__1 _201\"/>535<span class=\"__1 _252\"> </span><span class=\"ls53_1 ws5b_1\">342<span class=\"__1 _208\"> </span><span class=\"ls15_1 ws14_1\">1,<span class=\"__1 _201\"/>877<span class=\"__1 _231\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">1,<span class=\"__1 _201\"/>391<span class=\"__1 _2c_1\"> </span><span class=\"ls2a_1 ws2a_1\">22<span class=\"__1 _201\"/>4<span class=\"__1 _3f_1\"> </span><span class=\"lse_1 wsc_1\">1,615<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _16e_1\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>202<span class=\"__1 _32b\"> </span>1<span class=\"__1 _32b\"> </span>\u00a3<span class=\"__1 _32b\"> </span>m<span class=\"__1 _32b\"> </span>Goodwill is<span class=\"__1 _200\"/> allocated<span class=\"__1 _200\"/> to t<span class=\"__1 _200\"/>he follo<span class=\"__1 _200\"/>wing cash-generating uni<span class=\"__1 _200\"/>ts:<span class=\"__1 _32b\"> </span>Asset Management<span class=\"__1 _16f_1\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">1,<span class=\"__1 _201\"/>287<span class=\"__1 _220\"> </span></span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span></span>M&amp;G Wealth P<span class=\"__1 _201\"/>latfo<span class=\"__1 _201\"/>rm<span class=\"__1 _370\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">13<span class=\"__1 _230\"> </span></span><span class=\"ls40_1 ws44_1\">21<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _371\"> </span><span class=\"ff1_1 ls77_1 ws8c_1\">42<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>ies he<span class=\"__1 _201\"/>ld by the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _372\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">193<span class=\"__1 _252\"> </span></span><span class=\"ls56_1 ws5f_1\">179<span class=\"__1 _32b\"> </span></span>1,535<span class=\"__1 _7d_1\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">1,<span class=\"__1 _201\"/>39<span class=\"__1 _32b\"> </span></span><span class=\"ff2_1 ls42_1 ws46_1\">1<span class=\"__1 _32b\"> </span></span>12.<span class=\"__1 _f_1\"/>1 Impairment assessment<span class=\"__1 _32b\"> </span>Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill doe<span class=\"__1 _201\"/>s not ge<span class=\"__1 _201\"/>nerate c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s indep<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>ently of oth<span class=\"__1 _201\"/>er grou<span class=\"__1 _201\"/>ps of ass<span class=\"__1 _201\"/>ets and th<span class=\"__1 _201\"/>us is as<span class=\"__1 _201\"/>signe<span class=\"__1 _201\"/>d to a group of c<span class=\"__1 _201\"/>ash-<span class=\"__1 _32b\"> </span>gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g units fo<span class=\"__1 _201\"/>r the pur<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>s of impai<span class=\"__1 _201\"/>rment te<span class=\"__1 _201\"/>sting<span class=\"__1 _201\"/>. The g<span class=\"__1 _201\"/>roup of ca<span class=\"__1 _201\"/>sh-<span class=\"__1 _201\"/>gen<span class=\"__1 _201\"/>erating u<span class=\"__1 _201\"/>nits are b<span class=\"__1 _201\"/>ased u<span class=\"__1 _201\"/>pon how m<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement m<span class=\"__1 _201\"/>onitor<span class=\"__1 _201\"/>s the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s and rep<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>t the lowes<span class=\"__1 _201\"/>t level to<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h goo<span class=\"__1 _201\"/>dwill c<span class=\"__1 _201\"/>an be al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated on a reas<span class=\"__1 _201\"/>onab<span class=\"__1 _201\"/>le bas<span class=\"__1 _201\"/>is.<span class=\"__1 _201\"/> Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill is teste<span class=\"__1 _201\"/>d annua<span class=\"__1 _201\"/>lly for i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment, a<span class=\"__1 _201\"/>nd wh<span class=\"__1 _201\"/>ere there is a<span class=\"__1 _201\"/>n indic<span class=\"__1 _201\"/>ation of i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment, by c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ring the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing am<span class=\"__1 _201\"/>ount of<span class=\"__1 _201\"/> the gro<span class=\"__1 _201\"/>up of cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating uni<span class=\"__1 _201\"/>ts, i<span class=\"__1 _201\"/>ncludi<span class=\"__1 _201\"/>ng any go<span class=\"__1 _201\"/>odwi<span class=\"__1 _201\"/>ll, with i<span class=\"__1 _201\"/>ts recove<span class=\"__1 _201\"/>rabl<span class=\"__1 _201\"/>e amount<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Non<span class=\"__1 _201\"/>e of the go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d is exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tible fo<span class=\"__1 _201\"/>r incom<span class=\"__1 _201\"/>e tax pu<span class=\"__1 _201\"/>rpos<span class=\"__1 _201\"/>es.<span class=\"__1 _32b\"> </span>230<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022<span class=\"__1 _32b\"> </span></span></span>Asset Management<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing val<span class=\"__1 _201\"/>ue of As<span class=\"__1 _201\"/>set Ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill pre<span class=\"__1 _201\"/>domin<span class=\"__1 _201\"/>antly rel<span class=\"__1 _201\"/>ates to that aris<span class=\"__1 _201\"/>ing on th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition of M&amp;<span class=\"__1 _201\"/>G Grou<span class=\"__1 _201\"/>p Limite<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> and is s<span class=\"__1 _201\"/>plit b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the Wh<span class=\"__1 _201\"/>ole<span class=\"__1 _201\"/>sale A<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>t Manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t, Ins<span class=\"__1 _201\"/>titution<span class=\"__1 _201\"/>al As<span class=\"__1 _201\"/>set Man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent and I<span class=\"__1 _201\"/>nterna<span class=\"__1 _201\"/>l Ass<span class=\"__1 _201\"/>et Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt cas<span class=\"__1 _201\"/>h-<span class=\"__1 _32b\"> </span>gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g units<span class=\"__1 _201\"/>. An imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment wa<span class=\"__1 _201\"/>s under<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>ken as at 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 w<span class=\"__1 _201\"/>hich re<span class=\"__1 _201\"/>sulted in n<span class=\"__1 _201\"/>o impai<span class=\"__1 _201\"/>rment c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/> bei<span class=\"__1 _201\"/>ng reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>ble am<span class=\"__1 _201\"/>ount of the g<span class=\"__1 _201\"/>roup of c<span class=\"__1 _201\"/>ash-<span class=\"__1 _201\"/>gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g units wa<span class=\"__1 _201\"/>s determi<span class=\"__1 _201\"/>ned by c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ating the va<span class=\"__1 _201\"/>lue in us<span class=\"__1 _201\"/>e. The v<span class=\"__1 _201\"/>alue in us<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> repre<span class=\"__1 _201\"/>sents t<span class=\"__1 _201\"/>he pres<span class=\"__1 _201\"/>ent valu<span class=\"__1 _201\"/>e of future c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on the b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss pl<span class=\"__1 _201\"/>an to 2025 app<span class=\"__1 _201\"/>roved by man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent, a<span class=\"__1 _201\"/>nd relev<span class=\"__1 _201\"/>ant<span class=\"__1 _32b\"> </span> ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns for c<span class=\"__1 _201\"/>ash flows f<span class=\"__1 _201\"/>or later yea<span class=\"__1 _201\"/>rs.<span class=\"__1 _201\"/> The f<span class=\"__1 _201\"/>uture ca<span class=\"__1 _201\"/>sh flows u<span class=\"__1 _201\"/>sed in th<span class=\"__1 _201\"/>e value i<span class=\"__1 _201\"/>n use ca<span class=\"__1 _201\"/>lculatio<span class=\"__1 _201\"/>n are bas<span class=\"__1 _201\"/>ed on a s<span class=\"__1 _201\"/>et of econ<span class=\"__1 _201\"/>omic<span class=\"__1 _201\"/>, mar<span class=\"__1 _201\"/>ket and busin<span class=\"__1 _201\"/>ess a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The<span class=\"__1 _201\"/>se inc<span class=\"__1 _201\"/>lude th<span class=\"__1 _201\"/>e direc<span class=\"__1 _201\"/>t and se<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>dar<span class=\"__1 _201\"/>y effe<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s of recen<span class=\"__1 _201\"/>t develo<span class=\"__1 _201\"/>pment<span class=\"__1 _201\"/>s, su<span class=\"__1 _201\"/>ch as chan<span class=\"__1 _201\"/>ges in gl<span class=\"__1 _201\"/>obal e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y mar<span class=\"__1 _201\"/>kets and tren<span class=\"__1 _201\"/>ds in<span class=\"__1 _32b\"> </span> fund fl<span class=\"__1 _201\"/>ows<span class=\"__1 _201\"/>, which a<span class=\"__1 _201\"/>re consi<span class=\"__1 _201\"/>dered by m<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement i<span class=\"__1 _201\"/>n arri<span class=\"__1 _201\"/>ving at th<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>ctatio<span class=\"__1 _201\"/>ns for the fi<span class=\"__1 _201\"/>nal proj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tions fo<span class=\"__1 _201\"/>r the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s plan<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss pl<span class=\"__1 _201\"/>an cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>s the grow<span class=\"__1 _201\"/>th in cli<span class=\"__1 _201\"/>ent prefe<span class=\"__1 _201\"/>rence fo<span class=\"__1 _201\"/>r sust<span class=\"__1 _201\"/>ainabi<span class=\"__1 _201\"/>lity <span class=\"__1 _201\"/>and imp<span class=\"__1 _201\"/>act-focuse<span class=\"__1 _201\"/>d prod<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>s, in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g those<span class=\"__1 _201\"/> aime<span class=\"__1 _201\"/>d at mana<span class=\"__1 _201\"/>ging an<span class=\"__1 _201\"/>d addres<span class=\"__1 _201\"/>sing c<span class=\"__1 _201\"/>limate ris<span class=\"__1 _201\"/>k, an<span class=\"__1 _201\"/>d its impa<span class=\"__1 _201\"/>ct on p<span class=\"__1 _201\"/>rojec<span class=\"__1 _201\"/>ted AUM<span class=\"__1 _201\"/>A flows ba<span class=\"__1 _201\"/>sed on o<span class=\"__1 _201\"/>ur str<span class=\"__1 _201\"/>ategy. M&amp;G Gro<span class=\"__1 _201\"/>up<span class=\"__1 _32b\"> </span> Limi<span class=\"__1 _201\"/>ted bei<span class=\"__1 _201\"/>ng an as<span class=\"__1 _201\"/>set mana<span class=\"__1 _201\"/>ger do<span class=\"__1 _201\"/>es not h<span class=\"__1 _201\"/>old mate<span class=\"__1 _201\"/>rial inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts on its b<span class=\"__1 _201\"/>alanc<span class=\"__1 _201\"/>e she<span class=\"__1 _201\"/>et which wo<span class=\"__1 _201\"/>uld dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y be imp<span class=\"__1 _201\"/>acte<span class=\"__1 _201\"/>d by<span class=\"__1 _32b\"> </span> climate r<span class=\"__1 _201\"/>isk. G<span class=\"__1 _201\"/>iven th<span class=\"__1 _201\"/>is is an em<span class=\"__1 _201\"/>erging a<span class=\"__1 _201\"/>rea, an<span class=\"__1 _201\"/>d given th<span class=\"__1 _201\"/>e curren<span class=\"__1 _201\"/>t availabl<span class=\"__1 _201\"/>e data and th<span class=\"__1 _201\"/>e sop<span class=\"__1 _201\"/>histi<span class=\"__1 _201\"/>cation of t<span class=\"__1 _201\"/>he mod<span class=\"__1 _201\"/>els<span class=\"__1 _201\"/>, forec<span class=\"__1 _201\"/>ast<span class=\"__1 _201\"/> cas<span class=\"__1 _201\"/>h flows may n<span class=\"__1 _201\"/>ot fully re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t the p<span class=\"__1 _201\"/>otential im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of climate ris<span class=\"__1 _201\"/>k.<span class=\"__1 _32b\"> </span>Bas<span class=\"__1 _201\"/>ed on the a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent, th<span class=\"__1 _201\"/>e value in u<span class=\"__1 _201\"/>se of the gro<span class=\"__1 _201\"/>up of cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating un<span class=\"__1 _201\"/>its was hi<span class=\"__1 _201\"/>gher th<span class=\"__1 _201\"/>an the ca<span class=\"__1 _201\"/>rr<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g value a<span class=\"__1 _201\"/>nd no<span class=\"__1 _201\"/> impa<span class=\"__1 _201\"/>irme<span class=\"__1 _201\"/>nt has be<span class=\"__1 _201\"/>en rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of go<span class=\"__1 _201\"/>odwi<span class=\"__1 _201\"/>ll aris<span class=\"__1 _201\"/>ing on the A<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>et Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt group of c<span class=\"__1 _201\"/>as<span class=\"__1 _32b\"> </span>h<span class=\"__1 _32b\"> </span>-<span class=\"__1 _32b\"> </span>generating<span class=\"__1 _200\"/> units.<span class=\"__1 _32b\"> </span>The v<span class=\"__1 _201\"/>alue in us<span class=\"__1 _201\"/>e is par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ularl<span class=\"__1 _201\"/>y sens<span class=\"__1 _201\"/>itive to a numb<span class=\"__1 _201\"/>er of key assu<span class=\"__1 _201\"/>mption<span class=\"__1 _201\"/>s as follo<span class=\"__1 _201\"/>ws:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ow forec<span class=\"__1 _201\"/>ast h<span class=\"__1 _201\"/>as be<span class=\"__1 _201\"/>en extr<span class=\"__1 _201\"/>apol<span class=\"__1 _201\"/>ated beyon<span class=\"__1 _201\"/>d the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s plan p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od to inco<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate a five<span class=\"__1 _201\"/>-year valu<span class=\"__1 _201\"/>e in use<span class=\"__1 _201\"/> </span>ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, estim<span class=\"__1 _201\"/>ating grow<span class=\"__1 _201\"/>th rate<span class=\"__1 _201\"/>s for 2026 an<span class=\"__1 _201\"/>d 2027<span class=\"__1 _200\"/>, tape<span class=\"__1 _201\"/>ring th<span class=\"__1 _201\"/>e grow<span class=\"__1 _201\"/>th expec<span class=\"__1 _201\"/>ted in 20<span class=\"__1 _201\"/>25 dow<span class=\"__1 _201\"/>n over the t<span class=\"__1 _201\"/>wo-ye<span class=\"__1 _201\"/>ar per<span class=\"__1 _201\"/>io<span class=\"__1 _32b\"> </span>d<span class=\"__1 _201\"/>, to the lo<span class=\"__1 _201\"/>ng-term g<span class=\"__1 _201\"/>rowt<span class=\"__1 _201\"/>h rate (base<span class=\"__1 _201\"/>d on lo<span class=\"__1 _201\"/>ng-ter<span class=\"__1 _201\"/>m inflatio<span class=\"__1 _201\"/>n and no<span class=\"__1 _201\"/>minal gro<span class=\"__1 _201\"/>ss do<span class=\"__1 _201\"/>mes<span class=\"__1 _201\"/>tic prod<span class=\"__1 _201\"/>uct r<span class=\"__1 _201\"/>ates for the U<span class=\"__1 _201\"/>K<span class=\"__1 _201\"/>).<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The p<span class=\"__1 _201\"/>re-ta<span class=\"__1 _201\"/>x disco<span class=\"__1 _201\"/>unt rate as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 was 11% (2021: 14<span class=\"__1 _200\"/>%<span class=\"__1 _200\"/>) and is ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n the cos<span class=\"__1 _201\"/>t of equi<span class=\"__1 _201\"/>ty fo<span class=\"__1 _201\"/>r the As<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/> </span>Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s deri<span class=\"__1 _201\"/>ved usi<span class=\"__1 _201\"/>ng the c<span class=\"__1 _201\"/>apital a<span class=\"__1 _201\"/>sset p<span class=\"__1 _201\"/>ricin<span class=\"__1 _201\"/>g mod<span class=\"__1 _201\"/>el. A 50<span class=\"__1 _201\"/>bps in<span class=\"__1 _201\"/>crease in th<span class=\"__1 _201\"/>e disco<span class=\"__1 _201\"/>unt rate wou<span class=\"__1 _201\"/>ld resul<span class=\"__1 _201\"/>t in the<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/> valu<span class=\"__1 _201\"/>e in use de<span class=\"__1 _201\"/>creas<span class=\"__1 _201\"/>ing by \u00a3187m. Th<span class=\"__1 _201\"/>is would n<span class=\"__1 _201\"/>ot resul<span class=\"__1 _201\"/>t in any impai<span class=\"__1 _201\"/>rmen<span class=\"__1 _201\"/>t charge b<span class=\"__1 _201\"/>eing re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d for go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The te<span class=\"__1 _201\"/>rmina<span class=\"__1 _201\"/>l value wa<span class=\"__1 _201\"/>s calc<span class=\"__1 _201\"/>ulated usi<span class=\"__1 _201\"/>ng a sta<span class=\"__1 _201\"/>ndard grow<span class=\"__1 _201\"/>th m<span class=\"__1 _201\"/>odel<span class=\"__1 _201\"/>, using a d<span class=\"__1 _201\"/>iscou<span class=\"__1 _201\"/>nt rate of 11<span class=\"__1 _200\"/>% as stated a<span class=\"__1 _201\"/>bove and a l<span class=\"__1 _201\"/>ong-<span class=\"__1 _32b\"> </span></span>term grow<span class=\"__1 _201\"/>th r<span class=\"__1 _201\"/>ate of 2%. A 5<span class=\"__1 _201\"/>0bps d<span class=\"__1 _201\"/>ecreas<span class=\"__1 _201\"/>e in the lo<span class=\"__1 _201\"/>ng-ter<span class=\"__1 _201\"/>m grow<span class=\"__1 _201\"/>th rate woul<span class=\"__1 _201\"/>d result in th<span class=\"__1 _201\"/>e value i<span class=\"__1 _201\"/>n use de<span class=\"__1 _201\"/>creasi<span class=\"__1 _201\"/>ng by \u00a3122m<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> This w<span class=\"__1 _201\"/>ould no<span class=\"__1 _201\"/>t result in a<span class=\"__1 _201\"/>ny impair<span class=\"__1 _201\"/>ment ch<span class=\"__1 _201\"/>arge be<span class=\"__1 _201\"/>ing rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d for goo<span class=\"__1 _201\"/>dwi<span class=\"__1 _201\"/>ll.<span class=\"__1 _32b\"> </span>In the p<span class=\"__1 _201\"/>reviou<span class=\"__1 _201\"/>s year<span class=\"__1 _200\"/>, a termina<span class=\"__1 _201\"/>l multipl<span class=\"__1 _201\"/>ier of 13x w<span class=\"__1 _201\"/>as appli<span class=\"__1 _201\"/>ed to the c<span class=\"__1 _201\"/>ashfl<span class=\"__1 _201\"/>ows fore<span class=\"__1 _201\"/>cas<span class=\"__1 _201\"/>ted for th<span class=\"__1 _201\"/>e final yea<span class=\"__1 _201\"/>r of the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s plan<span class=\"__1 _201\"/> to determ<span class=\"__1 _201\"/>ine the c<span class=\"__1 _201\"/>ashfl<span class=\"__1 _201\"/>ows beyo<span class=\"__1 _201\"/>nd the pro<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>tion p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d, bas<span class=\"__1 _201\"/>ed on exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted pr<span class=\"__1 _201\"/>ice/<span class=\"__1 _200\"/>earni<span class=\"__1 _201\"/>ngs ratio i<span class=\"__1 _201\"/>n the se<span class=\"__1 _201\"/>ctor<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">That asset<span class=\"__1 _200\"/> management con<span class=\"__1 _200\"/>tracts cont<span class=\"__1 _200\"/>inue on<span class=\"__1 _200\"/> similar<span class=\"__1 _200\"/> terms.<span class=\"__1 _32b\"> </span></span>No rea<span class=\"__1 _201\"/>sonab<span class=\"__1 _201\"/>le chan<span class=\"__1 _201\"/>ge in as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons st<span class=\"__1 _201\"/>ated above wo<span class=\"__1 _201\"/>uld resu<span class=\"__1 _201\"/>lt in any imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt bein<span class=\"__1 _201\"/>g reco<span class=\"__1 _201\"/>rded<span class=\"__1 _201\"/>. Furth<span class=\"__1 _201\"/>ermo<span class=\"__1 _201\"/>re, there wo<span class=\"__1 _201\"/>uld<span class=\"__1 _201\"/> be no i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d even if the i<span class=\"__1 _201\"/>ndiv<span class=\"__1 _201\"/>idual s<span class=\"__1 _201\"/>tres<span class=\"__1 _201\"/>ses to as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns state<span class=\"__1 _201\"/>d above were to ap<span class=\"__1 _201\"/>ply co<span class=\"__1 _201\"/>ncur<span class=\"__1 _201\"/>rently w<span class=\"__1 _201\"/>hich<span class=\"__1 _201\"/> dem<span class=\"__1 _201\"/>onst<span class=\"__1 _201\"/>rates the si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant he<span class=\"__1 _201\"/>adroo<span class=\"__1 _201\"/>m availab<span class=\"__1 _201\"/>le on the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing val<span class=\"__1 _201\"/>ue.<span class=\"__1 _201\"/> M&amp;G W<span class=\"__1 _200\"/>ealth<span class=\"__1 _200\"/> Platform<span class=\"__1 _32b\"> </span>Dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar to 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 a<span class=\"__1 _201\"/>n impair<span class=\"__1 _201\"/>ment of \u00a3<span class=\"__1 _201\"/>25m h<span class=\"__1 _201\"/>as bee<span class=\"__1 _201\"/>n reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of the M&amp;G Wealt<span class=\"__1 _201\"/>h Platf<span class=\"__1 _201\"/>orm<span class=\"__1 _201\"/> cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating un<span class=\"__1 _201\"/>it to bring t<span class=\"__1 _201\"/>he car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying v<span class=\"__1 _201\"/>alue do<span class=\"__1 _201\"/>wn to its rec<span class=\"__1 _201\"/>overab<span class=\"__1 _201\"/>le amo<span class=\"__1 _201\"/>unt whic<span class=\"__1 _201\"/>h is its val<span class=\"__1 _201\"/>ue in use of \u00a310<span class=\"__1 _201\"/>6m. T<span class=\"__1 _201\"/>he M&amp;<span class=\"__1 _201\"/>G<span class=\"__1 _32b\"> </span> Wealth plat<span class=\"__1 _201\"/>form c<span class=\"__1 _201\"/>ash g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ating unit c<span class=\"__1 _201\"/>onsis<span class=\"__1 _201\"/>ts of the n<span class=\"__1 _201\"/>et ass<span class=\"__1 _201\"/>ets and g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will an<span class=\"__1 _201\"/>d other int<span class=\"__1 _201\"/>angibl<span class=\"__1 _201\"/>es ari<span class=\"__1 _201\"/>sing fro<span class=\"__1 _201\"/>m the acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> of Wrap IFA Ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces Lim<span class=\"__1 _201\"/>ited, as w<span class=\"__1 _201\"/>ell as an all<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ation of \u00a316m of g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g the acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>n of San<span class=\"__1 _201\"/>dringh<span class=\"__1 _201\"/>am Fina<span class=\"__1 _201\"/>ncial<span class=\"__1 _201\"/> Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rs Lim<span class=\"__1 _201\"/>ited, di<span class=\"__1 _201\"/>scus<span class=\"__1 _201\"/>sed in N<span class=\"__1 _201\"/>ote 2. Al<span class=\"__1 _201\"/>l of the imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt has be<span class=\"__1 _201\"/>en all<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d agains<span class=\"__1 _201\"/>t goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l with the ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e record<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/> admi<span class=\"__1 _201\"/>nistr<span class=\"__1 _201\"/>ative expe<span class=\"__1 _201\"/>nses in t<span class=\"__1 _201\"/>he cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d inco<span class=\"__1 _201\"/>me statem<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>he key assu<span class=\"__1 _201\"/>mptions i<span class=\"__1 _201\"/>n determ<span class=\"__1 _201\"/>ining th<span class=\"__1 _201\"/>e value in u<span class=\"__1 _201\"/>se were a<span class=\"__1 _201\"/> disc<span class=\"__1 _201\"/>ount rate of 11%, a lon<span class=\"__1 _201\"/>g-term grow<span class=\"__1 _201\"/>th rate of 2<span class=\"__1 _201\"/>% and a term<span class=\"__1 _201\"/>inal val<span class=\"__1 _201\"/>ue EBI<span class=\"__1 _201\"/>TDA margin of 3<span class=\"__1 _201\"/>3%<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> 12 Goodwill and in<span class=\"__1 _200\"/>tangible asse<span class=\"__1 _200\"/>ts continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2e_1 ws6c_1\">231<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Note 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Cor<span class=\"__1 _201\"/>porate tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s provid<span class=\"__1 _201\"/>es detai<span class=\"__1 _201\"/>l on goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l arisi<span class=\"__1 _201\"/>ng on sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>ies ac<span class=\"__1 _201\"/>quired d<span class=\"__1 _201\"/>uring 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>. Non<span class=\"__1 _201\"/>e of the go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill<span class=\"__1 _32b\"> </span> allo<span class=\"__1 _201\"/>cated to re<span class=\"__1 _201\"/>mainin<span class=\"__1 _201\"/>g cash<span class=\"__1 _201\"/>-g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ating unit<span class=\"__1 _201\"/>s is signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant in com<span class=\"__1 _201\"/>paris<span class=\"__1 _201\"/>on to the G<span class=\"__1 _201\"/>roup\u2019s t<span class=\"__1 _200\"/>otal c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng amo<span class=\"__1 _201\"/>unt of goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l.<span class=\"__1 _32b\"> </span> Subsidiaries held<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> the Wi<span class=\"__1 _200\"/>th-Profits Fund<span class=\"__1 _32b\"> </span>Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill aris<span class=\"__1 _201\"/>ing on ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>ies he<span class=\"__1 _201\"/>ld relate<span class=\"__1 _201\"/>s to acquisi<span class=\"__1 _201\"/>tions ma<span class=\"__1 _201\"/>de with<span class=\"__1 _201\"/>in cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d infras<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>ture pr<span class=\"__1 _201\"/>ivate eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> vehic<span class=\"__1 _201\"/>les wh<span class=\"__1 _201\"/>ich are he<span class=\"__1 _201\"/>ld by the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>. Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt have unde<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>taken an impa<span class=\"__1 _201\"/>irme<span class=\"__1 _201\"/>nt ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment by co<span class=\"__1 _201\"/>mpari<span class=\"__1 _201\"/>ng the<span class=\"__1 _201\"/> fair v<span class=\"__1 _201\"/>alue of th<span class=\"__1 _201\"/>e subsi<span class=\"__1 _201\"/>diarie<span class=\"__1 _201\"/>s with the<span class=\"__1 _201\"/>ir car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying v<span class=\"__1 _201\"/>alue. A<span class=\"__1 _201\"/>s a resul<span class=\"__1 _201\"/>t of the as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sment<span class=\"__1 _201\"/>, no imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt was re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed fo<span class=\"__1 _201\"/>r the year<span class=\"__1 _201\"/> end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2 (2021: \u00a3ni<span class=\"__1 _201\"/>l).<span class=\"__1 _32b\"> </span> 12.<span class=\"__1 _201\"/>2 Int<span class=\"__1 _200\"/>angible assets<span class=\"__1 _32b\"> </span>Intan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s comp<span class=\"__1 _201\"/>rise in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s and clie<span class=\"__1 _201\"/>nt relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d throug<span class=\"__1 _201\"/>h busin<span class=\"__1 _201\"/>ess c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ations<span class=\"__1 _201\"/>, sof<span class=\"__1 _201\"/>tw<span class=\"__1 _201\"/>are,<span class=\"__1 _201\"/> ser<span class=\"__1 _201\"/>vice concessi<span class=\"__1 _201\"/>ons, royalt<span class=\"__1 _200\"/>ies and licences.<span class=\"__1 _201\"/> Customer<span class=\"__1 _200\"/> relation<span class=\"__1 _200\"/>ships and tr<span class=\"__1 _200\"/>ade name<span class=\"__1 _200\"/> arising on<span class=\"__1 _200\"/> acquisitions<span class=\"__1 _200\"/> during the<span class=\"__1 _200\"/> ye<span class=\"__1 _200\"/>ar<span class=\"__1 _32b\"> </span>Dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, cu<span class=\"__1 _201\"/>stome<span class=\"__1 _201\"/>r relatio<span class=\"__1 _201\"/>nships w<span class=\"__1 _201\"/>hich have b<span class=\"__1 _201\"/>een re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised by th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>s par<span class=\"__1 _201\"/>t of the ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of Sa<span class=\"__1 _201\"/>ndrin<span class=\"__1 _201\"/>gham<span class=\"__1 _201\"/> Fina<span class=\"__1 _201\"/>ncial Pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tners L<span class=\"__1 _201\"/>imited<span class=\"__1 _201\"/>, M&amp;G Wealth Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts LL<span class=\"__1 _201\"/>P (<span class=\"__1 _200\"/>form<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>y TCF F<span class=\"__1 _200\"/>und M<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>rs LL<span class=\"__1 _201\"/>P) and resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s AG.<span class=\"__1 _201\"/> In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, two tr<span class=\"__1 _201\"/>ade nam<span class=\"__1 _201\"/>es have be<span class=\"__1 _201\"/>en re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed by the G<span class=\"__1 _201\"/>roup as p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of the ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of San<span class=\"__1 _201\"/>drin<span class=\"__1 _201\"/>gham Fin<span class=\"__1 _201\"/>ancial P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners<span class=\"__1 _201\"/> Limi<span class=\"__1 _201\"/>ted and re<span class=\"__1 _201\"/>spon<span class=\"__1 _201\"/>sAbili<span class=\"__1 _201\"/>ty I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents AG.<span class=\"__1 _201\"/> The d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>iption of th<span class=\"__1 _201\"/>e sep<span class=\"__1 _201\"/>arate intan<span class=\"__1 _201\"/>gible as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d, in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g their e<span class=\"__1 _201\"/>stimate<span class=\"__1 _201\"/>d useful l<span class=\"__1 _201\"/>ife, is as fo<span class=\"__1 _201\"/>llows:<span class=\"__1 _32b\"> </span>Customer r<span class=\"__1 _200\"/>elated<span class=\"__1 _200\"/> intangi<span class=\"__1 _200\"/>ble<span class=\"__1 _373\"> </span><span class=\"ls1_1 ws1_1\">Int<span class=\"__1 _201\"/>angi<span class=\"__1 _201\"/>ble a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>t ty<span class=\"__1 _201\"/>pe<span class=\"__1 _32b\"> </span></span>Av<span class=\"__1 _200\"/>erage useful<span class=\"__1 _200\"/> life<span class=\"__1 _32b\"> </span> at acquisition<span class=\"__1 _200\"/> date<span class=\"__1 _14d_1\"> </span>Acquisition date<span class=\"__1 _32b\"> </span>Fair va<span class=\"__1 _201\"/>lue o<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> acquisition dat<span class=\"__1 _200\"/>e<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Carr<span class=\"__1 _201\"/>ying value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Sandr<span class=\"__1 _201\"/>ingham Financial Par<span class=\"__1 _201\"/>tners L<span class=\"__1 _201\"/>imited<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _268\"> </span><span class=\"ls4d_1 ws8c_1\">10 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _249\"> </span><span class=\"ls6_1 ws1_1\">6 Janua<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y 2022<span class=\"__1 _374\"> </span><span class=\"ls5_1\">7<span class=\"__1 _375\"> </span><span class=\"ff1_1\">6<span class=\"__1 _32b\"> </span></span></span></span></span>Customer<span class=\"__1 _32b\"> </span> relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>13 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _249\"> </span><span class=\"ls6_1 ws1_1\">6 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2<span class=\"__1 _14a_1\"> </span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _376\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">14<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G Wealth I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents LL<span class=\"__1 _201\"/>P (Form<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> TCF Fund Mana<span class=\"__1 _201\"/>gers L<span class=\"__1 _201\"/>LP)<span class=\"__1 _32b\"> </span>Customer<span class=\"__1 _32b\"> </span> relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>18 year<span class=\"__1 _201\"/>s<span class=\"__1 _6e_1\"> </span><span class=\"ls6_1 ws1_1\">17 Febr<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _6a_1\"> </span><span class=\"ls5_1\">1<span class=\"__1 _a4_1\"> </span><span class=\"ff1_1\">1<span class=\"__1 _32b\"> </span></span></span></span>responsAbility In<span class=\"__1 _200\"/>vestments A<span class=\"__1 _f_1\"/>G<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _268\"> </span><span class=\"ls4d_1 ws8c_1\">10 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _f7_1\"> </span><span class=\"ls6_1 ws1_1\">3 May 2022<span class=\"__1 _377\"> </span><span class=\"ls5_1\">9<span class=\"__1 _375\"> </span><span class=\"ff1_1\">9<span class=\"__1 _32b\"> </span></span></span></span></span>Customer<span class=\"__1 _32b\"> </span> relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>10 year<span class=\"__1 _201\"/>s<span class=\"__1 _226\"> </span><span class=\"ls6_1 ws1_1\">3 M<span class=\"__1 _201\"/>ay 2022<span class=\"__1 _9d_1\"> </span><span class=\"lsf_1 wsd_1\">36<span class=\"__1 _12f_1\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">37<span class=\"__1 _32b\"> </span></span></span></span>All int<span class=\"__1 _201\"/>angibl<span class=\"__1 _201\"/>es wil<span class=\"__1 _201\"/>l be amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n a strai<span class=\"__1 _201\"/>ght line b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>In arr<span class=\"__1 _201\"/>ivi<span class=\"__1 _201\"/>ng at the fa<span class=\"__1 _201\"/>ir value o<span class=\"__1 _201\"/>f intangi<span class=\"__1 _201\"/>ble as<span class=\"__1 _201\"/>sets ac<span class=\"__1 _201\"/>quired i<span class=\"__1 _201\"/>n busin<span class=\"__1 _201\"/>ess c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ations<span class=\"__1 _201\"/>, a numb<span class=\"__1 _201\"/>er of as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns and ju<span class=\"__1 _201\"/>dgem<span class=\"__1 _201\"/>ents are<span class=\"__1 _201\"/> app<span class=\"__1 _201\"/>lied<span class=\"__1 _201\"/>. The de<span class=\"__1 _201\"/>tails in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of mater<span class=\"__1 _201\"/>ial acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>ns duri<span class=\"__1 _201\"/>ng the fin<span class=\"__1 _201\"/>ancial ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, w<span class=\"__1 _201\"/>ith rega<span class=\"__1 _201\"/>rd to assum<span class=\"__1 _201\"/>ptions a<span class=\"__1 _201\"/>nd sens<span class=\"__1 _201\"/>itivi<span class=\"__1 _201\"/>ties to<span class=\"__1 _201\"/> thos<span class=\"__1 _201\"/>e assu<span class=\"__1 _201\"/>mptions<span class=\"__1 _201\"/>, are pre<span class=\"__1 _201\"/>sente<span class=\"__1 _201\"/>d below.<span class=\"__1 _32b\"> </span>responsAbility<span class=\"__1 _378\"> </span><span class=\"ls4f_1 ws55_1\">Sandringha<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span></span>Intangible<span class=\"__1 _256\"> </span>Inp<span class=\"__1 _201\"/>ut<span class=\"__1 _342\"> </span><span class=\"ls2f_1 ws2f_1\">Assumption<span class=\"__1 _1d_1\"> </span><span class=\"ls3_1 ws3_1\">Sensiti<span class=\"__1 _201\"/>vity<span class=\"__1 _32b\"> </span></span></span>Impact on<span class=\"__1 _32b\"> </span> valuation (\u00a3<span class=\"__1 _200\"/>m)<span class=\"__1 _290\"> </span><span class=\"ls2f_1 ws2f_1\">Assumption<span class=\"__1 _4a_1\"> </span><span class=\"ls3_1 ws3_1\">Sensitivit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></span></span>Impact on<span class=\"__1 _32b\"> </span> valuation (\u00a3<span class=\"__1 _200\"/>m)<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _b9_1\"> </span><span class=\"lse_1 wsc_1\">12%<span class=\"__1 _f4_1\"> </span><span class=\"ls28_1 ws28_1\">+<span class=\"__1 _f_1\"/>100bps<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>10%<span class=\"__1 _240\"> </span><span class=\"ls28_1 ws28_1\">+<span class=\"__1 _337\"/>100bps<span class=\"__1 _379\"> </span><span class=\"ls5_1 ws1_1\">\u2013<span class=\"__1 _32b\"> </span></span></span>Royalty rate<span class=\"__1 _17a_1\"> </span><span class=\"ls40_1 ws44_1\">3%<span class=\"__1 _2b_1\"> </span><span class=\"ls1c_1 ws43_1\">-50<span class=\"__1 _201\"/>bps<span class=\"__1 _341\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _353\"> </span><span class=\"ls30_1 ws30_1\">2%<span class=\"__1 _237\"> </span></span></span>-50bps<span class=\"__1 _14a_1\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _32b\"> </span></span></span></span>Customer<span class=\"__1 _32b\"> </span> relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _17b_1\"> </span><span class=\"ls11_1 ws10_1\">11%<span class=\"__1 _f4_1\"> </span><span class=\"ls28_1 ws28_1\">+<span class=\"__1 _f_1\"/>100bps<span class=\"__1 _341\"> </span><span class=\"ls11_1 ws10_1\">(3)<span class=\"__1 _229\"> </span><span class=\"ls4d_1 ws54_1\">10%<span class=\"__1 _240\"> </span></span></span>+<span class=\"__1 _f_1\"/>100bp<span class=\"__1 _200\"/>s<span class=\"__1 _b0_1\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _32b\"> </span></span></span></span>Customer<span class=\"__1 _32b\"> </span> attr<span class=\"__1 _201\"/>ition<span class=\"__1 _32b\"> </span>12.5% wholesale<span class=\"__1 _200\"/> /<span class=\"__1 _32b\"> </span> 8.<span class=\"__1 _201\"/>5% inst<span class=\"__1 _201\"/>itutions<span class=\"__1 _32b\"> </span>+<span class=\"__1 _f_1\"/>100bp<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2%<span class=\"__1 _270\"> </span><span class=\"ls24_1 ws23_1\">+7<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>b<span class=\"__1 _250\"/>p<span class=\"__1 _250\"/>s<span class=\"__1 _341\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _32b\"> </span></span></span>Clien<span class=\"__1 _201\"/>t and mar<span class=\"__1 _201\"/>ket<span class=\"__1 _32b\"> </span> grow<span class=\"__1 _201\"/>th<span class=\"__1 _32b\"> </span>2%<span class=\"__1 _230\"> </span><span class=\"ls28_1 ws28_1\">-<span class=\"__1 _f_1\"/>100bps<span class=\"__1 _375\"> </span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _224\"> </span><span class=\"ls45_1 ws49_1\">15%<span class=\"__1 _5d_1\"> </span></span></span>-<span class=\"__1 _f_1\"/>100bp<span class=\"__1 _200\"/>s<span class=\"__1 _17c_1\"> </span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _32b\"> </span></span></span>12 Goodwill and in<span class=\"__1 _200\"/>tangible asse<span class=\"__1 _200\"/>ts continued<span class=\"__1 _32b\"> </span>232<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>13 Deferred acquisition costs <span class=\"__1 _17d_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _f3_1\"> </span>2021<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Insurance <span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _32b\"> </span> and<span class=\"ls5_1 ws1_1\"> </span>inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> contracts<span class=\"ls5_1 ws1_1\"> </span>wit<span class=\"__1 _201\"/>h DPF<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Insurance <span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _32b\"> </span> and<span class=\"ls5_1 ws1_1\"> </span>inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> contracts<span class=\"ls5_1 ws1_1\"> </span>wit<span class=\"__1 _201\"/>h DPF<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _17e_1\"> </span><span class=\"lsb_1 ws32_1\">58<span class=\"__1 _1d_1\"> </span><span class=\"ls22_1 ws21_1\">36<span class=\"__1 _219\"> </span><span class=\"ls28_1 ws28_1\">94<span class=\"__1 _353\"> </span><span class=\"ff2_1 ls38_1 ws38_1\">59<span class=\"__1 _f4_1\"> </span></span><span class=\"ff2_1\">39<span class=\"__1 _1d_1\"> </span><span class=\"lsf_1 wsd_1\">98<span class=\"__1 _32b\"> </span></span></span></span></span></span>Addit<span class=\"__1 _200\"/>ions<span class=\"__1 _17f_1\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">10<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1 ws1_1\">6<span class=\"__1 _232\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _12f_1\"> </span></span><span class=\"ff2_1\">8<span class=\"__1 _8d_1\"> </span>6<span class=\"__1 _1e_1\"> </span><span class=\"ls45_1 ws49_1\">14<span class=\"__1 _32b\"> </span></span></span></span></span>Amo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>isatio<span class=\"__1 _201\"/>n to the inco<span class=\"__1 _201\"/>me statem<span class=\"__1 _201\"/>ent<span class=\"__1 _380\"> </span><span class=\"ff1_1 ls11_1 ws10_1\">(6)<span class=\"__1 _c_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _253\"> </span>(1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _12d_1\"> </span></span></span><span class=\"ls25_1 ws25_1\">(6)<span class=\"__1 _f4_1\"> </span><span class=\"ls77_1 ws8c_1\">(7)<span class=\"__1 _231\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span></span><span class=\"ls25_1 ws25_1\"><span class=\"ls77_1 ws8c_1\"><span class=\"lsa_1 ws8_1\">)<span class=\"__1 _32b\"> </span></span></span></span>Impairment<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1)<span class=\"__1 _271\"> </span>(1<span class=\"__1 _201\"/>)<span class=\"__1 _12d_1\"> </span><span class=\"ff2_1 ls33_1 ws34_1\">(2)<span class=\"__1 _f4_1\"> </span>(2)<span class=\"__1 _232\"> </span><span class=\"ls57_1 ws61_1\">(4)<span class=\"__1 _32b\"> </span></span></span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _311\"> </span>1<span class=\"__1 _ab_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _32b\"> </span>)<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _381\"> </span><span class=\"ls1c_1 ws43_1\">62<span class=\"__1 _f4_1\"> </span><span class=\"ls27_1 ws27_1\">32<span class=\"__1 _219\"> </span><span class=\"ls28_1 ws28_1\">94<span class=\"__1 _353\"> </span><span class=\"ff2_1 ls1f_1 ws1e_1\">58<span class=\"__1 _f4_1\"> </span><span class=\"lsf_1 wsd_1\">36<span class=\"__1 _1d_1\"> </span><span class=\"ls3a_1 ws3b_1\">94<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>14 In<span class=\"__1 _200\"/>vestments in joint ventures and associates<span class=\"__1 _32b\"> </span>14.<span class=\"__1 _f_1\"/>1 Inv<span class=\"__1 _200\"/>estments in<span class=\"__1 _200\"/> joint v<span class=\"__1 _200\"/>ent<span class=\"__1 _200\"/>ures and<span class=\"__1 _200\"/> associat<span class=\"__1 _200\"/>es ac<span class=\"__1 _200\"/>counted<span class=\"__1 _200\"/> for u<span class=\"__1 _200\"/>sing the equity<span class=\"__1 _200\"/> method<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment in j<span class=\"__1 _201\"/>oint ventu<span class=\"__1 _201\"/>res<span class=\"__1 _382\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">413<span class=\"__1 _c_1\"> </span></span><span class=\"ls22_1 ws21_1\">4<span class=\"__1 _201\"/>69<span class=\"__1 _32b\"> </span></span>Inves<span class=\"__1 _201\"/>tment in a<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciates<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span><span class=\"ff2_1\">\u2014<span class=\"__1 _32b\"> </span></span>Inv<span class=\"__1 _200\"/>estments in<span class=\"__1 _200\"/> join v<span class=\"__1 _200\"/>entur<span class=\"__1 _200\"/>es and<span class=\"__1 _200\"/> associat<span class=\"__1 _200\"/>es accoun<span class=\"__1 _200\"/>ted<span class=\"__1 _200\"/> for using<span class=\"__1 _200\"/> the equity me<span class=\"__1 _200\"/>thod<span class=\"__1 _383\"> </span><span class=\"ls17_1 ws16_1\">413<span class=\"__1 _c_1\"> </span><span class=\"ff2_1 ls22_1 ws21_1\">4<span class=\"__1 _201\"/>69<span class=\"__1 _32b\"> </span></span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Share o<span class=\"__1 _201\"/>f profit fro<span class=\"__1 _201\"/>m joint ve<span class=\"__1 _201\"/>ntures<span class=\"__1 _384\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">38<span class=\"__1 _232\"> </span></span><span class=\"ls32_1 ws33_1\">75<span class=\"__1 _32b\"> </span></span>Share o<span class=\"__1 _201\"/>f profit fro<span class=\"__1 _201\"/>m ass<span class=\"__1 _201\"/>ociates<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>6<span class=\"__1 _32b\"> </span>Share<span class=\"__1 _200\"/> of pr<span class=\"__1 _200\"/>ofit fr<span class=\"__1 _200\"/>om joint<span class=\"__1 _200\"/> ven<span class=\"__1 _200\"/>tures<span class=\"__1 _200\"/> and associa<span class=\"__1 _200\"/>tes<span class=\"__1 _200\"/> account<span class=\"__1 _200\"/>ed for<span class=\"__1 _200\"/> using the<span class=\"__1 _200\"/> equity method<span class=\"__1 _6d_1\"> </span><span class=\"ls1f_1 ws1e_1\">38<span class=\"__1 _271\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">81<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed w<span class=\"__1 _201\"/>ithin t<span class=\"__1 _201\"/>he yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21 sha<span class=\"__1 _201\"/>re of pro<span class=\"__1 _201\"/>fit fr<span class=\"__1 _201\"/>om as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iates i<span class=\"__1 _201\"/>s \u00a36m f<span class=\"__1 _201\"/>rom MG<span class=\"__1 _201\"/>SA up to t<span class=\"__1 _201\"/>he ac<span class=\"__1 _201\"/>quis<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n date.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>re is no sh<span class=\"__1 _201\"/>are of other c<span class=\"__1 _201\"/>ompre<span class=\"__1 _201\"/>hensi<span class=\"__1 _201\"/>ve inco<span class=\"__1 _201\"/>me from j<span class=\"__1 _201\"/>oint venture<span class=\"__1 _201\"/>s or as<span class=\"__1 _201\"/>sociate<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>14.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _f_1\"/>1 Investmen<span class=\"__1 _200\"/>t in join<span class=\"__1 _200\"/>t v<span class=\"__1 _200\"/>entur<span class=\"__1 _200\"/>es acc<span class=\"__1 _200\"/>ounted<span class=\"__1 _200\"/> for using<span class=\"__1 _200\"/> the equity<span class=\"__1 _200\"/> method<span class=\"__1 _32b\"> </span>All of th<span class=\"__1 _201\"/>e Group\u2019s inves<span class=\"__1 _201\"/>tments i<span class=\"__1 _201\"/>n joint ventu<span class=\"__1 _201\"/>res whi<span class=\"__1 _201\"/>ch are acco<span class=\"__1 _201\"/>unted fo<span class=\"__1 _201\"/>r using th<span class=\"__1 _201\"/>e equit<span class=\"__1 _201\"/>y met<span class=\"__1 _201\"/>hod are p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y vehi<span class=\"__1 _201\"/>cles h<span class=\"__1 _201\"/>eld in<span class=\"__1 _201\"/> the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>. The re<span class=\"__1 _201\"/>sults of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s joint ven<span class=\"__1 _201\"/>tures are refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted in the m<span class=\"__1 _201\"/>ovement i<span class=\"__1 _201\"/>n the unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated surp<span class=\"__1 _201\"/>lus of the<span class=\"__1 _201\"/> With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund an<span class=\"__1 _201\"/>d therefo<span class=\"__1 _201\"/>re do not affe<span class=\"__1 _201\"/>ct s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 result<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>Joi<span class=\"__1 _201\"/>nt ventures a<span class=\"__1 _201\"/>re not cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d to be mater<span class=\"__1 _201\"/>ial indi<span class=\"__1 _201\"/>vid<span class=\"__1 _201\"/>ually o<span class=\"__1 _201\"/>r in aggre<span class=\"__1 _201\"/>gate to the Gro<span class=\"__1 _201\"/>up for the ye<span class=\"__1 _201\"/>ars end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/> and 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21. No<span class=\"__1 _201\"/>ne of the G<span class=\"__1 _201\"/>roup\u2019s joint venture<span class=\"__1 _201\"/>s are lis<span class=\"__1 _201\"/>ted and fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l inform<span class=\"__1 _201\"/>ation of the<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s coveri<span class=\"__1 _201\"/>ng the<span class=\"__1 _201\"/> sam<span class=\"__1 _201\"/>e repo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>ng per<span class=\"__1 _201\"/>iod as th<span class=\"__1 _201\"/>at of the Gro<span class=\"__1 _201\"/>up has b<span class=\"__1 _201\"/>een us<span class=\"__1 _201\"/>ed for a<span class=\"__1 _201\"/>ccounti<span class=\"__1 _201\"/>ng for the<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s using th<span class=\"__1 _201\"/>e equi<span class=\"__1 _201\"/>ty m<span class=\"__1 _201\"/>ethod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>14.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _201\"/>2 In<span class=\"__1 _200\"/>vestmen<span class=\"__1 _200\"/>t in a<span class=\"__1 _200\"/>ssociates<span class=\"__1 _200\"/> accoun<span class=\"__1 _200\"/>ted f<span class=\"__1 _200\"/>or using t<span class=\"__1 _200\"/>he equity met<span class=\"__1 _200\"/>hod<span class=\"__1 _32b\"> </span>On 4 J<span class=\"__1 _201\"/>uly 2021<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up acqui<span class=\"__1 _201\"/>red a contro<span class=\"__1 _201\"/>lling s<span class=\"__1 _201\"/>take in MGS<span class=\"__1 _201\"/>A. U<span class=\"__1 _201\"/>ntil this date M<span class=\"__1 _201\"/>GSA was re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nised a<span class=\"__1 _201\"/>s an ass<span class=\"__1 _201\"/>ociate ac<span class=\"__1 _201\"/>counted<span class=\"__1 _201\"/> for us<span class=\"__1 _201\"/>ing the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y metho<span class=\"__1 _201\"/>d.<span class=\"__1 _201\"/> 14.2 Interests in<span class=\"__1 _200\"/> associat<span class=\"__1 _200\"/>es ac<span class=\"__1 _200\"/>counted<span class=\"__1 _200\"/> for a<span class=\"__1 _200\"/>t fai<span class=\"__1 _200\"/>r value<span class=\"__1 _200\"/> through<span class=\"__1 _200\"/> profit or<span class=\"__1 _200\"/> loss (FVTPL)<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s investm<span class=\"__1 _201\"/>ents in O<span class=\"__1 _201\"/>EICs<span class=\"__1 _201\"/>, unit tr<span class=\"__1 _201\"/>ust<span class=\"__1 _201\"/>s, pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y unit tr<span class=\"__1 _201\"/>usts a<span class=\"__1 _201\"/>nd venture c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l investm<span class=\"__1 _201\"/>ents of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _32b\"> </span> whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up has si<span class=\"__1 _201\"/>gnific<span class=\"__1 _201\"/>ant infl<span class=\"__1 _201\"/>uen<span class=\"__1 _201\"/>ce or joi<span class=\"__1 _201\"/>nt control<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s are acco<span class=\"__1 _201\"/>unted for o<span class=\"__1 _201\"/>n a FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL bas<span class=\"__1 _201\"/>is and are<span class=\"__1 _201\"/> incl<span class=\"__1 _201\"/>uded w<span class=\"__1 _201\"/>ithin e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s and po<span class=\"__1 _201\"/>ole<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent fun<span class=\"__1 _201\"/>ds in the c<span class=\"__1 _201\"/>onsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t of financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> 14.2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 Associates a<span class=\"__1 _200\"/>ccount<span class=\"__1 _200\"/>ed for<span class=\"__1 _200\"/> at FVTPL<span class=\"__1 _32b\"> </span>Dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar ende<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, M&amp;<span class=\"__1 _201\"/>G Europe<span class=\"__1 _201\"/>an Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty Fun<span class=\"__1 _201\"/>d (MEP) was de<span class=\"__1 _201\"/>cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated from th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>nd is<span class=\"__1 _201\"/> now ac<span class=\"__1 _201\"/>counted f<span class=\"__1 _201\"/>or as an as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iate on a F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL ba<span class=\"__1 _201\"/>sis. A<span class=\"__1 _201\"/>s at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, th<span class=\"__1 _201\"/>e Group h<span class=\"__1 _201\"/>eld 29<span class=\"__1 _201\"/>.8% of M<span class=\"__1 _201\"/>EP with a fa<span class=\"__1 _201\"/>ir value<span class=\"__1 _201\"/> of \u00a31,<span class=\"__1 _200\"/>143<span class=\"__1 _201\"/>m. No oth<span class=\"__1 _201\"/>er as<span class=\"__1 _201\"/>sociate<span class=\"__1 _201\"/>s accou<span class=\"__1 _201\"/>nted for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L are cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d indi<span class=\"__1 _201\"/>vidua<span class=\"__1 _201\"/>lly mater<span class=\"__1 _201\"/>ial to the G<span class=\"__1 _201\"/>roup for th<span class=\"__1 _201\"/>e years en<span class=\"__1 _201\"/>ded<span class=\"__1 _201\"/> 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 and 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>21.<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>ggreg<span class=\"__1 _201\"/>ate fair val<span class=\"__1 _201\"/>ue of ass<span class=\"__1 _201\"/>ociates a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ted for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>, i<span class=\"__1 _201\"/>ncludi<span class=\"__1 _201\"/>ng MEP<span class=\"__1 _f_1\"/>, at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 was \u00a31,<span class=\"__1 _201\"/>85<span class=\"__1 _201\"/>0m (202<span class=\"__1 _201\"/>1: \u00a335<span class=\"__1 _201\"/>8m).<span class=\"__1 _32b\"> </span>14.2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Join<span class=\"__1 _200\"/>t v<span class=\"__1 _200\"/>entur<span class=\"__1 _200\"/>es accoun<span class=\"__1 _200\"/>ted f<span class=\"__1 _200\"/>or at<span class=\"__1 _200\"/> FV<span class=\"__1 _201\"/>TPL<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>ggreg<span class=\"__1 _201\"/>ate fair val<span class=\"__1 _201\"/>ue of join<span class=\"__1 _201\"/>t ventures ac<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 was \u00a319<span class=\"__1 _201\"/>0m (20<span class=\"__1 _201\"/>21: \u00a37<span class=\"__1 _201\"/>7m). None of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> joint ve<span class=\"__1 _201\"/>ntures ac<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL are c<span class=\"__1 _201\"/>onsid<span class=\"__1 _201\"/>ered in<span class=\"__1 _201\"/>div<span class=\"__1 _201\"/>iduall<span class=\"__1 _201\"/>y materia<span class=\"__1 _201\"/>l to the Grou<span class=\"__1 _201\"/>p for the yea<span class=\"__1 _201\"/>rs end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span> and 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21.<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls48_1 ws4e_1\">233<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>15 Pr<span class=\"__1 _200\"/>operty<span class=\"__1 _200\"/>, plan<span class=\"__1 _200\"/>t and equipment<span class=\"__1 _32b\"> </span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty, plant a<span class=\"__1 _201\"/>nd equ<span class=\"__1 _201\"/>ipment c<span class=\"__1 _201\"/>ompr<span class=\"__1 _201\"/>ises r<span class=\"__1 _201\"/>ight of us<span class=\"__1 _201\"/>e asse<span class=\"__1 _201\"/>ts, p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es and la<span class=\"__1 _201\"/>nd occ<span class=\"__1 _201\"/>upie<span class=\"__1 _201\"/>d by the Grou<span class=\"__1 _201\"/>p and othe<span class=\"__1 _201\"/>r tangib<span class=\"__1 _201\"/>le<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>ets<span class=\"__1 _201\"/>. A recon<span class=\"__1 _201\"/>ciliatio<span class=\"__1 _201\"/>n of the ca<span class=\"__1 _201\"/>rr<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g amou<span class=\"__1 _201\"/>nt of thes<span class=\"__1 _201\"/>e items from th<span class=\"__1 _201\"/>e beg<span class=\"__1 _201\"/>inning to th<span class=\"__1 _201\"/>e end of th<span class=\"__1 _201\"/>e year is as fo<span class=\"__1 _201\"/>llows: <span class=\"__1 _385\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _386\"> </span>2021<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> Rig<span class=\"__1 _201\"/>ht of us<span class=\"__1 _201\"/>e <span class=\"ls5_1\"> </span>assets<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Group<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>occupied <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>propert<span class=\"__1 _201\"/>y<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>tangible <span class=\"ls5_1 ws1_1\"> </span>assets<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Rig<span class=\"__1 _201\"/>ht of us<span class=\"__1 _201\"/>e <span class=\"ls5_1\"> </span>assets<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Group<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>occupied <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>propert<span class=\"__1 _201\"/>y<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>tangible <span class=\"ls5_1 ws1_1\"> </span>assets<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Cost<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _387\"> </span><span class=\"ls22_1 ws21_1\">306<span class=\"__1 _c_1\"> </span><span class=\"ls19_1 ws18_1\">106<span class=\"__1 _211\"> </span>2<span class=\"__1 _201\"/>,695<span class=\"__1 _208\"> </span><span class=\"ls24_1 ws23_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _288\"> </span><span class=\"ff2_1 ls27_1 ws27_1\">292<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _201\"/>9<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,9<span class=\"__1 _201\"/>68<span class=\"__1 _240\"> </span><span class=\"ls4a_1 ws50_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>T<span class=\"__1 _f_1\"/>ransfer to<span class=\"__1 _200\"/> held for<span class=\"__1 _200\"/> sale<span class=\"__1 _13f_1\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">(7)<span class=\"__1 _f4_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1)<span class=\"__1 _7d_1\"> </span>(1<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>6)<span class=\"__1 _208\"> </span><span class=\"ls17_1 ws16_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>04)<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Addit<span class=\"__1 _200\"/>ions<span class=\"__1 _388\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">32<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>573<span class=\"__1 _223\"> </span><span class=\"ls30_1 ws30_1\">605<span class=\"__1 _12d_1\"> </span><span class=\"ff2_1 ls10_1 wsf_1\">22<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>7<span class=\"__1 _201\"/>70<span class=\"__1 _2c_1\"> </span><span class=\"ls27_1 ws27_1\">792<span class=\"__1 _32b\"> </span></span>Arising on acquisit<span class=\"__1 _200\"/>ion of subsidia<span class=\"__1 _200\"/>ries<span class=\"__1 _ab_1\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">16<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _271\"> </span><span class=\"lsd_1 wsb_1\">21<span class=\"__1 _12f_1\"> </span></span><span class=\"ff2_1\">5<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _367\"> </span>7<span class=\"__1 _32b\"> </span>Disposals and other<span class=\"__1 _389\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4)<span class=\"__1 _271\"> </span><span class=\"ls1d_1 ws1c_1\">(1)<span class=\"__1 _18a_1\"> </span><span class=\"ls28_1 ws28_1\">(<span class=\"__1 _f_1\"/>1,088)<span class=\"__1 _290\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3)<span class=\"__1 _18b_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(12<span class=\"__1 _201\"/>)<span class=\"__1 _239\"> </span><span class=\"ls57_1 ws61_1\">(47<span class=\"__1 _201\"/>)<span class=\"__1 _f4_1\"> </span><span class=\"ls77_1 ws8c_1\">(7<span class=\"__1 _201\"/>)<span class=\"__1 _237\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _bd_1\"> </span><span class=\"ff1_1 ls5_1\">3<span class=\"__1 _2b_1\"> </span>2<span class=\"__1 _252\"> </span><span class=\"ls3c_1 ws3d_1\">1<span class=\"__1 _201\"/>51<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">156<span class=\"__1 _a3_1\"> </span></span></span></span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _232\"> </span><span class=\"ls25_1 ws25_1\">(6)<span class=\"__1 _253\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _250\"/>8)<span class=\"__1 _253\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _18c_1\"> </span><span class=\"ls10_1 wsf_1\">346<span class=\"__1 _c_1\"> </span><span class=\"ls19_1 ws18_1\">106<span class=\"__1 _204\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _e7_1\"/>,1<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>0<span class=\"__1 _214\"> </span><span class=\"ls1c_1 ws43_1\">2<span class=\"__1 _201\"/>,592<span class=\"__1 _271\"> </span><span class=\"ff2_1 ls28_1 ws28_1\">306<span class=\"__1 _2c_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>6<span class=\"__1 _214\"> </span><span class=\"ls40_1 ws44_1\">2<span class=\"__1 _201\"/>,695<span class=\"__1 _14d_1\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></span>Acc<span class=\"__1 _200\"/>umulated<span class=\"__1 _200\"/> deprecia<span class=\"__1 _200\"/>tion and<span class=\"__1 _32b\"> </span> impairment<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _18d_1\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>8)<span class=\"__1 _253\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>9)<span class=\"__1 _4a_1\"> </span><span class=\"ls10_1 wsf_1\">(<span class=\"__1 _200\"/>464<span class=\"__1 _200\"/>)<span class=\"__1 _7d_1\"> </span><span class=\"ls18_1 ws17_1\">(57<span class=\"__1 _201\"/>1)<span class=\"__1 _264\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">(52<span class=\"__1 _201\"/>)<span class=\"__1 _231\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>9)<span class=\"__1 _3f_1\"> </span><span class=\"ls33_1 ws34_1\">(28<span class=\"__1 _201\"/>2)<span class=\"__1 _7d_1\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></span>T<span class=\"__1 _f_1\"/>ransfer to<span class=\"__1 _200\"/> held for<span class=\"__1 _200\"/> sale<span class=\"__1 _18e_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>39<span class=\"__1 _256\"> </span><span class=\"ls1f_1 ws1e_1\">40<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Dep<span class=\"__1 _201\"/>reciati<span class=\"__1 _201\"/>on charg<span class=\"__1 _201\"/>e for the ye<span class=\"__1 _201\"/>ar<span class=\"__1 _18f_1\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>4)<span class=\"__1 _1d_1\"> </span><span class=\"ls26_1 ws26_1\">(3)<span class=\"__1 _5d_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _3f_1\"> </span>(14<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _264\"> </span></span></span></span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _f4_1\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>)<span class=\"__1 _c_1\"> </span><span class=\"ls17_1 ws16_1\">(<span class=\"__1 _201\"/>94)<span class=\"__1 _272\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span></span></span>Arising on acquisit<span class=\"__1 _200\"/>ion of subsidia<span class=\"__1 _200\"/>ries<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2)<span class=\"__1 _219\"> </span>(2)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2)<span class=\"__1 _f4_1\"> </span>(2)<span class=\"__1 _32b\"> </span>Reversal of impairm<span class=\"__1 _201\"/>ent/(impairment)<span class=\"__1 _390\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">6<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(9)<span class=\"__1 _1d_1\"> </span><span class=\"ls26_1 ws26_1\">(3)<span class=\"__1 _8c_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(13<span class=\"__1 _201\"/>)<span class=\"__1 _f4_1\"> </span><span class=\"ls33_1 ws34_1\">(<span class=\"__1 _201\"/>2)<span class=\"__1 _c_1\"> </span><span class=\"ls5b_1 ws67_1\">(8<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _5d_1\"> </span></span></span>(1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Disposals and other<span class=\"__1 _391\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>52<span class=\"__1 _1d_1\"> </span><span class=\"ls3f_1 ws41_1\">53<span class=\"__1 _12f_1\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">2<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _367\"> </span>2<span class=\"__1 _8d_1\"> </span>8<span class=\"__1 _32b\"> </span></span></span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _c0_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>)<span class=\"__1 _271\"> </span>(1)<span class=\"__1 _239\"> </span>(12<span class=\"__1 _201\"/>)<span class=\"__1 _2c_1\"> </span>(1<span class=\"__1 _201\"/>4)<span class=\"__1 _a3_1\"> </span></span><span class=\"ls5_1\">1<span class=\"__1 _353\"> </span>1<span class=\"__1 _9e_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>)<span class=\"__1 _392\"> </span></span>1<span class=\"__1 _32b\"> </span></span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _393\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _223\"> </span><span class=\"ls8_1 ws6_1\">(<span class=\"__1 _201\"/>23)<span class=\"__1 _1a_1\"> </span><span class=\"ls3c_1 ws3d_1\">(511<span class=\"__1 _201\"/>)<span class=\"__1 _208\"> </span><span class=\"ls11_1 ws10_1\">(6<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>9)<span class=\"__1 _1e_1\"> </span><span class=\"ff2_1 ls5b_1 ws67_1\">(8<span class=\"__1 _201\"/>8)<span class=\"__1 _252\"> </span><span class=\"lsa_1 ws8_1\">(19<span class=\"__1 _201\"/>)<span class=\"__1 _14d_1\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>4)<span class=\"__1 _272\"> </span><span class=\"ls52_1 ws5a_1\">(5<span class=\"__1 _201\"/>71)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></span>Net book amoun<span class=\"__1 _200\"/>t<span class=\"__1 _394\"> </span><span class=\"ls17_1 ws16_1\">2<span class=\"__1 _201\"/>41<span class=\"__1 _1d_1\"> </span><span class=\"ls1f_1 ws1e_1\">83<span class=\"__1 _204\"> </span><span class=\"ls19_1 ws18_1\">1,629<span class=\"__1 _204\"> </span><span class=\"lsd_1 wsb_1\">1,953<span class=\"__1 _288\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">218<span class=\"__1 _271\"> </span><span class=\"ls15_1 ws14_1\">87<span class=\"__1 _4a_1\"> </span><span class=\"lsc_1 wsa_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>231<span class=\"__1 _214\"> </span><span class=\"lsf_1 wsd_1\">2,536<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></span>15.<span class=\"__1 _200\"/>1 Ri<span class=\"__1 _201\"/>ght of u<span class=\"__1 _201\"/>se ass<span class=\"__1 _201\"/>ets<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>ses ri<span class=\"__1 _201\"/>ght of use a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s for lea<span class=\"__1 _201\"/>ses of la<span class=\"__1 _201\"/>nd and b<span class=\"__1 _201\"/>uildin<span class=\"__1 _201\"/>gs whic<span class=\"__1 _201\"/>h are use<span class=\"__1 _201\"/>d as office s<span class=\"__1 _201\"/>pace a<span class=\"__1 _201\"/>cross v<span class=\"__1 _201\"/>ariou<span class=\"__1 _201\"/>s loc<span class=\"__1 _201\"/>ations<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Som<span class=\"__1 _201\"/>e leas<span class=\"__1 _201\"/>es inc<span class=\"__1 _201\"/>lude le<span class=\"__1 _201\"/>ase bre<span class=\"__1 _201\"/>ak optio<span class=\"__1 _201\"/>ns that are exercis<span class=\"__1 _201\"/>abl<span class=\"__1 _201\"/>e at the optio<span class=\"__1 _201\"/>n of the Gro<span class=\"__1 _201\"/>up.<span class=\"__1 _201\"/> As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, \u00a329<span class=\"__1 _201\"/>m (2021: \u00a3<span class=\"__1 _201\"/>33<span class=\"__1 _201\"/>m) of right of use a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s were he<span class=\"__1 _201\"/>ld by the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund<span class=\"__1 _201\"/>. Duri<span class=\"__1 _201\"/>ng the year, the Group<span class=\"__1 _201\"/> rece<span class=\"__1 _201\"/>ived \u00a34<span class=\"__1 _201\"/>m (2021: \u00a34m) of inc<span class=\"__1 _201\"/>ome fro<span class=\"__1 _201\"/>m suble<span class=\"__1 _201\"/>asing r<span class=\"__1 _201\"/>ight of us<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets.<span class=\"__1 _32b\"> </span>15.2 Other tangible asse<span class=\"__1 _200\"/>ts<span class=\"__1 _32b\"> </span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, \u00a31,513m (2021: \u00a3<span class=\"__1 _201\"/>2,1<span class=\"__1 _f_1\"/>19<span class=\"__1 _201\"/>m) of other tan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s were hel<span class=\"__1 _201\"/>d by the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund<span class=\"__1 _201\"/>, of which \u00a3<span class=\"__1 _201\"/>217m<span class=\"__1 _32b\"> </span> (2021: \u00a3<span class=\"__1 _201\"/>563<span class=\"__1 _201\"/>m) are asset<span class=\"__1 _201\"/>s unde<span class=\"__1 _201\"/>r cons<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>. The ma<span class=\"__1 _201\"/>in movem<span class=\"__1 _201\"/>ents in th<span class=\"__1 _201\"/>e year on as<span class=\"__1 _201\"/>sets u<span class=\"__1 _201\"/>nder co<span class=\"__1 _201\"/>nstr<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>ion relate to ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> of \u00a3<span class=\"__1 _201\"/>70m les<span class=\"__1 _201\"/>s \u00a341<span class=\"__1 _200\"/>2m of disp<span class=\"__1 _201\"/>osa<span class=\"__1 _201\"/>ls. T<span class=\"__1 _201\"/>he other t<span class=\"__1 _201\"/>angib<span class=\"__1 _201\"/>le ass<span class=\"__1 _201\"/>ets with<span class=\"__1 _201\"/>in the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund re<span class=\"__1 _201\"/>late prima<span class=\"__1 _201\"/>rily to inf<span class=\"__1 _201\"/>rastr<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>ture<span class=\"__1 _32b\"> </span> proje<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s fund<span class=\"__1 _201\"/>ed by the G<span class=\"__1 _201\"/>roup\u2019s consol<span class=\"__1 _201\"/>idated p<span class=\"__1 _201\"/>rivate e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y vehicl<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>. Durin<span class=\"__1 _201\"/>g the year, two fun<span class=\"__1 _201\"/>ds, S<span class=\"__1 _201\"/>ky Fund I an<span class=\"__1 _201\"/>d Sk<span class=\"__1 _201\"/>y Fund V were<span class=\"__1 _201\"/> dec<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated f<span class=\"__1 _201\"/>ollowi<span class=\"__1 _201\"/>ng a sal<span class=\"__1 _201\"/>e of the fun<span class=\"__1 _201\"/>d and a cha<span class=\"__1 _201\"/>nge in co<span class=\"__1 _201\"/>ntrol res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>tivel<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The d<span class=\"__1 _201\"/>econ<span class=\"__1 _201\"/>solid<span class=\"__1 _201\"/>ation of the<span class=\"__1 _201\"/>se enti<span class=\"__1 _201\"/>ties is in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> withi<span class=\"__1 _201\"/>n Disp<span class=\"__1 _201\"/>osals a<span class=\"__1 _201\"/>nd othe<span class=\"__1 _201\"/>r lines in th<span class=\"__1 _201\"/>e tabl<span class=\"__1 _201\"/>e above.<span class=\"__1 _201\"/> Dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar \u00a31<span class=\"__1 _200\"/>1m (2021: \u00a3<span class=\"__1 _201\"/>73<span class=\"__1 _201\"/>m<span class=\"__1 _200\"/>) of imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt was rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in re<span class=\"__1 _201\"/>spec<span class=\"__1 _201\"/>t of tan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s held by th<span class=\"__1 _201\"/>e Group\u2019s infra<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>cture<span class=\"__1 _201\"/> cap<span class=\"__1 _201\"/>ital pr<span class=\"__1 _201\"/>ivate eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y vehicl<span class=\"__1 _201\"/>es.<span class=\"__1 _32b\"> </span>234<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>16 In<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>estment<span class=\"__1 _200\"/> property<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y is pr<span class=\"__1 _201\"/>imar<span class=\"__1 _201\"/>ily he<span class=\"__1 _201\"/>ld by the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund an<span class=\"__1 _201\"/>d is ca<span class=\"__1 _201\"/>rrie<span class=\"__1 _201\"/>d at fair va<span class=\"__1 _201\"/>lue. A re<span class=\"__1 _201\"/>conci<span class=\"__1 _201\"/>liation of th<span class=\"__1 _201\"/>e car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/> of inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y from t<span class=\"__1 _201\"/>he be<span class=\"__1 _201\"/>ginning o<span class=\"__1 _201\"/>f the year to the e<span class=\"__1 _201\"/>nd of the ye<span class=\"__1 _201\"/>ar is set ou<span class=\"__1 _201\"/>t below<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> 2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _11c_1\"> </span><span class=\"ls40_1 ws44_1\">19,698<span class=\"__1 _248\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">19<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>ransfer from<span class=\"__1 _200\"/>/(<span class=\"__1 _f_1\"/>to<span class=\"__1 _200\"/>) held f<span class=\"__1 _200\"/>or sale <span class=\"__1 _313\"> </span><span class=\"ff1_1 ls10_1 wsf_1\">24<span class=\"__1 _212\"> </span></span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>47<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Add<span class=\"__1 _201\"/>iti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Resu<span class=\"__1 _201\"/>lting fro<span class=\"__1 _201\"/>m prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty a<span class=\"__1 _201\"/>cquisi<span class=\"__1 _201\"/>tions<span class=\"__1 _207\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">2,279<span class=\"__1 _204\"> </span><span class=\"ff2_1\">1,809<span class=\"__1 _32b\"> </span></span></span>Resu<span class=\"__1 _201\"/>lting fro<span class=\"__1 _201\"/>m expen<span class=\"__1 _201\"/>diture ca<span class=\"__1 _201\"/>pitali<span class=\"__1 _201\"/>sed<span class=\"__1 _395\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">420<span class=\"__1 _231\"> </span></span><span class=\"ls2a_1 ws2a_1\">193<span class=\"__1 _32b\"> </span></span>Disposals and other<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>(4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _248\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">(1,310<span class=\"__1 _32b\"> </span></span><span class=\"ff2_1 lsc_1 wsa_1\">)<span class=\"__1 _32b\"> </span></span>Net f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e (los<span class=\"__1 _201\"/>ses)/<span class=\"__1 _f_1\"/>gai<span class=\"__1 _201\"/>ns<span class=\"__1 _396\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>47<span class=\"__1 _250\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _243\"> </span></span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>25<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _396\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">204<span class=\"__1 _2c_1\"> </span></span><span class=\"ls57_1 ws61_1\">(41<span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span></span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _397\"> </span><span class=\"ls38_1 ws38_1\">16,<span class=\"__1 _201\"/>505<span class=\"__1 _245\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">19,6<span class=\"__1 _201\"/>98<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed w<span class=\"__1 _201\"/>ithin d<span class=\"__1 _201\"/>isp<span class=\"__1 _201\"/>osa<span class=\"__1 _201\"/>ls an<span class=\"__1 _201\"/>d othe<span class=\"__1 _201\"/>r of \u00a34<span class=\"__1 _201\"/>,64<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>m for th<span class=\"__1 _201\"/>e year e<span class=\"__1 _201\"/>nd<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 is \u00a3<span class=\"__1 _201\"/>3,<span class=\"__1 _201\"/>95<span class=\"__1 _201\"/>5m as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iated w<span class=\"__1 _201\"/>ith th<span class=\"__1 _201\"/>e de<span class=\"__1 _201\"/>cons<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>dati<span class=\"__1 _201\"/>on of th<span class=\"__1 _201\"/>e M&amp;G<span class=\"__1 _201\"/> Euro<span class=\"__1 _201\"/>pea<span class=\"__1 _201\"/>n Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund in t<span class=\"__1 _201\"/>he pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>For the ye<span class=\"__1 _201\"/>ar end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, re<span class=\"__1 _201\"/>ntal inc<span class=\"__1 _201\"/>ome fro<span class=\"__1 _201\"/>m investm<span class=\"__1 _201\"/>ent prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y was \u00a38<span class=\"__1 _201\"/>84<span class=\"__1 _201\"/>m (2021: \u00a3<span class=\"__1 _201\"/>973m). Dire<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span> expe<span class=\"__1 _201\"/>nses<span class=\"__1 _201\"/>, incl<span class=\"__1 _201\"/>uding re<span class=\"__1 _201\"/>pairs a<span class=\"__1 _201\"/>nd mainten<span class=\"__1 _201\"/>ance ar<span class=\"__1 _201\"/>ising f<span class=\"__1 _201\"/>rom thes<span class=\"__1 _201\"/>e prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties fo<span class=\"__1 _201\"/>r the year e<span class=\"__1 _201\"/>nded 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 we<span class=\"__1 _201\"/>re \u00a3154<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> (2021: \u00a319<span class=\"__1 _201\"/>0m). Dire<span class=\"__1 _201\"/>ct op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g expens<span class=\"__1 _201\"/>es on inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty n<span class=\"__1 _201\"/>ot gen<span class=\"__1 _201\"/>erating re<span class=\"__1 _201\"/>ntal inc<span class=\"__1 _201\"/>ome fo<span class=\"__1 _201\"/>r the year en<span class=\"__1 _201\"/>ded 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber<span class=\"__1 _201\"/> 202<span class=\"__1 _201\"/>2 was \u00a313m (20<span class=\"__1 _201\"/>21: \u00a316m).<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s poli<span class=\"__1 _201\"/>cy is to let inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty to ten<span class=\"__1 _201\"/>ants thro<span class=\"__1 _201\"/>ugh op<span class=\"__1 _201\"/>erating l<span class=\"__1 _201\"/>ease<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he leas<span class=\"__1 _201\"/>es t<span class=\"__1 _201\"/>ypic<span class=\"__1 _201\"/>all<span class=\"__1 _201\"/>y includ<span class=\"__1 _201\"/>e claus<span class=\"__1 _201\"/>es to<span class=\"__1 _32b\"> </span> enab<span class=\"__1 _201\"/>le pe<span class=\"__1 _201\"/>riod<span class=\"__1 _201\"/>ic rent revi<span class=\"__1 _201\"/>ews acc<span class=\"__1 _201\"/>ording to prev<span class=\"__1 _201\"/>ailing m<span class=\"__1 _201\"/>arket cond<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/>. In so<span class=\"__1 _201\"/>me agre<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>ts, th<span class=\"__1 _201\"/>e rents mi<span class=\"__1 _201\"/>ght be var<span class=\"__1 _201\"/>iabl<span class=\"__1 _201\"/>e and<span class=\"__1 _201\"/> linked to an in<span class=\"__1 _201\"/>dex. C<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain l<span class=\"__1 _201\"/>eases c<span class=\"__1 _201\"/>ontain o<span class=\"__1 _201\"/>ptions to bre<span class=\"__1 _201\"/>ak befo<span class=\"__1 _201\"/>re the end o<span class=\"__1 _201\"/>f the leas<span class=\"__1 _201\"/>e term by eit<span class=\"__1 _201\"/>her par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span>Minim<span class=\"__1 _201\"/>um future re<span class=\"__1 _201\"/>ntal inc<span class=\"__1 _201\"/>ome to be re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d on no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>canc<span class=\"__1 _201\"/>ellab<span class=\"__1 _201\"/>le leas<span class=\"__1 _201\"/>es of the G<span class=\"__1 _201\"/>roup\u2019s freeh<span class=\"__1 _201\"/>old an<span class=\"__1 _201\"/>d leas<span class=\"__1 _201\"/>ehol<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/> prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y are recei<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>e in the fol<span class=\"__1 _201\"/>lowin<span class=\"__1 _201\"/>g peri<span class=\"__1 _201\"/>ods:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Les<span class=\"__1 _201\"/>s than 1 yea<span class=\"__1 _201\"/>r<span class=\"__1 _398\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">468<span class=\"__1 _239\"> </span></span><span class=\"ls45_1 ws49_1\">47<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span>1 to 5 years<span class=\"__1 _d_1\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">1,<span class=\"__1 _201\"/>47<span class=\"__1 _201\"/>7<span class=\"__1 _7d_1\"> </span></span><span class=\"ls3d_1 ws3f_1\">1<span class=\"__1 _250\"/>,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>74<span class=\"__1 _32b\"> </span></span>Ove<span class=\"__1 _201\"/>r 5 years<span class=\"__1 _399\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">2<span class=\"__1 _201\"/>,085<span class=\"__1 _4a_1\"> </span></span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>91<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> minimum futur<span class=\"__1 _200\"/>e r<span class=\"__1 _200\"/>ental<span class=\"__1 _200\"/> income<span class=\"__1 _fd_1\"> </span><span class=\"lsc_1 wsa_1\">4<span class=\"__1 _201\"/>,030<span class=\"__1 _214\"> </span><span class=\"ff2_1 ls32_1 ws33_1\">4<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>42<span class=\"__1 _32b\"> </span></span></span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls7b_1 ws8e_1\">235<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>17<span class=\"__1 _200\"/> Defined benefit pension s<span class=\"__1 _200\"/>chemes<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>.<span class=\"__1 _f_1\"/>1 Back<span class=\"__1 _200\"/>ground and<span class=\"__1 _200\"/> summary economic and<span class=\"__1 _200\"/> IAS 19<span class=\"__1 _200\"/> financial po<span class=\"__1 _200\"/>sitions<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup o<span class=\"__1 _201\"/>perates t<span class=\"__1 _201\"/>hree de<span class=\"__1 _201\"/>fined b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit pen<span class=\"__1 _201\"/>sion s<span class=\"__1 _201\"/>cheme<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he larg<span class=\"__1 _201\"/>est d<span class=\"__1 _201\"/>efine<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efit sch<span class=\"__1 _201\"/>eme as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>022 is<span class=\"__1 _201\"/> the Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Staff Pe<span class=\"__1 _201\"/>nsion S<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>e (PS<span class=\"__1 _201\"/>PS), which a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ts for 82<span class=\"__1 _201\"/>% (2021: 80<span class=\"__1 _201\"/>%<span class=\"__1 _200\"/>) of the pres<span class=\"__1 _201\"/>ent valu<span class=\"__1 _201\"/>e of the de<span class=\"__1 _201\"/>fined b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit<span class=\"__1 _32b\"> </span> pension obliga<span class=\"__1 _200\"/>tion.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup al<span class=\"__1 _201\"/>so ope<span class=\"__1 _201\"/>rates t<span class=\"__1 _201\"/>wo smal<span class=\"__1 _201\"/>ler de<span class=\"__1 _201\"/>fined b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit pen<span class=\"__1 _201\"/>sion sc<span class=\"__1 _201\"/>heme<span class=\"__1 _201\"/>s that were or<span class=\"__1 _201\"/>igina<span class=\"__1 _201\"/>lly es<span class=\"__1 _201\"/>tabli<span class=\"__1 _201\"/>shed by th<span class=\"__1 _201\"/>e M&amp;G G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/> Limi<span class=\"__1 _201\"/>ted (M&amp;G<span class=\"__1 _201\"/>GP<span class=\"__1 _201\"/>S) and Scot<span class=\"__1 _201\"/>tish Am<span class=\"__1 _201\"/>icab<span class=\"__1 _201\"/>le (SASP<span class=\"__1 _201\"/>S) busine<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er IAS 19<span class=\"__1 _201\"/>: Employe<span class=\"__1 _201\"/>e Ben<span class=\"__1 _201\"/>efits an<span class=\"__1 _201\"/>d IFR<span class=\"__1 _201\"/>IC 14: IAS 19 \u2013 Th<span class=\"__1 _201\"/>e Limit o<span class=\"__1 _201\"/>n a Defi<span class=\"__1 _201\"/>ned B<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t Ass<span class=\"__1 _201\"/>et, Min<span class=\"__1 _201\"/>imum Fundin<span class=\"__1 _201\"/>g Requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span> and th<span class=\"__1 _201\"/>eir Inter<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>on, th<span class=\"__1 _201\"/>e Group c<span class=\"__1 _201\"/>an onl<span class=\"__1 _201\"/>y reco<span class=\"__1 _201\"/>gnise a s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s to the exten<span class=\"__1 _201\"/>t that it is abl<span class=\"__1 _201\"/>e to acces<span class=\"__1 _201\"/>s the su<span class=\"__1 _201\"/>rplus e<span class=\"__1 _201\"/>ither th<span class=\"__1 _201\"/>rough an<span class=\"__1 _201\"/> unco<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>nal ri<span class=\"__1 _201\"/>ght of refun<span class=\"__1 _201\"/>d or throu<span class=\"__1 _201\"/>gh reduc<span class=\"__1 _201\"/>ed futu<span class=\"__1 _201\"/>re contri<span class=\"__1 _201\"/>bution<span class=\"__1 _201\"/>s relating to o<span class=\"__1 _201\"/>ngoin<span class=\"__1 _201\"/>g ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice of ac<span class=\"__1 _201\"/>tive me<span class=\"__1 _201\"/>mber<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up<span class=\"__1 _32b\"> </span> has no u<span class=\"__1 _201\"/>ncon<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>al right of re<span class=\"__1 _201\"/>fund to any su<span class=\"__1 _201\"/>rplus i<span class=\"__1 _201\"/>n PSP<span class=\"__1 _201\"/>S. Acc<span class=\"__1 _201\"/>ording<span class=\"__1 _201\"/>ly<span class=\"__1 _200\"/>, PS<span class=\"__1 _201\"/>PS\u2019s net e<span class=\"__1 _201\"/>cono<span class=\"__1 _201\"/>mic pe<span class=\"__1 _201\"/>nsion s<span class=\"__1 _201\"/>urpl<span class=\"__1 _201\"/>us is res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>ted up<span class=\"__1 _201\"/> to the pre<span class=\"__1 _201\"/>sent val<span class=\"__1 _201\"/>ue of the G<span class=\"__1 _201\"/>roup\u2019s econ<span class=\"__1 _201\"/>omic b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t, whi<span class=\"__1 _201\"/>ch is cal<span class=\"__1 _201\"/>culated as th<span class=\"__1 _201\"/>e diffe<span class=\"__1 _201\"/>rence b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated future co<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/> of ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice fo<span class=\"__1 _201\"/>r acti<span class=\"__1 _201\"/>ve memb<span class=\"__1 _201\"/>ers an<span class=\"__1 _201\"/>d the es<span class=\"__1 _201\"/>timated f<span class=\"__1 _201\"/>uture ong<span class=\"__1 _201\"/>oing co<span class=\"__1 _201\"/>ntribu<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>. The l<span class=\"__1 _201\"/>evel of the re<span class=\"__1 _201\"/>stri<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n is set out i<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> bel<span class=\"__1 _201\"/>ow. The net e<span class=\"__1 _201\"/>cono<span class=\"__1 _201\"/>mic pe<span class=\"__1 _201\"/>nsion s<span class=\"__1 _201\"/>urpl<span class=\"__1 _201\"/>us is attr<span class=\"__1 _201\"/>ibuted 70% to th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund and 3<span class=\"__1 _201\"/>0% to the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>In con<span class=\"__1 _201\"/>trast<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up is abl<span class=\"__1 _201\"/>e to acces<span class=\"__1 _201\"/>s the su<span class=\"__1 _201\"/>rplus of S<span class=\"__1 _201\"/>ASP<span class=\"__1 _201\"/>S and M&amp;<span class=\"__1 _201\"/>GGP<span class=\"__1 _201\"/>S throug<span class=\"__1 _201\"/>h an unco<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>nal rig<span class=\"__1 _201\"/>ht of refund<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>refore,<span class=\"__1 _201\"/> the sur<span class=\"__1 _201\"/>plus re<span class=\"__1 _201\"/>sultin<span class=\"__1 _201\"/>g from the<span class=\"__1 _201\"/>se sch<span class=\"__1 _201\"/>emes i<span class=\"__1 _201\"/>s recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d in full. A<span class=\"__1 _201\"/>s at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 the SAS<span class=\"__1 _201\"/>PS an<span class=\"__1 _201\"/>d M&amp;GG<span class=\"__1 _201\"/>PS s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>es are in<span class=\"__1 _201\"/> surp<span class=\"__1 _201\"/>lus bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e IAS 19 val<span class=\"__1 _201\"/>uation<span class=\"__1 _201\"/>. Unde<span class=\"__1 _201\"/>r IAS 19, no<span class=\"__1 _201\"/>n-tran<span class=\"__1 _201\"/>sfer<span class=\"__1 _201\"/>able in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce pol<span class=\"__1 _201\"/>icies i<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>ed by a relate<span class=\"__1 _201\"/>d par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y do not qu<span class=\"__1 _201\"/>alif<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> as pla<span class=\"__1 _201\"/>n asse<span class=\"__1 _201\"/>ts. T<span class=\"__1 _201\"/>herefo<span class=\"__1 _201\"/>re, as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>1, investm<span class=\"__1 _201\"/>ents in i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s issu<span class=\"__1 _201\"/>ed by Pru<span class=\"__1 _201\"/>denti<span class=\"__1 _201\"/>al Pensi<span class=\"__1 _201\"/>ons Lim<span class=\"__1 _201\"/>ited, (a<span class=\"__1 _32b\"> </span> subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>y of th<span class=\"__1 _201\"/>e Group, t<span class=\"__1 _201\"/>hrough w<span class=\"__1 _201\"/>hich it inve<span class=\"__1 _201\"/>sted in c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain po<span class=\"__1 _201\"/>ole<span class=\"__1 _201\"/>d funds), were de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>ted from th<span class=\"__1 _201\"/>e M&amp;GG<span class=\"__1 _201\"/>PS s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s, on an I<span class=\"__1 _201\"/>AS<span class=\"__1 _32b\"> </span> 19 basi<span class=\"__1 _201\"/>s. Ho<span class=\"__1 _201\"/>wever all ho<span class=\"__1 _201\"/>lding<span class=\"__1 _201\"/>s were dive<span class=\"__1 _201\"/>sted d<span class=\"__1 _201\"/>uring 20<span class=\"__1 _201\"/>22 an<span class=\"__1 _201\"/>d this de<span class=\"__1 _201\"/>duct<span class=\"__1 _201\"/>ion is no l<span class=\"__1 _201\"/>onge<span class=\"__1 _201\"/>r requi<span class=\"__1 _201\"/>red.<span class=\"__1 _32b\"> </span>The S<span class=\"__1 _201\"/>ASP<span class=\"__1 _201\"/>S net ec<span class=\"__1 _201\"/>onomi<span class=\"__1 _201\"/>c pens<span class=\"__1 _201\"/>ion sur<span class=\"__1 _201\"/>plus i<span class=\"__1 _201\"/>s attrib<span class=\"__1 _201\"/>uted 4<span class=\"__1 _201\"/>0% to the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund an<span class=\"__1 _201\"/>d 60% to the G<span class=\"__1 _201\"/>roup\u2019s shareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs.<span class=\"__1 _32b\"> </span>The p<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>on as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties for th<span class=\"__1 _201\"/>e defin<span class=\"__1 _201\"/>ed b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t pensi<span class=\"__1 _201\"/>on sch<span class=\"__1 _201\"/>emes a<span class=\"__1 _201\"/>re as foll<span class=\"__1 _201\"/>ows: <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er PSPS <span class=\"ls5_1 ws1_1\"> </span>\u00a3m SASPS<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m M&amp;GGPS <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Fair value of p<span class=\"__1 _201\"/>lan as<span class=\"__1 _201\"/>sets<span class=\"__1 _19b_1\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>41<span class=\"__1 _c_1\"> </span><span class=\"ls27_1 ws27_1\">582<span class=\"__1 _237\"> </span><span class=\"ls77_1 ws8c_1\">442<span class=\"__1 _243\"> </span><span class=\"ls19_1 ws18_1\">5,6<span class=\"__1 _201\"/>65<span class=\"__1 _32b\"> </span></span></span></span></span>Present v<span class=\"__1 _200\"/>alue of<span class=\"__1 _200\"/> defined benefit obliga<span class=\"__1 _200\"/>tion<span class=\"__1 _19c_1\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _4a_1\"> </span><span class=\"ls17_1 ws16_1\">(56<span class=\"__1 _201\"/>6)<span class=\"__1 _7d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>3)<span class=\"__1 _290\"> </span></span></span>(4<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span>Effec<span class=\"__1 _201\"/>t of res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>tion o<span class=\"__1 _201\"/>n surp<span class=\"__1 _201\"/>lus<span class=\"__1 _19d_1\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>81)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(5<span class=\"__1 _201\"/>81)<span class=\"__1 _32b\"> </span>Net economic<span class=\"__1 _200\"/> pension surplus<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>10<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">129<span class=\"__1 _2c_1\"> </span>15<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span>Elimin<span class=\"__1 _201\"/>ate group is<span class=\"__1 _201\"/>sued i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Net pension<span class=\"__1 _200\"/> surplus<span class=\"__1 _19e_1\"> </span><span class=\"ls19_1 ws18_1\">10<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">129<span class=\"__1 _2c_1\"> </span>15<span class=\"__1 _201\"/>5</span></span></span> <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>PSPS <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>SASPS<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>M&amp;GGPS <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Attributable t<span class=\"__1 _200\"/>o:<span class=\"__1 _32b\"> </span>Shareholder<span class=\"__1 _f_1\"/>-back<span class=\"__1 _200\"/>ed business<span class=\"__1 _19f_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">3<span class=\"__1 _f4_1\"> </span><span class=\"ls19_1 ws18_1\">10<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>9<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span></span></span>With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _1a0_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">7<span class=\"__1 _8d_1\"> </span>6<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>13<span class=\"__1 _32b\"> </span>Net pension<span class=\"__1 _200\"/> surplus<span class=\"__1 _19e_1\"> </span><span class=\"ls19_1 ws18_1\">10<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">129<span class=\"__1 _2c_1\"> </span>15<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e eco<span class=\"__1 _201\"/>nom<span class=\"__1 _201\"/>ic ba<span class=\"__1 _201\"/>sis re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>ts t<span class=\"__1 _201\"/>he po<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on of th<span class=\"__1 _201\"/>e defi<span class=\"__1 _201\"/>ne<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efit s<span class=\"__1 _201\"/>che<span class=\"__1 _201\"/>mes f<span class=\"__1 _201\"/>rom th<span class=\"__1 _201\"/>e per<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>ive of t<span class=\"__1 _201\"/>he pe<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>on sch<span class=\"__1 _201\"/>em<span class=\"__1 _201\"/>es, a<span class=\"__1 _201\"/>dju<span class=\"__1 _201\"/>ste<span class=\"__1 _201\"/>d for th<span class=\"__1 _201\"/>e effe<span class=\"__1 _201\"/>ct of I<span class=\"__1 _201\"/>FR<span class=\"__1 _201\"/>IC<span class=\"__1 _32b\"> </span> 14 for t<span class=\"__1 _201\"/>he de<span class=\"__1 _201\"/>reco<span class=\"__1 _201\"/>gni<span class=\"__1 _201\"/>tion o<span class=\"__1 _201\"/>f PS<span class=\"__1 _201\"/>PS\u2019s u<span class=\"__1 _201\"/>nrec<span class=\"__1 _201\"/>ogn<span class=\"__1 _201\"/>isa<span class=\"__1 _201\"/>ble s<span class=\"__1 _201\"/>urp<span class=\"__1 _201\"/>lus an<span class=\"__1 _201\"/>d bef<span class=\"__1 _201\"/>ore ad<span class=\"__1 _201\"/>jus<span class=\"__1 _201\"/>ting f<span class=\"__1 _201\"/>or any n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>qu<span class=\"__1 _201\"/>alif<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ts. <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>PSPS <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>SASPS<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>M&amp;GGPS <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Fair value of p<span class=\"__1 _201\"/>lan as<span class=\"__1 _201\"/>sets<span class=\"__1 _339\"> </span><span class=\"ls13_1 ws12_1\">7,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>4<span class=\"__1 _2c_1\"> </span><span class=\"ls15_1 ws14_1\">993<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">75<span class=\"__1 _201\"/>4<span class=\"__1 _5d_1\"> </span><span class=\"ls43_1 ws47_1\">9<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>41<span class=\"__1 _32b\"> </span></span></span></span></span>Present v<span class=\"__1 _200\"/>alue of<span class=\"__1 _200\"/> defined benefit obliga<span class=\"__1 _200\"/>tion<span class=\"__1 _1a2_1\"> </span><span class=\"ls1f_1 ws1e_1\">(<span class=\"__1 _200\"/>6,460<span class=\"__1 _200\"/>)<span class=\"__1 _4c_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _1a_1\"> </span><span class=\"ls52_1 ws5a_1\">(5<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>1)<span class=\"__1 _213\"> </span><span class=\"ls17_1 ws16_1\">(8<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span></span></span></span>Effec<span class=\"__1 _201\"/>t of res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>tion o<span class=\"__1 _201\"/>n surp<span class=\"__1 _201\"/>lus<span class=\"__1 _19d_1\"> </span><span class=\"ls5b_1 ws67_1\">(89<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(8<span class=\"__1 _201\"/>96)<span class=\"__1 _32b\"> </span>Net economic<span class=\"__1 _200\"/> pension surplus<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>(<span class=\"__1 _f_1\"/>deficit)<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>38<span class=\"__1 _228\"> </span><span class=\"ls18_1 ws17_1\">(50)<span class=\"__1 _c_1\"> </span><span class=\"ls56_1 ws5f_1\">173<span class=\"__1 _e_1\"> </span><span class=\"lse_1 wsc_1\">161<span class=\"__1 _32b\"> </span></span></span></span>Elimin<span class=\"__1 _201\"/>ate group is<span class=\"__1 _201\"/>sued i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(207<span class=\"__1 _201\"/>)<span class=\"__1 _14d_1\"> </span>(<span class=\"__1 _201\"/>207)<span class=\"__1 _32b\"> </span>Net pension<span class=\"__1 _200\"/> surplus/<span class=\"__1 _f_1\"/>(de<span class=\"__1 _200\"/>ficit)<span class=\"__1 _200\"/> attribut<span class=\"__1 _200\"/>able to<span class=\"__1 _200\"/> the Group<span class=\"__1 _1a3_1\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">38<span class=\"__1 _228\"> </span><span class=\"ls18_1 ws17_1\">(50)<span class=\"__1 _253\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _250\"/>4)<span class=\"__1 _253\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span></span></span>236<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022</span></span> <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>PSPS <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>SASPS<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>M&amp;GGPS <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Attributable t<span class=\"__1 _200\"/>o:<span class=\"__1 _32b\"> </span>Shareholder<span class=\"__1 _f_1\"/>-back<span class=\"__1 _200\"/>ed business<span class=\"__1 _1a4_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _345\"> </span>(3<span class=\"__1 _201\"/>0)<span class=\"__1 _2c_1\"> </span>(3<span class=\"__1 _201\"/>4)<span class=\"__1 _253\"> </span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _1a5_1\"> </span><span class=\"lsb_1 ws32_1\">27<span class=\"__1 _228\"> </span><span class=\"ls18_1 ws17_1\">(<span class=\"__1 _201\"/>20)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>7<span class=\"__1 _32b\"> </span>Net pension<span class=\"__1 _200\"/> surplus/<span class=\"__1 _f_1\"/>(de<span class=\"__1 _200\"/>ficit)<span class=\"__1 _1a1_1\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">38<span class=\"__1 _228\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>0)<span class=\"__1 _253\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>4)<span class=\"__1 _253\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span></span></span>17<span class=\"__1 _f_1\"/>.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _f_1\"/>1 T<span class=\"__1 _f_1\"/>riennial actu<span class=\"__1 _200\"/>arial v<span class=\"__1 _200\"/>aluatio<span class=\"__1 _200\"/>ns<span class=\"__1 _32b\"> </span>A full a<span class=\"__1 _201\"/>ctuar<span class=\"__1 _201\"/>ial val<span class=\"__1 _201\"/>uation is re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d for defi<span class=\"__1 _201\"/>ned b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t pens<span class=\"__1 _201\"/>ion sch<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>s ever<span class=\"__1 _201\"/>y thre<span class=\"__1 _201\"/>e years in ord<span class=\"__1 _201\"/>er to ass<span class=\"__1 _201\"/>ess t<span class=\"__1 _201\"/>he appro<span class=\"__1 _201\"/>priate<span class=\"__1 _201\"/> level of f<span class=\"__1 _201\"/>undin<span class=\"__1 _201\"/>g for sch<span class=\"__1 _201\"/>emes i<span class=\"__1 _201\"/>n relation to th<span class=\"__1 _201\"/>eir com<span class=\"__1 _201\"/>mitme<span class=\"__1 _201\"/>nts. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e valuatio<span class=\"__1 _201\"/>ns incl<span class=\"__1 _201\"/>ude as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sme<span class=\"__1 _201\"/>nts of the likel<span class=\"__1 _201\"/>y rate of return o<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> the as<span class=\"__1 _201\"/>sets h<span class=\"__1 _201\"/>eld wi<span class=\"__1 _201\"/>thin the se<span class=\"__1 _201\"/>parate tr<span class=\"__1 _201\"/>ustee a<span class=\"__1 _201\"/>dminis<span class=\"__1 _201\"/>tered f<span class=\"__1 _201\"/>unds<span class=\"__1 _201\"/>. The a<span class=\"__1 _201\"/>ctuar<span class=\"__1 _201\"/>ial valu<span class=\"__1 _201\"/>ation di<span class=\"__1 _201\"/>ffers f<span class=\"__1 _201\"/>rom the IAS 19 a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ting bas<span class=\"__1 _201\"/>is<span class=\"__1 _32b\"> </span> valu<span class=\"__1 _201\"/>ation in a num<span class=\"__1 _201\"/>ber of re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>, incl<span class=\"__1 _201\"/>uding th<span class=\"__1 _201\"/>e disco<span class=\"__1 _201\"/>unt rate as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>n where I<span class=\"__1 _201\"/>AS 19 pres<span class=\"__1 _201\"/>crib<span class=\"__1 _201\"/>es a rate bas<span class=\"__1 _201\"/>ed on hi<span class=\"__1 _201\"/>gh-<span class=\"__1 _201\"/>quali<span class=\"__1 _201\"/>ty<span class=\"__1 _201\"/> cor<span class=\"__1 _201\"/>porate b<span class=\"__1 _201\"/>onds w<span class=\"__1 _201\"/>hile a mo<span class=\"__1 _201\"/>re pru<span class=\"__1 _201\"/>dent as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>on is t<span class=\"__1 _201\"/>ypic<span class=\"__1 _201\"/>all<span class=\"__1 _201\"/>y used fo<span class=\"__1 _201\"/>r the ac<span class=\"__1 _201\"/>tuari<span class=\"__1 _201\"/>al valuati<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>Summ<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y infor<span class=\"__1 _201\"/>mation o<span class=\"__1 _201\"/>n the lates<span class=\"__1 _201\"/>t comp<span class=\"__1 _201\"/>leted ac<span class=\"__1 _201\"/>tuar<span class=\"__1 _201\"/>ial valu<span class=\"__1 _201\"/>ation for e<span class=\"__1 _201\"/>ach of the s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>es, a<span class=\"__1 _201\"/>s at 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022<span class=\"__1 _201\"/>, is sh<span class=\"__1 _201\"/>own in<span class=\"__1 _201\"/> the tab<span class=\"__1 _201\"/>le be<span class=\"__1 _201\"/>low.<span class=\"__1 _32b\"> </span>PSPS<span class=\"__1 _1a6_1\"> </span><span class=\"ls4f_1 ws55_1\">SASPS<span class=\"__1 _12a_1\"> </span></span>M&amp;GGPS<span class=\"__1 _32b\"> </span>La<span class=\"__1 _201\"/>st com<span class=\"__1 _201\"/>plete<span class=\"__1 _201\"/>d actua<span class=\"__1 _201\"/>rial<span class=\"__1 _201\"/> valu<span class=\"__1 _201\"/>ation date<span class=\"__1 _32b\"> </span>5 Apr<span class=\"__1 _201\"/>il 2020<span class=\"__1 _1a7_1\"> </span>31 March 2<span class=\"__1 _201\"/>020<span class=\"__1 _6a_1\"> </span>31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2020<span class=\"__1 _32b\"> </span>Funding l<span class=\"__1 _201\"/>evel at the la<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/> valuation<span class=\"__1 _32b\"> </span>108%<span class=\"__1 _18c_1\"> </span><span class=\"ls45_1 ws49_1\">85%<span class=\"__1 _1a8_1\"> </span><span class=\"ls11_1 ws10_1\">116<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span></span>Deficit funding<span class=\"__1 _200\"/> arrangement<span class=\"__1 _32b\"> </span> agre<span class=\"__1 _201\"/>ed with th<span class=\"__1 _201\"/>e T<span class=\"__1 _f_1\"/>ru<span class=\"__1 _201\"/>stee<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> on the l<span class=\"__1 _201\"/>ast co<span class=\"__1 _201\"/>mplete<span class=\"__1 _201\"/>d valuati<span class=\"__1 _201\"/>on<span class=\"__1 _32b\"> </span>No de<span class=\"__1 _201\"/>ficit fu<span class=\"__1 _201\"/>nding re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d<span class=\"__1 _220\"> </span>De<span class=\"__1 _201\"/>ficit fu<span class=\"__1 _201\"/>nding of \u00a3<span class=\"__1 _201\"/>26m p<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> annum f<span class=\"__1 _201\"/>rom 1 Apr<span class=\"__1 _201\"/>il 2020 unti<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span> 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2025<span class=\"__1 _201\"/>, or ear<span class=\"__1 _201\"/>lier<span class=\"__1 _201\"/> if the s<span class=\"__1 _201\"/>cheme\u2019s fund<span class=\"__1 _201\"/>ing level<span class=\"__1 _201\"/> reach<span class=\"__1 _201\"/>es 100% b<span class=\"__1 _201\"/>efore date. T<span class=\"__1 _201\"/>he<span class=\"__1 _201\"/> defi<span class=\"__1 _201\"/>cit fun<span class=\"__1 _201\"/>ding wil<span class=\"__1 _201\"/>l be revie<span class=\"__1 _201\"/>wed<span class=\"__1 _201\"/> ever<span class=\"__1 _201\"/>y thre<span class=\"__1 _201\"/>e years at s<span class=\"__1 _201\"/>ubse<span class=\"__1 _201\"/>quent<span class=\"__1 _201\"/> valuations<span class=\"__1 _32b\"> </span>No de<span class=\"__1 _201\"/>ficit fu<span class=\"__1 _201\"/>nding re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>Curre<span class=\"__1 _201\"/>nt level of e<span class=\"__1 _201\"/>mployer<span class=\"__1 _201\"/> contr<span class=\"__1 _201\"/>ibutio<span class=\"__1 _201\"/>ns for ac<span class=\"__1 _201\"/>tive<span class=\"__1 _201\"/> members<span class=\"__1 _32b\"> </span>Are at the m<span class=\"__1 _201\"/>inimum l<span class=\"__1 _201\"/>evel <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>requ<span class=\"__1 _201\"/>ired und<span class=\"__1 _201\"/>er the s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>e <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>rul<span class=\"__1 _201\"/>es (<span class=\"__1 _200\"/>app<span class=\"__1 _201\"/>roximately \u00a3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.5m<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1\"> </span>per annum)<span class=\"__1 _32b\"> </span>Approxi<span class=\"__1 _200\"/>mat<span class=\"__1 _200\"/>ely \u00a34.5m per<span class=\"__1 _32b\"> </span> annum<span class=\"__1 _32b\"> </span>App<span class=\"__1 _201\"/>roximately \u00a34<span class=\"__1 _201\"/>m per a<span class=\"__1 _201\"/>nnum<span class=\"__1 _32b\"> </span>Cont<span class=\"__1 _201\"/>ributi<span class=\"__1 _201\"/>ons to cover o<span class=\"__1 _201\"/>ngoin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> admi<span class=\"__1 _201\"/>nistr<span class=\"__1 _201\"/>ation and o<span class=\"__1 _201\"/>ther<span class=\"__1 _201\"/> expenses<span class=\"__1 _32b\"> </span>Approxi<span class=\"__1 _200\"/>mat<span class=\"__1 _200\"/>ely \u00a37m per<span class=\"__1 _32b\"> </span> annum u<span class=\"__1 _201\"/>ntil Apr<span class=\"__1 _201\"/>il 2023<span class=\"__1 _201\"/>, then<span class=\"__1 _201\"/> fall<span class=\"__1 _201\"/>ing to approx<span class=\"__1 _201\"/>imately<span class=\"__1 _201\"/> \u00a36.<span class=\"__1 _201\"/>25<span class=\"__1 _201\"/>m per an<span class=\"__1 _201\"/>num<span class=\"__1 _32b\"> </span>App<span class=\"__1 _201\"/>roximately \u00a31<span class=\"__1 _201\"/>.8m p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/> annum<span class=\"__1 _32b\"> </span>App<span class=\"__1 _201\"/>roximately \u00a31<span class=\"__1 _201\"/>.5m p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/> annum<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>ontrib<span class=\"__1 _201\"/>utions d<span class=\"__1 _201\"/>etaile<span class=\"__1 _201\"/>d above b<span class=\"__1 _201\"/>roadl<span class=\"__1 _201\"/>y repres<span class=\"__1 _201\"/>ent the G<span class=\"__1 _201\"/>roup\u2019s current exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tation of a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s that will b<span class=\"__1 _201\"/>e paid to ea<span class=\"__1 _201\"/>ch<span class=\"__1 _32b\"> </span> resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive pla<span class=\"__1 _201\"/>n in the nex<span class=\"__1 _201\"/>t annu<span class=\"__1 _201\"/>al repo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>ng per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> 17<span class=\"__1 _f_1\"/>.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _201\"/>2 Risks<span class=\"__1 _200\"/> to w<span class=\"__1 _200\"/>hich the<span class=\"__1 _200\"/> defined benefit schemes<span class=\"__1 _200\"/> ex<span class=\"__1 _200\"/>pose the<span class=\"__1 _200\"/> Group<span class=\"__1 _32b\"> </span>The p<span class=\"__1 _201\"/>lans are s<span class=\"__1 _201\"/>ubje<span class=\"__1 _201\"/>ct to the s<span class=\"__1 _201\"/>tatutor<span class=\"__1 _201\"/>y fun<span class=\"__1 _201\"/>ding o<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>tive re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents of th<span class=\"__1 _201\"/>e Pensi<span class=\"__1 _201\"/>ons Act 20<span class=\"__1 _201\"/>04<span class=\"__1 _201\"/>, whic<span class=\"__1 _201\"/>h require th<span class=\"__1 _201\"/>at plans b<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> fund<span class=\"__1 _201\"/>ed to at lea<span class=\"__1 _201\"/>st the l<span class=\"__1 _201\"/>evel of thei<span class=\"__1 _201\"/>r techni<span class=\"__1 _201\"/>cal prov<span class=\"__1 _201\"/>isio<span class=\"__1 _201\"/>ns (<span class=\"__1 _200\"/>an ac<span class=\"__1 _201\"/>tuaria<span class=\"__1 _201\"/>l estim<span class=\"__1 _201\"/>ate of the ass<span class=\"__1 _201\"/>ets ne<span class=\"__1 _201\"/>ede<span class=\"__1 _201\"/>d to provid<span class=\"__1 _201\"/>e for the b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span> alrea<span class=\"__1 _201\"/>dy buil<span class=\"__1 _201\"/>t up unde<span class=\"__1 _201\"/>r the pla<span class=\"__1 _201\"/>n<span class=\"__1 _200\"/>). Whe<span class=\"__1 _201\"/>re there is a d<span class=\"__1 _201\"/>eficit<span class=\"__1 _201\"/>, the em<span class=\"__1 _201\"/>ployer<span class=\"__1 _201\"/>s of the sch<span class=\"__1 _201\"/>emes wo<span class=\"__1 _201\"/>uld agre<span class=\"__1 _201\"/>e a defi<span class=\"__1 _201\"/>cit rec<span class=\"__1 _201\"/>over<span class=\"__1 _201\"/>y plan<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Accord<span class=\"__1 _201\"/>ingly, the pen<span class=\"__1 _201\"/>sion s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>es expos<span class=\"__1 _201\"/>e the Gro<span class=\"__1 _201\"/>up to a numb<span class=\"__1 _201\"/>er of ris<span class=\"__1 _201\"/>ks, th<span class=\"__1 _201\"/>e most s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant of w<span class=\"__1 _201\"/>hich are i<span class=\"__1 _201\"/>nterest r<span class=\"__1 _201\"/>ate risk<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> equ<span class=\"__1 _201\"/>ity r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>, inflatio<span class=\"__1 _201\"/>n risk<span class=\"__1 _201\"/>, credi<span class=\"__1 _201\"/>t risk an<span class=\"__1 _201\"/>d mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>17 De<span class=\"__1 _200\"/>fined benefit pension schemes cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls35_1 ws4a_1\">237<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>.<span class=\"__1 _f_1\"/>1.3 Corporate<span class=\"__1 _200\"/> go<span class=\"__1 _200\"/>vernanc<span class=\"__1 _200\"/>e<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s pens<span class=\"__1 _201\"/>ion sch<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>s are est<span class=\"__1 _201\"/>ablish<span class=\"__1 _201\"/>ed un<span class=\"__1 _201\"/>der tru<span class=\"__1 _201\"/>st and a<span class=\"__1 _201\"/>re subje<span class=\"__1 _201\"/>ct to U<span class=\"__1 _201\"/>K lega<span class=\"__1 _201\"/>l require<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s; this inc<span class=\"__1 _201\"/>lude<span class=\"__1 _201\"/>s bein<span class=\"__1 _201\"/>g subje<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/> to regul<span class=\"__1 _201\"/>ation by the Pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>ns Regu<span class=\"__1 _201\"/>lator in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with the P<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>ns Act 20<span class=\"__1 _201\"/>21. Each s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>e has a cor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ate truste<span class=\"__1 _201\"/>e to which<span class=\"__1 _201\"/> som<span class=\"__1 _201\"/>e direc<span class=\"__1 _201\"/>tors are a<span class=\"__1 _201\"/>ppoin<span class=\"__1 _201\"/>ted by Grou<span class=\"__1 _201\"/>p empl<span class=\"__1 _201\"/>oyers with th<span class=\"__1 _201\"/>e remain<span class=\"__1 _201\"/>ing dire<span class=\"__1 _201\"/>ctor<span class=\"__1 _201\"/>s nomin<span class=\"__1 _201\"/>ated by mem<span class=\"__1 _201\"/>bers in a<span class=\"__1 _201\"/>ccord<span class=\"__1 _201\"/>ance wi<span class=\"__1 _201\"/>th UK<span class=\"__1 _32b\"> </span> leg<span class=\"__1 _201\"/>al requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts. T<span class=\"__1 _201\"/>he T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>ustee<span class=\"__1 _201\"/>s have the ulti<span class=\"__1 _201\"/>mate resp<span class=\"__1 _201\"/>onsib<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y to ensure that e<span class=\"__1 _201\"/>ach sch<span class=\"__1 _201\"/>eme is m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>d in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with<span class=\"__1 _201\"/> its T<span class=\"__1 _200\"/>rust D<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>d and Rul<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>he T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>uste<span class=\"__1 _201\"/>es ac<span class=\"__1 _201\"/>t in the be<span class=\"__1 _201\"/>st intere<span class=\"__1 _201\"/>sts of th<span class=\"__1 _201\"/>e sche<span class=\"__1 _201\"/>mes\u2019 be<span class=\"__1 _201\"/>nefic<span class=\"__1 _201\"/>iarie<span class=\"__1 _201\"/>s; this in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>s taking a<span class=\"__1 _201\"/>pprop<span class=\"__1 _201\"/>riate<span class=\"__1 _201\"/> acco<span class=\"__1 _201\"/>unt of eac<span class=\"__1 _201\"/>h empl<span class=\"__1 _201\"/>oyer\u2019s leg<span class=\"__1 _201\"/>al obli<span class=\"__1 _201\"/>gation an<span class=\"__1 _201\"/>d finan<span class=\"__1 _201\"/>cial abil<span class=\"__1 _201\"/>ity to s<span class=\"__1 _201\"/>uppo<span class=\"__1 _201\"/>rt th<span class=\"__1 _201\"/>e sche<span class=\"__1 _201\"/>mes wh<span class=\"__1 _201\"/>en set<span class=\"__1 _201\"/>ting inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt strate<span class=\"__1 _201\"/>gy and<span class=\"__1 _201\"/> whe<span class=\"__1 _201\"/>n agree<span class=\"__1 _201\"/>ing fun<span class=\"__1 _201\"/>ding wi<span class=\"__1 _201\"/>th the emp<span class=\"__1 _201\"/>loyers<span class=\"__1 _201\"/>. The e<span class=\"__1 _201\"/>mploye<span class=\"__1 _201\"/>rs\u2019 contri<span class=\"__1 _201\"/>bution c<span class=\"__1 _201\"/>ommitm<span class=\"__1 _201\"/>ents are f<span class=\"__1 _201\"/>orma<span class=\"__1 _201\"/>lly upd<span class=\"__1 _201\"/>ated at each tr<span class=\"__1 _201\"/>ienn<span class=\"__1 _201\"/>ial<span class=\"__1 _32b\"> </span> valu<span class=\"__1 _201\"/>ation; be<span class=\"__1 _201\"/>twe<span class=\"__1 _201\"/>en valu<span class=\"__1 _201\"/>ations fu<span class=\"__1 _201\"/>nding l<span class=\"__1 _201\"/>evels an<span class=\"__1 _201\"/>d empl<span class=\"__1 _201\"/>oyer stren<span class=\"__1 _201\"/>gth contin<span class=\"__1 _201\"/>ue to be mo<span class=\"__1 _201\"/>nitored<span class=\"__1 _201\"/>, with th<span class=\"__1 _201\"/>e T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>tees b<span class=\"__1 _201\"/>eing a<span class=\"__1 _201\"/>ble to<span class=\"__1 _32b\"> </span> bri<span class=\"__1 _201\"/>ng for<span class=\"__1 _201\"/>ward th<span class=\"__1 _201\"/>e nex<span class=\"__1 _201\"/>t trien<span class=\"__1 _201\"/>nial val<span class=\"__1 _201\"/>uation if th<span class=\"__1 _201\"/>ey cons<span class=\"__1 _201\"/>ider it a<span class=\"__1 _201\"/>pprop<span class=\"__1 _201\"/>riate to do so.<span class=\"__1 _32b\"> </span>All of th<span class=\"__1 _201\"/>e Group\u2019s defin<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>nefit p<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>on sch<span class=\"__1 _201\"/>emes a<span class=\"__1 _201\"/>re final s<span class=\"__1 _201\"/>alar<span class=\"__1 _201\"/>y sch<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ich are clo<span class=\"__1 _201\"/>sed to ne<span class=\"__1 _201\"/>w entrant<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e pen<span class=\"__1 _201\"/>siona<span class=\"__1 _201\"/>ble<span class=\"__1 _201\"/> sal<span class=\"__1 _201\"/>arie<span class=\"__1 _201\"/>s for mos<span class=\"__1 _201\"/>t mem<span class=\"__1 _201\"/>bers a<span class=\"__1 _201\"/>re capp<span class=\"__1 _201\"/>ed at the l<span class=\"__1 _201\"/>evels as at 3<span class=\"__1 _201\"/>0 Septem<span class=\"__1 _201\"/>ber 2019. T<span class=\"__1 _201\"/>he T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>uste<span class=\"__1 _201\"/>e of each sc<span class=\"__1 _201\"/>heme s<span class=\"__1 _201\"/>ets the g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>al<span class=\"__1 _32b\"> </span> inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y and sp<span class=\"__1 _201\"/>ecifi<span class=\"__1 _201\"/>es any res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>ns on t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/>s of investm<span class=\"__1 _201\"/>ent an<span class=\"__1 _201\"/>d the deg<span class=\"__1 _201\"/>rees of d<span class=\"__1 _201\"/>iverge<span class=\"__1 _201\"/>nce pe<span class=\"__1 _201\"/>rmit<span class=\"__1 _201\"/>ted from t<span class=\"__1 _201\"/>he<span class=\"__1 _32b\"> </span> ben<span class=\"__1 _201\"/>chmar<span class=\"__1 _201\"/>k, bu<span class=\"__1 _201\"/>t dele<span class=\"__1 _201\"/>gates the re<span class=\"__1 _201\"/>spon<span class=\"__1 _201\"/>sibili<span class=\"__1 _201\"/>ty fo<span class=\"__1 _201\"/>r sele<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on and rea<span class=\"__1 _201\"/>lisati<span class=\"__1 _201\"/>on of spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>c investm<span class=\"__1 _201\"/>ents to the i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent mana<span class=\"__1 _201\"/>gers<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> The T<span class=\"__1 _200\"/>rus<span class=\"__1 _201\"/>tees co<span class=\"__1 _201\"/>nsult w<span class=\"__1 _201\"/>ith the pr<span class=\"__1 _201\"/>incipa<span class=\"__1 _201\"/>l empl<span class=\"__1 _201\"/>oyer for ea<span class=\"__1 _201\"/>ch sche<span class=\"__1 _201\"/>me on th<span class=\"__1 _201\"/>e investm<span class=\"__1 _201\"/>ent pr<span class=\"__1 _201\"/>incipl<span class=\"__1 _201\"/>es, b<span class=\"__1 _201\"/>ut the ul<span class=\"__1 _201\"/>timate resp<span class=\"__1 _201\"/>onsib<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y for<span class=\"__1 _201\"/> the inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt of the as<span class=\"__1 _201\"/>sets of th<span class=\"__1 _201\"/>e schem<span class=\"__1 _201\"/>es lie<span class=\"__1 _201\"/>s with the tr<span class=\"__1 _201\"/>uste<span class=\"__1 _201\"/>es.<span class=\"__1 _32b\"> </span>The T<span class=\"__1 _200\"/>rus<span class=\"__1 _201\"/>tees of ea<span class=\"__1 _201\"/>ch of the sc<span class=\"__1 _201\"/>heme<span class=\"__1 _201\"/>s manag<span class=\"__1 _201\"/>e the inves<span class=\"__1 _201\"/>tment s<span class=\"__1 _201\"/>trateg<span class=\"__1 _201\"/>y of the sc<span class=\"__1 _201\"/>heme to ac<span class=\"__1 _201\"/>hieve an ac<span class=\"__1 _201\"/>ceptab<span class=\"__1 _201\"/>le bala<span class=\"__1 _201\"/>nce be<span class=\"__1 _201\"/>twe<span class=\"__1 _201\"/>en<span class=\"__1 _32b\"> </span> inves<span class=\"__1 _201\"/>ting in the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s that mos<span class=\"__1 _201\"/>t clos<span class=\"__1 _201\"/>ely match th<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>cted b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t payme<span class=\"__1 _201\"/>nts and a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s that are exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to achieve a gre<span class=\"__1 _201\"/>ater<span class=\"__1 _32b\"> </span> return in t<span class=\"__1 _201\"/>he hop<span class=\"__1 _201\"/>e of redu<span class=\"__1 _201\"/>cing the c<span class=\"__1 _201\"/>ontrib<span class=\"__1 _201\"/>utions re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d or provi<span class=\"__1 _201\"/>ding ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>al ben<span class=\"__1 _201\"/>efits to m<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>rs. Fo<span class=\"__1 _201\"/>r all three s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>, and<span class=\"__1 _201\"/> esp<span class=\"__1 _201\"/>ecial<span class=\"__1 _201\"/>ly PS<span class=\"__1 _201\"/>PS an<span class=\"__1 _201\"/>d SASP<span class=\"__1 _201\"/>S, a si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tion of th<span class=\"__1 _201\"/>e sche<span class=\"__1 _201\"/>me ass<span class=\"__1 _201\"/>ets are inve<span class=\"__1 _201\"/>sted in li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y matchi<span class=\"__1 _201\"/>ng ass<span class=\"__1 _201\"/>ets suc<span class=\"__1 _201\"/>h as bon<span class=\"__1 _201\"/>ds<span class=\"__1 _32b\"> </span> and gi<span class=\"__1 _201\"/>lts, i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ing ind<span class=\"__1 _201\"/>ex<span class=\"__1 _200\"/>-lin<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed gil<span class=\"__1 _201\"/>ts, to p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tially h<span class=\"__1 _201\"/>edg<span class=\"__1 _201\"/>e agains<span class=\"__1 _201\"/>t inflati<span class=\"__1 _201\"/>on. In a<span class=\"__1 _201\"/>dditio<span class=\"__1 _201\"/>n, the s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>es maint<span class=\"__1 _201\"/>ain por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>os of interes<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> rate and in<span class=\"__1 _201\"/>flation s<span class=\"__1 _201\"/>waps to match m<span class=\"__1 _201\"/>ore clos<span class=\"__1 _201\"/>ely th<span class=\"__1 _201\"/>e duratio<span class=\"__1 _201\"/>n and infl<span class=\"__1 _201\"/>ation pro<span class=\"__1 _201\"/>file<span class=\"__1 _201\"/>s of their as<span class=\"__1 _201\"/>sets to th<span class=\"__1 _201\"/>eir liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>All thre<span class=\"__1 _201\"/>e sche<span class=\"__1 _201\"/>mes have inve<span class=\"__1 _201\"/>sted i<span class=\"__1 _201\"/>n a mix of both retu<span class=\"__1 _201\"/>rn-s<span class=\"__1 _201\"/>eek<span class=\"__1 _201\"/>ing as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>, such as e<span class=\"__1 _201\"/>quiti<span class=\"__1 _201\"/>es and pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, and match<span class=\"__1 _201\"/>ing as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> incl<span class=\"__1 _201\"/>uding l<span class=\"__1 _201\"/>everag<span class=\"__1 _201\"/>ed liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y-dr<span class=\"__1 _201\"/>iven inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>folio<span class=\"__1 _201\"/>s to reflec<span class=\"__1 _201\"/>t the li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y pro<span class=\"__1 _201\"/>file of the s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>e. They m<span class=\"__1 _201\"/>anage th<span class=\"__1 _201\"/>e risk<span class=\"__1 _201\"/>s of the<span class=\"__1 _32b\"> </span> return<span class=\"__1 _201\"/>-se<span class=\"__1 _201\"/>eking ex<span class=\"__1 _201\"/>posure by i<span class=\"__1 _201\"/>nvestin<span class=\"__1 _201\"/>g in a diver<span class=\"__1 _201\"/>sifie<span class=\"__1 _201\"/>d mix of inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Dur<span class=\"__1 _201\"/>ing 2020 P<span class=\"__1 _201\"/>SP<span class=\"__1 _201\"/>S entered i<span class=\"__1 _201\"/>nto a long<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y swap tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n with Pa<span class=\"__1 _201\"/>cific L<span class=\"__1 _201\"/>ife Re Lim<span class=\"__1 _201\"/>ited. T<span class=\"__1 _201\"/>his arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>s long<span class=\"__1 _201\"/>-term<span class=\"__1 _201\"/> protec<span class=\"__1 _201\"/>tion f<span class=\"__1 _201\"/>or PS<span class=\"__1 _201\"/>PS aga<span class=\"__1 _201\"/>inst co<span class=\"__1 _201\"/>sts th<span class=\"__1 _201\"/>at could re<span class=\"__1 _201\"/>sult fro<span class=\"__1 _201\"/>m unexp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d increa<span class=\"__1 _201\"/>ses in lif<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>ctan<span class=\"__1 _201\"/>cy relati<span class=\"__1 _201\"/>ng to the pe<span class=\"__1 _201\"/>nsion<span class=\"__1 _201\"/>s that<span class=\"__1 _32b\"> </span> were in p<span class=\"__1 _201\"/>ayment o<span class=\"__1 _201\"/>n 6 Apri<span class=\"__1 _201\"/>l 2019, excluding a<span class=\"__1 _201\"/>ny future dis<span class=\"__1 _201\"/>cretion<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y incre<span class=\"__1 _201\"/>ases<span class=\"__1 _201\"/>. As at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the lon<span class=\"__1 _201\"/>gevit<span class=\"__1 _201\"/>y sw<span class=\"__1 _201\"/>ap<span class=\"__1 _32b\"> </span> covere<span class=\"__1 _201\"/>d \u00a32<span class=\"__1 _201\"/>.0bn (2<span class=\"__1 _201\"/>021: \u00a32<span class=\"__1 _201\"/>.8<span class=\"__1 _201\"/>bn) of curren<span class=\"__1 _201\"/>t pens<span class=\"__1 _201\"/>ione<span class=\"__1 _201\"/>r schem<span class=\"__1 _201\"/>e liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>, on an IA<span class=\"__1 _201\"/>S 19 basis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>.2 Assumptions<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>.2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 Demographic assumptions<span class=\"__1 _32b\"> </span>Post-retir<span class=\"__1 _200\"/>ement mo<span class=\"__1 _201\"/>rtalit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>alcu<span class=\"__1 _201\"/>lation of th<span class=\"__1 _201\"/>e defin<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>nefit o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>on for the G<span class=\"__1 _201\"/>roup\u2019s sche<span class=\"__1 _201\"/>mes re<span class=\"__1 _201\"/>quires as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons to be s<span class=\"__1 _201\"/>et for both c<span class=\"__1 _201\"/>urrent<span class=\"__1 _201\"/> mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lity a<span class=\"__1 _201\"/>nd the al<span class=\"__1 _201\"/>lowanc<span class=\"__1 _201\"/>e for futu<span class=\"__1 _201\"/>re mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y imp<span class=\"__1 _201\"/>roveme<span class=\"__1 _201\"/>nts. T<span class=\"__1 _201\"/>he tab<span class=\"__1 _201\"/>le bel<span class=\"__1 _201\"/>ow sets o<span class=\"__1 _201\"/>ut the mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y table<span class=\"__1 _201\"/>s and m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> improve<span class=\"__1 _201\"/>ment m<span class=\"__1 _201\"/>odel u<span class=\"__1 _201\"/>sed fo<span class=\"__1 _201\"/>r the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s sche<span class=\"__1 _201\"/>mes<span class=\"__1 _201\"/>, alo<span class=\"__1 _201\"/>ng with th<span class=\"__1 _201\"/>e asso<span class=\"__1 _201\"/>ciated lif<span class=\"__1 _201\"/>e expec<span class=\"__1 _201\"/>tan<span class=\"__1 _201\"/>cies<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>As at<span class=\"__1 _1a9_1\"> </span><span class=\"ls3_1 ws3_1\">Scheme<span class=\"__1 _32b\"> </span></span>Mor<span class=\"__1 _201\"/>tality table<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>with scaling<span class=\"__1 _32b\"> </span> fa<span class=\"__1 _201\"/>ctor<span class=\"__1 _201\"/>s app<span class=\"__1 _201\"/>lie<span class=\"__1 _201\"/>d to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> experience, and allowances for<span class=\"__1 _32b\"> </span> future<span class=\"__1 _200\"/> impro<span class=\"__1 _200\"/>vement)<span class=\"__1 _32b\"> </span>Mortality improvements<span class=\"__1 _32b\"> </span> model<span class=\"__1 _32b\"> </span>E<span class=\"__1 _201\"/>xpe<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>ation o<span class=\"__1 _201\"/>f life f<span class=\"__1 _201\"/>rom ret<span class=\"__1 _201\"/>irem<span class=\"__1 _201\"/>ent at a<span class=\"__1 _201\"/>ge<span class=\"__1 _201\"/>d 60<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>Male<span class=\"__1 _32b\"> </span> curren<span class=\"__1 _200\"/>tly<span class=\"__1 _32b\"> </span> ag<span class=\"__1 _201\"/>ed 60<span class=\"__1 _32b\"> </span>Male<span class=\"__1 _32b\"> </span> curren<span class=\"__1 _200\"/>tly<span class=\"__1 _32b\"> </span> ag<span class=\"__1 _201\"/>ed 40<span class=\"__1 _32b\"> </span>Female<span class=\"__1 _32b\"> </span> curren<span class=\"__1 _200\"/>tly<span class=\"__1 _32b\"> </span> ag<span class=\"__1 _201\"/>ed 60<span class=\"__1 _32b\"> </span>Female<span class=\"__1 _32b\"> </span> curren<span class=\"__1 _200\"/>tly<span class=\"__1 _32b\"> </span> ag<span class=\"__1 _201\"/>ed 40<span class=\"__1 _32b\"> </span>31 December<span class=\"__1 _200\"/> 2022<span class=\"__1 _18a_1\"> </span><span class=\"ls28_1 ws28_1\">PSPS<span class=\"__1 _14d_1\"> </span></span>S3<span class=\"__1 _201\"/>PMA/<span class=\"__1 _200\"/>S3PF<span class=\"__1 _200\"/>A f<span class=\"__1 _200\"/>or males<span class=\"__1 _200\"/>/<span class=\"__1 _32b\"> </span>females<span class=\"__1 _32b\"> </span>CMI 2020<span class=\"__1 _1aa_1\"> </span><span class=\"ls33_1 ws34_1\">26<span class=\"__1 _201\"/>.7<span class=\"__1 _223\"> </span><span class=\"ls60_1 ws73_1\">2<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>.1<span class=\"__1 _212\"> </span><span class=\"lsb_1 ws32_1\">28.<span class=\"__1 _201\"/>4<span class=\"__1 _1a_1\"> </span><span class=\"ls38_1 ws38_1\">3<span class=\"__1 _201\"/>0.6<span class=\"__1 _32b\"> </span></span></span></span></span>SASPS<span class=\"__1 _249\"> </span><span class=\"lsb_1 ws9_1\">S3PMA/S3PF<span class=\"__1 _200\"/>A<span class=\"__1 _200\"/> for males<span class=\"__1 _200\"/>/<span class=\"__1 _32b\"> </span></span>females<span class=\"__1 _32b\"> </span>CMI 2020<span class=\"__1 _1ab_1\"> </span><span class=\"ls61_1 ws74_1\">2<span class=\"__1 _201\"/>7.<span class=\"__1 _250\"/>5<span class=\"__1 _270\"> </span><span class=\"ls33_1 ws34_1\">29<span class=\"__1 _201\"/>.7<span class=\"__1 _1a_1\"> </span><span class=\"ls19_1 ws18_1\">30.0<span class=\"__1 _270\"> </span><span class=\"ls60_1 ws73_1\">3<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>.1<span class=\"__1 _32b\"> </span></span></span></span></span>M&amp;GGPS<span class=\"__1 _5e_1\"> </span><span class=\"ls22_1 ws6b_1\">S3<span class=\"__1 _201\"/>PMA/<span class=\"__1 _200\"/>S3PF<span class=\"__1 _200\"/>A Light<span class=\"__1 _200\"/> for<span class=\"__1 _32b\"> </span></span><span class=\"ls22_1 ws6b_1\"> </span>males/<span class=\"__1 _f_1\"/>females<span class=\"__1 _32b\"> </span>CMI 2020<span class=\"__1 _1ac_1\"> </span><span class=\"lsb_1 ws32_1\">28.<span class=\"__1 _201\"/>4<span class=\"__1 _1a_1\"> </span><span class=\"ls38_1 ws38_1\">30.<span class=\"__1 _201\"/>5<span class=\"__1 _220\"> </span>30.2<span class=\"__1 _272\"> </span><span class=\"ls27_1 ws27_1\">32<span class=\"__1 _201\"/>.3<span class=\"__1 _32b\"> </span></span></span></span>31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _282\"> </span><span class=\"ls1f_1 ws1e_1\">PSPS<span class=\"__1 _5d_1\"> </span></span>S3P<span class=\"__1 _201\"/>MA<span class=\"__1 _201\"/>/S3P<span class=\"__1 _201\"/>F<span class=\"__1 _200\"/>A for male<span class=\"__1 _201\"/>s/<span class=\"__1 _32b\"> </span>females<span class=\"__1 _32b\"> </span>CMI 2019<span class=\"__1 _d3_1\"> </span><span class=\"ls10_1 wsf_1\">26.9<span class=\"__1 _237\"> </span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>.1<span class=\"__1 _222\"> </span><span class=\"ls1c_1 ws43_1\">28.<span class=\"__1 _201\"/>4<span class=\"__1 _272\"> </span></span></span></span><span class=\"ws33_1\">3<span class=\"__1 _201\"/>0.3<span class=\"__1 _32b\"> </span></span>SASP<span class=\"__1 _201\"/>S<span class=\"__1 _286\"> </span><span class=\"ls6_1 ws1_1\">S3<span class=\"__1 _201\"/>PMA<span class=\"__1 _201\"/>/S<span class=\"__1 _201\"/>3PFA for male<span class=\"__1 _201\"/>s/<span class=\"__1 _32b\"> </span></span>females<span class=\"__1 _32b\"> </span>CMI 2019<span class=\"__1 _1ad_1\"> </span><span class=\"ls81_1 ws98_1\">2<span class=\"__1 _250\"/>7.<span class=\"__1 _250\"/>9<span class=\"__1 _212\"> </span><span class=\"ls42_1 ws46_1\">3<span class=\"__1 _201\"/>0.0<span class=\"__1 _223\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>.1<span class=\"__1 _237\"> </span><span class=\"lsc_1 wsa_1\">31.9<span class=\"__1 _32b\"> </span></span></span></span></span>M&amp;GGPS<span class=\"__1 _2d_1\"> </span><span class=\"ls6_1 ws1_1\">S<span class=\"__1 _201\"/>3P<span class=\"__1 _201\"/>MA<span class=\"__1 _201\"/>/S3<span class=\"__1 _201\"/>PF<span class=\"__1 _200\"/>A Light fo<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span></span><span class=\"ls6_1 ws1_1\"> </span>males/f<span class=\"__1 _200\"/>emales<span class=\"__1 _32b\"> </span>CMI 2019<span class=\"__1 _261\"> </span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>.1<span class=\"__1 _231\"> </span><span class=\"lsc_1 wsa_1\">31.1<span class=\"__1 _272\"> </span></span></span><span class=\"ws33_1\">30.6<span class=\"__1 _222\"> </span><span class=\"ls22_1 ws21_1\">32.3<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s are ad<span class=\"__1 _201\"/>jus<span class=\"__1 _201\"/>ted to m<span class=\"__1 _201\"/>ake allo<span class=\"__1 _201\"/>wan<span class=\"__1 _201\"/>ce for f<span class=\"__1 _201\"/>utur<span class=\"__1 _201\"/>e impr<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ents i<span class=\"__1 _201\"/>n lon<span class=\"__1 _201\"/>gev<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, thi<span class=\"__1 _201\"/>s allo<span class=\"__1 _201\"/>wan<span class=\"__1 _201\"/>ce was b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on<span class=\"__1 _201\"/> the C<span class=\"__1 _201\"/>MI 20<span class=\"__1 _201\"/>20 mor<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y im<span class=\"__1 _201\"/>prove<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>ts mo<span class=\"__1 _201\"/>del w<span class=\"__1 _201\"/>ith im<span class=\"__1 _201\"/>prove<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>nt fac<span class=\"__1 _201\"/>tor<span class=\"__1 _201\"/>s of 1.6<span class=\"__1 _201\"/>0% fo<span class=\"__1 _201\"/>r mal<span class=\"__1 _201\"/>es (Sk = 7<span class=\"__1 _200\"/>.<span class=\"__1 _201\"/>25, A p<span class=\"__1 _201\"/>ara<span class=\"__1 _201\"/>mete<span class=\"__1 _201\"/>r var<span class=\"__1 _201\"/>ies by a<span class=\"__1 _201\"/>ge) and 1.<span class=\"__1 _201\"/>60% f<span class=\"__1 _201\"/>or fe<span class=\"__1 _201\"/>male<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> (Sk = 7<span class=\"__1 _200\"/>.75, A p<span class=\"__1 _201\"/>aram<span class=\"__1 _201\"/>eter v<span class=\"__1 _201\"/>ari<span class=\"__1 _201\"/>es by ag<span class=\"__1 _201\"/>e) (2021<span class=\"__1 _201\"/>: this al<span class=\"__1 _201\"/>low<span class=\"__1 _201\"/>ance w<span class=\"__1 _201\"/>as ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n the C<span class=\"__1 _201\"/>MI 2019 m<span class=\"__1 _201\"/>od<span class=\"__1 _201\"/>el wit<span class=\"__1 _201\"/>h imp<span class=\"__1 _201\"/>rovem<span class=\"__1 _201\"/>ent f<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>ors of 1<span class=\"__1 _201\"/>.75% for ma<span class=\"__1 _201\"/>les (S<span class=\"__1 _201\"/>k = 7<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>50<span class=\"__1 _201\"/>, A<span class=\"__1 _32b\"> </span> =0<span class=\"__1 _201\"/>.4<span class=\"__1 _201\"/>5%) and 1.<span class=\"__1 _201\"/>50% f<span class=\"__1 _201\"/>or fem<span class=\"__1 _201\"/>ale<span class=\"__1 _201\"/>s (Sk = 8<span class=\"__1 _201\"/>.00, A= 0<span class=\"__1 _201\"/>.4<span class=\"__1 _201\"/>5%)<span class=\"__1 _200\"/>).<span class=\"__1 _32b\"> </span>17 De<span class=\"__1 _200\"/>fined benefit pension schemes cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>238<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022<span class=\"__1 _32b\"> </span></span></span>17<span class=\"__1 _f_1\"/>.2<span class=\"__1 _201\"/>.2 Economic assumptions<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>ctua<span class=\"__1 _201\"/>rial as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons use<span class=\"__1 _201\"/>d in deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g defin<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>nefit o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>ons and th<span class=\"__1 _201\"/>e net pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>dic ben<span class=\"__1 _201\"/>efit co<span class=\"__1 _201\"/>sts fo<span class=\"__1 _201\"/>r each of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s defin<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>nefit p<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>on sch<span class=\"__1 _201\"/>emes a<span class=\"__1 _201\"/>re as follo<span class=\"__1 _201\"/>ws: <span class=\"__1 _1ae_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _f3_1\"> </span>2021<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er <span class=\"__1 _1af_1\"> </span><span class=\"ls80_1 ws97_1\">PSPS<span class=\"__1 _242\"> </span><span class=\"ls4f_1 ws55_1\">SASP<span class=\"__1 _201\"/>S<span class=\"__1 _1b0_1\"> </span></span>M&amp;GGPS<span class=\"__1 _345\"> </span>PSPS<span class=\"__1 _242\"> </span><span class=\"ls4f_1 ws55_1\">SA<span class=\"__1 _201\"/>SPS<span class=\"__1 _1b0_1\"> </span></span>M&amp;GGPS<span class=\"__1 _32b\"> </span></span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>4<span class=\"__1 _201\"/>.9%<span class=\"__1 _208\"> </span><span class=\"ls54_1 ws5c_1\">4<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>8%<span class=\"__1 _208\"> </span>4<span class=\"__1 _201\"/>.8%<span class=\"__1 _228\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">1.8%<span class=\"__1 _5d_1\"> </span>1.8%<span class=\"__1 _3f_1\"> </span>1.<span class=\"__1 _201\"/>8%<span class=\"__1 _32b\"> </span></span></span>Sal<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y inflati<span class=\"__1 _201\"/>on<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>4<span class=\"__1 _201\"/>.0%<span class=\"__1 _4a_1\"> </span><span class=\"ls19_1 ws18_1\">3.<span class=\"__1 _201\"/>2%<span class=\"__1 _208\"> </span>3<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2%<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1 ls38_1 ws38_1\">3<span class=\"__1 _201\"/>.6%<span class=\"__1 _14d_1\"> </span><span class=\"ls52_1 ws5a_1\">3<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>4%<span class=\"__1 _7d_1\"> </span><span class=\"ls40_1 ws44_1\">3.<span class=\"__1 _201\"/>3%<span class=\"__1 _32b\"> </span></span></span></span></span>Retail p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s index (R<span class=\"__1 _201\"/>PI)<span class=\"__1 _c8_1\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">3.<span class=\"__1 _201\"/>3%<span class=\"__1 _4a_1\"> </span><span class=\"ls19_1 ws18_1\">3.<span class=\"__1 _201\"/>2%<span class=\"__1 _4a_1\"> </span>3.<span class=\"__1 _201\"/>2%<span class=\"__1 _2c_1\"> </span></span></span><span class=\"ls38_1 ws38_1\">3<span class=\"__1 _201\"/>.6%<span class=\"__1 _14d_1\"> </span><span class=\"ls52_1 ws5a_1\">3<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>4%<span class=\"__1 _14d_1\"> </span><span class=\"ls40_1 ws44_1\">3<span class=\"__1 _201\"/>.3%<span class=\"__1 _32b\"> </span></span></span></span>Consumer prices i<span class=\"__1 _200\"/>ndex (<span class=\"__1 _f_1\"/>CPI)<span class=\"__1 _1b1_1\"> </span><span class=\"ff1_1 ls6_1 ws52_1\">3.<span class=\"__1 _201\"/>0%<span class=\"__1 _204\"> </span>3<span class=\"__1 _201\"/>.0%<span class=\"__1 _208\"> </span>3<span class=\"__1 _201\"/>.0%<span class=\"__1 _e_1\"> </span></span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>.1%<span class=\"__1 _272\"> </span>3<span class=\"__1 _250\"/>.1%<span class=\"__1 _7d_1\"> </span><span class=\"ls38_1 ws38_1\">2<span class=\"__1 _201\"/>.9%<span class=\"__1 _32b\"> </span></span></span>Rate<span class=\"__1 _200\"/> of<span class=\"__1 _200\"/> increase<span class=\"__1 _200\"/> of pensions<span class=\"__1 _200\"/> in pa<span class=\"__1 _200\"/>ymen<span class=\"__1 _200\"/>t for<span class=\"__1 _200\"/> inflation<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>Gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>d (maximum 5%)<span class=\"__1 _1b2_1\"> </span><span class=\"ff1_1 ws52_1\">3.<span class=\"__1 _201\"/>0%<span class=\"__1 _231\"> </span><span class=\"ls82_1 ws99_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _252\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _226\"> </span></span></span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>.1<span class=\"__1 _201\"/>%<span class=\"__1 _345\"> </span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _228\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _32b\"> </span></span></span>Gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>d (maximum 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _f_1\"/>)<span class=\"__1 _c3_1\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _252\"> </span><span class=\"ls82_1 ws99_1\">n/a<span class=\"__1 _228\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _231\"> </span></span></span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _228\"> </span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _228\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _32b\"> </span></span></span>Dis<span class=\"__1 _201\"/>cretiona<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _1b3_1\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _231\"> </span><span class=\"ls82_1 ws99_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _252\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _252\"> </span></span></span><span class=\"ls45_1 ws49_1\">2.<span class=\"__1 _201\"/>5%<span class=\"__1 _228\"> </span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _345\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _32b\"> </span></span></span>RPI (maximum<span class=\"__1 _200\"/> 5%<span class=\"__1 _f_1\"/>)<span class=\"__1 _13c_1\"> </span><span class=\"ff1_1 ls82_1 ws99_1\">n/a<span class=\"__1 _240\"> </span><span class=\"ls19_1 ws18_1\">3.<span class=\"__1 _201\"/>2%<span class=\"__1 _4a_1\"> </span><span class=\"ls42_1 ws46_1\">2.<span class=\"__1 _201\"/>9%<span class=\"__1 _8c_1\"> </span></span></span></span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _7d_1\"> </span><span class=\"ls52_1 ws5a_1\">3<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>4%<span class=\"__1 _7d_1\"> </span><span class=\"ls40_1 ws44_1\">3.<span class=\"__1 _201\"/>3%<span class=\"__1 _32b\"> </span></span></span></span>RPI (maximum<span class=\"__1 _200\"/> 2.<span class=\"__1 _201\"/>5<span class=\"__1 _200\"/>%<span class=\"__1 _200\"/>)<span class=\"__1 _1b4_1\"> </span><span class=\"ff1_1 ls82_1 ws99_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _240\"> </span><span class=\"ls1b_1 ws1a_1\">2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _4a_1\"> </span>2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _8c_1\"> </span></span></span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _1b5_1\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _14d_1\"> </span>2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e disc<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>t rate ha<span class=\"__1 _201\"/>s bee<span class=\"__1 _201\"/>n dete<span class=\"__1 _201\"/>rmi<span class=\"__1 _201\"/>ned u<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>g a cas<span class=\"__1 _201\"/>hflo<span class=\"__1 _201\"/>w match<span class=\"__1 _201\"/>ing ap<span class=\"__1 _201\"/>pro<span class=\"__1 _201\"/>ach ba<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d on an \u201cAA\u201d corp<span class=\"__1 _201\"/>orat<span class=\"__1 _201\"/>e bon<span class=\"__1 _201\"/>d ind<span class=\"__1 _201\"/>ex. T<span class=\"__1 _201\"/>he si<span class=\"__1 _201\"/>ngle e<span class=\"__1 _201\"/>qui<span class=\"__1 _201\"/>val<span class=\"__1 _201\"/>ent r<span class=\"__1 _201\"/>ates in t<span class=\"__1 _201\"/>he<span class=\"__1 _32b\"> </span> tab<span class=\"__1 _201\"/>le ab<span class=\"__1 _201\"/>ove are i<span class=\"__1 _201\"/>llus<span class=\"__1 _201\"/>tra<span class=\"__1 _201\"/>tive as t<span class=\"__1 _201\"/>he fu<span class=\"__1 _201\"/>ll yi<span class=\"__1 _201\"/>eld cu<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve is us<span class=\"__1 _201\"/>ed in t<span class=\"__1 _201\"/>he ca<span class=\"__1 _201\"/>lcul<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n of the l<span class=\"__1 _201\"/>iab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Du<span class=\"__1 _201\"/>e to the s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>e cha<span class=\"__1 _201\"/>nge<span class=\"__1 _201\"/>s dur<span class=\"__1 _201\"/>ing 20<span class=\"__1 _201\"/>19, a ca<span class=\"__1 _201\"/>p to futu<span class=\"__1 _201\"/>re pen<span class=\"__1 _201\"/>sio<span class=\"__1 _201\"/>nab<span class=\"__1 _201\"/>le sa<span class=\"__1 _201\"/>lar<span class=\"__1 _201\"/>y in<span class=\"__1 _201\"/>cre<span class=\"__1 _201\"/>ase c<span class=\"__1 _201\"/>ame i<span class=\"__1 _201\"/>nto effe<span class=\"__1 _201\"/>ct a<span class=\"__1 _201\"/>nd, a<span class=\"__1 _201\"/>s a res<span class=\"__1 _201\"/>ult, s<span class=\"__1 _201\"/>ala<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y grow<span class=\"__1 _201\"/>th i<span class=\"__1 _201\"/>nflati<span class=\"__1 _201\"/>on is o<span class=\"__1 _201\"/>nly<span class=\"__1 _201\"/> app<span class=\"__1 _201\"/>lie<span class=\"__1 _201\"/>d for c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tai<span class=\"__1 _201\"/>n leve<span class=\"__1 _201\"/>ls of pe<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>ona<span class=\"__1 _201\"/>ble s<span class=\"__1 _201\"/>alar<span class=\"__1 _201\"/>y w<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>h repr<span class=\"__1 _201\"/>ese<span class=\"__1 _201\"/>nt a ver<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>mal<span class=\"__1 _201\"/>l prop<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of the to<span class=\"__1 _201\"/>tal li<span class=\"__1 _201\"/>abil<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Th<span class=\"__1 _201\"/>e lon<span class=\"__1 _201\"/>g-ter<span class=\"__1 _201\"/>m mar<span class=\"__1 _201\"/>gin be<span class=\"__1 _201\"/>tw<span class=\"__1 _201\"/>een R<span class=\"__1 _201\"/>PI an<span class=\"__1 _201\"/>d CPI re<span class=\"__1 _201\"/>fle<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d cha<span class=\"__1 _201\"/>nge<span class=\"__1 _201\"/>s in RP<span class=\"__1 _201\"/>I from 2<span class=\"__1 _201\"/>030 a<span class=\"__1 _201\"/>s a res<span class=\"__1 _201\"/>ult of th<span class=\"__1 _201\"/>e UK St<span class=\"__1 _201\"/>atis<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>s Auth<span class=\"__1 _201\"/>ori<span class=\"__1 _201\"/>ty s<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d inten<span class=\"__1 _201\"/>tion to<span class=\"__1 _201\"/> ali<span class=\"__1 _201\"/>gn RP<span class=\"__1 _201\"/>I with C<span class=\"__1 _201\"/>PI in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ing ow<span class=\"__1 _201\"/>ne<span class=\"__1 _201\"/>r occu<span class=\"__1 _201\"/>pie<span class=\"__1 _201\"/>rs\u2019 ho<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>g cos<span class=\"__1 _201\"/>ts (CPI<span class=\"__1 _201\"/>H). T<span class=\"__1 _201\"/>he ra<span class=\"__1 _201\"/>te of infl<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n use<span class=\"__1 _201\"/>d refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts the l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>-ter<span class=\"__1 _201\"/>m as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tion f<span class=\"__1 _201\"/>or UK R<span class=\"__1 _201\"/>PI o<span class=\"__1 _201\"/>r CPI<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> de<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>ding o<span class=\"__1 _201\"/>n the p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticu<span class=\"__1 _201\"/>lar tr<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>he of s<span class=\"__1 _201\"/>che<span class=\"__1 _201\"/>me be<span class=\"__1 _201\"/>nefi<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, with c<span class=\"__1 _201\"/>aps a<span class=\"__1 _201\"/>nd flo<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>s appl<span class=\"__1 _201\"/>ied i<span class=\"__1 _201\"/>n acc<span class=\"__1 _201\"/>orda<span class=\"__1 _201\"/>nce w<span class=\"__1 _201\"/>ith th<span class=\"__1 _201\"/>e sch<span class=\"__1 _201\"/>eme r<span class=\"__1 _201\"/>ule<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span> Certain tranches<span class=\"__1 _200\"/> of<span class=\"__1 _200\"/> scheme<span class=\"__1 _32b\"> </span> be<span class=\"__1 _201\"/>nefi<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>thin P<span class=\"__1 _201\"/>SP<span class=\"__1 _201\"/>S have s<span class=\"__1 _201\"/>tatuto<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>n inc<span class=\"__1 _201\"/>reas<span class=\"__1 _201\"/>es in l<span class=\"__1 _201\"/>ine wi<span class=\"__1 _201\"/>th the h<span class=\"__1 _201\"/>igh<span class=\"__1 _201\"/>er of CP<span class=\"__1 _201\"/>I up to a ma<span class=\"__1 _201\"/>ximu<span class=\"__1 _201\"/>m leve<span class=\"__1 _201\"/>l, or a d<span class=\"__1 _201\"/>isc<span class=\"__1 _201\"/>retio<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y l<span class=\"__1 _201\"/>evel d<span class=\"__1 _201\"/>eter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d by th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> emp<span class=\"__1 _201\"/>loye<span class=\"__1 _201\"/>r<span class=\"__1 _200\"/>. Oth<span class=\"__1 _201\"/>er tr<span class=\"__1 _201\"/>anch<span class=\"__1 _201\"/>es ar<span class=\"__1 _201\"/>e not gu<span class=\"__1 _201\"/>ara<span class=\"__1 _201\"/>ntee<span class=\"__1 _201\"/>d and d<span class=\"__1 _201\"/>eter<span class=\"__1 _201\"/>min<span class=\"__1 _201\"/>ed by th<span class=\"__1 _201\"/>e emp<span class=\"__1 _201\"/>loye<span class=\"__1 _201\"/>r on a dis<span class=\"__1 _201\"/>creti<span class=\"__1 _201\"/>ona<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y bas<span class=\"__1 _201\"/>is. T<span class=\"__1 _201\"/>he s<span class=\"__1 _201\"/>ingl<span class=\"__1 _201\"/>e equ<span class=\"__1 _201\"/>iva<span class=\"__1 _201\"/>len<span class=\"__1 _201\"/>t rates i<span class=\"__1 _201\"/>n the ta<span class=\"__1 _201\"/>ble a<span class=\"__1 _201\"/>bove<span class=\"__1 _201\"/> are il<span class=\"__1 _201\"/>lus<span class=\"__1 _201\"/>trat<span class=\"__1 _201\"/>ive as th<span class=\"__1 _201\"/>e ful<span class=\"__1 _201\"/>l yie<span class=\"__1 _201\"/>ld cu<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve is us<span class=\"__1 _201\"/>ed in th<span class=\"__1 _201\"/>e cal<span class=\"__1 _201\"/>cul<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n of the l<span class=\"__1 _201\"/>iabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>.2<span class=\"__1 _201\"/>.3 Other assumptions<span class=\"__1 _32b\"> </span>In Oc<span class=\"__1 _201\"/>tobe<span class=\"__1 _201\"/>r 2018, th<span class=\"__1 _201\"/>e High C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t rul<span class=\"__1 _201\"/>ed that pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>n sche<span class=\"__1 _201\"/>mes are re<span class=\"__1 _201\"/>quired to e<span class=\"__1 _201\"/>quali<span class=\"__1 _201\"/>se ben<span class=\"__1 _201\"/>efits f<span class=\"__1 _201\"/>or the eff<span class=\"__1 _201\"/>ect of g<span class=\"__1 _201\"/>uarante<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/> minim<span class=\"__1 _201\"/>um pen<span class=\"__1 _201\"/>sions (GM<span class=\"__1 _201\"/>Ps). GMPs a<span class=\"__1 _201\"/>re a minimu<span class=\"__1 _201\"/>m bene<span class=\"__1 _201\"/>fit that sc<span class=\"__1 _201\"/>heme<span class=\"__1 _201\"/>s that were co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ted-<span class=\"__1 _201\"/>out on a s<span class=\"__1 _201\"/>alar<span class=\"__1 _201\"/>y-<span class=\"__1 _201\"/>related b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/> bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n 1978 and 19<span class=\"__1 _201\"/>97 are requ<span class=\"__1 _201\"/>ired to prov<span class=\"__1 _201\"/>ide. T<span class=\"__1 _201\"/>here was a f<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>ther C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t ruli<span class=\"__1 _201\"/>ng in Nove<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>20 which re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efits<span class=\"__1 _201\"/> in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of pas<span class=\"__1 _201\"/>t trans<span class=\"__1 _201\"/>fers o<span class=\"__1 _201\"/>ut of the sch<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>s to also be e<span class=\"__1 _201\"/>quali<span class=\"__1 _201\"/>sed<span class=\"__1 _201\"/>. In light of th<span class=\"__1 _201\"/>ese C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t ruli<span class=\"__1 _201\"/>ngs<span class=\"__1 _201\"/>, at 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span> 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021, t<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p has rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed an es<span class=\"__1 _201\"/>timated a<span class=\"__1 _201\"/>llowan<span class=\"__1 _201\"/>ce for G<span class=\"__1 _201\"/>MP eq<span class=\"__1 _201\"/>ualis<span class=\"__1 _201\"/>ation with<span class=\"__1 _201\"/>in the IAS 19 v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n for all th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> UK s<span class=\"__1 _201\"/>cheme<span class=\"__1 _201\"/>s \u2013 comp<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g \u00a331m for P<span class=\"__1 _201\"/>SP<span class=\"__1 _201\"/>S, \u00a311m for SASP<span class=\"__1 _201\"/>S, a<span class=\"__1 _201\"/>nd \u00a33<span class=\"__1 _201\"/>m for M&amp;G<span class=\"__1 _201\"/>GP<span class=\"__1 _201\"/>S as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 (2021: \u00a34<span class=\"__1 _201\"/>3m fo<span class=\"__1 _201\"/>r PSP<span class=\"__1 _201\"/>S,<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/> \u00a320<span class=\"__1 _201\"/>m for SAS<span class=\"__1 _201\"/>PS an<span class=\"__1 _201\"/>d \u00a36m for M<span class=\"__1 _201\"/>&amp;GG<span class=\"__1 _201\"/>PS).<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>.2<span class=\"__1 _201\"/>.4 Sensitivity o<span class=\"__1 _200\"/>f the pension<span class=\"__1 _200\"/> scheme liabili<span class=\"__1 _200\"/>ties t<span class=\"__1 _200\"/>o k<span class=\"__1 _200\"/>e<span class=\"__1 _200\"/>y var<span class=\"__1 _200\"/>iables<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>ivit<span class=\"__1 _201\"/>y info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n below i<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on the co<span class=\"__1 _201\"/>re sche<span class=\"__1 _201\"/>me liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>nd ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns at the bal<span class=\"__1 _201\"/>ance s<span class=\"__1 _201\"/>heet date.<span class=\"__1 _201\"/> The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>iviti<span class=\"__1 _201\"/>es are ca<span class=\"__1 _201\"/>lculated b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on a chan<span class=\"__1 _201\"/>ge in one a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ption wi<span class=\"__1 _201\"/>th all other a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions b<span class=\"__1 _201\"/>eing h<span class=\"__1 _201\"/>eld con<span class=\"__1 _201\"/>stant<span class=\"__1 _201\"/>. As su<span class=\"__1 _201\"/>ch,<span class=\"__1 _201\"/> interde<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>denci<span class=\"__1 _201\"/>es bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons are exclud<span class=\"__1 _201\"/>ed. T<span class=\"__1 _201\"/>he imp<span class=\"__1 _201\"/>act of th<span class=\"__1 _201\"/>e rate of infl<span class=\"__1 _201\"/>ation as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>n sens<span class=\"__1 _201\"/>itivi<span class=\"__1 _201\"/>ty in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>s the<span class=\"__1 _201\"/> impa<span class=\"__1 _201\"/>ct of in<span class=\"__1 _201\"/>flation o<span class=\"__1 _201\"/>n the rate of inc<span class=\"__1 _201\"/>rease in s<span class=\"__1 _201\"/>alar<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>, where a<span class=\"__1 _201\"/>pplic<span class=\"__1 _201\"/>abl<span class=\"__1 _201\"/>e, and on th<span class=\"__1 _201\"/>e rate of incre<span class=\"__1 _201\"/>ase of pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>ns in paym<span class=\"__1 _201\"/>ent and<span class=\"__1 _201\"/> in defermen<span class=\"__1 _200\"/>t.<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>iviti<span class=\"__1 _201\"/>es of the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying p<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>on sch<span class=\"__1 _201\"/>eme lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s as show<span class=\"__1 _201\"/>n belo<span class=\"__1 _201\"/>w do not dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y equate to the i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t on the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s other c<span class=\"__1 _201\"/>ompreh<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>ve inco<span class=\"__1 _201\"/>me due to the e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t of the res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>tion o<span class=\"__1 _201\"/>n surp<span class=\"__1 _201\"/>lus for P<span class=\"__1 _201\"/>SP<span class=\"__1 _201\"/>S and the al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ation of a sh<span class=\"__1 _201\"/>are of the<span class=\"__1 _201\"/> interes<span class=\"__1 _201\"/>t in the fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l positi<span class=\"__1 _201\"/>on of PS<span class=\"__1 _201\"/>PS an<span class=\"__1 _201\"/>d SASP<span class=\"__1 _201\"/>S to the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund as d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>ibe<span class=\"__1 _201\"/>d above. In a<span class=\"__1 _201\"/>dditio<span class=\"__1 _201\"/>n, the s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>vitie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> show<span class=\"__1 _201\"/>n do not in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>e the impa<span class=\"__1 _201\"/>ct on a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ich for al<span class=\"__1 _201\"/>l schem<span class=\"__1 _201\"/>es wou<span class=\"__1 _201\"/>ld signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>antly off<span class=\"__1 _201\"/>set th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t of the di<span class=\"__1 _201\"/>scount r<span class=\"__1 _201\"/>ate and<span class=\"__1 _201\"/> inflati<span class=\"__1 _201\"/>on sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ities o<span class=\"__1 _201\"/>n the IAS 19 su<span class=\"__1 _201\"/>rplus o<span class=\"__1 _201\"/>r defi<span class=\"__1 _201\"/>cit. For th<span class=\"__1 _201\"/>e PSP<span class=\"__1 _201\"/>S sch<span class=\"__1 _201\"/>eme, th<span class=\"__1 _201\"/>e mor<span class=\"__1 _201\"/>tali<span class=\"__1 _201\"/>ty r<span class=\"__1 _201\"/>ate sensiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y imp<span class=\"__1 _201\"/>act wo<span class=\"__1 _201\"/>uld als<span class=\"__1 _201\"/>o be<span class=\"__1 _201\"/> par<span class=\"__1 _201\"/>tial<span class=\"__1 _201\"/>ly mitig<span class=\"__1 _201\"/>ated by the lo<span class=\"__1 _201\"/>ngevi<span class=\"__1 _201\"/>ty s<span class=\"__1 _201\"/>wap as<span class=\"__1 _201\"/>set hel<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>17 De<span class=\"__1 _200\"/>fined benefit pension schemes cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls35_1 ws4a_1\">239<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>In<span class=\"__1 _201\"/>creas<span class=\"__1 _201\"/>e/(decre<span class=\"__1 _201\"/>ase) in th<span class=\"__1 _201\"/>e pre<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>t valu<span class=\"__1 _201\"/>e of the<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>scheme\u2019<span class=\"__1 _200\"/>s defined<span class=\"__1 _200\"/> benefit obligat<span class=\"__1 _200\"/>ion<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _292\"> </span>S<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>itiv<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y of the c<span class=\"__1 _201\"/>han<span class=\"__1 _201\"/>ge in as<span class=\"__1 _201\"/>sum<span class=\"__1 _201\"/>ptio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span>PSPS<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>SASPS<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>M&amp;GGPS<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Base position<span class=\"__1 _391\"> </span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _1b6_1\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">4<span class=\"__1 _201\"/>,050<span class=\"__1 _223\"> </span><span class=\"ls15_1 ws14_1\">566<span class=\"__1 _239\"> </span><span class=\"ls2a_1 ws2a_1\">313<span class=\"__1 _243\"> </span></span>4<span class=\"__1 _201\"/>,929<span class=\"__1 _32b\"> </span></span></span></span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _18c_1\"> </span>Decre<span class=\"__1 _201\"/>ase by 0.<span class=\"__1 _201\"/>2%<span class=\"__1 _380\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">98<span class=\"__1 _219\"> </span><span class=\"ls30_1 ws30_1\">20<span class=\"__1 _1e_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _253\"> </span><span class=\"ls2a_1 ws2a_1\">130<span class=\"__1 _32b\"> </span></span></span></span></span>Incre<span class=\"__1 _201\"/>ase by 0.<span class=\"__1 _201\"/>2%<span class=\"__1 _1b7_1\"> </span><span class=\"ff1_1 ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>4)<span class=\"__1 _253\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>9)<span class=\"__1 _252\"> </span>(11<span class=\"__1 _201\"/>)<span class=\"__1 _1b5_1\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>4<span class=\"__1 _32b\"> </span></span></span><span class=\"ff1_1 ls52_1 ws5a_1\"><span class=\"ls1d_1 ws1c_1\">)<span class=\"__1 _32b\"> </span></span></span>Rate of infl<span class=\"__1 _201\"/>ation<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 0.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>% (<span class=\"__1 _200\"/>with co<span class=\"__1 _201\"/>nse<span class=\"__1 _201\"/>quent<span class=\"__1 _201\"/> redu<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n in sal<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y increa<span class=\"__1 _201\"/>ses)<span class=\"__1 _b9_1\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>4)<span class=\"__1 _2c_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _219\"> </span><span class=\"ls11_1 ws10_1\">(6)<span class=\"__1 _223\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span></span></span>Mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y rate<span class=\"__1 _391\"> </span><span class=\"ls6_1 ws1_1\">In<span class=\"__1 _201\"/>crease i<span class=\"__1 _201\"/>n life expe<span class=\"__1 _201\"/>cta<span class=\"__1 _201\"/>ncy by 1 ye<span class=\"__1 _201\"/>ar<span class=\"__1 _374\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">14<span class=\"__1 _201\"/>2<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _253\"> </span></span>166<span class=\"__1 _32b\"> </span></span></span></span>In<span class=\"__1 _201\"/>creas<span class=\"__1 _201\"/>e/(decre<span class=\"__1 _201\"/>ase) in th<span class=\"__1 _201\"/>e pre<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>t valu<span class=\"__1 _201\"/>e of the<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>scheme\u2019<span class=\"__1 _200\"/>s defined<span class=\"__1 _200\"/> benefit obligat<span class=\"__1 _200\"/>ion<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _297\"> </span>Se<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>tiv<span class=\"__1 _201\"/>ity o<span class=\"__1 _201\"/>f the ch<span class=\"__1 _201\"/>ang<span class=\"__1 _201\"/>e in as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span>PSPS<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>SASPS<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>M&amp;GGPS<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Base position<span class=\"__1 _391\"> </span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _1b9_1\"> </span><span class=\"ls1f_1 ws1e_1\">6,460<span class=\"__1 _204\"> </span><span class=\"ls42_1 ws46_1\">1,0<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>3<span class=\"__1 _239\"> </span><span class=\"lsc_1 wsa_1\">581<span class=\"__1 _243\"> </span></span>8<span class=\"__1 _201\"/>,08<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _18c_1\"> </span>Decre<span class=\"__1 _201\"/>ase by 0.<span class=\"__1 _201\"/>2%<span class=\"__1 _1ba_1\"> </span><span class=\"lse_1 wsc_1\">212<span class=\"__1 _f4_1\"> </span><span class=\"ls3f_1 ws41_1\">49<span class=\"__1 _f4_1\"> </span><span class=\"ls1c_1 ws43_1\">28<span class=\"__1 _253\"> </span>289<span class=\"__1 _32b\"> </span></span></span></span>Incre<span class=\"__1 _201\"/>ase by 0.<span class=\"__1 _201\"/>2%<span class=\"__1 _9c_1\"> </span><span class=\"ls52_1 ws5a_1\">(20<span class=\"__1 _201\"/>1)<span class=\"__1 _253\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>6)<span class=\"__1 _2c_1\"> </span><span class=\"ls7_1 ws5_1\">(27<span class=\"__1 _201\"/>)<span class=\"__1 _5d_1\"> </span><span class=\"ls3d_1 ws3f_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>74<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>Rate of infl<span class=\"__1 _201\"/>ation<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 0.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>% (<span class=\"__1 _200\"/>with co<span class=\"__1 _201\"/>nse<span class=\"__1 _201\"/>quent<span class=\"__1 _201\"/> redu<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n in sal<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y increa<span class=\"__1 _201\"/>ses)<span class=\"__1 _17b_1\"> </span><span class=\"ls5b_1 ws67_1\">(7<span class=\"__1 _201\"/>8)<span class=\"__1 _253\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _252\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _220\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>8)<span class=\"__1 _32b\"> </span></span></span></span>Mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y rate<span class=\"__1 _391\"> </span><span class=\"ls6_1 ws1_1\">In<span class=\"__1 _201\"/>crease i<span class=\"__1 _201\"/>n life expe<span class=\"__1 _201\"/>cta<span class=\"__1 _201\"/>ncy by 1 ye<span class=\"__1 _201\"/>ar<span class=\"__1 _379\"> </span><span class=\"ls4d_1 ws54_1\">2<span class=\"__1 _201\"/>10<span class=\"__1 _f4_1\"> </span><span class=\"ls28_1 ws28_1\">39<span class=\"__1 _f4_1\"> </span><span class=\"ls10_1 wsf_1\">2<span class=\"__1 _201\"/>2<span class=\"__1 _252\"> </span><span class=\"ls23_1 ws22_1\">271<span class=\"__1 _32b\"> </span></span></span></span></span></span>17<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>3 Pl<span class=\"__1 _201\"/>an ass<span class=\"__1 _201\"/>ets of t<span class=\"__1 _201\"/>he sc<span class=\"__1 _201\"/>hem<span class=\"__1 _201\"/>es <span class=\"__1 _385\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _386\"> </span>2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>PSPS<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>schemes<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _8c_1\"> </span><span class=\"ls5_1 ws1_1\">%<span class=\"__1 _32b\"> </span></span>PSPS<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>schemes<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _8c_1\"> </span><span class=\"ls5_1 ws1_1\">%<span class=\"__1 _32b\"> </span></span>Equities<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _368\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">47<span class=\"__1 _353\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _1d_1\"> </span><span class=\"ls16_1 ws15_1\">48<span class=\"__1 _367\"> </span></span>1<span class=\"__1 _311\"> </span></span></span><span class=\"ls34_1 ws35_1\">48<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _f4_1\"> </span><span class=\"ls3f_1 ws41_1\">55<span class=\"__1 _353\"> </span></span>1<span class=\"__1 _32b\"> </span></span></span>Overseas<span class=\"__1 _1bb_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">8<span class=\"__1 _1d_1\"> </span><span class=\"lsc_1 wsa_1\">70<span class=\"__1 _f4_1\"> </span><span class=\"ls27_1 ws27_1\">78<span class=\"__1 _311\"> </span></span></span>1<span class=\"__1 _353\"> </span></span><span class=\"ls1c_1 ws43_1\">28<span class=\"__1 _f4_1\"> </span><span class=\"ls28_1 ws28_1\">39<span class=\"__1 _232\"> </span><span class=\"ls1f_1 ws1e_1\">67<span class=\"__1 _353\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span></span></span></span>Bonds<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>Gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt<span class=\"__1 _1bc_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _c_1\"> </span><span class=\"ls53_1 ws5b_1\">848<span class=\"__1 _242\"> </span><span class=\"lsc_1 wsa_1\">4<span class=\"__1 _201\"/>,036<span class=\"__1 _230\"> </span>71<span class=\"__1 _270\"> </span></span></span></span><span class=\"ls5_1 ws1_1\">4,538<span class=\"__1 _223\"> </span><span class=\"ls22_1 ws21_1\">969<span class=\"__1 _204\"> </span><span class=\"ls23_1 ws22_1\">5,<span class=\"__1 _201\"/>507<span class=\"__1 _1d_1\"> </span><span class=\"ls3f_1 ws41_1\">60<span class=\"__1 _32b\"> </span></span></span></span></span>Corporate<span class=\"__1 _1bd_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>5<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _240\"> </span></span>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>9<span class=\"__1 _230\"> </span></span><span class=\"ff1_1\">21<span class=\"__1 _237\"> </span></span><span class=\"lsc_1 wsa_1\">1,9<span class=\"__1 _201\"/>09<span class=\"__1 _223\"> </span><span class=\"ls3f_1 ws41_1\">480<span class=\"__1 _214\"> </span><span class=\"ls5_1 ws1_1\">2,389<span class=\"__1 _f4_1\"> </span></span></span>26<span class=\"__1 _32b\"> </span></span>Asset<span class=\"__1 _200\"/>-back<span class=\"__1 _200\"/>ed secu<span class=\"__1 _200\"/>rities<span class=\"__1 _c4_1\"> </span><span class=\"ff1_1 ls10_1 wsf_1\">346<span class=\"__1 _1d_1\"> </span><span class=\"ls15_1 ws14_1\">66<span class=\"__1 _239\"> </span><span class=\"ls17_1 ws16_1\">412<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _1e_1\"> </span></span></span></span></span><span class=\"ws27_1\">392<span class=\"__1 _232\"> </span><span class=\"ls15_1 ws14_1\">25<span class=\"__1 _228\"> </span><span class=\"ls4a_1 ws50_1\">417<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _32b\"> </span></span></span></span></span>Derivat<span class=\"__1 _200\"/>ives<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>(55<span class=\"__1 _201\"/>2)<span class=\"__1 _7d_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>8)<span class=\"__1 _4a_1\"> </span><span class=\"ls3c_1 ws3d_1\">(<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0)<span class=\"__1 _2c_1\"> </span></span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _9e_1\"> </span><span class=\"ff2_1 ls83_1 wse_1\">43<span class=\"__1 _f4_1\"> </span><span class=\"ls27_1 ws27_1\">29<span class=\"__1 _271\"> </span><span class=\"ls3f_1 ws41_1\">72<span class=\"__1 _353\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span></span></span></span></span>Properties<span class=\"__1 _1be_1\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">263<span class=\"__1 _2c_1\"> </span><span class=\"ls2a_1 ws2a_1\">138<span class=\"__1 _253\"> </span><span class=\"ls40_1 ws44_1\">401<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _288\"> </span></span></span></span></span><span class=\"ls4d_1 ws54_1\">215<span class=\"__1 _226\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>5<span class=\"__1 _c_1\"> </span><span class=\"ls28_1 ws28_1\">330<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _32b\"> </span></span></span></span></span>Other assets<span class=\"__1 _18d_1\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">176<span class=\"__1 _1d_1\"> </span><span class=\"lsd_1 wsb_1\">65<span class=\"__1 _239\"> </span><span class=\"ls17_1 ws16_1\">241<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _288\"> </span></span></span></span></span><span class=\"ls40_1 ws44_1\">2<span class=\"__1 _201\"/>21<span class=\"__1 _1d_1\"> </span><span class=\"ls29_1 ws29_1\">83<span class=\"__1 _237\"> </span><span class=\"ls28_1 ws28_1\">304<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _32b\"> </span></span></span></span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l valu<span class=\"__1 _201\"/>e of ass<span class=\"__1 _201\"/>ets<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>41<span class=\"__1 _214\"> </span><span class=\"lsc_1 wsa_1\">1<span class=\"__1 _201\"/>,024<span class=\"__1 _211\"> </span><span class=\"ls19_1 ws18_1\">5,665<span class=\"__1 _c_1\"> </span>100<span class=\"__1 _c_1\"> </span><span class=\"ff2_1 ls13_1 ws12_1\">7,<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>4<span class=\"__1 _1a_1\"> </span><span class=\"ls3d_1 ws3f_1\">1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>7<span class=\"__1 _220\"> </span><span class=\"ls43_1 ws47_1\">9<span class=\"__1 _201\"/>,14<span class=\"__1 _201\"/>1<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>i  <span class=\"__1 _2e_1\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>, 8<span class=\"__1 _201\"/>8% of the b<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/>ds wer<span class=\"__1 _201\"/>e inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt gr<span class=\"__1 _201\"/>ade (2<span class=\"__1 _201\"/>021: 91%).<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed w<span class=\"__1 _201\"/>ithin d<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ves i<span class=\"__1 _201\"/>s a \u00a310m l<span class=\"__1 _201\"/>iabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>f the lo<span class=\"__1 _201\"/>nge<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y sw<span class=\"__1 _201\"/>ap tra<span class=\"__1 _201\"/>nsa<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on wi<span class=\"__1 _201\"/>th Pac<span class=\"__1 _201\"/>ific L<span class=\"__1 _201\"/>ife R<span class=\"__1 _201\"/>e Lim<span class=\"__1 _201\"/>ited (2<span class=\"__1 _201\"/>021: \u00a311m), va<span class=\"__1 _201\"/>lue<span class=\"__1 _201\"/>d at fai<span class=\"__1 _201\"/>r val<span class=\"__1 _201\"/>ue as<span class=\"__1 _201\"/> pe<span class=\"__1 _201\"/>r IAS19 a<span class=\"__1 _201\"/>nd ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n the p<span class=\"__1 _201\"/>rin<span class=\"__1 _201\"/>cipl<span class=\"__1 _201\"/>es of I<span class=\"__1 _201\"/>FRS13<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>As at 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, 84% of t<span class=\"__1 _201\"/>he tota<span class=\"__1 _201\"/>l valu<span class=\"__1 _201\"/>e of the s<span class=\"__1 _201\"/>che<span class=\"__1 _201\"/>me as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s wer<span class=\"__1 _201\"/>e der<span class=\"__1 _201\"/>ive<span class=\"__1 _201\"/>d from q<span class=\"__1 _201\"/>uote<span class=\"__1 _201\"/>d pri<span class=\"__1 _201\"/>ces i<span class=\"__1 _201\"/>n an ac<span class=\"__1 _201\"/>tive m<span class=\"__1 _201\"/>arket (<span class=\"__1 _201\"/>2021: 9<span class=\"__1 _201\"/>2%), whi<span class=\"__1 _201\"/>le th<span class=\"__1 _201\"/>e valu<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> of th<span class=\"__1 _201\"/>e rema<span class=\"__1 _201\"/>inin<span class=\"__1 _201\"/>g ass<span class=\"__1 _201\"/>ets i<span class=\"__1 _201\"/>s der<span class=\"__1 _201\"/>ive<span class=\"__1 _201\"/>d from t<span class=\"__1 _201\"/>he us<span class=\"__1 _201\"/>e of var<span class=\"__1 _201\"/>iou<span class=\"__1 _201\"/>s obs<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vab<span class=\"__1 _201\"/>le an<span class=\"__1 _201\"/>d uno<span class=\"__1 _201\"/>bse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vab<span class=\"__1 _201\"/>le in<span class=\"__1 _201\"/>puts<span class=\"__1 _201\"/>. No<span class=\"__1 _201\"/>ne of t<span class=\"__1 _201\"/>he sch<span class=\"__1 _201\"/>em<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets in<span class=\"__1 _201\"/>clu<span class=\"__1 _201\"/>de<span class=\"__1 _201\"/>d prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y occ<span class=\"__1 _201\"/>upie<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> by the G<span class=\"__1 _201\"/>rou<span class=\"__1 _201\"/>p. Du<span class=\"__1 _201\"/>e to the d<span class=\"__1 _201\"/>isinv<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>t in Gro<span class=\"__1 _201\"/>up in<span class=\"__1 _201\"/>sura<span class=\"__1 _201\"/>nce p<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>cie<span class=\"__1 _201\"/>s by M&amp;G<span class=\"__1 _201\"/>GP<span class=\"__1 _201\"/>S dur<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e year t<span class=\"__1 _201\"/>he ec<span class=\"__1 _201\"/>ono<span class=\"__1 _201\"/>mic b<span class=\"__1 _201\"/>asi<span class=\"__1 _201\"/>s plan a<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>ets is t<span class=\"__1 _201\"/>he sa<span class=\"__1 _201\"/>me as th<span class=\"__1 _201\"/>e IAS<span class=\"__1 _201\"/> 19 ba<span class=\"__1 _201\"/>sis pl<span class=\"__1 _201\"/>an as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he IA<span class=\"__1 _201\"/>S 19 bas<span class=\"__1 _201\"/>is pl<span class=\"__1 _201\"/>an as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>1 of \u00a38<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>34<span class=\"__1 _201\"/>m diff<span class=\"__1 _201\"/>ers to th<span class=\"__1 _201\"/>e ec<span class=\"__1 _201\"/>ono<span class=\"__1 _201\"/>mic b<span class=\"__1 _201\"/>asis p<span class=\"__1 _201\"/>lan a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ts of \u00a3<span class=\"__1 _201\"/>9,<span class=\"__1 _200\"/>141m as sho<span class=\"__1 _201\"/>wn<span class=\"__1 _32b\"> </span> ab<span class=\"__1 _201\"/>ove due to t<span class=\"__1 _201\"/>he inve<span class=\"__1 _201\"/>stm<span class=\"__1 _201\"/>ent i<span class=\"__1 _201\"/>n Gro<span class=\"__1 _201\"/>up ins<span class=\"__1 _201\"/>ura<span class=\"__1 _201\"/>nce p<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>cies b<span class=\"__1 _201\"/>y M&amp;G<span class=\"__1 _201\"/>GP<span class=\"__1 _201\"/>S dur<span class=\"__1 _201\"/>ing 20<span class=\"__1 _201\"/>21.<span class=\"__1 _32b\"> </span>17 De<span class=\"__1 _200\"/>fined benefit pension schemes cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>240<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G plc</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"__1 _32b\"> </span></span></span>17<span class=\"__1 _f_1\"/>.4 Reconcilia<span class=\"__1 _200\"/>tion in<span class=\"__1 _200\"/> mov<span class=\"__1 _200\"/>ement<span class=\"__1 _200\"/> of schemes<span class=\"__1 _200\"/>\u2019 surplus<span class=\"__1 _200\"/>/<span class=\"__1 _f_1\"/>deficit <span class=\"__1 _1bf_1\"> </span><span class=\"ls2e_1 ws2e_1\">Economic basis<span class=\"__1 _1c0_1\"> </span></span> <span class=\"__1 _1c1_1\"> </span> Fair va<span class=\"__1 _201\"/>lue of<span class=\"__1 _201\"/> plan assets<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Present value<span class=\"__1 _32b\"> </span> of benefit<span class=\"__1 _32b\"> </span> obligation<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Effe<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>f <span class=\"ls5_1\"> </span>asset ceiling<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net<span class=\"__1 _32b\"> </span> economic<span class=\"__1 _32b\"> </span> pension<span class=\"__1 _32b\"> </span> surplus/<span class=\"ls5_1 ws1_1\"> </span>(d<span class=\"__1 _201\"/>efi<span class=\"__1 _201\"/>c<span class=\"__1 _201\"/>i<span class=\"__1 _201\"/>t)<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> adjustments<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net pension<span class=\"__1 _32b\"> </span> surplus/<span class=\"ls5_1 ws1_1\"> </span>(d<span class=\"__1 _201\"/>efi<span class=\"__1 _201\"/>c<span class=\"__1 _201\"/>i<span class=\"__1 _201\"/>t)<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net defined benefit<span class=\"__1 _200\"/> pension asse<span class=\"__1 _200\"/>t/<span class=\"__1 _200\"/>(liability<span class=\"__1 _f_1\"/>) at 1<span class=\"__1 _32b\"> </span> January 2022<span class=\"__1 _13c_1\"> </span><span class=\"ls24_1 ws23_1\">9<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>1<span class=\"__1 _1c2_1\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>4)<span class=\"__1 _228\"> </span>(8<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>6)<span class=\"__1 _223\"> </span><span class=\"ls18_1 ws17_1\">1<span class=\"__1 _201\"/>61<span class=\"__1 _270\"> </span><span class=\"ls21_1 ws20_1\">(207<span class=\"__1 _201\"/>)<span class=\"__1 _270\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _250\"/>6)<span class=\"__1 _32b\"> </span></span></span></span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> expense<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> in income<span class=\"__1 _200\"/> stat<span class=\"__1 _200\"/>ement:<span class=\"__1 _32b\"> </span>Curre<span class=\"__1 _201\"/>nt ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice cos<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span>Past ser<span class=\"__1 _201\"/>vice costs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _12a_1\"> </span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _266\"> </span>\u2014<span class=\"__1 _b7_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Net int<span class=\"__1 _200\"/>erest i<span class=\"__1 _200\"/>ncome/<span class=\"__1 _200\"/>(<span class=\"__1 _200\"/>e<span class=\"__1 _200\"/>xpense<span class=\"__1 _200\"/>)<span class=\"__1 _1c3_1\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">164<span class=\"__1 _264\"> </span><span class=\"ls23_1 ws22_1\">(<span class=\"__1 _200\"/>145)<span class=\"__1 _9e_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _288\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _392\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>Admin<span class=\"__1 _200\"/>istration<span class=\"__1 _200\"/> expenses<span class=\"__1 _f0_1\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">(9)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(9)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(9<span class=\"__1 _32b\"> </span>)<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> expense<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> in con<span class=\"__1 _200\"/>solidated<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span> statem<span class=\"__1 _201\"/>ent<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>155<span class=\"__1 _224\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>1)<span class=\"__1 _392\"> </span>(1<span class=\"__1 _201\"/>6)<span class=\"__1 _c_1\"> </span><span class=\"ls56_1 ws5f_1\">(22)<span class=\"__1 _264\"> </span><span class=\"ls26_1 ws26_1\">(3)<span class=\"__1 _237\"> </span><span class=\"ls21_1 ws20_1\">(25<span class=\"__1 _32b\"> </span></span></span></span></span><span class=\"ls1d_1 ws1c_1\"><span class=\"ls56_1 ws5f_1\"><span class=\"ls26_1 ws26_1\"><span class=\"ls21_1 ws20_1\">)<span class=\"__1 _32b\"> </span></span></span></span></span>Remeasurements:<span class=\"__1 _32b\"> </span>Actuar<span class=\"__1 _200\"/>ial gain<span class=\"__1 _200\"/>s and lo<span class=\"__1 _200\"/>sses:<span class=\"__1 _32b\"> </span>Retur<span class=\"__1 _201\"/>n on the sch<span class=\"__1 _201\"/>eme as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s les<span class=\"__1 _201\"/>s amount i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/> interes<span class=\"__1 _201\"/>t inco<span class=\"__1 _201\"/>me<span class=\"__1 _1c4_1\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>8)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>8)<span class=\"__1 _1d_1\"> </span><span class=\"lsb_1 ws32_1\">58<span class=\"__1 _249\"> </span></span>(3<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>)<span class=\"__1 _32b\"> </span>Gains on<span class=\"__1 _200\"/> changes in<span class=\"__1 _200\"/> demographic assump<span class=\"__1 _200\"/>tions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>262<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>262<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>262<span class=\"__1 _32b\"> </span>Gains on changes in financial assumptions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2,848<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2,848<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2,848<span class=\"__1 _32b\"> </span>Ex<span class=\"__1 _201\"/>perien<span class=\"__1 _201\"/>ce losses on sch<span class=\"__1 _201\"/>eme liabilities<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>Unrecognisab<span class=\"__1 _201\"/>le surplus<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _12a_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>331<span class=\"__1 _2c_1\"> </span>331<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>331<span class=\"__1 _32b\"> </span>Remeasurements<span class=\"__1 _200\"/> gains and<span class=\"__1 _200\"/> (losses<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>8)<span class=\"__1 _270\"> </span><span class=\"ls15_1 ws14_1\">2,<span class=\"__1 _201\"/>988<span class=\"__1 _392\"> </span><span class=\"ls1c_1 ws43_1\">331<span class=\"__1 _252\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _201\"/>9)<span class=\"__1 _1d_1\"> </span><span class=\"lsb_1 ws32_1\">58<span class=\"__1 _1d_1\"> </span><span class=\"ls22_1 ws21_1\">29<span class=\"__1 _32b\"> </span></span></span></span></span></span>Benefit payments<span class=\"__1 _1c5_1\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>8)<span class=\"__1 _264\"> </span><span class=\"ls27_1 ws27_1\">328<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _266\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Employ<span class=\"__1 _200\"/>ers\u2019<span class=\"__1 _200\"/> contribu<span class=\"__1 _200\"/>tions<span class=\"__1 _1c6_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">45<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>45<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>45<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>investm<span class=\"__1 _201\"/>ent in the G<span class=\"__1 _201\"/>roup\u2019s insura<span class=\"__1 _201\"/>nce po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _12a_1\"> </span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>152<span class=\"__1 _239\"> </span>152<span class=\"__1 _32b\"> </span>Net defined benefit<span class=\"__1 _200\"/> pension asse<span class=\"__1 _200\"/>t/<span class=\"__1 _200\"/>(liability<span class=\"__1 _f_1\"/>) at 31<span class=\"__1 _32b\"> </span> December 2022<span class=\"__1 _1c5_1\"> </span><span class=\"ls19_1 ws18_1\">5,665<span class=\"__1 _222\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9)<span class=\"__1 _f7_1\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>81)<span class=\"__1 _222\"> </span><span class=\"ls32_1 ws33_1\">155<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>155<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>An ex<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>se of \u00a313<span class=\"__1 _201\"/>m is in<span class=\"__1 _201\"/>clu<span class=\"__1 _201\"/>ded i<span class=\"__1 _201\"/>n the tot<span class=\"__1 _201\"/>al amo<span class=\"__1 _201\"/>unt re<span class=\"__1 _201\"/>co<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed in t<span class=\"__1 _201\"/>he in<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e state<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>t for th<span class=\"__1 _201\"/>e year e<span class=\"__1 _201\"/>nd<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 rel<span class=\"__1 _201\"/>ating t<span class=\"__1 _201\"/>o the Wi<span class=\"__1 _201\"/>th-<span class=\"__1 _32b\"> </span>Pro<span class=\"__1 _201\"/>fits Fun<span class=\"__1 _201\"/>d (20<span class=\"__1 _201\"/>21: \u00a312m).<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed in t<span class=\"__1 _201\"/>he sh<span class=\"__1 _201\"/>are of re<span class=\"__1 _201\"/>mea<span class=\"__1 _201\"/>sure<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>t gain<span class=\"__1 _201\"/>s and l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es fo<span class=\"__1 _201\"/>r the ye<span class=\"__1 _201\"/>ar en<span class=\"__1 _201\"/>ded 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 a<span class=\"__1 _201\"/>re gain<span class=\"__1 _201\"/>s rela<span class=\"__1 _201\"/>ting to s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>s tota<span class=\"__1 _201\"/>llin<span class=\"__1 _201\"/>g \u00a331m<span class=\"__1 _201\"/> (20<span class=\"__1 _201\"/>21: gai<span class=\"__1 _201\"/>ns of \u00a36<span class=\"__1 _201\"/>8m) wh<span class=\"__1 _201\"/>ich ar<span class=\"__1 _201\"/>e reco<span class=\"__1 _201\"/>gni<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d in othe<span class=\"__1 _201\"/>r com<span class=\"__1 _201\"/>pre<span class=\"__1 _201\"/>hen<span class=\"__1 _201\"/>sive i<span class=\"__1 _201\"/>nco<span class=\"__1 _201\"/>me. T<span class=\"__1 _201\"/>he am<span class=\"__1 _201\"/>ount<span class=\"__1 _201\"/>s att<span class=\"__1 _201\"/>rib<span class=\"__1 _201\"/>utab<span class=\"__1 _201\"/>le to th<span class=\"__1 _201\"/>e With<span class=\"__1 _201\"/>-P<span class=\"__1 _201\"/>rofit<span class=\"__1 _201\"/>s Fund f<span class=\"__1 _201\"/>or the ye<span class=\"__1 _201\"/>ar en<span class=\"__1 _201\"/>de<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 amo<span class=\"__1 _201\"/>unt to l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es of \u00a3(<span class=\"__1 _201\"/>2)m (2<span class=\"__1 _201\"/>021:g<span class=\"__1 _201\"/>ain<span class=\"__1 _201\"/>s of \u00a33<span class=\"__1 _201\"/>m) are rec<span class=\"__1 _201\"/>ogn<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d in oth<span class=\"__1 _201\"/>er co<span class=\"__1 _201\"/>mpre<span class=\"__1 _201\"/>hen<span class=\"__1 _201\"/>siv<span class=\"__1 _201\"/>e inco<span class=\"__1 _201\"/>me an<span class=\"__1 _201\"/>d tra<span class=\"__1 _201\"/>nsf<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d to una<span class=\"__1 _201\"/>llo<span class=\"__1 _201\"/>cate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> sur<span class=\"__1 _201\"/>plu<span class=\"__1 _201\"/>s of the W<span class=\"__1 _201\"/>ith<span class=\"__1 _201\"/>-Pr<span class=\"__1 _201\"/>ofit<span class=\"__1 _201\"/>s Fund.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Th<span class=\"__1 _201\"/>e ris<span class=\"__1 _201\"/>e in inte<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>t rates a<span class=\"__1 _201\"/>nd wi<span class=\"__1 _201\"/>den<span class=\"__1 _201\"/>ing of c<span class=\"__1 _201\"/>red<span class=\"__1 _201\"/>it spr<span class=\"__1 _201\"/>eads o<span class=\"__1 _201\"/>ver th<span class=\"__1 _201\"/>e year h<span class=\"__1 _201\"/>as red<span class=\"__1 _201\"/>uce<span class=\"__1 _201\"/>d bot<span class=\"__1 _201\"/>h the de<span class=\"__1 _201\"/>fine<span class=\"__1 _201\"/>d be<span class=\"__1 _201\"/>nefi<span class=\"__1 _201\"/>t obl<span class=\"__1 _201\"/>igat<span class=\"__1 _201\"/>ion an<span class=\"__1 _201\"/>d the v<span class=\"__1 _201\"/>alue o<span class=\"__1 _201\"/>f ass<span class=\"__1 _201\"/>ets f<span class=\"__1 _201\"/>or all<span class=\"__1 _201\"/> sch<span class=\"__1 _201\"/>em<span class=\"__1 _201\"/>es. H<span class=\"__1 _201\"/>igh i<span class=\"__1 _201\"/>nflat<span class=\"__1 _201\"/>ion ove<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 has i<span class=\"__1 _201\"/>ncre<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d the d<span class=\"__1 _201\"/>efin<span class=\"__1 _201\"/>ed b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit ob<span class=\"__1 _201\"/>liga<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>, par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cula<span class=\"__1 _201\"/>rl<span class=\"__1 _201\"/>y in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e val<span class=\"__1 _201\"/>uatio<span class=\"__1 _201\"/>n in de<span class=\"__1 _201\"/>fer<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>; how<span class=\"__1 _201\"/>ever, the<span class=\"__1 _32b\"> </span> exi<span class=\"__1 _201\"/>sten<span class=\"__1 _201\"/>ce of in<span class=\"__1 _201\"/>flati<span class=\"__1 _201\"/>on c<span class=\"__1 _201\"/>aps on p<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>ion i<span class=\"__1 _201\"/>ncre<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>s for m<span class=\"__1 _201\"/>ost t<span class=\"__1 _201\"/>ran<span class=\"__1 _201\"/>che<span class=\"__1 _201\"/>s damp<span class=\"__1 _201\"/>ens t<span class=\"__1 _201\"/>he imp<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>t of hig<span class=\"__1 _201\"/>h infl<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n on the l<span class=\"__1 _201\"/>iabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span> 17 De<span class=\"__1 _200\"/>fined benefit pension schemes cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls85_1 ws9b_1\">2<span class=\"__1 _201\"/>41<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued <span class=\"__1 _1bf_1\"> </span><span class=\"ls2e_1 ws2e_1\">Economic basis<span class=\"__1 _1c0_1\"> </span></span> <span class=\"__1 _1c1_1\"> </span> Fair va<span class=\"__1 _201\"/>lue of<span class=\"__1 _201\"/> plan assets<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Present value<span class=\"__1 _32b\"> </span> of benefit<span class=\"__1 _32b\"> </span> obligation<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Effe<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>f <span class=\"ls5_1\"> </span>asset ceiling<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net<span class=\"__1 _32b\"> </span> economic<span class=\"__1 _32b\"> </span> pension<span class=\"__1 _32b\"> </span> surplus/<span class=\"ls5_1 ws1_1\"> </span>(d<span class=\"__1 _201\"/>efi<span class=\"__1 _201\"/>c<span class=\"__1 _201\"/>i<span class=\"__1 _201\"/>t)<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>adjustments<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net pension<span class=\"__1 _32b\"> </span> surplus/<span class=\"ls5_1 ws1_1\"> </span>(d<span class=\"__1 _201\"/>efi<span class=\"__1 _201\"/>c<span class=\"__1 _201\"/>i<span class=\"__1 _201\"/>t)<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net d<span class=\"__1 _201\"/>efine<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efit pe<span class=\"__1 _201\"/>nsion a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>/(liabil<span class=\"__1 _201\"/>ity) at 1 Jan<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> 2021<span class=\"__1 _1c7_1\"> </span><span class=\"ls7_1 ws5_1\">9,59<span class=\"__1 _201\"/>3<span class=\"__1 _253\"> </span><span class=\"ls8_1 ws6_1\">(8<span class=\"__1 _201\"/>,78<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _232\"> </span><span class=\"ls56_1 ws5f_1\">(<span class=\"__1 _201\"/>717)<span class=\"__1 _345\"> </span><span class=\"ls28_1 ws28_1\">89<span class=\"__1 _239\"> </span><span class=\"ls52_1 ws5a_1\">(2<span class=\"__1 _201\"/>01)<span class=\"__1 _270\"> </span><span class=\"lsa_1 ws8_1\">(112<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> expense<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> in income<span class=\"__1 _200\"/> stat<span class=\"__1 _200\"/>ement:<span class=\"__1 _32b\"> </span>Curre<span class=\"__1 _201\"/>nt ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice cos<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>Past ser<span class=\"__1 _201\"/>vice costs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _12a_1\"> </span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _266\"> </span>\u2014<span class=\"__1 _b7_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Net int<span class=\"__1 _200\"/>erest i<span class=\"__1 _200\"/>ncome/<span class=\"__1 _200\"/>(<span class=\"__1 _200\"/>e<span class=\"__1 _200\"/>xpense<span class=\"__1 _200\"/>)<span class=\"__1 _ed_1\"> </span><span class=\"ls11_1 ws10_1\">117<span class=\"__1 _8c_1\"> </span><span class=\"lsa_1 ws8_1\">(10<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _a5_1\"> </span><span class=\"ls18_1 ws17_1\">(9)<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>(3)<span class=\"__1 _232\"> </span>(3)<span class=\"__1 _32b\"> </span>Admin<span class=\"__1 _200\"/>istration<span class=\"__1 _200\"/> expenses<span class=\"__1 _1c6_1\"> </span><span class=\"ls18_1 ws17_1\">(9)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(9)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(9<span class=\"__1 _32b\"> </span>)<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> expense<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> in income<span class=\"__1 _200\"/> stat<span class=\"__1 _200\"/>ement<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>108<span class=\"__1 _9e_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _a5_1\"> </span><span class=\"ls18_1 ws17_1\">(9)<span class=\"__1 _253\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _224\"> </span>(3)<span class=\"__1 _253\"> </span>(3<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span>Remeasurements:<span class=\"__1 _32b\"> </span>Actuar<span class=\"__1 _200\"/>ial gain<span class=\"__1 _200\"/>s and lo<span class=\"__1 _200\"/>sses:<span class=\"__1 _32b\"> </span>Retur<span class=\"__1 _201\"/>n on the sch<span class=\"__1 _201\"/>eme as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s les<span class=\"__1 _201\"/>s amount i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/> interes<span class=\"__1 _201\"/>t inco<span class=\"__1 _201\"/>me<span class=\"__1 _ec_1\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>24)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>4)<span class=\"__1 _230\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _253\"> </span><span class=\"ls11_1 ws10_1\">(<span class=\"__1 _201\"/>211<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Gains on<span class=\"__1 _200\"/> changes in<span class=\"__1 _200\"/> demographic assump<span class=\"__1 _200\"/>tions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>129<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>129<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>129<span class=\"__1 _32b\"> </span>Gains on changes in financial assumptions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>366<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>366<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>366<span class=\"__1 _32b\"> </span>Ex<span class=\"__1 _201\"/>perien<span class=\"__1 _201\"/>ce losses on sch<span class=\"__1 _201\"/>eme liabilities<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>Unrecognisab<span class=\"__1 _201\"/>le surplus<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _12a_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(17<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _220\"> </span>(17<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(17<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>Remeasurements<span class=\"__1 _200\"/> gains and<span class=\"__1 _200\"/> (losses<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>4)<span class=\"__1 _264\"> </span><span class=\"ls32_1 ws33_1\">4<span class=\"__1 _201\"/>52<span class=\"__1 _224\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>70<span class=\"__1 _201\"/>)<span class=\"__1 _345\"> </span><span class=\"ls1f_1 ws1e_1\">58<span class=\"__1 _9e_1\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _229\"> </span><span class=\"ls23_1 ws22_1\">71<span class=\"__1 _32b\"> </span></span></span></span></span></span>Benefit payments<span class=\"__1 _19c_1\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>3)<span class=\"__1 _264\"> </span><span class=\"ls5_1 ws1_1\">383<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _266\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Employ<span class=\"__1 _200\"/>ers\u2019<span class=\"__1 _200\"/> contribu<span class=\"__1 _200\"/>tions<span class=\"__1 _1c8_1\"> </span><span class=\"ls45_1 ws49_1\">47<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>47<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>47<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>r in to investm<span class=\"__1 _201\"/>ent in G<span class=\"__1 _201\"/>roup insu<span class=\"__1 _201\"/>rance p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>ies<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _12a_1\"> </span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>6)<span class=\"__1 _252\"> </span>(1<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span>Net defined benefit<span class=\"__1 _200\"/> pension asse<span class=\"__1 _200\"/>t/<span class=\"__1 _200\"/>(liability<span class=\"__1 _f_1\"/>) at 31<span class=\"__1 _32b\"> </span> December 2021<span class=\"__1 _1b4_1\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">9<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>41<span class=\"__1 _223\"> </span><span class=\"ls17_1 ws16_1\">(8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _226\"> </span><span class=\"ls5b_1 ws67_1\">(8<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>6)<span class=\"__1 _253\"> </span><span class=\"lse_1 wsc_1\">161<span class=\"__1 _c_1\"> </span><span class=\"ls23_1 ws22_1\">(2<span class=\"__1 _201\"/>07)<span class=\"__1 _c_1\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _250\"/>6)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>17<span class=\"__1 _f_1\"/>.5 Maturi<span class=\"__1 _200\"/>ty analysis<span class=\"__1 _200\"/> of<span class=\"__1 _200\"/> benefit obligations<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e provi<span class=\"__1 _201\"/>des an exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted matur<span class=\"__1 _201\"/>ity a<span class=\"__1 _201\"/>nalys<span class=\"__1 _201\"/>is of the un<span class=\"__1 _201\"/>disco<span class=\"__1 _201\"/>unted defi<span class=\"__1 _201\"/>ned b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t obli<span class=\"__1 _201\"/>gations<span class=\"__1 _201\"/>: <span class=\"__1 _1c9_1\"> </span><span class=\"ls3_1 ws69_1\">All schemes<span class=\"__1 _32b\"> </span></span>1 yea<span class=\"__1 _201\"/>r <span class=\"ls5_1\"> </span>or less <span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 1<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>yea<span class=\"__1 _201\"/>r to <span class=\"ls5_1\"> </span>5 yea<span class=\"__1 _201\"/>rs<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 5<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>yea<span class=\"__1 _201\"/>rs to <span class=\"ls5_1\"> </span>10 yea<span class=\"__1 _201\"/>rs<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 10<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>yea<span class=\"__1 _201\"/>rs to <span class=\"ls5_1\"> </span>15 yea<span class=\"__1 _201\"/>rs<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 15<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>yea<span class=\"__1 _201\"/>rs to <span class=\"ls5_1\"> </span>20 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Over<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>20 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _1c3_1\"> </span><span class=\"ls40_1 ws44_1\">269<span class=\"__1 _240\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>4<span class=\"__1 _208\"> </span></span>1,<span class=\"__1 _201\"/>529<span class=\"__1 _4a_1\"> </span><span class=\"ls3c_1 ws3d_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>5<span class=\"__1 _204\"> </span><span class=\"ls32_1 ws33_1\">1,<span class=\"__1 _201\"/>493<span class=\"__1 _243\"> </span><span class=\"ls1f_1 ws1e_1\">4,838<span class=\"__1 _1c_1\"> </span><span class=\"ls19_1 ws18_1\">10,798<span class=\"__1 _32b\"> </span></span></span></span></span></span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21<span class=\"__1 _1ca_1\"> </span><span class=\"lsc_1 wsa_1\">266<span class=\"__1 _1a_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _240\"> </span></span>1,5<span class=\"__1 _201\"/>34<span class=\"__1 _240\"> </span>1,<span class=\"__1 _201\"/>525<span class=\"__1 _208\"> </span>1,4<span class=\"__1 _201\"/>66<span class=\"__1 _4a_1\"> </span><span class=\"ls74_1 ws89_1\">5<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>510<span class=\"__1 _242\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>42<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span>The w<span class=\"__1 _201\"/>eighted ave<span class=\"__1 _201\"/>rage du<span class=\"__1 _201\"/>ration of e<span class=\"__1 _201\"/>ach sch<span class=\"__1 _201\"/>eme\u2019s define<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efit ob<span class=\"__1 _201\"/>ligatio<span class=\"__1 _201\"/>ns (in yea<span class=\"__1 _201\"/>rs<span class=\"__1 _200\"/>) are as fo<span class=\"__1 _201\"/>llows: <span class=\"__1 _6b_1\"> </span><span class=\"ls80_1 ws97_1\">PSPS<span class=\"__1 _243\"> </span><span class=\"ls4f_1 ws55_1\">SASPS<span class=\"__1 _1b0_1\"> </span></span>M&amp;GGPS<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _1cb_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _230\"> </span><span class=\"ls4d_1 ws54_1\">17<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _32b\"> </span></span></span></span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21<span class=\"__1 _1cc_1\"> </span><span class=\"ls2a_1 ws2a_1\">16<span class=\"__1 _232\"> </span><span class=\"ls27_1 ws27_1\">23<span class=\"__1 _232\"> </span><span class=\"ls15_1 ws14_1\">25<span class=\"__1 _32b\"> </span></span></span></span>17 De<span class=\"__1 _200\"/>fined benefit pension schemes cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>242<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G plc</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> A<span class=\"__1 _201\"/>nnual Report and Accounts<span class=\"__1 _200\"/> 2022<span class=\"__1 _32b\"> </span></span></span>18 Loa<span class=\"__1 _201\"/>ns<span class=\"__1 _201\"/> The a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d statem<span class=\"__1 _201\"/>ent of fina<span class=\"__1 _201\"/>ncial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n in relatio<span class=\"__1 _201\"/>n to loan as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>re analy<span class=\"__1 _201\"/>sed as fo<span class=\"__1 _201\"/>llows<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Mor<span class=\"__1 _201\"/>tga<span class=\"__1 _200\"/>ge loans<span class=\"__1 _1cd_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">1,97<span class=\"__1 _201\"/>7<span class=\"__1 _4a_1\"> </span></span><span class=\"ls2a_1 ws2a_1\">4,<span class=\"__1 _201\"/>219<span class=\"__1 _32b\"> </span></span>Policy lo<span class=\"__1 _201\"/>ans<span class=\"__1 _325\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">2<span class=\"__1 _2b_1\"> </span><span class=\"ff2_1\">2<span class=\"__1 _32b\"> </span></span></span>Other loans<span class=\"__1 _cb_1\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">1,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>51<span class=\"__1 _4a_1\"> </span></span><span class=\"lsc_1 wsa_1\">1,5<span class=\"__1 _201\"/>88<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> loans<span class=\"__1 _7e_1\"> </span><span class=\"ls22_1 ws21_1\">3,330<span class=\"__1 _211\"> </span></span><span class=\"ff2_1 ws41_1\">5,809<span class=\"__1 _32b\"> </span></span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21, mor<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ge loa<span class=\"__1 _201\"/>ns inclu<span class=\"__1 _201\"/>ded \u00a31,<span class=\"__1 _201\"/>24<span class=\"__1 _201\"/>5m of b<span class=\"__1 _201\"/>uy-to-<span class=\"__1 _201\"/>let mor<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ges h<span class=\"__1 _201\"/>eld by a se<span class=\"__1 _201\"/>curitis<span class=\"__1 _201\"/>ation ve<span class=\"__1 _201\"/>hicle<span class=\"__1 _201\"/>, Harb<span class=\"__1 _201\"/>en<span class=\"__1 _32b\"> </span> 2017<span class=\"__1 _f_1\"/>-1 plc<span class=\"__1 _201\"/>, that the Gro<span class=\"__1 _201\"/>up cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated. As at 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022<span class=\"__1 _201\"/>, the se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>tisatio<span class=\"__1 _201\"/>n vehicl<span class=\"__1 _201\"/>e has be<span class=\"__1 _201\"/>en de<span class=\"__1 _201\"/>conso<span class=\"__1 _201\"/>lidated f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing a<span class=\"__1 _201\"/> chan<span class=\"__1 _201\"/>ge in contro<span class=\"__1 _201\"/>l. Addi<span class=\"__1 _201\"/>tional<span class=\"__1 _201\"/>ly<span class=\"__1 _200\"/>, \u00a328<span class=\"__1 _201\"/>5m of oth<span class=\"__1 _201\"/>er loan<span class=\"__1 _201\"/>s were prev<span class=\"__1 _201\"/>iousl<span class=\"__1 _201\"/>y inclu<span class=\"__1 _201\"/>ded a<span class=\"__1 _201\"/>s a result of c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidating S<span class=\"__1 _201\"/>ky Fund I L<span class=\"__1 _201\"/>P and S<span class=\"__1 _201\"/>ky<span class=\"__1 _201\"/> Fund V Ons<span class=\"__1 _201\"/>hore, h<span class=\"__1 _201\"/>owever the<span class=\"__1 _201\"/>se fun<span class=\"__1 _201\"/>ds are als<span class=\"__1 _201\"/>o no lon<span class=\"__1 _201\"/>ger co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated by the G<span class=\"__1 _201\"/>roup fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g dispo<span class=\"__1 _201\"/>sal of th<span class=\"__1 _201\"/>e investm<span class=\"__1 _201\"/>ent and a<span class=\"__1 _201\"/> chan<span class=\"__1 _201\"/>ge in contro<span class=\"__1 _201\"/>l resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tively. Refer to N<span class=\"__1 _201\"/>ote 2.4 f<span class=\"__1 _201\"/>or fur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r detail<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, 69% of the \u00a31<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>5<span class=\"__1 _200\"/>1m (2021: 79% of \u00a3<span class=\"__1 _201\"/>2,180m) of mor<span class=\"__1 _201\"/>tgag<span class=\"__1 _201\"/>e loan<span class=\"__1 _201\"/>s held by th<span class=\"__1 _201\"/>e share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>-backed<span class=\"__1 _201\"/> busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s related to life<span class=\"__1 _201\"/>time (equit<span class=\"__1 _201\"/>y rele<span class=\"__1 _201\"/>ase) mor<span class=\"__1 _201\"/>tgage b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss wh<span class=\"__1 _201\"/>ich had an ave<span class=\"__1 _201\"/>rage l<span class=\"__1 _201\"/>oan to prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y value of 3<span class=\"__1 _201\"/>5% (2021: 36<span class=\"__1 _201\"/>%<span class=\"__1 _200\"/>).<span class=\"__1 _32b\"> </span> The e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y rele<span class=\"__1 _201\"/>ase mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tgages a<span class=\"__1 _201\"/>re car<span class=\"__1 _201\"/>ried at f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue throug<span class=\"__1 _201\"/>h profit o<span class=\"__1 _201\"/>r loss<span class=\"__1 _201\"/>. Se<span class=\"__1 _201\"/>nsitiv<span class=\"__1 _201\"/>ities i<span class=\"__1 _201\"/>n relation to th<span class=\"__1 _201\"/>e valuati<span class=\"__1 _201\"/>on of the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> rele<span class=\"__1 _201\"/>ase mo<span class=\"__1 _201\"/>rtg<span class=\"__1 _201\"/>ages are p<span class=\"__1 _201\"/>rovid<span class=\"__1 _201\"/>ed in Note 3<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/>9.<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er loa<span class=\"__1 _201\"/>ns mainl<span class=\"__1 _201\"/>y comp<span class=\"__1 _201\"/>rise s<span class=\"__1 _201\"/>yndi<span class=\"__1 _201\"/>cated an<span class=\"__1 _201\"/>d comm<span class=\"__1 _201\"/>ercial b<span class=\"__1 _201\"/>ridg<span class=\"__1 _201\"/>e loans<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>19 Classific<span class=\"__1 _201\"/>ation of financial ins<span class=\"__1 _201\"/>truments<span class=\"__1 _32b\"> </span>19.<span class=\"__1 _f_1\"/>1 Financial assets<span class=\"__1 _32b\"> </span>Fair<span class=\"__1 _200\"/> value through <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>profit or<span class=\"__1 _200\"/> loss<span class=\"__1 _1ce_1\"> </span><span class=\"ls5_1 ws1_1\"> <span class=\"__1 _1c1_1\"> </span> </span> As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _1c7_1\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>Designated<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Held for <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>trading<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Loans and <span class=\"ls5_1 ws1_1\"> </span>receivables<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _f5_1\"> </span><span class=\"fs1_1 fc3_1 ls7b_1 ws8e_1\">32<span class=\"__1 _243\"> </span></span><span class=\"ff1_1 ls24_1 ws23_1\">7<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>7<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _266\"> </span>\u2014<span class=\"__1 _32b\"> </span>7<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>7<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>1,<span class=\"__1 _201\"/>216<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _250\"/>4<span class=\"__1 _243\"> </span><span class=\"ls22_1 ws21_1\">3,<span class=\"__1 _201\"/>330<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _32b\"> </span>32<span class=\"__1 _1cf_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls1c_1 ws43_1\">62<span class=\"__1 _201\"/>,821<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _266\"> </span>\u2014<span class=\"__1 _32b\"> </span>62<span class=\"__1 _201\"/>,821<span class=\"__1 _32b\"> </span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>32<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2,<span class=\"__1 _201\"/>850<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2,<span class=\"__1 _201\"/>850<span class=\"__1 _32b\"> </span>Deposits<span class=\"__1 _32b\"> </span>33<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>21,<span class=\"__1 _201\"/>401<span class=\"__1 _4c_1\"> </span>21,<span class=\"__1 _201\"/>401<span class=\"__1 _32b\"> </span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _32b\"> </span>20<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>2,3<span class=\"__1 _201\"/>40<span class=\"__1 _282\"> </span>2<span class=\"__1 _201\"/>,340<span class=\"__1 _32b\"> </span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _32b\"> </span>21<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>4,88<span class=\"__1 _201\"/>4<span class=\"__1 _242\"> </span>4,<span class=\"__1 _201\"/>884<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _1d0_1\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>4<span class=\"__1 _243\"> </span><span class=\"lsd_1 wsb_1\">2<span class=\"__1 _201\"/>,850<span class=\"__1 _210\"> </span><span class=\"ls22_1 ws21_1\">30,739<span class=\"__1 _1d1_1\"> </span><span class=\"ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>7,<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span></span></span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g val<span class=\"__1 _201\"/>ue of lo<span class=\"__1 _201\"/>ans h<span class=\"__1 _201\"/>eld at a<span class=\"__1 _201\"/>mor<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d cos<span class=\"__1 _201\"/>t are rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>te<span class=\"__1 _201\"/>d net of a<span class=\"__1 _201\"/>llow<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e for lo<span class=\"__1 _201\"/>an lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es of \u00a3<span class=\"__1 _201\"/>30m a<span class=\"__1 _201\"/>s at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 (202<span class=\"__1 _201\"/>1: \u00a318<span class=\"__1 _201\"/>m).<span class=\"__1 _32b\"> </span> Fair<span class=\"__1 _200\"/> value through <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>profit or<span class=\"__1 _200\"/> loss<span class=\"__1 _1ce_1\"> </span><span class=\"ls5_1 ws1_1\"> <span class=\"__1 _1c1_1\"> </span> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _1d2_1\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>Designated<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Held for <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>trading<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Loans and <span class=\"ls5_1 ws1_1\"> </span>receivables<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _f5_1\"> </span><span class=\"fs1_1 fc3_1 ls7b_1 ws8e_1\">32<span class=\"__1 _248\"> </span></span><span class=\"ls3d_1 ws3f_1\">74<span class=\"__1 _250\"/>,<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>9<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _266\"> </span>\u2014<span class=\"__1 _32b\"> </span>74<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>9<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _1d3_1\"> </span><span class=\"ls32_1 ws33_1\">3,<span class=\"__1 _201\"/>275<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>2,534<span class=\"__1 _243\"> </span><span class=\"ls3f_1 ws41_1\">5,809<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _32b\"> </span>32<span class=\"__1 _206\"> </span><span class=\"fs3_1 fc2_1 lsc_1 wsa_1\">81,059<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _266\"> </span>\u2014<span class=\"__1 _32b\"> </span>81,059<span class=\"__1 _32b\"> </span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>32<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>3,<span class=\"__1 _201\"/>373<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>3,<span class=\"__1 _201\"/>373<span class=\"__1 _32b\"> </span>Deposits<span class=\"__1 _32b\"> </span>33<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>3<span class=\"__1 _206\"> </span>1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _32b\"> </span>20<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>2,64<span class=\"__1 _f_1\"/>7<span class=\"__1 _208\"> </span>2,<span class=\"__1 _200\"/>64<span class=\"__1 _200\"/>7<span class=\"__1 _32b\"> </span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _32b\"> </span>21<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>6,908<span class=\"__1 _243\"> </span>6,908<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _1d4_1\"> </span><span class=\"ff2_1 ls1f_1 ws1e_1\">158,403<span class=\"__1 _204\"> </span><span class=\"lsd_1 wsb_1\">3,373<span class=\"__1 _242\"> </span><span class=\"ls8_1 ws6_1\">2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,72<span class=\"__1 _201\"/>2<span class=\"__1 _258\"> </span><span class=\"ls2a_1 ws2a_1\">191,<span class=\"__1 _201\"/>49<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span></span></span>Fina<span class=\"__1 _201\"/>ncial as<span class=\"__1 _201\"/>sets ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to be re<span class=\"__1 _201\"/>covere<span class=\"__1 _201\"/>d after m<span class=\"__1 _201\"/>ore than o<span class=\"__1 _201\"/>ne year as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>022 are \u00a36<span class=\"__1 _201\"/>2,<span class=\"__1 _200\"/>140m (2<span class=\"__1 _201\"/>021: \u00a382<span class=\"__1 _201\"/>,<span class=\"__1 _200\"/>14<span class=\"__1 _200\"/>1m<span class=\"__1 _200\"/>).<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _32b\"> </span><span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls5e_1 ws70_1\">243<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>19.2 Financial<span class=\"__1 _200\"/> liabilities<span class=\"__1 _32b\"> </span>Fair<span class=\"__1 _200\"/> value through <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>profit or<span class=\"__1 _200\"/> loss<span class=\"__1 _1d5_1\"> </span><span class=\"ls5_1 ws1_1\"> <span class=\"__1 _344\"> </span> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _1d6_1\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>Designated<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Held for <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>trading<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Amortised <span class=\"ls5_1 ws1_1\"> </span>cost<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s<span class=\"__1 _f4_1\"> </span><span class=\"fs1_1 fc3_1 ls14_1 ws13_1\">26<span class=\"__1 _243\"> </span></span><span class=\"ff1_1 ls45_1 ws49_1\">11,<span class=\"__1 _201\"/>937<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>11,<span class=\"__1 _201\"/>93<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds<span class=\"__1 _32b\"> </span>32<span class=\"__1 _210\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls19_1 ws18_1\">10,3<span class=\"__1 _201\"/>89<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>10,3<span class=\"__1 _201\"/>89<span class=\"__1 _32b\"> </span>Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _32b\"> </span>27<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>7,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>7<span class=\"__1 _4a_1\"> </span>7,<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _32b\"> </span>32<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>4<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>4<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span>Other fin<span class=\"__1 _201\"/>ancial liabilities<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _7d_1\"> </span>2<span class=\"__1 _e7_1\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _32b\"> </span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>246<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>6,<span class=\"__1 _201\"/>499<span class=\"__1 _214\"> </span><span class=\"ls43_1 ws47_1\">6<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> financial liabilitie<span class=\"__1 _200\"/>s<span class=\"__1 _338\"> </span><span class=\"ls32_1 ws33_1\">22,<span class=\"__1 _201\"/>572<span class=\"__1 _208\"> </span><span class=\"ls24_1 ws23_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>5<span class=\"__1 _249\"> </span><span class=\"ls38_1 ws38_1\">16,<span class=\"__1 _201\"/>208<span class=\"__1 _327\"> </span><span class=\"lsd_1 wsb_1\">4<span class=\"__1 _201\"/>2,<span class=\"__1 _201\"/>965<span class=\"__1 _32b\"> </span></span></span></span></span>i <span class=\"__1 _2d_1\"> </span>Other fina<span class=\"__1 _200\"/>ncial li<span class=\"__1 _200\"/>abilities<span class=\"__1 _200\"/> relat<span class=\"__1 _200\"/>e t<span class=\"__1 _200\"/>o obliga<span class=\"__1 _200\"/>tions under<span class=\"__1 _200\"/> funding,<span class=\"__1 _200\"/> securities lendi<span class=\"__1 _200\"/>ng, and sale<span class=\"__1 _200\"/> and r<span class=\"__1 _200\"/>epurchase<span class=\"__1 _200\"/> agreements.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Accr<span class=\"__1 _201\"/>ual<span class=\"__1 _201\"/>s, d<span class=\"__1 _201\"/>efer<span class=\"__1 _201\"/>red i<span class=\"__1 _201\"/>nco<span class=\"__1 _201\"/>me an<span class=\"__1 _201\"/>d othe<span class=\"__1 _201\"/>r liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>ies exc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>e item<span class=\"__1 _201\"/>s whic<span class=\"__1 _201\"/>h do no<span class=\"__1 _201\"/>t mee<span class=\"__1 _201\"/>t the de<span class=\"__1 _201\"/>fini<span class=\"__1 _201\"/>tion o<span class=\"__1 _201\"/>f a fina<span class=\"__1 _201\"/>ncia<span class=\"__1 _201\"/>l liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span>Fair<span class=\"__1 _200\"/> value through <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>profit or<span class=\"__1 _200\"/> loss<span class=\"__1 _1d5_1\"> </span><span class=\"ls5_1 ws1_1\"> <span class=\"__1 _344\"> </span> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _7b_1\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>Designated<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Held for <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>trading<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Amortised <span class=\"ls5_1 ws1_1\"> </span>cost<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s<span class=\"__1 _f4_1\"> </span><span class=\"fs1_1 fc3_1 ls14_1 ws13_1\">26<span class=\"__1 _32b\"> </span></span>1<span class=\"__1 _200\"/>4,884<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _200\"/>4,884<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds<span class=\"__1 _32b\"> </span>32<span class=\"__1 _282\"> </span><span class=\"fs3_1 fc2_1 lse_1 wsc_1\">12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>63<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>12<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>36<span class=\"__1 _32b\"> </span>Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _32b\"> </span>27<span class=\"__1 _1c2_1\"> </span><span class=\"fs3_1 fc2_1 ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>7,<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>7<span class=\"__1 _250\"/>1<span class=\"__1 _214\"> </span><span class=\"ls15_1 ws14_1\">8,930<span class=\"__1 _32b\"> </span></span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _32b\"> </span>32<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2,6<span class=\"__1 _201\"/>89<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2,6<span class=\"__1 _201\"/>89<span class=\"__1 _32b\"> </span>Other fin<span class=\"__1 _201\"/>ancial liabilities<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>2,882<span class=\"__1 _214\"> </span>2,8<span class=\"__1 _200\"/>82<span class=\"__1 _32b\"> </span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>403<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>5,<span class=\"__1 _201\"/>670<span class=\"__1 _204\"> </span>6,07<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> financial liabilitie<span class=\"__1 _200\"/>s<span class=\"__1 _1d7_1\"> </span><span class=\"ff2_1 ls27_1 ws27_1\">29,082<span class=\"__1 _1d8_1\"> </span><span class=\"ls40_1 ws44_1\">2,6<span class=\"__1 _201\"/>89<span class=\"__1 _217\"> </span><span class=\"ls2a_1 ws2a_1\">16<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>323<span class=\"__1 _213\"> </span><span class=\"ls42_1 ws46_1\">48<span class=\"__1 _201\"/>,094<span class=\"__1 _32b\"> </span></span></span></span></span>Fina<span class=\"__1 _201\"/>ncial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s whic<span class=\"__1 _201\"/>h are expe<span class=\"__1 _201\"/>cted to b<span class=\"__1 _201\"/>e settl<span class=\"__1 _201\"/>ed af<span class=\"__1 _201\"/>ter mo<span class=\"__1 _201\"/>re than one ye<span class=\"__1 _201\"/>ar as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 were \u00a310,0<span class=\"__1 _201\"/>48<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> (2021: \u00a310,<span class=\"__1 _201\"/>490<span class=\"__1 _201\"/>m).<span class=\"__1 _32b\"> </span>20 A<span class=\"__1 _200\"/>ccrued in<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>estment inc<span class=\"__1 _200\"/>ome and other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Interes<span class=\"__1 _201\"/>t rece<span class=\"__1 _201\"/>ivab<span class=\"__1 _201\"/>le<span class=\"__1 _1d9_1\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">810<span class=\"__1 _237\"> </span></span><span class=\"ls30_1 ws30_1\">603<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er accr<span class=\"__1 _201\"/>ued i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent inco<span class=\"__1 _201\"/>me<span class=\"__1 _1da_1\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">605<span class=\"__1 _253\"> </span></span><span class=\"lsd_1 wsb_1\">786<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> accrued in<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>estment income<span class=\"__1 _1db_1\"> </span><span class=\"ls17_1 ws16_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>415<span class=\"__1 _4a_1\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>389<span class=\"__1 _32b\"> </span></span></span>Other debtor<span class=\"__1 _200\"/>s:<span class=\"__1 _32b\"> </span>Out<span class=\"__1 _201\"/>stan<span class=\"__1 _201\"/>ding sa<span class=\"__1 _201\"/>les of inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s<span class=\"__1 _1dc_1\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">149<span class=\"__1 _239\"> </span></span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span>Investmen<span class=\"__1 _200\"/>t management<span class=\"__1 _200\"/> fees debt<span class=\"__1 _200\"/>ors<span class=\"__1 _1dd_1\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">148<span class=\"__1 _231\"> </span></span><span class=\"ls2a_1 ws2a_1\">168<span class=\"__1 _32b\"> </span></span>Propert<span class=\"__1 _201\"/>y rel<span class=\"__1 _200\"/>ated<span class=\"__1 _200\"/> debtors<span class=\"__1 _fa_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">127<span class=\"__1 _2c_1\"> </span></span><span class=\"ls2a_1 ws2a_1\">190<span class=\"__1 _32b\"> </span></span>Can<span class=\"__1 _201\"/>cellati<span class=\"__1 _201\"/>on of unit<span class=\"__1 _201\"/>s awaiting s<span class=\"__1 _201\"/>ettl<span class=\"__1 _201\"/>ement<span class=\"__1 _1de_1\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">25<span class=\"__1 _f4_1\"> </span></span><span class=\"ls1f_1 ws1e_1\">35<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _2f_1\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">476<span class=\"__1 _239\"> </span></span><span class=\"ls23_1 ws22_1\">762<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> accrued in<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>estment income<span class=\"__1 _200\"/> and ot<span class=\"__1 _200\"/>her debt<span class=\"__1 _200\"/>ors<span class=\"__1 _1df_1\"> </span><span class=\"ls1f_1 ws1e_1\">2,3<span class=\"__1 _201\"/>40<span class=\"__1 _204\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">2,64<span class=\"__1 _f_1\"/>7<span class=\"__1 _32b\"> </span></span></span>Analysed as:<span class=\"__1 _32b\"> </span>Ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to be s<span class=\"__1 _201\"/>ettl<span class=\"__1 _201\"/>ed with<span class=\"__1 _201\"/>in one yea<span class=\"__1 _201\"/>r<span class=\"__1 _e5_1\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">2<span class=\"__1 _201\"/>,084<span class=\"__1 _214\"> </span></span><span class=\"ls5_1\">2,344<span class=\"__1 _32b\"> </span></span>Ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to be s<span class=\"__1 _201\"/>ettl<span class=\"__1 _201\"/>ed af<span class=\"__1 _201\"/>ter one ye<span class=\"__1 _201\"/>ar<span class=\"__1 _1e0_1\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">256<span class=\"__1 _c_1\"> </span></span><span class=\"ls30_1 ws30_1\">303<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> accrued in<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>estment income<span class=\"__1 _200\"/> and ot<span class=\"__1 _200\"/>her debt<span class=\"__1 _200\"/>ors<span class=\"__1 _1df_1\"> </span><span class=\"ls1f_1 ws1e_1\">2,3<span class=\"__1 _201\"/>40<span class=\"__1 _204\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">2,64<span class=\"__1 _f_1\"/>7<span class=\"__1 _32b\"> </span></span></span>19 Classific<span class=\"__1 _201\"/>ation of financial ins<span class=\"__1 _201\"/>truments continu<span class=\"__1 _201\"/>ed<span class=\"__1 _32b\"> </span>244<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>21 Cash and c<span class=\"__1 _201\"/>ash equivalent<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Cash<span class=\"__1 _1e1_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>8<span class=\"__1 _4a_1\"> </span></span><span class=\"ls8_1 ws6_1\">4<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>39<span class=\"__1 _32b\"> </span></span>Cash equivalents<span class=\"__1 _304\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">736<span class=\"__1 _4a_1\"> </span></span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>9<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> cash and<span class=\"__1 _200\"/> cash equiv<span class=\"__1 _200\"/>alents<span class=\"__1 _1e2_1\"> </span><span class=\"ls28_1 ws28_1\">4,88<span class=\"__1 _201\"/>4<span class=\"__1 _243\"> </span></span><span class=\"ff2_1 ws41_1\">6,908<span class=\"__1 _32b\"> </span></span>Cas<span class=\"__1 _201\"/>h equi<span class=\"__1 _201\"/>vale<span class=\"__1 _201\"/>nts cons<span class=\"__1 _201\"/>ist of s<span class=\"__1 _201\"/>hor<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term<span class=\"__1 _201\"/>, highl<span class=\"__1 _201\"/>y liqui<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ents that a<span class=\"__1 _201\"/>re readil<span class=\"__1 _201\"/>y conver<span class=\"__1 _201\"/>tib<span class=\"__1 _201\"/>le into know<span class=\"__1 _201\"/>n amou<span class=\"__1 _201\"/>nts of ca<span class=\"__1 _201\"/>sh subj<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/> to insignificant risk of changes in value.<span class=\"__1 _32b\"> </span>22 Iss<span class=\"__1 _201\"/>ued share capital an<span class=\"__1 _201\"/>d share premium <span class=\"__1 _1e3_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _1e4_1\"> </span>2021<span class=\"__1 _32b\"> </span></span>Is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d sha<span class=\"__1 _201\"/>res of 5<span class=\"__1 _201\"/>p ful<span class=\"__1 _201\"/>ly pa<span class=\"__1 _201\"/>id<span class=\"__1 _32b\"> </span>Num<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r of <span class=\"ls5_1\"> </span>ordinar<span class=\"__1 _201\"/>y sh<span class=\"__1 _201\"/>are<span class=\"__1 _32b\"> </span>Share capital<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Num<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r of <span class=\"ls5_1\"> </span>ordinar<span class=\"__1 _201\"/>y sh<span class=\"__1 _201\"/>are<span class=\"__1 _32b\"> </span>Share capital<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _1e5_1\"> </span><span class=\"ls15_1 ws14_1\">2<span class=\"__1 _201\"/>,599,906,<span class=\"__1 _201\"/>866<span class=\"__1 _1ac_1\"> </span><span class=\"ls2a_1 ws2a_1\">130<span class=\"__1 _220\"> </span><span class=\"ff2_1 lsf_1 wsd_1\">2,<span class=\"__1 _201\"/>599<span class=\"__1 _200\"/>,906,866<span class=\"__1 _1aa_1\"> </span><span class=\"lse_1 wsc_1\">130<span class=\"__1 _32b\"> </span></span></span></span></span>Shares<span class=\"__1 _200\"/> cancelled fol<span class=\"__1 _200\"/>lowing buy<span class=\"__1 _200\"/>-back<span class=\"__1 _bb_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>)<span class=\"__1 _260\"> </span><span class=\"ls1d_1 ws1c_1\">(11)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _1e6_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _1e7_1\"> </span><span class=\"ls32_1 ws33_1\">2<span class=\"__1 _201\"/>,374,712,<span class=\"__1 _200\"/>121<span class=\"__1 _1e8_1\"> </span><span class=\"ls45_1 ws49_1\">119<span class=\"__1 _220\"> </span><span class=\"ff2_1 lsf_1 wsd_1\">2,<span class=\"__1 _201\"/>599<span class=\"__1 _200\"/>,906,866<span class=\"__1 _1aa_1\"> </span><span class=\"lse_1 wsc_1\">130<span class=\"__1 _32b\"> </span></span></span></span></span>Amo<span class=\"__1 _201\"/>unts rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d in share c<span class=\"__1 _201\"/>apital re<span class=\"__1 _201\"/>pres<span class=\"__1 _201\"/>ent the no<span class=\"__1 _201\"/>minal v<span class=\"__1 _201\"/>alue of sh<span class=\"__1 _201\"/>ares is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d with any diff<span class=\"__1 _201\"/>eren<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>ween p<span class=\"__1 _201\"/>roce<span class=\"__1 _201\"/>eds re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> on is<span class=\"__1 _201\"/>sue of sh<span class=\"__1 _201\"/>ares<span class=\"__1 _201\"/>, net of is<span class=\"__1 _201\"/>sue cos<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, and the n<span class=\"__1 _201\"/>omina<span class=\"__1 _201\"/>l value of s<span class=\"__1 _201\"/>hares is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d bein<span class=\"__1 _201\"/>g credite<span class=\"__1 _201\"/>d to the share p<span class=\"__1 _201\"/>remium a<span class=\"__1 _201\"/>ccount<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The s<span class=\"__1 _201\"/>hare pre<span class=\"__1 _201\"/>mium res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ve at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 was \u00a33<span class=\"__1 _201\"/>70m (2021: \u00a3<span class=\"__1 _201\"/>370m).<span class=\"__1 _32b\"> </span>In Marc<span class=\"__1 _201\"/>h 2022<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup com<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>ced a sh<span class=\"__1 _201\"/>are buy-<span class=\"__1 _201\"/>back pro<span class=\"__1 _201\"/>gram<span class=\"__1 _201\"/>me to purcha<span class=\"__1 _201\"/>se ordin<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y share<span class=\"__1 _201\"/>s of 5 pen<span class=\"__1 _201\"/>ce each up to a<span class=\"__1 _201\"/> maximum cons<span class=\"__1 _200\"/>ideration<span class=\"__1 _200\"/> of \u00a3500m, and t<span class=\"__1 _200\"/>he programme<span class=\"__1 _200\"/> concluded on 27<span class=\"__1 _200\"/> October 2022 for<span class=\"__1 _200\"/> a to<span class=\"__1 _200\"/>tal con<span class=\"__1 _200\"/>sideration, i<span class=\"__1 _200\"/>ncluding<span class=\"__1 _32b\"> </span> expe<span class=\"__1 _201\"/>nses a<span class=\"__1 _201\"/>nd stam<span class=\"__1 _201\"/>p dut<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, of \u00a3503<span class=\"__1 _201\"/>m. Sh<span class=\"__1 _201\"/>ares wit<span class=\"__1 _201\"/>h a nomin<span class=\"__1 _201\"/>al value o<span class=\"__1 _201\"/>f \u00a31<span class=\"__1 _200\"/>1m were can<span class=\"__1 _201\"/>cell<span class=\"__1 _201\"/>ed, w<span class=\"__1 _201\"/>ith reco<span class=\"__1 _201\"/>gnitio<span class=\"__1 _201\"/>n of an \u00a311<span class=\"__1 _200\"/>m cap<span class=\"__1 _201\"/>ital<span class=\"__1 _201\"/> rede<span class=\"__1 _201\"/>mptio<span class=\"__1 _201\"/>n reser<span class=\"__1 _201\"/>ve<span class=\"__1 _201\"/>. As at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, o<span class=\"__1 _201\"/>rdinar<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>hares wi<span class=\"__1 _201\"/>th a nomin<span class=\"__1 _201\"/>al valu<span class=\"__1 _201\"/>e of \u00a347<span class=\"__1 _200\"/>m were bo<span class=\"__1 _201\"/>ught bac<span class=\"__1 _201\"/>k but not c<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>lled<span class=\"__1 _201\"/> with th<span class=\"__1 _201\"/>ese sh<span class=\"__1 _201\"/>ares be<span class=\"__1 _201\"/>ing acc<span class=\"__1 _201\"/>ounted fo<span class=\"__1 _201\"/>r as a ded<span class=\"__1 _201\"/>ucti<span class=\"__1 _201\"/>on to Share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y within th<span class=\"__1 _201\"/>e T<span class=\"__1 _f_1\"/>rea<span class=\"__1 _201\"/>sur<span class=\"__1 _201\"/>y sha<span class=\"__1 _201\"/>res rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve.<span class=\"__1 _32b\"> </span>23 Shares held by emp<span class=\"__1 _201\"/>lo<span class=\"__1 _200\"/>yee benefit trust<span class=\"__1 _201\"/>s and other treasur<span class=\"__1 _201\"/>y shares<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup b<span class=\"__1 _201\"/>uys and s<span class=\"__1 _201\"/>ells it<span class=\"__1 _201\"/>s own sha<span class=\"__1 _201\"/>res eith<span class=\"__1 _201\"/>er in relati<span class=\"__1 _201\"/>on to its emp<span class=\"__1 _201\"/>loyee s<span class=\"__1 _201\"/>hare sch<span class=\"__1 _201\"/>emes<span class=\"__1 _201\"/>, via tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns unde<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>taken by<span class=\"__1 _32b\"> </span> autho<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds that th<span class=\"__1 _201\"/>e Group i<span class=\"__1 _201\"/>s deem<span class=\"__1 _201\"/>ed to con<span class=\"__1 _201\"/>trol and thro<span class=\"__1 _201\"/>ugh the s<span class=\"__1 _201\"/>hare bu<span class=\"__1 _201\"/>y-bac<span class=\"__1 _201\"/>k progr<span class=\"__1 _201\"/>amme. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e author<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds may un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>take trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions in th<span class=\"__1 _201\"/>e Group\u2019s share<span class=\"__1 _201\"/>s as par<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>eir inves<span class=\"__1 _201\"/>tment d<span class=\"__1 _201\"/>ecisi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>. The co<span class=\"__1 _201\"/>st of own s<span class=\"__1 _201\"/>hares<span class=\"__1 _201\"/> as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 of \u00a311<span class=\"__1 _200\"/>7m (2021: \u00a39<span class=\"__1 _201\"/>4m) is ded<span class=\"__1 _201\"/>ucte<span class=\"__1 _201\"/>d from eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>23.<span class=\"__1 _f_1\"/>1 Shares held<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> employ<span class=\"__1 _200\"/>ee benefit<span class=\"__1 _200\"/> trusts<span class=\"__1 _32b\"> </span>The M<span class=\"__1 _201\"/>&amp;G Empl<span class=\"__1 _201\"/>oyee Sha<span class=\"__1 _201\"/>re T<span class=\"__1 _f_1\"/>ru<span class=\"__1 _201\"/>st (\u201c<span class=\"__1 _201\"/>the T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>ust<span class=\"__1 _201\"/>\u201d) wa<span class=\"__1 _201\"/>s created on 20 S<span class=\"__1 _201\"/>eptemb<span class=\"__1 _201\"/>er 2019 to fa<span class=\"__1 _201\"/>cilitate the p<span class=\"__1 _201\"/>rocurem<span class=\"__1 _201\"/>ent, h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g and<span class=\"__1 _201\"/> dis<span class=\"__1 _201\"/>tributi<span class=\"__1 _201\"/>on of M&amp;G p<span class=\"__1 _201\"/>lc sha<span class=\"__1 _201\"/>res und<span class=\"__1 _201\"/>er the var<span class=\"__1 _201\"/>ious e<span class=\"__1 _201\"/>mploye<span class=\"__1 _201\"/>e ince<span class=\"__1 _201\"/>ntive sch<span class=\"__1 _201\"/>emes i<span class=\"__1 _201\"/>n oper<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/>. The T<span class=\"__1 _200\"/>rust is f<span class=\"__1 _201\"/>unde<span class=\"__1 _201\"/>d via a lo<span class=\"__1 _201\"/>an from<span class=\"__1 _201\"/> M&amp;G p<span class=\"__1 _201\"/>lc. I<span class=\"__1 _201\"/>n additi<span class=\"__1 _201\"/>on, the<span class=\"__1 _201\"/>re is a sep<span class=\"__1 _201\"/>arate trus<span class=\"__1 _201\"/>t that ho<span class=\"__1 _201\"/>lds sh<span class=\"__1 _201\"/>ares in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of SI<span class=\"__1 _201\"/>P sche<span class=\"__1 _201\"/>mes<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The m<span class=\"__1 _201\"/>oveme<span class=\"__1 _201\"/>nt in the M&amp;<span class=\"__1 _201\"/>G plc sha<span class=\"__1 _201\"/>res hel<span class=\"__1 _201\"/>d in emp<span class=\"__1 _201\"/>loyee be<span class=\"__1 _201\"/>nefit t<span class=\"__1 _201\"/>rust<span class=\"__1 _201\"/>s are detai<span class=\"__1 _201\"/>led b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>Num<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r of sha<span class=\"__1 _201\"/>res<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>Num<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r of sha<span class=\"__1 _201\"/>res<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _1e9_1\"> </span><span class=\"ws41_1\">53,991,256<span class=\"__1 _232\"> </span><span class=\"ff2_1 ls1f_1 ws1e_1\">68,<span class=\"__1 _200\"/>182,585<span class=\"__1 _32b\"> </span></span></span>Share<span class=\"__1 _201\"/>s acqui<span class=\"__1 _201\"/>red dur<span class=\"__1 _201\"/>ing the yea<span class=\"__1 _201\"/>r<span class=\"__1 _1ea_1\"> </span><span class=\"ff1_1 ls1c_1 ws43_1\">531,<span class=\"__1 _201\"/>829<span class=\"__1 _1eb_1\"> </span></span><span class=\"ls56_1 ws5f_1\">171,<span class=\"__1 _201\"/>417<span class=\"__1 _32b\"> </span></span>Share<span class=\"__1 _201\"/>s awarde<span class=\"__1 _201\"/>d durin<span class=\"__1 _201\"/>g the year<span class=\"__1 _306\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>3)<span class=\"__1 _228\"> </span></span><span class=\"ls5_1\">(<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>4,36<span class=\"__1 _200\"/>2,<span class=\"__1 _200\"/>7<span class=\"__1 _337\"/>46)<span class=\"__1 _32b\"> </span></span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _1cc_1\"> </span><span class=\"lsc_1 wsa_1\">4<span class=\"__1 _201\"/>0,803<span class=\"__1 _201\"/>,022<span class=\"__1 _232\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">5<span class=\"__1 _201\"/>3,<span class=\"__1 _201\"/>991,<span class=\"__1 _201\"/>25<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span></span>The T<span class=\"__1 _200\"/>rus<span class=\"__1 _201\"/>t hold<span class=\"__1 _201\"/>s 38<span class=\"__1 _201\"/>,4<span class=\"__1 _201\"/>80,<span class=\"__1 _201\"/>43<span class=\"__1 _201\"/>0 (2021: 51,<span class=\"__1 _f_1\"/>18<span class=\"__1 _201\"/>0,65<span class=\"__1 _201\"/>6) shares wh<span class=\"__1 _201\"/>ilst a f<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>ther 2<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>,59<span class=\"__1 _201\"/>2 (2021: 2<span class=\"__1 _201\"/>,810,6<span class=\"__1 _201\"/>00) share<span class=\"__1 _201\"/>s are hel<span class=\"__1 _201\"/>d by the trus<span class=\"__1 _201\"/>tee<span class=\"__1 _201\"/> of the S<span class=\"__1 _201\"/>IP sch<span class=\"__1 _201\"/>eme at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>ost of s<span class=\"__1 _201\"/>hares he<span class=\"__1 _201\"/>ld in the e<span class=\"__1 _201\"/>mploye<span class=\"__1 _201\"/>e ben<span class=\"__1 _201\"/>efit tru<span class=\"__1 _201\"/>sts of \u00a3<span class=\"__1 _201\"/>70m as at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 2022 (20<span class=\"__1 _201\"/>21: \u00a393<span class=\"__1 _201\"/>m) is dedu<span class=\"__1 _201\"/>cted f<span class=\"__1 _201\"/>rom equi<span class=\"__1 _201\"/>ty.<span class=\"__1 _32b\"> </span>23<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Oth<span class=\"__1 _201\"/>er trea<span class=\"__1 _201\"/>sur<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>hares<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d a numbe<span class=\"__1 _201\"/>r of autho<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent fun<span class=\"__1 _201\"/>ds whe<span class=\"__1 _201\"/>re it is de<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>d to control th<span class=\"__1 _201\"/>ese fu<span class=\"__1 _201\"/>nds und<span class=\"__1 _201\"/>er IFR<span class=\"__1 _201\"/>S, an<span class=\"__1 _201\"/>d som<span class=\"__1 _201\"/>e of thes<span class=\"__1 _201\"/>e funds m<span class=\"__1 _201\"/>ay hold s<span class=\"__1 _201\"/>hares in M&amp;<span class=\"__1 _201\"/>G plc<span class=\"__1 _201\"/>. As at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>21, the total n<span class=\"__1 _201\"/>umber o<span class=\"__1 _201\"/>f shares h<span class=\"__1 _201\"/>eld by the<span class=\"__1 _201\"/>se fun<span class=\"__1 _201\"/>ds was<span class=\"__1 _201\"/> 562<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>297 wit<span class=\"__1 _201\"/>h a carr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing va<span class=\"__1 _201\"/>lue of \u00a31m. N<span class=\"__1 _201\"/>o shares of t<span class=\"__1 _201\"/>his nature were h<span class=\"__1 _201\"/>eld as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 2022<span class=\"__1 _201\"/>. In Marc<span class=\"__1 _201\"/>h 2022<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup com<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>ced a sh<span class=\"__1 _201\"/>are buy-<span class=\"__1 _201\"/>back pro<span class=\"__1 _201\"/>gram<span class=\"__1 _201\"/>me to purcha<span class=\"__1 _201\"/>se ordin<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y share<span class=\"__1 _201\"/>s of 5 pen<span class=\"__1 _201\"/>ce each up to a<span class=\"__1 _201\"/> max<span class=\"__1 _201\"/>imum con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>ration of \u00a3<span class=\"__1 _201\"/>500<span class=\"__1 _201\"/>m. As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>, ordin<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y share<span class=\"__1 _201\"/>s boug<span class=\"__1 _201\"/>ht back b<span class=\"__1 _201\"/>ut not ca<span class=\"__1 _201\"/>ncell<span class=\"__1 _201\"/>ed were 26<span class=\"__1 _201\"/>,8<span class=\"__1 _201\"/>67<span class=\"__1 _200\"/>,9<span class=\"__1 _201\"/>08 with a c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing valu<span class=\"__1 _201\"/>e of \u00a347<span class=\"__1 _200\"/>m. Th<span class=\"__1 _201\"/>ese s<span class=\"__1 _201\"/>hares are a d<span class=\"__1 _201\"/>educ<span class=\"__1 _201\"/>tion to S<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s equi<span class=\"__1 _201\"/>ty w<span class=\"__1 _201\"/>ithin the T<span class=\"__1 _200\"/>reasur<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>hares re<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>ve.<span class=\"__1 _32b\"> </span>All sh<span class=\"__1 _201\"/>are trans<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>ions were m<span class=\"__1 _201\"/>ade on a<span class=\"__1 _201\"/>n exchange<span class=\"__1 _201\"/>. Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls5e_1 ws70_1\">245<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>24 Retained<span class=\"__1 _200\"/> earnings<span class=\"__1 _32b\"> </span>Note<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _1ec\"> </span><span class=\"ls38_1 ws38_1\">16,<span class=\"__1 _201\"/>550<span class=\"__1 _245\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">16,<span class=\"__1 _201\"/>85<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span>Recognised in<span class=\"__1 _200\"/> comprehensiv<span class=\"__1 _200\"/>e inc<span class=\"__1 _200\"/>ome:<span class=\"__1 _32b\"> </span>(Los<span class=\"__1 _201\"/>s)<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>profi<span class=\"__1 _201\"/>t for the yea<span class=\"__1 _201\"/>r<span class=\"__1 _1ed\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">(<span class=\"__1 _f_1\"/>1,632)<span class=\"__1 _228\"> </span><span class=\"ff2_1 ls29_1 ws29_1\">83<span class=\"__1 _32b\"> </span></span></span>Oth<span class=\"__1 _201\"/>er com<span class=\"__1 _201\"/>prehe<span class=\"__1 _201\"/>nsive in<span class=\"__1 _201\"/>come f<span class=\"__1 _201\"/>or the year<span class=\"__1 _1ee\"> </span><span class=\"ff1_1 ls10_1 wsf_1\">24<span class=\"__1 _1d_1\"> </span></span><span class=\"ls27_1 ws27_1\">50<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> items<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> in compr<span class=\"__1 _200\"/>ehensive<span class=\"__1 _200\"/> income<span class=\"__1 _1ef\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _223\"> </span><span class=\"ff2_1 lse_1 wsc_1\">13<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span>Recognised dir<span class=\"__1 _200\"/>ectly in<span class=\"__1 _200\"/> equity:<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ransactions with<span class=\"__1 _200\"/> equity holders:<span class=\"__1 _32b\"> </span>Dividends<span class=\"__1 _32b\"> </span>11<span class=\"__1 _5d_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls9_1 ws7_1\">(4<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _14d_1\"> </span><span class=\"ff2_1 ls57_1 ws61_1\">(4<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span>Share<span class=\"__1 _201\"/>s distr<span class=\"__1 _201\"/>ibute<span class=\"__1 _201\"/>d by empl<span class=\"__1 _201\"/>oyee trus<span class=\"__1 _201\"/>ts<span class=\"__1 _1f0\"> </span><span class=\"ff1_1 ls56_1 ws5f_1\">(22)<span class=\"__1 _2c_1\"> </span></span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span>V<span class=\"__1 _200\"/>ested<span class=\"__1 _200\"/> employ<span class=\"__1 _200\"/>ee share-based pa<span class=\"__1 _200\"/>yments<span class=\"__1 _32b\"> </span>25<span class=\"__1 _1d_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls3f_1 ws41_1\">23<span class=\"__1 _f4_1\"> </span><span class=\"ff2_1 ls29_1 ws29_1\">33<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>ax e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t of items re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised di<span class=\"__1 _201\"/>rec<span class=\"__1 _201\"/>tly in eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _251\"> </span><span class=\"ff1_1 ls5_1\">1<span class=\"__1 _230\"> </span></span><span class=\"ls40_1 ws44_1\">21<span class=\"__1 _32b\"> </span></span>Shares<span class=\"__1 _200\"/> purcha<span class=\"__1 _200\"/>sed in buy<span class=\"__1 _200\"/>-back<span class=\"__1 _32b\"> </span>22<span class=\"__1 _5d_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> items<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> directly in<span class=\"__1 _200\"/> equity<span class=\"__1 _1f1\"> </span><span class=\"ls3c_1 ws3d_1\">(9<span class=\"__1 _201\"/>19)<span class=\"__1 _7d_1\"> </span><span class=\"ff2_1 ls57_1 ws61_1\">(4<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span>Net decr<span class=\"__1 _200\"/>ease in<span class=\"__1 _200\"/> equity<span class=\"__1 _203\"> </span><span class=\"ls21_1 ws20_1\">(2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>52<span class=\"__1 _201\"/>7)<span class=\"__1 _7d_1\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>03<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _279\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>,02<span class=\"__1 _201\"/>3<span class=\"__1 _4c_1\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">16,<span class=\"__1 _201\"/>55<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span>25 Other reserves <span class=\"__1 _5e_1\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>Equit<span class=\"__1 _201\"/>y-<span class=\"ls5_1 ws1_1\"> </span>settl<span class=\"__1 _201\"/>ed <span class=\"ls5_1 ws1_1\"> </span>share<span class=\"__1 _201\"/>-<span class=\"ls5_1 ws1_1\"> </span>based <span class=\"ls5_1 ws1_1\"> </span>pay<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Merger <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>curr<span class=\"__1 _200\"/>ency <span class=\"__1 _f_1\"/> translati<span class=\"__1 _201\"/>on <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Capit<span class=\"__1 _200\"/>al<span class=\"__1 _32b\"> </span> redemption<span class=\"__1 _32b\"> </span> rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>other<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>reserves<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2022<span class=\"__1 _1f2\"> </span><span class=\"lsb_1 ws32_1\">85<span class=\"__1 _290\"> </span><span class=\"ls1d_1 ws1c_1\">(11<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _2c_1\"> </span>(1<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>(11<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span>Exchange mov<span class=\"__1 _200\"/>ements aris<span class=\"__1 _200\"/>ing on f<span class=\"__1 _200\"/>oreign opera<span class=\"__1 _200\"/>tions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>20<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>20<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> items<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> in compr<span class=\"__1 _200\"/>ehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>20<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>20<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>ested<span class=\"__1 _200\"/> employ<span class=\"__1 _200\"/>ee share-based pa<span class=\"__1 _200\"/>yments<span class=\"__1 _385\"> </span><span class=\"ff1_1 ls8_1 ws6_1\">(23)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span>Ex<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>se reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of share<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>ased p<span class=\"__1 _201\"/>ayment<span class=\"__1 _201\"/>s<span class=\"__1 _a8_1\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">34<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>34<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ax e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t of items re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised di<span class=\"__1 _201\"/>rect<span class=\"__1 _201\"/>ly in eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _378\"> </span><span class=\"ff1_1 ls5_1\">5<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _32b\"> </span>Shares<span class=\"__1 _200\"/> purcha<span class=\"__1 _200\"/>sed in buy<span class=\"__1 _200\"/>-back<span class=\"__1 _32b\"> </span>22<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>11<span class=\"__1 _229\"> </span>11<span class=\"__1 _32b\"> </span>Net incr<span class=\"__1 _200\"/>ease in<span class=\"__1 _200\"/> equity<span class=\"__1 _1f3\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>20<span class=\"__1 _264\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _271\"> </span><span class=\"ls1b_1 ws1a_1\">47<span class=\"__1 _32b\"> </span></span></span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _1f4\"> </span><span class=\"ls19_1 ws18_1\">101<span class=\"__1 _290\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _8c_1\"> </span></span></span><span class=\"ls5_1\">7<span class=\"__1 _264\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _18a_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>13<span class=\"__1 _201\"/>)</span></span></span> <span class=\"__1 _5e_1\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>Equit<span class=\"__1 _201\"/>y-<span class=\"ls5_1 ws1_1\"> </span>settl<span class=\"__1 _201\"/>ed <span class=\"ls5_1 ws1_1\"> </span>share<span class=\"__1 _201\"/>-<span class=\"ls5_1 ws1_1\"> </span>based <span class=\"ls5_1 ws1_1\"> </span>pay<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Merger <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>curr<span class=\"__1 _200\"/>ency <span class=\"__1 _f_1\"/> translati<span class=\"__1 _201\"/>on <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Capit<span class=\"__1 _200\"/>al<span class=\"__1 _32b\"> </span> redemption<span class=\"__1 _32b\"> </span> rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>other<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>reserves<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2021<span class=\"__1 _276\"> </span><span class=\"ff2_1 ls3d_1 ws3f_1\">74<span class=\"__1 _286\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>Exchange mov<span class=\"__1 _200\"/>ements aris<span class=\"__1 _200\"/>ing on f<span class=\"__1 _200\"/>oreign opera<span class=\"__1 _200\"/>tions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(13<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(13<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> items<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> in compr<span class=\"__1 _200\"/>ehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(13<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(13<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>ested<span class=\"__1 _200\"/> employ<span class=\"__1 _200\"/>ee share-based pa<span class=\"__1 _200\"/>yments<span class=\"__1 _1f5\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span>Ex<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>se reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of share<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>ased p<span class=\"__1 _201\"/>ayment<span class=\"__1 _201\"/>s<span class=\"__1 _a8_1\"> </span><span class=\"ls53_1 ws5b_1\">40<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>40<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ax e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t of items re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised di<span class=\"__1 _201\"/>rect<span class=\"__1 _201\"/>ly in eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _378\"> </span><span class=\"ls5_1\">4<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>4<span class=\"__1 _32b\"> </span>Net incr<span class=\"__1 _200\"/>ease<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>(<span class=\"__1 _f_1\"/>decrease<span class=\"__1 _f_1\"/>) in equity<span class=\"__1 _16a_1\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">11<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(13<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2)<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _1f6\"> </span><span class=\"ff2_1 ls10_1 wsf_1\">85<span class=\"__1 _217\"> </span><span class=\"lsa_1 ws8_1\">(11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _252\"> </span>(1<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>(<span class=\"__1 _200\"/>1<span class=\"__1 _f_1\"/>1,660<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>erge<span class=\"__1 _201\"/>r reser<span class=\"__1 _201\"/>ve a<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>s from the a<span class=\"__1 _201\"/>pplic<span class=\"__1 _201\"/>ation of m<span class=\"__1 _201\"/>erger a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ting pr<span class=\"__1 _201\"/>incipl<span class=\"__1 _201\"/>es to the ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of entiti<span class=\"__1 _201\"/>es und<span class=\"__1 _201\"/>er comm<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/> contro<span class=\"__1 _201\"/>l. It rep<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>ts the di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the aggre<span class=\"__1 _201\"/>gate cap<span class=\"__1 _201\"/>ital res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves an<span class=\"__1 _201\"/>d the valu<span class=\"__1 _201\"/>e of the enti<span class=\"__1 _201\"/>ties ac<span class=\"__1 _201\"/>quired<span class=\"__1 _201\"/>. On dis<span class=\"__1 _201\"/>posa<span class=\"__1 _201\"/>l of<span class=\"__1 _32b\"> </span> the rel<span class=\"__1 _201\"/>evant enti<span class=\"__1 _201\"/>ty, the related m<span class=\"__1 _201\"/>erge<span class=\"__1 _201\"/>r reser<span class=\"__1 _201\"/>ve i<span class=\"__1 _201\"/>s releas<span class=\"__1 _201\"/>ed dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y to retaine<span class=\"__1 _201\"/>d earn<span class=\"__1 _201\"/>ings<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>246<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G plc</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"__1 _32b\"> </span></span></span>26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance<span class=\"__1 _32b\"> </span>26.<span class=\"__1 _f_1\"/>1 Determina<span class=\"__1 _200\"/>tion of<span class=\"__1 _200\"/> insurance<span class=\"__1 _200\"/> and in<span class=\"__1 _200\"/>vestmen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>ract liabilities<span class=\"__1 _200\"/> for differ<span class=\"__1 _200\"/>ent<span class=\"__1 _200\"/> components of<span class=\"__1 _200\"/> business<span class=\"__1 _32b\"> </span>Note 2<span class=\"__1 _201\"/>.3 d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>ibes th<span class=\"__1 _201\"/>e diffe<span class=\"__1 _201\"/>rent t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/>s of insur<span class=\"__1 _201\"/>ance an<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts acros<span class=\"__1 _201\"/>s the bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s. A d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>iption re<span class=\"__1 _201\"/>lating to the<span class=\"__1 _201\"/> deter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n of the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s and the key ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns for ea<span class=\"__1 _201\"/>ch comp<span class=\"__1 _201\"/>onen<span class=\"__1 _201\"/>t of busin<span class=\"__1 _201\"/>ess i<span class=\"__1 _201\"/>s set out b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>26.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _f_1\"/>1 With-profits<span class=\"__1 _200\"/> business<span class=\"__1 _32b\"> </span>The W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund mainl<span class=\"__1 _201\"/>y contai<span class=\"__1 _201\"/>ns with-<span class=\"__1 _201\"/>profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s but als<span class=\"__1 _201\"/>o contain<span class=\"__1 _201\"/>s some n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>profit b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss (annuitie<span class=\"__1 _201\"/>s, un<span class=\"__1 _201\"/>it<span class=\"__1 _200\"/>-<span class=\"__1 _32b\"> </span>linked<span class=\"__1 _201\"/>, and term a<span class=\"__1 _201\"/>ssur<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>). The li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es of the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund a<span class=\"__1 _201\"/>re accou<span class=\"__1 _201\"/>nted for o<span class=\"__1 _201\"/>n a realis<span class=\"__1 _201\"/>tic basi<span class=\"__1 _201\"/>s in acco<span class=\"__1 _201\"/>rdance w<span class=\"__1 _201\"/>ith<span class=\"__1 _32b\"> </span> the re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents of FR<span class=\"__1 _201\"/>S 27 Life A<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e. The b<span class=\"__1 _201\"/>asis is co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent with th<span class=\"__1 _201\"/>e rule<span class=\"__1 _201\"/>s for the d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ation of res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves on th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> realis<span class=\"__1 _201\"/>tic ba<span class=\"__1 _201\"/>sis und<span class=\"__1 _201\"/>er the S<span class=\"__1 _201\"/>olven<span class=\"__1 _201\"/>cy I c<span class=\"__1 _201\"/>apital re<span class=\"__1 _201\"/>gime. T<span class=\"__1 _201\"/>hou<span class=\"__1 _201\"/>gh no lon<span class=\"__1 _201\"/>ger in fo<span class=\"__1 _201\"/>rce for re<span class=\"__1 _201\"/>gulator<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>urpo<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, thes<span class=\"__1 _201\"/>e rule<span class=\"__1 _201\"/>s continu<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> to be app<span class=\"__1 _201\"/>lied to d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s contr<span class=\"__1 _201\"/>act li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with IFR<span class=\"__1 _201\"/>S 4 Insur<span class=\"__1 _201\"/>ance C<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. In agg<span class=\"__1 _201\"/>regate, the<span class=\"__1 _201\"/> regim<span class=\"__1 _201\"/>e has the e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t of pla<span class=\"__1 _201\"/>cing a mar<span class=\"__1 _201\"/>ket<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>nt value o<span class=\"__1 _201\"/>n the liab<span class=\"__1 _201\"/>ilities o<span class=\"__1 _201\"/>f with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch refle<span class=\"__1 _201\"/>cts th<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nts<span class=\"__1 _32b\"> </span> expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to be paid b<span class=\"__1 _201\"/>ased o<span class=\"__1 _201\"/>n the cur<span class=\"__1 _201\"/>rent valu<span class=\"__1 _201\"/>e of investm<span class=\"__1 _201\"/>ents h<span class=\"__1 _201\"/>eld by the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund and cur<span class=\"__1 _201\"/>rent circum<span class=\"__1 _201\"/>stan<span class=\"__1 _201\"/>ces<span class=\"__1 _201\"/>. In line<span class=\"__1 _201\"/> with FR<span class=\"__1 _201\"/>S 27 req<span class=\"__1 _201\"/>uireme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>, the non<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fit annui<span class=\"__1 _201\"/>ties bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s withi<span class=\"__1 _201\"/>n the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund is va<span class=\"__1 _201\"/>lued o<span class=\"__1 _201\"/>n the st<span class=\"__1 _201\"/>atutor<span class=\"__1 _201\"/>y basi<span class=\"__1 _201\"/>s, i.<span class=\"__1 _201\"/>e.<span class=\"__1 _32b\"> </span> incl<span class=\"__1 _201\"/>uding m<span class=\"__1 _201\"/>argins fo<span class=\"__1 _201\"/>r adver<span class=\"__1 _201\"/>se devi<span class=\"__1 _201\"/>ations (as set out i<span class=\"__1 _201\"/>n \u2018Valuation of a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s\u2019). The w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies are va<span class=\"__1 _201\"/>lued o<span class=\"__1 _201\"/>n a<span class=\"__1 _32b\"> </span> realis<span class=\"__1 _201\"/>tic ba<span class=\"__1 _201\"/>sis and th<span class=\"__1 _201\"/>erefore a<span class=\"__1 _201\"/>llow for th<span class=\"__1 _201\"/>e future en<span class=\"__1 _201\"/>hance<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s to the poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>. Follow<span class=\"__1 _201\"/>ing this ap<span class=\"__1 _201\"/>proach u<span class=\"__1 _201\"/>nadjus<span class=\"__1 _201\"/>ted wou<span class=\"__1 _201\"/>ld<span class=\"__1 _32b\"> </span> lea<span class=\"__1 _201\"/>d to an incon<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>cy in th<span class=\"__1 _201\"/>e net as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>, as such<span class=\"__1 _201\"/>, the pre<span class=\"__1 _201\"/>sent va<span class=\"__1 _201\"/>lue of futu<span class=\"__1 _201\"/>re profit<span class=\"__1 _201\"/>s from the re<span class=\"__1 _201\"/>levant n<span class=\"__1 _201\"/>on-p<span class=\"__1 _201\"/>rofit an<span class=\"__1 _201\"/>nuitie<span class=\"__1 _201\"/>s is<span class=\"__1 _32b\"> </span> app<span class=\"__1 _201\"/>lied as a<span class=\"__1 _201\"/>n adjus<span class=\"__1 _201\"/>tment to the w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es. A<span class=\"__1 _201\"/>nnuall<span class=\"__1 _201\"/>y whe<span class=\"__1 _201\"/>n the enh<span class=\"__1 _201\"/>ancem<span class=\"__1 _201\"/>ents to as<span class=\"__1 _201\"/>set sh<span class=\"__1 _201\"/>ares are co<span class=\"__1 _201\"/>mmit<span class=\"__1 _201\"/>ted to, the<span class=\"__1 _201\"/> valu<span class=\"__1 _201\"/>e of the enh<span class=\"__1 _201\"/>ancem<span class=\"__1 _201\"/>ents is t<span class=\"__1 _201\"/>rans<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d from the U<span class=\"__1 _201\"/>nallo<span class=\"__1 _201\"/>cated s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund to with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fit liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> The w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profits c<span class=\"__1 _201\"/>ontra<span class=\"__1 _201\"/>cts are a c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ation of ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e and inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t contra<span class=\"__1 _201\"/>cts w<span class=\"__1 _201\"/>ith DPF<span class=\"__1 _f_1\"/>, a<span class=\"__1 _201\"/>s defin<span class=\"__1 _201\"/>ed by IFR<span class=\"__1 _201\"/>S 4. T<span class=\"__1 _201\"/>he reali<span class=\"__1 _201\"/>stic<span class=\"__1 _201\"/> basi<span class=\"__1 _201\"/>s require<span class=\"__1 _201\"/>s the val<span class=\"__1 _201\"/>ue of with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilities to b<span class=\"__1 _201\"/>e cal<span class=\"__1 _201\"/>culated as th<span class=\"__1 _201\"/>e sum of:<span class=\"__1 _32b\"> </span>(i) A wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve (W<span class=\"__1 _201\"/>PBR)<span class=\"__1 _201\"/> (ii) Future p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y-relate<span class=\"__1 _201\"/>d liabil<span class=\"__1 _201\"/>ities (FP<span class=\"__1 _201\"/>RL)<span class=\"__1 _32b\"> </span>The W<span class=\"__1 _201\"/>PBR is p<span class=\"__1 _201\"/>rimar<span class=\"__1 _201\"/>ily ba<span class=\"__1 _201\"/>sed on th<span class=\"__1 _201\"/>e retrosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive cal<span class=\"__1 _201\"/>culatio<span class=\"__1 _201\"/>n of accum<span class=\"__1 _201\"/>ulated as<span class=\"__1 _201\"/>set sha<span class=\"__1 _201\"/>res with a<span class=\"__1 _201\"/>djustm<span class=\"__1 _201\"/>ents to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t future<span class=\"__1 _201\"/> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd other c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/>s and exp<span class=\"__1 _201\"/>enses<span class=\"__1 _201\"/>. As<span class=\"__1 _201\"/>set sh<span class=\"__1 _201\"/>ares bro<span class=\"__1 _201\"/>adly re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 sh<span class=\"__1 _201\"/>are of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits<span class=\"__1 _201\"/> Fund as<span class=\"__1 _201\"/>sets at<span class=\"__1 _201\"/>tribut<span class=\"__1 _201\"/>able to the<span class=\"__1 _201\"/>ir pol<span class=\"__1 _201\"/>icies<span class=\"__1 _201\"/>. For ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain clas<span class=\"__1 _201\"/>ses of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, the WPB<span class=\"__1 _201\"/>R is ins<span class=\"__1 _201\"/>tead ca<span class=\"__1 _201\"/>lculated u<span class=\"__1 _201\"/>sing a pro<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ctive<span class=\"__1 _201\"/> bon<span class=\"__1 _201\"/>us rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve valuati<span class=\"__1 _201\"/>on, va<span class=\"__1 _201\"/>luing fu<span class=\"__1 _201\"/>ture claims a<span class=\"__1 _201\"/>nd expe<span class=\"__1 _201\"/>nses u<span class=\"__1 _201\"/>sing the ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted fu<span class=\"__1 _201\"/>ture bonu<span class=\"__1 _201\"/>s rates<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The F<span class=\"__1 _201\"/>PRL is c<span class=\"__1 _201\"/>ompr<span class=\"__1 _201\"/>ised of o<span class=\"__1 _201\"/>ther com<span class=\"__1 _201\"/>pon<span class=\"__1 _201\"/>ents of th<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ty in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g a market-cons<span class=\"__1 _201\"/>istent v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n of cost<span class=\"__1 _201\"/>s of guar<span class=\"__1 _201\"/>antees<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> optio<span class=\"__1 _201\"/>ns and sm<span class=\"__1 _201\"/>oothi<span class=\"__1 _201\"/>ng, le<span class=\"__1 _201\"/>ss any rel<span class=\"__1 _201\"/>ated charg<span class=\"__1 _201\"/>es, a<span class=\"__1 _201\"/>nd this am<span class=\"__1 _201\"/>ount is d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed usi<span class=\"__1 _201\"/>ng stoc<span class=\"__1 _201\"/>hasti<span class=\"__1 _201\"/>c mode<span class=\"__1 _201\"/>lling te<span class=\"__1 _201\"/>chniqu<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> As<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons use<span class=\"__1 _201\"/>d for the re<span class=\"__1 _201\"/>alis<span class=\"__1 _201\"/>tic, m<span class=\"__1 _201\"/>arket<span class=\"__1 _200\"/>-co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent valuati<span class=\"__1 _201\"/>on of with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s t<span class=\"__1 _201\"/>ypic<span class=\"__1 _201\"/>ally d<span class=\"__1 _201\"/>o not cont<span class=\"__1 _201\"/>ain margin<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> whe<span class=\"__1 _201\"/>reas tho<span class=\"__1 _201\"/>se use<span class=\"__1 _201\"/>d for the va<span class=\"__1 _201\"/>luation o<span class=\"__1 _201\"/>f other cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, for exam<span class=\"__1 _201\"/>ple, a<span class=\"__1 _201\"/>nnuitie<span class=\"__1 _201\"/>s, co<span class=\"__1 _201\"/>ntain ma<span class=\"__1 _201\"/>rgins of pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>ce withi<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span> ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns. T<span class=\"__1 _201\"/>he main as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tions us<span class=\"__1 _201\"/>ed in the p<span class=\"__1 _201\"/>rospe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve elem<span class=\"__1 _201\"/>ents of th<span class=\"__1 _201\"/>e with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts pol<span class=\"__1 _201\"/>icyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er liabi<span class=\"__1 _201\"/>lities are l<span class=\"__1 _201\"/>isted b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">As<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons relati<span class=\"__1 _201\"/>ng to pers<span class=\"__1 _201\"/>isten<span class=\"__1 _201\"/>cy an<span class=\"__1 _201\"/>d the take-<span class=\"__1 _201\"/>up of optio<span class=\"__1 _201\"/>ns offe<span class=\"__1 _201\"/>red und<span class=\"__1 _201\"/>er cer<span class=\"__1 _201\"/>tain w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s contra<span class=\"__1 _201\"/>cts are s<span class=\"__1 _201\"/>et bas<span class=\"__1 _201\"/>ed on<span class=\"__1 _201\"/> </span>the res<span class=\"__1 _201\"/>ults of th<span class=\"__1 _201\"/>e most re<span class=\"__1 _201\"/>cent ex<span class=\"__1 _201\"/>peri<span class=\"__1 _201\"/>ence a<span class=\"__1 _201\"/>nalys<span class=\"__1 _201\"/>is loo<span class=\"__1 _201\"/>king at the ex<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ience ove<span class=\"__1 _201\"/>r recen<span class=\"__1 _201\"/>t years of th<span class=\"__1 _201\"/>e relevant b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, and<span class=\"__1 _201\"/> supplemented<span class=\"__1 _200\"/> by e<span class=\"__1 _200\"/>xpert judgement of t<span class=\"__1 _200\"/>he appropria<span class=\"__1 _200\"/>te<span class=\"__1 _200\"/> SMEs across the<span class=\"__1 _200\"/> business;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent ac<span class=\"__1 _201\"/>tions un<span class=\"__1 _201\"/>der wh<span class=\"__1 _201\"/>ich the f<span class=\"__1 _201\"/>und is man<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>d in diffe<span class=\"__1 _201\"/>rent sce<span class=\"__1 _201\"/>nari<span class=\"__1 _201\"/>os;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Mainte<span class=\"__1 _201\"/>nance a<span class=\"__1 _201\"/>nd, fo<span class=\"__1 _201\"/>r some c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>es of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s, ter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n expen<span class=\"__1 _201\"/>se ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns are expre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d as per p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y amo<span class=\"__1 _201\"/>unts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>They a<span class=\"__1 _201\"/>re set bas<span class=\"__1 _201\"/>ed on fo<span class=\"__1 _201\"/>reca<span class=\"__1 _201\"/>st exp<span class=\"__1 _201\"/>ense l<span class=\"__1 _201\"/>evels<span class=\"__1 _201\"/>, includ<span class=\"__1 _201\"/>ing an all<span class=\"__1 _201\"/>owanc<span class=\"__1 _201\"/>e for ong<span class=\"__1 _201\"/>oing inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt expen<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, and are<span class=\"__1 _201\"/> allo<span class=\"__1 _201\"/>cated b<span class=\"__1 _201\"/>etw<span class=\"__1 _201\"/>een ent<span class=\"__1 _201\"/>ities an<span class=\"__1 _201\"/>d produ<span class=\"__1 _201\"/>ct gro<span class=\"__1 _201\"/>ups in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with the G<span class=\"__1 _201\"/>roup\u2019s interna<span class=\"__1 _201\"/>l cost al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ation mo<span class=\"__1 _201\"/>del;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Ex<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>se inflati<span class=\"__1 _201\"/>on ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns are set co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent with th<span class=\"__1 _201\"/>e econ<span class=\"__1 _201\"/>omic b<span class=\"__1 _201\"/>asis an<span class=\"__1 _201\"/>d base<span class=\"__1 _201\"/>d on the in<span class=\"__1 _201\"/>flation s<span class=\"__1 _201\"/>wap sp<span class=\"__1 _201\"/>ot cur<span class=\"__1 _201\"/>ve;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s for with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s also re<span class=\"__1 _201\"/>quire as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons for m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y. These a<span class=\"__1 _201\"/>re set bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e result<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>of rece<span class=\"__1 _201\"/>nt expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce anal<span class=\"__1 _201\"/>ysis<span class=\"__1 _201\"/>. However, mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce over 202<span class=\"__1 _201\"/>0 and 2021 w<span class=\"__1 _201\"/>as signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>antly hig<span class=\"__1 _201\"/>her tha<span class=\"__1 _201\"/>n previo<span class=\"__1 _201\"/>us<span class=\"__1 _32b\"> </span> years\u2019 as a re<span class=\"__1 _201\"/>sult of the C<span class=\"__1 _201\"/>OVID<span class=\"__1 _201\"/>-<span class=\"__1 _f_1\"/>19 p<span class=\"__1 _201\"/>ande<span class=\"__1 _201\"/>mic. T<span class=\"__1 _201\"/>heref<span class=\"__1 _201\"/>ore, no we<span class=\"__1 _201\"/>ight has b<span class=\"__1 _201\"/>een gi<span class=\"__1 _201\"/>ven to 2020 or 2<span class=\"__1 _201\"/>021 expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce in ca<span class=\"__1 _201\"/>librati<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span> mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y assumptions<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Future inves<span class=\"__1 _201\"/>tment retur<span class=\"__1 _201\"/>n ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s are set at a ri<span class=\"__1 _201\"/>sk<span class=\"__1 _200\"/>-free r<span class=\"__1 _201\"/>ate equal to the s<span class=\"__1 _201\"/>pot yi<span class=\"__1 _201\"/>eld on U<span class=\"__1 _201\"/>K swap<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he volatil<span class=\"__1 _201\"/>ity of<span class=\"__1 _201\"/> </span>inves<span class=\"__1 _201\"/>tment retur<span class=\"__1 _201\"/>ns are set w<span class=\"__1 _201\"/>ith refere<span class=\"__1 _201\"/>nce to imp<span class=\"__1 _201\"/>lied vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y data on tr<span class=\"__1 _201\"/>aded m<span class=\"__1 _201\"/>arket ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts, w<span class=\"__1 _201\"/>here avai<span class=\"__1 _201\"/>lable<span class=\"__1 _201\"/>, or on a b<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/> es<span class=\"__1 _201\"/>timate basi<span class=\"__1 _201\"/>s where n<span class=\"__1 _201\"/>ot.<span class=\"__1 _32b\"> </span>Unalloc<span class=\"__1 _201\"/>at<span class=\"__1 _200\"/>ed surplus<span class=\"__1 _32b\"> </span>The u<span class=\"__1 _201\"/>nallo<span class=\"__1 _201\"/>cated s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund rep<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nts the exces<span class=\"__1 _201\"/>s of the fu<span class=\"__1 _201\"/>nd\u2019s ass<span class=\"__1 _201\"/>ets over po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s on an<span class=\"__1 _201\"/> IFR<span class=\"__1 _201\"/>S basis th<span class=\"__1 _201\"/>at have yet to be app<span class=\"__1 _201\"/>ropri<span class=\"__1 _201\"/>ated bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs and sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surp<span class=\"__1 _201\"/>lus is rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d wholl<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> as a liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y with no a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ation to eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The an<span class=\"__1 _201\"/>nual exces<span class=\"__1 _201\"/>s/(<span class=\"__1 _200\"/>shor<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>fall<span class=\"__1 _201\"/>) of incom<span class=\"__1 _201\"/>e over expe<span class=\"__1 _201\"/>nditure of t<span class=\"__1 _201\"/>he With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund, af<span class=\"__1 _201\"/>ter<span class=\"__1 _201\"/> dec<span class=\"__1 _201\"/>laratio<span class=\"__1 _201\"/>n and at<span class=\"__1 _201\"/>tribu<span class=\"__1 _201\"/>tion of the c<span class=\"__1 _201\"/>ost of b<span class=\"__1 _201\"/>onuse<span class=\"__1 _201\"/>s to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs and s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s, is tr<span class=\"__1 _201\"/>ansf<span class=\"__1 _201\"/>erred to/(<span class=\"__1 _200\"/>from) the una<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated<span class=\"__1 _201\"/> surp<span class=\"__1 _201\"/>lus ea<span class=\"__1 _201\"/>ch year throu<span class=\"__1 _201\"/>gh a charg<span class=\"__1 _201\"/>e/<span class=\"__1 _200\"/>(<span class=\"__1 _200\"/>credi<span class=\"__1 _201\"/>t) to the cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>he bal<span class=\"__1 _201\"/>ance reta<span class=\"__1 _201\"/>ined in th<span class=\"__1 _201\"/>e unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> surp<span class=\"__1 _201\"/>lus rep<span class=\"__1 _201\"/>resent<span class=\"__1 _201\"/>s cumulati<span class=\"__1 _201\"/>ve inco<span class=\"__1 _201\"/>me ari<span class=\"__1 _201\"/>sing on th<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess t<span class=\"__1 _201\"/>hat has not b<span class=\"__1 _201\"/>een a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated to pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/> or shareholders.<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls36_1 ws37_1\">2<span class=\"__1 _201\"/>47<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>With-profits<span class=\"__1 _200\"/> options<span class=\"__1 _200\"/> and guaran<span class=\"__1 _200\"/>tees<span class=\"__1 _32b\"> </span>Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in poli<span class=\"__1 _201\"/>cies wr<span class=\"__1 _201\"/>itte<span class=\"__1 _201\"/>n in the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund gi<span class=\"__1 _201\"/>ve potential<span class=\"__1 _201\"/>ly valu<span class=\"__1 _201\"/>able gu<span class=\"__1 _201\"/>arante<span class=\"__1 _201\"/>es to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs, o<span class=\"__1 _201\"/>r optio<span class=\"__1 _201\"/>ns to<span class=\"__1 _32b\"> </span> chan<span class=\"__1 _201\"/>ge pol<span class=\"__1 _201\"/>icy b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts whic<span class=\"__1 _201\"/>h can be exe<span class=\"__1 _201\"/>rcised at t<span class=\"__1 _201\"/>he pol<span class=\"__1 _201\"/>icyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers\u2019 discre<span class=\"__1 _201\"/>tion. M<span class=\"__1 _201\"/>ost w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts gi<span class=\"__1 _201\"/>ve a guara<span class=\"__1 _201\"/>nteed<span class=\"__1 _201\"/> minim<span class=\"__1 _201\"/>um paym<span class=\"__1 _201\"/>ent on a sp<span class=\"__1 _201\"/>ecifi<span class=\"__1 _201\"/>ed date or r<span class=\"__1 _201\"/>ange of d<span class=\"__1 _201\"/>ates or on d<span class=\"__1 _201\"/>eath if befo<span class=\"__1 _201\"/>re that date or dates<span class=\"__1 _201\"/>. For p<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>ns prod<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> the sp<span class=\"__1 _201\"/>eci<span class=\"__1 _201\"/>fied date is th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er\u2019s chos<span class=\"__1 _201\"/>en retirem<span class=\"__1 _201\"/>ent date or a r<span class=\"__1 _201\"/>ange of date<span class=\"__1 _201\"/>s around th<span class=\"__1 _201\"/>at date. For en<span class=\"__1 _201\"/>dowm<span class=\"__1 _201\"/>ent<span class=\"__1 _32b\"> </span> contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>s appl<span class=\"__1 _201\"/>y at the matur<span class=\"__1 _201\"/>ity d<span class=\"__1 _201\"/>ate of the contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>. For with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits bo<span class=\"__1 _201\"/>nds it is of<span class=\"__1 _201\"/>ten a sp<span class=\"__1 _201\"/>eci<span class=\"__1 _201\"/>fied an<span class=\"__1 _201\"/>niver<span class=\"__1 _201\"/>sar<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> comm<span class=\"__1 _201\"/>ence<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, in som<span class=\"__1 _201\"/>e cas<span class=\"__1 _201\"/>es with fu<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>her dates th<span class=\"__1 _201\"/>ereaf<span class=\"__1 _201\"/>ter<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>ain t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/>s of option<span class=\"__1 _201\"/>s and gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>s offere<span class=\"__1 _201\"/>d for with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts are as fo<span class=\"__1 _201\"/>llows:<span class=\"__1 _201\"/> \u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">For con<span class=\"__1 _200\"/>vent<span class=\"__1 _200\"/>ional wit<span class=\"__1 _200\"/>h-profits cont<span class=\"__1 _200\"/>racts, including endo<span class=\"__1 _200\"/>wment assurance<span class=\"__1 _200\"/> contracts and<span class=\"__1 _200\"/> whole of<span class=\"__1 _200\"/>-life<span class=\"__1 _200\"/> assurance con<span class=\"__1 _200\"/>tracts,<span class=\"__1 _32b\"> </span></span><span class=\"lsd_1 wse_1\"> </span>payout<span class=\"__1 _201\"/>s are guar<span class=\"__1 _201\"/>anteed at th<span class=\"__1 _201\"/>e sum as<span class=\"__1 _201\"/>sured to<span class=\"__1 _201\"/>gether w<span class=\"__1 _201\"/>ith any de<span class=\"__1 _201\"/>clare<span class=\"__1 _201\"/>d regula<span class=\"__1 _201\"/>r bonu<span class=\"__1 _201\"/>s;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Conve<span class=\"__1 _201\"/>ntiona<span class=\"__1 _201\"/>l with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s defer<span class=\"__1 _201\"/>red ann<span class=\"__1 _201\"/>uity c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts have a b<span class=\"__1 _201\"/>asic ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y per an<span class=\"__1 _201\"/>num to whic<span class=\"__1 _201\"/>h bonus<span class=\"__1 _201\"/>es are ad<span class=\"__1 _201\"/>ded<span class=\"__1 _201\"/>. At maturit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>,<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>the c<span class=\"__1 _201\"/>ash clai<span class=\"__1 _201\"/>m value w<span class=\"__1 _201\"/>ill refle<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e current c<span class=\"__1 _201\"/>ost of p<span class=\"__1 _201\"/>rovidin<span class=\"__1 _201\"/>g the defe<span class=\"__1 _201\"/>rred an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. Reg<span class=\"__1 _201\"/>ular bo<span class=\"__1 _201\"/>nuse<span class=\"__1 _201\"/>s when a<span class=\"__1 _201\"/>dded to w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits<span class=\"__1 _201\"/> contracts usually increase the guaranteed amount;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">For unit<span class=\"__1 _201\"/>ised w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d cash a<span class=\"__1 _201\"/>ccumul<span class=\"__1 _201\"/>ation co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts the gu<span class=\"__1 _201\"/>arantee<span class=\"__1 _201\"/>d payout is t<span class=\"__1 _201\"/>he initia<span class=\"__1 _201\"/>l investm<span class=\"__1 _201\"/>ent (adjuste<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>for any w<span class=\"__1 _201\"/>ithdraw<span class=\"__1 _201\"/>als, w<span class=\"__1 _201\"/>here ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate<span class=\"__1 _200\"/>), les<span class=\"__1 _201\"/>s charge<span class=\"__1 _201\"/>s, pl<span class=\"__1 _201\"/>us any regu<span class=\"__1 _201\"/>lar bo<span class=\"__1 _201\"/>nuses d<span class=\"__1 _201\"/>ecla<span class=\"__1 _201\"/>red. I<span class=\"__1 _201\"/>f bene<span class=\"__1 _201\"/>fits are ta<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>en at a date oth<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> than wh<span class=\"__1 _201\"/>en the g<span class=\"__1 _201\"/>uarante<span class=\"__1 _201\"/>e appli<span class=\"__1 _201\"/>es, a m<span class=\"__1 _201\"/>arket valu<span class=\"__1 _201\"/>e reduc<span class=\"__1 _201\"/>tion m<span class=\"__1 _201\"/>ay be appl<span class=\"__1 _201\"/>ied to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t the diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>e bet<span class=\"__1 _201\"/>ween th<span class=\"__1 _201\"/>e accumu<span class=\"__1 _201\"/>lated<span class=\"__1 _201\"/> valu<span class=\"__1 _201\"/>e of the unit<span class=\"__1 _201\"/>s and the m<span class=\"__1 _201\"/>arket valu<span class=\"__1 _201\"/>e of the und<span class=\"__1 _201\"/>erly<span class=\"__1 _201\"/>ing as<span class=\"__1 _201\"/>sets;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">For certain u<span class=\"__1 _200\"/>nitised wit<span class=\"__1 _200\"/>h-profits con<span class=\"__1 _200\"/>tracts and cash a<span class=\"__1 _200\"/>ccumula<span class=\"__1 _200\"/>tion con<span class=\"__1 _200\"/>tracts, policyholders have<span class=\"__1 _200\"/> the op<span class=\"__1 _200\"/>tion t<span class=\"__1 _200\"/>o defer<span class=\"__1 _200\"/> their<span class=\"__1 _32b\"> </span></span><span class=\"lsd_1 wse_1\"> </span>retirem<span class=\"__1 _201\"/>ent date wh<span class=\"__1 _201\"/>en they rea<span class=\"__1 _201\"/>ch maturit<span class=\"__1 _201\"/>y, and the term<span class=\"__1 _201\"/>inal b<span class=\"__1 _201\"/>onus gra<span class=\"__1 _201\"/>nted at that p<span class=\"__1 _201\"/>oint is gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>d;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">For wit<span class=\"__1 _201\"/>h-pro<span class=\"__1 _201\"/>fits ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>, there i<span class=\"__1 _201\"/>s a guara<span class=\"__1 _201\"/>nteed mi<span class=\"__1 _201\"/>nimum an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y payme<span class=\"__1 _201\"/>nt bel<span class=\"__1 _201\"/>ow which b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit paym<span class=\"__1 _201\"/>ents c<span class=\"__1 _201\"/>annot f<span class=\"__1 _201\"/>all<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>over the l<span class=\"__1 _201\"/>ifetime of th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cies;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in pens<span class=\"__1 _201\"/>ions p<span class=\"__1 _201\"/>roduc<span class=\"__1 _201\"/>ts have gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>d annui<span class=\"__1 _201\"/>ty op<span class=\"__1 _201\"/>tions at retire<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, where th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er has the o<span class=\"__1 _201\"/>ption to take the<span class=\"__1 _201\"/> </span>ben<span class=\"__1 _201\"/>efit in th<span class=\"__1 _201\"/>e form of an a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y at a guar<span class=\"__1 _201\"/>antee<span class=\"__1 _201\"/>d convers<span class=\"__1 _201\"/>ion rate.<span class=\"__1 _32b\"> </span>Deter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n of bon<span class=\"__1 _201\"/>uses<span class=\"__1 _32b\"> </span>Profi<span class=\"__1 _201\"/>t recog<span class=\"__1 _201\"/>nition fo<span class=\"__1 _201\"/>r traditi<span class=\"__1 _201\"/>onal w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss wr<span class=\"__1 _201\"/>itten i<span class=\"__1 _201\"/>n the WP<span class=\"__1 _201\"/>SF is in lin<span class=\"__1 _201\"/>e with the d<span class=\"__1 _201\"/>ecla<span class=\"__1 _201\"/>ration of b<span class=\"__1 _201\"/>onus<span class=\"__1 _201\"/>es.<span class=\"__1 _201\"/> Deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y b<span class=\"__1 _201\"/>onuse<span class=\"__1 _201\"/>s for tra<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>al ty<span class=\"__1 _201\"/>pes of w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profits b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess re<span class=\"__1 _201\"/>quires th<span class=\"__1 _201\"/>e P<span class=\"__1 _200\"/>A<span class=\"__1 _200\"/>C Boa<span class=\"__1 _201\"/>rd to apply s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant<span class=\"__1 _201\"/> judgem<span class=\"__1 _201\"/>ent, including in par<span class=\"__1 _201\"/>ticular the follow<span class=\"__1 _201\"/>ing:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g what con<span class=\"__1 _201\"/>stitutes f<span class=\"__1 _201\"/>air treatm<span class=\"__1 _201\"/>ent of clie<span class=\"__1 _201\"/>nts;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g the proc<span class=\"__1 _201\"/>ess fo<span class=\"__1 _201\"/>r the sm<span class=\"__1 _201\"/>oothin<span class=\"__1 _201\"/>g of investm<span class=\"__1 _201\"/>ent retur<span class=\"__1 _201\"/>ns;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g at what leve<span class=\"__1 _201\"/>l to set bon<span class=\"__1 _201\"/>uses to en<span class=\"__1 _201\"/>sure that they a<span class=\"__1 _201\"/>re comp<span class=\"__1 _201\"/>etitive.<span class=\"__1 _32b\"> </span></span>The ove<span class=\"__1 _201\"/>rall rate of retu<span class=\"__1 _201\"/>rn on inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts and th<span class=\"__1 _201\"/>e expec<span class=\"__1 _201\"/>tatio<span class=\"__1 _201\"/>n of future inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt returns are t<span class=\"__1 _201\"/>he mos<span class=\"__1 _201\"/>t impo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ant influ<span class=\"__1 _201\"/>ence<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> in bo<span class=\"__1 _201\"/>nus rates<span class=\"__1 _201\"/>, subj<span class=\"__1 _201\"/>ect to th<span class=\"__1 _201\"/>e smo<span class=\"__1 _201\"/>othing de<span class=\"__1 _201\"/>scri<span class=\"__1 _201\"/>bed b<span class=\"__1 _201\"/>elow. The G<span class=\"__1 _201\"/>roup dete<span class=\"__1 _201\"/>rmin<span class=\"__1 _201\"/>es the as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons to app<span class=\"__1 _201\"/>ly in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of thes<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> fac<span class=\"__1 _201\"/>tors<span class=\"__1 _201\"/>, incl<span class=\"__1 _201\"/>uding th<span class=\"__1 _201\"/>e effec<span class=\"__1 _201\"/>ts of rea<span class=\"__1 _201\"/>sona<span class=\"__1 _201\"/>bly likel<span class=\"__1 _201\"/>y chang<span class=\"__1 _201\"/>es in key assum<span class=\"__1 _201\"/>ptions<span class=\"__1 _201\"/>, in the c<span class=\"__1 _201\"/>ontext of th<span class=\"__1 _201\"/>e overarch<span class=\"__1 _201\"/>ing dis<span class=\"__1 _201\"/>cretiona<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y and<span class=\"__1 _201\"/> smo<span class=\"__1 _201\"/>othing f<span class=\"__1 _201\"/>ramewo<span class=\"__1 _201\"/>rk that ap<span class=\"__1 _201\"/>plies to it<span class=\"__1 _201\"/>s with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s appro<span class=\"__1 _201\"/>ach, in a<span class=\"__1 _201\"/>pply<span class=\"__1 _201\"/>ing sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>ant jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt and di<span class=\"__1 _201\"/>scretio<span class=\"__1 _201\"/>n in relatio<span class=\"__1 _201\"/>n to determin<span class=\"__1 _201\"/>ing bo<span class=\"__1 _201\"/>nus rates<span class=\"__1 _201\"/>, is con<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>t with<span class=\"__1 _201\"/> the Pr<span class=\"__1 _201\"/>incip<span class=\"__1 _201\"/>les an<span class=\"__1 _201\"/>d Prac<span class=\"__1 _201\"/>tices of F<span class=\"__1 _201\"/>inanc<span class=\"__1 _201\"/>ial Man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent (PPF<span class=\"__1 _201\"/>M) that expl<span class=\"__1 _201\"/>ains how th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund is man<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>d. In acc<span class=\"__1 _201\"/>ordan<span class=\"__1 _201\"/>ce<span class=\"__1 _32b\"> </span> with in<span class=\"__1 _201\"/>dustr<span class=\"__1 _250\"/>y-wid<span class=\"__1 _201\"/>e regulato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y require<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s, the PA<span class=\"__1 _200\"/>C Boa<span class=\"__1 _201\"/>rd has app<span class=\"__1 _201\"/>ointed<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">A Chief Ac<span class=\"__1 _201\"/>tuar<span class=\"__1 _201\"/>y wh<span class=\"__1 _201\"/>o provi<span class=\"__1 _201\"/>des the PA<span class=\"__1 _200\"/>C Board w<span class=\"__1 _201\"/>ith all ac<span class=\"__1 _201\"/>tuar<span class=\"__1 _201\"/>ial adv<span class=\"__1 _201\"/>ice.<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">A With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Actu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y who<span class=\"__1 _201\"/>se spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>c dut<span class=\"__1 _201\"/>y is to advi<span class=\"__1 _201\"/>se the PA<span class=\"__1 _200\"/>C Board o<span class=\"__1 _201\"/>n the reas<span class=\"__1 _201\"/>onabl<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>ss and p<span class=\"__1 _201\"/>ropo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>onalit<span class=\"__1 _201\"/>y of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>mann<span class=\"__1 _201\"/>er in whi<span class=\"__1 _201\"/>ch its dis<span class=\"__1 _201\"/>cretion h<span class=\"__1 _201\"/>as be<span class=\"__1 _201\"/>en exercise<span class=\"__1 _201\"/>d in app<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g the PPFM a<span class=\"__1 _201\"/>nd the ma<span class=\"__1 _201\"/>nner in w<span class=\"__1 _201\"/>hich any c<span class=\"__1 _201\"/>onflic<span class=\"__1 _201\"/>ting in<span class=\"__1 _201\"/>terest<span class=\"__1 _201\"/>s have<span class=\"__1 _32b\"> </span> be<span class=\"__1 _201\"/>en addre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">A With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Co<span class=\"__1 _201\"/>mmit<span class=\"__1 _201\"/>tee of ind<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>dent in<span class=\"__1 _201\"/>divi<span class=\"__1 _201\"/>duals<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es the de<span class=\"__1 _201\"/>gree of c<span class=\"__1 _201\"/>ompli<span class=\"__1 _201\"/>ance wi<span class=\"__1 _201\"/>th the PPFM a<span class=\"__1 _201\"/>nd the<span class=\"__1 _201\"/> </span>mann<span class=\"__1 _201\"/>er in whi<span class=\"__1 _201\"/>ch confl<span class=\"__1 _201\"/>icti<span class=\"__1 _201\"/>ng interes<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d rights h<span class=\"__1 _201\"/>ave bee<span class=\"__1 _201\"/>n addres<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>In deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g bonu<span class=\"__1 _201\"/>s rates for th<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s poli<span class=\"__1 _201\"/>cies<span class=\"__1 _201\"/>, smo<span class=\"__1 _201\"/>othing is a<span class=\"__1 _201\"/>pplie<span class=\"__1 _201\"/>d to the all<span class=\"__1 _201\"/>ocati<span class=\"__1 _201\"/>on of the over<span class=\"__1 _201\"/>all ear<span class=\"__1 _201\"/>nings of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund, of w<span class=\"__1 _201\"/>hich th<span class=\"__1 _201\"/>e investm<span class=\"__1 _201\"/>ent retur<span class=\"__1 _201\"/>n is a signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt elem<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>he de<span class=\"__1 _201\"/>gree of sm<span class=\"__1 _201\"/>oothin<span class=\"__1 _201\"/>g is illus<span class=\"__1 _201\"/>trated n<span class=\"__1 _201\"/>umer<span class=\"__1 _201\"/>icall<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> in the fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g tabl<span class=\"__1 _201\"/>e, which a<span class=\"__1 _201\"/>llows co<span class=\"__1 _201\"/>mpar<span class=\"__1 _201\"/>ison of th<span class=\"__1 _201\"/>e relative<span class=\"__1 _201\"/>ly \u201csm<span class=\"__1 _201\"/>oothe<span class=\"__1 _201\"/>d\u201d level of p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder b<span class=\"__1 _201\"/>onus<span class=\"__1 _201\"/>es de<span class=\"__1 _201\"/>clare<span class=\"__1 _201\"/>d as par<span class=\"__1 _201\"/>t of<span class=\"__1 _201\"/> the sur<span class=\"__1 _201\"/>plus fo<span class=\"__1 _201\"/>r distr<span class=\"__1 _201\"/>ibuti<span class=\"__1 _201\"/>on with th<span class=\"__1 _201\"/>e more vol<span class=\"__1 _201\"/>atile move<span class=\"__1 _201\"/>ment in inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt return an<span class=\"__1 _201\"/>d other ite<span class=\"__1 _201\"/>ms of inco<span class=\"__1 _201\"/>me and ex<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>iture of<span class=\"__1 _32b\"> </span> t<span class=\"__1 _250\"/>h<span class=\"__1 _250\"/>e<span class=\"__1 _201\"/> W<span class=\"__1 _250\"/>P<span class=\"__1 _e7_1\"> </span>S<span class=\"__1 _250\"/>F.<span class=\"__1 _250\"/> 26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>248<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G plc</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> A<span class=\"__1 _201\"/>nnual Report and Accounts<span class=\"__1 _200\"/> 2022<span class=\"__1 _32b\"> </span></span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> 2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e of th<span class=\"__1 _201\"/>e WPS<span class=\"__1 _201\"/>F:<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment retu<span class=\"__1 _201\"/>rn<span class=\"__1 _1f7\"> </span><span class=\"ff1_1 ls49_1 ws4f_1\">(<span class=\"__1 _201\"/>7,<span class=\"__1 _e7_1\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _245\"> </span></span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>75<span class=\"__1 _32b\"> </span></span>Claims i<span class=\"__1 _201\"/>ncurre<span class=\"__1 _201\"/>d<span class=\"__1 _1f8\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">(<span class=\"__1 _200\"/>10,2<span class=\"__1 _201\"/>25)<span class=\"__1 _1d1_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Movement in poli<span class=\"__1 _201\"/>cyhol<span class=\"__1 _201\"/>der liabilities<span class=\"__1 _1dd_1\"> </span><span class=\"ff1_1 ws18_1\">10,758<span class=\"__1 _214\"> </span></span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span></span>Add ba<span class=\"__1 _201\"/>ck poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r bonu<span class=\"__1 _201\"/>s for the ye<span class=\"__1 _201\"/>ar (<span class=\"__1 _200\"/>as show<span class=\"__1 _201\"/>n bel<span class=\"__1 _201\"/>ow<span class=\"__1 _200\"/>)<span class=\"__1 _1f9\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">3,<span class=\"__1 _201\"/>494<span class=\"__1 _243\"> </span></span><span class=\"lsf_1 wsd_1\">2,906<span class=\"__1 _32b\"> </span></span>Claims inc<span class=\"__1 _200\"/>urred<span class=\"__1 _200\"/> and mo<span class=\"__1 _200\"/>vemen<span class=\"__1 _200\"/>t in polic<span class=\"__1 _200\"/>yholder liabilities<span class=\"__1 _200\"/> (including ch<span class=\"__1 _200\"/>ange for<span class=\"__1 _200\"/> pro<span class=\"__1 _200\"/>vision for<span class=\"__1 _200\"/> asset<span class=\"__1 _32b\"> </span> shares<span class=\"__1 _200\"/> and e<span class=\"__1 _200\"/>xc<span class=\"__1 _200\"/>luding policy<span class=\"__1 _200\"/>holder bonuses<span class=\"__1 _f_1\"/>) <span class=\"__1 _1e3_1\"> </span><span class=\"lsc_1 wsa_1\">4,0<span class=\"__1 _201\"/>27<span class=\"__1 _211\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">(<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,14<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Ear<span class=\"__1 _201\"/>ned p<span class=\"__1 _201\"/>remiums<span class=\"__1 _201\"/>, net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce<span class=\"__1 _1fa\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">6,<span class=\"__1 _201\"/>270<span class=\"__1 _1d8_1\"> </span></span><span class=\"ls30_1 ws30_1\">4,<span class=\"__1 _201\"/>503<span class=\"__1 _32b\"> </span></span>Other income<span class=\"__1 _1fb\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">2<span class=\"__1 _f4_1\"> </span></span><span class=\"lsc_1 wsa_1\">26<span class=\"__1 _32b\"> </span></span>Acquis<span class=\"__1 _201\"/>ition co<span class=\"__1 _201\"/>sts an<span class=\"__1 _201\"/>d other exp<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>iture<span class=\"__1 _372\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">(1<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>)<span class=\"__1 _1c_1\"> </span></span><span class=\"ls5b_1 ws67_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,4<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>Share o<span class=\"__1 _201\"/>f profits f<span class=\"__1 _201\"/>rom inves<span class=\"__1 _201\"/>tment j<span class=\"__1 _201\"/>oint venture<span class=\"__1 _201\"/>s<span class=\"__1 _1fc\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">38<span class=\"__1 _232\"> </span></span><span class=\"ls23_1 ws22_1\">76<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>ax credit<span class=\"__1 _201\"/>/(<span class=\"__1 _f_1\"/>charge)<span class=\"__1 _1fd\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">232<span class=\"__1 _220\"> </span></span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Net income<span class=\"__1 _200\"/> of the<span class=\"__1 _200\"/> fund be<span class=\"__1 _200\"/>fore<span class=\"__1 _200\"/> mov<span class=\"__1 _200\"/>ement<span class=\"__1 _200\"/> in unallocat<span class=\"__1 _200\"/>ed surplus<span class=\"__1 _200\"/> of the<span class=\"__1 _200\"/> With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _1fe\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _204\"> </span><span class=\"ff2_1 ls15_1 ws14_1\">4<span class=\"__1 _201\"/>,256<span class=\"__1 _32b\"> </span></span></span>Movem<span class=\"__1 _201\"/>ent in un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund<span class=\"__1 _1ff\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">1,689<span class=\"__1 _243\"> </span></span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span>Surplus for<span class=\"__1 _200\"/> distribution<span class=\"__1 _200\"/> for the<span class=\"__1 _200\"/> ye<span class=\"__1 _200\"/>ar<span class=\"__1 _400\"> </span><span class=\"ls15_1 ws14_1\">3,<span class=\"__1 _201\"/>855<span class=\"__1 _211\"> </span><span class=\"ff2_1 ls32_1 ws33_1\">3<span class=\"__1 _201\"/>,20<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>Surplus for<span class=\"__1 _200\"/> distribution<span class=\"__1 _200\"/> for the<span class=\"__1 _200\"/> ye<span class=\"__1 _200\"/>ar allocat<span class=\"__1 _200\"/>ed as<span class=\"__1 _200\"/> follow<span class=\"__1 _200\"/>s:<span class=\"__1 _32b\"> </span>Poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 bonu<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>as show<span class=\"__1 _201\"/>n above)<span class=\"__1 _350\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">3<span class=\"__1 _201\"/>,494<span class=\"__1 _211\"> </span></span><span class=\"lsf_1 wsd_1\">2,906<span class=\"__1 _32b\"> </span></span>Shareholders<span class=\"__1 _200\"/>\u2019 tran<span class=\"__1 _200\"/>sfers<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>3<span class=\"__1 _201\"/>61<span class=\"__1 _253\"> </span><span class=\"ff2_1 ls27_1 ws27_1\">298<span class=\"__1 _32b\"> </span></span>Surplus for<span class=\"__1 _200\"/> distribution<span class=\"__1 _200\"/> for the<span class=\"__1 _200\"/> ye<span class=\"__1 _200\"/>ar<span class=\"__1 _400\"> </span><span class=\"ls15_1 ws14_1\">3,<span class=\"__1 _201\"/>855<span class=\"__1 _211\"> </span><span class=\"ff2_1 ls32_1 ws33_1\">3<span class=\"__1 _201\"/>,20<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>Sha<span class=\"__1 _201\"/>reh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er tra<span class=\"__1 _201\"/>ns<span class=\"__1 _201\"/>fers f<span class=\"__1 _201\"/>or mo<span class=\"__1 _201\"/>st bu<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>s in the W<span class=\"__1 _201\"/>PS<span class=\"__1 _201\"/>F are on<span class=\"__1 _201\"/>e nint<span class=\"__1 _201\"/>h of the c<span class=\"__1 _201\"/>ost of b<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/>us de<span class=\"__1 _201\"/>clar<span class=\"__1 _201\"/>ed to po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>. In 20<span class=\"__1 _201\"/>21, th<span class=\"__1 _201\"/>e SAI<span class=\"__1 _201\"/>F with<span class=\"__1 _201\"/>-p<span class=\"__1 _201\"/>rofit<span class=\"__1 _201\"/>s sub<span class=\"__1 _201\"/>-<span class=\"__1 _32b\"> </span>fund was<span class=\"__1 _200\"/> merged with<span class=\"__1 _200\"/> the<span class=\"__1 _200\"/> WPSF<span class=\"__1 _f_1\"/>. Shareholders hav<span class=\"__1 _200\"/>e no<span class=\"__1 _200\"/> entitlement<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> profits fr<span class=\"__1 _200\"/>om the<span class=\"__1 _200\"/> bonus r<span class=\"__1 _200\"/>elating<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> ex<span class=\"__1 _200\"/>-SAIF policyholders<span class=\"__1 _200\"/> of \u00a3220m for<span class=\"__1 _200\"/> the y<span class=\"__1 _200\"/>ear<span class=\"__1 _32b\"> </span> en<span class=\"__1 _201\"/>ded 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 (2<span class=\"__1 _201\"/>021: \u00a3<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>6m), the v<span class=\"__1 _201\"/>alu<span class=\"__1 _201\"/>e of whi<span class=\"__1 _201\"/>ch is in<span class=\"__1 _201\"/>clu<span class=\"__1 _201\"/>ded i<span class=\"__1 _201\"/>n the tot<span class=\"__1 _201\"/>al Po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs\u2019 bo<span class=\"__1 _201\"/>nus s<span class=\"__1 _201\"/>hown i<span class=\"__1 _201\"/>n the ta<span class=\"__1 _201\"/>ble a<span class=\"__1 _201\"/>bove<span class=\"__1 _201\"/>. Refe<span class=\"__1 _201\"/>r to Note 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3 for<span class=\"__1 _201\"/> fur<span class=\"__1 _201\"/>ther details.<span class=\"__1 _32b\"> </span>26.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _201\"/>2 Unit<span class=\"__1 _200\"/>-link<span class=\"__1 _200\"/>ed business<span class=\"__1 _32b\"> </span>For unit-linked c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, the at<span class=\"__1 _201\"/>tachin<span class=\"__1 _201\"/>g liabili<span class=\"__1 _201\"/>ty refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts the un<span class=\"__1 _201\"/>it value o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>on (using ac<span class=\"__1 _201\"/>tuaria<span class=\"__1 _201\"/>l fundi<span class=\"__1 _201\"/>ng whe<span class=\"__1 _201\"/>re relevan<span class=\"__1 _201\"/>t) and, in<span class=\"__1 _201\"/> the c<span class=\"__1 _201\"/>ase of co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts with si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce risk w<span class=\"__1 _201\"/>hich are th<span class=\"__1 _201\"/>erefore c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as insur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, allowan<span class=\"__1 _201\"/>ce for exp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> per<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>ncy, and mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y risk<span class=\"__1 _201\"/>. The l<span class=\"__1 _201\"/>atter co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ent, c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ated usin<span class=\"__1 _201\"/>g a disco<span class=\"__1 _201\"/>unted ca<span class=\"__1 _201\"/>shflow a<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch (non-<span class=\"__1 _201\"/>unit rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ves), is<span class=\"__1 _32b\"> </span> deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d by appl<span class=\"__1 _201\"/>ying m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns on a bas<span class=\"__1 _201\"/>is that is ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate for the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder p<span class=\"__1 _201\"/>rofile an<span class=\"__1 _201\"/>d inclu<span class=\"__1 _201\"/>ding a ma<span class=\"__1 _201\"/>rgin<span class=\"__1 _32b\"> </span> for pr<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>nce in the m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y, persi<span class=\"__1 _201\"/>stenc<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, and exp<span class=\"__1 _201\"/>ense a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions<span class=\"__1 _201\"/>. T<span class=\"__1 _f_1\"/>o c<span class=\"__1 _201\"/>alculate th<span class=\"__1 _201\"/>e non-<span class=\"__1 _201\"/>unit res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves fo<span class=\"__1 _201\"/>r unit-linked ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons are al<span class=\"__1 _201\"/>so set fo<span class=\"__1 _201\"/>r the unit grow<span class=\"__1 _201\"/>th r<span class=\"__1 _201\"/>ate and the va<span class=\"__1 _201\"/>luation in<span class=\"__1 _201\"/>terest r<span class=\"__1 _201\"/>ate. The va<span class=\"__1 _201\"/>luation i<span class=\"__1 _201\"/>nterest r<span class=\"__1 _201\"/>ate is deri<span class=\"__1 _201\"/>ved<span class=\"__1 _201\"/> from th<span class=\"__1 _201\"/>e yiel<span class=\"__1 _201\"/>ds of ass<span class=\"__1 _201\"/>ets rep<span class=\"__1 _201\"/>resent<span class=\"__1 _201\"/>ative of the retur<span class=\"__1 _201\"/>ns that wi<span class=\"__1 _201\"/>ll be ear<span class=\"__1 _201\"/>ned o<span class=\"__1 _201\"/>n the as<span class=\"__1 _201\"/>sets ba<span class=\"__1 _201\"/>cking th<span class=\"__1 _201\"/>ese lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>For tho<span class=\"__1 _201\"/>se contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s where th<span class=\"__1 _201\"/>e level of in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce ris<span class=\"__1 _201\"/>k is insign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant, th<span class=\"__1 _201\"/>e asse<span class=\"__1 _201\"/>ts and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s aris<span class=\"__1 _201\"/>ing und<span class=\"__1 _201\"/>er the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts are<span class=\"__1 _201\"/> dis<span class=\"__1 _201\"/>tinguis<span class=\"__1 _201\"/>hed b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en tho<span class=\"__1 _201\"/>se that relate to th<span class=\"__1 _201\"/>e financ<span class=\"__1 _201\"/>ial ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nt liabil<span class=\"__1 _201\"/>ity, and the d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d acqui<span class=\"__1 _201\"/>sition c<span class=\"__1 _201\"/>osts a<span class=\"__1 _201\"/>nd defe<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/> inco<span class=\"__1 _201\"/>me that rel<span class=\"__1 _201\"/>ate to the comp<span class=\"__1 _201\"/>onent o<span class=\"__1 _201\"/>f the contr<span class=\"__1 _201\"/>act th<span class=\"__1 _201\"/>at relates to inves<span class=\"__1 _201\"/>tment m<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>. The f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of the liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y is equ<span class=\"__1 _201\"/>al<span class=\"__1 _32b\"> </span> to the unit v<span class=\"__1 _201\"/>alue ob<span class=\"__1 _201\"/>ligatio<span class=\"__1 _201\"/>n.<span class=\"__1 _201\"/> Defe<span class=\"__1 _201\"/>rred a<span class=\"__1 _201\"/>cquisi<span class=\"__1 _201\"/>tion cos<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red inc<span class=\"__1 _201\"/>ome are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed in li<span class=\"__1 _201\"/>ne with th<span class=\"__1 _201\"/>e level of se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>e provisi<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in par<span class=\"__1 _201\"/>ts of th<span class=\"__1 _201\"/>e unit-linked bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s are reins<span class=\"__1 _201\"/>ured ex<span class=\"__1 _201\"/>ternal<span class=\"__1 _201\"/>ly by way of fun<span class=\"__1 _201\"/>d reinsur<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>. Where thi<span class=\"__1 _201\"/>s is the ca<span class=\"__1 _201\"/>se, the<span class=\"__1 _201\"/> reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ties in re<span class=\"__1 _201\"/>spec<span class=\"__1 _201\"/>t of the<span class=\"__1 _201\"/>se reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e arra<span class=\"__1 _201\"/>ngem<span class=\"__1 _201\"/>ents is v<span class=\"__1 _201\"/>alued i<span class=\"__1 _201\"/>n a manne<span class=\"__1 _201\"/>r consi<span class=\"__1 _201\"/>stent w<span class=\"__1 _201\"/>ith the valu<span class=\"__1 _201\"/>ation of<span class=\"__1 _201\"/> the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s. Ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain par<span class=\"__1 _201\"/>ts o<span class=\"__1 _201\"/>f the unit-linked bu<span class=\"__1 _201\"/>sine<span class=\"__1 _201\"/>ss are rein<span class=\"__1 _201\"/>sured ex<span class=\"__1 _201\"/>tern<span class=\"__1 _201\"/>ally by rei<span class=\"__1 _201\"/>nsurin<span class=\"__1 _201\"/>g spe<span class=\"__1 _201\"/>cific r<span class=\"__1 _201\"/>isk be<span class=\"__1 _201\"/>nefit<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Whe<span class=\"__1 _201\"/>re this is the c<span class=\"__1 _201\"/>ase, th<span class=\"__1 _201\"/>e reinsu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>sset i<span class=\"__1 _201\"/>n respe<span class=\"__1 _201\"/>ct of th<span class=\"__1 _201\"/>ese re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s is value<span class=\"__1 _201\"/>d in a mann<span class=\"__1 _201\"/>er con<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>t with<span class=\"__1 _201\"/> the val<span class=\"__1 _201\"/>uation of th<span class=\"__1 _201\"/>e unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls50_1 ws56_1\">249<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>26.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _201\"/>3 A<span class=\"__1 _200\"/>nnuities and<span class=\"__1 _200\"/> other long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>ajor<span class=\"__1 _201\"/>ity of th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er liabi<span class=\"__1 _201\"/>lities in th<span class=\"__1 _201\"/>e \u201cannuiti<span class=\"__1 _201\"/>es and oth<span class=\"__1 _201\"/>er lo<span class=\"__1 _201\"/>ng-term b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss\u201d com<span class=\"__1 _201\"/>pone<span class=\"__1 _201\"/>nt relate to annu<span class=\"__1 _201\"/>ity c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>re calc<span class=\"__1 _201\"/>ulated as th<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>cted va<span class=\"__1 _201\"/>lue of futu<span class=\"__1 _201\"/>re annuit<span class=\"__1 _201\"/>y pay<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>nd expe<span class=\"__1 _201\"/>nses<span class=\"__1 _201\"/>, disc<span class=\"__1 _201\"/>ounted by a v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> interes<span class=\"__1 _201\"/>t rate, hav<span class=\"__1 _201\"/>ing pru<span class=\"__1 _201\"/>dent re<span class=\"__1 _201\"/>gard to the as<span class=\"__1 _201\"/>sumpt<span class=\"__1 _201\"/>ions us<span class=\"__1 _201\"/>ed. T<span class=\"__1 _201\"/>he valu<span class=\"__1 _201\"/>ation meth<span class=\"__1 _201\"/>odo<span class=\"__1 _201\"/>log<span class=\"__1 _201\"/>y for the re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce is ba<span class=\"__1 _201\"/>sed on a<span class=\"__1 _201\"/> deter<span class=\"__1 _201\"/>minis<span class=\"__1 _201\"/>tic cas<span class=\"__1 _201\"/>hflow m<span class=\"__1 _201\"/>odel<span class=\"__1 _201\"/>, in line w<span class=\"__1 _201\"/>ith the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tf<span class=\"__1 _201\"/>olio.<span class=\"__1 _32b\"> </span>The key as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons use<span class=\"__1 _201\"/>d to calc<span class=\"__1 _201\"/>ulate the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of annui<span class=\"__1 _201\"/>ty b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss are as fo<span class=\"__1 _201\"/>llows:<span class=\"__1 _32b\"> </span>Mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y assu<span class=\"__1 _201\"/>mptions f<span class=\"__1 _201\"/>or annui<span class=\"__1 _201\"/>ty b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss are s<span class=\"__1 _201\"/>et in light of re<span class=\"__1 _201\"/>cent p<span class=\"__1 _201\"/>opulati<span class=\"__1 _201\"/>on and inte<span class=\"__1 _201\"/>rnal exp<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ence, w<span class=\"__1 _201\"/>ith an all<span class=\"__1 _201\"/>owance<span class=\"__1 _201\"/> for exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted future m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y imp<span class=\"__1 _201\"/>rovement<span class=\"__1 _201\"/>s. G<span class=\"__1 _201\"/>iven th<span class=\"__1 _201\"/>e long<span class=\"__1 _201\"/>-term nature of a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s, ann<span class=\"__1 _201\"/>uitant m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y remai<span class=\"__1 _201\"/>ns a<span class=\"__1 _32b\"> </span> signific<span class=\"__1 _201\"/>ant assumption in determin<span class=\"__1 _201\"/>ing policy<span class=\"__1 _201\"/>holder liabilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span> The a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions us<span class=\"__1 _201\"/>ed refe<span class=\"__1 _201\"/>rence re<span class=\"__1 _201\"/>cent Eng<span class=\"__1 _201\"/>land &amp; Wales p<span class=\"__1 _201\"/>opul<span class=\"__1 _201\"/>ation mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y data con<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>nt with the CM<span class=\"__1 _201\"/>I mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity<span class=\"__1 _201\"/> improve<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s mode<span class=\"__1 _201\"/>l, with s<span class=\"__1 _201\"/>peci<span class=\"__1 _201\"/>fic ri<span class=\"__1 _201\"/>sk fac<span class=\"__1 _201\"/>tors ap<span class=\"__1 _201\"/>plie<span class=\"__1 _201\"/>d on a pe<span class=\"__1 _201\"/>r polic<span class=\"__1 _201\"/>y bas<span class=\"__1 _201\"/>is to refle<span class=\"__1 _201\"/>ct the fe<span class=\"__1 _201\"/>atures of the G<span class=\"__1 _201\"/>roup\u2019s por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>folio.<span class=\"__1 _32b\"> </span>An inc<span class=\"__1 _201\"/>rease in m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y rates w<span class=\"__1 _201\"/>as obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ved over 20<span class=\"__1 _201\"/>20 and 20<span class=\"__1 _201\"/>21 due to the COVI<span class=\"__1 _201\"/>D-19 pande<span class=\"__1 _201\"/>mic. H<span class=\"__1 _201\"/>igher m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y exp<span class=\"__1 _201\"/>erie<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/> may be exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to contin<span class=\"__1 _201\"/>ue to som<span class=\"__1 _201\"/>e extent ove<span class=\"__1 _201\"/>r the sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term, w<span class=\"__1 _201\"/>ith signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt excess d<span class=\"__1 _201\"/>eaths ob<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>ve<span class=\"__1 _201\"/>d in the po<span class=\"__1 _201\"/>pulatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> over 202<span class=\"__1 _201\"/>2. H<span class=\"__1 _201\"/>owever<span class=\"__1 _200\"/>, there is s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant u<span class=\"__1 _201\"/>ncer<span class=\"__1 _201\"/>tai<span class=\"__1 _201\"/>nty an<span class=\"__1 _201\"/>d the lo<span class=\"__1 _201\"/>nger-t<span class=\"__1 _200\"/>erm im<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>ations fo<span class=\"__1 _201\"/>r mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity r<span class=\"__1 _201\"/>ates amon<span class=\"__1 _201\"/>gst th<span class=\"__1 _201\"/>e annuita<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> pop<span class=\"__1 _201\"/>ulatio<span class=\"__1 _201\"/>n are unknow<span class=\"__1 _201\"/>n at this s<span class=\"__1 _201\"/>tage. I<span class=\"__1 _201\"/>n line with b<span class=\"__1 _201\"/>roade<span class=\"__1 _201\"/>r indus<span class=\"__1 _201\"/>tr<span class=\"__1 _201\"/>y app<span class=\"__1 _201\"/>roach<span class=\"__1 _201\"/>, zero weight h<span class=\"__1 _201\"/>as bee<span class=\"__1 _201\"/>n given to p<span class=\"__1 _201\"/>ande<span class=\"__1 _201\"/>mic<span class=\"__1 _32b\"> </span> expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce. Th<span class=\"__1 _201\"/>is is an area th<span class=\"__1 _201\"/>at will co<span class=\"__1 _201\"/>ntinue to be m<span class=\"__1 _201\"/>onitore<span class=\"__1 _201\"/>d by the Gro<span class=\"__1 _201\"/>up.<span class=\"__1 _201\"/> For cur<span class=\"__1 _201\"/>rent mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, while n<span class=\"__1 _201\"/>o weight h<span class=\"__1 _201\"/>as bee<span class=\"__1 _201\"/>n given to th<span class=\"__1 _201\"/>e most re<span class=\"__1 _201\"/>cent ye<span class=\"__1 _201\"/>ars of exp<span class=\"__1 _201\"/>erie<span class=\"__1 _201\"/>nce, th<span class=\"__1 _201\"/>e Group\u2019s long<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span> have be<span class=\"__1 _201\"/>en upd<span class=\"__1 _201\"/>ated to refle<span class=\"__1 _201\"/>ct en<span class=\"__1 _201\"/>hance<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s made to asp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts of the un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g data and th<span class=\"__1 _201\"/>e corre<span class=\"__1 _201\"/>spon<span class=\"__1 _201\"/>ding m<span class=\"__1 _201\"/>odel<span class=\"__1 _201\"/>ling app<span class=\"__1 _201\"/>roach<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> This h<span class=\"__1 _201\"/>as resul<span class=\"__1 _201\"/>ted in a sma<span class=\"__1 _201\"/>ll weakenin<span class=\"__1 _201\"/>g.<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y imp<span class=\"__1 _201\"/>rovemen<span class=\"__1 _201\"/>ts obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ved in re<span class=\"__1 _201\"/>cent p<span class=\"__1 _201\"/>opulati<span class=\"__1 _201\"/>on data have b<span class=\"__1 _201\"/>een co<span class=\"__1 _201\"/>nside<span class=\"__1 _201\"/>red as p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of the jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt exercise<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> in set<span class=\"__1 _201\"/>ting th<span class=\"__1 _201\"/>e mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y ba<span class=\"__1 _201\"/>sis for 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>. New mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y proje<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on mod<span class=\"__1 _201\"/>els are re<span class=\"__1 _201\"/>lease<span class=\"__1 _201\"/>d annu<span class=\"__1 _201\"/>ally by the C<span class=\"__1 _201\"/>ontinu<span class=\"__1 _201\"/>ous Mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> Inves<span class=\"__1 _201\"/>tigatio<span class=\"__1 _201\"/>n (<span class=\"__1 _200\"/>CMI). T<span class=\"__1 _201\"/>he CM<span class=\"__1 _201\"/>I table<span class=\"__1 _201\"/>s used a<span class=\"__1 _201\"/>re adjus<span class=\"__1 _201\"/>ted as ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate each year to re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t antici<span class=\"__1 _201\"/>pated mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y improve<span class=\"__1 _201\"/>ments<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> incl<span class=\"__1 _201\"/>uding an a<span class=\"__1 _201\"/>pprop<span class=\"__1 _201\"/>riate margi<span class=\"__1 _201\"/>n on an IFR<span class=\"__1 _201\"/>S basi<span class=\"__1 _201\"/>s relative to the b<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>t estim<span class=\"__1 _201\"/>ate assum<span class=\"__1 _201\"/>ption us<span class=\"__1 _201\"/>ed for S<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I.<span class=\"__1 _201\"/> An ex<span class=\"__1 _201\"/>ternal p<span class=\"__1 _201\"/>anel p<span class=\"__1 _201\"/>roces<span class=\"__1 _201\"/>s with a r<span class=\"__1 _201\"/>ange of exp<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ts fro<span class=\"__1 _201\"/>m diffe<span class=\"__1 _201\"/>rent disc<span class=\"__1 _201\"/>ipline<span class=\"__1 _201\"/>s (such as Pub<span class=\"__1 _201\"/>lic Hea<span class=\"__1 _201\"/>lth &amp; So<span class=\"__1 _201\"/>cial Poli<span class=\"__1 _201\"/>cy, Gene<span class=\"__1 _201\"/>ral<span class=\"__1 _201\"/> Prac<span class=\"__1 _201\"/>tice a<span class=\"__1 _201\"/>nd On<span class=\"__1 _201\"/>colo<span class=\"__1 _201\"/>gy) was und<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>taken in 202<span class=\"__1 _201\"/>2 which f<span class=\"__1 _201\"/>orme<span class=\"__1 _201\"/>d par<span class=\"__1 _201\"/>t of a rev<span class=\"__1 _201\"/>iew of the dr<span class=\"__1 _201\"/>ivers of f<span class=\"__1 _201\"/>uture mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y improvem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Enhan<span class=\"__1 _201\"/>ceme<span class=\"__1 _201\"/>nts were al<span class=\"__1 _201\"/>so mad<span class=\"__1 _201\"/>e to the appro<span class=\"__1 _201\"/>ach to deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g how the G<span class=\"__1 _201\"/>roup\u2019s own por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>folio ex<span class=\"__1 _201\"/>peri<span class=\"__1 _201\"/>ence c<span class=\"__1 _201\"/>ould di<span class=\"__1 _201\"/>ffer fro<span class=\"__1 _201\"/>m the<span class=\"__1 _32b\"> </span> pop<span class=\"__1 _201\"/>ulatio<span class=\"__1 _201\"/>n as whol<span class=\"__1 _201\"/>e. Com<span class=\"__1 _201\"/>binin<span class=\"__1 _201\"/>g these re<span class=\"__1 _201\"/>sulted i<span class=\"__1 _201\"/>n more p<span class=\"__1 _201\"/>essi<span class=\"__1 _201\"/>mism (i<span class=\"__1 _201\"/>.e. lowe<span class=\"__1 _201\"/>r levels of f<span class=\"__1 _201\"/>uture improve<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) than the p<span class=\"__1 _201\"/>reviou<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> year an<span class=\"__1 _201\"/>d resulte<span class=\"__1 _201\"/>d in a rele<span class=\"__1 _201\"/>ase of res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/>. The 20<span class=\"__1 _201\"/>22 ba<span class=\"__1 _201\"/>sis is expre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d in term<span class=\"__1 _201\"/>s of CMI 2020 i<span class=\"__1 _201\"/>n compa<span class=\"__1 _201\"/>riso<span class=\"__1 _201\"/>n to the 2021 b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> whic<span class=\"__1 _201\"/>h was expre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d relati<span class=\"__1 _201\"/>ve to CMI 2019. Th<span class=\"__1 _201\"/>e mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y im<span class=\"__1 _201\"/>proveme<span class=\"__1 _201\"/>nt assu<span class=\"__1 _201\"/>mption<span class=\"__1 _201\"/>s used a<span class=\"__1 _201\"/>re summar<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d in the tab<span class=\"__1 _201\"/>le bel<span class=\"__1 _201\"/>ow, with<span class=\"__1 _32b\"> </span> other a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>ting th<span class=\"__1 _201\"/>e core CMI p<span class=\"__1 _201\"/>rojec<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Period ended<span class=\"__1 _bd_1\"> </span>M<span class=\"__1 _201\"/>odel v<span class=\"__1 _200\"/>ersion<span class=\"__1 _32b\"> </span>i, iv<span class=\"__1 _32b\"> </span>Long-term<span class=\"__1 _200\"/> improv<span class=\"__1 _200\"/>ement rat<span class=\"__1 _200\"/>e<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>Smoothing parameter (<span class=\"__1 _200\"/>Sk)<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>31 December<span class=\"__1 _200\"/> 2022<span class=\"__1 _1ce_1\"> </span><span class=\"ls30_1 ws71_1\">CMI 2020<span class=\"__1 _32b\"> </span></span>For ma<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>: 2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>10% p<span class=\"__1 _201\"/>a<span class=\"ls5_1\"> </span>For fe<span class=\"__1 _201\"/>male<span class=\"__1 _201\"/>s: 2<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>10% pa<span class=\"__1 _32b\"> </span>For ma<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>: 7<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>5<span class=\"ls5_1\"> </span>For fe<span class=\"__1 _201\"/>male<span class=\"__1 _201\"/>s: 7<span class=\"__1 _200\"/>.75<span class=\"__1 _32b\"> </span>31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _401\"> </span><span class=\"ls32_1 ws35_1\">CMI 2019<span class=\"__1 _32b\"> </span></span>For mal<span class=\"__1 _201\"/>es: 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>25% pa<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>For fem<span class=\"__1 _201\"/>ales<span class=\"__1 _201\"/>: 2.0<span class=\"__1 _201\"/>0% pa<span class=\"__1 _32b\"> </span>For mal<span class=\"__1 _201\"/>es: 7<span class=\"__1 _200\"/>.50<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>For fem<span class=\"__1 _201\"/>ales<span class=\"__1 _201\"/>: 8.0<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>An \u2018A<span class=\"__1 _f_1\"/>\u2019 p<span class=\"__1 _201\"/>aram<span class=\"__1 _201\"/>eter i<span class=\"__1 _201\"/>n the m<span class=\"__1 _201\"/>ode<span class=\"__1 _201\"/>l to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t soc<span class=\"__1 _201\"/>io<span class=\"__1 _201\"/>-e<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>omi<span class=\"__1 _201\"/>c diff<span class=\"__1 _201\"/>eren<span class=\"__1 _201\"/>ces b<span class=\"__1 _201\"/>et<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio a<span class=\"__1 _201\"/>nd po<span class=\"__1 _201\"/>pul<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n expe<span class=\"__1 _201\"/>ri<span class=\"__1 _201\"/>ence i<span class=\"__1 _201\"/>s als<span class=\"__1 _201\"/>o use<span class=\"__1 _201\"/>d. T<span class=\"__1 _201\"/>his ad<span class=\"__1 _201\"/>jus<span class=\"__1 _201\"/>ts in<span class=\"__1 _201\"/>itial<span class=\"__1 _201\"/> mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y im<span class=\"__1 _201\"/>prove<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>t rates a<span class=\"__1 _201\"/>nd wa<span class=\"__1 _201\"/>s 0.4<span class=\"__1 _201\"/>5% at 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>1. Un<span class=\"__1 _201\"/>der t<span class=\"__1 _201\"/>he rev<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d meth<span class=\"__1 _201\"/>od<span class=\"__1 _201\"/>olo<span class=\"__1 _201\"/>gy, this p<span class=\"__1 _201\"/>aram<span class=\"__1 _201\"/>eter v<span class=\"__1 _201\"/>ari<span class=\"__1 _201\"/>es by a<span class=\"__1 _201\"/>ge and g<span class=\"__1 _201\"/>en<span class=\"__1 _201\"/>der an<span class=\"__1 _201\"/>d is<span class=\"__1 _201\"/> red<span class=\"__1 _201\"/>uce<span class=\"__1 _201\"/>d at all a<span class=\"__1 _201\"/>ges r<span class=\"__1 _201\"/>elat<span class=\"__1 _201\"/>ive to 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>1.<span class=\"__1 _32b\"> </span> ii <span class=\"__1 _2e_1\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 a<span class=\"__1 _201\"/>nd 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>1, the l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>-ter<span class=\"__1 _201\"/>m impr<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ent ra<span class=\"__1 _201\"/>tes sh<span class=\"__1 _201\"/>own re<span class=\"__1 _201\"/>fle<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d a 0.5% i<span class=\"__1 _201\"/>ncre<span class=\"__1 _201\"/>ase to a<span class=\"__1 _201\"/>ll fut<span class=\"__1 _201\"/>ure imp<span class=\"__1 _201\"/>rove<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>t rates<span class=\"__1 _201\"/> rel<span class=\"__1 _201\"/>ative to t<span class=\"__1 _201\"/>he be<span class=\"__1 _201\"/>st e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ate us<span class=\"__1 _201\"/>ed un<span class=\"__1 _201\"/>der S<span class=\"__1 _201\"/>ol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II as a m<span class=\"__1 _201\"/>arg<span class=\"__1 _201\"/>in for p<span class=\"__1 _201\"/>rud<span class=\"__1 _201\"/>enc<span class=\"__1 _201\"/>e.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Th<span class=\"__1 _201\"/>e smo<span class=\"__1 _201\"/>othi<span class=\"__1 _201\"/>ng par<span class=\"__1 _201\"/>ame<span class=\"__1 _201\"/>ter co<span class=\"__1 _201\"/>ntro<span class=\"__1 _201\"/>ls the a<span class=\"__1 _201\"/>mou<span class=\"__1 _201\"/>nt of sm<span class=\"__1 _201\"/>ooth<span class=\"__1 _201\"/>ing by c<span class=\"__1 _201\"/>ale<span class=\"__1 _201\"/>nda<span class=\"__1 _201\"/>r year w<span class=\"__1 _201\"/>he<span class=\"__1 _201\"/>n deter<span class=\"__1 _201\"/>min<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e leve<span class=\"__1 _201\"/>l of ini<span class=\"__1 _201\"/>tial m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y impr<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>iv <span class=\"__1 _285\"> </span>Th<span class=\"__1 _201\"/>e tape<span class=\"__1 _201\"/>rin<span class=\"__1 _201\"/>g of imp<span class=\"__1 _201\"/>rove<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s to zero i<span class=\"__1 _201\"/>s set to o<span class=\"__1 _201\"/>ccur b<span class=\"__1 _201\"/>et<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n age<span class=\"__1 _201\"/>s 90<span class=\"__1 _201\"/>\u20131<span class=\"__1 _200\"/>10 at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2, w<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>h is a cha<span class=\"__1 _201\"/>nge f<span class=\"__1 _201\"/>rom 8<span class=\"__1 _201\"/>5\u2013110 at 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 2<span class=\"__1 _201\"/>021.<span class=\"__1 _201\"/> The m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons for in<span class=\"__1 _201\"/>-force ve<span class=\"__1 _201\"/>sted an<span class=\"__1 _201\"/>nuitie<span class=\"__1 _201\"/>s also cove<span class=\"__1 _201\"/>r annuiti<span class=\"__1 _201\"/>es in def<span class=\"__1 _201\"/>erme<span class=\"__1 _201\"/>nt.<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>ivit<span class=\"__1 _201\"/>y of IFR<span class=\"__1 _201\"/>S profi<span class=\"__1 _201\"/>t before ta<span class=\"__1 _201\"/>x and of wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es to chang<span class=\"__1 _201\"/>es in as<span class=\"__1 _201\"/>sume<span class=\"__1 _201\"/>d mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity r<span class=\"__1 _201\"/>ates is show<span class=\"__1 _201\"/>n in Note 3<span class=\"__1 _201\"/>3.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>250<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>V<span class=\"__1 _200\"/>aluati<span class=\"__1 _201\"/>on interes<span class=\"__1 _201\"/>t rates<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>aluati<span class=\"__1 _201\"/>on interes<span class=\"__1 _201\"/>t rates us<span class=\"__1 _201\"/>ed to dis<span class=\"__1 _201\"/>count th<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ties are ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n the yie<span class=\"__1 _201\"/>lds as at th<span class=\"__1 _201\"/>e valuatio<span class=\"__1 _201\"/>n date on the as<span class=\"__1 _201\"/>sets b<span class=\"__1 _201\"/>ackin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> the po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s. Fo<span class=\"__1 _201\"/>r fixed intere<span class=\"__1 _201\"/>st se<span class=\"__1 _201\"/>curit<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>, the intern<span class=\"__1 _201\"/>al rate of retur<span class=\"__1 _201\"/>n of the ass<span class=\"__1 _201\"/>ets ba<span class=\"__1 _201\"/>cking th<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ties is us<span class=\"__1 _201\"/>ed.<span class=\"__1 _201\"/> Inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es are val<span class=\"__1 _201\"/>ued us<span class=\"__1 _201\"/>ing the re<span class=\"__1 _201\"/>dempti<span class=\"__1 _201\"/>on yie<span class=\"__1 _201\"/>ld. An a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>tment is m<span class=\"__1 _201\"/>ade to the y<span class=\"__1 _201\"/>ield o<span class=\"__1 _201\"/>n non ri<span class=\"__1 _201\"/>sk<span class=\"__1 _200\"/>-free fi<span class=\"__1 _201\"/>xed interes<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s and pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y to refle<span class=\"__1 _201\"/>ct cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k. Th<span class=\"__1 _201\"/>e credit r<span class=\"__1 _201\"/>isk all<span class=\"__1 _201\"/>owanc<span class=\"__1 _201\"/>e compr<span class=\"__1 _201\"/>ises a<span class=\"__1 _201\"/>n amoun<span class=\"__1 _201\"/>t for lon<span class=\"__1 _201\"/>g-term b<span class=\"__1 _201\"/>est e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ate<span class=\"__1 _32b\"> </span> def<span class=\"__1 _201\"/>aults an<span class=\"__1 _201\"/>d downg<span class=\"__1 _201\"/>rade<span class=\"__1 _201\"/>s, a prov<span class=\"__1 _201\"/>isio<span class=\"__1 _201\"/>n for cred<span class=\"__1 _201\"/>it risk p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>, and wh<span class=\"__1 _201\"/>ere app<span class=\"__1 _201\"/>ropri<span class=\"__1 _201\"/>ate an additi<span class=\"__1 _201\"/>onal sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term over<span class=\"__1 _201\"/>lay to refle<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/> prosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive out<span class=\"__1 _201\"/>look in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of exp<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ence ove<span class=\"__1 _201\"/>r the comi<span class=\"__1 _201\"/>ng per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding any un<span class=\"__1 _201\"/>cer<span class=\"__1 _201\"/>taint<span class=\"__1 _201\"/>y in o<span class=\"__1 _201\"/>utloo<span class=\"__1 _201\"/>k. Foll<span class=\"__1 _201\"/>owing a<span class=\"__1 _201\"/>dvers<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> down<span class=\"__1 _201\"/>grad<span class=\"__1 _201\"/>e exper<span class=\"__1 _201\"/>ienc<span class=\"__1 _201\"/>e over the lat<span class=\"__1 _201\"/>ter half of 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>, and d<span class=\"__1 _201\"/>eterior<span class=\"__1 _201\"/>ating futu<span class=\"__1 _201\"/>re outlo<span class=\"__1 _201\"/>ok for th<span class=\"__1 _201\"/>e UK ec<span class=\"__1 _201\"/>onomy, the sho<span class=\"__1 _201\"/>rt-term<span class=\"__1 _201\"/> allow<span class=\"__1 _201\"/>ance ha<span class=\"__1 _201\"/>s bee<span class=\"__1 _201\"/>n increas<span class=\"__1 _201\"/>ed for re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tin<span class=\"__1 _201\"/>g as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2. T<span class=\"__1 _201\"/>he tabl<span class=\"__1 _201\"/>e bel<span class=\"__1 _201\"/>ow shows th<span class=\"__1 _201\"/>e credit a<span class=\"__1 _201\"/>llowan<span class=\"__1 _201\"/>ce relati<span class=\"__1 _201\"/>ve to the<span class=\"__1 _32b\"> </span> overal<span class=\"__1 _201\"/>l sprea<span class=\"__1 _201\"/>d over swap<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>Period ended 31<span class=\"__1 _200\"/> December 2022<span class=\"__1 _402\"> </span><span class=\"ls50_1 ws60_1\">Shareholder<span class=\"__1 _f_1\"/>-backed an<span class=\"__1 _200\"/>nuities<span class=\"__1 _6c_1\"> </span><span class=\"ls2b_1 ws2b_1\">Annuit<span class=\"__1 _200\"/>ies in<span class=\"__1 _200\"/> With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span></span></span>Credit default allowance<span class=\"__1 _11f_1\"> </span><span class=\"ff1_1 ls1b_1 ws41_1\">47<span class=\"__1 _201\"/> bp<span class=\"__1 _201\"/>s<span class=\"__1 _1fe\"> </span><span class=\"ls6_1 ws1_1\">46 bps<span class=\"__1 _32b\"> </span></span></span>Ove<span class=\"__1 _201\"/>rall val<span class=\"__1 _201\"/>uation inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ate<span class=\"__1 _403\"> </span><span class=\"ff1_1 ls54_1 ws5c_1\">5.<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8%<span class=\"__1 _17b_1\"> </span><span class=\"ls19_1 ws18_1\">5.<span class=\"__1 _201\"/>32%<span class=\"__1 _32b\"> </span></span></span>Credi<span class=\"__1 _201\"/>t allowan<span class=\"__1 _201\"/>ce as pro<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of sprea<span class=\"__1 _201\"/>dover sw<span class=\"__1 _201\"/>aps<span class=\"__1 _334\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">20.3%<span class=\"__1 _404\"> </span><span class=\"ls1b_1 ws1a_1\">21<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _32b\"> </span></span></span>Net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce cre<span class=\"__1 _201\"/>dit rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve (\u00a3m)<span class=\"__1 _1f3\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">434<span class=\"__1 _405\"> </span><span class=\"ls40_1 ws44_1\">198<span class=\"__1 _32b\"> </span></span></span>Period ended 31<span class=\"__1 _200\"/> December 2021<span class=\"__1 _8b_1\"> </span><span class=\"ls50_1 ws60_1\">Shareholder<span class=\"__1 _f_1\"/>-backed<span class=\"__1 _200\"/> annuit<span class=\"__1 _200\"/>ies<span class=\"__1 _6c_1\"> </span><span class=\"ls2b_1 ws2b_1\">Annuities i<span class=\"__1 _200\"/>n With-Profits<span class=\"__1 _200\"/> Fund<span class=\"__1 _32b\"> </span></span></span>Credit default allowance<span class=\"__1 _406\"> </span><span class=\"ls6_1 ws1_1\">4<span class=\"__1 _201\"/>4 bps<span class=\"__1 _1fe\"> </span>40 b<span class=\"__1 _201\"/>ps<span class=\"__1 _32b\"> </span></span>Ove<span class=\"__1 _201\"/>rall val<span class=\"__1 _201\"/>uation inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ate<span class=\"__1 _407\"> </span><span class=\"ls40_1 ws44_1\">2.<span class=\"__1 _201\"/>23%<span class=\"__1 _408\"> </span><span class=\"ls42_1 ws46_1\">2.0<span class=\"__1 _201\"/>3%<span class=\"__1 _32b\"> </span></span></span>Credi<span class=\"__1 _201\"/>t allowan<span class=\"__1 _201\"/>ce as pro<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of sprea<span class=\"__1 _201\"/>d over swap<span class=\"__1 _201\"/>s<span class=\"__1 _1b8_1\"> </span><span class=\"ls42_1 ws46_1\">25.0<span class=\"__1 _201\"/>%<span class=\"__1 _409\"> </span><span class=\"ls81_1 ws98_1\">2<span class=\"__1 _250\"/>7.<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>%<span class=\"__1 _32b\"> </span></span></span>Net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce cre<span class=\"__1 _201\"/>dit rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve (\u00a3m)<span class=\"__1 _332\"> </span><span class=\"lsb_1 ws32_1\">727<span class=\"__1 _20a\"> </span><span class=\"lse_1 wsc_1\">312<span class=\"__1 _32b\"> </span></span></span>The d<span class=\"__1 _201\"/>ecrea<span class=\"__1 _201\"/>se in net of re<span class=\"__1 _201\"/>insur<span class=\"__1 _201\"/>ance res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ve is pr<span class=\"__1 _201\"/>imar<span class=\"__1 _201\"/>ily due to th<span class=\"__1 _201\"/>e increas<span class=\"__1 _201\"/>e in yie<span class=\"__1 _201\"/>lds sin<span class=\"__1 _201\"/>ce 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _201\"/>. The all<span class=\"__1 _201\"/>owanc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> for cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k within th<span class=\"__1 _201\"/>e valuati<span class=\"__1 _201\"/>on interes<span class=\"__1 _201\"/>t rate is of pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cular im<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tan<span class=\"__1 _201\"/>ce whe<span class=\"__1 _201\"/>n determ<span class=\"__1 _201\"/>ining p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d the<span class=\"__1 _201\"/> sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ity of I<span class=\"__1 _201\"/>FRS pro<span class=\"__1 _201\"/>fit af<span class=\"__1 _201\"/>ter tax to chan<span class=\"__1 _201\"/>ges in th<span class=\"__1 _201\"/>is ass<span class=\"__1 _201\"/>umption i<span class=\"__1 _201\"/>s shown i<span class=\"__1 _201\"/>n Note 33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Expenses<span class=\"__1 _32b\"> </span>Mainte<span class=\"__1 _201\"/>nance ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e assu<span class=\"__1 _201\"/>mptions a<span class=\"__1 _201\"/>re expres<span class=\"__1 _201\"/>sed a<span class=\"__1 _201\"/>s per p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y amoun<span class=\"__1 _201\"/>ts. T<span class=\"__1 _201\"/>hey are set b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on fore<span class=\"__1 _201\"/>cas<span class=\"__1 _201\"/>t expens<span class=\"__1 _201\"/>e levels<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> incl<span class=\"__1 _201\"/>uding an a<span class=\"__1 _201\"/>llowan<span class=\"__1 _201\"/>ce for on<span class=\"__1 _201\"/>goin<span class=\"__1 _201\"/>g investm<span class=\"__1 _201\"/>ent man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent expe<span class=\"__1 _201\"/>nses a<span class=\"__1 _201\"/>nd are all<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d bet<span class=\"__1 _201\"/>ween e<span class=\"__1 _201\"/>ntities a<span class=\"__1 _201\"/>nd prod<span class=\"__1 _201\"/>uct g<span class=\"__1 _201\"/>roups<span class=\"__1 _201\"/> in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with the G<span class=\"__1 _201\"/>roup\u2019s internal c<span class=\"__1 _201\"/>ost al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ation mo<span class=\"__1 _201\"/>del. A m<span class=\"__1 _201\"/>argin fo<span class=\"__1 _201\"/>r prud<span class=\"__1 _201\"/>ence i<span class=\"__1 _201\"/>s adde<span class=\"__1 _201\"/>d to this amo<span class=\"__1 _201\"/>unt. E<span class=\"__1 _201\"/>xpe<span class=\"__1 _201\"/>nse infl<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns are set co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent with th<span class=\"__1 _201\"/>e econ<span class=\"__1 _201\"/>omic b<span class=\"__1 _201\"/>asis an<span class=\"__1 _201\"/>d base<span class=\"__1 _201\"/>d on the infl<span class=\"__1 _201\"/>ation s<span class=\"__1 _201\"/>wap sp<span class=\"__1 _201\"/>ot cur<span class=\"__1 _201\"/>ve. Th<span class=\"__1 _201\"/>ese as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/> theref<span class=\"__1 _201\"/>ore take rece<span class=\"__1 _201\"/>nt increa<span class=\"__1 _201\"/>ses in in<span class=\"__1 _201\"/>flation into a<span class=\"__1 _201\"/>ccount<span class=\"__1 _201\"/>, and all<span class=\"__1 _201\"/>ow for the m<span class=\"__1 _201\"/>arket<span class=\"__1 _200\"/>-d<span class=\"__1 _201\"/>riven l<span class=\"__1 _201\"/>ong-te<span class=\"__1 _201\"/>rm view of f<span class=\"__1 _201\"/>uture infl<span class=\"__1 _201\"/>ation.<span class=\"__1 _201\"/> The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>ivit<span class=\"__1 _201\"/>y of IFR<span class=\"__1 _201\"/>S profi<span class=\"__1 _201\"/>t after ta<span class=\"__1 _201\"/>x to chang<span class=\"__1 _201\"/>es in main<span class=\"__1 _201\"/>tenance ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e levels i<span class=\"__1 _201\"/>s shown i<span class=\"__1 _201\"/>n Note 33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _32b\"> </span>26.2 Analysis o<span class=\"__1 _200\"/>f mo<span class=\"__1 _200\"/>vemen<span class=\"__1 _200\"/>ts in policy<span class=\"__1 _200\"/>holder liabilities<span class=\"__1 _200\"/> and unallocat<span class=\"__1 _200\"/>ed surplus<span class=\"__1 _200\"/> of the<span class=\"__1 _200\"/> With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>es sh<span class=\"__1 _201\"/>ow the movem<span class=\"__1 _201\"/>ent in p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s and una<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund by bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> comp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nt. Th<span class=\"__1 _201\"/>e analy<span class=\"__1 _201\"/>sis inc<span class=\"__1 _201\"/>ludes t<span class=\"__1 _201\"/>he impa<span class=\"__1 _201\"/>ct of pre<span class=\"__1 _201\"/>miums<span class=\"__1 _201\"/>, claim<span class=\"__1 _201\"/>s and inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t moveme<span class=\"__1 _201\"/>nts on p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t doe<span class=\"__1 _201\"/>s not rep<span class=\"__1 _201\"/>resent p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>s, cla<span class=\"__1 _201\"/>ims, a<span class=\"__1 _201\"/>nd inves<span class=\"__1 _201\"/>tment m<span class=\"__1 _201\"/>ovement<span class=\"__1 _201\"/>s as repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ted in the co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span> For examp<span class=\"__1 _201\"/>le, the p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>s shown b<span class=\"__1 _201\"/>elow exclu<span class=\"__1 _201\"/>de any de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tions f<span class=\"__1 _201\"/>or fee<span class=\"__1 _201\"/>s/<span class=\"__1 _f_1\"/>ch<span class=\"__1 _201\"/>arges<span class=\"__1 _201\"/>, as the t<span class=\"__1 _201\"/>able on<span class=\"__1 _201\"/>ly sh<span class=\"__1 _201\"/>ows the imp<span class=\"__1 _201\"/>act o<span class=\"__1 _201\"/>n the<span class=\"__1 _201\"/> insur<span class=\"__1 _201\"/>ance an<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t liabi<span class=\"__1 _201\"/>lities an<span class=\"__1 _201\"/>d unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surp<span class=\"__1 _201\"/>lus of the W<span class=\"__1 _201\"/>ith-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>. Claims (sur<span class=\"__1 _201\"/>rende<span class=\"__1 _201\"/>rs, m<span class=\"__1 _201\"/>aturitie<span class=\"__1 _201\"/>s and<span class=\"__1 _201\"/> death<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) repres<span class=\"__1 _201\"/>ent the li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y rel<span class=\"__1 _201\"/>ease<span class=\"__1 _201\"/>d rather th<span class=\"__1 _201\"/>an the cla<span class=\"__1 _201\"/>im amou<span class=\"__1 _201\"/>nt paid to the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder.<span class=\"__1 _32b\"> </span>26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls55_1 ws5e_1\">2<span class=\"__1 _201\"/>51<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Shareholder<span class=\"__1 _f_1\"/>-backed <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>funds and subsidiaries<span class=\"__1 _222\"> </span><span class=\"ls5_1 ws1_1\"> <span class=\"__1 _14a_1\"> </span> <span class=\"__1 _b0_1\"> </span> </span>With-profits<span class=\"__1 _32b\"> </span> sub-funds<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unit-link<span class=\"__1 _200\"/>ed <span class=\"ls5_1 ws1_1\"> </span>liabilities<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Annuity <span class=\"ls5_1 ws1_1\"> </span>and ot<span class=\"__1 _200\"/>her <span class=\"ls5_1 ws1_1\"> </span>long-term <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>business<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Reinsurance<span class=\"__1 _32b\"> </span>ii, vi<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net t<span class=\"__1 _201\"/>otal<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2021<span class=\"__1 _20c\"> </span><span class=\"ff2_1 lse_1 wsc_1\">136<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>87<span class=\"__1 _1c_1\"> </span><span class=\"ls7_1 ws5_1\">20,4<span class=\"__1 _201\"/>55<span class=\"__1 _18a_1\"> </span>30,<span class=\"__1 _201\"/>599<span class=\"__1 _327\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>1<span class=\"__1 _345\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>61<span class=\"__1 _201\"/>)<span class=\"__1 _20d\"> </span><span class=\"ls56_1 ws5f_1\">175<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>80<span class=\"__1 _32b\"> </span></span></span></span></span></span>Comprising:<span class=\"__1 _32b\"> </span>Insuranc<span class=\"__1 _201\"/>e contract liabilities<span class=\"__1 _20e\"> </span><span class=\"ls43_1 ws47_1\">41<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _204\"> </span><span class=\"ls15_1 ws14_1\">4,<span class=\"__1 _201\"/>987<span class=\"__1 _4c_1\"> </span><span class=\"ls42_1 ws46_1\">30,<span class=\"__1 _201\"/>491<span class=\"__1 _1c_1\"> </span><span class=\"ls23_1 ws22_1\">76,<span class=\"__1 _201\"/>650<span class=\"__1 _32b\"> </span></span></span></span></span>Investment contra<span class=\"__1 _201\"/>ct liabilities with DPF<span class=\"__1 _20f\"> </span><span class=\"ls7_1 ws5_1\">79,<span class=\"__1 _201\"/>592<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>31<span class=\"__1 _4c_1\"> </span><span class=\"ls7_1 ws5_1\">79,62<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span>Investment contra<span class=\"__1 _201\"/>ct liabilities witho<span class=\"__1 _201\"/>ut DPF<span class=\"__1 _410\"> </span><span class=\"ls5_1 ws1_1\">2<span class=\"__1 _4c_1\"> </span><span class=\"ls1f_1 ws1e_1\">15,468<span class=\"__1 _232\"> </span><span class=\"ls7a_1 ws6b_1\">77<span class=\"__1 _217\"> </span><span class=\"ls45_1 ws49_1\">1<span class=\"__1 _201\"/>5,<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>47<span class=\"__1 _32b\"> </span></span></span></span></span>Unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _3c_1\"> </span><span class=\"ls40_1 ws44_1\">15,621<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>15,621<span class=\"__1 _32b\"> </span>Net Flows:<span class=\"__1 _32b\"> </span>Premiums<span class=\"__1 _411\"> </span><span class=\"ls27_1 ws27_1\">4,505<span class=\"__1 _5d_1\"> </span><span class=\"ls45_1 ws49_1\">1,<span class=\"__1 _201\"/>471<span class=\"__1 _228\"> </span><span class=\"ls4d_1 ws54_1\">157<span class=\"__1 _14d_1\"> </span><span class=\"ls43_1 ws47_1\">6<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span></span></span></span></span>Surrenders<span class=\"__1 _1f9\"> </span><span class=\"ls1f_1 ws1e_1\">(6,480<span class=\"__1 _f_1\"/>)<span class=\"__1 _210\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1)<span class=\"__1 _252\"> </span><span class=\"ls52_1 ws5a_1\">(91)<span class=\"__1 _18a_1\"> </span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>80<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span></span></span></span>Matur<span class=\"__1 _201\"/>ities/deaths<span class=\"__1 _412\"> </span><span class=\"ls29_1 ws29_1\">(<span class=\"__1 _f_1\"/>4,334)<span class=\"__1 _14d_1\"> </span><span class=\"ls1c_1 ws43_1\">(<span class=\"__1 _200\"/>628)<span class=\"__1 _210\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>9)<span class=\"__1 _210\"> </span><span class=\"ls4a_1 ws50_1\">(6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>41)<span class=\"__1 _32b\"> </span></span></span></span></span>Net<span class=\"__1 _201\"/> flows<span class=\"__1 _413\"> </span><span class=\"ff2_1 ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>09)<span class=\"__1 _1c_1\"> </span><span class=\"ls5_1 ws1_1\">(2,388<span class=\"__1 _f_1\"/>)<span class=\"__1 _206\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>13<span class=\"__1 _201\"/>)<span class=\"__1 _258\"> </span><span class=\"ls4d_1 ws54_1\">(10,610)<span class=\"__1 _32b\"> </span></span></span></span></span>Corporate t<span class=\"__1 _200\"/>ransactions<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>598<span class=\"__1 _1cf_1\"> </span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>55<span class=\"__1 _201\"/>8)<span class=\"__1 _213\"> </span><span class=\"ls18_1 ws17_1\">(8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>60)<span class=\"__1 _32b\"> </span></span></span>Shareholders<span class=\"__1 _200\"/>\u2019 tran<span class=\"__1 _200\"/>sfers post<span class=\"__1 _200\"/>-t<span class=\"__1 _200\"/>ax<span class=\"__1 _414\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>8)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>8)<span class=\"__1 _32b\"> </span>Swit<span class=\"__1 _200\"/>ches<span class=\"__1 _218\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>1)<span class=\"__1 _256\"> </span><span class=\"lsc_1 wsa_1\">31<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Assumption changes<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>47<span class=\"__1 _201\"/>)<span class=\"__1 _3f_1\"> </span>(3<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment-relate<span class=\"__1 _201\"/>d items and oth<span class=\"__1 _201\"/>er move<span class=\"__1 _201\"/>ments<span class=\"__1 _415\"> </span><span class=\"ls3f_1 ws41_1\">8,960<span class=\"__1 _1a_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>3<span class=\"__1 _c_1\"> </span><span class=\"ls27_1 ws27_1\">3<span class=\"__1 _201\"/>50<span class=\"__1 _249\"> </span><span class=\"ls4d_1 ws54_1\">10,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>83<span class=\"__1 _32b\"> </span></span></span></span></span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _201\"/> <span class=\"__1 _e6_1\"> </span><span class=\"ls18_1 ws17_1\">(8<span class=\"__1 _201\"/>0)<span class=\"__1 _c_1\"> </span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>(13<span class=\"__1 _250\"/>6)<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 2021/<span class=\"__1 _f_1\"/>A<span class=\"__1 _201\"/>s at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _416\"> </span><span class=\"ls2a_1 ws2a_1\">138<span class=\"__1 _201\"/>,62<span class=\"__1 _201\"/>9<span class=\"__1 _245\"> </span>19<span class=\"__1 _201\"/>,813<span class=\"__1 _282\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>1<span class=\"__1 _258\"> </span><span class=\"ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>3<span class=\"__1 _252\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>9)<span class=\"__1 _2d_1\"> </span><span class=\"ls4d_1 ws54_1\">175,<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span></span></span>Comprising:<span class=\"__1 _32b\"> </span>Insuranc<span class=\"__1 _201\"/>e contract liabilities<span class=\"__1 _ac_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">39,<span class=\"__1 _201\"/>203<span class=\"__1 _211\"> </span>4<span class=\"__1 _201\"/>,978<span class=\"__1 _1c_1\"> </span><span class=\"lsc_1 wsa_1\">19,0<span class=\"__1 _201\"/>42<span class=\"__1 _290\"> </span><span class=\"lsb_1 ws32_1\">63,<span class=\"__1 _201\"/>223<span class=\"__1 _32b\"> </span></span></span></span>Investment contra<span class=\"__1 _201\"/>ct liabilities with DPF<span class=\"__1 _405\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">8<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,70<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>43<span class=\"__1 _18a_1\"> </span><span class=\"ls43_1 ws47_1\">8<span class=\"__1 _201\"/>2<span class=\"__1 _e7_1\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span>Investment contra<span class=\"__1 _201\"/>ct liabilities witho<span class=\"__1 _201\"/>ut DPF<span class=\"__1 _5c_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">3<span class=\"__1 _18a_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>83<span class=\"__1 _201\"/>5<span class=\"__1 _1d_1\"> </span><span class=\"ls10_1 wsf_1\">46<span class=\"__1 _290\"> </span></span>14<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>88<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>Unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _417\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">16<span class=\"__1 _201\"/>,72<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>16<span class=\"__1 _201\"/>,72<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span>Net Flows:<span class=\"__1 _32b\"> </span>Premiums<span class=\"__1 _411\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">6,<span class=\"__1 _201\"/>270<span class=\"__1 _253\"> </span><span class=\"ls15_1 ws14_1\">87<span class=\"__1 _201\"/>7<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">148<span class=\"__1 _204\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span>Surrenders<span class=\"__1 _365\"> </span><span class=\"ff1_1 ls11_1 ws10_1\">(6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>6)<span class=\"__1 _290\"> </span><span class=\"ls3f_1 ws41_1\">(2,<span class=\"__1 _201\"/>273)<span class=\"__1 _237\"> </span><span class=\"ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>1)<span class=\"__1 _216\"> </span><span class=\"ls3c_1 ws3d_1\">(8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>20)<span class=\"__1 _32b\"> </span></span></span></span></span>Matur<span class=\"__1 _201\"/>ities/deaths<span class=\"__1 _19c_1\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _3f_1\"> </span><span class=\"ls3c_1 ws3d_1\">(<span class=\"__1 _201\"/>517<span class=\"__1 _201\"/>)<span class=\"__1 _245\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>1)<span class=\"__1 _213\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>75)<span class=\"__1 _32b\"> </span></span></span></span></span>Net<span class=\"__1 _201\"/> flows<span class=\"__1 _16b_1\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _250\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3)<span class=\"__1 _245\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _217\"> </span><span class=\"ls24_1 ws23_1\">(<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>)<span class=\"__1 _327\"> </span><span class=\"ls49_1 ws4f_1\">(<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>Corporate t<span class=\"__1 _200\"/>ransactions<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Shareholders<span class=\"__1 _200\"/>\u2019 tran<span class=\"__1 _200\"/>sfers post<span class=\"__1 _200\"/>-t<span class=\"__1 _200\"/>ax<span class=\"__1 _414\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>61<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>61)<span class=\"__1 _32b\"> </span>Swit<span class=\"__1 _200\"/>ches<span class=\"__1 _1df_1\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _250\"/>4)<span class=\"__1 _345\"> </span><span class=\"ls34_1 ws35_1\">44<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Assumption changes<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(275<span class=\"__1 _201\"/>)<span class=\"__1 _240\"> </span>(275)<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment-relate<span class=\"__1 _201\"/>d items and oth<span class=\"__1 _201\"/>er move<span class=\"__1 _201\"/>ments<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>(<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _1c_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _1c_1\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _b1_1\"> </span></span>(1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _201\"/> <span class=\"__1 _418\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">86<span class=\"__1 _1d_1\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _252\"> </span><span class=\"ls45_1 ws49_1\">113<span class=\"__1 _32b\"> </span></span></span></span></span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _418\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>5,971<span class=\"__1 _206\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>4<span class=\"__1 _210\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>81<span class=\"__1 _b1_1\"> </span><span class=\"ls15_1 ws14_1\">155,4<span class=\"__1 _201\"/>66<span class=\"__1 _288\"> </span><span class=\"ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>4)<span class=\"__1 _2d_1\"> </span></span></span></span></span>15<span class=\"__1 _201\"/>4,<span class=\"__1 _201\"/>522<span class=\"__1 _32b\"> </span></span>Comprising:<span class=\"__1 _32b\"> </span>Insuranc<span class=\"__1 _201\"/>e contract liabilities<span class=\"__1 _ac_1\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">32<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>299<span class=\"__1 _204\"> </span><span class=\"ls23_1 ws22_1\">4,<span class=\"__1 _201\"/>214<span class=\"__1 _4c_1\"> </span><span class=\"ls2a_1 ws2a_1\">13,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>92<span class=\"__1 _216\"> </span><span class=\"ls32_1 ws33_1\">49,<span class=\"__1 _201\"/>805<span class=\"__1 _32b\"> </span></span></span></span></span>Investment contra<span class=\"__1 _201\"/>ct liabilities with DPF<span class=\"__1 _299\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">78,<span class=\"__1 _201\"/>539<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>55<span class=\"__1 _290\"> </span><span class=\"ls1c_1 ws43_1\">78,<span class=\"__1 _201\"/>594<span class=\"__1 _32b\"> </span></span>Investment contra<span class=\"__1 _201\"/>ct liabilities witho<span class=\"__1 _201\"/>ut DPF<span class=\"__1 _5c_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">3<span class=\"__1 _18a_1\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>0<span class=\"__1 _1d_1\"> </span><span class=\"ls53_1 ws5b_1\">34<span class=\"__1 _210\"> </span></span>11,<span class=\"__1 _201\"/>93<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></span>Unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _c0_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es th<span class=\"__1 _201\"/>e WPS<span class=\"__1 _201\"/>F<span class=\"__1 _200\"/>, the DC<span class=\"__1 _201\"/>PS<span class=\"__1 _201\"/>F and th<span class=\"__1 _201\"/>e SAI<span class=\"__1 _201\"/>F<span class=\"__1 _f_1\"/>, i<span class=\"__1 _201\"/>nclu<span class=\"__1 _201\"/>din<span class=\"__1 _201\"/>g the no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>profi<span class=\"__1 _201\"/>t bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss w<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>ten wi<span class=\"__1 _201\"/>thin t<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e fun<span class=\"__1 _201\"/>ds. O<span class=\"__1 _201\"/>n 1 Ap<span class=\"__1 _201\"/>ril 20<span class=\"__1 _201\"/>21 the c<span class=\"__1 _201\"/>los<span class=\"__1 _201\"/>ed SA<span class=\"__1 _201\"/>IF fu<span class=\"__1 _201\"/>nd me<span class=\"__1 _201\"/>rge<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> wit<span class=\"__1 _201\"/>h P<span class=\"__1 _200\"/>AC\u2019s mai<span class=\"__1 _201\"/>n WPS<span class=\"__1 _201\"/>F and t<span class=\"__1 _201\"/>he as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and l<span class=\"__1 _201\"/>iabi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es of SA<span class=\"__1 _201\"/>IF co<span class=\"__1 _201\"/>mbi<span class=\"__1 _201\"/>ned w<span class=\"__1 _201\"/>ith th<span class=\"__1 _201\"/>ose of t<span class=\"__1 _201\"/>he WP<span class=\"__1 _201\"/>SF<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>ii  <span class=\"__1 _5a_1\"> </span>Rei<span class=\"__1 _201\"/>nsur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es Re<span class=\"__1 _201\"/>insu<span class=\"__1 _201\"/>ran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s of \u00a31,186m n<span class=\"__1 _201\"/>et of l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y sw<span class=\"__1 _201\"/>ap lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s of \u00a324<span class=\"__1 _201\"/>2m (31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 2<span class=\"__1 _201\"/>021: \u00a3174m)<span class=\"__1 _32b\"> </span> inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>ed in Ac<span class=\"__1 _201\"/>cru<span class=\"__1 _201\"/>als<span class=\"__1 _201\"/>, def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d inc<span class=\"__1 _201\"/>ome a<span class=\"__1 _201\"/>nd oth<span class=\"__1 _201\"/>er li<span class=\"__1 _201\"/>abil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s on th<span class=\"__1 _201\"/>e con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>date<span class=\"__1 _201\"/>d sta<span class=\"__1 _201\"/>teme<span class=\"__1 _201\"/>nt of fin<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>ial po<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on an<span class=\"__1 _201\"/>d in No<span class=\"__1 _201\"/>te 30, b<span class=\"__1 _201\"/>ut prev<span class=\"__1 _201\"/>io<span class=\"__1 _201\"/>usly p<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>ente<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> in Re<span class=\"__1 _201\"/>insu<span class=\"__1 _201\"/>ran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s. Fo<span class=\"__1 _201\"/>r the c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>arati<span class=\"__1 _201\"/>ve pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>ds al<span class=\"__1 _201\"/>l rein<span class=\"__1 _201\"/>sura<span class=\"__1 _201\"/>nce i<span class=\"__1 _201\"/>s pres<span class=\"__1 _201\"/>ente<span class=\"__1 _201\"/>d in Re<span class=\"__1 _201\"/>ins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Cor<span class=\"__1 _201\"/>po<span class=\"__1 _201\"/>rate tr<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>ion<span class=\"__1 _201\"/>s in 202<span class=\"__1 _201\"/>1 relat<span class=\"__1 _201\"/>es to the i<span class=\"__1 _201\"/>mpa<span class=\"__1 _201\"/>ct of t<span class=\"__1 _201\"/>he Pa<span class=\"__1 _201\"/>rt V<span class=\"__1 _201\"/>II tr<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>fer of a<span class=\"__1 _201\"/>nnu<span class=\"__1 _201\"/>ity b<span class=\"__1 _201\"/>usi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s to Roth<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>ay Lif<span class=\"__1 _201\"/>e PLC whi<span class=\"__1 _201\"/>ch de<span class=\"__1 _201\"/>crea<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d annu<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y and ot<span class=\"__1 _201\"/>her<span class=\"__1 _201\"/> lo<span class=\"__1 _201\"/>ng-te<span class=\"__1 _201\"/>rm bu<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>s by \u00a39,<span class=\"__1 _201\"/>55<span class=\"__1 _201\"/>8m an<span class=\"__1 _201\"/>d red<span class=\"__1 _201\"/>uce<span class=\"__1 _201\"/>d the re<span class=\"__1 _201\"/>ins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set b<span class=\"__1 _201\"/>y \u00a39,<span class=\"__1 _201\"/>55<span class=\"__1 _201\"/>8m<span class=\"__1 _201\"/>, and th<span class=\"__1 _201\"/>e acq<span class=\"__1 _201\"/>uisi<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of MG<span class=\"__1 _201\"/>SA whi<span class=\"__1 _201\"/>ch in<span class=\"__1 _201\"/>crea<span class=\"__1 _201\"/>sed u<span class=\"__1 _201\"/>nit-lin<span class=\"__1 _201\"/>ked lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s by<span class=\"__1 _32b\"> </span> \u00a3598m.<span class=\"__1 _32b\"> </span>iv <span class=\"__1 _285\"> </span>Refe<span class=\"__1 _201\"/>r to bre<span class=\"__1 _201\"/>akdow<span class=\"__1 _201\"/>n of as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tion c<span class=\"__1 _201\"/>han<span class=\"__1 _201\"/>ges b<span class=\"__1 _201\"/>elo<span class=\"__1 _201\"/>w.<span class=\"__1 _32b\"> </span> v <span class=\"__1 _6c_1\"> </span>Re<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n over 20<span class=\"__1 _201\"/>22 p<span class=\"__1 _201\"/>rima<span class=\"__1 _201\"/>ril<span class=\"__1 _201\"/>y refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of a<span class=\"__1 _201\"/>dve<span class=\"__1 _201\"/>rse m<span class=\"__1 _201\"/>arket m<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s over th<span class=\"__1 _201\"/>e year, in pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>icul<span class=\"__1 _201\"/>ar the s<span class=\"__1 _201\"/>ign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant r<span class=\"__1 _201\"/>ise i<span class=\"__1 _201\"/>n intere<span class=\"__1 _201\"/>st r<span class=\"__1 _201\"/>ates<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>vi <span class=\"__1 _285\"> </span>Th<span class=\"__1 _201\"/>e redu<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on ove<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 is dr<span class=\"__1 _201\"/>ive<span class=\"__1 _201\"/>n by the s<span class=\"__1 _201\"/>ame f<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tors a<span class=\"__1 _201\"/>s the un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>ly<span class=\"__1 _201\"/>ing li<span class=\"__1 _201\"/>abil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s, n<span class=\"__1 _201\"/>ame<span class=\"__1 _201\"/>ly th<span class=\"__1 _201\"/>e ris<span class=\"__1 _201\"/>e in inte<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>t rates a<span class=\"__1 _201\"/>nd we<span class=\"__1 _201\"/>akenin<span class=\"__1 _201\"/>g of th<span class=\"__1 _201\"/>e annu<span class=\"__1 _201\"/>itan<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> mor<span class=\"__1 _201\"/>tality basis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> 26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>252<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>The t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s below s<span class=\"__1 _201\"/>et out th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t of as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>n chang<span class=\"__1 _201\"/>es on gros<span class=\"__1 _201\"/>s po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilities ove<span class=\"__1 _201\"/>r the cur<span class=\"__1 _201\"/>rent and p<span class=\"__1 _201\"/>reviou<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting pe<span class=\"__1 _201\"/>riod<span class=\"__1 _201\"/>. The im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profits Fun<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties is off<span class=\"__1 _201\"/>set by a co<span class=\"__1 _201\"/>rres<span class=\"__1 _201\"/>pond<span class=\"__1 _201\"/>ing redu<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on in the un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus<span class=\"__1 _201\"/> of the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund a<span class=\"__1 _201\"/>nd is the<span class=\"__1 _201\"/>refore rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ted as \u00a3nil i<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>e above.<span class=\"__1 _32b\"> </span>Assumption ch<span class=\"__1 _200\"/>anges impact on<span class=\"__1 _200\"/> shareholder<span class=\"__1 _f_1\"/>-backed business<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Longevity<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>(29<span class=\"__1 _201\"/>2)<span class=\"__1 _7d_1\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>20<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Expenses (including i<span class=\"__1 _200\"/>nvestment<span class=\"__1 _200\"/> management<span class=\"__1 _200\"/> expenses<span class=\"__1 _200\"/>)<span class=\"__1 _419\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">17<span class=\"__1 _288\"> </span></span><span class=\"ls5b_1 ws67_1\">(8)<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _2f_1\"> </span><span class=\"ls21_1 ws20_1\">(27<span class=\"__1 _201\"/>5)<span class=\"__1 _7d_1\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Assumption ch<span class=\"__1 _200\"/>anges impact on<span class=\"__1 _200\"/> With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>offset by<span class=\"__1 _200\"/> opposite<span class=\"__1 _200\"/> movement<span class=\"__1 _200\"/> in un<span class=\"__1 _200\"/>allocated su<span class=\"__1 _200\"/>rplus<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Longevity<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8)<span class=\"__1 _253\"> </span><span class=\"ff2_1 ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span>Persistency<span class=\"__1 _21a\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">99<span class=\"__1 _e_1\"> </span></span><span class=\"ls11_1 ws10_1\">116<span class=\"__1 _32b\"> </span></span>Expenses (including i<span class=\"__1 _200\"/>nvestment<span class=\"__1 _200\"/> management<span class=\"__1 _200\"/> expenses<span class=\"__1 _200\"/>)<span class=\"__1 _21b\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">210<span class=\"__1 _345\"> </span></span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>17<span class=\"__1 _288\"> </span><span class=\"ff2_1 ls5b_1 ws67_1\">(8)<span class=\"__1 _32b\"> </span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _21c\"> </span><span class=\"ls16_1 ws15_1\">48<span class=\"__1 _228\"> </span><span class=\"ff2_1 ls18_1 ws17_1\">(50)<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e net of r<span class=\"__1 _201\"/>eins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>ts of l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>evi<span class=\"__1 _201\"/>ty a<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>mpti<span class=\"__1 _201\"/>on cha<span class=\"__1 _201\"/>nge<span class=\"__1 _201\"/>s, a<span class=\"__1 _201\"/>s set o<span class=\"__1 _201\"/>ut in th<span class=\"__1 _201\"/>e Busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s an<span class=\"__1 _201\"/>d Fina<span class=\"__1 _201\"/>ncia<span class=\"__1 _201\"/>l revi<span class=\"__1 _201\"/>ew, are \u00a3(193)<span class=\"__1 _201\"/>m in 20<span class=\"__1 _201\"/>22 an<span class=\"__1 _201\"/>d \u00a3(125)m<span class=\"__1 _201\"/> in 2021.<span class=\"__1 _32b\"> </span> ii <span class=\"__1 _2e_1\"> </span>\u2018O<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r\u2019 c<span class=\"__1 _201\"/>atego<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es no<span class=\"__1 _201\"/>n-a<span class=\"__1 _201\"/>nnui<span class=\"__1 _201\"/>tant m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, mo<span class=\"__1 _201\"/>rbi<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/>y, and ju<span class=\"__1 _201\"/>dge<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>al as<span class=\"__1 _201\"/>sum<span class=\"__1 _201\"/>ptio<span class=\"__1 _201\"/>n chan<span class=\"__1 _201\"/>ges i<span class=\"__1 _201\"/>n res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e lon<span class=\"__1 _201\"/>g-te<span class=\"__1 _201\"/>rm vi<span class=\"__1 _201\"/>ew of cre<span class=\"__1 _201\"/>dit r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Any i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t re<span class=\"__1 _201\"/>latin<span class=\"__1 _201\"/>g to chan<span class=\"__1 _201\"/>ge<span class=\"__1 _201\"/>s in tho<span class=\"__1 _201\"/>se co<span class=\"__1 _201\"/>mpo<span class=\"__1 _201\"/>nen<span class=\"__1 _201\"/>ts of th<span class=\"__1 _201\"/>e cred<span class=\"__1 _201\"/>it def<span class=\"__1 _201\"/>aul<span class=\"__1 _201\"/>t allo<span class=\"__1 _201\"/>wan<span class=\"__1 _201\"/>ce that a<span class=\"__1 _201\"/>re not s<span class=\"__1 _201\"/>ubj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive b<span class=\"__1 _201\"/>ut are p<span class=\"__1 _201\"/>urel<span class=\"__1 _201\"/>y mar<span class=\"__1 _201\"/>ket-dr<span class=\"__1 _201\"/>iven a<span class=\"__1 _201\"/>re all<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ated to<span class=\"__1 _201\"/> \u2018investment<span class=\"__1 _f_1\"/>-related it<span class=\"__1 _200\"/>ems and<span class=\"__1 _200\"/> other<span class=\"__1 _200\"/> movements<span class=\"__1 _200\"/>\u2019<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of lon<span class=\"__1 _201\"/>gevit<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>on update<span class=\"__1 _201\"/>s over the rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ting p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d refle<span class=\"__1 _201\"/>cts th<span class=\"__1 _201\"/>e weakenin<span class=\"__1 _201\"/>g of the bas<span class=\"__1 _201\"/>is for sh<span class=\"__1 _201\"/>arehol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/> and p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder b<span class=\"__1 _201\"/>acked annu<span class=\"__1 _201\"/>ity b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of lowe<span class=\"__1 _201\"/>r future im<span class=\"__1 _201\"/>proveme<span class=\"__1 _201\"/>nts in mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, as set ou<span class=\"__1 _201\"/>t in<span class=\"__1 _32b\"> </span> 26.1.3<span class=\"__1 _201\"/>. Persi<span class=\"__1 _201\"/>stenc<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns were als<span class=\"__1 _201\"/>o update<span class=\"__1 _201\"/>d for the yea<span class=\"__1 _201\"/>r ende<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 for a num<span class=\"__1 _201\"/>ber of wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits pro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> line<span class=\"__1 _201\"/>s in orde<span class=\"__1 _201\"/>r to reflec<span class=\"__1 _201\"/>t eme<span class=\"__1 _201\"/>rging exp<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ence. T<span class=\"__1 _201\"/>he imp<span class=\"__1 _201\"/>act in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of exp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>e assum<span class=\"__1 _201\"/>ption ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s predo<span class=\"__1 _201\"/>minatel<span class=\"__1 _201\"/>y refle<span class=\"__1 _201\"/>cts th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> impa<span class=\"__1 _201\"/>ct of hi<span class=\"__1 _201\"/>gher s<span class=\"__1 _201\"/>alar<span class=\"__1 _201\"/>y an<span class=\"__1 _201\"/>d cost i<span class=\"__1 _201\"/>nflatio<span class=\"__1 _201\"/>n. The \u2018ot<span class=\"__1 _201\"/>her\u2019 c<span class=\"__1 _201\"/>atego<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y inclu<span class=\"__1 _201\"/>des th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t of the in<span class=\"__1 _201\"/>crease i<span class=\"__1 _201\"/>n the lon<span class=\"__1 _201\"/>g-term su<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>tive<span class=\"__1 _201\"/> (non-<span class=\"__1 _201\"/>market dri<span class=\"__1 _201\"/>ven) compo<span class=\"__1 _201\"/>nent<span class=\"__1 _201\"/>s of the cred<span class=\"__1 _201\"/>it defa<span class=\"__1 _201\"/>ult allow<span class=\"__1 _201\"/>ance.<span class=\"__1 _201\"/> Fur<span class=\"__1 _201\"/>ther ana<span class=\"__1 _201\"/>lysis o<span class=\"__1 _201\"/>f the movem<span class=\"__1 _201\"/>ent in the G<span class=\"__1 _201\"/>roup\u2019s insura<span class=\"__1 _201\"/>nce co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t liabili<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>, reinsu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>, invest<span class=\"__1 _201\"/>ment co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t liabil<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/> and un<span class=\"__1 _201\"/>allo<span class=\"__1 _201\"/>cated su<span class=\"__1 _201\"/>rplus of th<span class=\"__1 _201\"/>e With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund is prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d belo<span class=\"__1 _201\"/>w<span class=\"__1 _200\"/>. The m<span class=\"__1 _201\"/>oveme<span class=\"__1 _201\"/>nt in thes<span class=\"__1 _201\"/>e items is pre<span class=\"__1 _201\"/>domi<span class=\"__1 _201\"/>nantly a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated<span class=\"__1 _201\"/> to the \u201cb<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts and c<span class=\"__1 _201\"/>laims an<span class=\"__1 _201\"/>d moveme<span class=\"__1 _201\"/>nt in unall<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ated surp<span class=\"__1 _201\"/>lus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund, net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce\u201d line in th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment, a<span class=\"__1 _201\"/>lthou<span class=\"__1 _201\"/>gh cer<span class=\"__1 _201\"/>tain m<span class=\"__1 _201\"/>ovemen<span class=\"__1 _201\"/>ts such a<span class=\"__1 _201\"/>s premium<span class=\"__1 _201\"/>s recei<span class=\"__1 _201\"/>ved an<span class=\"__1 _201\"/>d claims p<span class=\"__1 _201\"/>aid on inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s witho<span class=\"__1 _201\"/>ut DPF<span class=\"__1 _f_1\"/>, a<span class=\"__1 _201\"/>re not charg<span class=\"__1 _201\"/>ed to the co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span>26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls48_1 ws4e_1\">253<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Insurance <span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> contracts<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unallocated <span class=\"ls5_1 ws1_1\"> </span>sur<span class=\"__1 _201\"/>plu<span class=\"__1 _201\"/>s of the<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>With-Profits <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Fun<span class=\"__1 _201\"/>d<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Reinsurers<span class=\"__1 _200\"/>\u2019<span class=\"__1 _32b\"> </span> Share<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2021<span class=\"__1 _21d\"> </span><span class=\"ff2_1 ls23_1 ws22_1\">76,<span class=\"__1 _201\"/>650<span class=\"__1 _208\"> </span><span class=\"ls43_1 ws47_1\">9<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>0<span class=\"__1 _237\"> </span><span class=\"ls40_1 ws44_1\">15,621<span class=\"__1 _208\"> </span><span class=\"lsa_1 ws8_1\">(11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>76<span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span></span></span></span></span>Additions arising on acquisitions<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>598<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b8_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Inco<span class=\"__1 _201\"/>me and ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e inclu<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>(13<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>6)<span class=\"__1 _240\"> </span><span class=\"ls16_1 ws15_1\">3,556<span class=\"__1 _228\"> </span><span class=\"ls42_1 ws46_1\">1,052<span class=\"__1 _242\"> </span><span class=\"ls4d_1 ws54_1\">10,08<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span></span>Other movemen<span class=\"__1 _200\"/>ts includi<span class=\"__1 _200\"/>ng amounts<span class=\"__1 _200\"/> included in<span class=\"__1 _200\"/> other<span class=\"__1 _200\"/> comprehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>5<span class=\"__1 _14d_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _12f_1\"> </span></span>2<span class=\"__1 _13d_1\"> </span>6<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n exchange tr<span class=\"__1 _201\"/>anslati<span class=\"__1 _201\"/>on diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es<span class=\"__1 _21e\"> </span><span class=\"ls5b_1 ws67_1\">(<span class=\"__1 _201\"/>76)<span class=\"__1 _219\"> </span><span class=\"ls8_1 ws6_1\">(57<span class=\"__1 _201\"/>)<span class=\"__1 _311\"> </span><span class=\"ls34_1 ws35_1\">48<span class=\"__1 _367\"> </span><span class=\"ls33_1 ws34_1\">(<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span></span></span></span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 2021/<span class=\"__1 _f_1\"/>A<span class=\"__1 _201\"/>s at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _326\"> </span><span class=\"lsb_1 ws32_1\">63<span class=\"__1 _201\"/>,223<span class=\"__1 _1d8_1\"> </span><span class=\"ls49_1 ws4f_1\">9<span class=\"__1 _250\"/>7,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>7<span class=\"__1 _212\"> </span><span class=\"ls33_1 ws34_1\">16<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>23<span class=\"__1 _204\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span></span></span></span>Inco<span class=\"__1 _201\"/>me and ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e inclu<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment<span class=\"__1 _21f\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _248\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>3)<span class=\"__1 _3f_1\"> </span></span>(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>9)<span class=\"__1 _239\"> </span><span class=\"lsb_1 ws32_1\">735<span class=\"__1 _32b\"> </span></span></span>Other movemen<span class=\"__1 _200\"/>ts includi<span class=\"__1 _200\"/>ng amounts<span class=\"__1 _200\"/> included in<span class=\"__1 _200\"/> other<span class=\"__1 _200\"/> comprehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>116<span class=\"__1 _4a_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>3)<span class=\"__1 _13d_1\"> </span><span class=\"ls56_1 ws5f_1\">(2)<span class=\"__1 _f7_1\"> </span></span>(15<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Foreig<span class=\"__1 _201\"/>n exchange tr<span class=\"__1 _201\"/>anslati<span class=\"__1 _201\"/>on diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es<span class=\"__1 _420\"> </span><span class=\"ff1_1 ls5_1\">3<span class=\"__1 _224\"> </span><span class=\"ls22_1 ws21_1\">30<span class=\"__1 _13d_1\"> </span><span class=\"ls15_1 ws14_1\">98<span class=\"__1 _13d_1\"> </span></span></span>5<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _421\"> </span><span class=\"ls32_1 ws33_1\">49,<span class=\"__1 _201\"/>805<span class=\"__1 _282\"> </span><span class=\"ls19_1 ws18_1\">90,<span class=\"__1 _201\"/>531<span class=\"__1 _212\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>0<span class=\"__1 _237\"> </span><span class=\"ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span></span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>is com<span class=\"__1 _201\"/>pri<span class=\"__1 _201\"/>ses i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts w<span class=\"__1 _201\"/>ith di<span class=\"__1 _201\"/>scre<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>icip<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n featu<span class=\"__1 _201\"/>res of \u00a3<span class=\"__1 _201\"/>78<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>594<span class=\"__1 _201\"/>m as at 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 (2<span class=\"__1 _201\"/>021: \u00a3<span class=\"__1 _201\"/>82<span class=\"__1 _201\"/>,7<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>m) and inv<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/> con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts w<span class=\"__1 _201\"/>itho<span class=\"__1 _201\"/>ut di<span class=\"__1 _201\"/>scre<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>icip<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n featu<span class=\"__1 _201\"/>res of \u00a3<span class=\"__1 _201\"/>11,93<span class=\"__1 _201\"/>7m as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 (202<span class=\"__1 _201\"/>1: \u00a314<span class=\"__1 _201\"/>,8<span class=\"__1 _201\"/>84<span class=\"__1 _201\"/>m).<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es re<span class=\"__1 _201\"/>insu<span class=\"__1 _201\"/>rers\u2019 s<span class=\"__1 _201\"/>hare o<span class=\"__1 _201\"/>f clai<span class=\"__1 _201\"/>ms out<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/>andi<span class=\"__1 _201\"/>ng of \u00a313<span class=\"__1 _201\"/>7m as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 (202<span class=\"__1 _201\"/>1: \u00a314<span class=\"__1 _201\"/>3m). Re<span class=\"__1 _201\"/>ins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce at 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 in<span class=\"__1 _201\"/>clu<span class=\"__1 _201\"/>des<span class=\"__1 _201\"/> Rei<span class=\"__1 _201\"/>nsur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e As<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s of \u00a31,186<span class=\"__1 _201\"/>m net of l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>wap li<span class=\"__1 _201\"/>abil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s of \u00a32<span class=\"__1 _201\"/>42m in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed i<span class=\"__1 _201\"/>n Accr<span class=\"__1 _201\"/>uals<span class=\"__1 _201\"/>, def<span class=\"__1 _201\"/>err<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e and ot<span class=\"__1 _201\"/>her l<span class=\"__1 _201\"/>iabi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es on th<span class=\"__1 _201\"/>e con<span class=\"__1 _201\"/>sol<span class=\"__1 _201\"/>idate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> st<span class=\"__1 _201\"/>ateme<span class=\"__1 _201\"/>nt of fin<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>ial p<span class=\"__1 _201\"/>osit<span class=\"__1 _201\"/>ion a<span class=\"__1 _201\"/>nd in N<span class=\"__1 _201\"/>ote 30. F<span class=\"__1 _201\"/>or the c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>arat<span class=\"__1 _201\"/>ive p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ods a<span class=\"__1 _201\"/>ll rein<span class=\"__1 _201\"/>sur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e is pre<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>ted in R<span class=\"__1 _201\"/>eins<span class=\"__1 _201\"/>ura<span class=\"__1 _201\"/>nce A<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Addi<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>ns ari<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>g on ac<span class=\"__1 _201\"/>quis<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>ns fo<span class=\"__1 _201\"/>r the ye<span class=\"__1 _201\"/>ar to 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 2021 r<span class=\"__1 _201\"/>elate to t<span class=\"__1 _201\"/>he ac<span class=\"__1 _201\"/>quis<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n of MG<span class=\"__1 _201\"/>SA wh<span class=\"__1 _201\"/>ich in<span class=\"__1 _201\"/>crea<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d unit-li<span class=\"__1 _201\"/>nked li<span class=\"__1 _201\"/>abil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s by \u00a35<span class=\"__1 _201\"/>98m<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> iv  <span class=\"__1 _284\"> </span>In<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e and ex<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>se in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed in t<span class=\"__1 _201\"/>he in<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e state<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>nt in 20<span class=\"__1 _201\"/>21 inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es the i<span class=\"__1 _201\"/>mpa<span class=\"__1 _201\"/>ct of t<span class=\"__1 _201\"/>he Pa<span class=\"__1 _201\"/>rt V<span class=\"__1 _201\"/>II tr<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>fer of a<span class=\"__1 _201\"/>nnu<span class=\"__1 _201\"/>ity b<span class=\"__1 _201\"/>usi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s to Rot<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>ay Lif<span class=\"__1 _201\"/>e PLC.<span class=\"__1 _32b\"> </span>v <span class=\"__1 _6c_1\"> </span>Other mo<span class=\"__1 _200\"/>vements i<span class=\"__1 _200\"/>ncluding amou<span class=\"__1 _200\"/>nts included<span class=\"__1 _200\"/> in ot<span class=\"__1 _200\"/>her compr<span class=\"__1 _200\"/>ehensive income<span class=\"__1 _200\"/> include pr<span class=\"__1 _200\"/>emiums<span class=\"__1 _200\"/> received and<span class=\"__1 _200\"/> claims<span class=\"__1 _200\"/> paid on<span class=\"__1 _200\"/> investment<span class=\"__1 _200\"/> contracts<span class=\"__1 _32b\"> </span> wit<span class=\"__1 _201\"/>hou<span class=\"__1 _201\"/>t disc<span class=\"__1 _201\"/>retio<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ipati<span class=\"__1 _201\"/>ng fe<span class=\"__1 _201\"/>ature<span class=\"__1 _201\"/>s, w<span class=\"__1 _201\"/>hich a<span class=\"__1 _201\"/>re taken d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tl<span class=\"__1 _201\"/>y to the co<span class=\"__1 _201\"/>nso<span class=\"__1 _201\"/>lid<span class=\"__1 _201\"/>ated s<span class=\"__1 _201\"/>tatem<span class=\"__1 _201\"/>ent o<span class=\"__1 _201\"/>f finan<span class=\"__1 _201\"/>cia<span class=\"__1 _201\"/>l pos<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n in acc<span class=\"__1 _201\"/>ord<span class=\"__1 _201\"/>ance w<span class=\"__1 _201\"/>ith I<span class=\"__1 _201\"/>AS 39<span class=\"__1 _201\"/>;<span class=\"__1 _32b\"> </span> cha<span class=\"__1 _201\"/>nge<span class=\"__1 _201\"/>s in the u<span class=\"__1 _201\"/>nall<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ated s<span class=\"__1 _201\"/>urp<span class=\"__1 _201\"/>lus of t<span class=\"__1 _201\"/>he Wit<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fun<span class=\"__1 _201\"/>d resu<span class=\"__1 _201\"/>ltin<span class=\"__1 _201\"/>g from a<span class=\"__1 _201\"/>ctu<span class=\"__1 _201\"/>ari<span class=\"__1 _201\"/>al gai<span class=\"__1 _201\"/>ns an<span class=\"__1 _201\"/>d los<span class=\"__1 _201\"/>ses o<span class=\"__1 _201\"/>n the G<span class=\"__1 _201\"/>roup\u2019s d<span class=\"__1 _201\"/>efin<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>nefi<span class=\"__1 _201\"/>t pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>n sch<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> whi<span class=\"__1 _201\"/>ch are r<span class=\"__1 _201\"/>eco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tl<span class=\"__1 _201\"/>y in othe<span class=\"__1 _201\"/>r com<span class=\"__1 _201\"/>pre<span class=\"__1 _201\"/>hen<span class=\"__1 _201\"/>sive i<span class=\"__1 _201\"/>nco<span class=\"__1 _201\"/>me an<span class=\"__1 _201\"/>d bala<span class=\"__1 _201\"/>nce s<span class=\"__1 _201\"/>he<span class=\"__1 _201\"/>et real<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ati<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>. In 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, this a<span class=\"__1 _201\"/>lso re<span class=\"__1 _201\"/>fle<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s the di<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt of in<span class=\"__1 _201\"/>sura<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/> po<span class=\"__1 _201\"/>lici<span class=\"__1 _201\"/>es in P<span class=\"__1 _201\"/>PL pre<span class=\"__1 _201\"/>vio<span class=\"__1 _201\"/>usl<span class=\"__1 _201\"/>y hel<span class=\"__1 _201\"/>d by the M<span class=\"__1 _201\"/>&amp;G Gr<span class=\"__1 _201\"/>oup Pe<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>on sc<span class=\"__1 _201\"/>hem<span class=\"__1 _201\"/>e. Ref<span class=\"__1 _201\"/>er to N<span class=\"__1 _201\"/>ote 17 for f<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r deta<span class=\"__1 _201\"/>ils<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The b<span class=\"__1 _201\"/>elow ta<span class=\"__1 _201\"/>bles s<span class=\"__1 _201\"/>how the \u201c<span class=\"__1 _201\"/>Ben<span class=\"__1 _201\"/>efits an<span class=\"__1 _201\"/>d claims a<span class=\"__1 _201\"/>nd movem<span class=\"__1 _201\"/>ent in un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund, n<span class=\"__1 _201\"/>et of<span class=\"__1 _32b\"> </span> reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e\u201d as shown in th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent. \u201c<span class=\"__1 _201\"/>Ben<span class=\"__1 _201\"/>efits an<span class=\"__1 _201\"/>d claims a<span class=\"__1 _201\"/>nd movem<span class=\"__1 _201\"/>ent in una<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund, n<span class=\"__1 _201\"/>et of reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e\u201d compri<span class=\"__1 _201\"/>ses of th<span class=\"__1 _201\"/>e moveme<span class=\"__1 _201\"/>nt charge<span class=\"__1 _201\"/>d to the con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dated inc<span class=\"__1 _201\"/>ome st<span class=\"__1 _201\"/>atement p<span class=\"__1 _201\"/>resente<span class=\"__1 _201\"/>d in<span class=\"__1 _32b\"> </span> the tab<span class=\"__1 _201\"/>le above<span class=\"__1 _201\"/>, and the b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts and c<span class=\"__1 _201\"/>laims pa<span class=\"__1 _201\"/>id over the p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d, ne<span class=\"__1 _201\"/>t of amoun<span class=\"__1 _201\"/>ts attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to reins<span class=\"__1 _201\"/>urers<span class=\"__1 _201\"/>. <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Policyholder<span class=\"__1 _32b\"> </span> liabilities<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unallocated <span class=\"ls5_1 ws1_1\"> </span>sur<span class=\"__1 _201\"/>plu<span class=\"__1 _201\"/>s of the<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>With-Profits <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Fun<span class=\"__1 _201\"/>d<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Reinsurance <span class=\"ls5_1 ws1_1\"> </span>asset<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent in p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s and un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund<span class=\"__1 _201\"/> incl<span class=\"__1 _201\"/>uded i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidated i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent<span class=\"__1 _422\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">1<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>0<span class=\"__1 _253\"> </span><span class=\"ls19_1 ws18_1\">1,689<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent in rei<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d in cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>(7<span class=\"__1 _201\"/>35)<span class=\"__1 _32b\"> </span>Ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd claim<span class=\"__1 _201\"/>s paid<span class=\"__1 _372\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">(1<span class=\"__1 _201\"/>2<span class=\"__1 _e7_1\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>\u2013<span class=\"__1 _32b\"> </span>Ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd claim<span class=\"__1 _201\"/>s attri<span class=\"__1 _201\"/>butabl<span class=\"__1 _201\"/>e to exter<span class=\"__1 _201\"/>nal reins<span class=\"__1 _201\"/>urers<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>494<span class=\"__1 _32b\"> </span>Benefits and claims<span class=\"__1 _200\"/> and mo<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>ement in<span class=\"__1 _200\"/> unallocated<span class=\"__1 _200\"/> surplus o<span class=\"__1 _200\"/>f the Wi<span class=\"__1 _200\"/>th-Profits Fund,<span class=\"__1 _32b\"> </span> net of<span class=\"__1 _200\"/> reinsur<span class=\"__1 _200\"/>ance, as<span class=\"__1 _200\"/> shown<span class=\"__1 _200\"/> in consolida<span class=\"__1 _200\"/>ted<span class=\"__1 _200\"/> income sta<span class=\"__1 _200\"/>tement<span class=\"__1 _423\"> </span><span class=\"ls15_1 ws14_1\">6,987<span class=\"__1 _c_1\"> </span><span class=\"ls19_1 ws18_1\">1,689<span class=\"__1 _1d_1\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span>i <span class=\"__1 _2d_1\"> </span>Policyho<span class=\"__1 _201\"/>lder liabilities consis<span class=\"__1 _201\"/>t of<span class=\"__1 _200\"/> insurance contrac<span class=\"__1 _201\"/>t liabilities and investment contract liabiliti<span class=\"__1 _201\"/>es. <span class=\"__1 _ea_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Policyholder<span class=\"__1 _32b\"> </span> liabilities<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unallocated <span class=\"ls5_1 ws1_1\"> </span>sur<span class=\"__1 _201\"/>plu<span class=\"__1 _201\"/>s of the<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>With-Profits <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Fun<span class=\"__1 _201\"/>d<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Reinsurance <span class=\"ls5_1 ws1_1\"> </span>asset<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent in p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s and un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund<span class=\"__1 _201\"/> incl<span class=\"__1 _201\"/>uded i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidated i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent<span class=\"__1 _424\"> </span><span class=\"ls23_1 ws22_1\">9,<span class=\"__1 _201\"/>807<span class=\"__1 _270\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,0<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent in rei<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d in cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>0,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>8)<span class=\"__1 _32b\"> </span>Ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd claim<span class=\"__1 _201\"/>s paid<span class=\"__1 _372\"> </span><span class=\"ls1f_1 ws1e_1\">(<span class=\"__1 _f_1\"/>13,358)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>Ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd claim<span class=\"__1 _201\"/>s attri<span class=\"__1 _201\"/>butabl<span class=\"__1 _201\"/>e to exter<span class=\"__1 _201\"/>nal reins<span class=\"__1 _201\"/>urers<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,608<span class=\"__1 _32b\"> </span>Benefits and claims<span class=\"__1 _200\"/> and mo<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>ement in<span class=\"__1 _200\"/> unallocated<span class=\"__1 _200\"/> surplus o<span class=\"__1 _200\"/>f the Wi<span class=\"__1 _200\"/>th-Profits Fund,<span class=\"__1 _32b\"> </span> net of<span class=\"__1 _200\"/> reinsur<span class=\"__1 _200\"/>ance as<span class=\"__1 _200\"/> shown<span class=\"__1 _200\"/> in consolida<span class=\"__1 _200\"/>ted<span class=\"__1 _200\"/> income sta<span class=\"__1 _200\"/>tement<span class=\"__1 _425\"> </span><span class=\"ff2_1 ls16_1 ws15_1\">(<span class=\"__1 _200\"/>3,55<span class=\"__1 _f_1\"/>1<span class=\"__1 _200\"/>)<span class=\"__1 _3f_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>2)<span class=\"__1 _4a_1\"> </span><span class=\"ls18_1 ws17_1\">(8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span></span>26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>254<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022<span class=\"__1 _32b\"> </span></span></span>26.3 Duration<span class=\"__1 _200\"/> of liabilitie<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s below s<span class=\"__1 _201\"/>how the exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted timin<span class=\"__1 _201\"/>g of the ca<span class=\"__1 _201\"/>sh flows w<span class=\"__1 _201\"/>hich ma<span class=\"__1 _201\"/>ke up the poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r liabil<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> acco<span class=\"__1 _201\"/>unted fo<span class=\"__1 _201\"/>r under I<span class=\"__1 _201\"/>FRS 4 an<span class=\"__1 _201\"/>d those a<span class=\"__1 _201\"/>ccounte<span class=\"__1 _201\"/>d for as fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l liabili<span class=\"__1 _201\"/>ties und<span class=\"__1 _201\"/>er IAS 3<span class=\"__1 _201\"/>9. Th<span class=\"__1 _201\"/>e expec<span class=\"__1 _201\"/>ted tim<span class=\"__1 _201\"/>ing of the c<span class=\"__1 _201\"/>ash flo<span class=\"__1 _201\"/>ws<span class=\"__1 _32b\"> </span> will d<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>d on the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t term an<span class=\"__1 _201\"/>d also exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tation<span class=\"__1 _201\"/>s of assu<span class=\"__1 _201\"/>mptions s<span class=\"__1 _201\"/>uch as fu<span class=\"__1 _201\"/>ture mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity a<span class=\"__1 _201\"/>nd per<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>ncy, depe<span class=\"__1 _201\"/>nding<span class=\"__1 _201\"/> on the t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>e of contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>. For with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts and u<span class=\"__1 _201\"/>nit<span class=\"__1 _200\"/>-linked c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, ac<span class=\"__1 _201\"/>tual amo<span class=\"__1 _201\"/>unts paya<span class=\"__1 _201\"/>ble wil<span class=\"__1 _201\"/>l var<span class=\"__1 _201\"/>y with f<span class=\"__1 _201\"/>uture inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce of the fu<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>. The fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g table<span class=\"__1 _201\"/>s show th<span class=\"__1 _201\"/>e carr<span class=\"__1 _250\"/>ying v<span class=\"__1 _201\"/>alue of the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and t<span class=\"__1 _201\"/>he expe<span class=\"__1 _201\"/>cted ti<span class=\"__1 _201\"/>ming of<span class=\"__1 _201\"/> the c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s, on a di<span class=\"__1 _201\"/>scoun<span class=\"__1 _201\"/>ted basi<span class=\"__1 _201\"/>s: <span class=\"__1 _df_1\"> </span><span class=\"ls3_1 ws3_1\">2022</span> <span class=\"__1 _426\"> </span><span class=\"ls2b_1 ws2b_1\">With-profits bu<span class=\"__1 _200\"/>siness<span class=\"__1 _271\"> </span>Annuity business (i<span class=\"__1 _200\"/>nsurance c<span class=\"__1 _200\"/>ontracts<span class=\"__1 _200\"/>)<span class=\"__1 _286\"> </span><span class=\"ls50_1 ws60_1\">O<span class=\"__1 _201\"/>ther<span class=\"__1 _200\"/> business and<span class=\"__1 _200\"/> unit<span class=\"__1 _f_1\"/>-linked<span class=\"__1 _a5_1\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span></span></span>As at<span class=\"__1 _201\"/> 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>Insurance <span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _1a_1\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span>Non-profit <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>annuities <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>within With-<span class=\"ls5_1 ws1_1\"> </span>Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>Shareholder<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>ba<span class=\"__1 _201\"/>cke<span class=\"__1 _201\"/>d<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>annuities<span class=\"__1 _214\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span>Insurance <span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _214\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _201\"/>t<span class=\"__1 _250\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span>Carr<span class=\"__1 _201\"/>ying value<span class=\"__1 _201\"/> (\u00a3m)<span class=\"__1 _427\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">25,<span class=\"__1 _201\"/>321<span class=\"__1 _327\"> </span><span class=\"ls40_1 ws44_1\">78<span class=\"__1 _201\"/>,528<span class=\"__1 _5e_1\"> </span><span class=\"ls32_1 ws33_1\">103,<span class=\"__1 _201\"/>849<span class=\"__1 _253\"> </span><span class=\"ls19_1 ws18_1\">6,6<span class=\"__1 _201\"/>84<span class=\"__1 _204\"> </span></span>12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>328<span class=\"__1 _5f_1\"> </span>19,012<span class=\"__1 _3f_1\"> </span><span class=\"ls1b_1 ws1a_1\">5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>47<span class=\"__1 _201\"/>3<span class=\"__1 _249\"> </span><span class=\"lsc_1 wsa_1\">12<span class=\"__1 _201\"/>,002<span class=\"__1 _1b0_1\"> </span><span class=\"ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>5<span class=\"__1 _245\"> </span><span class=\"ls1f_1 ws1e_1\">140,336<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted c<span class=\"__1 _201\"/>ash flow t<span class=\"__1 _201\"/>iming:<span class=\"__1 _32b\"> </span>0 to 5 years<span class=\"__1 _18b_1\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">3<span class=\"__1 _201\"/>6%<span class=\"__1 _3f_1\"> </span><span class=\"ls22_1 ws21_1\">37<span class=\"__1 _201\"/>%<span class=\"__1 _4a_1\"> </span>37%<span class=\"__1 _1d_1\"> </span><span class=\"ls42_1 ws46_1\">49%<span class=\"__1 _252\"> </span>39%<span class=\"__1 _243\"> </span><span class=\"ls17_1 ws16_1\">41%<span class=\"__1 _237\"> </span><span class=\"ls8c_1 wsa3_1\">4<span class=\"__1 _201\"/>4%<span class=\"__1 _272\"> </span></span></span></span></span>36%<span class=\"__1 _248\"> </span><span class=\"ls54_1 ws5c_1\">38%<span class=\"__1 _345\"> </span>3<span class=\"__1 _201\"/>8%<span class=\"__1 _32b\"> </span></span></span>5 to 10 years<span class=\"__1 _f4_1\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">2<span class=\"__1 _201\"/>5%<span class=\"__1 _5d_1\"> </span>25%<span class=\"__1 _240\"> </span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _232\"> </span><span class=\"ls3f_1 ws41_1\">27%<span class=\"__1 _252\"> </span></span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _206\"> </span>25%<span class=\"__1 _253\"> </span><span class=\"ls3f_1 ws41_1\">27%<span class=\"__1 _220\"> </span><span class=\"ls7_1 ws5_1\">26%<span class=\"__1 _248\"> </span>2<span class=\"__1 _201\"/>6%<span class=\"__1 _345\"> </span></span></span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _32b\"> </span></span>10 to 15 years<span class=\"__1 _e_1\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">17%<span class=\"__1 _1a_1\"> </span><span class=\"ls7_1 ws5_1\">16%<span class=\"__1 _7d_1\"> </span>16%<span class=\"__1 _271\"> </span><span class=\"ls1b_1 ws1a_1\">15%<span class=\"__1 _e_1\"> </span></span>16%<span class=\"__1 _282\"> </span>1<span class=\"__1 _201\"/>6%<span class=\"__1 _253\"> </span><span class=\"ls1b_1 ws1a_1\">1<span class=\"__1 _201\"/>5%<span class=\"__1 _1c2_1\"> </span><span class=\"ls54_1 ws5c_1\">18%<span class=\"__1 _243\"> </span></span></span></span>17%<span class=\"__1 _f7_1\"> </span><span class=\"ls7_1 ws5_1\">16%<span class=\"__1 _32b\"> </span></span></span>15 to 20 years<span class=\"__1 _2c_1\"> </span><span class=\"ff1_1 ws52_1\">1<span class=\"__1 _201\"/>0%<span class=\"__1 _5d_1\"> </span>10%<span class=\"__1 _240\"> </span>10%<span class=\"__1 _8d_1\"> </span><span class=\"ls7_1 ws5_1\">6%<span class=\"__1 _228\"> </span></span>10%<span class=\"__1 _1b5_1\"> </span><span class=\"ls42_1 ws46_1\">9%<span class=\"__1 _f4_1\"> </span><span class=\"ls28_1 ws28_1\">7%<span class=\"__1 _223\"> </span><span class=\"ls8_1 ws6_1\">11%<span class=\"__1 _206\"> </span></span></span></span>10%<span class=\"__1 _226\"> </span>10%<span class=\"__1 _32b\"> </span></span>20 to 25 year<span class=\"__1 _201\"/>s<span class=\"__1 _256\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">6%<span class=\"__1 _2c_1\"> </span>6%<span class=\"__1 _223\"> </span>6%<span class=\"__1 _2b_1\"> </span><span class=\"ls19_1 ws18_1\">2%<span class=\"__1 _264\"> </span><span class=\"ls1b_1 ws1a_1\">5<span class=\"__1 _201\"/>%<span class=\"__1 _1b5_1\"> </span>5%<span class=\"__1 _f4_1\"> </span><span class=\"ls8c_1 wsa3_1\">4%<span class=\"__1 _345\"> </span></span>5%<span class=\"__1 _3f_1\"> </span>5%<span class=\"__1 _224\"> </span></span></span>6%<span class=\"__1 _32b\"> </span></span>over 25 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _264\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">6%<span class=\"__1 _2c_1\"> </span>6%<span class=\"__1 _223\"> </span>6%<span class=\"__1 _311\"> </span><span class=\"ls8_1 ws6_1\">1%<span class=\"__1 _288\"> </span><span class=\"ls1b_1 ws1a_1\">5%<span class=\"__1 _3f_1\"> </span><span class=\"ls8c_1 wsa3_1\">4%<span class=\"__1 _1d_1\"> </span></span></span></span>3%<span class=\"__1 _e_1\"> </span><span class=\"ls8c_1 wsa3_1\">4%<span class=\"__1 _3f_1\"> </span>4%<span class=\"__1 _8c_1\"> </span><span class=\"ls1b_1 ws1a_1\">5%</span></span></span> <span class=\"__1 _428\"> </span><span class=\"ls3_1 ws3_1\">2021</span> <span class=\"__1 _427\"> </span><span class=\"ls2b_1 ws2b_1\">With-profits business<span class=\"__1 _256\"> </span>Annuity business (insura<span class=\"__1 _200\"/>nce cont<span class=\"__1 _200\"/>racts)<span class=\"__1 _286\"> </span><span class=\"ls50_1 ws60_1\">Other business and<span class=\"__1 _200\"/> unit<span class=\"__1 _f_1\"/>-linked<span class=\"__1 _a5_1\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _201\"/>t<span class=\"__1 _250\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span></span></span>As at<span class=\"__1 _201\"/> 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>Insurance <span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _208\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _32b\"> </span></span>Non-profit <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>annuities <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>within With-<span class=\"ls5_1 ws1_1\"> </span>Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>Shareholder<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>ba<span class=\"__1 _201\"/>cke<span class=\"__1 _201\"/>d<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>annuities<span class=\"__1 _214\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span>Insurance <span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _214\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _201\"/>t<span class=\"__1 _250\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span>Carr<span class=\"__1 _201\"/>ying value<span class=\"__1 _201\"/> (\u00a3m)<span class=\"__1 _427\"> </span><span class=\"ls27_1 ws27_1\">29,507<span class=\"__1 _18a_1\"> </span><span class=\"ls8_1 ws6_1\">8<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,70<span class=\"__1 _201\"/>2<span class=\"__1 _5e_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>9<span class=\"__1 _219\"> </span>9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>311<span class=\"__1 _3f_1\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>6<span class=\"__1 _5f_1\"> </span><span class=\"lsc_1 wsa_1\">26<span class=\"__1 _201\"/>,957<span class=\"__1 _5d_1\"> </span></span></span></span>6<span class=\"__1 _201\"/>,76<span class=\"__1 _201\"/>0<span class=\"__1 _1cf_1\"> </span><span class=\"ls45_1 ws49_1\">14<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>92<span class=\"__1 _201\"/>4<span class=\"__1 _5f_1\"> </span><span class=\"ls40_1 ws44_1\">21,6<span class=\"__1 _201\"/>84<span class=\"__1 _217\"> </span></span></span></span></span>160,<span class=\"__1 _201\"/>85<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>Ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted c<span class=\"__1 _201\"/>ash flow t<span class=\"__1 _201\"/>iming:<span class=\"__1 _32b\"> </span>0 to 5 years<span class=\"__1 _8a_1\"> </span><span class=\"ls52_1 ws5a_1\">3<span class=\"__1 _201\"/>4%<span class=\"__1 _1a_1\"> </span><span class=\"ls38_1 ws38_1\">36%<span class=\"__1 _243\"> </span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>5%<span class=\"__1 _f4_1\"> </span></span>3<span class=\"__1 _201\"/>6%<span class=\"__1 _228\"> </span>2<span class=\"__1 _201\"/>9%<span class=\"__1 _206\"> </span><span class=\"ls30_1 ws30_1\">3<span class=\"__1 _201\"/>2%<span class=\"__1 _237\"> </span><span class=\"ls40_1 ws44_1\">4<span class=\"__1 _201\"/>3%<span class=\"__1 _212\"> </span>3<span class=\"__1 _201\"/>3%<span class=\"__1 _206\"> </span></span></span>36%<span class=\"__1 _f7_1\"> </span><span class=\"ls45_1 ws49_1\">35%<span class=\"__1 _32b\"> </span></span></span></span>5 to 10 years<span class=\"__1 _1e_1\"> </span><span class=\"ls52_1 ws5a_1\">24%<span class=\"__1 _220\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>5%<span class=\"__1 _243\"> </span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _271\"> </span><span class=\"lsc_1 wsa_1\">26%<span class=\"__1 _e_1\"> </span></span></span>24%<span class=\"__1 _242\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>5%<span class=\"__1 _2c_1\"> </span>25%<span class=\"__1 _222\"> </span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _282\"> </span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _f7_1\"> </span>25%<span class=\"__1 _32b\"> </span></span></span>10 to 15 years<span class=\"__1 _f7_1\"> </span><span class=\"ls56_1 ws5f_1\">17%<span class=\"__1 _212\"> </span><span class=\"ls2a_1 ws2a_1\">16%<span class=\"__1 _208\"> </span></span>17%<span class=\"__1 _288\"> </span>17%<span class=\"__1 _f7_1\"> </span><span class=\"ls2a_1 ws2a_1\">19%<span class=\"__1 _243\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>%<span class=\"__1 _239\"> </span></span>16%<span class=\"__1 _270\"> </span><span class=\"ls42_1 ws46_1\">18%<span class=\"__1 _214\"> </span></span></span>17<span class=\"__1 _201\"/>%<span class=\"__1 _1d_1\"> </span>17<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span>15 to 20 years<span class=\"__1 _f7_1\"> </span><span class=\"ls11_1 ws10_1\">11%<span class=\"__1 _272\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>%<span class=\"__1 _211\"> </span>10<span class=\"__1 _201\"/>%<span class=\"__1 _1e_1\"> </span>10%<span class=\"__1 _256\"> </span><span class=\"ls52_1 ws5a_1\">14%<span class=\"__1 _1d8_1\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>%<span class=\"__1 _f4_1\"> </span><span class=\"ls40_1 ws44_1\">8%<span class=\"__1 _2c_1\"> </span></span></span></span></span>11%<span class=\"__1 _243\"> </span><span class=\"ls4d_1 ws54_1\">10%<span class=\"__1 _1e_1\"> </span></span>11%<span class=\"__1 _32b\"> </span></span>20 to 25 year<span class=\"__1 _201\"/>s<span class=\"__1 _f4_1\"> </span><span class=\"ls3a_1 ws3b_1\">7%<span class=\"__1 _239\"> </span><span class=\"ls38_1 ws38_1\">6%<span class=\"__1 _5d_1\"> </span>6%<span class=\"__1 _367\"> </span><span class=\"ls45_1 ws49_1\">5%<span class=\"__1 _288\"> </span><span class=\"ls40_1 ws44_1\">8%<span class=\"__1 _5d_1\"> </span></span></span></span>7%<span class=\"__1 _f4_1\"> </span><span class=\"ls52_1 ws5a_1\">4%<span class=\"__1 _f7_1\"> </span></span>7%<span class=\"__1 _1b5_1\"> </span><span class=\"ls38_1 ws38_1\">6%<span class=\"__1 _224\"> </span>6%<span class=\"__1 _32b\"> </span></span></span>over 25 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _224\"> </span><span class=\"ls3a_1 ws3b_1\">7%<span class=\"__1 _231\"> </span>7%<span class=\"__1 _220\"> </span>7%<span class=\"__1 _2b_1\"> </span><span class=\"ls38_1 ws38_1\">6%<span class=\"__1 _288\"> </span>6%<span class=\"__1 _1b5_1\"> </span>6%<span class=\"__1 _f4_1\"> </span><span class=\"ls52_1 ws5a_1\">4%<span class=\"__1 _226\"> </span></span>6%<span class=\"__1 _3f_1\"> </span>6%<span class=\"__1 _8c_1\"> </span>6%<span class=\"__1 _32b\"> </span></span></span>The c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ow proje<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns of expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ty p<span class=\"__1 _201\"/>ayment<span class=\"__1 _201\"/>s used i<span class=\"__1 _201\"/>n the expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d cash fl<span class=\"__1 _201\"/>ow timin<span class=\"__1 _201\"/>g table ab<span class=\"__1 _201\"/>ove are from th<span class=\"__1 _201\"/>e value<span class=\"__1 _201\"/> of in-fo<span class=\"__1 _201\"/>rce bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s and exclud<span class=\"__1 _201\"/>e the val<span class=\"__1 _201\"/>ue of future n<span class=\"__1 _201\"/>ew busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, inc<span class=\"__1 _201\"/>luding f<span class=\"__1 _201\"/>uture ves<span class=\"__1 _201\"/>ting of p<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>n contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e expec<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/> cashfl<span class=\"__1 _201\"/>ow timing for reinsurance (e<span class=\"__1 _200\"/>xcluding longev<span class=\"__1 _201\"/>ity swaps) should be materially in line with the und<span class=\"__1 _201\"/>erlyin<span class=\"__1 _201\"/>g liabilities.<span class=\"__1 _201\"/> Liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y payme<span class=\"__1 _201\"/>nts do n<span class=\"__1 _201\"/>ot refle<span class=\"__1 _201\"/>ct the p<span class=\"__1 _201\"/>atter<span class=\"__1 _201\"/>n of bonu<span class=\"__1 _201\"/>ses an<span class=\"__1 _201\"/>d shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er trans<span class=\"__1 _201\"/>fers i<span class=\"__1 _201\"/>n respe<span class=\"__1 _201\"/>ct of th<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> The a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s shown i<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>e exclude th<span class=\"__1 _201\"/>e unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surpl<span class=\"__1 _201\"/>us of the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>, as its al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ation has n<span class=\"__1 _201\"/>ot yet<span class=\"__1 _32b\"> </span> been defined.<span class=\"__1 _32b\"> </span> 26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls4b_1 ws51_1\">255<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>27 Subordina<span class=\"__1 _200\"/>ted liabili<span class=\"__1 _200\"/>ties and other borr<span class=\"__1 _200\"/>o<span class=\"__1 _200\"/>wings As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Subordinated liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _429\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">3<span class=\"__1 _201\"/>,72<span class=\"__1 _201\"/>9<span class=\"__1 _204\"> </span></span><span class=\"ls8_1 ws6_1\">3,7<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span>Operational borr<span class=\"__1 _200\"/>owings<span class=\"__1 _22a\"> </span><span class=\"ff1_1 wsb_1\">50<span class=\"__1 _231\"> </span></span><span class=\"ls23_1 ws22_1\">107<span class=\"__1 _32b\"> </span></span>Bor<span class=\"__1 _201\"/>rowing<span class=\"__1 _201\"/>s attrib<span class=\"__1 _201\"/>utabl<span class=\"__1 _201\"/>e to With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _22b\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">3<span class=\"__1 _201\"/>,758<span class=\"__1 _220\"> </span></span><span class=\"ls43_1 ws47_1\">5<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> subordinat<span class=\"__1 _200\"/>ed liabilities<span class=\"__1 _200\"/> and other<span class=\"__1 _200\"/> borro<span class=\"__1 _200\"/>wings<span class=\"__1 _1f3\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>7<span class=\"__1 _1d8_1\"> </span><span class=\"ff2_1 ls15_1 ws14_1\">8<span class=\"__1 _201\"/>,930<span class=\"__1 _32b\"> </span></span></span>27<span class=\"__1 _f_1\"/>.<span class=\"__1 _f_1\"/>1 Subordinated<span class=\"__1 _200\"/> liabilities<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s subo<span class=\"__1 _201\"/>rdinated lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s cons<span class=\"__1 _201\"/>ist of su<span class=\"__1 _201\"/>bordin<span class=\"__1 _201\"/>ated notes w<span class=\"__1 _201\"/>hich were tr<span class=\"__1 _201\"/>ansf<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d from Pru<span class=\"__1 _201\"/>denti<span class=\"__1 _201\"/>al plc on 18 O<span class=\"__1 _201\"/>cto<span class=\"__1 _201\"/>ber 2019<span class=\"__1 _201\"/> and we<span class=\"__1 _201\"/>re record<span class=\"__1 _201\"/>ed at fa<span class=\"__1 _201\"/>ir value o<span class=\"__1 _201\"/>n initial re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>. The tra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>r of the sub<span class=\"__1 _201\"/>ordinate<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties was a<span class=\"__1 _201\"/>chieve<span class=\"__1 _201\"/>d by subs<span class=\"__1 _201\"/>tituting<span class=\"__1 _201\"/> the Co<span class=\"__1 _201\"/>mpany in p<span class=\"__1 _201\"/>lace of P<span class=\"__1 _201\"/>rude<span class=\"__1 _201\"/>ntial pl<span class=\"__1 _201\"/>c as iss<span class=\"__1 _201\"/>uer of the d<span class=\"__1 _201\"/>ebt, as p<span class=\"__1 _201\"/>erm<span class=\"__1 _201\"/>itted u<span class=\"__1 _201\"/>nder th<span class=\"__1 _201\"/>e terms an<span class=\"__1 _201\"/>d cond<span class=\"__1 _201\"/>itions of e<span class=\"__1 _201\"/>ach app<span class=\"__1 _201\"/>lica<span class=\"__1 _201\"/>ble<span class=\"__1 _201\"/> ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nt. All c<span class=\"__1 _201\"/>osts re<span class=\"__1 _201\"/>lated to the tr<span class=\"__1 _201\"/>ansac<span class=\"__1 _201\"/>tion w<span class=\"__1 _201\"/>ere bor<span class=\"__1 _201\"/>ne by Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l plc<span class=\"__1 _201\"/>. <span class=\"__1 _22c\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _15f_1\"> </span>2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/> Principal<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>amount<span class=\"__1 _32b\"> </span>Carrying <span class=\"ls5_1 ws1_1\"> </span>value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Principal<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>amount<span class=\"__1 _32b\"> </span>Carrying <span class=\"ls5_1 ws1_1\"> </span>value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>5.6<span class=\"__1 _201\"/>25% sterl<span class=\"__1 _201\"/>ing fixe<span class=\"__1 _201\"/>d rate due 20 O<span class=\"__1 _201\"/>ctob<span class=\"__1 _201\"/>er 2051<span class=\"__1 _22d\"> </span><span class=\"ff1_1 ws52_1\">\u00a375<span class=\"__1 _201\"/>0m<span class=\"__1 _237\"> </span><span class=\"ls22_1 ws21_1\">839<span class=\"__1 _204\"> </span></span></span><span class=\"ls32_1 ws33_1\">\u00a3<span class=\"__1 _201\"/>750m<span class=\"__1 _237\"> </span><span class=\"ls29_1 ws29_1\">848<span class=\"__1 _32b\"> </span></span></span>6.<span class=\"__1 _201\"/>25% s<span class=\"__1 _201\"/>terling fi<span class=\"__1 _201\"/>xed rate du<span class=\"__1 _201\"/>e 20 Oc<span class=\"__1 _201\"/>tober 2<span class=\"__1 _201\"/>068<span class=\"__1 _385\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">\u00a3500<span class=\"__1 _201\"/>m<span class=\"__1 _270\"> </span>604<span class=\"__1 _1d8_1\"> </span></span><span class=\"ls28_1 ws28_1\">\u00a3500m<span class=\"__1 _223\"> </span><span class=\"ls3f_1 ws41_1\">606<span class=\"__1 _32b\"> </span></span></span>6.<span class=\"__1 _201\"/>50% US d<span class=\"__1 _201\"/>ollar fi<span class=\"__1 _201\"/>xed rate du<span class=\"__1 _201\"/>e 20 Oc<span class=\"__1 _201\"/>tober 20<span class=\"__1 _201\"/>48<span class=\"__1 _1af_1\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">$500m<span class=\"__1 _223\"> </span><span class=\"ls15_1 ws14_1\">4<span class=\"__1 _201\"/>66<span class=\"__1 _243\"> </span></span></span><span class=\"ls28_1 ws28_1\">$500m<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">423<span class=\"__1 _32b\"> </span></span></span>6.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>4<span class=\"__1 _200\"/>% ster<span class=\"__1 _201\"/>ling fixe<span class=\"__1 _201\"/>d rate due 19 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>63<span class=\"__1 _22e\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">\u00a370<span class=\"__1 _201\"/>0m<span class=\"__1 _223\"> </span><span class=\"ls53_1 ws5b_1\">84<span class=\"__1 _201\"/>5<span class=\"__1 _1d8_1\"> </span></span></span><span class=\"ls28_1 ws28_1\">\u00a3<span class=\"__1 _201\"/>700m<span class=\"__1 _223\"> </span><span class=\"ls3f_1 ws41_1\">849<span class=\"__1 _32b\"> </span></span></span>5.<span class=\"__1 _201\"/>56% s<span class=\"__1 _201\"/>terlin<span class=\"__1 _201\"/>g fixed r<span class=\"__1 _201\"/>ate due 20 Jul<span class=\"__1 _201\"/>y 2055<span class=\"__1 _293\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">\u00a360<span class=\"__1 _201\"/>0m<span class=\"__1 _253\"> </span><span class=\"lsf_1 wsd_1\">672<span class=\"__1 _1d8_1\"> </span></span></span><span class=\"ls28_1 ws28_1\">\u00a3600m<span class=\"__1 _253\"> </span><span class=\"ls23_1 ws22_1\">676<span class=\"__1 _32b\"> </span></span></span>3.<span class=\"__1 _201\"/>875% ste<span class=\"__1 _201\"/>rling fi<span class=\"__1 _201\"/>xed rate du<span class=\"__1 _201\"/>e 20 July 20<span class=\"__1 _201\"/>49<span class=\"__1 _22f\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">\u00a3300m<span class=\"__1 _223\"> </span><span class=\"ls32_1 ws33_1\">303<span class=\"__1 _1d8_1\"> </span></span></span><span class=\"ls28_1 ws28_1\">\u00a3<span class=\"__1 _201\"/>300m<span class=\"__1 _223\"> </span>304<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> subordinat<span class=\"__1 _200\"/>ed liabilities<span class=\"__1 _430\"> </span><span class=\"ls33_1 ws34_1\">3<span class=\"__1 _201\"/>,72<span class=\"__1 _201\"/>9<span class=\"__1 _431\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">3<span class=\"__1 _201\"/>,70<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span></span>Sub<span class=\"__1 _201\"/>ordinate<span class=\"__1 _201\"/>d notes is<span class=\"__1 _201\"/>sued by th<span class=\"__1 _201\"/>e Comp<span class=\"__1 _201\"/>any rank b<span class=\"__1 _201\"/>elow it<span class=\"__1 _201\"/>s seni<span class=\"__1 _201\"/>or obl<span class=\"__1 _201\"/>igation<span class=\"__1 _201\"/>s and ahe<span class=\"__1 _201\"/>ad of its o<span class=\"__1 _201\"/>rdinar<span class=\"__1 _201\"/>y sh<span class=\"__1 _201\"/>are cap<span class=\"__1 _201\"/>ital.<span class=\"__1 _32b\"> </span>A des<span class=\"__1 _201\"/>cripti<span class=\"__1 _201\"/>on of the key features o<span class=\"__1 _201\"/>f each of the G<span class=\"__1 _201\"/>roup\u2019s subo<span class=\"__1 _201\"/>rdinated n<span class=\"__1 _201\"/>otes as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 is as fol<span class=\"__1 _201\"/>lows:<span class=\"__1 _32b\"> </span>5.625% sterling<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>fixe<span class=\"__1 _201\"/>d rate<span class=\"__1 _32b\"> </span>6.<span class=\"__1 _201\"/>25% sterling <span class=\"ls5_1 ws1_1\"> </span>fixe<span class=\"__1 _201\"/>d rate<span class=\"__1 _32b\"> </span>6.<span class=\"__1 _201\"/>50<span class=\"__1 _201\"/>% US do<span class=\"__1 _201\"/>llar<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>fixe<span class=\"__1 _201\"/>d rate<span class=\"__1 _32b\"> </span>6.<span class=\"__1 _201\"/>34% sterling <span class=\"ls5_1 ws1_1\"> </span>fixe<span class=\"__1 _201\"/>d rate<span class=\"__1 _32b\"> </span>5.5<span class=\"__1 _201\"/>6% sterling <span class=\"ls5_1 ws1_1\"> </span>fixe<span class=\"__1 _201\"/>d rate<span class=\"__1 _32b\"> </span>3.<span class=\"__1 _201\"/>875% sterling <span class=\"ls5_1 ws1_1\"> </span>fixe<span class=\"__1 _201\"/>d rate<span class=\"__1 _32b\"> </span>Principal amoun<span class=\"__1 _200\"/>t<span class=\"__1 _1fe\"> </span><span class=\"ff2_1 ls32_1 ws33_1\">\u00a3<span class=\"__1 _201\"/>750m<span class=\"__1 _9e_1\"> </span><span class=\"ls28_1 ws28_1\">\u00a3500m<span class=\"__1 _8c_1\"> </span>$500m<span class=\"__1 _9e_1\"> </span>\u00a3<span class=\"__1 _201\"/>700m<span class=\"__1 _8c_1\"> </span>\u00a3600m<span class=\"__1 _8c_1\"> </span>\u00a3300m<span class=\"__1 _32b\"> </span></span></span>Issue dat<span class=\"__1 _200\"/>e<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>3 October<span class=\"__1 _32b\"> </span> 2018<span class=\"__1 _32b\"> </span>3 October<span class=\"__1 _32b\"> </span> 2018<span class=\"__1 _32b\"> </span>3 October<span class=\"__1 _32b\"> </span> 2018<span class=\"__1 _32b\"> </span>16 December<span class=\"__1 _32b\"> </span> 2013<span class=\"__1 _201\"/> (<span class=\"__1 _200\"/>amended 10<span class=\"__1 _32b\"> </span> J<span class=\"__1 _201\"/>un<span class=\"__1 _201\"/>e 2<span class=\"__1 _201\"/>01<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span>9 Jun<span class=\"__1 _201\"/>e 2015<span class=\"__1 _201\"/> (<span class=\"__1 _200\"/>amended 10<span class=\"__1 _32b\"> </span> J<span class=\"__1 _201\"/>un<span class=\"__1 _201\"/>e 2<span class=\"__1 _201\"/>01<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span>10 Jul<span class=\"__1 _201\"/>y 2019<span class=\"__1 _32b\"> </span>Matur<span class=\"__1 _201\"/>ity date<span class=\"__1 _1a7_1\"> </span><span class=\"ff2_1 lsd_1 wse_1\">20 October<span class=\"__1 _32b\"> </span></span><span class=\"ff2_1 lsd_1 wse_1\"> </span>2<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>51<span class=\"__1 _32b\"> </span>20 October<span class=\"__1 _32b\"> </span> 2068<span class=\"__1 _32b\"> </span>20 October<span class=\"__1 _32b\"> </span> 204<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span>19 December<span class=\"__1 _32b\"> </span> 206<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span>20 Jul<span class=\"__1 _201\"/>y 2055<span class=\"__1 _213\"> </span>20 J<span class=\"__1 _201\"/>uly 204<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span>Ca<span class=\"__1 _201\"/>llab<span class=\"__1 _201\"/>le at pa<span class=\"__1 _201\"/>r at the o<span class=\"__1 _201\"/>ptio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> of th<span class=\"__1 _201\"/>e Com<span class=\"__1 _201\"/>pany from<span class=\"__1 _32b\"> </span>20 October<span class=\"__1 _32b\"> </span> 2<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>31<span class=\"__1 _201\"/> (a<span class=\"__1 _201\"/>n<span class=\"__1 _201\"/>d<span class=\"__1 _201\"/> each semi-<span class=\"__1 _32b\"> </span>annual interest<span class=\"__1 _32b\"> </span> pay<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>nt date<span class=\"__1 _201\"/> there<span class=\"__1 _201\"/>after)<span class=\"__1 _32b\"> </span>20 October<span class=\"__1 _32b\"> </span> 2<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/> (a<span class=\"__1 _201\"/>n<span class=\"__1 _201\"/>d<span class=\"__1 _201\"/> each semi-<span class=\"__1 _32b\"> </span>annual interest<span class=\"__1 _32b\"> </span> pay<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>nt date<span class=\"__1 _201\"/> there<span class=\"__1 _201\"/>after)<span class=\"__1 _32b\"> </span>20 October<span class=\"__1 _32b\"> </span> 2<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>28<span class=\"__1 _201\"/> (a<span class=\"__1 _201\"/>n<span class=\"__1 _201\"/>d<span class=\"__1 _201\"/> each semi-<span class=\"__1 _32b\"> </span>annual interest<span class=\"__1 _32b\"> </span> pay<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>nt date<span class=\"__1 _201\"/> there<span class=\"__1 _201\"/>after)<span class=\"__1 _32b\"> </span>19 December<span class=\"__1 _32b\"> </span> 2<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/> (a<span class=\"__1 _201\"/>n<span class=\"__1 _201\"/>d<span class=\"__1 _201\"/> each semi-<span class=\"__1 _32b\"> </span>annual interest<span class=\"__1 _32b\"> </span> pay<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>nt date<span class=\"__1 _201\"/> there<span class=\"__1 _201\"/>after)<span class=\"__1 _32b\"> </span>20 Jul<span class=\"__1 _201\"/>y 2035<span class=\"__1 _201\"/> (<span class=\"__1 _200\"/>and each<span class=\"__1 _32b\"> </span> semi-annual<span class=\"__1 _201\"/> inte<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/> pay<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>nt date<span class=\"__1 _201\"/> there<span class=\"__1 _201\"/>after)<span class=\"__1 _32b\"> </span>20 Jul<span class=\"__1 _201\"/>y 2024<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> 20 Jul<span class=\"__1 _201\"/>y 2029<span class=\"__1 _201\"/> (<span class=\"__1 _200\"/>and each<span class=\"__1 _32b\"> </span> semi-annual<span class=\"__1 _201\"/> inte<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/> pay<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>nt date<span class=\"__1 _201\"/> there<span class=\"__1 _201\"/>after)<span class=\"__1 _32b\"> </span>Solvenc<span class=\"__1 _200\"/>y II o<span class=\"__1 _200\"/>wn f<span class=\"__1 _200\"/>unds<span class=\"__1 _32b\"> </span> treatment<span class=\"__1 _32b\"> </span>Tie<span class=\"__1 _201\"/>r 2<span class=\"__1 _a3_1\"> </span>Tie<span class=\"__1 _201\"/>r 2<span class=\"__1 _a3_1\"> </span>Tie<span class=\"__1 _201\"/>r 2<span class=\"__1 _a3_1\"> </span>Tie<span class=\"__1 _201\"/>r 2<span class=\"__1 _a3_1\"> </span>Tie<span class=\"__1 _201\"/>r 2<span class=\"__1 _a3_1\"> </span>Tie<span class=\"__1 _201\"/>r 2<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e sub<span class=\"__1 _201\"/>ordi<span class=\"__1 _201\"/>nated n<span class=\"__1 _201\"/>otes w<span class=\"__1 _201\"/>ere is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d by Pr<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>ntia<span class=\"__1 _201\"/>l plc r<span class=\"__1 _201\"/>athe<span class=\"__1 _201\"/>r than b<span class=\"__1 _201\"/>y the C<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>any.<span class=\"__1 _32b\"> </span> As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the pr<span class=\"__1 _201\"/>incipa<span class=\"__1 _201\"/>l amoun<span class=\"__1 _201\"/>t of all sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties is exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be set<span class=\"__1 _201\"/>tle<span class=\"__1 _201\"/>d after m<span class=\"__1 _201\"/>ore than 12 m<span class=\"__1 _201\"/>onths<span class=\"__1 _201\"/> and a<span class=\"__1 _201\"/>ccrue<span class=\"__1 _201\"/>d interes<span class=\"__1 _201\"/>t of \u00a34<span class=\"__1 _201\"/>3m (202<span class=\"__1 _201\"/>1: \u00a342m) is expec<span class=\"__1 _201\"/>ted to be s<span class=\"__1 _201\"/>ettle<span class=\"__1 _201\"/>d withi<span class=\"__1 _201\"/>n 12 months<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>256<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>27<span class=\"__1 _f_1\"/>.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _200\"/>1 Mo<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>ement in<span class=\"__1 _200\"/> subordinat<span class=\"__1 _200\"/>ed liabilities<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e reco<span class=\"__1 _201\"/>ncile<span class=\"__1 _201\"/>s the movem<span class=\"__1 _201\"/>ent in su<span class=\"__1 _201\"/>bordin<span class=\"__1 _201\"/>ated liabi<span class=\"__1 _201\"/>lities i<span class=\"__1 _201\"/>n the year<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>At 1 Januar<span class=\"__1 _250\"/>y<span class=\"__1 _11e_1\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">3<span class=\"__1 _201\"/>,70<span class=\"__1 _201\"/>6<span class=\"__1 _208\"> </span></span><span class=\"ls8_1 ws6_1\">3<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span>Amor<span class=\"__1 _201\"/>tisa<span class=\"__1 _200\"/>tion<span class=\"__1 _432\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>8)<span class=\"__1 _2c_1\"> </span></span><span class=\"ls7_1 ws5_1\">(27)<span class=\"__1 _32b\"> </span></span>Foreig<span class=\"__1 _201\"/>n exchange m<span class=\"__1 _201\"/>oveme<span class=\"__1 _201\"/>nts<span class=\"__1 _316\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">51<span class=\"__1 _8d_1\"> </span></span><span class=\"ls5_1\">4<span class=\"__1 _32b\"> </span></span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _11d_1\"> </span><span class=\"ls33_1 ws34_1\">3<span class=\"__1 _201\"/>,72<span class=\"__1 _201\"/>9<span class=\"__1 _204\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">3<span class=\"__1 _201\"/>,70<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span></span>The<span class=\"__1 _201\"/>re were no re<span class=\"__1 _201\"/>payme<span class=\"__1 _201\"/>nts of pri<span class=\"__1 _201\"/>ncipa<span class=\"__1 _201\"/>l on thes<span class=\"__1 _201\"/>e loan<span class=\"__1 _201\"/>s durin<span class=\"__1 _201\"/>g the year<span class=\"__1 _200\"/>. The am<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tisati<span class=\"__1 _201\"/>on of prem<span class=\"__1 _201\"/>ium on th<span class=\"__1 _201\"/>e loans b<span class=\"__1 _201\"/>ased o<span class=\"__1 _201\"/>n an<span class=\"__1 _32b\"> </span> effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve interes<span class=\"__1 _201\"/>t rate and the f<span class=\"__1 _201\"/>oreign excha<span class=\"__1 _201\"/>nge move<span class=\"__1 _201\"/>ment o<span class=\"__1 _201\"/>n the trans<span class=\"__1 _201\"/>lation of th<span class=\"__1 _201\"/>e subo<span class=\"__1 _201\"/>rdinated li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es den<span class=\"__1 _201\"/>ominate<span class=\"__1 _201\"/>d in US<span class=\"__1 _201\"/> doll<span class=\"__1 _201\"/>ar are both n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>ca<span class=\"__1 _201\"/>sh items<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>27<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>2 Other<span class=\"__1 _200\"/> borrow<span class=\"__1 _200\"/>ings<span class=\"__1 _32b\"> </span>27<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/> Operational<span class=\"__1 _200\"/> borrow<span class=\"__1 _200\"/>ings<span class=\"__1 _32b\"> </span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21, ope<span class=\"__1 _201\"/>ration<span class=\"__1 _201\"/>al bor<span class=\"__1 _201\"/>rowing<span class=\"__1 _201\"/>s of \u00a3107<span class=\"__1 _200\"/>m inclu<span class=\"__1 _201\"/>ded am<span class=\"__1 _201\"/>ounts f<span class=\"__1 _201\"/>or whi<span class=\"__1 _201\"/>ch repaym<span class=\"__1 _201\"/>ent to the le<span class=\"__1 _201\"/>nder i<span class=\"__1 _201\"/>s conting<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/> upo<span class=\"__1 _201\"/>n future sur<span class=\"__1 _201\"/>plus e<span class=\"__1 _201\"/>mergin<span class=\"__1 _201\"/>g from ce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ain contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s spe<span class=\"__1 _201\"/>cifie<span class=\"__1 _201\"/>d unde<span class=\"__1 _201\"/>r the arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment. D<span class=\"__1 _201\"/>urin<span class=\"__1 _201\"/>g 2022 th<span class=\"__1 _201\"/>ese co<span class=\"__1 _201\"/>ntinge<span class=\"__1 _201\"/>nt loan<span class=\"__1 _201\"/>s have<span class=\"__1 _32b\"> </span> be<span class=\"__1 _201\"/>en repai<span class=\"__1 _201\"/>d and no s<span class=\"__1 _201\"/>uch amo<span class=\"__1 _201\"/>unts rem<span class=\"__1 _201\"/>ain out<span class=\"__1 _201\"/>stan<span class=\"__1 _201\"/>ding as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>In Marc<span class=\"__1 _201\"/>h 2019, the Gro<span class=\"__1 _201\"/>up entere<span class=\"__1 _201\"/>d into revolv<span class=\"__1 _201\"/>ing cred<span class=\"__1 _201\"/>it faci<span class=\"__1 _201\"/>lities of \u00a31.<span class=\"__1 _201\"/>5b<span class=\"__1 _201\"/>n with seve<span class=\"__1 _201\"/>ral ban<span class=\"__1 _201\"/>ks and fina<span class=\"__1 _201\"/>ncial in<span class=\"__1 _201\"/>stituti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, and the<span class=\"__1 _201\"/>se<span class=\"__1 _32b\"> </span> are due to m<span class=\"__1 _201\"/>ature in 2026<span class=\"__1 _201\"/>. As at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, th<span class=\"__1 _201\"/>ese re<span class=\"__1 _201\"/>main und<span class=\"__1 _201\"/>rawn.<span class=\"__1 _32b\"> </span>27<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/>2 Borro<span class=\"__1 _200\"/>wings<span class=\"__1 _200\"/> attributable<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> the With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Non<span class=\"__1 _201\"/>-rec<span class=\"__1 _201\"/>ours<span class=\"__1 _201\"/>e borro<span class=\"__1 _201\"/>wings of c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt fund<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>3,60<span class=\"__1 _201\"/>8<span class=\"__1 _211\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">5,0<span class=\"__1 _201\"/>83<span class=\"__1 _32b\"> </span></span>Bank l<span class=\"__1 _201\"/>oans an<span class=\"__1 _201\"/>d overdraf<span class=\"__1 _201\"/>ts<span class=\"__1 _433\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">150<span class=\"__1 _f4_1\"> </span></span><span class=\"ls29_1 ws29_1\">34<span class=\"__1 _32b\"> </span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _434\"> </span><span class=\"ls33_1 ws34_1\">3<span class=\"__1 _201\"/>,758<span class=\"__1 _220\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">5<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>In al<span class=\"__1 _201\"/>l ins<span class=\"__1 _201\"/>tanc<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>, the h<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers o<span class=\"__1 _201\"/>f the de<span class=\"__1 _201\"/>bt ins<span class=\"__1 _201\"/>tr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>ts is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d by th<span class=\"__1 _201\"/>ese s<span class=\"__1 _201\"/>ubsi<span class=\"__1 _201\"/>diar<span class=\"__1 _201\"/>ie<span class=\"__1 _201\"/>s and f<span class=\"__1 _201\"/>unds d<span class=\"__1 _201\"/>o not h<span class=\"__1 _201\"/>ave rec<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>se be<span class=\"__1 _201\"/>yond th<span class=\"__1 _201\"/>e as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s of the<span class=\"__1 _201\"/>se<span class=\"__1 _32b\"> </span> sub<span class=\"__1 _201\"/>sid<span class=\"__1 _201\"/>iari<span class=\"__1 _201\"/>es an<span class=\"__1 _201\"/>d fun<span class=\"__1 _201\"/>ds<span class=\"__1 _201\"/>. As at 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>1, the n<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/>-re<span class=\"__1 _201\"/>cour<span class=\"__1 _201\"/>se b<span class=\"__1 _201\"/>orro<span class=\"__1 _201\"/>win<span class=\"__1 _201\"/>gs of co<span class=\"__1 _201\"/>nso<span class=\"__1 _201\"/>lida<span class=\"__1 _201\"/>ted inv<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>t fund<span class=\"__1 _201\"/>s inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es \u00a31,159m o<span class=\"__1 _201\"/>f deb<span class=\"__1 _201\"/>t ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d by a con<span class=\"__1 _201\"/>sol<span class=\"__1 _201\"/>idate<span class=\"__1 _201\"/>d se<span class=\"__1 _201\"/>cur<span class=\"__1 _201\"/>itis<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n vehi<span class=\"__1 _201\"/>cle<span class=\"__1 _201\"/>, Har<span class=\"__1 _201\"/>ben 2<span class=\"__1 _201\"/>017<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>1 plc<span class=\"__1 _201\"/>, wh<span class=\"__1 _201\"/>ich we<span class=\"__1 _201\"/>re bac<span class=\"__1 _201\"/>ked by a p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio o<span class=\"__1 _201\"/>f mor<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ge l<span class=\"__1 _201\"/>oans . T<span class=\"__1 _201\"/>he<span class=\"__1 _201\"/>se bo<span class=\"__1 _201\"/>rrow<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/>s were c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>ie<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> at fa<span class=\"__1 _201\"/>ir val<span class=\"__1 _201\"/>ue thr<span class=\"__1 _201\"/>oug<span class=\"__1 _201\"/>h profi<span class=\"__1 _201\"/>t or lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, con<span class=\"__1 _201\"/>sis<span class=\"__1 _201\"/>tent w<span class=\"__1 _201\"/>ith th<span class=\"__1 _201\"/>e unde<span class=\"__1 _201\"/>rl<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g mor<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ge p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tf<span class=\"__1 _201\"/>olio<span class=\"__1 _201\"/>. As at 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the s<span class=\"__1 _201\"/>ecu<span class=\"__1 _201\"/>riti<span class=\"__1 _201\"/>sati<span class=\"__1 _201\"/>on veh<span class=\"__1 _201\"/>icl<span class=\"__1 _201\"/>e has b<span class=\"__1 _201\"/>een<span class=\"__1 _201\"/> de<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>date<span class=\"__1 _201\"/>d fol<span class=\"__1 _201\"/>lowi<span class=\"__1 _201\"/>ng a ch<span class=\"__1 _201\"/>ange i<span class=\"__1 _201\"/>n con<span class=\"__1 _201\"/>trol<span class=\"__1 _201\"/>. Addi<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>all<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, \u00a38<span class=\"__1 _201\"/>42m of b<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>rowin<span class=\"__1 _201\"/>gs we<span class=\"__1 _201\"/>re prev<span class=\"__1 _201\"/>iou<span class=\"__1 _201\"/>sly i<span class=\"__1 _201\"/>ncl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d as a res<span class=\"__1 _201\"/>ult of c<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>datin<span class=\"__1 _201\"/>g Sk<span class=\"__1 _201\"/>y Fund I L<span class=\"__1 _201\"/>P and<span class=\"__1 _201\"/> Sk<span class=\"__1 _201\"/>y Fund V O<span class=\"__1 _201\"/>nsh<span class=\"__1 _201\"/>ore<span class=\"__1 _201\"/>, howev<span class=\"__1 _201\"/>er the<span class=\"__1 _201\"/>se f<span class=\"__1 _201\"/>unds a<span class=\"__1 _201\"/>re als<span class=\"__1 _201\"/>o no lo<span class=\"__1 _201\"/>nge<span class=\"__1 _201\"/>r con<span class=\"__1 _201\"/>sol<span class=\"__1 _201\"/>idate<span class=\"__1 _201\"/>d by th<span class=\"__1 _201\"/>e Gro<span class=\"__1 _201\"/>up fol<span class=\"__1 _201\"/>lowi<span class=\"__1 _201\"/>ng di<span class=\"__1 _201\"/>spo<span class=\"__1 _201\"/>sal of t<span class=\"__1 _201\"/>he inve<span class=\"__1 _201\"/>stm<span class=\"__1 _201\"/>ent a<span class=\"__1 _201\"/>nd a ch<span class=\"__1 _201\"/>ang<span class=\"__1 _201\"/>e in con<span class=\"__1 _201\"/>trol<span class=\"__1 _201\"/> res<span class=\"__1 _201\"/>pe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>vel<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. Ref<span class=\"__1 _201\"/>er to Not<span class=\"__1 _201\"/>e 2.<span class=\"__1 _201\"/>4 for f<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r deta<span class=\"__1 _201\"/>ils<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>27<span class=\"__1 _f_1\"/>.3 Maturity<span class=\"__1 _200\"/> analysi<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e sets o<span class=\"__1 _201\"/>ut the rem<span class=\"__1 _201\"/>aining co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>tual matur<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y analy<span class=\"__1 _201\"/>sis of the G<span class=\"__1 _201\"/>roup\u2019s other bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs as rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n: <span class=\"__1 _435\"> </span><span class=\"ls2b_1 ws2b_1\">Operational borro<span class=\"__1 _200\"/>wings (<span class=\"__1 _200\"/>\u00a3m<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></span>Less than <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>1 yea<span class=\"__1 _201\"/>r<span class=\"__1 _2e_1\"> </span>1 to 2 yea<span class=\"__1 _201\"/>rs<span class=\"__1 _436\"> </span>2 to 3 yea<span class=\"__1 _201\"/>rs<span class=\"__1 _437\"> </span>3 to 4 yea<span class=\"__1 _201\"/>rs<span class=\"__1 _437\"> </span>4 to 5 year<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>Over<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>5 yea<span class=\"__1 _201\"/>rs<span class=\"__1 _32b\"> </span>No St<span class=\"__1 _201\"/>ated<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>Maturi<span class=\"__1 _201\"/>ty<span class=\"__1 _223\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _201\"/>t<span class=\"__1 _250\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _13f_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">49<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>50<span class=\"__1 _32b\"> </span>At as 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>5<span class=\"__1 _8d_1\"> </span>5<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>97<span class=\"__1 _231\"> </span><span class=\"ls23_1 ws22_1\">107</span> <span class=\"__1 _c8_1\"> </span><span class=\"ls1_1\">Bo<span class=\"__1 _201\"/>rrow<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/>s attr<span class=\"__1 _201\"/>ibu<span class=\"__1 _201\"/>tabl<span class=\"__1 _201\"/>e to the W<span class=\"__1 _201\"/>ith<span class=\"__1 _201\"/>-Pr<span class=\"__1 _201\"/>ofit<span class=\"__1 _201\"/>s Fund (\u00a3m)<span class=\"__1 _32b\"> </span></span>Less than <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>1 yea<span class=\"__1 _201\"/>r<span class=\"__1 _2e_1\"> </span>1 to 2 yea<span class=\"__1 _201\"/>rs<span class=\"__1 _436\"> </span>2 to 3 yea<span class=\"__1 _201\"/>rs<span class=\"__1 _437\"> </span>3 to 4 yea<span class=\"__1 _201\"/>rs<span class=\"__1 _437\"> </span>4 to 5 year<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>Over<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>5 yea<span class=\"__1 _201\"/>rs<span class=\"__1 _32b\"> </span>No St<span class=\"__1 _201\"/>ated<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>Maturi<span class=\"__1 _201\"/>ty<span class=\"__1 _223\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _201\"/>t<span class=\"__1 _250\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _342\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">401<span class=\"__1 _1a_1\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _250\"/>7<span class=\"__1 _253\"> </span><span class=\"lsb_1 ws32_1\">285<span class=\"__1 _253\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _201\"/>3<span class=\"__1 _237\"> </span><span class=\"ls30_1 ws30_1\">268<span class=\"__1 _204\"> </span></span></span></span></span>1,<span class=\"__1 _201\"/>524<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>3<span class=\"__1 _201\"/>,758<span class=\"__1 _32b\"> </span>At as 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _299\"> </span><span class=\"ls38_1 ws38_1\">593<span class=\"__1 _231\"> </span><span class=\"lse_1 wsc_1\">616<span class=\"__1 _253\"> </span></span>559<span class=\"__1 _239\"> </span><span class=\"lsd_1 wsb_1\">373<span class=\"__1 _c_1\"> </span><span class=\"ls29_1 ws29_1\">333<span class=\"__1 _1d8_1\"> </span></span></span></span><span class=\"ls5_1\">2,643<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>1, oth<span class=\"__1 _201\"/>er bo<span class=\"__1 _201\"/>rrow<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/>s whi<span class=\"__1 _201\"/>ch rel<span class=\"__1 _201\"/>ate to obl<span class=\"__1 _201\"/>igat<span class=\"__1 _201\"/>ions u<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>r fina<span class=\"__1 _201\"/>nce l<span class=\"__1 _201\"/>eas<span class=\"__1 _201\"/>es have b<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>n real<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated t<span class=\"__1 _201\"/>o leas<span class=\"__1 _201\"/>e lia<span class=\"__1 _201\"/>bili<span class=\"__1 _201\"/>ties o<span class=\"__1 _201\"/>n the<span class=\"__1 _201\"/> Consolidated<span class=\"__1 _200\"/> statement<span class=\"__1 _200\"/> of<span class=\"__1 _200\"/> financial posi<span class=\"__1 _200\"/>tion.<span class=\"__1 _32b\"> </span>27 Subordina<span class=\"__1 _200\"/>ted liabili<span class=\"__1 _200\"/>ties and other borr<span class=\"__1 _200\"/>o<span class=\"__1 _200\"/>wings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls14_1 ws13_1\">25<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>28 Lease liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup l<span class=\"__1 _201\"/>eases v<span class=\"__1 _201\"/>ario<span class=\"__1 _201\"/>us land a<span class=\"__1 _201\"/>nd buil<span class=\"__1 _201\"/>dings to util<span class=\"__1 _201\"/>ise as offi<span class=\"__1 _201\"/>ce spa<span class=\"__1 _201\"/>ce. Info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n abou<span class=\"__1 _201\"/>t leas<span class=\"__1 _201\"/>es for wh<span class=\"__1 _201\"/>ich the G<span class=\"__1 _201\"/>roup is a le<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>e is<span class=\"__1 _201\"/> present<span class=\"__1 _200\"/>ed below<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>At 1 Januar<span class=\"__1 _250\"/>y<span class=\"__1 _438\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">413<span class=\"__1 _253\"> </span></span><span class=\"ls1f_1 ws1e_1\">354<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>ransfers<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>(7)<span class=\"__1 _345\"> </span><span class=\"ff2_1 ls27_1 ws27_1\">92<span class=\"__1 _32b\"> </span></span>Addit<span class=\"__1 _200\"/>ions<span class=\"__1 _301\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">53<span class=\"__1 _230\"> </span></span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _32b\"> </span></span>Disposals<span class=\"__1 _357\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">(9)<span class=\"__1 _253\"> </span></span><span class=\"ls5a_1 ws64_1\">(<span class=\"__1 _201\"/>23)<span class=\"__1 _32b\"> </span></span>Inter<span class=\"__1 _200\"/>est expense<span class=\"__1 _439\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">14<span class=\"__1 _264\"> </span></span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _32b\"> </span></span>Lease repa<span class=\"__1 _200\"/>yments<span class=\"__1 _23a\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>)<span class=\"__1 _253\"> </span></span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _23b\"> </span><span class=\"ls30_1 ws30_1\">420<span class=\"__1 _252\"> </span><span class=\"ff2_1 ls4a_1 ws50_1\">413<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>, tran<span class=\"__1 _201\"/>sfe<span class=\"__1 _201\"/>rs ou<span class=\"__1 _201\"/>t of \u00a37m re<span class=\"__1 _201\"/>late<span class=\"__1 _201\"/>s to leas<span class=\"__1 _201\"/>e lia<span class=\"__1 _201\"/>bili<span class=\"__1 _201\"/>ties h<span class=\"__1 _201\"/>el<span class=\"__1 _201\"/>d for s<span class=\"__1 _201\"/>ale in r<span class=\"__1 _201\"/>elati<span class=\"__1 _201\"/>on to th<span class=\"__1 _201\"/>e Gro<span class=\"__1 _201\"/>up\u2019s con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>date<span class=\"__1 _201\"/>d infr<span class=\"__1 _201\"/>as<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>tur<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> ca<span class=\"__1 _201\"/>pita<span class=\"__1 _201\"/>l pri<span class=\"__1 _201\"/>vate e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y ve<span class=\"__1 _201\"/>hicl<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>. For th<span class=\"__1 _201\"/>e year e<span class=\"__1 _201\"/>nd<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>1 tran<span class=\"__1 _201\"/>sfe<span class=\"__1 _201\"/>rs in re<span class=\"__1 _201\"/>late<span class=\"__1 _201\"/>s to \u00a388<span class=\"__1 _201\"/>m of le<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>s prev<span class=\"__1 _201\"/>iou<span class=\"__1 _201\"/>sly r<span class=\"__1 _201\"/>epo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ted wi<span class=\"__1 _201\"/>thin S<span class=\"__1 _201\"/>ubo<span class=\"__1 _201\"/>rdin<span class=\"__1 _201\"/>ated<span class=\"__1 _201\"/> lia<span class=\"__1 _201\"/>bili<span class=\"__1 _201\"/>ties a<span class=\"__1 _201\"/>nd oth<span class=\"__1 _201\"/>er b<span class=\"__1 _201\"/>orro<span class=\"__1 _201\"/>win<span class=\"__1 _201\"/>gs on th<span class=\"__1 _201\"/>e Con<span class=\"__1 _201\"/>sol<span class=\"__1 _201\"/>idate<span class=\"__1 _201\"/>d st<span class=\"__1 _201\"/>ateme<span class=\"__1 _201\"/>nt of fi<span class=\"__1 _201\"/>nanc<span class=\"__1 _201\"/>ial p<span class=\"__1 _201\"/>osit<span class=\"__1 _201\"/>ion<span class=\"__1 _201\"/>, and \u00a34<span class=\"__1 _201\"/>m fol<span class=\"__1 _201\"/>low<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e acq<span class=\"__1 _201\"/>uisi<span class=\"__1 _201\"/>tion o<span class=\"__1 _201\"/>f MGS<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to be s<span class=\"__1 _201\"/>ettl<span class=\"__1 _201\"/>ed with<span class=\"__1 _201\"/>in one yea<span class=\"__1 _201\"/>r<span class=\"__1 _1e0_1\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">35<span class=\"__1 _f4_1\"> </span></span><span class=\"ls15_1 ws14_1\">25<span class=\"__1 _32b\"> </span></span>Ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to be s<span class=\"__1 _201\"/>ettl<span class=\"__1 _201\"/>ed af<span class=\"__1 _201\"/>ter one ye<span class=\"__1 _201\"/>ar<span class=\"__1 _1a0_1\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">3<span class=\"__1 _201\"/>85<span class=\"__1 _237\"> </span></span><span class=\"ls77_1 ws8c_1\">388<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> lease liabili<span class=\"__1 _200\"/>ties<span class=\"__1 _23c\"> </span><span class=\"ls30_1 ws30_1\">420<span class=\"__1 _252\"> </span><span class=\"ff2_1 ls4a_1 ws50_1\">413<span class=\"__1 _32b\"> </span></span></span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, \u00a331m (2021: \u00a3<span class=\"__1 _201\"/>34<span class=\"__1 _201\"/>m) of the leas<span class=\"__1 _201\"/>e liabil<span class=\"__1 _201\"/>ities are at<span class=\"__1 _201\"/>trib<span class=\"__1 _201\"/>utabl<span class=\"__1 _201\"/>e to the With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund.<span class=\"__1 _201\"/> The t<span class=\"__1 _201\"/>able b<span class=\"__1 _201\"/>elow pre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s a maturit<span class=\"__1 _201\"/>y ana<span class=\"__1 _201\"/>lysis of l<span class=\"__1 _201\"/>ease p<span class=\"__1 _201\"/>ayment<span class=\"__1 _201\"/>s show<span class=\"__1 _201\"/>ing the un<span class=\"__1 _201\"/>disco<span class=\"__1 _201\"/>unted le<span class=\"__1 _201\"/>ase paym<span class=\"__1 _201\"/>ents to b<span class=\"__1 _201\"/>e paid on a<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> annual basis on these leases:<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Fut<span class=\"__1 _200\"/>ure minimum<span class=\"__1 _200\"/> lease p<span class=\"__1 _200\"/>aymen<span class=\"__1 _200\"/>ts falling<span class=\"__1 _200\"/> due in:<span class=\"__1 _32b\"> </span>Les<span class=\"__1 _201\"/>s than 1 yea<span class=\"__1 _201\"/>r<span class=\"__1 _11e_1\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">41<span class=\"__1 _f4_1\"> </span></span><span class=\"ls29_1 ws29_1\">34<span class=\"__1 _32b\"> </span></span>1 to 5 years<span class=\"__1 _23d\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">136<span class=\"__1 _252\"> </span></span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span>Ove<span class=\"__1 _201\"/>r 5 years<span class=\"__1 _432\"> </span><span class=\"ff1_1 ls10_1 wsf_1\">346<span class=\"__1 _231\"> </span></span><span class=\"lsc_1 wsa_1\">331<span class=\"__1 _32b\"> </span></span>For the ye<span class=\"__1 _201\"/>ar end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _201\"/>, some of t<span class=\"__1 _201\"/>he leas<span class=\"__1 _201\"/>es of offi<span class=\"__1 _201\"/>ce buil<span class=\"__1 _201\"/>dings co<span class=\"__1 _201\"/>ntaine<span class=\"__1 _201\"/>d leas<span class=\"__1 _201\"/>e break o<span class=\"__1 _201\"/>ptions exerc<span class=\"__1 _201\"/>isab<span class=\"__1 _201\"/>le by the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up. The G<span class=\"__1 _201\"/>roup as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sed at t<span class=\"__1 _201\"/>he poi<span class=\"__1 _201\"/>nt of leas<span class=\"__1 _201\"/>e comm<span class=\"__1 _201\"/>encem<span class=\"__1 _201\"/>ent wh<span class=\"__1 _201\"/>ether it w<span class=\"__1 _201\"/>as reaso<span class=\"__1 _201\"/>nabl<span class=\"__1 _201\"/>y cer<span class=\"__1 _201\"/>tain to exercis<span class=\"__1 _201\"/>e the opti<span class=\"__1 _201\"/>on.<span class=\"__1 _201\"/> This a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ion was rev<span class=\"__1 _201\"/>isited if t<span class=\"__1 _201\"/>here was a m<span class=\"__1 _201\"/>aterial ch<span class=\"__1 _201\"/>ange in c<span class=\"__1 _201\"/>ircumst<span class=\"__1 _201\"/>ances<span class=\"__1 _201\"/>. For th<span class=\"__1 _201\"/>e year end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 the<span class=\"__1 _201\"/>re were<span class=\"__1 _32b\"> </span> no le<span class=\"__1 _201\"/>ase bre<span class=\"__1 _201\"/>ak option<span class=\"__1 _201\"/>s exercisa<span class=\"__1 _201\"/>ble by the G<span class=\"__1 _201\"/>roup.<span class=\"__1 _32b\"> </span>The u<span class=\"__1 _201\"/>ndisc<span class=\"__1 _201\"/>ounted v<span class=\"__1 _201\"/>alue of le<span class=\"__1 _201\"/>ase pay<span class=\"__1 _201\"/>ments b<span class=\"__1 _201\"/>eyond th<span class=\"__1 _201\"/>e break p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d which w<span class=\"__1 _201\"/>ere not rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in l<span class=\"__1 _201\"/>ease lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s as at<span class=\"__1 _32b\"> </span> 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021 w<span class=\"__1 _201\"/>as \u00a31m.<span class=\"__1 _32b\"> </span>258<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts<span class=\"__1 _200\"/> 2022<span class=\"__1 _32b\"> </span></span></span>29 Pro<span class=\"__1 _f_1\"/>visio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Regulator<span class=\"__1 _201\"/>y<span class=\"__1 _23e\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">1<span class=\"__1 _353\"> </span><span class=\"ff2_1\">1<span class=\"__1 _32b\"> </span></span></span>Staff<span class=\"__1 _200\"/> benefits<span class=\"__1 _321\"> </span><span class=\"ff1_1 ls16_1 ws15_1\">48<span class=\"__1 _1d_1\"> </span></span><span class=\"ls29_1 ws29_1\">83<span class=\"__1 _32b\"> </span></span>Res<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>turin<span class=\"__1 _201\"/>g<span class=\"__1 _438\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">11<span class=\"__1 _271\"> </span></span><span class=\"lsd_1 wsb_1\">37<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _23f\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">30<span class=\"__1 _264\"> </span></span><span class=\"ls56_1 ws5f_1\">17<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal pro<span class=\"__1 _200\"/>visions<span class=\"__1 _275\"> </span><span class=\"lsb_1 ws32_1\">90<span class=\"__1 _239\"> </span><span class=\"ff2_1 lse_1 wsc_1\">13<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _440\"> </span><span class=\"ls2a_1 ws2a_1\">138<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1 ls27_1 ws27_1\">235<span class=\"__1 _32b\"> </span></span></span>Charg<span class=\"__1 _201\"/>ed to cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d inco<span class=\"__1 _201\"/>me statem<span class=\"__1 _201\"/>ent:<span class=\"__1 _32b\"> </span>Additi<span class=\"__1 _201\"/>ons dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar<span class=\"__1 _317\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">20<span class=\"__1 _232\"> </span></span><span class=\"ls2a_1 ws2a_1\">24<span class=\"__1 _32b\"> </span></span>Unus<span class=\"__1 _201\"/>ed am<span class=\"__1 _201\"/>ounts re<span class=\"__1 _201\"/>lease<span class=\"__1 _201\"/>d<span class=\"__1 _1ed\"> </span><span class=\"ff1_1 ls12_1 ws11_1\">(8)<span class=\"__1 _253\"> </span></span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Use<span class=\"__1 _201\"/>d durin<span class=\"__1 _201\"/>g the year<span class=\"__1 _441\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(5<span class=\"__1 _201\"/>8)<span class=\"__1 _c_1\"> </span></span><span class=\"ls5b_1 ws67_1\">(8<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _1d3_1\"> </span><span class=\"ff1_1 ls56_1 ws5f_1\">(2)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _442\"> </span><span class=\"ws32_1\">90<span class=\"__1 _239\"> </span><span class=\"ff2_1 lse_1 wsc_1\">13<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span>Reg<span class=\"__1 _201\"/>ulato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y provis<span class=\"__1 _201\"/>ions i<span class=\"__1 _201\"/>n relat<span class=\"__1 _201\"/>ion to a<span class=\"__1 _201\"/>nnu<span class=\"__1 _201\"/>ity s<span class=\"__1 _201\"/>ale<span class=\"__1 _201\"/>s prac<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>P<span class=\"__1 _200\"/>AC had agree<span class=\"__1 _201\"/>d with th<span class=\"__1 _201\"/>e Finan<span class=\"__1 _201\"/>cial Con<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>t Author<span class=\"__1 _201\"/>ity (<span class=\"__1 _201\"/>FCA) to review a<span class=\"__1 _201\"/>nnuitie<span class=\"__1 _201\"/>s sold w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t advi<span class=\"__1 _201\"/>ce af<span class=\"__1 _201\"/>ter 1 Jul<span class=\"__1 _201\"/>y 2008 to it<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> contr<span class=\"__1 _201\"/>act-bas<span class=\"__1 _201\"/>ed defi<span class=\"__1 _201\"/>ned c<span class=\"__1 _201\"/>ontrib<span class=\"__1 _201\"/>ution p<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>n client<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d this revi<span class=\"__1 _201\"/>ew is now co<span class=\"__1 _201\"/>mplete. I<span class=\"__1 _201\"/>n additi<span class=\"__1 _201\"/>on, PA<span class=\"__1 _200\"/>C had be<span class=\"__1 _201\"/>en con<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>ting<span class=\"__1 _201\"/> a review o<span class=\"__1 _201\"/>f other sim<span class=\"__1 _201\"/>ilar bu<span class=\"__1 _201\"/>t separ<span class=\"__1 _201\"/>ate groups of an<span class=\"__1 _201\"/>nuitie<span class=\"__1 _201\"/>s sold af<span class=\"__1 _201\"/>ter 1 J<span class=\"__1 _201\"/>uly 20<span class=\"__1 _201\"/>08 whi<span class=\"__1 _201\"/>ch were out<span class=\"__1 _201\"/>side th<span class=\"__1 _201\"/>e scop<span class=\"__1 _201\"/>e of the or<span class=\"__1 _201\"/>iginal<span class=\"__1 _201\"/> review. Th<span class=\"__1 _201\"/>e review wa<span class=\"__1 _201\"/>s examinin<span class=\"__1 _201\"/>g wheth<span class=\"__1 _201\"/>er clien<span class=\"__1 _201\"/>ts were gi<span class=\"__1 _201\"/>ven suffi<span class=\"__1 _201\"/>cient i<span class=\"__1 _201\"/>nformati<span class=\"__1 _201\"/>on abo<span class=\"__1 _201\"/>ut thei<span class=\"__1 _201\"/>r potential e<span class=\"__1 _201\"/>ligibi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y to purchas<span class=\"__1 _201\"/>e a<span class=\"__1 _32b\"> </span>n enha<span class=\"__1 _201\"/>nced a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, eith<span class=\"__1 _201\"/>er from PA<span class=\"__1 _200\"/>C or anoth<span class=\"__1 _201\"/>er pe<span class=\"__1 _201\"/>nsion p<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>. At 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2 onl<span class=\"__1 _201\"/>y a minima<span class=\"__1 _201\"/>l numb<span class=\"__1 _201\"/>er of potenti<span class=\"__1 _201\"/>al cas<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> remai<span class=\"__1 _201\"/>n in scop<span class=\"__1 _201\"/>e and all p<span class=\"__1 _201\"/>rovisi<span class=\"__1 _201\"/>ons set u<span class=\"__1 _201\"/>p in relatio<span class=\"__1 _201\"/>n to the redre<span class=\"__1 _201\"/>ss exercis<span class=\"__1 _201\"/>e were rele<span class=\"__1 _201\"/>ased by 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 2021.<span class=\"__1 _201\"/> Staff<span class=\"__1 _200\"/> benefits<span class=\"__1 _32b\"> </span>Staff be<span class=\"__1 _201\"/>nefit<span class=\"__1 _201\"/>s prim<span class=\"__1 _201\"/>aril<span class=\"__1 _201\"/>y relate to per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>manc<span class=\"__1 _201\"/>e related b<span class=\"__1 _201\"/>onuse<span class=\"__1 _201\"/>s est<span class=\"__1 _201\"/>imated for th<span class=\"__1 _201\"/>e curre<span class=\"__1 _201\"/>nt year to be pa<span class=\"__1 _201\"/>id out in f<span class=\"__1 _201\"/>uture years<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> Restructuring<span class=\"__1 _32b\"> </span> Incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d in restr<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>turing p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>ns is \u00a310m a<span class=\"__1 _201\"/>s at 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 (2<span class=\"__1 _201\"/>021: \u00a33<span class=\"__1 _201\"/>6m) related to cha<span class=\"__1 _201\"/>nge in co<span class=\"__1 _201\"/>ntrol cos<span class=\"__1 _201\"/>ts ari<span class=\"__1 _201\"/>sing fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> the D<span class=\"__1 _201\"/>emerg<span class=\"__1 _201\"/>er in 2019. Th<span class=\"__1 _201\"/>e remain<span class=\"__1 _201\"/>ing \u00a31m (2021: \u00a31m) restr<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>turing p<span class=\"__1 _201\"/>rovisi<span class=\"__1 _201\"/>ons are in rel<span class=\"__1 _201\"/>ation to red<span class=\"__1 _201\"/>undan<span class=\"__1 _201\"/>cy cos<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d within oth<span class=\"__1 _201\"/>er provi<span class=\"__1 _201\"/>sions i<span class=\"__1 _201\"/>s the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s obli<span class=\"__1 _201\"/>gation un<span class=\"__1 _201\"/>der the c<span class=\"__1 _201\"/>all op<span class=\"__1 _201\"/>tion arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment to pu<span class=\"__1 _201\"/>rchase th<span class=\"__1 _201\"/>e remaini<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span> share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ing of res<span class=\"__1 _201\"/>pons<span class=\"__1 _201\"/>Abilit<span class=\"__1 _201\"/>y as o<span class=\"__1 _201\"/>utline<span class=\"__1 _201\"/>d in Note 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>30 Accruals, deferred incom<span class=\"__1 _201\"/>e and other liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Out<span class=\"__1 _201\"/>stan<span class=\"__1 _201\"/>ding pu<span class=\"__1 _201\"/>rchase<span class=\"__1 _201\"/>s of investm<span class=\"__1 _201\"/>ent se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es<span class=\"__1 _443\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">4<span class=\"__1 _201\"/>,607<span class=\"__1 _1d8_1\"> </span></span><span class=\"lsf_1 wsd_1\">3,836<span class=\"__1 _32b\"> </span></span>Accru<span class=\"__1 _201\"/>als and d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d inco<span class=\"__1 _201\"/>me<span class=\"__1 _444\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">1,338<span class=\"__1 _208\"> </span></span><span class=\"lsc_1 wsa_1\">1,4<span class=\"__1 _201\"/>69<span class=\"__1 _32b\"> </span></span>Deferred consi<span class=\"__1 _200\"/>deration<span class=\"__1 _445\"> </span><span class=\"ff1_1 ls10_1 wsf_1\">246<span class=\"__1 _223\"> </span></span><span class=\"ls30_1 ws30_1\">4<span class=\"__1 _201\"/>03<span class=\"__1 _32b\"> </span></span>Dep<span class=\"__1 _201\"/>osit<span class=\"__1 _201\"/>s recei<span class=\"__1 _201\"/>ved from re<span class=\"__1 _201\"/>insure<span class=\"__1 _201\"/>rs<span class=\"__1 _446\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">146<span class=\"__1 _253\"> </span></span><span class=\"ls27_1 ws27_1\">299<span class=\"__1 _32b\"> </span></span>Credit<span class=\"__1 _200\"/>ors arisi<span class=\"__1 _200\"/>ng from<span class=\"__1 _200\"/> insurance<span class=\"__1 _200\"/> operations<span class=\"__1 _227\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">189<span class=\"__1 _231\"> </span></span><span class=\"ls4d_1 ws54_1\">156<span class=\"__1 _32b\"> </span></span>Int<span class=\"__1 _200\"/>erest pa<span class=\"__1 _200\"/>yable<span class=\"__1 _447\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">80<span class=\"__1 _219\"> </span></span><span class=\"ls3f_1 ws41_1\">60<span class=\"__1 _32b\"> </span></span>Creatio<span class=\"__1 _201\"/>n of units awa<span class=\"__1 _201\"/>iting set<span class=\"__1 _201\"/>tle<span class=\"__1 _201\"/>ment<span class=\"__1 _448\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">32<span class=\"__1 _232\"> </span></span><span class=\"ls32_1 ws33_1\">52<span class=\"__1 _32b\"> </span></span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty re<span class=\"__1 _201\"/>lated cre<span class=\"__1 _201\"/>ditors<span class=\"__1 _449\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">17<span class=\"__1 _230\"> </span><span class=\"ff2_1\">15<span class=\"__1 _32b\"> </span></span></span>Reinsuran<span class=\"__1 _201\"/>ce liabilities<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>242<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _24a\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">509<span class=\"__1 _2c_1\"> </span></span><span class=\"ls23_1 ws22_1\">376<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> accruals, def<span class=\"__1 _200\"/>erred inc<span class=\"__1 _200\"/>ome and o<span class=\"__1 _200\"/>ther liabiliti<span class=\"__1 _200\"/>es<span class=\"__1 _360\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _214\"> </span><span class=\"ff2_1 ls3f_1 ws41_1\">6,666<span class=\"__1 _32b\"> </span></span></span>Analysed as:<span class=\"__1 _32b\"> </span>Ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to be s<span class=\"__1 _201\"/>ettl<span class=\"__1 _201\"/>ed with<span class=\"__1 _201\"/>in one yea<span class=\"__1 _201\"/>r<span class=\"__1 _e5_1\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">6,9<span class=\"__1 _201\"/>20<span class=\"__1 _3f_1\"> </span></span><span class=\"ls43_1 ws47_1\">6<span class=\"__1 _250\"/>,11<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span>Ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to be s<span class=\"__1 _201\"/>ettl<span class=\"__1 _201\"/>ed af<span class=\"__1 _201\"/>ter one ye<span class=\"__1 _201\"/>ar<span class=\"__1 _1a0_1\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">486<span class=\"__1 _c_1\"> </span></span><span class=\"ls27_1 ws27_1\">550<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> accruals, def<span class=\"__1 _200\"/>erred inc<span class=\"__1 _200\"/>ome and o<span class=\"__1 _200\"/>ther liabiliti<span class=\"__1 _200\"/>es<span class=\"__1 _360\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _214\"> </span><span class=\"ff2_1 ls3f_1 ws41_1\">6,666<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>Fol<span class=\"__1 _201\"/>lowi<span class=\"__1 _201\"/>ng a rev<span class=\"__1 _201\"/>iew of t<span class=\"__1 _201\"/>he Gr<span class=\"__1 _201\"/>oup\u2019s pre<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>tatio<span class=\"__1 _201\"/>n of ta<span class=\"__1 _201\"/>x pos<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>ns wi<span class=\"__1 _201\"/>thin c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lid<span class=\"__1 _201\"/>ated i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt fun<span class=\"__1 _201\"/>ds, c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>ara<span class=\"__1 _201\"/>tive am<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>ts have b<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>n res<span class=\"__1 _201\"/>tated f<span class=\"__1 _201\"/>rom<span class=\"__1 _201\"/> tho<span class=\"__1 _201\"/>se pre<span class=\"__1 _201\"/>vio<span class=\"__1 _201\"/>usl<span class=\"__1 _201\"/>y rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/>. The r<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/>atem<span class=\"__1 _201\"/>ent ha<span class=\"__1 _201\"/>s had n<span class=\"__1 _201\"/>o impa<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>n pro<span class=\"__1 _201\"/>fit for t<span class=\"__1 _201\"/>he yea<span class=\"__1 _201\"/>r or ne<span class=\"__1 _201\"/>t ass<span class=\"__1 _201\"/>ets<span class=\"__1 _201\"/>. Se<span class=\"__1 _201\"/>e Note 1<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1 for fu<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ther i<span class=\"__1 _201\"/>nfor<span class=\"__1 _201\"/>mati<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Rei<span class=\"__1 _201\"/>nsur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e lia<span class=\"__1 _201\"/>bili<span class=\"__1 _201\"/>ties a<span class=\"__1 _201\"/>t 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 2<span class=\"__1 _201\"/>022 r<span class=\"__1 _201\"/>elate to l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>evi<span class=\"__1 _201\"/>ty s<span class=\"__1 _201\"/>wap li<span class=\"__1 _201\"/>abil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s of \u00a32<span class=\"__1 _201\"/>42m (31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r 2021: \u00a3<span class=\"__1 _201\"/>17<span class=\"__1 _200\"/>4m) prev<span class=\"__1 _201\"/>iou<span class=\"__1 _201\"/>sly h<span class=\"__1 _201\"/>eld i<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> Rei<span class=\"__1 _201\"/>nsur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e as<span class=\"__1 _201\"/>sets o<span class=\"__1 _201\"/>n the c<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated s<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>ment o<span class=\"__1 _201\"/>f fina<span class=\"__1 _201\"/>ncia<span class=\"__1 _201\"/>l pos<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n and i<span class=\"__1 _201\"/>n Note 26<span class=\"__1 _201\"/>. For t<span class=\"__1 _201\"/>he co<span class=\"__1 _201\"/>mpa<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>ve per<span class=\"__1 _201\"/>io<span class=\"__1 _201\"/>ds all re<span class=\"__1 _201\"/>ins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce is p<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>ente<span class=\"__1 _201\"/>d in<span class=\"__1 _32b\"> </span> Reinsurance assets<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2e_1 ws6c_1\">259<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>31 Structured entities<span class=\"__1 _32b\"> </span>Stru<span class=\"__1 _201\"/>cture<span class=\"__1 _201\"/>d entitie<span class=\"__1 _201\"/>s are thos<span class=\"__1 _201\"/>e that have be<span class=\"__1 _201\"/>en des<span class=\"__1 _201\"/>igne<span class=\"__1 _201\"/>d so that voting o<span class=\"__1 _201\"/>r simil<span class=\"__1 _201\"/>ar right<span class=\"__1 _201\"/>s are not the d<span class=\"__1 _201\"/>omina<span class=\"__1 _201\"/>nt fac<span class=\"__1 _201\"/>tor in de<span class=\"__1 _201\"/>cidin<span class=\"__1 _201\"/>g who<span class=\"__1 _201\"/> contro<span class=\"__1 _201\"/>ls the enti<span class=\"__1 _201\"/>ty. The G<span class=\"__1 _201\"/>roup inves<span class=\"__1 _201\"/>ts in s<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>tured e<span class=\"__1 _201\"/>ntities su<span class=\"__1 _201\"/>ch as:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Poo<span class=\"__1 _201\"/>led inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt vehicl<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>, includ<span class=\"__1 _201\"/>ing OEI<span class=\"__1 _201\"/>Cs<span class=\"__1 _201\"/>, unit trus<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, SICAV<span class=\"__1 _200\"/>s and limite<span class=\"__1 _201\"/>d par<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ships<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Deb<span class=\"__1 _201\"/>t secur<span class=\"__1 _201\"/>itisati<span class=\"__1 _201\"/>on vehi<span class=\"__1 _201\"/>cles<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding co<span class=\"__1 _201\"/>llateral<span class=\"__1 _201\"/>ised d<span class=\"__1 _201\"/>ebt obl<span class=\"__1 _201\"/>igation<span class=\"__1 _201\"/>s, mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tgage<span class=\"__1 _201\"/>-ba<span class=\"__1 _201\"/>cked secu<span class=\"__1 _201\"/>rities a<span class=\"__1 _201\"/>nd othe<span class=\"__1 _201\"/>r simila<span class=\"__1 _201\"/>r asse<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-<span class=\"__1 _32b\"> </span></span>backed securitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>Stru<span class=\"__1 _201\"/>cture<span class=\"__1 _201\"/>d entitie<span class=\"__1 _201\"/>s which th<span class=\"__1 _201\"/>e Group i<span class=\"__1 _201\"/>s dee<span class=\"__1 _201\"/>med to co<span class=\"__1 _201\"/>ntrol are con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dated in the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l statem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>. As at<span class=\"__1 _201\"/> 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 and 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>21, the G<span class=\"__1 _201\"/>roup has n<span class=\"__1 _201\"/>ot provid<span class=\"__1 _201\"/>ed, a<span class=\"__1 _201\"/>nd has no i<span class=\"__1 _201\"/>ntention to prov<span class=\"__1 _201\"/>ide, n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>contr<span class=\"__1 _201\"/>actu<span class=\"__1 _201\"/>al finan<span class=\"__1 _201\"/>cial<span class=\"__1 _201\"/> or othe<span class=\"__1 _201\"/>r supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t to cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d or unco<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated s<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>tured en<span class=\"__1 _201\"/>tities that c<span class=\"__1 _201\"/>ould exp<span class=\"__1 _201\"/>ose th<span class=\"__1 _201\"/>e Group to a l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>31.<span class=\"__1 _f_1\"/>1 Inv<span class=\"__1 _200\"/>estments<span class=\"__1 _200\"/> in unconsolida<span class=\"__1 _200\"/>ted structur<span class=\"__1 _200\"/>ed en<span class=\"__1 _200\"/>tities<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>able b<span class=\"__1 _201\"/>elow sh<span class=\"__1 _201\"/>ows aggre<span class=\"__1 _201\"/>gate ca<span class=\"__1 _201\"/>rr<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g amoun<span class=\"__1 _201\"/>ts of the inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts in unc<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>tured e<span class=\"__1 _201\"/>ntities re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ted in t<span class=\"__1 _201\"/>he<span class=\"__1 _32b\"> </span> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n:<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Sta<span class=\"__1 _200\"/>tement<span class=\"__1 _200\"/> of financi<span class=\"__1 _200\"/>al position<span class=\"__1 _200\"/> line it<span class=\"__1 _200\"/>em:<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _1d7_1\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">13,<span class=\"__1 _201\"/>497<span class=\"__1 _286\"> </span></span><span class=\"lse_1 wsc_1\">12,<span class=\"__1 _250\"/>282<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _23b\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _204\"> </span></span><span class=\"ls5_1 ws1_1\">2,<span class=\"__1 _201\"/>338<span class=\"__1 _32b\"> </span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _309\"> </span><span class=\"ls32_1 ws33_1\">15,6<span class=\"__1 _201\"/>31<span class=\"__1 _245\"> </span><span class=\"ff2_1 ls45_1 ws49_1\">14<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>20<span class=\"__1 _32b\"> </span></span></span>The G<span class=\"__1 _201\"/>roup g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ates returns a<span class=\"__1 _201\"/>nd retains th<span class=\"__1 _201\"/>e owne<span class=\"__1 _201\"/>rship r<span class=\"__1 _201\"/>isks in th<span class=\"__1 _201\"/>ese inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts comm<span class=\"__1 _201\"/>ensur<span class=\"__1 _201\"/>ate to its par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pation an<span class=\"__1 _201\"/>d doe<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> not have any f<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>ther exp<span class=\"__1 _201\"/>osure to the re<span class=\"__1 _201\"/>sidua<span class=\"__1 _201\"/>l risks o<span class=\"__1 _201\"/>r loss<span class=\"__1 _201\"/>es of the i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents or th<span class=\"__1 _201\"/>e vehicl<span class=\"__1 _201\"/>es in wh<span class=\"__1 _201\"/>ich it ho<span class=\"__1 _201\"/>lds inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Fur<span class=\"__1 _201\"/>ther det<span class=\"__1 _201\"/>ails on r<span class=\"__1 _201\"/>isks as<span class=\"__1 _201\"/>sociate<span class=\"__1 _201\"/>d with fin<span class=\"__1 _201\"/>ancial a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and how th<span class=\"__1 _201\"/>ey are mana<span class=\"__1 _201\"/>ged are p<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>d in Note 3<span class=\"__1 _201\"/>3.<span class=\"__1 _32b\"> </span>Incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d in equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>ties an<span class=\"__1 _201\"/>d pool<span class=\"__1 _201\"/>ed inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t funds a<span class=\"__1 _201\"/>s at 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 we<span class=\"__1 _201\"/>re \u00a36,<span class=\"__1 _201\"/>85<span class=\"__1 _201\"/>8m (2021: \u00a34<span class=\"__1 _201\"/>,610m) of inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> in str<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>tured enti<span class=\"__1 _201\"/>ties man<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>d by the Grou<span class=\"__1 _201\"/>p. Inves<span class=\"__1 _201\"/>tment m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment fe<span class=\"__1 _201\"/>es for th<span class=\"__1 _201\"/>e year en<span class=\"__1 _201\"/>ded 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 of \u00a3416m<span class=\"__1 _32b\"> </span> (2021: \u00a34<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>4m) were rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed fro<span class=\"__1 _201\"/>m manag<span class=\"__1 _201\"/>ing thes<span class=\"__1 _201\"/>e entitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>axim<span class=\"__1 _201\"/>um expos<span class=\"__1 _201\"/>ure to loss f<span class=\"__1 _201\"/>or unco<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>tured e<span class=\"__1 _201\"/>ntities in w<span class=\"__1 _201\"/>hich the G<span class=\"__1 _201\"/>roup h<span class=\"__1 _201\"/>olds an i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent is the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/> valu<span class=\"__1 _201\"/>e of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s inves<span class=\"__1 _201\"/>tment an<span class=\"__1 _201\"/>d the los<span class=\"__1 _201\"/>s of futu<span class=\"__1 _201\"/>re fees<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup al<span class=\"__1 _201\"/>so has inte<span class=\"__1 _201\"/>rests i<span class=\"__1 _201\"/>n stru<span class=\"__1 _201\"/>cture<span class=\"__1 _201\"/>d entitie<span class=\"__1 _201\"/>s mana<span class=\"__1 _201\"/>ged by the G<span class=\"__1 _201\"/>roup in w<span class=\"__1 _201\"/>hich it h<span class=\"__1 _201\"/>olds n<span class=\"__1 _201\"/>o investm<span class=\"__1 _201\"/>ent throu<span class=\"__1 _201\"/>gh the co<span class=\"__1 _201\"/>llec<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/> of inves<span class=\"__1 _201\"/>tment m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment fe<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>. The ma<span class=\"__1 _201\"/>ximum ex<span class=\"__1 _201\"/>posure to l<span class=\"__1 _201\"/>oss fo<span class=\"__1 _201\"/>r these i<span class=\"__1 _201\"/>nterest<span class=\"__1 _201\"/>s is los<span class=\"__1 _201\"/>s of future fe<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment fe<span class=\"__1 _201\"/>es rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed for t<span class=\"__1 _201\"/>he year en<span class=\"__1 _201\"/>ded 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>022 fro<span class=\"__1 _201\"/>m manag<span class=\"__1 _201\"/>ing the<span class=\"__1 _201\"/>se entiti<span class=\"__1 _201\"/>es were \u00a3<span class=\"__1 _201\"/>300<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> (2021: \u00a326<span class=\"__1 _201\"/>0m).<span class=\"__1 _32b\"> </span>32 F<span class=\"__1 _f_1\"/>air value methodology<span class=\"__1 _32b\"> </span>32.<span class=\"__1 _200\"/>1 De<span class=\"__1 _200\"/>termina<span class=\"__1 _200\"/>tion of<span class=\"__1 _200\"/> fair v<span class=\"__1 _200\"/>alue hier<span class=\"__1 _200\"/>arch<span class=\"__1 _200\"/>y<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ues of as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabi<span class=\"__1 _201\"/>lities fo<span class=\"__1 _201\"/>r which f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>uation is re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d unde<span class=\"__1 _201\"/>r IFRS are d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed by the u<span class=\"__1 _201\"/>se of curre<span class=\"__1 _201\"/>nt market<span class=\"__1 _201\"/> bid p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s for exchang<span class=\"__1 _201\"/>e-<span class=\"__1 _201\"/>quote<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, by usin<span class=\"__1 _201\"/>g quotatio<span class=\"__1 _201\"/>ns from in<span class=\"__1 _201\"/>dep<span class=\"__1 _201\"/>ende<span class=\"__1 _201\"/>nt third par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es such a<span class=\"__1 _201\"/>s brokers an<span class=\"__1 _201\"/>d prici<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span> ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/>, or by us<span class=\"__1 _201\"/>ing app<span class=\"__1 _201\"/>ropri<span class=\"__1 _201\"/>ate valuatio<span class=\"__1 _201\"/>n techniq<span class=\"__1 _201\"/>ues<span class=\"__1 _201\"/>. Fair value is th<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nt for wh<span class=\"__1 _201\"/>ich an as<span class=\"__1 _201\"/>set cou<span class=\"__1 _201\"/>ld be exchan<span class=\"__1 _201\"/>ged o<span class=\"__1 _201\"/>r a<span class=\"__1 _32b\"> </span> liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y settl<span class=\"__1 _201\"/>ed in an a<span class=\"__1 _201\"/>rm\u2019s length tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>o prov<span class=\"__1 _201\"/>ide fu<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>her info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n on the ap<span class=\"__1 _201\"/>proach u<span class=\"__1 _201\"/>sed to dete<span class=\"__1 _201\"/>rmine a<span class=\"__1 _201\"/>nd mea<span class=\"__1 _201\"/>sure the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of cer<span class=\"__1 _201\"/>tain as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s, the<span class=\"__1 _201\"/> foll<span class=\"__1 _201\"/>owing f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e hier<span class=\"__1 _201\"/>archy categ<span class=\"__1 _201\"/>oris<span class=\"__1 _201\"/>ation ha<span class=\"__1 _201\"/>s bee<span class=\"__1 _201\"/>n used<span class=\"__1 _201\"/>. This h<span class=\"__1 _201\"/>ierarchy i<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on the in<span class=\"__1 _201\"/>puts to the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e meas<span class=\"__1 _201\"/>ureme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> and refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts the l<span class=\"__1 _201\"/>owest l<span class=\"__1 _201\"/>evel inpu<span class=\"__1 _201\"/>t that is sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>ant to that me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent.<span class=\"__1 _32b\"> </span>Level 1 \u2013 q<span class=\"__1 _201\"/>uoted pr<span class=\"__1 _201\"/>ices (unadju<span class=\"__1 _201\"/>sted) i<span class=\"__1 _201\"/>n acti<span class=\"__1 _201\"/>ve markets fo<span class=\"__1 _201\"/>r identi<span class=\"__1 _201\"/>cal as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _32b\"> </span>Level 1 p<span class=\"__1 _201\"/>rinci<span class=\"__1 _201\"/>pally i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es exchang<span class=\"__1 _201\"/>e-<span class=\"__1 _201\"/>liste<span class=\"__1 _201\"/>d equiti<span class=\"__1 _201\"/>es, m<span class=\"__1 _201\"/>utual fun<span class=\"__1 _201\"/>ds with q<span class=\"__1 _201\"/>uoted pr<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/>, exchang<span class=\"__1 _201\"/>e-tr<span class=\"__1 _201\"/>aded d<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>vatives s<span class=\"__1 _201\"/>uch as<span class=\"__1 _201\"/> future<span class=\"__1 _201\"/>s and opti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, and natio<span class=\"__1 _201\"/>nal gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt bon<span class=\"__1 _201\"/>ds, un<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>s there is ev<span class=\"__1 _201\"/>iden<span class=\"__1 _201\"/>ce that tra<span class=\"__1 _201\"/>ding in a gi<span class=\"__1 _201\"/>ven ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nt is so inf<span class=\"__1 _201\"/>reque<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> that the m<span class=\"__1 _201\"/>arket coul<span class=\"__1 _201\"/>d not be co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ered ac<span class=\"__1 _201\"/>tive. I<span class=\"__1 _201\"/>t also in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es other fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al instr<span class=\"__1 _201\"/>ume<span class=\"__1 _201\"/>nts whe<span class=\"__1 _201\"/>re there is cl<span class=\"__1 _201\"/>ear evi<span class=\"__1 _201\"/>den<span class=\"__1 _201\"/>ce that the<span class=\"__1 _201\"/> valu<span class=\"__1 _201\"/>ation is ba<span class=\"__1 _201\"/>sed on a t<span class=\"__1 _201\"/>rade<span class=\"__1 _201\"/>d pric<span class=\"__1 _201\"/>e in an ac<span class=\"__1 _201\"/>tive mar<span class=\"__1 _201\"/>ket.<span class=\"__1 _32b\"> </span>Level 2 \u2013 in<span class=\"__1 _201\"/>puts oth<span class=\"__1 _201\"/>er than qu<span class=\"__1 _201\"/>oted pr<span class=\"__1 _201\"/>ices in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>d withi<span class=\"__1 _201\"/>n level 1 that are o<span class=\"__1 _201\"/>bser<span class=\"__1 _250\"/>vable e<span class=\"__1 _201\"/>ither d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tly (i.<span class=\"__1 _201\"/>e. as pri<span class=\"__1 _201\"/>ces) or indire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y (i.e.<span class=\"__1 _201\"/> der<span class=\"__1 _201\"/>ived f<span class=\"__1 _201\"/>rom pri<span class=\"__1 _201\"/>ces)<span class=\"__1 _32b\"> </span>Level 2 p<span class=\"__1 _201\"/>rinci<span class=\"__1 _201\"/>pally i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es cor<span class=\"__1 _201\"/>porate b<span class=\"__1 _201\"/>onds a<span class=\"__1 _201\"/>nd other n<span class=\"__1 _201\"/>ational a<span class=\"__1 _201\"/>nd non<span class=\"__1 _201\"/>-nati<span class=\"__1 _201\"/>onal gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt debt s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities wh<span class=\"__1 _201\"/>ich are val<span class=\"__1 _201\"/>ued<span class=\"__1 _201\"/> usin<span class=\"__1 _201\"/>g obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vable i<span class=\"__1 _201\"/>nputs<span class=\"__1 _201\"/>, toget<span class=\"__1 _201\"/>her with ove<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>-th<span class=\"__1 _201\"/>e-<span class=\"__1 _201\"/>coun<span class=\"__1 _201\"/>ter deri<span class=\"__1 _201\"/>vative<span class=\"__1 _201\"/>s such as fo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ward exchan<span class=\"__1 _201\"/>ge contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s and no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>quoted<span class=\"__1 _201\"/> inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds val<span class=\"__1 _201\"/>ued w<span class=\"__1 _201\"/>ith obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>e input<span class=\"__1 _201\"/>s. It al<span class=\"__1 _201\"/>so incl<span class=\"__1 _201\"/>udes i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent contr<span class=\"__1 _201\"/>act l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es with<span class=\"__1 _201\"/>out DP<span class=\"__1 _201\"/>F that are valu<span class=\"__1 _201\"/>ed usi<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span> obser<span class=\"__1 _201\"/>vable i<span class=\"__1 _200\"/>nputs.<span class=\"__1 _32b\"> </span>260<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Level 3 \u2013 s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant in<span class=\"__1 _201\"/>puts fo<span class=\"__1 _201\"/>r the as<span class=\"__1 _201\"/>set or lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y are not b<span class=\"__1 _201\"/>ased o<span class=\"__1 _201\"/>n obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>e market data (unobs<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vab<span class=\"__1 _201\"/>le inpu<span class=\"__1 _201\"/>ts<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>Level 3 p<span class=\"__1 _201\"/>rinci<span class=\"__1 _201\"/>pally i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in pri<span class=\"__1 _201\"/>vate equit<span class=\"__1 _201\"/>y fu<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>, direc<span class=\"__1 _201\"/>tly he<span class=\"__1 _201\"/>ld inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s and inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts in pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> fund<span class=\"__1 _201\"/>s which a<span class=\"__1 _201\"/>re expos<span class=\"__1 _201\"/>ed to bes<span class=\"__1 _201\"/>poke prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties o<span class=\"__1 _201\"/>r risks a<span class=\"__1 _201\"/>nd inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s which are i<span class=\"__1 _201\"/>nternal<span class=\"__1 _201\"/>ly valu<span class=\"__1 _201\"/>ed or su<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>t to a sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant<span class=\"__1 _32b\"> </span> numb<span class=\"__1 _201\"/>er of uno<span class=\"__1 _201\"/>bser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>able as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>. It als<span class=\"__1 _201\"/>o inclu<span class=\"__1 _201\"/>des de<span class=\"__1 _201\"/>bt secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s which are r<span class=\"__1 _201\"/>arely tr<span class=\"__1 _201\"/>ade<span class=\"__1 _201\"/>d or trad<span class=\"__1 _201\"/>ed onl<span class=\"__1 _201\"/>y in pri<span class=\"__1 _201\"/>vately<span class=\"__1 _201\"/> ne<span class=\"__1 _201\"/>gotiated tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s and he<span class=\"__1 _201\"/>nce wh<span class=\"__1 _201\"/>ere it is di<span class=\"__1 _201\"/>fficult to as<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>t that th<span class=\"__1 _201\"/>eir val<span class=\"__1 _201\"/>uations h<span class=\"__1 _201\"/>ave been b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>e market data<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>32<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Valuati<span class=\"__1 _201\"/>on ap<span class=\"__1 _201\"/>proa<span class=\"__1 _201\"/>ch for l<span class=\"__1 _201\"/>evel 2 ass<span class=\"__1 _201\"/>ets an<span class=\"__1 _201\"/>d lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>A sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant prop<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tion of th<span class=\"__1 _201\"/>e Group\u2019s level 2 as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s are corp<span class=\"__1 _201\"/>orate bo<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>, str<span class=\"__1 _201\"/>ucture<span class=\"__1 _201\"/>d sec<span class=\"__1 _201\"/>uritie<span class=\"__1 _201\"/>s and othe<span class=\"__1 _201\"/>r nation<span class=\"__1 _201\"/>al and no<span class=\"__1 _201\"/>n-<span class=\"__1 _32b\"> </span>natio<span class=\"__1 _201\"/>nal gover<span class=\"__1 _201\"/>nment d<span class=\"__1 _201\"/>ebt se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets, in l<span class=\"__1 _201\"/>ine with m<span class=\"__1 _201\"/>arket pra<span class=\"__1 _201\"/>ctice<span class=\"__1 _201\"/>, are gen<span class=\"__1 _201\"/>erall<span class=\"__1 _201\"/>y value<span class=\"__1 _201\"/>d usin<span class=\"__1 _201\"/>g inde<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>ent pr<span class=\"__1 _201\"/>icing<span class=\"__1 _201\"/> ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices o<span class=\"__1 _201\"/>r quotes f<span class=\"__1 _201\"/>rom third pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y bro<span class=\"__1 _201\"/>kers. T<span class=\"__1 _201\"/>hese v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>ns are subj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t to a numbe<span class=\"__1 _201\"/>r of monito<span class=\"__1 _201\"/>ring co<span class=\"__1 _201\"/>ntrols<span class=\"__1 _201\"/>, such as m<span class=\"__1 _201\"/>onthl<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> pri<span class=\"__1 _201\"/>ce vari<span class=\"__1 _201\"/>ances<span class=\"__1 _201\"/>, st<span class=\"__1 _201\"/>ale pr<span class=\"__1 _201\"/>ice revie<span class=\"__1 _201\"/>ws and var<span class=\"__1 _201\"/>ianc<span class=\"__1 _201\"/>e analy<span class=\"__1 _201\"/>sis on pr<span class=\"__1 _201\"/>ices a<span class=\"__1 _201\"/>chieve<span class=\"__1 _201\"/>d on subs<span class=\"__1 _201\"/>eque<span class=\"__1 _201\"/>nt trad<span class=\"__1 _201\"/>es.<span class=\"__1 _32b\"> </span>Pri<span class=\"__1 _201\"/>cing se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ere availa<span class=\"__1 _201\"/>ble, a<span class=\"__1 _201\"/>re used to ob<span class=\"__1 _201\"/>tain third pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty bro<span class=\"__1 _201\"/>ker quotes<span class=\"__1 _201\"/>. When p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s are not avai<span class=\"__1 _201\"/>lable f<span class=\"__1 _201\"/>rom pri<span class=\"__1 _201\"/>cing<span class=\"__1 _201\"/> ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/>, quote<span class=\"__1 _201\"/>s are sourc<span class=\"__1 _201\"/>ed dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y from broker<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p seek<span class=\"__1 _201\"/>s to obtain a num<span class=\"__1 _201\"/>ber of qu<span class=\"__1 _201\"/>otes from di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>t brokers so a<span class=\"__1 _201\"/>s to<span class=\"__1 _32b\"> </span> obtai<span class=\"__1 _201\"/>n the mos<span class=\"__1 _201\"/>t comp<span class=\"__1 _201\"/>rehen<span class=\"__1 _201\"/>sive info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n availab<span class=\"__1 _201\"/>le on the<span class=\"__1 _201\"/>ir executab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> Whe<span class=\"__1 _201\"/>re quotes are s<span class=\"__1 _201\"/>ource<span class=\"__1 _201\"/>d direc<span class=\"__1 _201\"/>tly fro<span class=\"__1 _201\"/>m brokers<span class=\"__1 _201\"/>, the pr<span class=\"__1 _201\"/>ice use<span class=\"__1 _201\"/>d in the va<span class=\"__1 _201\"/>luation i<span class=\"__1 _201\"/>s norm<span class=\"__1 _201\"/>ally s<span class=\"__1 _201\"/>elec<span class=\"__1 _201\"/>ted fro<span class=\"__1 _201\"/>m one of the q<span class=\"__1 _201\"/>uotes<span class=\"__1 _201\"/> bas<span class=\"__1 _201\"/>ed on a num<span class=\"__1 _201\"/>ber of f<span class=\"__1 _201\"/>acto<span class=\"__1 _201\"/>rs, in<span class=\"__1 _201\"/>cludi<span class=\"__1 _201\"/>ng the tim<span class=\"__1 _201\"/>eline<span class=\"__1 _201\"/>ss an<span class=\"__1 _201\"/>d regula<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>y of the qu<span class=\"__1 _201\"/>otes and the a<span class=\"__1 _201\"/>ccura<span class=\"__1 _201\"/>cy of the q<span class=\"__1 _201\"/>uotes con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>ring<span class=\"__1 _201\"/> the sp<span class=\"__1 _201\"/>reads prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e sele<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d quote is the o<span class=\"__1 _201\"/>ne whi<span class=\"__1 _201\"/>ch bes<span class=\"__1 _201\"/>t repre<span class=\"__1 _201\"/>sents a<span class=\"__1 _201\"/>n executab<span class=\"__1 _201\"/>le quote fo<span class=\"__1 _201\"/>r the sec<span class=\"__1 _201\"/>urit<span class=\"__1 _201\"/>y at the<span class=\"__1 _201\"/> mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt date.<span class=\"__1 _32b\"> </span>32<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3 Level 3 as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd li<span class=\"__1 _201\"/>abi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>32<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3.<span class=\"__1 _200\"/>1 V<span class=\"__1 _200\"/>alu<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n app<span class=\"__1 _201\"/>roach f<span class=\"__1 _201\"/>or level 3<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s value<span class=\"__1 _201\"/>d using v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n techni<span class=\"__1 _201\"/>ques in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>e financ<span class=\"__1 _201\"/>ial inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s which by natu<span class=\"__1 _201\"/>re do not have an ex<span class=\"__1 _201\"/>tern<span class=\"__1 _201\"/>ally qu<span class=\"__1 _201\"/>oted<span class=\"__1 _201\"/> pri<span class=\"__1 _201\"/>ce base<span class=\"__1 _201\"/>d on re<span class=\"__1 _201\"/>gular tra<span class=\"__1 _201\"/>des<span class=\"__1 _201\"/>, and fin<span class=\"__1 _201\"/>ancial i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents fo<span class=\"__1 _201\"/>r which m<span class=\"__1 _201\"/>arkets are no l<span class=\"__1 _201\"/>onge<span class=\"__1 _201\"/>r acti<span class=\"__1 _201\"/>ve as a resul<span class=\"__1 _201\"/>t of market con<span class=\"__1 _201\"/>ditio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span> e.g. m<span class=\"__1 _201\"/>arket illiq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n techni<span class=\"__1 _201\"/>ques us<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/>clude c<span class=\"__1 _201\"/>ompar<span class=\"__1 _201\"/>ison to re<span class=\"__1 _201\"/>cent ar<span class=\"__1 _201\"/>m\u2019<span class=\"__1 _200\"/>s leng<span class=\"__1 _201\"/>th trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, referenc<span class=\"__1 _201\"/>e to other<span class=\"__1 _201\"/> ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts that are s<span class=\"__1 _201\"/>ubsta<span class=\"__1 _201\"/>ntially th<span class=\"__1 _201\"/>e sam<span class=\"__1 _201\"/>e, disco<span class=\"__1 _201\"/>unted c<span class=\"__1 _201\"/>ash flow a<span class=\"__1 _201\"/>nalys<span class=\"__1 _201\"/>is, o<span class=\"__1 _201\"/>ption<span class=\"__1 _201\"/>-adjus<span class=\"__1 _201\"/>ted spre<span class=\"__1 _201\"/>ad mo<span class=\"__1 _201\"/>dels an<span class=\"__1 _201\"/>d, if ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>able,<span class=\"__1 _201\"/> enter<span class=\"__1 _201\"/>pris<span class=\"__1 _201\"/>e valuatio<span class=\"__1 _201\"/>n. Th<span class=\"__1 _201\"/>ese te<span class=\"__1 _201\"/>chniqu<span class=\"__1 _201\"/>es may inc<span class=\"__1 _201\"/>lude a nu<span class=\"__1 _201\"/>mber of a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions re<span class=\"__1 _201\"/>lating to var<span class=\"__1 _201\"/>iable<span class=\"__1 _201\"/>s such as c<span class=\"__1 _201\"/>redit r<span class=\"__1 _201\"/>isk and in<span class=\"__1 _201\"/>terest<span class=\"__1 _201\"/> rates<span class=\"__1 _201\"/>. Chang<span class=\"__1 _201\"/>es in as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons relatin<span class=\"__1 _201\"/>g to these v<span class=\"__1 _201\"/>ariab<span class=\"__1 _201\"/>les co<span class=\"__1 _201\"/>uld po<span class=\"__1 _201\"/>sitive<span class=\"__1 _201\"/>ly or ne<span class=\"__1 _201\"/>gative<span class=\"__1 _201\"/>ly impa<span class=\"__1 _201\"/>ct the re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ted f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue of thes<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts. W<span class=\"__1 _201\"/>hen d<span class=\"__1 _201\"/>etermini<span class=\"__1 _201\"/>ng the inp<span class=\"__1 _201\"/>uts into the v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n techni<span class=\"__1 _201\"/>ques us<span class=\"__1 _201\"/>ed pr<span class=\"__1 _201\"/>iori<span class=\"__1 _201\"/>ty is g<span class=\"__1 _201\"/>iven to pub<span class=\"__1 _201\"/>licly av<span class=\"__1 _201\"/>ailabl<span class=\"__1 _201\"/>e pric<span class=\"__1 _201\"/>es from<span class=\"__1 _201\"/> ind<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>dent s<span class=\"__1 _201\"/>ources w<span class=\"__1 _201\"/>hen avail<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>, but overa<span class=\"__1 _201\"/>ll the so<span class=\"__1 _201\"/>urce of pri<span class=\"__1 _201\"/>cing is ch<span class=\"__1 _201\"/>osen w<span class=\"__1 _201\"/>ith the ob<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>tive of ar<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>ing at a fai<span class=\"__1 _201\"/>r value<span class=\"__1 _201\"/> mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt that refl<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/>s the pr<span class=\"__1 _201\"/>ice at whi<span class=\"__1 _201\"/>ch an orde<span class=\"__1 _201\"/>rly tr<span class=\"__1 _201\"/>ansac<span class=\"__1 _201\"/>tion w<span class=\"__1 _201\"/>ould take pl<span class=\"__1 _201\"/>ace bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n market pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cipant<span class=\"__1 _201\"/>s on the<span class=\"__1 _201\"/> mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt date.<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>re cer<span class=\"__1 _201\"/>tain d<span class=\"__1 _201\"/>ebt sec<span class=\"__1 _201\"/>uritie<span class=\"__1 _201\"/>s are valu<span class=\"__1 _201\"/>ed usin<span class=\"__1 _201\"/>g broker qu<span class=\"__1 _201\"/>otes, ad<span class=\"__1 _201\"/>justm<span class=\"__1 _201\"/>ents may b<span class=\"__1 _201\"/>e require<span class=\"__1 _201\"/>d in limi<span class=\"__1 _201\"/>ted circums<span class=\"__1 _201\"/>tanc<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>his is<span class=\"__1 _201\"/> gen<span class=\"__1 _201\"/>erall<span class=\"__1 _201\"/>y whe<span class=\"__1 _201\"/>re it is deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d that the third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>ns obtain<span class=\"__1 _201\"/>ed do n<span class=\"__1 _201\"/>ot refle<span class=\"__1 _201\"/>ct fa<span class=\"__1 _201\"/>ir value (e.g. e<span class=\"__1 _201\"/>ither b<span class=\"__1 _201\"/>eca<span class=\"__1 _201\"/>use the va<span class=\"__1 _201\"/>lue is<span class=\"__1 _201\"/> sta<span class=\"__1 _201\"/>le and/or the valu<span class=\"__1 _201\"/>es are ex<span class=\"__1 _201\"/>treme<span class=\"__1 _201\"/>ly dive<span class=\"__1 _201\"/>rse in ra<span class=\"__1 _201\"/>nge). Thes<span class=\"__1 _201\"/>e are usua<span class=\"__1 _201\"/>lly se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es whi<span class=\"__1 _201\"/>ch are dist<span class=\"__1 _201\"/>ress<span class=\"__1 _201\"/>ed or that c<span class=\"__1 _201\"/>ould b<span class=\"__1 _201\"/>e subje<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/> to a debt re<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>cture o<span class=\"__1 _201\"/>r where re<span class=\"__1 _201\"/>liabl<span class=\"__1 _201\"/>e market pri<span class=\"__1 _201\"/>ces are n<span class=\"__1 _201\"/>o long<span class=\"__1 _201\"/>er availab<span class=\"__1 _201\"/>le due to a<span class=\"__1 _201\"/>n inac<span class=\"__1 _201\"/>tive mar<span class=\"__1 _201\"/>ket or market disl<span class=\"__1 _201\"/>ocati<span class=\"__1 _201\"/>on.<span class=\"__1 _201\"/> In the<span class=\"__1 _201\"/>se ins<span class=\"__1 _201\"/>tance<span class=\"__1 _201\"/>s, pr<span class=\"__1 _201\"/>ices a<span class=\"__1 _201\"/>re deri<span class=\"__1 _201\"/>ved usi<span class=\"__1 _201\"/>ng intern<span class=\"__1 _201\"/>al valuati<span class=\"__1 _201\"/>on tech<span class=\"__1 _201\"/>nique<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>ding tho<span class=\"__1 _201\"/>se des<span class=\"__1 _201\"/>crib<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>low with th<span class=\"__1 _201\"/>e obje<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve<span class=\"__1 _32b\"> </span> of arr<span class=\"__1 _201\"/>ivin<span class=\"__1 _201\"/>g at a fair va<span class=\"__1 _201\"/>lue me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent that refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts the pr<span class=\"__1 _201\"/>ice at wh<span class=\"__1 _201\"/>ich an ord<span class=\"__1 _201\"/>erly tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n would ta<span class=\"__1 _201\"/>ke place be<span class=\"__1 _201\"/>twe<span class=\"__1 _201\"/>en mar<span class=\"__1 _201\"/>ket<span class=\"__1 _32b\"> </span> par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pants o<span class=\"__1 _201\"/>n the mea<span class=\"__1 _201\"/>surem<span class=\"__1 _201\"/>ent date. Th<span class=\"__1 _201\"/>e techni<span class=\"__1 _201\"/>ques us<span class=\"__1 _201\"/>ed re<span class=\"__1 _201\"/>quire a numb<span class=\"__1 _201\"/>er of as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons relati<span class=\"__1 _201\"/>ng to varia<span class=\"__1 _201\"/>bles s<span class=\"__1 _201\"/>uch as cre<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/> ris<span class=\"__1 _201\"/>k and intere<span class=\"__1 _201\"/>st rates<span class=\"__1 _201\"/>. E<span class=\"__1 _201\"/>xampl<span class=\"__1 _201\"/>es of such v<span class=\"__1 _201\"/>ariab<span class=\"__1 _201\"/>les in<span class=\"__1 _201\"/>clude a<span class=\"__1 _201\"/>n average c<span class=\"__1 _201\"/>redit sp<span class=\"__1 _201\"/>read ba<span class=\"__1 _201\"/>sed on t<span class=\"__1 _201\"/>he cor<span class=\"__1 _201\"/>porate b<span class=\"__1 _201\"/>ond uni<span class=\"__1 _201\"/>verse a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span> the rel<span class=\"__1 _201\"/>evant dur<span class=\"__1 _201\"/>ation of th<span class=\"__1 _201\"/>e asset b<span class=\"__1 _201\"/>eing v<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e input as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons are d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e bes<span class=\"__1 _201\"/>t availab<span class=\"__1 _201\"/>le infor<span class=\"__1 _201\"/>mation at<span class=\"__1 _201\"/> the me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent dates<span class=\"__1 _201\"/>. Se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es valu<span class=\"__1 _201\"/>ed in su<span class=\"__1 _201\"/>ch mann<span class=\"__1 _201\"/>er are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as l<span class=\"__1 _201\"/>evel 3 whe<span class=\"__1 _201\"/>re these s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant i<span class=\"__1 _201\"/>nputs a<span class=\"__1 _201\"/>re not bas<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/> on ob<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>vab<span class=\"__1 _201\"/>le mar<span class=\"__1 _201\"/>ket data.<span class=\"__1 _32b\"> </span>Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in debt se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>ties were v<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/>d using mat<span class=\"__1 _201\"/>rix pr<span class=\"__1 _201\"/>icing<span class=\"__1 _201\"/>, which i<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on ass<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>sing the c<span class=\"__1 _201\"/>redit qu<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y of the und<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>ying<span class=\"__1 _201\"/> bor<span class=\"__1 _201\"/>rower an<span class=\"__1 _201\"/>d alloc<span class=\"__1 _201\"/>ating an i<span class=\"__1 _201\"/>nternal c<span class=\"__1 _201\"/>redit rati<span class=\"__1 _201\"/>ng whic<span class=\"__1 _201\"/>h is unob<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>vab<span class=\"__1 _201\"/>le. T<span class=\"__1 _201\"/>he intern<span class=\"__1 _201\"/>al credi<span class=\"__1 _201\"/>t rating imp<span class=\"__1 _201\"/>licitl<span class=\"__1 _201\"/>y inco<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ates<span class=\"__1 _32b\"> </span> enviro<span class=\"__1 _201\"/>nmen<span class=\"__1 _201\"/>tal, so<span class=\"__1 _201\"/>cial an<span class=\"__1 _201\"/>d govern<span class=\"__1 _201\"/>ance (E<span class=\"__1 _201\"/>SG) consi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>ons thro<span class=\"__1 _201\"/>ugh the an<span class=\"__1 _201\"/>alys<span class=\"__1 _201\"/>ts view<span class=\"__1 _201\"/>s of the ind<span class=\"__1 _201\"/>ustr<span class=\"__1 _201\"/>y an<span class=\"__1 _201\"/>d iss<span class=\"__1 _201\"/>uer<span class=\"__1 _200\"/>. Unde<span class=\"__1 _201\"/>r matrix<span class=\"__1 _201\"/> pri<span class=\"__1 _201\"/>cing, th<span class=\"__1 _201\"/>ese d<span class=\"__1 _201\"/>ebt se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s are pri<span class=\"__1 _201\"/>ced by ta<span class=\"__1 _201\"/>king the cre<span class=\"__1 _201\"/>dit sp<span class=\"__1 _201\"/>reads on c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>rable q<span class=\"__1 _201\"/>uoted pu<span class=\"__1 _201\"/>blic de<span class=\"__1 _201\"/>bt sec<span class=\"__1 _201\"/>uritie<span class=\"__1 _201\"/>s and ap<span class=\"__1 _201\"/>plyi<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span> thes<span class=\"__1 _201\"/>e to the equ<span class=\"__1 _201\"/>ival<span class=\"__1 _201\"/>ent debt s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>, fac<span class=\"__1 _201\"/>torin<span class=\"__1 _201\"/>g in a spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>ed liqu<span class=\"__1 _201\"/>idit<span class=\"__1 _201\"/>y premi<span class=\"__1 _201\"/>um. Th<span class=\"__1 _201\"/>e sel<span class=\"__1 _201\"/>ecti<span class=\"__1 _201\"/>on of com<span class=\"__1 _201\"/>parab<span class=\"__1 _201\"/>le quo<span class=\"__1 _201\"/>ted publ<span class=\"__1 _201\"/>ic debt<span class=\"__1 _201\"/> se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s use<span class=\"__1 _201\"/>d to determin<span class=\"__1 _201\"/>e the cre<span class=\"__1 _201\"/>dit spre<span class=\"__1 _201\"/>ad is bas<span class=\"__1 _201\"/>ed on a cre<span class=\"__1 _201\"/>dit spre<span class=\"__1 _201\"/>ad matri<span class=\"__1 _201\"/>x that takes into ac<span class=\"__1 _201\"/>count th<span class=\"__1 _201\"/>e internal c<span class=\"__1 _201\"/>redit rat<span class=\"__1 _201\"/>ing,<span class=\"__1 _201\"/> maturi<span class=\"__1 _201\"/>ty an<span class=\"__1 _201\"/>d curre<span class=\"__1 _201\"/>ncy of th<span class=\"__1 _201\"/>e debt se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>ty.<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue est<span class=\"__1 _201\"/>imates are ma<span class=\"__1 _201\"/>de at a spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>c point in ti<span class=\"__1 _201\"/>me, ba<span class=\"__1 _201\"/>sed up<span class=\"__1 _201\"/>on any avail<span class=\"__1 _201\"/>able ma<span class=\"__1 _201\"/>rket inform<span class=\"__1 _201\"/>ation an<span class=\"__1 _201\"/>d judge<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s abou<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> the fin<span class=\"__1 _201\"/>ancial i<span class=\"__1 _201\"/>nstr<span class=\"__1 _201\"/>ument<span class=\"__1 _201\"/>s, inc<span class=\"__1 _201\"/>ludin<span class=\"__1 _201\"/>g estim<span class=\"__1 _201\"/>ates of the timi<span class=\"__1 _201\"/>ng and am<span class=\"__1 _201\"/>ount of exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted future c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ows and th<span class=\"__1 _201\"/>e credit s<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ing<span class=\"__1 _32b\"> </span> of coun<span class=\"__1 _201\"/>terpar<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es. S<span class=\"__1 _201\"/>uch es<span class=\"__1 _201\"/>timates do n<span class=\"__1 _201\"/>ot refle<span class=\"__1 _201\"/>ct any p<span class=\"__1 _201\"/>remium o<span class=\"__1 _201\"/>r disco<span class=\"__1 _201\"/>unt that cou<span class=\"__1 _201\"/>ld resul<span class=\"__1 _201\"/>t from off<span class=\"__1 _201\"/>ering f<span class=\"__1 _201\"/>or sal<span class=\"__1 _201\"/>e at one tim<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> a sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant volum<span class=\"__1 _201\"/>e of a par<span class=\"__1 _201\"/>ticu<span class=\"__1 _201\"/>lar finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ent, n<span class=\"__1 _201\"/>or do they c<span class=\"__1 _201\"/>onsid<span class=\"__1 _201\"/>er the ta<span class=\"__1 _201\"/>x impa<span class=\"__1 _201\"/>ct of the re<span class=\"__1 _201\"/>alisati<span class=\"__1 _201\"/>on of unre<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> gains o<span class=\"__1 _201\"/>r los<span class=\"__1 _201\"/>ses fro<span class=\"__1 _201\"/>m sellin<span class=\"__1 _201\"/>g the fina<span class=\"__1 _201\"/>ncial in<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>ment b<span class=\"__1 _201\"/>eing fa<span class=\"__1 _201\"/>ir value<span class=\"__1 _201\"/>d. In s<span class=\"__1 _201\"/>ome c<span class=\"__1 _201\"/>ases<span class=\"__1 _201\"/>, the dis<span class=\"__1 _201\"/>clos<span class=\"__1 _201\"/>ed val<span class=\"__1 _201\"/>ue can<span class=\"__1 _201\"/>not be rea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d in<span class=\"__1 _32b\"> </span> imme<span class=\"__1 _201\"/>diate set<span class=\"__1 _201\"/>tlem<span class=\"__1 _201\"/>ent of the fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al instr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>t. In acc<span class=\"__1 _201\"/>ordan<span class=\"__1 _201\"/>ce with the G<span class=\"__1 _201\"/>roup R<span class=\"__1 _201\"/>isk Framewo<span class=\"__1 _201\"/>rk, th<span class=\"__1 _201\"/>e esti<span class=\"__1 _201\"/>mated fai<span class=\"__1 _201\"/>r value of<span class=\"__1 _201\"/> der<span class=\"__1 _201\"/>ivative fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al inst<span class=\"__1 _201\"/>rume<span class=\"__1 _201\"/>nts valu<span class=\"__1 _201\"/>ed inter<span class=\"__1 _201\"/>nally u<span class=\"__1 _201\"/>sing s<span class=\"__1 _201\"/>tanda<span class=\"__1 _201\"/>rd market pra<span class=\"__1 _201\"/>ctic<span class=\"__1 _201\"/>es are sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to asse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent aga<span class=\"__1 _201\"/>inst ex<span class=\"__1 _201\"/>terna<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span> counterpar<span class=\"__1 _201\"/>ties\u2019<span class=\"__1 _200\"/> valuations.<span class=\"__1 _32b\"> </span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls8e_1 wsa6_1\">2<span class=\"__1 _201\"/>61<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p are exter<span class=\"__1 _201\"/>nall<span class=\"__1 _201\"/>y value<span class=\"__1 _201\"/>d by profes<span class=\"__1 _201\"/>sio<span class=\"__1 _201\"/>nally qu<span class=\"__1 _201\"/>alifi<span class=\"__1 _201\"/>ed ex<span class=\"__1 _201\"/>ternal v<span class=\"__1 _201\"/>aluer<span class=\"__1 _201\"/>s using th<span class=\"__1 _201\"/>e RIC<span class=\"__1 _201\"/>S valu<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> sta<span class=\"__1 _201\"/>ndards<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup\u2019s investm<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s are pred<span class=\"__1 _201\"/>omina<span class=\"__1 _201\"/>ntly valu<span class=\"__1 _201\"/>ed usi<span class=\"__1 _201\"/>ng an inc<span class=\"__1 _201\"/>ome c<span class=\"__1 _201\"/>apitali<span class=\"__1 _201\"/>sation te<span class=\"__1 _201\"/>chniq<span class=\"__1 _201\"/>ue. Th<span class=\"__1 _201\"/>is techni<span class=\"__1 _201\"/>que<span class=\"__1 _201\"/> cal<span class=\"__1 _201\"/>culates th<span class=\"__1 _201\"/>e value th<span class=\"__1 _201\"/>rough the y<span class=\"__1 _201\"/>ield a<span class=\"__1 _201\"/>nd renta<span class=\"__1 _201\"/>l value d<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>ding on f<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tors such a<span class=\"__1 _201\"/>s the lea<span class=\"__1 _201\"/>se len<span class=\"__1 _201\"/>gth, bu<span class=\"__1 _201\"/>ilding q<span class=\"__1 _201\"/>ualit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, coven<span class=\"__1 _201\"/>ants<span class=\"__1 _201\"/> and l<span class=\"__1 _201\"/>ocati<span class=\"__1 _201\"/>on. T<span class=\"__1 _200\"/>ypic<span class=\"__1 _201\"/>ally th<span class=\"__1 _201\"/>ese va<span class=\"__1 _201\"/>riabl<span class=\"__1 _201\"/>es use<span class=\"__1 _201\"/>d are com<span class=\"__1 _201\"/>pared to re<span class=\"__1 _201\"/>cent tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s with simi<span class=\"__1 _201\"/>lar feature<span class=\"__1 _201\"/>s to those b<span class=\"__1 _201\"/>eing va<span class=\"__1 _201\"/>lued<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n of investm<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y inhe<span class=\"__1 _201\"/>rently c<span class=\"__1 _201\"/>aptures th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of clim<span class=\"__1 _201\"/>ate chang<span class=\"__1 _201\"/>e if it were lo<span class=\"__1 _201\"/>cated in a<span class=\"__1 _201\"/>n area sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> to climate cha<span class=\"__1 _201\"/>nge event<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he key inputs of y<span class=\"__1 _201\"/>iel<span class=\"__1 _201\"/>d and renta<span class=\"__1 _201\"/>l value are p<span class=\"__1 _201\"/>roxies fo<span class=\"__1 _201\"/>r a rang<span class=\"__1 _201\"/>e of fac<span class=\"__1 _201\"/>tors wh<span class=\"__1 _201\"/>ich will i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>e climate<span class=\"__1 _201\"/> chan<span class=\"__1 _201\"/>ge. Th<span class=\"__1 _201\"/>e trend is towa<span class=\"__1 _201\"/>rds gree<span class=\"__1 _201\"/>ner bui<span class=\"__1 _201\"/>ldings a<span class=\"__1 _201\"/>chiev<span class=\"__1 _201\"/>ing bet<span class=\"__1 _201\"/>ter rent<span class=\"__1 _201\"/>s and yi<span class=\"__1 _201\"/>elds tha<span class=\"__1 _201\"/>n compa<span class=\"__1 _201\"/>rabl<span class=\"__1 _201\"/>e build<span class=\"__1 _201\"/>ings<span class=\"__1 _201\"/>, all other f<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tors<span class=\"__1 _32b\"> </span> being equal.<span class=\"__1 _32b\"> </span>As th<span class=\"__1 _201\"/>e compa<span class=\"__1 _201\"/>riso<span class=\"__1 _201\"/>ns are not w<span class=\"__1 _201\"/>ith prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties that a<span class=\"__1 _201\"/>re vir<span class=\"__1 _201\"/>tuall<span class=\"__1 _201\"/>y identi<span class=\"__1 _201\"/>cal to the G<span class=\"__1 _201\"/>roup\u2019s investm<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s, adj<span class=\"__1 _201\"/>ustm<span class=\"__1 _201\"/>ents are<span class=\"__1 _201\"/> mad<span class=\"__1 _201\"/>e by the valu<span class=\"__1 _201\"/>ers wh<span class=\"__1 _201\"/>ere app<span class=\"__1 _201\"/>ropriate to th<span class=\"__1 _201\"/>e variab<span class=\"__1 _201\"/>les us<span class=\"__1 _201\"/>ed.<span class=\"__1 _201\"/> The w<span class=\"__1 _201\"/>ay that climate<span class=\"__1 _201\"/>-relate<span class=\"__1 _201\"/>d fac<span class=\"__1 _201\"/>tors may in<span class=\"__1 _201\"/>fluen<span class=\"__1 _201\"/>ce key inputs fo<span class=\"__1 _201\"/>r level 3 ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents c<span class=\"__1 _201\"/>an be nu<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>d and co<span class=\"__1 _201\"/>mplex to id<span class=\"__1 _201\"/>entif<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span> The i<span class=\"__1 _201\"/>nclus<span class=\"__1 _201\"/>ion of othe<span class=\"__1 _201\"/>r climate<span class=\"__1 _201\"/>-relate<span class=\"__1 _201\"/>d fac<span class=\"__1 _201\"/>tors into f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e is expe<span class=\"__1 _201\"/>cted to evol<span class=\"__1 _201\"/>ve over the c<span class=\"__1 _201\"/>oming ye<span class=\"__1 _201\"/>ars as val<span class=\"__1 _201\"/>uation too<span class=\"__1 _201\"/>lset<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> prog<span class=\"__1 _201\"/>ress to all<span class=\"__1 _201\"/>ow more a<span class=\"__1 _201\"/>ccurate me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent of clim<span class=\"__1 _201\"/>ate impac<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span>32.<span class=\"__1 _201\"/>3.<span class=\"__1 _201\"/>2 A<span class=\"__1 _200\"/>nalysis<span class=\"__1 _200\"/> of in<span class=\"__1 _200\"/>ternally<span class=\"__1 _200\"/> valued<span class=\"__1 _200\"/> lev<span class=\"__1 _200\"/>el 3<span class=\"__1 _200\"/> financial instrumen<span class=\"__1 _200\"/>ts<span class=\"__1 _32b\"> </span>Level 3 fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l ass<span class=\"__1 _201\"/>ets, n<span class=\"__1 _201\"/>et of finan<span class=\"__1 _201\"/>cial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ich were inte<span class=\"__1 _201\"/>rnall<span class=\"__1 _201\"/>y value<span class=\"__1 _201\"/>d as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 were \u00a3<span class=\"__1 _201\"/>7<span class=\"__1 _f_1\"/>,1<span class=\"__1 _200\"/>15m<span class=\"__1 _32b\"> </span> (2021: \u00a311,9<span class=\"__1 _201\"/>33<span class=\"__1 _201\"/>m<span class=\"__1 _200\"/>), repre<span class=\"__1 _201\"/>sentin<span class=\"__1 _201\"/>g 5.6% of th<span class=\"__1 _201\"/>e total fair-valued fi<span class=\"__1 _201\"/>nanc<span class=\"__1 _201\"/>ial ass<span class=\"__1 _201\"/>ets net of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al liabil<span class=\"__1 _201\"/>ities (20<span class=\"__1 _201\"/>21: 8.0%).<span class=\"__1 _32b\"> </span>Inter<span class=\"__1 _201\"/>nal valu<span class=\"__1 _201\"/>ations are in<span class=\"__1 _201\"/>heren<span class=\"__1 _201\"/>tly more s<span class=\"__1 _201\"/>ubje<span class=\"__1 _201\"/>ctive t<span class=\"__1 _201\"/>han exte<span class=\"__1 _201\"/>rnal va<span class=\"__1 _201\"/>luation<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>ese inte<span class=\"__1 _201\"/>rnall<span class=\"__1 _201\"/>y value<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>ets an<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties pr<span class=\"__1 _201\"/>imari<span class=\"__1 _201\"/>ly<span class=\"__1 _32b\"> </span> cons<span class=\"__1 _201\"/>ist of th<span class=\"__1 _201\"/>e follow<span class=\"__1 _201\"/>ing items<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Deb<span class=\"__1 _201\"/>t secur<span class=\"__1 _201\"/>ities of \u00a3<span class=\"__1 _201\"/>7<span class=\"__1 _200\"/>,08<span class=\"__1 _201\"/>3m as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2 (2021: \u00a310,<span class=\"__1 _201\"/>917<span class=\"__1 _200\"/>m), of which \u00a35<span class=\"__1 _201\"/>,8<span class=\"__1 _201\"/>85<span class=\"__1 _201\"/>m (2021: \u00a39,167m<span class=\"__1 _200\"/>) were val<span class=\"__1 _201\"/>ued us<span class=\"__1 _201\"/>ing<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>disc<span class=\"__1 _201\"/>ounted c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ow mod<span class=\"__1 _201\"/>els with a<span class=\"__1 _201\"/>n interna<span class=\"__1 _201\"/>lly deve<span class=\"__1 _201\"/>lope<span class=\"__1 _201\"/>d disc<span class=\"__1 _201\"/>ount rate. T<span class=\"__1 _201\"/>he rema<span class=\"__1 _201\"/>ining d<span class=\"__1 _201\"/>ebt se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s were val<span class=\"__1 _201\"/>ued us<span class=\"__1 _201\"/>ing othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> valu<span class=\"__1 _201\"/>ation meth<span class=\"__1 _201\"/>odo<span class=\"__1 _201\"/>logi<span class=\"__1 _201\"/>es such a<span class=\"__1 _201\"/>s enterp<span class=\"__1 _201\"/>rise va<span class=\"__1 _201\"/>luation a<span class=\"__1 _201\"/>nd es<span class=\"__1 _201\"/>timated re<span class=\"__1 _201\"/>cover<span class=\"__1 _201\"/>y (such as li<span class=\"__1 _201\"/>quidator<span class=\"__1 _201\"/>s\u2019 repor<span class=\"__1 _201\"/>ts).<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture f<span class=\"__1 _201\"/>und inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts in both d<span class=\"__1 _201\"/>ebt and e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s of \u00a3497m as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 (2021: \u00a3<span class=\"__1 _201\"/>380<span class=\"__1 _201\"/>m) were<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>valu<span class=\"__1 _201\"/>ed inter<span class=\"__1 _201\"/>nally u<span class=\"__1 _201\"/>sing a dis<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d cash fl<span class=\"__1 _201\"/>ow mod<span class=\"__1 _201\"/>el. T<span class=\"__1 _201\"/>he mos<span class=\"__1 _201\"/>t signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant inpu<span class=\"__1 _201\"/>ts to the valu<span class=\"__1 _201\"/>ation are th<span class=\"__1 _201\"/>e forec<span class=\"__1 _201\"/>ast c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ows of<span class=\"__1 _32b\"> </span> the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, disco<span class=\"__1 _201\"/>unt rate, an<span class=\"__1 _201\"/>d termin<span class=\"__1 _201\"/>al value a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ption<span class=\"__1 _201\"/>, all of whi<span class=\"__1 _201\"/>ch involve s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant ju<span class=\"__1 _201\"/>dgem<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>he val<span class=\"__1 _201\"/>uation<span class=\"__1 _201\"/> is pe<span class=\"__1 _201\"/>rf<span class=\"__1 _201\"/>orme<span class=\"__1 _201\"/>d in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with Inter<span class=\"__1 _201\"/>nation<span class=\"__1 _201\"/>al Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y and Venture Cap<span class=\"__1 _201\"/>ital As<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iation va<span class=\"__1 _201\"/>luation g<span class=\"__1 _201\"/>uidel<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s are hel<span class=\"__1 _201\"/>d by the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d pri<span class=\"__1 _201\"/>vate equit<span class=\"__1 _201\"/>y inf<span class=\"__1 _201\"/>rastr<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>ture fund<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Equit<span class=\"__1 _201\"/>y rele<span class=\"__1 _201\"/>ase mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tgage lo<span class=\"__1 _201\"/>ans of \u00a39<span class=\"__1 _201\"/>34<span class=\"__1 _201\"/>m as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 (2021: \u00a31,723<span class=\"__1 _201\"/>m) and a cor<span class=\"__1 _201\"/>respo<span class=\"__1 _201\"/>nding l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y of \u00a3<span class=\"__1 _201\"/>246m<span class=\"__1 _201\"/> </span>(2021: \u00a34<span class=\"__1 _201\"/>03m), whic<span class=\"__1 _201\"/>h were valu<span class=\"__1 _201\"/>ed inter<span class=\"__1 _201\"/>nally u<span class=\"__1 _201\"/>sing dis<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d cas<span class=\"__1 _201\"/>h flow mo<span class=\"__1 _201\"/>dels<span class=\"__1 _201\"/>. The i<span class=\"__1 _201\"/>nputs th<span class=\"__1 _201\"/>at are mos<span class=\"__1 _201\"/>t signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt to<span class=\"__1 _32b\"> </span> the val<span class=\"__1 _201\"/>uation of th<span class=\"__1 _201\"/>ese l<span class=\"__1 _201\"/>oans are th<span class=\"__1 _201\"/>e disco<span class=\"__1 _201\"/>unt rate (consis<span class=\"__1 _201\"/>ting of an ob<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>va<span class=\"__1 _201\"/>ble ri<span class=\"__1 _201\"/>sk free r<span class=\"__1 _201\"/>ate and an uno<span class=\"__1 _201\"/>bser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>able il<span class=\"__1 _201\"/>liquid<span class=\"__1 _201\"/>ity<span class=\"__1 _201\"/> prem<span class=\"__1 _201\"/>ium), the current p<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y val<span class=\"__1 _201\"/>ue, the a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ed futu<span class=\"__1 _201\"/>re prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty grow<span class=\"__1 _201\"/>th an<span class=\"__1 _201\"/>d the as<span class=\"__1 _201\"/>sume<span class=\"__1 _201\"/>d future an<span class=\"__1 _201\"/>nual pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> rental y<span class=\"__1 _201\"/>ield<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s of \u00a31,68<span class=\"__1 _201\"/>8m as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 (20<span class=\"__1 _201\"/>21: \u00a31,<span class=\"__1 _201\"/>24<span class=\"__1 _200\"/>1m<span class=\"__1 _200\"/>), for the th<span class=\"__1 _201\"/>ird par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y interes<span class=\"__1 _201\"/>t in cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated fund<span class=\"__1 _201\"/>s in resp<span class=\"__1 _201\"/>ect o<span class=\"__1 _201\"/>f<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>the co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t funds<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch are non<span class=\"__1 _201\"/>-rec<span class=\"__1 _201\"/>ourse to th<span class=\"__1 _201\"/>e Group<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>se liabi<span class=\"__1 _201\"/>lities we<span class=\"__1 _201\"/>re value<span class=\"__1 _201\"/>d by referen<span class=\"__1 _201\"/>ce to the<span class=\"__1 _201\"/> underlying assets.<span class=\"__1 _32b\"> </span>32<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3.<span class=\"__1 _201\"/>3 Govern<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e of level 3 val<span class=\"__1 _201\"/>uati<span class=\"__1 _201\"/>ons<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s valuati<span class=\"__1 _201\"/>on pol<span class=\"__1 _201\"/>icies<span class=\"__1 _201\"/>, proc<span class=\"__1 _201\"/>edure<span class=\"__1 _201\"/>s and ana<span class=\"__1 _201\"/>lyse<span class=\"__1 _201\"/>s for ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents c<span class=\"__1 _201\"/>ategor<span class=\"__1 _201\"/>ised a<span class=\"__1 _201\"/>s level 3 are ove<span class=\"__1 _201\"/>rsee<span class=\"__1 _201\"/>n by busin<span class=\"__1 _201\"/>ess u<span class=\"__1 _201\"/>nit<span class=\"__1 _32b\"> </span> comm<span class=\"__1 _201\"/>itte<span class=\"__1 _201\"/>es as par<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e Group\u2019s wid<span class=\"__1 _201\"/>er finan<span class=\"__1 _201\"/>cial rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ting gove<span class=\"__1 _201\"/>rnan<span class=\"__1 _201\"/>ce proc<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>he pro<span class=\"__1 _201\"/>cedu<span class=\"__1 _201\"/>res unde<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>taken inclu<span class=\"__1 _201\"/>de app<span class=\"__1 _201\"/>roval<span class=\"__1 _201\"/> of valu<span class=\"__1 _201\"/>ation meth<span class=\"__1 _201\"/>odo<span class=\"__1 _201\"/>logi<span class=\"__1 _201\"/>es, ve<span class=\"__1 _201\"/>rifi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n proce<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d resol<span class=\"__1 _201\"/>ution of si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant o<span class=\"__1 _201\"/>r compl<span class=\"__1 _201\"/>ex valuati<span class=\"__1 _201\"/>on iss<span class=\"__1 _201\"/>ues<span class=\"__1 _201\"/>. In und<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>taking t<span class=\"__1 _201\"/>hese<span class=\"__1 _201\"/> ac<span class=\"__1 _201\"/>tiviti<span class=\"__1 _201\"/>es, th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p makes use of th<span class=\"__1 _201\"/>e exten<span class=\"__1 _201\"/>sive exp<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tise of it<span class=\"__1 _201\"/>s Ass<span class=\"__1 _201\"/>et Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s. In ad<span class=\"__1 _201\"/>ditio<span class=\"__1 _201\"/>n, the G<span class=\"__1 _201\"/>roup has m<span class=\"__1 _201\"/>inimum<span class=\"__1 _201\"/> sta<span class=\"__1 _201\"/>ndards fo<span class=\"__1 _201\"/>r inde<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>ent pr<span class=\"__1 _201\"/>ice ver<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ation to ens<span class=\"__1 _201\"/>ure valuati<span class=\"__1 _201\"/>on accu<span class=\"__1 _201\"/>racy i<span class=\"__1 _201\"/>s regula<span class=\"__1 _201\"/>rly in<span class=\"__1 _201\"/>dep<span class=\"__1 _201\"/>ende<span class=\"__1 _201\"/>ntly ver<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d. Adhe<span class=\"__1 _201\"/>rence to this<span class=\"__1 _201\"/> pol<span class=\"__1 _201\"/>icy is m<span class=\"__1 _201\"/>onitore<span class=\"__1 _201\"/>d acros<span class=\"__1 _201\"/>s the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s units<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>262<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>32.<span class=\"__1 _201\"/>4 F<span class=\"__1 _f_1\"/>air value hierar<span class=\"__1 _200\"/>ch<span class=\"__1 _200\"/>y for<span class=\"__1 _200\"/> assets measur<span class=\"__1 _200\"/>ed a<span class=\"__1 _200\"/>t fair<span class=\"__1 _200\"/> value in<span class=\"__1 _200\"/> the c<span class=\"__1 _200\"/>onsolidated<span class=\"__1 _200\"/> stat<span class=\"__1 _200\"/>ement o<span class=\"__1 _200\"/>f financial<span class=\"__1 _200\"/> position<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s below p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nt the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s ass<span class=\"__1 _201\"/>ets me<span class=\"__1 _201\"/>asured at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e by level of th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue hie<span class=\"__1 _201\"/>rarchy for e<span class=\"__1 _201\"/>ach com<span class=\"__1 _201\"/>pone<span class=\"__1 _201\"/>nt of<span class=\"__1 _32b\"> </span> busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s as set ou<span class=\"__1 _201\"/>t in Note 33<span class=\"__1 _201\"/>. <span class=\"__1 _24b\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _19f_1\"> </span><span class=\"ls2_1 ws2_1\">No<span class=\"__1 _201\"/>te<span class=\"__1 _32b\"> </span></span>Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>With-profits<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _206\"> </span>1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>2<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _1b8_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">4<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>5<span class=\"__1 _204\"> </span><span class=\"ls27_1 ws27_1\">5,322<span class=\"__1 _249\"> </span><span class=\"ls2a_1 ws2a_1\">13,<span class=\"__1 _201\"/>087<span class=\"__1 _290\"> </span><span class=\"lsd_1 wsb_1\">58,56<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span></span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>137<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>5<span class=\"__1 _253\"> </span><span class=\"ls27_1 ws27_1\">282<span class=\"__1 _32b\"> </span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _24c\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">13<span class=\"__1 _201\"/>,685<span class=\"__1 _327\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _201\"/>,380<span class=\"__1 _214\"> </span><span class=\"ls33_1 ws34_1\">4<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>25<span class=\"__1 _290\"> </span>4<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>,79<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _24d\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">52<span class=\"__1 _242\"> </span><span class=\"lsd_1 wsb_1\">2<span class=\"__1 _201\"/>,350<span class=\"__1 _353\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _242\"> </span><span class=\"ls32_1 ws33_1\">2<span class=\"__1 _201\"/>,4<span class=\"__1 _201\"/>03<span class=\"__1 _32b\"> </span></span></span></span></span>T<span class=\"__1 _f_1\"/>otal with-profits<span class=\"__1 _280\"> </span><span class=\"ls15_1 ws14_1\">53,892<span class=\"__1 _4c_1\"> </span><span class=\"ls24_1 ws23_1\">3<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>9<span class=\"__1 _327\"> </span><span class=\"lsc_1 wsa_1\">33<span class=\"__1 _201\"/>,090<span class=\"__1 _18a_1\"> </span></span>1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>1<span class=\"__1 _32b\"> </span></span></span>Unit-link<span class=\"__1 _200\"/>ed:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>497<span class=\"__1 _253\"> </span>497<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _1b8_1\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">10,788<span class=\"__1 _239\"> </span><span class=\"ls3c_1 ws3d_1\">51<span class=\"__1 _201\"/>5<span class=\"__1 _f4_1\"> </span><span class=\"ls1f_1 ws1e_1\">33<span class=\"__1 _4c_1\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>33<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span></span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _400\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">1,378<span class=\"__1 _242\"> </span><span class=\"lsc_1 wsa_1\">3<span class=\"__1 _201\"/>,069<span class=\"__1 _271\"> </span><span class=\"ls40_1 ws44_1\">19<span class=\"__1 _243\"> </span><span class=\"ls15_1 ws14_1\">4,466<span class=\"__1 _32b\"> </span></span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _10a_1\"> </span><span class=\"ff1_1 ls5_1\">5<span class=\"__1 _8d_1\"> </span>2<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>7<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> unit<span class=\"__1 _200\"/>-linked<span class=\"__1 _24e\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>2<span class=\"__1 _e7_1\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>1<span class=\"__1 _211\"> </span><span class=\"ls15_1 ws14_1\">3,<span class=\"__1 _201\"/>586<span class=\"__1 _223\"> </span><span class=\"ls27_1 ws27_1\">5<span class=\"__1 _201\"/>49<span class=\"__1 _290\"> </span><span class=\"ls38_1 ws38_1\">16,<span class=\"__1 _201\"/>306<span class=\"__1 _32b\"> </span></span></span></span></span>Annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>876<span class=\"__1 _c_1\"> </span>8<span class=\"__1 _201\"/>76<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _16a_1\"> </span><span class=\"ff1_1 ls5_1\">5<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _2b_1\"> </span>7<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>934<span class=\"__1 _237\"> </span>93<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _1a5_1\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">1,<span class=\"__1 _201\"/>617<span class=\"__1 _204\"> </span>6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>616<span class=\"__1 _208\"> </span><span class=\"ls24_1 ws23_1\">4<span class=\"__1 _e7_1\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>6<span class=\"__1 _249\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>399<span class=\"__1 _32b\"> </span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>265<span class=\"__1 _f4_1\"> </span><span class=\"ls3f_1 ws41_1\">25<span class=\"__1 _270\"> </span><span class=\"ls22_1 ws21_1\">290<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _24f\"> </span><span class=\"ls19_1 ws18_1\">1,622<span class=\"__1 _214\"> </span>6,<span class=\"__1 _201\"/>881<span class=\"__1 _282\"> </span><span class=\"lsc_1 wsa_1\">6<span class=\"__1 _201\"/>,003<span class=\"__1 _213\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>506<span class=\"__1 _32b\"> </span></span></span></span>Other:<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _450\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">162<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>58<span class=\"__1 _237\"> </span><span class=\"ls30_1 ws30_1\">220<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _451\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">686<span class=\"__1 _270\"> </span><span class=\"ls1f_1 ws1e_1\">440<span class=\"__1 _219\"> </span>40<span class=\"__1 _240\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>150<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>150<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal other<span class=\"__1 _1cc_1\"> </span><span class=\"ls53_1 ws5b_1\">848<span class=\"__1 _270\"> </span><span class=\"ls1c_1 ws43_1\">59<span class=\"__1 _201\"/>0<span class=\"__1 _219\"> </span><span class=\"ls15_1 ws14_1\">98<span class=\"__1 _204\"> </span><span class=\"ls22_1 ws21_1\">1,536<span class=\"__1 _32b\"> </span></span></span></span></span>Group:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>16,<span class=\"__1 _201\"/>505<span class=\"__1 _213\"> </span>16,<span class=\"__1 _201\"/>505<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _32b\"> </span>33<span class=\"__1 _248\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls24_1 ws23_1\">5<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _250\"/>0<span class=\"__1 _214\"> </span><span class=\"ls22_1 ws21_1\">5<span class=\"__1 _201\"/>,837<span class=\"__1 _217\"> </span></span>1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>0<span class=\"__1 _248\"> </span>7<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>7<span class=\"__1 _32b\"> </span></span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>137<span class=\"__1 _204\"> </span><span class=\"ls7_1 ws5_1\">1,07<span class=\"__1 _201\"/>9<span class=\"__1 _4a_1\"> </span><span class=\"ls38_1 ws38_1\">1,216<span class=\"__1 _32b\"> </span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _32b\"> </span>33<span class=\"__1 _4c_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _290\"> </span><span class=\"ls30_1 ws30_1\">36<span class=\"__1 _201\"/>,505<span class=\"__1 _242\"> </span><span class=\"lsd_1 wsb_1\">8,950<span class=\"__1 _249\"> </span><span class=\"ls1c_1 ws43_1\">62<span class=\"__1 _201\"/>,821<span class=\"__1 _32b\"> </span></span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>33<span class=\"__1 _f4_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls32_1 ws33_1\">57<span class=\"__1 _204\"> </span><span class=\"ls33_1 ws34_1\">2<span class=\"__1 _201\"/>,76<span class=\"__1 _201\"/>7<span class=\"__1 _f4_1\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _282\"> </span><span class=\"lsd_1 wsb_1\">2<span class=\"__1 _201\"/>,8<span class=\"__1 _201\"/>50<span class=\"__1 _32b\"> </span></span></span></span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l ass<span class=\"__1 _201\"/>ets at fa<span class=\"__1 _201\"/>ir val<span class=\"__1 _201\"/>ue<span class=\"__1 _452\"> </span><span class=\"ls3f_1 ws41_1\">68,533<span class=\"__1 _290\"> </span><span class=\"ls10_1 wsf_1\">45,246<span class=\"__1 _18a_1\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>0<span class=\"__1 _1d1_1\"> </span><span class=\"ls3c_1 ws3d_1\">1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2e_1 ws6c_1\">263<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued <span class=\"__1 _453\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _19f_1\"> </span><span class=\"ls2_1 ws2_1\">No<span class=\"__1 _201\"/>te<span class=\"__1 _32b\"> </span></span>Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>With-profits<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>,707<span class=\"__1 _242\"> </span>17<span class=\"__1 _200\"/>,707<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _335\"> </span><span class=\"ls3a_1 ws3b_1\">45,599<span class=\"__1 _240\"> </span><span class=\"ls43_1 ws47_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>2<span class=\"__1 _4c_1\"> </span><span class=\"ls4d_1 ws54_1\">10,<span class=\"__1 _201\"/>88<span class=\"__1 _201\"/>4<span class=\"__1 _213\"> </span><span class=\"ls7_1 ws5_1\">60,6<span class=\"__1 _201\"/>45<span class=\"__1 _32b\"> </span></span></span></span></span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>141<span class=\"__1 _272\"> </span>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>411<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>552<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _454\"> </span><span class=\"ls45_1 ws49_1\">28<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>14<span class=\"__1 _286\"> </span><span class=\"lsc_1 wsa_1\">21<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>75<span class=\"__1 _204\"> </span><span class=\"ls32_1 ws33_1\">5,6<span class=\"__1 _201\"/>75<span class=\"__1 _213\"> </span><span class=\"ls5_1 ws1_1\">54,964<span class=\"__1 _32b\"> </span></span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _24d\"> </span><span class=\"ls3f_1 ws41_1\">65<span class=\"__1 _214\"> </span>2,55<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _201\"/>,618<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal with-profits<span class=\"__1 _11f_1\"> </span><span class=\"ff2_1 ls40_1 ws44_1\">73,6<span class=\"__1 _201\"/>78<span class=\"__1 _282\"> </span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1<span class=\"__1 _245\"> </span><span class=\"ls1f_1 ws1e_1\">35,677<span class=\"__1 _258\"> </span><span class=\"ls13_1 ws12_1\">13<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span></span></span></span></span>Unit-link<span class=\"__1 _200\"/>ed:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>931<span class=\"__1 _231\"> </span>931<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _455\"> </span><span class=\"ls8_1 ws6_1\">12<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>3<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">425<span class=\"__1 _1e_1\"> </span><span class=\"ls3d_1 ws3f_1\">74<span class=\"__1 _1cf_1\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>23<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _fd_1\"> </span><span class=\"ls3f_1 ws41_1\">3,949<span class=\"__1 _204\"> </span><span class=\"ls32_1 ws33_1\">2,<span class=\"__1 _201\"/>528<span class=\"__1 _232\"> </span><span class=\"ls10_1 wsf_1\">22<span class=\"__1 _211\"> </span><span class=\"ls1f_1 ws1e_1\">6,499<span class=\"__1 _32b\"> </span></span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _10a_1\"> </span><span class=\"ls5_1\">3<span class=\"__1 _2b_1\"> </span>2<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> unit<span class=\"__1 _200\"/>-linked<span class=\"__1 _456\"> </span><span class=\"ff2_1 ls1f_1 ws1e_1\">16,<span class=\"__1 _200\"/>685<span class=\"__1 _214\"> </span><span class=\"ls3f_1 ws41_1\">2,955<span class=\"__1 _240\"> </span><span class=\"ls42_1 ws46_1\">1,02<span class=\"__1 _201\"/>7<span class=\"__1 _249\"> </span><span class=\"ls7_1 ws5_1\">20,667<span class=\"__1 _32b\"> </span></span></span></span></span>Annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,06<span class=\"__1 _201\"/>0<span class=\"__1 _204\"> </span>1,060<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _16a_1\"> </span><span class=\"ls5_1\">3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _8d_1\"> </span>5<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _7d_1\"> </span>1<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>23<span class=\"__1 _32b\"> </span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _fd_1\"> </span><span class=\"ls42_1 ws46_1\">5,03<span class=\"__1 _201\"/>6<span class=\"__1 _204\"> </span><span class=\"ls1c_1 ws43_1\">6,557<span class=\"__1 _204\"> </span><span class=\"ls1f_1 ws1e_1\">6,673<span class=\"__1 _4c_1\"> </span></span></span>18<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>266<span class=\"__1 _32b\"> </span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>561<span class=\"__1 _f4_1\"> </span><span class=\"ls1f_1 ws1e_1\">58<span class=\"__1 _231\"> </span></span>619<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _457\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">5,03<span class=\"__1 _201\"/>9<span class=\"__1 _220\"> </span><span class=\"ls13_1 ws12_1\">7,<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>8<span class=\"__1 _7d_1\"> </span><span class=\"ls74_1 ws89_1\">9,<span class=\"__1 _250\"/>51<span class=\"__1 _201\"/>6<span class=\"__1 _1cf_1\"> </span><span class=\"ls40_1 ws44_1\">21,67<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span></span></span>Other:<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _1c5_1\"> </span><span class=\"ls56_1 ws5f_1\">179<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>8<span class=\"__1 _231\"> </span><span class=\"ls42_1 ws46_1\">187<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _458\"> </span><span class=\"lsc_1 wsa_1\">731<span class=\"__1 _c_1\"> </span><span class=\"ls38_1 ws38_1\">59<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>1,3<span class=\"__1 _201\"/>30<span class=\"__1 _32b\"> </span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>131<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>131<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal other<span class=\"__1 _459\"> </span><span class=\"ff2_1 ls4d_1 ws54_1\">910<span class=\"__1 _253\"> </span><span class=\"lsb_1 ws32_1\">730<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,64<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span></span></span>Group:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>19,69<span class=\"__1 _201\"/>8<span class=\"__1 _245\"> </span>19,<span class=\"__1 _201\"/>698<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _32b\"> </span>33<span class=\"__1 _245\"> </span><span class=\"fs3_1 fc2_1 ls74_1 ws89_1\">5<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>4<span class=\"__1 _204\"> </span><span class=\"ls15_1 ws14_1\">4,<span class=\"__1 _201\"/>587<span class=\"__1 _4c_1\"> </span><span class=\"ls4d_1 ws54_1\">10,9<span class=\"__1 _201\"/>68<span class=\"__1 _4c_1\"> </span><span class=\"ls3d_1 ws3f_1\">74<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>141<span class=\"__1 _7d_1\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">3,<span class=\"__1 _201\"/>275<span class=\"__1 _32b\"> </span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _32b\"> </span>33<span class=\"__1 _217\"> </span><span class=\"fs3_1 fc2_1 ls13_1 ws12_1\">3<span class=\"__1 _250\"/>7,<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>0<span class=\"__1 _1c_1\"> </span><span class=\"ls7_1 ws5_1\">3<span class=\"__1 _201\"/>0,959<span class=\"__1 _286\"> </span><span class=\"lse_1 wsc_1\">12,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>70<span class=\"__1 _245\"> </span><span class=\"lsc_1 wsa_1\">81,059<span class=\"__1 _32b\"> </span></span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>33<span class=\"__1 _1d_1\"> </span><span class=\"fs3_1 fc2_1 ls1f_1 ws1e_1\">68<span class=\"__1 _204\"> </span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>247<span class=\"__1 _f4_1\"> </span></span>58<span class=\"__1 _204\"> </span><span class=\"lsd_1 wsb_1\">3<span class=\"__1 _201\"/>,373<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l ass<span class=\"__1 _201\"/>ets at fa<span class=\"__1 _201\"/>ir val<span class=\"__1 _201\"/>ue<span class=\"__1 _25a\"> </span><span class=\"ff2_1 lse_1 wsc_1\">96<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>312<span class=\"__1 _18a_1\"> </span><span class=\"ls5_1 ws1_1\">38,934<span class=\"__1 _18a_1\"> </span><span class=\"ls1c_1 ws43_1\">46<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>28<span class=\"__1 _216\"> </span><span class=\"lsc_1 wsa_1\">181,<span class=\"__1 _201\"/>47<span class=\"__1 _f_1\"/>4<span class=\"__1 _32b\"> </span></span></span></span></span>32.<span class=\"__1 _201\"/>5 F<span class=\"__1 _f_1\"/>air value hierar<span class=\"__1 _200\"/>ch<span class=\"__1 _200\"/>y for<span class=\"__1 _200\"/> liabilities me<span class=\"__1 _200\"/>asured a<span class=\"__1 _200\"/>t fair<span class=\"__1 _200\"/> value<span class=\"__1 _200\"/> in the<span class=\"__1 _200\"/> consolidat<span class=\"__1 _200\"/>ed sta<span class=\"__1 _200\"/>tement<span class=\"__1 _200\"/> of financial<span class=\"__1 _200\"/> position<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s below p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nt the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s liabi<span class=\"__1 _201\"/>lities m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at fair va<span class=\"__1 _201\"/>lue by leve<span class=\"__1 _201\"/>l of the fai<span class=\"__1 _201\"/>r value hi<span class=\"__1 _201\"/>erarchy<span class=\"__1 _201\"/>: <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>11,<span class=\"__1 _201\"/>93<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>11,<span class=\"__1 _201\"/>93<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds<span class=\"__1 _25b\"> </span><span class=\"ff1_1 ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _208\"> </span><span class=\"ls27_1 ws27_1\">1,329<span class=\"__1 _214\"> </span><span class=\"ls28_1 ws28_1\">1,688<span class=\"__1 _213\"> </span><span class=\"ls19_1 ws18_1\">10,<span class=\"__1 _201\"/>389<span class=\"__1 _32b\"> </span></span></span></span></span>Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _454\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">95<span class=\"__1 _1d8_1\"> </span><span class=\"lsc_1 wsa_1\">4,0<span class=\"__1 _201\"/>81<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _204\"> </span><span class=\"ls24_1 ws23_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>246<span class=\"__1 _223\"> </span>246<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities a<span class=\"__1 _200\"/>t fair<span class=\"__1 _200\"/> value<span class=\"__1 _25c\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>7<span class=\"__1 _248\"> </span>1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _204\"> </span><span class=\"ls28_1 ws28_1\">1,943<span class=\"__1 _4c_1\"> </span><span class=\"ls33_1 ws34_1\">26<span class=\"__1 _201\"/>,757<span class=\"__1 _32b\"> </span></span></span></span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>264<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022</span></span> <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _200\"/>4,884<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _200\"/>4,884<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds<span class=\"__1 _25d\"> </span><span class=\"ls13_1 ws12_1\">7,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>0<span class=\"__1 _204\"> </span><span class=\"ls15_1 ws14_1\">4<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>25<span class=\"__1 _1b5_1\"> </span><span class=\"ls4a_1 ws50_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>41<span class=\"__1 _210\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>36<span class=\"__1 _32b\"> </span></span></span></span></span>Sub<span class=\"__1 _201\"/>ordinate<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _1a_1\"> </span>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _16e_1\"> </span><span class=\"lsd_1 wsb_1\">37<span class=\"__1 _211\"> </span><span class=\"ls5_1 ws1_1\">2,648<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _1d8_1\"> </span><span class=\"ls40_1 ws44_1\">2,6<span class=\"__1 _201\"/>89<span class=\"__1 _32b\"> </span></span></span></span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>403<span class=\"__1 _237\"> </span>403<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities a<span class=\"__1 _200\"/>t fair<span class=\"__1 _200\"/> value<span class=\"__1 _25e\"> </span><span class=\"ff2_1 ls13_1 ws12_1\">7,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _242\"> </span><span class=\"ls8_1 ws6_1\">2<span class=\"__1 _201\"/>1,7<span class=\"__1 _201\"/>57<span class=\"__1 _204\"> </span><span class=\"ls5_1 ws1_1\">2,80<span class=\"__1 _200\"/>7<span class=\"__1 _282\"> </span><span class=\"lsc_1 wsa_1\">31,7<span class=\"__1 _201\"/>71<span class=\"__1 _32b\"> </span></span></span></span></span>32<span class=\"__1 _201\"/>.6 T<span class=\"__1 _200\"/>rans<span class=\"__1 _201\"/>fers b<span class=\"__1 _201\"/>etwee<span class=\"__1 _201\"/>n levels<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s poli<span class=\"__1 _201\"/>cy is to rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>e trans<span class=\"__1 _201\"/>fers i<span class=\"__1 _201\"/>nto and tran<span class=\"__1 _201\"/>sfer<span class=\"__1 _201\"/>s out of leve<span class=\"__1 _201\"/>ls as at the e<span class=\"__1 _201\"/>nd of each <span class=\"__1 _201\"/>half-year rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ting pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d, except<span class=\"__1 _201\"/> for mate<span class=\"__1 _201\"/>rial tra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs, w<span class=\"__1 _201\"/>hich are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed as of th<span class=\"__1 _201\"/>e date of the even<span class=\"__1 _201\"/>t or chang<span class=\"__1 _201\"/>e in circum<span class=\"__1 _201\"/>stanc<span class=\"__1 _201\"/>es that c<span class=\"__1 _201\"/>ause<span class=\"__1 _201\"/>d the trans<span class=\"__1 _201\"/>fer<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs are de<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>d to have occur<span class=\"__1 _201\"/>red whe<span class=\"__1 _201\"/>n there is a m<span class=\"__1 _201\"/>aterial ch<span class=\"__1 _201\"/>ange in th<span class=\"__1 _201\"/>e obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ved va<span class=\"__1 _201\"/>luation in<span class=\"__1 _201\"/>puts o<span class=\"__1 _201\"/>r a chang<span class=\"__1 _201\"/>e in the level<span class=\"__1 _201\"/> of trad<span class=\"__1 _201\"/>ing ac<span class=\"__1 _201\"/>tiviti<span class=\"__1 _201\"/>es of the s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>. <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022</span> <span class=\"__1 _361\"> </span><span class=\"ls2b_1 ws2b_1\">T<span class=\"__1 _f_1\"/>ransfers between le<span class=\"__1 _200\"/>vels<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> Equit<span class=\"__1 _201\"/>y <span class=\"ls5_1 ws1_1\"> </span>securitie<span class=\"__1 _201\"/>s <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>and pooled <span class=\"ls5_1 ws1_1\"> </span>inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>funds<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Debt <span class=\"__1 _f_1\"/> securitie<span class=\"__1 _201\"/>s<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Derivativ<span class=\"__1 _200\"/>es<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>From level 1 to leve<span class=\"__1 _201\"/>l 2<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>7<span class=\"__1 _4a_1\"> </span><span class=\"ls15_1 ws14_1\">14,099<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span>From level 1 to leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _25f\"> </span><span class=\"ff1_1 ls5_1\">1<span class=\"__1 _1ce_1\"> </span>4<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _32b\"> </span>From level 2 to leve<span class=\"__1 _201\"/>l 1<span class=\"__1 _22b\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">17<span class=\"__1 _230\"> </span><span class=\"ls30_1 ws30_1\">2<span class=\"__1 _201\"/>20<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>237<span class=\"__1 _32b\"> </span>From level 2 to leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>582<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>582<span class=\"__1 _32b\"> </span>From level 3 to leve<span class=\"__1 _201\"/>l 1<span class=\"__1 _355\"> </span><span class=\"ff1_1 ls5_1\">9<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>9<span class=\"__1 _32b\"> </span>From level 3 to leve<span class=\"__1 _201\"/>l 2<span class=\"__1 _460\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">137<span class=\"__1 _264\"> </span><span class=\"ls15_1 ws14_1\">555<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>692<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>Mov<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nts ar<span class=\"__1 _201\"/>isi<span class=\"__1 _201\"/>ng fro<span class=\"__1 _201\"/>m refi<span class=\"__1 _201\"/>nem<span class=\"__1 _201\"/>ents m<span class=\"__1 _201\"/>ade to t<span class=\"__1 _201\"/>he Gr<span class=\"__1 _201\"/>oup\u2019s le<span class=\"__1 _201\"/>velli<span class=\"__1 _201\"/>ng po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>y dur<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>. <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021</span> <span class=\"__1 _361\"> </span><span class=\"ls2b_1 ws2b_1\">T<span class=\"__1 _f_1\"/>ransfers between le<span class=\"__1 _200\"/>vels<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> Equit<span class=\"__1 _201\"/>y <span class=\"ls5_1 ws1_1\"> </span>securitie<span class=\"__1 _201\"/>s <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>and pooled <span class=\"ls5_1 ws1_1\"> </span>inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>funds<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Debt <span class=\"__1 _f_1\"/> securitie<span class=\"__1 _201\"/>s<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Derivativ<span class=\"__1 _200\"/>es<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>From level 1 to leve<span class=\"__1 _201\"/>l 2<span class=\"__1 _461\"> </span><span class=\"ls5_1\">1<span class=\"__1 _231\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>372<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>1,3<span class=\"__1 _201\"/>73<span class=\"__1 _32b\"> </span>From level 1 to leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _355\"> </span><span class=\"ls5_1\">5<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _32b\"> </span>From level 2 to leve<span class=\"__1 _201\"/>l 1<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>10,9<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>10,9<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span>From level 2 to leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>4<span class=\"__1 _201\"/>51<span class=\"__1 _229\"> </span><span class=\"lsf_1 wsd_1\">36<span class=\"__1 _201\"/>4<span class=\"__1 _12d_1\"> </span><span class=\"ls5_1 ws1_1\">54<span class=\"__1 _230\"> </span><span class=\"ls22_1 ws21_1\">869<span class=\"__1 _32b\"> </span></span></span></span>From level 3 to leve<span class=\"__1 _201\"/>l 1<span class=\"__1 _461\"> </span><span class=\"ls5_1\">1<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _32b\"> </span>From level 3 to leve<span class=\"__1 _201\"/>l 2<span class=\"__1 _339\"> </span><span class=\"ls1f_1 ws1e_1\">35<span class=\"__1 _392\"> </span><span class=\"ls56_1 ws5f_1\">17<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>207<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>Movemen<span class=\"__1 _200\"/>ts arsing<span class=\"__1 _200\"/> from r<span class=\"__1 _200\"/>efinements made<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> the Group<span class=\"__1 _200\"/>\u2019<span class=\"__1 _200\"/>s lev<span class=\"__1 _200\"/>elling policy<span class=\"__1 _200\"/> during t<span class=\"__1 _200\"/>he year<span class=\"__1 _200\"/> ended 31<span class=\"__1 _200\"/> December 2021.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Th<span class=\"__1 _201\"/>e tran<span class=\"__1 _201\"/>sfe<span class=\"__1 _201\"/>r of \u00a35<span class=\"__1 _201\"/>4m of d<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>vati<span class=\"__1 _201\"/>ves f<span class=\"__1 _201\"/>rom le<span class=\"__1 _201\"/>vel 2 to le<span class=\"__1 _201\"/>vel 3 co<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>sts o<span class=\"__1 _201\"/>f \u00a358<span class=\"__1 _201\"/>m of as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and \u00a34<span class=\"__1 _201\"/>m of lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2e_1 ws6c_1\">265<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>32.7 Reconcilia<span class=\"__1 _200\"/>tion of<span class=\"__1 _200\"/> mo<span class=\"__1 _200\"/>vements<span class=\"__1 _200\"/> in le<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>el 3 a<span class=\"__1 _200\"/>ssets and li<span class=\"__1 _200\"/>abilities<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>oveme<span class=\"__1 _201\"/>nts duri<span class=\"__1 _201\"/>ng the yea<span class=\"__1 _201\"/>r of level 3 as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabi<span class=\"__1 _201\"/>lities h<span class=\"__1 _201\"/>eld at fa<span class=\"__1 _201\"/>ir value<span class=\"__1 _201\"/>, excludin<span class=\"__1 _201\"/>g asset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s held f<span class=\"__1 _201\"/>or sal<span class=\"__1 _201\"/>e, are<span class=\"__1 _201\"/> anal<span class=\"__1 _201\"/>yse<span class=\"__1 _201\"/>d in the tabl<span class=\"__1 _201\"/>es be<span class=\"__1 _201\"/>low: <span class=\"__1 _25b\"> </span><span class=\"ls1_1\">For t<span class=\"__1 _201\"/>he yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span></span>At 1 Jan<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal gains/ <span class=\"ls5_1 ws1_1\"> </span>(l<span class=\"__1 _201\"/>o<span class=\"__1 _201\"/>s<span class=\"__1 _201\"/>s<span class=\"__1 _201\"/>es)<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>record<span class=\"__1 _201\"/>ed <span class=\"ls5_1 ws1_1\"> </span>in income <span class=\"ls5_1 ws1_1\"> </span>statement<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>exch<span class=\"__1 _200\"/>ange<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Purchas<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> and ot<span class=\"__1 _200\"/>her<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Sales and<span class=\"__1 _32b\"> </span> other<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rans<span class=\"__1 _201\"/>fer <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>to he<span class=\"__1 _201\"/>ld <span class=\"ls5_1\"> </span>for sale<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Settled<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Issued<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ransfers <span class=\"ls5_1 ws1_1\"> </span>into<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ransfers <span class=\"ls5_1 ws1_1\"> </span>out o<span class=\"__1 _201\"/>f <span class=\"ls5_1\"> </span>leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>At 31 De<span class=\"__1 _201\"/>c<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Level 3 as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> propert<span class=\"__1 _201\"/>y<span class=\"__1 _13d_1\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">19,698<span class=\"__1 _248\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _204\"> </span><span class=\"ls30_1 ws30_1\">204<span class=\"__1 _243\"> </span><span class=\"ls19_1 ws18_1\">2<span class=\"__1 _201\"/>,699<span class=\"__1 _258\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>3)<span class=\"__1 _270\"> </span><span class=\"ls10_1 wsf_1\">24<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>16,<span class=\"__1 _201\"/>505<span class=\"__1 _32b\"> </span>Equity se<span class=\"__1 _201\"/>curities<span class=\"__1 _201\"/> and pooled<span class=\"__1 _32b\"> </span> inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _2e_1\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">10,<span class=\"__1 _201\"/>968<span class=\"__1 _239\"> </span><span class=\"ls17_1 ws16_1\">419<span class=\"__1 _272\"> </span><span class=\"ls32_1 ws33_1\">128<span class=\"__1 _243\"> </span></span></span>3<span class=\"__1 _201\"/>,683<span class=\"__1 _290\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>3)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _204\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>6)<span class=\"__1 _462\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span>Loans<span class=\"__1 _463\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _1c2_1\"> </span><span class=\"ls76_1 ws8b_1\">(<span class=\"__1 _201\"/>78<span class=\"__1 _201\"/>1)<span class=\"__1 _f7_1\"> </span><span class=\"ls5_1 ws1_1\">2<span class=\"__1 _c_1\"> </span><span class=\"ls19_1 ws18_1\">109<span class=\"__1 _212\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,07<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _249\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>370<span class=\"__1 _217\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>1)<span class=\"__1 _256\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _223\"> </span><span class=\"ls7_1 ws5_1\">76<span class=\"__1 _201\"/>0<span class=\"__1 _204\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>18<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>586<span class=\"__1 _1d8_1\"> </span>(555<span class=\"__1 _200\"/>)<span class=\"__1 _a_1\"> </span><span class=\"lsd_1 wsb_1\">8<span class=\"__1 _201\"/>,950<span class=\"__1 _32b\"> </span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _212\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">58<span class=\"__1 _345\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _e_1\"> </span><span class=\"ls26_1 ws26_1\">(3)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>26<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _201\"/> asset<span class=\"__1 _201\"/>s<span class=\"__1 _14a_1\"> </span><span class=\"lsb_1 ws32_1\">46<span class=\"__1 _201\"/>,228<span class=\"__1 _248\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>1)<span class=\"__1 _204\"> </span><span class=\"ls53_1 ws5b_1\">342<span class=\"__1 _204\"> </span><span class=\"ls3f_1 ws41_1\">7<span class=\"__1 _f_1\"/>,<span class=\"__1 _201\"/>253<span class=\"__1 _b_1\"> </span><span class=\"ls49_1 ws4f_1\">(<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _223\"> </span><span class=\"ls10_1 wsf_1\">24<span class=\"__1 _216\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>5)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>587<span class=\"__1 _204\"> </span><span class=\"ls76_1 ws8b_1\">(<span class=\"__1 _201\"/>701)<span class=\"__1 _265\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>0<span class=\"__1 _32b\"> </span></span></span>Leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _201\"/> liabilities:<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty<span class=\"__1 _201\"/> interes<span class=\"__1 _201\"/>t in<span class=\"__1 _201\"/> consolidated<span class=\"__1 _32b\"> </span> funds<span class=\"__1 _464\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>41<span class=\"__1 _228\"> </span><span class=\"ls56_1 ws5f_1\">(22)<span class=\"__1 _237\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(8<span class=\"__1 _201\"/>9)<span class=\"__1 _204\"> </span><span class=\"ls1f_1 ws1e_1\">54<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,688<span class=\"__1 _32b\"> </span>Bor<span class=\"__1 _201\"/>rowing<span class=\"__1 _201\"/>s and<span class=\"__1 _201\"/> sub<span class=\"__1 _201\"/>ordinated<span class=\"__1 _201\"/> liabilities<span class=\"__1 _17c_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>Derivat<span class=\"__1 _200\"/>ive<span class=\"__1 _32b\"> </span> liabilities<span class=\"__1 _bc_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">4<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>9<span class=\"__1 _32b\"> </span>Other liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _253\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">403<span class=\"__1 _212\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(9)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>246<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _201\"/> liabilities<span class=\"__1 _465\"> </span><span class=\"ls7_1 ws5_1\">2<span class=\"__1 _201\"/>,807<span class=\"__1 _6b_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _237\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1 ws1_1\">5<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _208\"> </span><span class=\"ls1f_1 ws1e_1\">542<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,943<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed w<span class=\"__1 _201\"/>ithin p<span class=\"__1 _201\"/>urch<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>s and o<span class=\"__1 _201\"/>ther o<span class=\"__1 _201\"/>f \u00a33<span class=\"__1 _201\"/>,68<span class=\"__1 _201\"/>3m f<span class=\"__1 _201\"/>or Equ<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y sec<span class=\"__1 _201\"/>uri<span class=\"__1 _201\"/>ties a<span class=\"__1 _201\"/>nd po<span class=\"__1 _201\"/>ol<span class=\"__1 _201\"/>ed inve<span class=\"__1 _201\"/>stm<span class=\"__1 _201\"/>ent f<span class=\"__1 _201\"/>und<span class=\"__1 _201\"/>s for th<span class=\"__1 _201\"/>e year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 is \u00a31,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>16m<span class=\"__1 _201\"/> as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iated w<span class=\"__1 _201\"/>ith th<span class=\"__1 _201\"/>e de<span class=\"__1 _201\"/>cons<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>dati<span class=\"__1 _201\"/>on of th<span class=\"__1 _201\"/>e M&amp;G Eu<span class=\"__1 _201\"/>rop<span class=\"__1 _201\"/>ean Pr<span class=\"__1 _201\"/>ope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty Fun<span class=\"__1 _201\"/>d in th<span class=\"__1 _201\"/>e per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed w<span class=\"__1 _201\"/>ithin s<span class=\"__1 _201\"/>ale<span class=\"__1 _201\"/>s and o<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r of \u00a34,<span class=\"__1 _201\"/>64<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>m for In<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y for th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 is \u00a3<span class=\"__1 _201\"/>3,<span class=\"__1 _201\"/>95<span class=\"__1 _201\"/>5m as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iate<span class=\"__1 _201\"/>d with th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> de<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dati<span class=\"__1 _201\"/>on of th<span class=\"__1 _201\"/>e M&amp;G E<span class=\"__1 _201\"/>urop<span class=\"__1 _201\"/>ean P<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty Fun<span class=\"__1 _201\"/>d in th<span class=\"__1 _201\"/>e per<span class=\"__1 _201\"/>io<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>ed wi<span class=\"__1 _201\"/>thin s<span class=\"__1 _201\"/>ett<span class=\"__1 _201\"/>led f<span class=\"__1 _201\"/>or Lo<span class=\"__1 _201\"/>ans a<span class=\"__1 _201\"/>nd Bo<span class=\"__1 _201\"/>rrow<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/>s and su<span class=\"__1 _201\"/>bor<span class=\"__1 _201\"/>dina<span class=\"__1 _201\"/>ted lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s for th<span class=\"__1 _201\"/>e year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 is th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct f<span class=\"__1 _201\"/>rom th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> de<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dati<span class=\"__1 _201\"/>on of th<span class=\"__1 _201\"/>e bu<span class=\"__1 _201\"/>y-to-<span class=\"__1 _201\"/>let m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ges h<span class=\"__1 _201\"/>eld b<span class=\"__1 _201\"/>y a sec<span class=\"__1 _201\"/>urit<span class=\"__1 _201\"/>isat<span class=\"__1 _201\"/>ion ve<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>le as a re<span class=\"__1 _201\"/>sult o<span class=\"__1 _201\"/>f the ch<span class=\"__1 _201\"/>ang<span class=\"__1 _201\"/>e in co<span class=\"__1 _201\"/>ntrol d<span class=\"__1 _201\"/>uri<span class=\"__1 _201\"/>ng the p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>266<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022</span></span> <span class=\"__1 _13c_1\"> </span><span class=\"ls1_1\">For th<span class=\"__1 _201\"/>e year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r 2021<span class=\"__1 _32b\"> </span></span>At 1 Jan<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal gains/ <span class=\"ls5_1 ws1_1\"> </span>(l<span class=\"__1 _201\"/>o<span class=\"__1 _201\"/>s<span class=\"__1 _201\"/>s<span class=\"__1 _201\"/>es)<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>record<span class=\"__1 _201\"/>ed in <span class=\"ls5_1 ws1_1\"> </span>income<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>statement<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>exch<span class=\"__1 _200\"/>ange<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Purchas<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> and ot<span class=\"__1 _200\"/>her<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Sales and<span class=\"__1 _32b\"> </span> other<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rans<span class=\"__1 _201\"/>fer <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>to he<span class=\"__1 _201\"/>ld <span class=\"ls5_1\"> </span>for sale<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Settled<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Issued<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ransfers <span class=\"ls5_1 ws1_1\"> </span>into<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ransfers <span class=\"ls5_1 ws1_1\"> </span>out o<span class=\"__1 _201\"/>f <span class=\"ls5_1\"> </span>leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>At 31 De<span class=\"__1 _201\"/>c<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Level 3 as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> propert<span class=\"__1 _201\"/>y<span class=\"__1 _a3_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>258<span class=\"__1 _220\"> </span><span class=\"ls57_1 ws61_1\">(411<span class=\"__1 _201\"/>)<span class=\"__1 _286\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,002<span class=\"__1 _217\"> </span></span></span>(1,310)<span class=\"__1 _282\"> </span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>47<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>19,69<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span>Equity se<span class=\"__1 _201\"/>curities<span class=\"__1 _201\"/> and pooled<span class=\"__1 _32b\"> </span> inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _1d1_1\"> </span><span class=\"ls1f_1 ws1e_1\">8,458<span class=\"__1 _1b5_1\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>,147<span class=\"__1 _f4_1\"> </span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _282\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>30<span class=\"__1 _18a_1\"> </span></span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>456<span class=\"__1 _270\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>6)<span class=\"__1 _263\"> </span><span class=\"ls4d_1 ws54_1\">10,<span class=\"__1 _201\"/>96<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span>Loans<span class=\"__1 _466\"> </span><span class=\"ls32_1 ws33_1\">3,<span class=\"__1 _201\"/>220<span class=\"__1 _12d_1\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _f4_1\"> </span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _e_1\"> </span><span class=\"ls3a_1 ws3b_1\">99<span class=\"__1 _222\"> </span><span class=\"ls18_1 ws17_1\">(<span class=\"__1 _201\"/>20)<span class=\"__1 _32b\"> </span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _32b\"> </span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _217\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>58<span class=\"__1 _201\"/>4<span class=\"__1 _6b_1\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>1,3<span class=\"__1 _201\"/>29<span class=\"__1 _249\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>364<span class=\"__1 _3f_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _6f_1\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>70<span class=\"__1 _32b\"> </span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>58<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>58<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _201\"/> asset<span class=\"__1 _201\"/>s<span class=\"__1 _341\"> </span><span class=\"ff2_1 lsf_1 wsd_1\">4<span class=\"__1 _201\"/>3,368<span class=\"__1 _4a_1\"> </span><span class=\"lse_1 wsc_1\">3,<span class=\"__1 _201\"/>013<span class=\"__1 _3f_1\"> </span><span class=\"ls57_1 ws61_1\">(41<span class=\"__1 _201\"/>3)<span class=\"__1 _1cf_1\"> </span><span class=\"lsc_1 wsa_1\">5,<span class=\"__1 _201\"/>260<span class=\"__1 _327\"> </span></span>(4<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>8)<span class=\"__1 _243\"> </span><span class=\"ls46_1 ws4b_1\">(94<span class=\"__1 _201\"/>7)<span class=\"__1 _214\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>878<span class=\"__1 _204\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>08)<span class=\"__1 _265\"> </span><span class=\"ls1c_1 ws43_1\">46<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>28<span class=\"__1 _32b\"> </span></span></span>Leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _201\"/> liabilities:<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty<span class=\"__1 _201\"/> interes<span class=\"__1 _201\"/>t in<span class=\"__1 _201\"/> consolidated<span class=\"__1 _32b\"> </span> funds<span class=\"__1 _464\"> </span><span class=\"ls23_1 ws22_1\">1,4<span class=\"__1 _201\"/>07<span class=\"__1 _1e_1\"> </span><span class=\"ls42_1 ws46_1\">91<span class=\"__1 _264\"> </span><span class=\"ls5_1 ws1_1\">2<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(<span class=\"__1 _201\"/>711)<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">4<span class=\"__1 _201\"/>52<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>41<span class=\"__1 _32b\"> </span>Bor<span class=\"__1 _201\"/>rowing<span class=\"__1 _201\"/>s and<span class=\"__1 _201\"/> sub<span class=\"__1 _201\"/>ordinated<span class=\"__1 _201\"/> liabilities<span class=\"__1 _375\"> </span><span class=\"ls4d_1 ws54_1\">1,301<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(14<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span>Derivat<span class=\"__1 _200\"/>ive<span class=\"__1 _32b\"> </span> liabilities<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>4<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>4<span class=\"__1 _32b\"> </span>Other liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _253\"> </span><span class=\"ls3f_1 ws41_1\">409<span class=\"__1 _12d_1\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(7)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>403<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _201\"/> liabilities<span class=\"__1 _341\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>7<span class=\"__1 _271\"> </span><span class=\"ls27_1 ws27_1\">92<span class=\"__1 _230\"> </span><span class=\"ls5_1 ws1_1\">2<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(8<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>0)<span class=\"__1 _208\"> </span><span class=\"ls32_1 ws33_1\">4<span class=\"__1 _201\"/>52<span class=\"__1 _1e_1\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>2,80<span class=\"__1 _200\"/>7<span class=\"__1 _32b\"> </span>32<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>8 Unre<span class=\"__1 _201\"/>ali<span class=\"__1 _201\"/>sed ga<span class=\"__1 _201\"/>ins a<span class=\"__1 _201\"/>nd los<span class=\"__1 _201\"/>ses i<span class=\"__1 _201\"/>n resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of level 3 as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd li<span class=\"__1 _201\"/>abi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>Unre<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d gains an<span class=\"__1 _201\"/>d los<span class=\"__1 _201\"/>ses rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of ass<span class=\"__1 _201\"/>ets and l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties cla<span class=\"__1 _201\"/>ssifi<span class=\"__1 _201\"/>ed as<span class=\"__1 _201\"/> level 3 th<span class=\"__1 _201\"/>at are hel<span class=\"__1 _201\"/>d at the end of th<span class=\"__1 _201\"/>e year are an<span class=\"__1 _201\"/>alys<span class=\"__1 _201\"/>ed as fol<span class=\"__1 _201\"/>lows:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> 2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _467\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _270\"> </span></span><span class=\"ls42_1 ws46_1\">918<span class=\"__1 _32b\"> </span></span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _468\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">452<span class=\"__1 _204\"> </span></span><span class=\"ls23_1 ws22_1\">2,<span class=\"__1 _201\"/>407<span class=\"__1 _32b\"> </span></span>Loans<span class=\"__1 _469\"> </span><span class=\"ff1_1 ls76_1 ws8b_1\">(<span class=\"__1 _201\"/>781)<span class=\"__1 _392\"> </span></span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _26a\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _1b5_1\"> </span></span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Derivat<span class=\"__1 _200\"/>ives<span class=\"__1 _26b\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds<span class=\"__1 _1de_1\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">(9)<span class=\"__1 _252\"> </span></span><span class=\"ls74_1 ws89_1\">(51<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Other fin<span class=\"__1 _201\"/>ancial liabilities<span class=\"__1 _fa_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(14<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _392\"> </span></span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _357\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>07<span class=\"__1 _201\"/>)<span class=\"__1 _1cf_1\"> </span><span class=\"ff2_1 ls3a_1 ws3b_1\">2,94<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2e_1 ws6c_1\">267<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>32<span class=\"__1 _201\"/>.9 Fai<span class=\"__1 _201\"/>r valu<span class=\"__1 _201\"/>e level 3 inp<span class=\"__1 _201\"/>ut<span class=\"__1 _201\"/>s and se<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>tivi<span class=\"__1 _201\"/>ties<span class=\"__1 _32b\"> </span>32<span class=\"__1 _201\"/>.9<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 L<span class=\"__1 _201\"/>ev<span class=\"__1 _200\"/>el 3 as<span class=\"__1 _201\"/>set i<span class=\"__1 _201\"/>npu<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>re pos<span class=\"__1 _201\"/>sible<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es the s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y of the fa<span class=\"__1 _201\"/>ir value o<span class=\"__1 _201\"/>f level 3 as<span class=\"__1 _201\"/>sets to reas<span class=\"__1 _201\"/>onab<span class=\"__1 _201\"/>ly pos<span class=\"__1 _201\"/>sib<span class=\"__1 _201\"/>le chan<span class=\"__1 _201\"/>ges in the m<span class=\"__1 _201\"/>ost<span class=\"__1 _201\"/> significant unobs<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vable inputs.<span class=\"__1 _201\"/> The m<span class=\"__1 _201\"/>ost s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant un<span class=\"__1 _201\"/>obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>e input<span class=\"__1 _201\"/>s in determ<span class=\"__1 _201\"/>ining th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue of leve<span class=\"__1 _201\"/>l 3 asse<span class=\"__1 _201\"/>ts are pres<span class=\"__1 _201\"/>ented w<span class=\"__1 _201\"/>ithin the ta<span class=\"__1 _201\"/>bles b<span class=\"__1 _201\"/>elow.<span class=\"__1 _32b\"> </span>Real e<span class=\"__1 _201\"/>state:<span class=\"__1 _32b\"> </span>Av<span class=\"__1 _200\"/>erage estimat<span class=\"__1 _200\"/>ed ren<span class=\"__1 _200\"/>tal val<span class=\"__1 _200\"/>ue<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>Av<span class=\"__1 _200\"/>erage equivalent<span class=\"__1 _200\"/> yield<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _f4_1\"> </span><span class=\"ls2b_1 ws2b_1\">Proper<span class=\"__1 _201\"/>ty type<span class=\"__1 _263\"> </span>Geographical location<span class=\"__1 _a4_1\"> </span><span class=\"ls3_1 ws3_1\">202<span class=\"__1 _201\"/>2<span class=\"__1 _a6_1\"> </span>2021<span class=\"__1 _463\"> </span>2022<span class=\"__1 _a6_1\"> </span>2021<span class=\"__1 _32b\"> </span></span></span>Inv<span class=\"__1 _200\"/>estment pr<span class=\"__1 _200\"/>operty<span class=\"__1 _32b\"> </span>Industrial<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _26c\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">\u00a39<span class=\"__1 _463\"> </span></span><span class=\"ls28_1 ws28_1\">\u00a39<span class=\"__1 _375\"> </span><span class=\"ff1_1 ls8_1 ws6_1\">6.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1%<span class=\"__1 _ab_1\"> </span></span><span class=\"ls40_1 ws44_1\">4.9<span class=\"__1 _201\"/>8%<span class=\"__1 _32b\"> </span></span></span>Europ<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _6a_1\"> </span><span class=\"ff2_1 ls3f_1 ws41_1\">\u20ac55<span class=\"__1 _262\"> </span></span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _465\"> </span><span class=\"ff2_1 ls40_1 ws44_1\">4<span class=\"__1 _201\"/>.4<span class=\"__1 _201\"/>3%<span class=\"__1 _32b\"> </span></span>Asia/P<span class=\"__1 _201\"/>acific<span class=\"__1 _c4_1\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">$96<span class=\"__1 _6a_1\"> </span></span><span class=\"ls27_1 ws27_1\">$<span class=\"__1 _201\"/>98<span class=\"__1 _375\"> </span><span class=\"ff1_1 ls8_1 ws6_1\">6.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1%<span class=\"__1 _9d_1\"> </span></span><span class=\"ls43_1 ws47_1\">5<span class=\"__1 _250\"/>.11<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span></span>Office<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _26d\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">\u00a339<span class=\"__1 _26e\"> </span></span>\u00a334<span class=\"__1 _1eb_1\"> </span><span class=\"ff1_1 ls60_1 ws73_1\">6<span class=\"__1 _201\"/>.1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>%<span class=\"__1 _1d5_1\"> </span></span><span class=\"ls1f_1 ws1e_1\">5.42<span class=\"__1 _32b\"> </span></span><span class=\"ls1f_1 ws1e_1\">%<span class=\"__1 _32b\"> </span></span>Europ<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _b0_1\"> </span><span class=\"ff2_1 ls28_1 ws28_1\">\u20ac304<span class=\"__1 _262\"> </span></span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _465\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">4<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>26%<span class=\"__1 _32b\"> </span></span>Asia/P<span class=\"__1 _201\"/>acific<span class=\"__1 _417\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">$442<span class=\"__1 _b0_1\"> </span></span><span class=\"ls27_1 ws27_1\">$509<span class=\"__1 _401\"> </span><span class=\"ff1_1 ls54_1 ws5c_1\">5.<span class=\"__1 _201\"/>48%<span class=\"__1 _465\"> </span></span><span class=\"lsc_1 wsa_1\">5.<span class=\"__1 _201\"/>26%<span class=\"__1 _32b\"> </span></span></span>Nor<span class=\"__1 _201\"/>th<span class=\"__1 _200\"/> America<span class=\"__1 _d3_1\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">$45<span class=\"__1 _379\"> </span></span><span class=\"ls7f_1 ws93_1\">$46<span class=\"__1 _375\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">5.7<span class=\"__1 _201\"/>5%<span class=\"__1 _465\"> </span></span><span class=\"ls45_1 ws49_1\">5<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>25%<span class=\"__1 _32b\"> </span></span></span>Residential<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _393\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">\u00a337<span class=\"__1 _26f\"> </span></span><span class=\"lsc_1 wsa_1\">\u00a331<span class=\"__1 _341\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">3<span class=\"__1 _201\"/>.9<span class=\"__1 _201\"/>6%<span class=\"__1 _1d5_1\"> </span></span><span class=\"ls8_1 ws6_1\">3<span class=\"__1 _201\"/>.7<span class=\"__1 _250\"/>7%<span class=\"__1 _32b\"> </span></span></span>Europ<span class=\"__1 _201\"/>e<span class=\"__1 _273\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">\u20ac330<span class=\"__1 _14a_1\"> </span></span>\u20ac24<span class=\"__1 _201\"/>4<span class=\"__1 _401\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">3<span class=\"__1 _201\"/>.62%<span class=\"__1 _470\"> </span></span><span class=\"ls8_1 ws6_1\">3<span class=\"__1 _201\"/>.7<span class=\"__1 _201\"/>2%<span class=\"__1 _32b\"> </span></span>Asia/P<span class=\"__1 _201\"/>acific<span class=\"__1 _417\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">$258<span class=\"__1 _471\"> </span></span><span class=\"ls32_1 ws33_1\">$275<span class=\"__1 _17c_1\"> </span></span><span class=\"ff1_1\">5.<span class=\"__1 _201\"/>32%<span class=\"__1 _465\"> </span></span><span class=\"ls7_1 ws5_1\">4<span class=\"__1 _201\"/>.97%<span class=\"__1 _32b\"> </span></span>Retail<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _393\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">\u00a32<span class=\"__1 _201\"/>7<span class=\"__1 _26e\"> </span></span><span class=\"ls1c_1 ws43_1\">\u00a328<span class=\"__1 _1eb_1\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">6.<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>%<span class=\"__1 _ab_1\"> </span></span><span class=\"ls52_1 ws5a_1\">6<span class=\"__1 _201\"/>.<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>4%<span class=\"__1 _32b\"> </span></span></span>Europ<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _341\"> </span><span class=\"ff2_1 lsd_1 wsb_1\">\u20ac<span class=\"__1 _201\"/>537<span class=\"__1 _262\"> </span></span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _465\"> </span><span class=\"ff2_1 ls38_1 ws38_1\">4<span class=\"__1 _201\"/>.2<span class=\"__1 _201\"/>9%<span class=\"__1 _32b\"> </span></span>Asia/P<span class=\"__1 _201\"/>acific<span class=\"__1 _417\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">$295<span class=\"__1 _471\"> </span></span><span class=\"ls4d_1 ws54_1\">$<span class=\"__1 _201\"/>310<span class=\"__1 _401\"> </span></span><span class=\"ff1_1\">6.<span class=\"__1 _201\"/>92%<span class=\"__1 _1d5_1\"> </span></span><span class=\"ls8_1 ws6_1\">6<span class=\"__1 _201\"/>.75<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _26d\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">\u00a338<span class=\"__1 _472\"> </span></span><span class=\"lsb_1 ws32_1\">\u00a327<span class=\"__1 _375\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">5.7<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>%<span class=\"__1 _329\"> </span></span><span class=\"ls19_1 ws18_1\">6<span class=\"__1 _201\"/>.40%<span class=\"__1 _32b\"> </span></span></span>Europ<span class=\"__1 _201\"/>e<span class=\"__1 _405\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">\u20ac11<span class=\"__1 _201\"/>0<span class=\"__1 _471\"> </span></span><span class=\"lse_1 wsc_1\">\u20ac<span class=\"__1 _201\"/>132<span class=\"__1 _401\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">6.<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>5%<span class=\"__1 _ab_1\"> </span></span><span class=\"ls40_1 ws44_1\">5.<span class=\"__1 _201\"/>38%<span class=\"__1 _32b\"> </span></span></span>Asia/P<span class=\"__1 _201\"/>acific<span class=\"__1 _473\"> </span><span class=\"ff1_1 ls8_1 ws6_1\">$19<span class=\"__1 _201\"/>5<span class=\"__1 _1eb_1\"> </span></span><span class=\"lse_1 wsc_1\">$<span class=\"__1 _201\"/>213<span class=\"__1 _14a_1\"> </span><span class=\"ff1_1 ls6_1 ws52_1\">8<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>50%<span class=\"__1 _a5_1\"> </span></span><span class=\"ls42_1 ws46_1\">8<span class=\"__1 _201\"/>.00%<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e avera<span class=\"__1 _201\"/>ge es<span class=\"__1 _201\"/>tim<span class=\"__1 _201\"/>ated re<span class=\"__1 _201\"/>ntal v<span class=\"__1 _201\"/>alu<span class=\"__1 _201\"/>e for th<span class=\"__1 _201\"/>e UK an<span class=\"__1 _201\"/>d No<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>h Ame<span class=\"__1 _201\"/>ric<span class=\"__1 _201\"/>a is qu<span class=\"__1 _201\"/>oted p<span class=\"__1 _201\"/>er s<span class=\"__1 _201\"/>quare f<span class=\"__1 _201\"/>oot<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>lst th<span class=\"__1 _201\"/>e aver<span class=\"__1 _201\"/>age e<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>mate<span class=\"__1 _201\"/>d renta<span class=\"__1 _201\"/>l val<span class=\"__1 _201\"/>ue for E<span class=\"__1 _201\"/>urop<span class=\"__1 _201\"/>e and<span class=\"__1 _201\"/> As<span class=\"__1 _201\"/>ia/P<span class=\"__1 _201\"/>aci<span class=\"__1 _201\"/>fic is q<span class=\"__1 _201\"/>uote<span class=\"__1 _201\"/>d per s<span class=\"__1 _201\"/>qua<span class=\"__1 _201\"/>re met<span class=\"__1 _201\"/>re in lin<span class=\"__1 _201\"/>e wit<span class=\"__1 _201\"/>h loc<span class=\"__1 _201\"/>al pr<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tice<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 the<span class=\"__1 _201\"/>re are n<span class=\"__1 _201\"/>o equ<span class=\"__1 _201\"/>iva<span class=\"__1 _201\"/>len<span class=\"__1 _201\"/>t inpu<span class=\"__1 _201\"/>ts du<span class=\"__1 _201\"/>e to the d<span class=\"__1 _201\"/>eco<span class=\"__1 _201\"/>nso<span class=\"__1 _201\"/>lida<span class=\"__1 _201\"/>tion o<span class=\"__1 _201\"/>f the M&amp;<span class=\"__1 _201\"/>G Euro<span class=\"__1 _201\"/>pea<span class=\"__1 _201\"/>n Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Other assets:<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _474\"> </span><span class=\"ls50_1 ws60_1\">Unobservable input<span class=\"__1 _ed_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _415\"> </span>2021<span class=\"__1 _32b\"> </span></span></span>Retail<span class=\"__1 _200\"/> income strips<span class=\"__1 _425\"> </span><span class=\"ff2_1 ls6_1 ws1_1\">Di<span class=\"__1 _201\"/>scount r<span class=\"__1 _201\"/>ate<span class=\"__1 _14c_1\"> </span><span class=\"ff1_1\">1.0<span class=\"__1 _201\"/>6% to 5.0<span class=\"__1 _201\"/>0% <span class=\"__1 _258\"> </span></span><span class=\"lsa_1 ws49_1\">(1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>%)<span class=\"__1 _201\"/> t<span class=\"__1 _201\"/>o 3<span class=\"__1 _250\"/>.<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span></span>Equity relea<span class=\"__1 _200\"/>se mortgages<span class=\"__1 _32b\"> </span>Illiquidit<span class=\"__1 _201\"/>y premium<span class=\"__1 _475\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">2<span class=\"__1 _201\"/>.07%<span class=\"__1 _476\"> </span></span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal portfolio propert<span class=\"__1 _201\"/>y value<span class=\"__1 _1ac_1\"> </span><span class=\"ff1_1 ls47_1 wsa9_1\">c.<span class=\"__1 _200\"/> \u00a33.4<span class=\"__1 _200\"/>bn<span class=\"__1 _9d_1\"> </span><span class=\"ff2_1 ls3a_1 ws3b_1\">c.\u00a33.<span class=\"__1 _201\"/>3bn<span class=\"__1 _32b\"> </span></span></span>As<span class=\"__1 _201\"/>sume<span class=\"__1 _201\"/>d prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty g<span class=\"__1 _201\"/>rowth r<span class=\"__1 _201\"/>ate<span class=\"__1 _d3_1\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>65%<span class=\"__1 _427\"> </span></span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>.0<span class=\"__1 _201\"/>5%<span class=\"__1 _32b\"> </span></span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty re<span class=\"__1 _201\"/>ntal yi<span class=\"__1 _201\"/>eld<span class=\"__1 _1a8_1\"> </span><span class=\"ff1_1 ws52_1\">2<span class=\"__1 _201\"/>.0<span class=\"__1 _201\"/>0%<span class=\"__1 _18f_1\"> </span></span><span class=\"ls42_1 ws46_1\">2.0<span class=\"__1 _201\"/>0%<span class=\"__1 _32b\"> </span></span>Privat<span class=\"__1 _200\"/>e placement loans<span class=\"__1 _32b\"> </span>Cre<span class=\"__1 _201\"/>dit risk p<span class=\"__1 _201\"/>remiu<span class=\"__1 _201\"/>m:<span class=\"__1 _32b\"> </span>A<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>A to A<span class=\"__1 _391\"> </span><span class=\"ff1_1\">0.60% to 1.<span class=\"__1 _201\"/>81% <span class=\"__1 _210\"> </span></span>0.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>3% to 1.08%<span class=\"__1 _32b\"> </span>BBB t<span class=\"__1 _200\"/>o BB<span class=\"__1 _383\"> </span><span class=\"ff1_1 ls6_1 ws1_1\">1.<span class=\"__1 _201\"/>45% to 5<span class=\"__1 _201\"/>.8<span class=\"__1 _201\"/>6% <span class=\"__1 _4c_1\"> </span><span class=\"ff2_1\">0.4<span class=\"__1 _201\"/>8% to 3.<span class=\"__1 _201\"/>59%<span class=\"__1 _32b\"> </span></span></span>Infrastructur<span class=\"__1 _200\"/>e fund<span class=\"__1 _200\"/> inv<span class=\"__1 _200\"/>estments<span class=\"__1 _c4_1\"> </span><span class=\"ff2_1 ls6_1 ws1_1\">Discou<span class=\"__1 _201\"/>nt rate<span class=\"__1 _eb_1\"> </span><span class=\"ff1_1\">7<span class=\"__1 _f_1\"/>.75% to 12%<span class=\"__1 _252\"> </span><span class=\"ff2_1\">7<span class=\"__1 _200\"/>.75% t<span class=\"__1 _200\"/>o 12%<span class=\"__1 _32b\"> </span></span></span></span>32<span class=\"__1 _201\"/>.9<span class=\"__1 _201\"/>.2 L<span class=\"__1 _201\"/>evel 3 ass<span class=\"__1 _201\"/>et sen<span class=\"__1 _201\"/>sit<span class=\"__1 _201\"/>ivit<span class=\"__1 _201\"/>ies<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>able b<span class=\"__1 _201\"/>elow prov<span class=\"__1 _201\"/>ides a b<span class=\"__1 _201\"/>reakdown of a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s within th<span class=\"__1 _201\"/>e level 3 fa<span class=\"__1 _201\"/>ir value h<span class=\"__1 _201\"/>iera<span class=\"__1 _201\"/>rchy by investm<span class=\"__1 _201\"/>ent t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/>, the sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ity of t<span class=\"__1 _201\"/>he<span class=\"__1 _32b\"> </span> mos<span class=\"__1 _201\"/>t signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt unob<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>va<span class=\"__1 _201\"/>ble inp<span class=\"__1 _201\"/>uts on th<span class=\"__1 _201\"/>eir fair v<span class=\"__1 _201\"/>alue, a<span class=\"__1 _201\"/>nd the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on IFR<span class=\"__1 _201\"/>S profit af<span class=\"__1 _201\"/>ter ta<span class=\"__1 _201\"/>x and sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders\u2019 eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y for thos<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> held wit<span class=\"__1 _200\"/>hin t<span class=\"__1 _200\"/>he shar<span class=\"__1 _200\"/>eholder back<span class=\"__1 _f_1\"/>e<span class=\"__1 _201\"/>d-fund<span class=\"__1 _200\"/>s.<span class=\"__1 _32b\"> </span> 32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>268<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022</span></span> <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Fair<span class=\"__1 _200\"/> value <span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>He<span class=\"__1 _201\"/>ld in<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>shareholder<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>back<span class=\"__1 _200\"/>ed fund<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>aluation <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>technique<span class=\"__1 _32b\"> </span>Most signific<span class=\"__1 _201\"/>ant <span class=\"ls5_1 ws1_1\"> </span>unobser<span class=\"__1 _201\"/>vable input<span class=\"__1 _436\"> </span><span class=\"ls3_1 ws3_1\">Sens<span class=\"__1 _201\"/>itivity<span class=\"__1 _32b\"> </span></span>Change i<span class=\"__1 _200\"/>n <span class=\"ls5_1 ws1_1\"> </span>fair value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Impact on<span class=\"__1 _32b\"> </span> IFRS profit<span class=\"__1 _32b\"> </span> af<span class=\"__1 _201\"/>ter ta<span class=\"__1 _201\"/>x and<span class=\"__1 _201\"/> shareholders\u2019<span class=\"__1 _32b\"> </span> equit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inv<span class=\"__1 _200\"/>estment pr<span class=\"__1 _200\"/>operty<span class=\"__1 _32b\"> </span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>n use<span class=\"__1 _330\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">15<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>71<span class=\"__1 _237\"> </span><span class=\"ls22_1 ws21_1\">1,368<span class=\"__1 _32b\"> </span></span></span>Income<span class=\"__1 _201\"/> capitalis<span class=\"__1 _201\"/>ation<span class=\"__1 _32b\"> </span>Equivalen<span class=\"__1 _200\"/>t yield<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _f7_1\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">1,715<span class=\"__1 _8a_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _f7_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>9)<span class=\"__1 _f7_1\"> </span>(1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span>Es<span class=\"__1 _201\"/>timated re<span class=\"__1 _201\"/>ntal<span class=\"__1 _201\"/> value<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _271\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">(1,260)<span class=\"__1 _229\"> </span><span class=\"ls11_1 ws10_1\">(6<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span></span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _329\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">1<span class=\"__1 _201\"/>,316<span class=\"__1 _344\"> </span><span class=\"lsc_1 wsa_1\">70<span class=\"__1 _32b\"> </span></span></span>Propert<span class=\"__1 _201\"/>y under<span class=\"__1 _32b\"> </span> development<span class=\"__1 _32b\"> </span>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _376\"> </span><span class=\"ls5_1 ws1_1\">5<span class=\"__1 _32b\"> </span></span>Development<span class=\"__1 _32b\"> </span> cost<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _a4_1\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">113<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _465\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _32b\"> </span>Equity-release<span class=\"__1 _32b\"> </span> mor<span class=\"__1 _201\"/>tg<span class=\"__1 _200\"/>ages<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>934<span class=\"__1 _230\"> </span>93<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> flow<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>Illiquidit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> premium<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _329\"> </span><span class=\"ff1_1 ls11_1 ws10_1\">(6<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _288\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _a5_1\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">73<span class=\"__1 _330\"> </span><span class=\"lsb_1 ws32_1\">90<span class=\"__1 _32b\"> </span></span></span>Current<span class=\"__1 _200\"/> propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> value<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _a6_1\"> </span><span class=\"ff1_1 ls34_1 ws35_1\">44<span class=\"__1 _13d_1\"> </span><span class=\"ls1f_1 ws1e_1\">54<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _390\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>3)<span class=\"__1 _288\"> </span><span class=\"ls11_1 ws10_1\">(6<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span></span></span>Assum<span class=\"__1 _201\"/>ed annual<span class=\"__1 _32b\"> </span> prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y grow<span class=\"__1 _201\"/>th<span class=\"__1 _32b\"> </span> rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 100<span class=\"__1 _201\"/>bps<span class=\"__1 _8a_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">12<span class=\"__1 _201\"/>7<span class=\"__1 _8a_1\"> </span>157<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 10<span class=\"__1 _201\"/>0bps<span class=\"__1 _345\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _f7_1\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span></span>Assum<span class=\"__1 _201\"/>ed annual<span class=\"__1 _32b\"> </span> propert<span class=\"__1 _201\"/>y ren<span class=\"__1 _200\"/>tal<span class=\"__1 _32b\"> </span> yield<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 100<span class=\"__1 _201\"/>bps<span class=\"__1 _367\"> </span><span class=\"ff1_1 ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>1)<span class=\"__1 _e_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10<span class=\"__1 _201\"/>0bps<span class=\"__1 _8d_1\"> </span><span class=\"ff1_1 ls78_1 ws24_1\">77<span class=\"__1 _13d_1\"> </span><span class=\"lsb_1 ws32_1\">96<span class=\"__1 _32b\"> </span></span></span>Other mortgage and<span class=\"__1 _32b\"> </span> retail l<span class=\"__1 _201\"/>oans<span class=\"__1 _32b\"> </span>145<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _477\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">15<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _b0_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Equity securities and<span class=\"__1 _32b\"> </span> pooled in<span class=\"__1 _200\"/>vestment<span class=\"__1 _32b\"> </span> funds<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>12<span class=\"__1 _201\"/>,96<span class=\"__1 _201\"/>7<span class=\"__1 _12d_1\"> </span>93<span class=\"__1 _32b\"> </span>Net as<span class=\"__1 _201\"/>set<span class=\"__1 _32b\"> </span> statemen<span class=\"__1 _200\"/>ts<span class=\"__1 _32b\"> </span>Net asset value<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _a5_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">1,<span class=\"__1 _201\"/>297<span class=\"__1 _b0_1\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _230\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _13d_1\"> </span><span class=\"ls1f_1 ws1e_1\">(7)<span class=\"__1 _32b\"> </span></span></span>Infrastructur<span class=\"__1 _200\"/>e fund<span class=\"__1 _32b\"> </span> inv<span class=\"__1 _200\"/>estments<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>497<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> flow<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _1eb_1\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">(<span class=\"__1 _201\"/>75)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _471\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">88<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Debt securities<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>Private placement<span class=\"__1 _32b\"> </span> loans<span class=\"__1 _32b\"> </span>5,6<span class=\"__1 _201\"/>49<span class=\"__1 _223\"> </span><span class=\"lsb_1 ws32_1\">3,225<span class=\"__1 _32b\"> </span></span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> flow<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 4<span class=\"__1 _201\"/>0bps<span class=\"__1 _392\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>78)<span class=\"__1 _e_1\"> </span><span class=\"ls8_1 ws6_1\">(<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 4<span class=\"__1 _201\"/>0bp<span class=\"__1 _201\"/>s<span class=\"__1 _224\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">268<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>Retail income s<span class=\"__1 _201\"/>trips<span class=\"__1 _271\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">236<span class=\"__1 _229\"> </span><span class=\"ls40_1 ws44_1\">19<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> flow<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _465\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _9e_1\"> </span>(1<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _ab_1\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">17<span class=\"__1 _1c1_1\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _32b\"> </span></span></span>Unquoted<span class=\"__1 _200\"/> corporate<span class=\"__1 _32b\"> </span> bonds<span class=\"__1 _32b\"> </span>2<span class=\"__1 _201\"/>,781<span class=\"__1 _271\"> </span><span class=\"ls15_1 ws14_1\">800<span class=\"__1 _32b\"> </span></span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes,<span class=\"__1 _32b\"> </span> enterprise<span class=\"__1 _32b\"> </span> valuation,<span class=\"__1 _32b\"> </span> es<span class=\"__1 _201\"/>tim<span class=\"__1 _201\"/>ated<span class=\"__1 _201\"/> recove<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _17c_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">278<span class=\"__1 _a5_1\"> </span><span class=\"ls32_1 ws33_1\">97<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _344\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(<span class=\"__1 _201\"/>27<span class=\"__1 _201\"/>8)<span class=\"__1 _224\"> </span><span class=\"ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Derivative<span class=\"__1 _200\"/> assets<span class=\"__1 _340\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _333\"> </span>26<span class=\"__1 _32b\"> </span></span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> flow<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _401\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>)<span class=\"__1 _a5_1\"> </span>(1<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _14a_1\"> </span><span class=\"ff1_1 ls5_1\">1<span class=\"__1 _14a_1\"> </span>1<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _478\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>0<span class=\"__1 _270\"> </span><span class=\"lsd_1 wsb_1\">6,650<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e equ<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y-re<span class=\"__1 _201\"/>leas<span class=\"__1 _201\"/>e mo<span class=\"__1 _201\"/>rtg<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>s have a n<span class=\"__1 _201\"/>o-<span class=\"__1 _201\"/>neg<span class=\"__1 _201\"/>ativ<span class=\"__1 _201\"/>e equ<span class=\"__1 _201\"/>ity g<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>ante<span class=\"__1 _201\"/>e (NN<span class=\"__1 _201\"/>EG) that c<span class=\"__1 _201\"/>aps t<span class=\"__1 _201\"/>he lo<span class=\"__1 _201\"/>an rep<span class=\"__1 _201\"/>aym<span class=\"__1 _201\"/>ent in th<span class=\"__1 _201\"/>e even<span class=\"__1 _201\"/>t of de<span class=\"__1 _201\"/>ath, o<span class=\"__1 _201\"/>r entr<span class=\"__1 _201\"/>y i<span class=\"__1 _201\"/>nto lo<span class=\"__1 _201\"/>ng-te<span class=\"__1 _201\"/>rm<span class=\"__1 _201\"/> ca<span class=\"__1 _201\"/>re, to be n<span class=\"__1 _201\"/>o gre<span class=\"__1 _201\"/>ater th<span class=\"__1 _201\"/>an the p<span class=\"__1 _201\"/>roce<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/>s from t<span class=\"__1 _201\"/>he sa<span class=\"__1 _201\"/>le of th<span class=\"__1 _201\"/>e pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y that t<span class=\"__1 _201\"/>he lo<span class=\"__1 _201\"/>ans ar<span class=\"__1 _201\"/>e sec<span class=\"__1 _201\"/>ured a<span class=\"__1 _201\"/>gai<span class=\"__1 _201\"/>nst<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Future c<span class=\"__1 _201\"/>as<span class=\"__1 _201\"/>hflow<span class=\"__1 _201\"/>s are e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on as<span class=\"__1 _201\"/>sum<span class=\"__1 _201\"/>ptio<span class=\"__1 _201\"/>ns<span class=\"__1 _201\"/>, incl<span class=\"__1 _201\"/>udi<span class=\"__1 _201\"/>ng pre<span class=\"__1 _201\"/>paym<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>, dea<span class=\"__1 _201\"/>th and e<span class=\"__1 _201\"/>ntr<span class=\"__1 _201\"/>y in<span class=\"__1 _201\"/>to lon<span class=\"__1 _201\"/>g-ter<span class=\"__1 _201\"/>m ca<span class=\"__1 _201\"/>re, an<span class=\"__1 _201\"/>d dis<span class=\"__1 _201\"/>coun<span class=\"__1 _201\"/>ted us<span class=\"__1 _201\"/>ing a<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> app<span class=\"__1 _201\"/>rop<span class=\"__1 _201\"/>riate d<span class=\"__1 _201\"/>isc<span class=\"__1 _201\"/>ount r<span class=\"__1 _201\"/>ate. T<span class=\"__1 _201\"/>he NN<span class=\"__1 _201\"/>EG is ba<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d on a Bla<span class=\"__1 _201\"/>ck-Sch<span class=\"__1 _201\"/>ole<span class=\"__1 _201\"/>s opt<span class=\"__1 _201\"/>ion p<span class=\"__1 _201\"/>rici<span class=\"__1 _201\"/>ng va<span class=\"__1 _201\"/>luati<span class=\"__1 _201\"/>on uti<span class=\"__1 _201\"/>lis<span class=\"__1 _201\"/>ing a re<span class=\"__1 _201\"/>al wor<span class=\"__1 _201\"/>ld ap<span class=\"__1 _201\"/>pro<span class=\"__1 _201\"/>ach an<span class=\"__1 _201\"/>d usi<span class=\"__1 _201\"/>ng as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e cur<span class=\"__1 _201\"/>rent p<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty v<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/>, futu<span class=\"__1 _201\"/>re pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y gro<span class=\"__1 _201\"/>wt<span class=\"__1 _201\"/>h and p<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty re<span class=\"__1 _201\"/>nta<span class=\"__1 _201\"/>l yie<span class=\"__1 _201\"/>lds<span class=\"__1 _201\"/>, and i<span class=\"__1 _201\"/>s rec<span class=\"__1 _201\"/>ogni<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d as a de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n to the va<span class=\"__1 _201\"/>lue o<span class=\"__1 _201\"/>f the lo<span class=\"__1 _201\"/>an.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Qu<span class=\"__1 _201\"/>otes re<span class=\"__1 _201\"/>cei<span class=\"__1 _201\"/>ved f<span class=\"__1 _201\"/>rom an ex<span class=\"__1 _201\"/>te<span class=\"__1 _201\"/>rnal p<span class=\"__1 _201\"/>ri<span class=\"__1 _201\"/>cing s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ce.<span class=\"__1 _32b\"> </span>iv <span class=\"__1 _285\"> </span>Inf<span class=\"__1 _201\"/>ras<span class=\"__1 _201\"/>tru<span class=\"__1 _201\"/>ctu<span class=\"__1 _201\"/>re fun<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>ris<span class=\"__1 _201\"/>es \u00a3<span class=\"__1 _201\"/>213m (31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>1: \u00a38<span class=\"__1 _201\"/>8m) of eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>cur<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s and p<span class=\"__1 _201\"/>oo<span class=\"__1 _201\"/>led i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt fun<span class=\"__1 _201\"/>ds an<span class=\"__1 _201\"/>d \u00a328<span class=\"__1 _201\"/>4m<span class=\"__1 _201\"/> (31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 2<span class=\"__1 _201\"/>021: \u00a3<span class=\"__1 _201\"/>29<span class=\"__1 _201\"/>2m) of deb<span class=\"__1 _201\"/>t sec<span class=\"__1 _201\"/>uri<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>ese i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts ar<span class=\"__1 _201\"/>e valu<span class=\"__1 _201\"/>ed in a<span class=\"__1 _201\"/>cco<span class=\"__1 _201\"/>rdan<span class=\"__1 _201\"/>ce wi<span class=\"__1 _201\"/>th the I<span class=\"__1 _201\"/>nter<span class=\"__1 _201\"/>natio<span class=\"__1 _201\"/>nal P<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>ate Equ<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y and Ventu<span class=\"__1 _201\"/>re<span class=\"__1 _32b\"> </span> As<span class=\"__1 _201\"/>so<span class=\"__1 _201\"/>ciati<span class=\"__1 _201\"/>on va<span class=\"__1 _201\"/>luati<span class=\"__1 _201\"/>on gu<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>line<span class=\"__1 _201\"/>s (late<span class=\"__1 _201\"/>st e<span class=\"__1 _201\"/>diti<span class=\"__1 _201\"/>on D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2). Valua<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s are al<span class=\"__1 _201\"/>so be<span class=\"__1 _201\"/>nch<span class=\"__1 _201\"/>mar<span class=\"__1 _201\"/>ked aga<span class=\"__1 _201\"/>ins<span class=\"__1 _201\"/>t com<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>abl<span class=\"__1 _201\"/>e infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>ture tr<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Th<span class=\"__1 _201\"/>e disc<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>t rate is m<span class=\"__1 _201\"/>ade u<span class=\"__1 _201\"/>p of cas<span class=\"__1 _201\"/>h flow<span class=\"__1 _201\"/>s from d<span class=\"__1 _201\"/>iv<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>nds du<span class=\"__1 _201\"/>e in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of t<span class=\"__1 _201\"/>he eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y inve<span class=\"__1 _201\"/>stm<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s and p<span class=\"__1 _201\"/>rin<span class=\"__1 _201\"/>cipa<span class=\"__1 _201\"/>l and i<span class=\"__1 _201\"/>ntere<span class=\"__1 _201\"/>st fr<span class=\"__1 _201\"/>om lo<span class=\"__1 _201\"/>an note<span class=\"__1 _201\"/>s in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/> of debt<span class=\"__1 _200\"/> inv<span class=\"__1 _200\"/>estments.<span class=\"__1 _32b\"> </span>v <span class=\"__1 _6c_1\"> </span>Th<span class=\"__1 _201\"/>e disc<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>t rate is m<span class=\"__1 _201\"/>ade u<span class=\"__1 _201\"/>p of a ris<span class=\"__1 _201\"/>k-free r<span class=\"__1 _201\"/>ate and a c<span class=\"__1 _201\"/>redi<span class=\"__1 _201\"/>t spre<span class=\"__1 _201\"/>ad. T<span class=\"__1 _201\"/>he r<span class=\"__1 _201\"/>isk-fre<span class=\"__1 _201\"/>e rate is t<span class=\"__1 _201\"/>aken fr<span class=\"__1 _201\"/>om an ap<span class=\"__1 _201\"/>pro<span class=\"__1 _201\"/>pri<span class=\"__1 _201\"/>ate gilt o<span class=\"__1 _201\"/>f com<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>abl<span class=\"__1 _201\"/>e dura<span class=\"__1 _201\"/>tion a<span class=\"__1 _201\"/>nd the<span class=\"__1 _201\"/> spr<span class=\"__1 _201\"/>ead i<span class=\"__1 _201\"/>s taken fr<span class=\"__1 _201\"/>om a ba<span class=\"__1 _201\"/>sket of co<span class=\"__1 _201\"/>mpa<span class=\"__1 _201\"/>rab<span class=\"__1 _201\"/>le se<span class=\"__1 _201\"/>cur<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>vi <span class=\"__1 _285\"> </span>Of th<span class=\"__1 _201\"/>e \u00a36,<span class=\"__1 _201\"/>65<span class=\"__1 _201\"/>0m (31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 2<span class=\"__1 _201\"/>021: \u00a3<span class=\"__1 _201\"/>10,5<span class=\"__1 _201\"/>29m) of l<span class=\"__1 _201\"/>evel 3 a<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>ets he<span class=\"__1 _201\"/>ld in s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der-ba<span class=\"__1 _201\"/>cked f<span class=\"__1 _201\"/>unds<span class=\"__1 _201\"/>, \u00a35<span class=\"__1 _201\"/>49<span class=\"__1 _201\"/>m (20<span class=\"__1 _201\"/>21: \u00a31,<span class=\"__1 _201\"/>027m) is he<span class=\"__1 _201\"/>ld by un<span class=\"__1 _201\"/>it-lin<span class=\"__1 _201\"/>ked<span class=\"__1 _32b\"> </span> bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>ese a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ts are i<span class=\"__1 _201\"/>nclu<span class=\"__1 _201\"/>de<span class=\"__1 _201\"/>d in the a<span class=\"__1 _201\"/>nal<span class=\"__1 _201\"/>ysis p<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>ente<span class=\"__1 _201\"/>d howe<span class=\"__1 _201\"/>ver, as the inv<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/>ment r<span class=\"__1 _201\"/>isk i<span class=\"__1 _201\"/>s bor<span class=\"__1 _201\"/>ne by th<span class=\"__1 _201\"/>e uni<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-li<span class=\"__1 _201\"/>nked p<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>ol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>s, th<span class=\"__1 _201\"/>ere is n<span class=\"__1 _201\"/>o<span class=\"__1 _32b\"> </span> impact on IFRS<span class=\"__1 _200\"/> profit a<span class=\"__1 _200\"/>fter tax<span class=\"__1 _200\"/> and shar<span class=\"__1 _200\"/>eholders\u2019 equi<span class=\"__1 _200\"/>ty.<span class=\"__1 _32b\"> </span> 32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls4f_1 ws55_1\">269<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Fair<span class=\"__1 _200\"/> value <span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>He<span class=\"__1 _201\"/>ld in<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>shareholder<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>back<span class=\"__1 _200\"/>ed fund<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>aluation <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>technique<span class=\"__1 _32b\"> </span>Most signific<span class=\"__1 _201\"/>ant <span class=\"ls5_1 ws1_1\"> </span>unobser<span class=\"__1 _201\"/>vable input<span class=\"__1 _436\"> </span><span class=\"ls3_1 ws3_1\">Sens<span class=\"__1 _201\"/>itivity<span class=\"__1 _32b\"> </span></span>Change i<span class=\"__1 _200\"/>n <span class=\"ls5_1 ws1_1\"> </span>fair value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Impact on<span class=\"__1 _32b\"> </span> IFRS profit<span class=\"__1 _32b\"> </span> af<span class=\"__1 _201\"/>ter ta<span class=\"__1 _201\"/>x and<span class=\"__1 _201\"/> shareholders\u2019<span class=\"__1 _32b\"> </span> equit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inv<span class=\"__1 _200\"/>estment pr<span class=\"__1 _200\"/>operty<span class=\"__1 _32b\"> </span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>n use<span class=\"__1 _333\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>,93<span class=\"__1 _201\"/>4<span class=\"__1 _2c_1\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>965<span class=\"__1 _32b\"> </span></span></span>Income<span class=\"__1 _201\"/> capitalis<span class=\"__1 _201\"/>ation<span class=\"__1 _32b\"> </span>Equivalen<span class=\"__1 _200\"/>t yield<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _252\"> </span><span class=\"lsc_1 wsa_1\">2,<span class=\"__1 _201\"/>326<span class=\"__1 _8d_1\"> </span><span class=\"ls2a_1 ws2a_1\">163<span class=\"__1 _32b\"> </span></span></span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _256\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _232\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Es<span class=\"__1 _201\"/>timated re<span class=\"__1 _201\"/>ntal<span class=\"__1 _201\"/> value<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _8d_1\"> </span><span class=\"ls40_1 ws44_1\">(<span class=\"__1 _200\"/>1,621<span class=\"__1 _200\"/>)<span class=\"__1 _224\"> </span><span class=\"ls18_1 ws17_1\">(8<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _470\"> </span><span class=\"ls8_1 ws6_1\">1<span class=\"__1 _201\"/>,710<span class=\"__1 _344\"> </span><span class=\"ls3f_1 ws41_1\">80<span class=\"__1 _32b\"> </span></span></span>Propert<span class=\"__1 _201\"/>y under<span class=\"__1 _32b\"> </span> development<span class=\"__1 _32b\"> </span>764<span class=\"__1 _330\"> </span><span class=\"lsc_1 wsa_1\">26<span class=\"__1 _32b\"> </span></span>Development<span class=\"__1 _32b\"> </span> cost<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _472\"> </span><span class=\"ls23_1 ws22_1\">76<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _14a_1\"> </span><span class=\"ls5b_1 ws67_1\">(7<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _32b\"> </span>Equity-release<span class=\"__1 _32b\"> </span> mor<span class=\"__1 _201\"/>tg<span class=\"__1 _200\"/>ages<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>1,7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _228\"> </span>1,<span class=\"__1 _201\"/>72<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> flow<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>Illiquidit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> premium<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _311\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0)<span class=\"__1 _232\"> </span>(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>8)<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _8d_1\"> </span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _201\"/>5<span class=\"__1 _311\"> </span><span class=\"ls3d_1 ws3f_1\">1<span class=\"__1 _201\"/>74<span class=\"__1 _32b\"> </span></span></span>Current<span class=\"__1 _200\"/> propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> value<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _26e\"> </span><span class=\"ls92_1 ws68_1\">44<span class=\"__1 _13d_1\"> </span><span class=\"ls27_1 ws27_1\">50<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _b0_1\"> </span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>3)<span class=\"__1 _8c_1\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span>Assum<span class=\"__1 _201\"/>ed annual<span class=\"__1 _32b\"> </span> prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y grow<span class=\"__1 _201\"/>th<span class=\"__1 _32b\"> </span> rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 100<span class=\"__1 _201\"/>bps<span class=\"__1 _2b_1\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>7<span class=\"__1 _8d_1\"> </span><span class=\"ls45_1 ws49_1\">14<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10<span class=\"__1 _201\"/>0bps<span class=\"__1 _f7_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8)<span class=\"__1 _f4_1\"> </span><span class=\"ls52_1 ws5a_1\">(2<span class=\"__1 _201\"/>01)<span class=\"__1 _32b\"> </span></span></span>Assum<span class=\"__1 _201\"/>ed annual<span class=\"__1 _32b\"> </span> propert<span class=\"__1 _201\"/>y ren<span class=\"__1 _200\"/>tal<span class=\"__1 _32b\"> </span> yield<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 100<span class=\"__1 _201\"/>bps<span class=\"__1 _367\"> </span><span class=\"ls5b_1 ws67_1\">(8<span class=\"__1 _201\"/>3)<span class=\"__1 _9e_1\"> </span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10<span class=\"__1 _201\"/>0bps<span class=\"__1 _8d_1\"> </span><span class=\"ls22_1 ws21_1\">79<span class=\"__1 _13d_1\"> </span><span class=\"ls28_1 ws28_1\">89<span class=\"__1 _32b\"> </span></span></span>Other mortgage and<span class=\"__1 _32b\"> </span> retail l<span class=\"__1 _201\"/>oans<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>411<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _377\"> </span><span class=\"ls4a_1 ws50_1\">141<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _340\"> </span><span class=\"lsa_1 ws8_1\">(14<span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Equity securities and<span class=\"__1 _32b\"> </span> pooled in<span class=\"__1 _200\"/>vestment<span class=\"__1 _32b\"> </span> funds<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>10,<span class=\"__1 _201\"/>88<span class=\"__1 _201\"/>0<span class=\"__1 _12d_1\"> </span><span class=\"ls29_1 ws29_1\">84<span class=\"__1 _32b\"> </span></span>Net as<span class=\"__1 _201\"/>set<span class=\"__1 _32b\"> </span> statemen<span class=\"__1 _200\"/>ts<span class=\"__1 _32b\"> </span>Net asset value<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _a5_1\"> </span><span class=\"ls42_1 ws46_1\">1,08<span class=\"__1 _201\"/>8<span class=\"__1 _341\"> </span></span><span class=\"ls5_1\">1<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _288\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _465\"> </span>(1<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Infrastructur<span class=\"__1 _200\"/>e fund<span class=\"__1 _32b\"> </span> inv<span class=\"__1 _200\"/>estments<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>380<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> flow<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _478\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _250\"/>4)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _479\"> </span><span class=\"ls29_1 ws29_1\">34<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Debt securities<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>Private placement<span class=\"__1 _32b\"> </span> loans<span class=\"__1 _32b\"> </span>8<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>76<span class=\"__1 _253\"> </span><span class=\"ls15_1 ws14_1\">5,<span class=\"__1 _201\"/>225<span class=\"__1 _32b\"> </span></span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> flow<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 4<span class=\"__1 _201\"/>0bps<span class=\"__1 _8a_1\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>9)<span class=\"__1 _f7_1\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 4<span class=\"__1 _201\"/>0bp<span class=\"__1 _201\"/>s<span class=\"__1 _9e_1\"> </span><span class=\"ls1c_1 ws43_1\">728<span class=\"__1 _8c_1\"> </span></span><span class=\"ls5_1\">548<span class=\"__1 _32b\"> </span></span>Retail income s<span class=\"__1 _201\"/>trips<span class=\"__1 _288\"> </span><span class=\"ls42_1 ws46_1\">391<span class=\"__1 _8c_1\"> </span><span class=\"lsc_1 wsa_1\">3<span class=\"__1 _201\"/>31<span class=\"__1 _32b\"> </span></span></span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> flow<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _1ce_1\"> </span><span class=\"ls57_1 ws61_1\">(41)<span class=\"__1 _367\"> </span>(41)<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _329\"> </span><span class=\"ls32_1 ws33_1\">52<span class=\"__1 _a5_1\"> </span>52<span class=\"__1 _32b\"> </span></span>Unquoted<span class=\"__1 _200\"/> corporate<span class=\"__1 _32b\"> </span> bonds<span class=\"__1 _32b\"> </span>2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>11<span class=\"__1 _f4_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,11<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes,<span class=\"__1 _32b\"> </span> enterprise<span class=\"__1 _32b\"> </span> valuation,<span class=\"__1 _32b\"> </span> es<span class=\"__1 _201\"/>tim<span class=\"__1 _201\"/>ated<span class=\"__1 _201\"/> recove<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _1eb_1\"> </span><span class=\"ls42_1 ws46_1\">291<span class=\"__1 _2b_1\"> </span><span class=\"lse_1 wsc_1\">126<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _a3_1\"> </span><span class=\"ls52_1 ws5a_1\">(2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>1)<span class=\"__1 _232\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>26<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Derivative<span class=\"__1 _200\"/> assets<span class=\"__1 _340\"> </span><span class=\"ff2_1 ls1f_1 ws1e_1\">58<span class=\"__1 _333\"> </span>58<span class=\"__1 _32b\"> </span></span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> flow<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _401\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _a5_1\"> </span>(2<span class=\"__1 _32b\"> </span></span><span class=\"ls33_1 ws34_1\">)<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _b0_1\"> </span><span class=\"ls5_1\">2<span class=\"__1 _9d_1\"> </span>2<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _478\"> </span><span class=\"ff2_1 ls1c_1 ws43_1\">46<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>28<span class=\"__1 _3f_1\"> </span><span class=\"ls4d_1 ws54_1\">10,<span class=\"__1 _201\"/>529<span class=\"__1 _32b\"> </span></span></span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>270<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G p<span class=\"__1 _201\"/>lc</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and<span class=\"__1 _200\"/> Accounts 2022<span class=\"__1 _32b\"> </span></span></span>32<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>10 F<span class=\"__1 _200\"/>air va<span class=\"__1 _201\"/>lue o<span class=\"__1 _201\"/>f asse<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s at amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed c<span class=\"__1 _201\"/>ost<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s below s<span class=\"__1 _201\"/>how the as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s carr<span class=\"__1 _201\"/>ied at am<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cos<span class=\"__1 _201\"/>t on the s<span class=\"__1 _201\"/>tatement of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al posi<span class=\"__1 _201\"/>tion for w<span class=\"__1 _201\"/>hich f<span class=\"__1 _201\"/>air<span class=\"__1 _32b\"> </span> valu<span class=\"__1 _201\"/>e is discl<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e asset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s that are c<span class=\"__1 _201\"/>arri<span class=\"__1 _201\"/>ed at amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed co<span class=\"__1 _201\"/>st, w<span class=\"__1 _201\"/>here th<span class=\"__1 _201\"/>e carr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing va<span class=\"__1 _201\"/>lue app<span class=\"__1 _201\"/>roximates th<span class=\"__1 _201\"/>e fair<span class=\"__1 _201\"/> valu<span class=\"__1 _201\"/>e, are exclud<span class=\"__1 _201\"/>ed from th<span class=\"__1 _201\"/>e anal<span class=\"__1 _201\"/>ysis be<span class=\"__1 _201\"/>low: <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>fair value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>carrying <span class=\"ls5_1 ws1_1\"> </span>value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Ass<span class=\"__1 _201\"/>ets:<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>369<span class=\"__1 _208\"> </span><span class=\"ls19_1 ws18_1\">1,64<span class=\"__1 _201\"/>8<span class=\"__1 _4a_1\"> </span><span class=\"ls4d_1 ws54_1\">2<span class=\"__1 _201\"/>,017<span class=\"__1 _5d_1\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span>Liabilities:<span class=\"__1 _32b\"> </span>Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>6<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">6<span class=\"__1 _1d8_1\"> </span><span class=\"lsb_1 ws32_1\">6<span class=\"__1 _201\"/>,422<span class=\"__1 _240\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>7</span></span></span> <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>fair value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>carrying <span class=\"ls5_1 ws1_1\"> </span>value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Ass<span class=\"__1 _201\"/>ets:<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>512<span class=\"__1 _208\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,089<span class=\"__1 _14d_1\"> </span><span class=\"ls4d_1 ws54_1\">2,<span class=\"__1 _201\"/>601<span class=\"__1 _208\"> </span><span class=\"ls7f_1 ws93_1\">2,534<span class=\"__1 _32b\"> </span></span></span></span>Liabilities:<span class=\"__1 _32b\"> </span>Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>7,<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>2<span class=\"__1 _345\"> </span><span class=\"ls4d_1 ws54_1\">2<span class=\"__1 _201\"/>01<span class=\"__1 _4a_1\"> </span></span>7,<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>3<span class=\"__1 _6b_1\"> </span>7,<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>7<span class=\"__1 _250\"/>1<span class=\"__1 _32b\"> </span>The e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated fair v<span class=\"__1 _201\"/>alue of su<span class=\"__1 _201\"/>bordin<span class=\"__1 _201\"/>ated liabi<span class=\"__1 _201\"/>lities a<span class=\"__1 _201\"/>re base<span class=\"__1 _201\"/>d on the qu<span class=\"__1 _201\"/>oted mar<span class=\"__1 _201\"/>ket offer pr<span class=\"__1 _201\"/>ice. Th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue of the ot<span class=\"__1 _201\"/>her<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>ets and l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies in the t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s above have be<span class=\"__1 _201\"/>en es<span class=\"__1 _201\"/>timated f<span class=\"__1 _201\"/>rom the dis<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d cash fl<span class=\"__1 _201\"/>ows exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be rec<span class=\"__1 _201\"/>eived o<span class=\"__1 _201\"/>r paid<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Whe<span class=\"__1 _201\"/>re approp<span class=\"__1 _201\"/>riate, an o<span class=\"__1 _201\"/>bser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>able ma<span class=\"__1 _201\"/>rket interes<span class=\"__1 _201\"/>t rate has be<span class=\"__1 _201\"/>en us<span class=\"__1 _201\"/>ed and th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets and li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed wi<span class=\"__1 _201\"/>thin level 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> Oth<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>wis<span class=\"__1 _201\"/>e, they are in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed as leve<span class=\"__1 _201\"/>l 3 asse<span class=\"__1 _201\"/>ts or liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls93_1 wsab_1\">2<span class=\"__1 _201\"/>71<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis<span class=\"__1 _32b\"> </span>33<span class=\"__1 _201\"/>.1 Ri<span class=\"__1 _201\"/>sk ove<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ew<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s busin<span class=\"__1 _201\"/>ess invo<span class=\"__1 _201\"/>lves th<span class=\"__1 _201\"/>e accep<span class=\"__1 _201\"/>tance an<span class=\"__1 _201\"/>d manag<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt of risk<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup\u2019s risk m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment p<span class=\"__1 _201\"/>roces<span class=\"__1 _201\"/>s is gover<span class=\"__1 _201\"/>ned by<span class=\"__1 _201\"/> the Ri<span class=\"__1 _201\"/>sk Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent Framewo<span class=\"__1 _201\"/>rk (RM<span class=\"__1 _201\"/>F)<span class=\"__1 _201\"/>. The R<span class=\"__1 _201\"/>MF has b<span class=\"__1 _201\"/>een d<span class=\"__1 _201\"/>esign<span class=\"__1 _201\"/>ed to ide<span class=\"__1 _201\"/>ntif<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, mea<span class=\"__1 _201\"/>sure, man<span class=\"__1 _201\"/>age, m<span class=\"__1 _201\"/>onitor an<span class=\"__1 _201\"/>d repo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/> on the p<span class=\"__1 _201\"/>rinci<span class=\"__1 _201\"/>pal ris<span class=\"__1 _201\"/>ks of the G<span class=\"__1 _201\"/>roup. Ri<span class=\"__1 _201\"/>sk mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt is des<span class=\"__1 _201\"/>igne<span class=\"__1 _201\"/>d to increas<span class=\"__1 _201\"/>e the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s unde<span class=\"__1 _201\"/>rst<span class=\"__1 _201\"/>anding o<span class=\"__1 _201\"/>f the ris<span class=\"__1 _201\"/>ks inhere<span class=\"__1 _201\"/>nt in<span class=\"__1 _32b\"> </span> the bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s, i<span class=\"__1 _201\"/>mprove de<span class=\"__1 _201\"/>cisio<span class=\"__1 _201\"/>n-ma<span class=\"__1 _201\"/>king an<span class=\"__1 _201\"/>d prevent th<span class=\"__1 _201\"/>e Group f<span class=\"__1 _201\"/>rom faili<span class=\"__1 _201\"/>ng to achieve i<span class=\"__1 _201\"/>ts busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s obje<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ves, in<span class=\"__1 _201\"/>cludi<span class=\"__1 _201\"/>ng deli<span class=\"__1 _201\"/>ver<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> fair client outcomes<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The R<span class=\"__1 _201\"/>MF is c<span class=\"__1 _201\"/>odifi<span class=\"__1 _201\"/>ed thro<span class=\"__1 _201\"/>ugh ris<span class=\"__1 _201\"/>k poli<span class=\"__1 _201\"/>cies an<span class=\"__1 _201\"/>d busin<span class=\"__1 _201\"/>ess s<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ards whi<span class=\"__1 _201\"/>ch set out th<span class=\"__1 _201\"/>e manag<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt fram<span class=\"__1 _201\"/>ework fo<span class=\"__1 _201\"/>r k<span class=\"__1 _200\"/>ey ris<span class=\"__1 _201\"/>k ty<span class=\"__1 _201\"/>pes<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> incl<span class=\"__1 _201\"/>uding r<span class=\"__1 _201\"/>isk app<span class=\"__1 _201\"/>etite, and m<span class=\"__1 _201\"/>inimum s<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ards for th<span class=\"__1 _201\"/>e Group\u2019s ope<span class=\"__1 _201\"/>rations<span class=\"__1 _201\"/>. T<span class=\"__1 _f_1\"/>o e<span class=\"__1 _201\"/>nsure co<span class=\"__1 _201\"/>mpleten<span class=\"__1 _201\"/>ess a<span class=\"__1 _201\"/>nd con<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>cy wh<span class=\"__1 _201\"/>en<span class=\"__1 _32b\"> </span> comp<span class=\"__1 _201\"/>arin<span class=\"__1 _201\"/>g risk inf<span class=\"__1 _201\"/>ormati<span class=\"__1 _201\"/>on acros<span class=\"__1 _201\"/>s the G<span class=\"__1 _201\"/>roup, a com<span class=\"__1 _201\"/>mon met<span class=\"__1 _201\"/>hodo<span class=\"__1 _201\"/>log<span class=\"__1 _201\"/>y for cate<span class=\"__1 _201\"/>gori<span class=\"__1 _201\"/>sing r<span class=\"__1 _201\"/>isk has b<span class=\"__1 _201\"/>een ad<span class=\"__1 _201\"/>opted<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Risk a<span class=\"__1 _201\"/>ppetite is t<span class=\"__1 _201\"/>he amo<span class=\"__1 _201\"/>unt and t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>e of risk th<span class=\"__1 _201\"/>at is acce<span class=\"__1 _201\"/>ptable to th<span class=\"__1 _201\"/>e Group, a<span class=\"__1 _201\"/>s determi<span class=\"__1 _201\"/>ned by th<span class=\"__1 _201\"/>e Board<span class=\"__1 _201\"/>, and is a fu<span class=\"__1 _201\"/>ncti<span class=\"__1 _201\"/>on of the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s strate<span class=\"__1 _201\"/>gic and b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss ob<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>tives a<span class=\"__1 _201\"/>nd its c<span class=\"__1 _201\"/>apital re<span class=\"__1 _201\"/>sourc<span class=\"__1 _201\"/>es. R<span class=\"__1 _201\"/>isk ap<span class=\"__1 _201\"/>petite there<span class=\"__1 _201\"/>fore refer<span class=\"__1 _201\"/>s to the Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s attitu<span class=\"__1 _201\"/>de towards<span class=\"__1 _201\"/> ris<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>-taking an<span class=\"__1 _201\"/>d wheth<span class=\"__1 _201\"/>er it is wi<span class=\"__1 _201\"/>lling an<span class=\"__1 _201\"/>d able to tol<span class=\"__1 _201\"/>erate eith<span class=\"__1 _201\"/>er a high o<span class=\"__1 _201\"/>r a low level<span class=\"__1 _201\"/>, or non<span class=\"__1 _201\"/>e of spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>c risks o<span class=\"__1 _201\"/>r risk gro<span class=\"__1 _201\"/>ups. A<span class=\"__1 _201\"/>s a<span class=\"__1 _32b\"> </span> resul<span class=\"__1 _201\"/>t, ris<span class=\"__1 _201\"/>k appeti<span class=\"__1 _201\"/>te has a centr<span class=\"__1 _201\"/>al role in i<span class=\"__1 _201\"/>nformi<span class=\"__1 _201\"/>ng dec<span class=\"__1 _201\"/>ision<span class=\"__1 _201\"/>-mak<span class=\"__1 _201\"/>ing acro<span class=\"__1 _201\"/>ss the G<span class=\"__1 _201\"/>roup an<span class=\"__1 _201\"/>d assis<span class=\"__1 _201\"/>ting in th<span class=\"__1 _201\"/>e optimi<span class=\"__1 _201\"/>sation of re<span class=\"__1 _201\"/>turn on<span class=\"__1 _201\"/> capital investe<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>A numb<span class=\"__1 _201\"/>er of ris<span class=\"__1 _201\"/>k fac<span class=\"__1 _201\"/>tors aff<span class=\"__1 _201\"/>ect th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s result<span class=\"__1 _201\"/>s and fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n. Th<span class=\"__1 _201\"/>e finan<span class=\"__1 _201\"/>cial ris<span class=\"__1 _201\"/>k categ<span class=\"__1 _201\"/>orie<span class=\"__1 _201\"/>s affec<span class=\"__1 _201\"/>ting th<span class=\"__1 _201\"/>e Group\u2019s<span class=\"__1 _32b\"> </span> finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d insur<span class=\"__1 _201\"/>ance as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liabi<span class=\"__1 _201\"/>lities a<span class=\"__1 _201\"/>re set out b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Ris<span class=\"__1 _201\"/>k ty<span class=\"__1 _201\"/>pe<span class=\"__1 _341\"> </span><span class=\"ls2b_1 ws57_1\">D<span class=\"__1 _201\"/>efinition<span class=\"__1 _32b\"> </span></span>Market risk<span class=\"__1 _271\"> </span><span class=\"ff2_1 ls6_1 ws1_1\">T<span class=\"__1 _201\"/>he ris<span class=\"__1 _201\"/>k of los<span class=\"__1 _201\"/>s or adve<span class=\"__1 _201\"/>rse ch<span class=\"__1 _201\"/>ange in th<span class=\"__1 _201\"/>e finan<span class=\"__1 _201\"/>cial situati<span class=\"__1 _201\"/>on of the b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss or th<span class=\"__1 _201\"/>at of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s clie<span class=\"__1 _201\"/>nts<span class=\"__1 _32b\"> </span></span><span class=\"ff2_1 ls6_1 ws1_1\"> </span>resul<span class=\"__1 _201\"/>ting, di<span class=\"__1 _201\"/>rec<span class=\"__1 _201\"/>tly or in<span class=\"__1 _201\"/>direc<span class=\"__1 _201\"/>tly, from fluc<span class=\"__1 _201\"/>tuation<span class=\"__1 _201\"/>s in the leve<span class=\"__1 _201\"/>l or volatil<span class=\"__1 _201\"/>ity of m<span class=\"__1 _201\"/>arket pri<span class=\"__1 _201\"/>ces of as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> liabilities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Cred<span class=\"__1 _201\"/>it ris<span class=\"__1 _201\"/>k<span class=\"__1 _8d_1\"> </span><span class=\"ff2_1\">T<span class=\"__1 _201\"/>he risk o<span class=\"__1 _201\"/>f loss o<span class=\"__1 _201\"/>r adver<span class=\"__1 _201\"/>se chan<span class=\"__1 _201\"/>ge in the fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al situatio<span class=\"__1 _201\"/>n of the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s, o<span class=\"__1 _201\"/>r that of the G<span class=\"__1 _201\"/>roup\u2019s clients<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> </span>resul<span class=\"__1 _201\"/>ting from fl<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>tuations in th<span class=\"__1 _201\"/>e credi<span class=\"__1 _201\"/>t stan<span class=\"__1 _201\"/>ding of is<span class=\"__1 _201\"/>suer<span class=\"__1 _201\"/>s of secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s, co<span class=\"__1 _201\"/>unterpa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>es and a<span class=\"__1 _201\"/>ny debtors i<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> the fo<span class=\"__1 _201\"/>rm of def<span class=\"__1 _201\"/>ault or oth<span class=\"__1 _201\"/>er sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant credi<span class=\"__1 _201\"/>t event, su<span class=\"__1 _201\"/>ch as dow<span class=\"__1 _201\"/>ngrad<span class=\"__1 _201\"/>e or spre<span class=\"__1 _201\"/>ad wid<span class=\"__1 _201\"/>ening<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Demographic r<span class=\"__1 _200\"/>isk<span class=\"__1 _6e_1\"> </span><span class=\"ff2_1 ls6_1 ws1_1\">T<span class=\"__1 _201\"/>he ri<span class=\"__1 _201\"/>sk of los<span class=\"__1 _201\"/>s for the G<span class=\"__1 _201\"/>roup, or of a<span class=\"__1 _201\"/>dver<span class=\"__1 _201\"/>se chan<span class=\"__1 _201\"/>ge in the fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l situatio<span class=\"__1 _201\"/>n of the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s, res<span class=\"__1 _201\"/>ulting f<span class=\"__1 _201\"/>rom<span class=\"__1 _32b\"> </span></span><span class=\"ff2_1 ls6_1 ws1_1\"> </span>chan<span class=\"__1 _201\"/>ges in th<span class=\"__1 _201\"/>e level, tre<span class=\"__1 _201\"/>nd or vol<span class=\"__1 _201\"/>atilit<span class=\"__1 _201\"/>y of a numb<span class=\"__1 _201\"/>er of dem<span class=\"__1 _201\"/>ogra<span class=\"__1 _201\"/>phic r<span class=\"__1 _201\"/>isk dri<span class=\"__1 _201\"/>vers<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>se incl<span class=\"__1 _201\"/>ude:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>/long<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k: the r<span class=\"__1 _201\"/>isk of los<span class=\"__1 _201\"/>s, th<span class=\"__1 _201\"/>e inabi<span class=\"__1 _201\"/>lity to m<span class=\"__1 _201\"/>eet co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>tual or oth<span class=\"__1 _201\"/>er liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>, and/or profit<span class=\"__1 _201\"/> </span>volatil<span class=\"__1 _201\"/>ity re<span class=\"__1 _201\"/>sultin<span class=\"__1 _201\"/>g from ad<span class=\"__1 _201\"/>verse m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y and<span class=\"__1 _201\"/>/<span class=\"__1 _f_1\"/>o<span class=\"__1 _201\"/>r long<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce comp<span class=\"__1 _201\"/>ared to that e<span class=\"__1 _201\"/>stimate<span class=\"__1 _201\"/>d within<span class=\"__1 _201\"/> pri<span class=\"__1 _201\"/>cing, u<span class=\"__1 _201\"/>nder<span class=\"__1 _201\"/>w<span class=\"__1 _201\"/>riting a<span class=\"__1 _201\"/>nd valu<span class=\"__1 _201\"/>ation.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Mor<span class=\"__1 _201\"/>bidit<span class=\"__1 _201\"/>y ri<span class=\"__1 _201\"/>sk: th<span class=\"__1 _201\"/>e risk of l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>, the ina<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y to meet c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>tual o<span class=\"__1 _201\"/>r other lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d/<span class=\"__1 _200\"/>or profit vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> </span>resul<span class=\"__1 _201\"/>ting from a<span class=\"__1 _201\"/>dver<span class=\"__1 _201\"/>se mor<span class=\"__1 _201\"/>bidit<span class=\"__1 _201\"/>y exp<span class=\"__1 _201\"/>erie<span class=\"__1 _201\"/>nce co<span class=\"__1 _201\"/>mpare<span class=\"__1 _201\"/>d to that estim<span class=\"__1 _201\"/>ated withi<span class=\"__1 _201\"/>n pric<span class=\"__1 _201\"/>ing, un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>wr<span class=\"__1 _201\"/>iting<span class=\"__1 _201\"/> and valuation.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Pers<span class=\"__1 _201\"/>isten<span class=\"__1 _201\"/>cy ris<span class=\"__1 _201\"/>k: the r<span class=\"__1 _201\"/>isk of lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, the inab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y to meet co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>tual or ot<span class=\"__1 _201\"/>her liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d/<span class=\"__1 _f_1\"/>o<span class=\"__1 _201\"/>r profit vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> </span>resul<span class=\"__1 _201\"/>ting from a<span class=\"__1 _201\"/>n adver<span class=\"__1 _201\"/>se pe<span class=\"__1 _201\"/>rsis<span class=\"__1 _201\"/>tency ex<span class=\"__1 _201\"/>peri<span class=\"__1 _201\"/>ence c<span class=\"__1 _201\"/>ompare<span class=\"__1 _201\"/>d to that es<span class=\"__1 _201\"/>timated w<span class=\"__1 _201\"/>ithin pri<span class=\"__1 _201\"/>cing an<span class=\"__1 _201\"/>d valuati<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>Expense and<span class=\"__1 _32b\"> </span> margin pricing risk<span class=\"__1 _32b\"> </span>The r<span class=\"__1 _201\"/>isk of lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, the inab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y to meet c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>tual or ot<span class=\"__1 _201\"/>her liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d/<span class=\"__1 _200\"/>or profit vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y resu<span class=\"__1 _201\"/>lting fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> adve<span class=\"__1 _201\"/>rse exp<span class=\"__1 _201\"/>erie<span class=\"__1 _201\"/>nce in exp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>es other th<span class=\"__1 _201\"/>an thos<span class=\"__1 _201\"/>e estim<span class=\"__1 _201\"/>ated withi<span class=\"__1 _201\"/>n prici<span class=\"__1 _201\"/>ng and va<span class=\"__1 _201\"/>luation w<span class=\"__1 _201\"/>hen co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ering<span class=\"__1 _201\"/> insurance<span class=\"__1 _200\"/> contracts or<span class=\"__1 _200\"/> funds under<span class=\"__1 _200\"/> management.<span class=\"__1 _32b\"> </span> Liquidity risk<span class=\"__1 _237\"> </span><span class=\"ff2_1 ls6_1 ws1_1\">T<span class=\"__1 _200\"/>reasur<span class=\"__1 _201\"/>y li<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y r<span class=\"__1 _201\"/>isk is the r<span class=\"__1 _201\"/>isk of lo<span class=\"__1 _201\"/>ss for th<span class=\"__1 _201\"/>e Group\u2019s busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s, or of a<span class=\"__1 _201\"/>dvers<span class=\"__1 _201\"/>e chang<span class=\"__1 _201\"/>es in its fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al<span class=\"__1 _32b\"> </span></span><span class=\"ff2_1 ls6_1 ws1_1\"> </span>situati<span class=\"__1 _201\"/>on, res<span class=\"__1 _201\"/>ulting f<span class=\"__1 _201\"/>rom the G<span class=\"__1 _201\"/>roup\u2019s inabilit<span class=\"__1 _201\"/>y to gen<span class=\"__1 _201\"/>erate su<span class=\"__1 _201\"/>fficie<span class=\"__1 _201\"/>nt cash re<span class=\"__1 _201\"/>sourc<span class=\"__1 _201\"/>es to mee<span class=\"__1 _201\"/>t financ<span class=\"__1 _201\"/>ial<span class=\"__1 _32b\"> </span> obli<span class=\"__1 _201\"/>gations (for exam<span class=\"__1 _201\"/>ple, c<span class=\"__1 _201\"/>laims<span class=\"__1 _201\"/>, credito<span class=\"__1 _201\"/>rs and pl<span class=\"__1 _201\"/>anne<span class=\"__1 _201\"/>d divi<span class=\"__1 _201\"/>dend<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) as they f<span class=\"__1 _201\"/>all due.<span class=\"__1 _201\"/> Fund liqu<span class=\"__1 _201\"/>idit<span class=\"__1 _201\"/>y risk i<span class=\"__1 _201\"/>s the ris<span class=\"__1 _201\"/>k of bein<span class=\"__1 _201\"/>g unabl<span class=\"__1 _201\"/>e to meet li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es aris<span class=\"__1 _201\"/>ing from a m<span class=\"__1 _201\"/>ismatch in li<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> und<span class=\"__1 _201\"/>erly<span class=\"__1 _201\"/>ing as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d the fre<span class=\"__1 _201\"/>quen<span class=\"__1 _201\"/>cy of liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts of the fun<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s exposu<span class=\"__1 _201\"/>re to risks ar<span class=\"__1 _201\"/>ising f<span class=\"__1 _201\"/>rom finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d insur<span class=\"__1 _201\"/>ance as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liab<span class=\"__1 _201\"/>ilities i<span class=\"__1 _201\"/>s differe<span class=\"__1 _201\"/>nt for ea<span class=\"__1 _201\"/>ch<span class=\"__1 _32b\"> </span> comp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nt of the Gro<span class=\"__1 _201\"/>up\u2019s busine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup\u2019s consol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatement of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al pos<span class=\"__1 _201\"/>ition is p<span class=\"__1 _201\"/>resente<span class=\"__1 _201\"/>d bel<span class=\"__1 _201\"/>ow for the di<span class=\"__1 _201\"/>fferent<span class=\"__1 _201\"/> components of<span class=\"__1 _200\"/> business.<span class=\"__1 _32b\"> </span>272<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022<span class=\"__1 _32b\"> </span></span></span>Analysis<span class=\"__1 _200\"/> of c<span class=\"__1 _200\"/>onsolidated<span class=\"__1 _200\"/> stat<span class=\"__1 _200\"/>ement<span class=\"__1 _200\"/> of financial<span class=\"__1 _200\"/> position<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> component o<span class=\"__1 _200\"/>f business <span class=\"__1 _c8_1\"> </span> <span class=\"__1 _329\"> </span><span class=\"ls2b_1 ws2b_1\">Shareholder<span class=\"__1 _200\"/>-back<span class=\"__1 _200\"/>ed funds<span class=\"__1 _330\"> </span><span class=\"ls5_1 ws1_1\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span>With-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>profits<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unit-link<span class=\"__1 _200\"/>ed<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Annuity <span class=\"ls5_1 ws1_1\"> </span>and ot<span class=\"__1 _200\"/>her <span class=\"ls5_1 ws1_1\"> </span>long-term <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>business<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Ass<span class=\"__1 _201\"/>ets:<span class=\"__1 _32b\"> </span>Goo<span class=\"__1 _201\"/>dwill and intangible as<span class=\"__1 _201\"/>sets<span class=\"__1 _15a_1\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">364<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>25<span class=\"__1 _1d8_1\"> </span><span class=\"ls28_1 ws28_1\">1,4<span class=\"__1 _201\"/>88<span class=\"__1 _208\"> </span><span class=\"ls15_1 ws14_1\">1,87<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></span>Deferred acquisition costs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>77<span class=\"__1 _1e_1\"> </span><span class=\"ls4d_1 ws54_1\">17<span class=\"__1 _1d_1\"> </span><span class=\"ls28_1 ws28_1\">94<span class=\"__1 _32b\"> </span></span></span>Defined benefit pension asset<span class=\"__1 _27a\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">13<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>10<span class=\"__1 _239\"> </span><span class=\"ls2a_1 ws2a_1\">132<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">15<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span>Inves<span class=\"__1 _201\"/>tment in j<span class=\"__1 _201\"/>oint ventu<span class=\"__1 _201\"/>res and as<span class=\"__1 _201\"/>so<span class=\"__1 _201\"/>ciates acc<span class=\"__1 _201\"/>ounted fo<span class=\"__1 _201\"/>r using th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> equ<span class=\"__1 _201\"/>ity m<span class=\"__1 _201\"/>ethod<span class=\"__1 _27b\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">413<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>413<span class=\"__1 _32b\"> </span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty, plant a<span class=\"__1 _201\"/>nd equ<span class=\"__1 _201\"/>ipmen<span class=\"__1 _201\"/>t<span class=\"__1 _27c\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">1,630<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>26<span class=\"__1 _253\"> </span><span class=\"ls32_1 ws33_1\">297<span class=\"__1 _204\"> </span><span class=\"lsd_1 wsb_1\">1,953<span class=\"__1 _32b\"> </span></span></span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _27d\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">4<span class=\"__1 _201\"/>97<span class=\"__1 _c_1\"> </span><span class=\"ls7_1 ws5_1\">876<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>16,<span class=\"__1 _201\"/>505<span class=\"__1 _32b\"> </span>Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>ets<span class=\"__1 _27e\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">27<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>499<span class=\"__1 _239\"> </span><span class=\"ls32_1 ws33_1\">125<span class=\"__1 _2c_1\"> </span><span class=\"ls3c_1 ws3d_1\">6<span class=\"__1 _201\"/>51<span class=\"__1 _32b\"> </span></span></span>Reinsurance assets<span class=\"__1 _27e\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">23<span class=\"__1 _1d_1\"> </span><span class=\"lsb_1 ws32_1\">85<span class=\"__1 _204\"> </span><span class=\"ls7_1 ws5_1\">1,078<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _27f\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">58,<span class=\"__1 _201\"/>564<span class=\"__1 _245\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>6<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _237\"> </span><span class=\"ls30_1 ws30_1\">220<span class=\"__1 _210\"> </span><span class=\"ls24_1 ws23_1\">7<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>7<span class=\"__1 _32b\"> </span></span></span></span></span></span>Loans<span class=\"__1 _350\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">1,<span class=\"__1 _201\"/>929<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>1,<span class=\"__1 _201\"/>401<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>3,3<span class=\"__1 _201\"/>30<span class=\"__1 _32b\"> </span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _df_1\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">44<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>90<span class=\"__1 _243\"> </span><span class=\"ls15_1 ws14_1\">4,4<span class=\"__1 _201\"/>66<span class=\"__1 _18a_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>399<span class=\"__1 _240\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>6<span class=\"__1 _4c_1\"> </span><span class=\"ls1c_1 ws43_1\">62<span class=\"__1 _201\"/>,821<span class=\"__1 _32b\"> </span></span></span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _480\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">2<span class=\"__1 _201\"/>,4<span class=\"__1 _201\"/>03<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _270\"> </span><span class=\"ls22_1 ws21_1\">290<span class=\"__1 _253\"> </span></span></span>150<span class=\"__1 _242\"> </span><span class=\"lsd_1 wsb_1\">2<span class=\"__1 _201\"/>,850<span class=\"__1 _32b\"> </span></span></span>Deposits<span class=\"__1 _251\"> </span><span class=\"ff1_1 ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _4a_1\"> </span></span><span class=\"ff1_1\">1,567<span class=\"__1 _1d8_1\"> </span><span class=\"ls7_1 ws5_1\">2<span class=\"__1 _201\"/>,07<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>21,<span class=\"__1 _201\"/>401<span class=\"__1 _32b\"> </span>Curre<span class=\"__1 _201\"/>nt tax an<span class=\"__1 _201\"/>d other ta<span class=\"__1 _201\"/>x asse<span class=\"__1 _201\"/>ts<span class=\"__1 _481\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">133<span class=\"__1 _f4_1\"> </span><span class=\"ls22_1 ws21_1\">29<span class=\"__1 _252\"> </span><span class=\"ls45_1 ws49_1\">114<span class=\"__1 _1e_1\"> </span></span></span>13<span class=\"__1 _237\"> </span><span class=\"ls15_1 ws14_1\">2<span class=\"__1 _201\"/>89<span class=\"__1 _32b\"> </span></span></span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _1b7_1\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">1,454<span class=\"__1 _237\"> </span><span class=\"ls27_1 ws27_1\">329<span class=\"__1 _239\"> </span><span class=\"ls18_1 ws17_1\">2<span class=\"__1 _201\"/>61<span class=\"__1 _237\"> </span><span class=\"ls22_1 ws21_1\">296<span class=\"__1 _242\"> </span><span class=\"ls1f_1 ws1e_1\">2<span class=\"__1 _201\"/>,340<span class=\"__1 _32b\"> </span></span></span></span></span></span>Assets held for sale<span class=\"__1 _276\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">4<span class=\"__1 _201\"/>47<span class=\"__1 _f4_1\"> </span><span class=\"lsf_1 wsd_1\">79<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>158<span class=\"__1 _223\"> </span><span class=\"ls3f_1 ws41_1\">684<span class=\"__1 _32b\"> </span></span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _27a\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">2,<span class=\"__1 _201\"/>857<span class=\"__1 _237\"> </span><span class=\"lsd_1 wsb_1\">563<span class=\"__1 _223\"> </span><span class=\"ls30_1 ws30_1\">604<span class=\"__1 _270\"> </span>860<span class=\"__1 _242\"> </span><span class=\"ls28_1 ws28_1\">4<span class=\"__1 _201\"/>,884<span class=\"__1 _32b\"> </span></span></span></span></span>T<span class=\"__1 _f_1\"/>otal asset<span class=\"__1 _201\"/>s<span class=\"__1 _482\"> </span><span class=\"ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>6<span class=\"__1 _1c_1\"> </span></span><span class=\"ws38_1\">18<span class=\"__1 _201\"/>,958<span class=\"__1 _217\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>4<span class=\"__1 _214\"> </span><span class=\"ls15_1 ws14_1\">4<span class=\"__1 _201\"/>,922<span class=\"__1 _462\"> </span><span class=\"ls40_1 ws44_1\">191,<span class=\"__1 _201\"/>560<span class=\"__1 _32b\"> </span></span></span></span></span>Liabilities:<span class=\"__1 _32b\"> </span>Insuranc<span class=\"__1 _201\"/>e contract liabilities<span class=\"__1 _420\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">32<span class=\"__1 _201\"/>,299<span class=\"__1 _204\"> </span><span class=\"ls23_1 ws22_1\">4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>214<span class=\"__1 _249\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>29<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>49,<span class=\"__1 _201\"/>805<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ith disc<span class=\"__1 _201\"/>retionar<span class=\"__1 _250\"/>y par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ation fe<span class=\"__1 _201\"/>atures<span class=\"__1 _c_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">78,5<span class=\"__1 _201\"/>39<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>55<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>78,<span class=\"__1 _201\"/>594<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s<span class=\"__1 _8a_1\"> </span><span class=\"ff1_1 ls5_1\">3<span class=\"__1 _1c_1\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>0<span class=\"__1 _1d_1\"> </span><span class=\"ls53_1 ws5b_1\">34<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>11,<span class=\"__1 _201\"/>93<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span>Unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _294\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">1<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>0<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds<span class=\"__1 _1e6_1\"> </span><span class=\"ff1_1 ls10_1 wsf_1\">8,244<span class=\"__1 _243\"> </span><span class=\"lsc_1 wsa_1\">2,086<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">5<span class=\"__1 _1d_1\"> </span><span class=\"ls1f_1 ws1e_1\">54<span class=\"__1 _213\"> </span><span class=\"ls19_1 ws18_1\">10,3<span class=\"__1 _201\"/>89<span class=\"__1 _32b\"> </span></span></span></span></span></span>Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _483\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">3<span class=\"__1 _201\"/>,757<span class=\"__1 _1d_1\"> </span><span class=\"ls5_1 ws1_1\">45<span class=\"__1 _8d_1\"> </span>6<span class=\"__1 _1d8_1\"> </span></span>3<span class=\"__1 _201\"/>,72<span class=\"__1 _201\"/>9<span class=\"__1 _208\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>7<span class=\"__1 _32b\"> </span></span></span>Defin<span class=\"__1 _201\"/>ed benefit p<span class=\"__1 _201\"/>ension liabilit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Deferre<span class=\"__1 _201\"/>d tax liabilities<span class=\"__1 _1d6_1\"> </span><span class=\"ff1_1 ls78_1\">777<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _311\"> </span>1<span class=\"__1 _223\"> </span><span class=\"ls15_1 ws14_1\">780<span class=\"__1 _32b\"> </span></span>Lease liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _484\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">85<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>15<span class=\"__1 _223\"> </span><span class=\"ls30_1 ws30_1\">320<span class=\"__1 _223\"> </span>4<span class=\"__1 _201\"/>20<span class=\"__1 _32b\"> </span></span>Current tax and other tax liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _25b\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">9<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _271\"> </span><span class=\"ls43_1 ws47_1\">74<span class=\"__1 _1e_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _228\"> </span><span class=\"ls45_1 ws49_1\">113<span class=\"__1 _32b\"> </span></span></span></span></span></span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _1c9_1\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">2,<span class=\"__1 _201\"/>213<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _4a_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>8<span class=\"__1 _231\"> </span><span class=\"ls32_1 ws33_1\">2<span class=\"__1 _201\"/>15<span class=\"__1 _204\"> </span><span class=\"ls24_1 ws23_1\">4<span class=\"__1 _e7_1\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span></span>Other fin<span class=\"__1 _201\"/>ancial liabilities<span class=\"__1 _485\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">1,928<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>89<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">155<span class=\"__1 _240\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _e7_1\"> </span>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _32b\"> </span></span></span>Provis<span class=\"__1 _201\"/>ions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>19<span class=\"__1 _1e_1\"> </span><span class=\"lsc_1 wsa_1\">71<span class=\"__1 _219\"> </span><span class=\"lsb_1 ws32_1\">90<span class=\"__1 _32b\"> </span></span></span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _f2_1\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">4,7<span class=\"__1 _201\"/>80<span class=\"__1 _223\"> </span><span class=\"ls3f_1 ws41_1\">688<span class=\"__1 _204\"> </span><span class=\"ls28_1 ws28_1\">1,<span class=\"__1 _200\"/>663<span class=\"__1 _253\"> </span><span class=\"ls6_1 ws52_1\">275<span class=\"__1 _1d8_1\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span></span></span></span></span></span>Liabilities he<span class=\"__1 _201\"/>ld for sale<span class=\"__1 _486\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">172<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>172<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities<span class=\"__1 _a7_1\"> </span><span class=\"ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7,<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>6<span class=\"__1 _249\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _201\"/>,958<span class=\"__1 _4c_1\"> </span></span>1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>2<span class=\"__1 _211\"> </span><span class=\"ls1f_1 ws1e_1\">4,834<span class=\"__1 _b1_1\"> </span><span class=\"ls33_1 ws34_1\">1<span class=\"__1 _201\"/>88<span class=\"__1 _201\"/>,73<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> equity<span class=\"__1 _487\"> </span><span class=\"ls22_1 ws21_1\">2,<span class=\"__1 _201\"/>830<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> equity and<span class=\"__1 _200\"/> liabilities<span class=\"__1 _397\"> </span><span class=\"ls40_1 ws44_1\">191,<span class=\"__1 _201\"/>560<span class=\"__1 _32b\"> </span></span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls48_1 ws4e_1\">273<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued <span class=\"__1 _c8_1\"> </span> <span class=\"__1 _329\"> </span><span class=\"ls2b_1 ws2b_1\">Shareholder<span class=\"__1 _200\"/>-back<span class=\"__1 _200\"/>ed funds<span class=\"__1 _330\"> </span><span class=\"ls5_1 ws1_1\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>With-<span class=\"__1 _32b\"> </span>profits<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unit-link<span class=\"__1 _200\"/>ed<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Annuity <span class=\"ls5_1 ws1_1\"> </span>and ot<span class=\"__1 _200\"/>her <span class=\"ls5_1 ws1_1\"> </span>long-term <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>business<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Ass<span class=\"__1 _201\"/>ets:<span class=\"__1 _32b\"> </span>Goo<span class=\"__1 _201\"/>dwill and intangible as<span class=\"__1 _201\"/>sets<span class=\"__1 _488\"> </span><span class=\"ls1c_1 ws43_1\">286<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>27<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>302<span class=\"__1 _3f_1\"> </span><span class=\"lse_1 wsc_1\">1,<span class=\"__1 _201\"/>615<span class=\"__1 _32b\"> </span></span></span>Deferred acquisition costs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>78<span class=\"__1 _1e_1\"> </span><span class=\"ls2a_1 ws2a_1\">16<span class=\"__1 _f4_1\"> </span><span class=\"ls3a_1 ws3b_1\">94<span class=\"__1 _32b\"> </span></span></span>Defined benefit pension asset<span class=\"__1 _27a\"> </span><span class=\"lsb_1 ws32_1\">27<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>11<span class=\"__1 _f4_1\"> </span><span class=\"ls5_1 ws1_1\">38<span class=\"__1 _32b\"> </span></span>Inves<span class=\"__1 _201\"/>tment in j<span class=\"__1 _201\"/>oint ventu<span class=\"__1 _201\"/>res and as<span class=\"__1 _201\"/>so<span class=\"__1 _201\"/>ciates acc<span class=\"__1 _201\"/>ounted fo<span class=\"__1 _201\"/>r using th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> equ<span class=\"__1 _201\"/>ity m<span class=\"__1 _201\"/>ethod<span class=\"__1 _19b_1\"> </span><span class=\"ls22_1 ws21_1\">469<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>469<span class=\"__1 _32b\"> </span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty, plant a<span class=\"__1 _201\"/>nd equ<span class=\"__1 _201\"/>ipmen<span class=\"__1 _201\"/>t<span class=\"__1 _402\"> </span><span class=\"ls27_1 ws27_1\">2,<span class=\"__1 _201\"/>239<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>27<span class=\"__1 _253\"> </span><span class=\"ls23_1 ws22_1\">2<span class=\"__1 _201\"/>70<span class=\"__1 _214\"> </span><span class=\"lsf_1 wsd_1\">2,536<span class=\"__1 _32b\"> </span></span></span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _1df_1\"> </span><span class=\"ls23_1 ws22_1\">17<span class=\"__1 _f_1\"/>,707<span class=\"__1 _231\"> </span><span class=\"lsc_1 wsa_1\">931<span class=\"__1 _204\"> </span><span class=\"ls42_1 ws46_1\">1,06<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>19,69<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span>Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>ets<span class=\"__1 _4d_1\"> </span><span class=\"ls3f_1 ws41_1\">49<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _1d_1\"> </span><span class=\"ls22_1 ws21_1\">69<span class=\"__1 _e_1\"> </span><span class=\"ls11_1 ws10_1\">119<span class=\"__1 _32b\"> </span></span></span>Reinsurance assets<span class=\"__1 _27e\"> </span><span class=\"ls32_1 ws33_1\">20<span class=\"__1 _228\"> </span><span class=\"ls4d_1 ws54_1\">101<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,5<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>1,669<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _489\"> </span><span class=\"ls7_1 ws5_1\">60,6<span class=\"__1 _201\"/>45<span class=\"__1 _286\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>23<span class=\"__1 _201\"/>2<span class=\"__1 _2b_1\"> </span></span></span><span class=\"ls5_1\">5<span class=\"__1 _231\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>7<span class=\"__1 _249\"> </span><span class=\"ls3d_1 ws3f_1\">74<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>9<span class=\"__1 _32b\"> </span></span></span></span>Loans<span class=\"__1 _28a\"> </span><span class=\"ls16_1 ws15_1\">3,578<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>2,<span class=\"__1 _201\"/>231<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>5,809<span class=\"__1 _32b\"> </span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _236\"> </span><span class=\"ls5_1 ws1_1\">54,964<span class=\"__1 _243\"> </span><span class=\"ls1f_1 ws1e_1\">6,499<span class=\"__1 _245\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>66<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,3<span class=\"__1 _201\"/>30<span class=\"__1 _245\"> </span>81,059<span class=\"__1 _32b\"> </span></span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _df_1\"> </span><span class=\"lse_1 wsc_1\">2<span class=\"__1 _201\"/>,618<span class=\"__1 _367\"> </span></span><span class=\"ls5_1\">5<span class=\"__1 _239\"> </span><span class=\"lse_1 wsc_1\">61<span class=\"__1 _201\"/>9<span class=\"__1 _e_1\"> </span>131<span class=\"__1 _208\"> </span><span class=\"lsd_1 wsb_1\">3,<span class=\"__1 _201\"/>373<span class=\"__1 _32b\"> </span></span></span></span>Deposits<span class=\"__1 _28b\"> </span><span class=\"ls45_1 ws49_1\">14<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>66<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,8<span class=\"__1 _201\"/>52<span class=\"__1 _5d_1\"> </span><span class=\"ls8_1 ws6_1\">1<span class=\"__1 _201\"/>,715<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span>Curre<span class=\"__1 _201\"/>nt tax an<span class=\"__1 _201\"/>d other ta<span class=\"__1 _201\"/>x asse<span class=\"__1 _201\"/>ts<span class=\"__1 _25b\"> </span><span class=\"lsc_1 wsa_1\">2<span class=\"__1 _201\"/>81<span class=\"__1 _353\"> </span></span><span class=\"ls5_1\">1<span class=\"__1 _1d_1\"> </span><span class=\"ls77_1 ws8c_1\">88<span class=\"__1 _8d_1\"> </span></span>5<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">375<span class=\"__1 _32b\"> </span></span></span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _425\"> </span><span class=\"lsc_1 wsa_1\">1,5<span class=\"__1 _201\"/>59<span class=\"__1 _223\"> </span><span class=\"ls3f_1 ws41_1\">3<span class=\"__1 _201\"/>80<span class=\"__1 _223\"> </span><span class=\"ls92_1 ws68_1\">443<span class=\"__1 _253\"> </span></span></span>265<span class=\"__1 _208\"> </span><span class=\"ls5_1 ws1_1\">2,64<span class=\"__1 _f_1\"/>7<span class=\"__1 _32b\"> </span></span></span>Assets held for sale<span class=\"__1 _28c\"> </span><span class=\"ls7f_1 ws93_1\">646<span class=\"__1 _c_1\"> </span><span class=\"ls2a_1 ws2a_1\">24<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>128<span class=\"__1 _240\"> </span><span class=\"ls42_1 ws46_1\">1,023<span class=\"__1 _32b\"> </span></span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _365\"> </span><span class=\"ls8_1 ws6_1\">3,7<span class=\"__1 _250\"/>73<span class=\"__1 _237\"> </span><span class=\"ls3f_1 ws41_1\">4<span class=\"__1 _201\"/>60<span class=\"__1 _7d_1\"> </span><span class=\"lse_1 wsc_1\">1,<span class=\"__1 _201\"/>012<span class=\"__1 _4a_1\"> </span><span class=\"lsc_1 wsa_1\">1,66<span class=\"__1 _201\"/>3<span class=\"__1 _243\"> </span></span></span>6,908<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>otal asset<span class=\"__1 _201\"/>s<span class=\"__1 _28d\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">162<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>27<span class=\"__1 _286\"> </span><span class=\"ls8_1 ws6_1\">2<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,710<span class=\"__1 _282\"> </span><span class=\"ls13_1 ws12_1\">2<span class=\"__1 _250\"/>7,<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0<span class=\"__1 _240\"> </span><span class=\"lsd_1 wsb_1\">5,37<span class=\"__1 _201\"/>7<span class=\"__1 _216\"> </span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _32b\"> </span></span></span></span></span></span>Liabilities:<span class=\"__1 _32b\"> </span>Insuranc<span class=\"__1 _201\"/>e contract liabilities<span class=\"__1 _25d\"> </span><span class=\"ls7_1 ws5_1\">39,<span class=\"__1 _201\"/>203<span class=\"__1 _204\"> </span>4,<span class=\"__1 _201\"/>978<span class=\"__1 _245\"> </span><span class=\"ls2a_1 ws2a_1\">19,<span class=\"__1 _201\"/>042<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>63,<span class=\"__1 _201\"/>223<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ith disc<span class=\"__1 _201\"/>retionar<span class=\"__1 _250\"/>y par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ation fe<span class=\"__1 _201\"/>atures<span class=\"__1 _2c_1\"> </span><span class=\"ls8_1 ws6_1\">82<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>00<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>43<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>8<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _e7_1\"/>3<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1\">3<span class=\"__1 _4c_1\"> </span>14,835<span class=\"__1 _219\"> </span><span class=\"ls7f_1 ws93_1\">46<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _200\"/>4,884<span class=\"__1 _32b\"> </span>Unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _1c3_1\"> </span><span class=\"ls8_1 ws6_1\">1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>,72<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>16<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>23<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds<span class=\"__1 _28e\"> </span><span class=\"ls7_1 ws5_1\">9,8<span class=\"__1 _201\"/>35<span class=\"__1 _240\"> </span><span class=\"ls8_1 ws6_1\">2<span class=\"__1 _201\"/>,76<span class=\"__1 _201\"/>7<span class=\"__1 _2b_1\"> </span></span></span><span class=\"ls5_1\">9<span class=\"__1 _f4_1\"> </span><span class=\"ls15_1 ws14_1\">25<span class=\"__1 _210\"> </span><span class=\"lse_1 wsc_1\">12,<span class=\"__1 _201\"/>63<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span></span></span>Sub<span class=\"__1 _201\"/>ordinate<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _9f_1\"> </span><span class=\"ls43_1 ws47_1\">5<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>17<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>107<span class=\"__1 _204\"> </span><span class=\"ls8_1 ws6_1\">3<span class=\"__1 _201\"/>,70<span class=\"__1 _201\"/>6<span class=\"__1 _211\"> </span><span class=\"ls15_1 ws14_1\">8<span class=\"__1 _201\"/>,930<span class=\"__1 _32b\"> </span></span></span>Defin<span class=\"__1 _201\"/>ed benefit p<span class=\"__1 _201\"/>ension liabilit<span class=\"__1 _201\"/>y<span class=\"__1 _16d_1\"> </span><span class=\"ls32_1 ws33_1\">20<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>30<span class=\"__1 _1d_1\"> </span><span class=\"ls29_1 ws29_1\">34<span class=\"__1 _1d_1\"> </span>84<span class=\"__1 _32b\"> </span></span>Deferre<span class=\"__1 _201\"/>d tax liabilities<span class=\"__1 _281\"> </span><span class=\"ls42_1 ws46_1\">1,<span class=\"__1 _201\"/>391<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>28<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>419<span class=\"__1 _32b\"> </span>Lease liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _28f\"> </span><span class=\"ls3f_1 ws41_1\">95<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _1e_1\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _2c_1\"> </span><span class=\"ls7_1 ws5_1\">2<span class=\"__1 _201\"/>97<span class=\"__1 _252\"> </span><span class=\"ls4a_1 ws50_1\">413<span class=\"__1 _32b\"> </span></span></span></span></span></span>Current tax and other tax liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _1bf_1\"> </span><span class=\"ls56_1 ws5f_1\">178<span class=\"__1 _f4_1\"> </span><span class=\"ls7f_1 ws93_1\">46<span class=\"__1 _e_1\"> </span><span class=\"ls11_1 ws10_1\">113<span class=\"__1 _271\"> </span><span class=\"ls10_1 wsf_1\">22<span class=\"__1 _c_1\"> </span><span class=\"ls38_1 ws38_1\">3<span class=\"__1 _201\"/>59<span class=\"__1 _32b\"> </span></span></span></span></span></span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _332\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>227<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _1a_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>7<span class=\"__1 _2c_1\"> </span><span class=\"ls22_1 ws21_1\">3<span class=\"__1 _201\"/>32<span class=\"__1 _1d8_1\"> </span><span class=\"ls40_1 ws44_1\">2,6<span class=\"__1 _201\"/>89<span class=\"__1 _32b\"> </span></span></span></span></span></span>Other fin<span class=\"__1 _201\"/>ancial liabilities<span class=\"__1 _490\"> </span><span class=\"ls40_1 ws44_1\">2,69<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>79<span class=\"__1 _e_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>3<span class=\"__1 _204\"> </span><span class=\"ls5_1 ws1_1\">2,8<span class=\"__1 _200\"/>82<span class=\"__1 _32b\"> </span></span></span>Provis<span class=\"__1 _201\"/>ions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>26<span class=\"__1 _226\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>2<span class=\"__1 _231\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _491\"> </span><span class=\"ls3d_1 ws3f_1\">3<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>5<span class=\"__1 _14d_1\"> </span><span class=\"ls23_1 ws22_1\">1,07<span class=\"__1 _201\"/>8<span class=\"__1 _14d_1\"> </span><span class=\"lsc_1 wsa_1\">1,810<span class=\"__1 _f4_1\"> </span><span class=\"ls29_1 ws29_1\">33<span class=\"__1 _1d8_1\"> </span><span class=\"ls3f_1 ws41_1\">6,666<span class=\"__1 _32b\"> </span></span></span></span></span></span>Liabilities he<span class=\"__1 _201\"/>ld for sale<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities<span class=\"__1 _428\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">162<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>27<span class=\"__1 _286\"> </span><span class=\"ls8_1 ws6_1\">2<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,71<span class=\"__1 _201\"/>0<span class=\"__1 _4c_1\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>478<span class=\"__1 _208\"> </span><span class=\"ls3d_1 ws3f_1\">4<span class=\"__1 _250\"/>,<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>74<span class=\"__1 _b_1\"> </span></span></span>213<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>89<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> equity<span class=\"__1 _492\"> </span><span class=\"ff2_1 ls47_1 ws4d_1\">5,345<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> equity and<span class=\"__1 _200\"/> liabilities<span class=\"__1 _300\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">2<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span>i <span class=\"__1 _2d_1\"> </span>Fol<span class=\"__1 _201\"/>lowi<span class=\"__1 _201\"/>ng a rev<span class=\"__1 _201\"/>iew of t<span class=\"__1 _201\"/>he Gr<span class=\"__1 _201\"/>oup\u2019s pre<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>tatio<span class=\"__1 _201\"/>n of ta<span class=\"__1 _201\"/>x pos<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>ns wi<span class=\"__1 _201\"/>thin c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lid<span class=\"__1 _201\"/>ated i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt fun<span class=\"__1 _201\"/>ds, c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>ara<span class=\"__1 _201\"/>tive am<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>ts have b<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>n res<span class=\"__1 _201\"/>tated f<span class=\"__1 _201\"/>rom<span class=\"__1 _201\"/> tho<span class=\"__1 _201\"/>se pre<span class=\"__1 _201\"/>vio<span class=\"__1 _201\"/>usl<span class=\"__1 _201\"/>y rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/>. The r<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/>atem<span class=\"__1 _201\"/>ent ha<span class=\"__1 _201\"/>s had n<span class=\"__1 _201\"/>o impa<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>n pro<span class=\"__1 _201\"/>fit for t<span class=\"__1 _201\"/>he yea<span class=\"__1 _201\"/>r or ne<span class=\"__1 _201\"/>t ass<span class=\"__1 _201\"/>ets<span class=\"__1 _201\"/>. Se<span class=\"__1 _201\"/>e Note 1<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1 for fu<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ther i<span class=\"__1 _201\"/>nfor<span class=\"__1 _201\"/>mati<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al ass<span class=\"__1 _201\"/>ets and l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es att<span class=\"__1 _201\"/>aching to th<span class=\"__1 _201\"/>e Group\u2019s busin<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>s are, to var<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng deg<span class=\"__1 _201\"/>rees<span class=\"__1 _201\"/>, subj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t to the risks d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>ibe<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> previ<span class=\"__1 _201\"/>ousl<span class=\"__1 _201\"/>y and the<span class=\"__1 _201\"/>se ris<span class=\"__1 _201\"/>ks may have a materi<span class=\"__1 _201\"/>al effe<span class=\"__1 _201\"/>ct on p<span class=\"__1 _201\"/>rofit or l<span class=\"__1 _201\"/>oss an<span class=\"__1 _201\"/>d shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers\u2019 equi<span class=\"__1 _201\"/>ty. This is di<span class=\"__1 _201\"/>scus<span class=\"__1 _201\"/>sed b<span class=\"__1 _201\"/>elow by<span class=\"__1 _201\"/> component o<span class=\"__1 _200\"/>f busi<span class=\"__1 _200\"/>ness.<span class=\"__1 _201\"/> 33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>2<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/><span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>33.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/> With-profits<span class=\"__1 _200\"/> business<span class=\"__1 _32b\"> </span>The W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund mainl<span class=\"__1 _201\"/>y contai<span class=\"__1 _201\"/>ns with-<span class=\"__1 _201\"/>profi<span class=\"__1 _201\"/>ts busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s but it als<span class=\"__1 _201\"/>o contai<span class=\"__1 _201\"/>ns som<span class=\"__1 _201\"/>e non-<span class=\"__1 _201\"/>profit b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss (unit<span class=\"__1 _200\"/>-lin<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed<span class=\"__1 _201\"/>, term<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>es and a<span class=\"__1 _201\"/>nnuitie<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>). As at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>d \u00a36,6<span class=\"__1 _201\"/>93m (20<span class=\"__1 _201\"/>21: \u00a39,<span class=\"__1 _201\"/>321m) of non<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> annuit<span class=\"__1 _201\"/>y liabilities.<span class=\"__1 _32b\"> </span>WPSF<span class=\"__1 _201\"/> The s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r expos<span class=\"__1 _201\"/>ure to the WP<span class=\"__1 _201\"/>SF busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s (incl<span class=\"__1 _201\"/>uding n<span class=\"__1 _201\"/>on-p<span class=\"__1 _201\"/>rofit an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y busin<span class=\"__1 _201\"/>ess o<span class=\"__1 _201\"/>f the WPS<span class=\"__1 _201\"/>F<span class=\"__1 _201\"/>) is sens<span class=\"__1 _201\"/>itive to mar<span class=\"__1 _201\"/>ket and<span class=\"__1 _32b\"> </span> credi<span class=\"__1 _201\"/>t risk thro<span class=\"__1 _201\"/>ugh the i<span class=\"__1 _201\"/>ndirec<span class=\"__1 _201\"/>t effe<span class=\"__1 _201\"/>ct of i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce on de<span class=\"__1 _201\"/>clare<span class=\"__1 _201\"/>d poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r bonu<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>. The inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt ass<span class=\"__1 _201\"/>ets of<span class=\"__1 _201\"/> the WP<span class=\"__1 _201\"/>SF are s<span class=\"__1 _201\"/>ubje<span class=\"__1 _201\"/>ct to mar<span class=\"__1 _201\"/>ket and credit r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>. Chang<span class=\"__1 _201\"/>es in the<span class=\"__1 _201\"/>ir car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying va<span class=\"__1 _201\"/>lue, n<span class=\"__1 _201\"/>et of related ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s to asset-share l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es of<span class=\"__1 _201\"/> with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, aff<span class=\"__1 _201\"/>ect t<span class=\"__1 _201\"/>he level of un<span class=\"__1 _201\"/>allo<span class=\"__1 _201\"/>cated su<span class=\"__1 _201\"/>rplus o<span class=\"__1 _201\"/>f the fun<span class=\"__1 _201\"/>d. The<span class=\"__1 _201\"/>refore, th<span class=\"__1 _201\"/>e level of un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus is p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticula<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/> sen<span class=\"__1 _201\"/>sitive to the l<span class=\"__1 _201\"/>evel of inves<span class=\"__1 _201\"/>tment retu<span class=\"__1 _201\"/>rns on th<span class=\"__1 _201\"/>e por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of the as<span class=\"__1 _201\"/>sets that re<span class=\"__1 _201\"/>pres<span class=\"__1 _201\"/>ents the s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s. H<span class=\"__1 _201\"/>owever<span class=\"__1 _200\"/>, as unallo<span class=\"__1 _201\"/>cated<span class=\"__1 _201\"/> surp<span class=\"__1 _201\"/>lus is ac<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d for as a liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y unde<span class=\"__1 _201\"/>r IFRS 4<span class=\"__1 _201\"/>, move<span class=\"__1 _201\"/>ments i<span class=\"__1 _201\"/>n its valu<span class=\"__1 _201\"/>e do not aff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 profit a<span class=\"__1 _201\"/>nd equ<span class=\"__1 _201\"/>ity, so the<span class=\"__1 _201\"/> share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er is not d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tly exp<span class=\"__1 _201\"/>osed to ch<span class=\"__1 _201\"/>anges i<span class=\"__1 _201\"/>n the as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties wi<span class=\"__1 _201\"/>thin the WP<span class=\"__1 _201\"/>SF<span class=\"__1 _f_1\"/>.<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r result f<span class=\"__1 _201\"/>or mos<span class=\"__1 _201\"/>t busin<span class=\"__1 _201\"/>ess i<span class=\"__1 _201\"/>n the WP<span class=\"__1 _201\"/>SF is on<span class=\"__1 _201\"/>e-n<span class=\"__1 _201\"/>inth of the co<span class=\"__1 _201\"/>st of bo<span class=\"__1 _201\"/>nuse<span class=\"__1 _201\"/>s decl<span class=\"__1 _201\"/>ared to with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> For ce<span class=\"__1 _201\"/>rta<span class=\"__1 _201\"/>in with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, su<span class=\"__1 _201\"/>ch as thos<span class=\"__1 _201\"/>e investe<span class=\"__1 _201\"/>d in the Pr<span class=\"__1 _201\"/>uFund ran<span class=\"__1 _201\"/>ge of fun<span class=\"__1 _201\"/>ds, th<span class=\"__1 _201\"/>e bonu<span class=\"__1 _201\"/>ses rep<span class=\"__1 _201\"/>resent th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers\u2019 net retur<span class=\"__1 _201\"/>n base<span class=\"__1 _201\"/>d on the s<span class=\"__1 _201\"/>mooth<span class=\"__1 _201\"/>ed unit p<span class=\"__1 _201\"/>rice of th<span class=\"__1 _201\"/>e sel<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent fun<span class=\"__1 _201\"/>d. Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>manc<span class=\"__1 _201\"/>e is a key<span class=\"__1 _32b\"> </span> dri<span class=\"__1 _201\"/>ver of bon<span class=\"__1 _201\"/>uses d<span class=\"__1 _201\"/>ecla<span class=\"__1 _201\"/>red, an<span class=\"__1 _201\"/>d hen<span class=\"__1 _201\"/>ce the sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der res<span class=\"__1 _201\"/>ults<span class=\"__1 _201\"/>. Due to th<span class=\"__1 _201\"/>e \u201csmo<span class=\"__1 _201\"/>othed\u201d b<span class=\"__1 _201\"/>asis of b<span class=\"__1 _201\"/>onus de<span class=\"__1 _201\"/>clar<span class=\"__1 _201\"/>ation, th<span class=\"__1 _201\"/>e sens<span class=\"__1 _201\"/>itivi<span class=\"__1 _201\"/>ty<span class=\"__1 _201\"/> to shor<span class=\"__1 _201\"/>t-term inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>mance a<span class=\"__1 _201\"/>nd other i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce ris<span class=\"__1 _201\"/>ks is relati<span class=\"__1 _201\"/>vely low. Howeve<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, l<span class=\"__1 _201\"/>ong-te<span class=\"__1 _201\"/>rm inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/> and persistency t<span class=\"__1 _200\"/>rends ma<span class=\"__1 _200\"/>y a<span class=\"__1 _200\"/>ffect future<span class=\"__1 _200\"/> shareholder t<span class=\"__1 _200\"/>ransfers.<span class=\"__1 _32b\"> </span>The e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k relating to th<span class=\"__1 _201\"/>e future sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>rs from th<span class=\"__1 _201\"/>e WPS<span class=\"__1 _201\"/>F is par<span class=\"__1 _201\"/>tia<span class=\"__1 _201\"/>lly he<span class=\"__1 _201\"/>dge<span class=\"__1 _201\"/>d, and th<span class=\"__1 _201\"/>is is des<span class=\"__1 _201\"/>crib<span class=\"__1 _201\"/>ed in Note 3<span class=\"__1 _201\"/>3.7<span class=\"__1 _200\"/>.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _32b\"> </span>DCPSF<span class=\"__1 _32b\"> </span> The D<span class=\"__1 _201\"/>CPS<span class=\"__1 _201\"/>F is show<span class=\"__1 _201\"/>n as par<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s conso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>. For sim<span class=\"__1 _201\"/>ilar reas<span class=\"__1 _201\"/>ons to tho<span class=\"__1 _201\"/>se<span class=\"__1 _32b\"> </span> des<span class=\"__1 _201\"/>crib<span class=\"__1 _201\"/>ed in relat<span class=\"__1 _201\"/>ion to the WP<span class=\"__1 _201\"/>SF<span class=\"__1 _f_1\"/>, s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs are not di<span class=\"__1 _201\"/>rectl<span class=\"__1 _201\"/>y expos<span class=\"__1 _201\"/>ed to the m<span class=\"__1 _201\"/>ovement<span class=\"__1 _201\"/>s in the as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liabi<span class=\"__1 _201\"/>lities of<span class=\"__1 _201\"/> the D<span class=\"__1 _201\"/>CPSF<span class=\"__1 _200\"/>. Instea<span class=\"__1 _201\"/>d, the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 exposure i<span class=\"__1 _201\"/>s through th<span class=\"__1 _201\"/>e charge<span class=\"__1 _201\"/>s aris<span class=\"__1 _201\"/>ing on the b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess le<span class=\"__1 _201\"/>ss th<span class=\"__1 _201\"/>e expens<span class=\"__1 _201\"/>es inc<span class=\"__1 _201\"/>urred<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/>s incurre<span class=\"__1 _201\"/>d on the b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss are d<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>dent o<span class=\"__1 _201\"/>n the valu<span class=\"__1 _201\"/>e of the fun<span class=\"__1 _201\"/>ds unde<span class=\"__1 _201\"/>r mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt and are th<span class=\"__1 _201\"/>erefore in<span class=\"__1 _201\"/>direc<span class=\"__1 _201\"/>tly<span class=\"__1 _201\"/> expo<span class=\"__1 _201\"/>sed to mar<span class=\"__1 _201\"/>ket risk<span class=\"__1 _201\"/>, credit r<span class=\"__1 _201\"/>isk and p<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>istenc<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k.<span class=\"__1 _201\"/> SAIF<span class=\"__1 _201\"/> Up until 1 A<span class=\"__1 _201\"/>pril 20<span class=\"__1 _201\"/>21 SAIF w<span class=\"__1 _201\"/>as a ring<span class=\"__1 _201\"/>-fenc<span class=\"__1 _201\"/>ed fun<span class=\"__1 _201\"/>d, sho<span class=\"__1 _201\"/>wn as par<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d statem<span class=\"__1 _201\"/>ent of fina<span class=\"__1 _201\"/>ncial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n,<span class=\"__1 _201\"/> in whi<span class=\"__1 _201\"/>ch, ap<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t from as<span class=\"__1 _201\"/>set man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent fee<span class=\"__1 _201\"/>s, sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s have no entitl<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt to the profi<span class=\"__1 _201\"/>ts of the fu<span class=\"__1 _201\"/>nd. O<span class=\"__1 _201\"/>n 1 April 2<span class=\"__1 _201\"/>021 SAI<span class=\"__1 _201\"/>F<span class=\"__1 _32b\"> </span> merg<span class=\"__1 _201\"/>ed wit<span class=\"__1 _201\"/>h P<span class=\"__1 _f_1\"/>AC\u2019s WP<span class=\"__1 _201\"/>SF and th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets and li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es of SAI<span class=\"__1 _201\"/>F were com<span class=\"__1 _201\"/>bine<span class=\"__1 _201\"/>d with thos<span class=\"__1 _201\"/>e of the WP<span class=\"__1 _201\"/>SF<span class=\"__1 _f_1\"/>. S<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs will<span class=\"__1 _201\"/> contin<span class=\"__1 _201\"/>ue to have no ent<span class=\"__1 _201\"/>itleme<span class=\"__1 _201\"/>nt to profit tr<span class=\"__1 _201\"/>ansf<span class=\"__1 _201\"/>ers and w<span class=\"__1 _201\"/>ill cont<span class=\"__1 _201\"/>inue to rec<span class=\"__1 _201\"/>eive as<span class=\"__1 _201\"/>set man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent fee<span class=\"__1 _201\"/>s. Acc<span class=\"__1 _201\"/>ordingl<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span> profi<span class=\"__1 _201\"/>t and sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders\u2019 fu<span class=\"__1 _201\"/>nds are not s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>ve to the dire<span class=\"__1 _201\"/>ct eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts of ris<span class=\"__1 _201\"/>k attach<span class=\"__1 _201\"/>ing to SAI<span class=\"__1 _201\"/>F\u2019s asset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>33.<span class=\"__1 _200\"/>1.2 Unit<span class=\"__1 _200\"/>-linked<span class=\"__1 _200\"/> business<span class=\"__1 _32b\"> </span>Unit-linked b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss rep<span class=\"__1 _201\"/>resent<span class=\"__1 _201\"/>s a comp<span class=\"__1 _201\"/>arative<span class=\"__1 _201\"/>ly sma<span class=\"__1 _201\"/>ll propo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tion of the i<span class=\"__1 _201\"/>n-force b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess of th<span class=\"__1 _201\"/>e Group\u2019s insur<span class=\"__1 _201\"/>ance o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Due to p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es mov<span class=\"__1 _201\"/>ing in lin<span class=\"__1 _201\"/>e with att<span class=\"__1 _201\"/>aching a<span class=\"__1 _201\"/>sset v<span class=\"__1 _201\"/>alue move<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s, the s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 exposu<span class=\"__1 _201\"/>re to the unit-linked<span class=\"__1 _201\"/> busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s is not dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y affec<span class=\"__1 _201\"/>ted by mar<span class=\"__1 _201\"/>ket or credit r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>. Profit<span class=\"__1 _201\"/>s from unit-linked c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts pr<span class=\"__1 _201\"/>imari<span class=\"__1 _201\"/>ly ari<span class=\"__1 _201\"/>se from th<span class=\"__1 _201\"/>e excess of<span class=\"__1 _201\"/> charg<span class=\"__1 _201\"/>es to pol<span class=\"__1 _201\"/>icyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers for m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment of a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s over expe<span class=\"__1 _201\"/>nses in<span class=\"__1 _201\"/>curre<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e charge<span class=\"__1 _201\"/>s recei<span class=\"__1 _201\"/>ved are s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>ve to the movem<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/> in fun<span class=\"__1 _201\"/>ds unde<span class=\"__1 _201\"/>r mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt due to inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>mance<span class=\"__1 _201\"/>, as well as p<span class=\"__1 _201\"/>ersis<span class=\"__1 _201\"/>tenc<span class=\"__1 _201\"/>y exper<span class=\"__1 _201\"/>ien<span class=\"__1 _201\"/>ce. Th<span class=\"__1 _201\"/>e accou<span class=\"__1 _201\"/>nting imp<span class=\"__1 _201\"/>act of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> expe<span class=\"__1 _201\"/>nses in<span class=\"__1 _201\"/>curre<span class=\"__1 _201\"/>d is dep<span class=\"__1 _201\"/>ende<span class=\"__1 _201\"/>nt upo<span class=\"__1 _201\"/>n the amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sation o<span class=\"__1 _201\"/>f acquis<span class=\"__1 _201\"/>ition co<span class=\"__1 _201\"/>sts in li<span class=\"__1 _201\"/>ne with th<span class=\"__1 _201\"/>e emerg<span class=\"__1 _201\"/>ence o<span class=\"__1 _201\"/>f margins (for ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) and am<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tisatio<span class=\"__1 _201\"/>n in line w<span class=\"__1 _201\"/>ith ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice prov<span class=\"__1 _201\"/>isio<span class=\"__1 _201\"/>n (<span class=\"__1 _200\"/>for the inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt comp<span class=\"__1 _201\"/>onen<span class=\"__1 _201\"/>t of investm<span class=\"__1 _201\"/>ent co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts).<span class=\"__1 _32b\"> </span> By v<span class=\"__1 _201\"/>ir<span class=\"__1 _201\"/>tue of the de<span class=\"__1 _201\"/>sign fe<span class=\"__1 _201\"/>atures of mo<span class=\"__1 _201\"/>st of the c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wh<span class=\"__1 _201\"/>ich provi<span class=\"__1 _201\"/>de low l<span class=\"__1 _201\"/>evels of mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y cover<span class=\"__1 _200\"/>, the profi<span class=\"__1 _201\"/>t is relati<span class=\"__1 _201\"/>vely<span class=\"__1 _201\"/> insensitiv<span class=\"__1 _200\"/>e t<span class=\"__1 _200\"/>o changes<span class=\"__1 _200\"/> in mortality experience. Amoun<span class=\"__1 _200\"/>ts under un<span class=\"__1 _200\"/>it<span class=\"__1 _200\"/>-lin<span class=\"__1 _200\"/>ked<span class=\"__1 _200\"/> contracts ar<span class=\"__1 _200\"/>e generally r<span class=\"__1 _200\"/>epayable<span class=\"__1 _200\"/> on demand a<span class=\"__1 _200\"/>nd<span class=\"__1 _32b\"> </span> the G<span class=\"__1 _201\"/>roup is res<span class=\"__1 _201\"/>pons<span class=\"__1 _201\"/>ible fo<span class=\"__1 _201\"/>r ensur<span class=\"__1 _201\"/>ing the<span class=\"__1 _201\"/>re is suffi<span class=\"__1 _201\"/>cient li<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y wi<span class=\"__1 _201\"/>thin the as<span class=\"__1 _201\"/>set p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio to enab<span class=\"__1 _201\"/>le liab<span class=\"__1 _201\"/>ilities to un<span class=\"__1 _201\"/>it<span class=\"__1 _200\"/>-linked<span class=\"__1 _201\"/> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers to be m<span class=\"__1 _201\"/>et as they f<span class=\"__1 _201\"/>all due.<span class=\"__1 _201\"/> In the c<span class=\"__1 _201\"/>onsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t of financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition by co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ent of bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s, th<span class=\"__1 _201\"/>e unit-linked bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s is sho<span class=\"__1 _201\"/>wn as havin<span class=\"__1 _201\"/>g no<span class=\"__1 _201\"/> contr<span class=\"__1 _201\"/>ibutio<span class=\"__1 _201\"/>n to shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 equi<span class=\"__1 _201\"/>ty. This is b<span class=\"__1 _201\"/>eca<span class=\"__1 _201\"/>use the s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s asse<span class=\"__1 _201\"/>ts of the uni<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-linked b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss have be<span class=\"__1 _201\"/>en all<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d to the<span class=\"__1 _32b\"> </span> \u201cannuit<span class=\"__1 _201\"/>y an<span class=\"__1 _201\"/>d other l<span class=\"__1 _201\"/>ong-ter<span class=\"__1 _201\"/>m busin<span class=\"__1 _201\"/>ess\u201d co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ent for p<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>tation pu<span class=\"__1 _201\"/>rpos<span class=\"__1 _201\"/>es as they a<span class=\"__1 _201\"/>re poo<span class=\"__1 _201\"/>led wi<span class=\"__1 _201\"/>th the sur<span class=\"__1 _201\"/>plus as<span class=\"__1 _201\"/>sets of th<span class=\"__1 _201\"/>is<span class=\"__1 _32b\"> </span> busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s. D<span class=\"__1 _201\"/>espite thi<span class=\"__1 _201\"/>s prese<span class=\"__1 _201\"/>ntation<span class=\"__1 _201\"/>, share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers are exp<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>d to the ris<span class=\"__1 _201\"/>ks arisi<span class=\"__1 _201\"/>ng from un<span class=\"__1 _201\"/>it<span class=\"__1 _200\"/>-linked b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss as de<span class=\"__1 _201\"/>scri<span class=\"__1 _201\"/>bed ab<span class=\"__1 _201\"/>ove.<span class=\"__1 _201\"/> 33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls5c_1 ws6a_1\">2<span class=\"__1 _201\"/>75<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>33.<span class=\"__1 _200\"/>1.3 Annuity<span class=\"__1 _200\"/> and other<span class=\"__1 _200\"/> long-term<span class=\"__1 _200\"/> business<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>backed a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y liabi<span class=\"__1 _201\"/>lities a<span class=\"__1 _201\"/>re expos<span class=\"__1 _201\"/>ed to market move<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s, but t<span class=\"__1 _201\"/>hese a<span class=\"__1 _201\"/>re close<span class=\"__1 _201\"/>ly matche<span class=\"__1 _201\"/>d with as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/> of an app<span class=\"__1 _201\"/>ropr<span class=\"__1 _201\"/>iate duratio<span class=\"__1 _201\"/>n. Th<span class=\"__1 _201\"/>e level of matchi<span class=\"__1 _201\"/>ng from yea<span class=\"__1 _201\"/>r to year can v<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y dep<span class=\"__1 _201\"/>endi<span class=\"__1 _201\"/>ng on man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent ac<span class=\"__1 _201\"/>tions a<span class=\"__1 _201\"/>nd eco<span class=\"__1 _201\"/>nomi<span class=\"__1 _201\"/>c<span class=\"__1 _32b\"> </span> fac<span class=\"__1 _201\"/>tors an<span class=\"__1 _201\"/>d therefo<span class=\"__1 _201\"/>re it is po<span class=\"__1 _201\"/>ssib<span class=\"__1 _201\"/>le for a de<span class=\"__1 _201\"/>gree of m<span class=\"__1 _201\"/>ismatchin<span class=\"__1 _201\"/>g expos<span class=\"__1 _201\"/>ure to aris<span class=\"__1 _201\"/>e. Asid<span class=\"__1 _201\"/>e from th<span class=\"__1 _201\"/>e extent of a<span class=\"__1 _201\"/>ny asset<span class=\"__1 _201\"/>/lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> durati<span class=\"__1 _201\"/>on mism<span class=\"__1 _201\"/>atch, the s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y to market ri<span class=\"__1 _201\"/>sk aris<span class=\"__1 _201\"/>ing from m<span class=\"__1 _201\"/>ovemen<span class=\"__1 _201\"/>ts in the va<span class=\"__1 _201\"/>lue of ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y liabili<span class=\"__1 _201\"/>ties net o<span class=\"__1 _201\"/>f coverin<span class=\"__1 _201\"/>g asse<span class=\"__1 _201\"/>ts is<span class=\"__1 _201\"/> broa<span class=\"__1 _201\"/>dly ne<span class=\"__1 _201\"/>utral. H<span class=\"__1 _201\"/>owever<span class=\"__1 _200\"/>, the as<span class=\"__1 _201\"/>sets he<span class=\"__1 _201\"/>ld in exces<span class=\"__1 _201\"/>s of the lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s, w<span class=\"__1 _201\"/>hich ba<span class=\"__1 _201\"/>ck the ca<span class=\"__1 _201\"/>pital re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents of th<span class=\"__1 _201\"/>e annuit<span class=\"__1 _201\"/>y bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> resul<span class=\"__1 _201\"/>t in expos<span class=\"__1 _201\"/>ure to market ris<span class=\"__1 _201\"/>k. T<span class=\"__1 _201\"/>hese a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s are prim<span class=\"__1 _201\"/>aril<span class=\"__1 _201\"/>y debt se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders are d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tly expo<span class=\"__1 _201\"/>sed to cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k (<span class=\"__1 _200\"/>ass<span class=\"__1 _201\"/>et defau<span class=\"__1 _201\"/>lt, dow<span class=\"__1 _201\"/>ngra<span class=\"__1 _201\"/>de and sp<span class=\"__1 _201\"/>read wi<span class=\"__1 _201\"/>denin<span class=\"__1 _201\"/>g) arisi<span class=\"__1 _201\"/>ng on the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s held w<span class=\"__1 _201\"/>ithin<span class=\"__1 _201\"/> the sha<span class=\"__1 _200\"/>reholder<span class=\"__1 _f_1\"/>-back<span class=\"__1 _200\"/>ed funds, and<span class=\"__1 _200\"/> the co<span class=\"__1 _200\"/>rresponding<span class=\"__1 _200\"/> impact on t<span class=\"__1 _200\"/>he measur<span class=\"__1 _200\"/>ement o<span class=\"__1 _200\"/>f the<span class=\"__1 _200\"/> liabi<span class=\"__1 _200\"/>lities. The<span class=\"__1 _200\"/> shareholder<span class=\"__1 _337\"/>-backed<span class=\"__1 _32b\"> </span> annui<span class=\"__1 _201\"/>ty re<span class=\"__1 _201\"/>sults a<span class=\"__1 _201\"/>re par<span class=\"__1 _201\"/>ticula<span class=\"__1 _201\"/>rly s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>ve to change<span class=\"__1 _201\"/>s in ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns abo<span class=\"__1 _201\"/>ut future m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y improve<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s which im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t the<span class=\"__1 _201\"/> mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt of the lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d also to the v<span class=\"__1 _201\"/>arian<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n actu<span class=\"__1 _201\"/>al and exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lity ex<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ience e<span class=\"__1 _201\"/>ach year. The resul<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span> are als<span class=\"__1 _201\"/>o sens<span class=\"__1 _201\"/>itive to chan<span class=\"__1 _201\"/>ges in exp<span class=\"__1 _201\"/>ense l<span class=\"__1 _201\"/>evels over th<span class=\"__1 _201\"/>e long<span class=\"__1 _201\"/>er term<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Als<span class=\"__1 _201\"/>o includ<span class=\"__1 _201\"/>ed wi<span class=\"__1 _201\"/>thin this co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ent of bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s are the G<span class=\"__1 _201\"/>roup\u2019s lifetime m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tgage a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ose val<span class=\"__1 _201\"/>ue can v<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y in lin<span class=\"__1 _201\"/>e with<span class=\"__1 _201\"/> mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>et and d<span class=\"__1 _201\"/>emo<span class=\"__1 _201\"/>graphi<span class=\"__1 _201\"/>c fac<span class=\"__1 _201\"/>tors<span class=\"__1 _201\"/>. Furth<span class=\"__1 _201\"/>er deta<span class=\"__1 _201\"/>il on the va<span class=\"__1 _201\"/>luation of th<span class=\"__1 _201\"/>ese as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s is provid<span class=\"__1 _201\"/>ed in N<span class=\"__1 _201\"/>ote 33<span class=\"__1 _201\"/>.3<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/> The a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s of the othe<span class=\"__1 _201\"/>r long<span class=\"__1 _201\"/>-term bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s, w<span class=\"__1 _201\"/>hich in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>s lega<span class=\"__1 _201\"/>cy prote<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, are not s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant i<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span> contex<span class=\"__1 _201\"/>t of the G<span class=\"__1 _201\"/>roup\u2019s financia<span class=\"__1 _201\"/>l ass<span class=\"__1 _201\"/>ets and li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es and th<span class=\"__1 _201\"/>erefore d<span class=\"__1 _201\"/>o not contr<span class=\"__1 _201\"/>ibute sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>antly to th<span class=\"__1 _201\"/>e Group\u2019s risk ex<span class=\"__1 _201\"/>posu<span class=\"__1 _201\"/>re.<span class=\"__1 _32b\"> </span> 33.<span class=\"__1 _200\"/>1.4 Other<span class=\"__1 _32b\"> </span>This i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es the fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l asse<span class=\"__1 _201\"/>ts and li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es of the G<span class=\"__1 _201\"/>roup\u2019s asset ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, platf<span class=\"__1 _201\"/>orm bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s and oth<span class=\"__1 _201\"/>er Gro<span class=\"__1 _201\"/>up-<span class=\"__1 _201\"/>level<span class=\"__1 _201\"/> func<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>ns, in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g, cen<span class=\"__1 _201\"/>tral and tre<span class=\"__1 _201\"/>asur<span class=\"__1 _201\"/>y op<span class=\"__1 _201\"/>erati<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup is exp<span class=\"__1 _201\"/>osed to m<span class=\"__1 _201\"/>arket and cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k in resp<span class=\"__1 _201\"/>ect o<span class=\"__1 _201\"/>f financ<span class=\"__1 _201\"/>ial ass<span class=\"__1 _201\"/>ets<span class=\"__1 _201\"/> hel<span class=\"__1 _201\"/>d by the \u201cother<span class=\"__1 _201\"/>\u201d comp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nt of busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s, alth<span class=\"__1 _201\"/>ough th<span class=\"__1 _201\"/>is direc<span class=\"__1 _201\"/>t expo<span class=\"__1 _201\"/>sure to market an<span class=\"__1 _201\"/>d credit r<span class=\"__1 _201\"/>isk is not s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant to th<span class=\"__1 _201\"/>e result<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> of the G<span class=\"__1 _201\"/>roup.<span class=\"__1 _201\"/> The o<span class=\"__1 _201\"/>ngoi<span class=\"__1 _201\"/>ng profi<span class=\"__1 _201\"/>t arisin<span class=\"__1 _201\"/>g from the a<span class=\"__1 _201\"/>sset m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss is exp<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>d to the ris<span class=\"__1 _201\"/>k that chang<span class=\"__1 _201\"/>es in mar<span class=\"__1 _201\"/>ket price<span class=\"__1 _201\"/>s, su<span class=\"__1 _201\"/>ch<span class=\"__1 _32b\"> </span> as fore<span class=\"__1 _201\"/>ign exchang<span class=\"__1 _201\"/>e rates<span class=\"__1 _201\"/>, interes<span class=\"__1 _201\"/>t rates<span class=\"__1 _201\"/>, equit<span class=\"__1 _201\"/>y pr<span class=\"__1 _201\"/>ices an<span class=\"__1 _201\"/>d prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty w<span class=\"__1 _201\"/>ill affe<span class=\"__1 _201\"/>ct in<span class=\"__1 _201\"/>come e<span class=\"__1 _201\"/>arne<span class=\"__1 _201\"/>d from inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> ac<span class=\"__1 _201\"/>tiviti<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>he pro<span class=\"__1 _201\"/>fit aris<span class=\"__1 _201\"/>ing from th<span class=\"__1 _201\"/>is busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s is also s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>ve to the level of n<span class=\"__1 _201\"/>et clie<span class=\"__1 _201\"/>nt flows an<span class=\"__1 _201\"/>d to the level of ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es.<span class=\"__1 _201\"/> 33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 IFR<span class=\"__1 _201\"/>S profi<span class=\"__1 _201\"/>t afte<span class=\"__1 _201\"/>r tax an<span class=\"__1 _201\"/>d With<span class=\"__1 _201\"/>-P<span class=\"__1 _201\"/>rofit<span class=\"__1 _201\"/>s Fund l<span class=\"__1 _201\"/>iab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y sen<span class=\"__1 _201\"/>sit<span class=\"__1 _201\"/>ivit<span class=\"__1 _201\"/>y ana<span class=\"__1 _201\"/>lysis<span class=\"__1 _32b\"> </span>33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 I<span class=\"__1 _201\"/>FRS pr<span class=\"__1 _201\"/>ofit af<span class=\"__1 _201\"/>ter tax s<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>itiv<span class=\"__1 _201\"/>ity a<span class=\"__1 _201\"/>nalys<span class=\"__1 _201\"/>is<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>ts on I<span class=\"__1 _201\"/>FRS pro<span class=\"__1 _201\"/>fit afte<span class=\"__1 _201\"/>r tax and s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 equit<span class=\"__1 _201\"/>y to the key eco<span class=\"__1 _201\"/>nomi<span class=\"__1 _201\"/>c and no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>econ<span class=\"__1 _201\"/>omic r<span class=\"__1 _201\"/>isks wh<span class=\"__1 _201\"/>ich may imp<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/> profi<span class=\"__1 _201\"/>t are summa<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>d bel<span class=\"__1 _201\"/>ow. These r<span class=\"__1 _201\"/>isks are d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>ibed i<span class=\"__1 _201\"/>n fur<span class=\"__1 _201\"/>ther d<span class=\"__1 _201\"/>etail thro<span class=\"__1 _201\"/>ughou<span class=\"__1 _201\"/>t this note, in<span class=\"__1 _201\"/>cludi<span class=\"__1 _201\"/>ng the dis<span class=\"__1 _201\"/>closu<span class=\"__1 _201\"/>re of<span class=\"__1 _32b\"> </span> additional mark<span class=\"__1 _200\"/>et risk sensit<span class=\"__1 _200\"/>ivities.<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _493\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Economic sensitivities<span class=\"__1 _32b\"> </span>100b<span class=\"__1 _201\"/>p increa<span class=\"__1 _201\"/>se in intere<span class=\"__1 _201\"/>st rates<span class=\"__1 _32b\"> </span>33.3.<span class=\"__1 _200\"/>1<span class=\"__1 _220\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls18_1 ws17_1\">(<span class=\"__1 _201\"/>261<span class=\"__1 _201\"/>)<span class=\"__1 _240\"> </span><span class=\"ff2_1\">(89<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span>100b<span class=\"__1 _201\"/>p dec<span class=\"__1 _201\"/>rease in inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ates<span class=\"__1 _32b\"> </span>33.3.<span class=\"__1 _200\"/>1<span class=\"__1 _223\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls15_1 ws14_1\">289<span class=\"__1 _14d_1\"> </span><span class=\"ff2_1 ls3d_1 ws3f_1\">1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>74<span class=\"__1 _32b\"> </span></span></span>10% fall i<span class=\"__1 _201\"/>n equit<span class=\"__1 _201\"/>y an<span class=\"__1 _201\"/>d prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty ma<span class=\"__1 _201\"/>rkets (<span class=\"__1 _200\"/>excludi<span class=\"__1 _201\"/>ng hed<span class=\"__1 _201\"/>ges)<span class=\"__1 _32b\"> </span>33.3.2<span class=\"__1 _252\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls17_1 ws16_1\">(7<span class=\"__1 _201\"/>8)<span class=\"__1 _253\"> </span><span class=\"ff2_1 ls46_1 ws4b_1\">(95<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>10% fall i<span class=\"__1 _201\"/>n equit<span class=\"__1 _201\"/>y an<span class=\"__1 _201\"/>d prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty ma<span class=\"__1 _201\"/>rkets<span class=\"__1 _32b\"> </span>33.3.2<span class=\"__1 _1d_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 lsb_1 ws32_1\">28<span class=\"__1 _f4_1\"> </span><span class=\"ff2_1 ls1c_1 ws43_1\">28<span class=\"__1 _32b\"> </span></span></span>5bp<span class=\"__1 _201\"/>s increas<span class=\"__1 _201\"/>e in credi<span class=\"__1 _201\"/>t defau<span class=\"__1 _201\"/>lt/downgra<span class=\"__1 _201\"/>de allo<span class=\"__1 _201\"/>wance<span class=\"__1 _32b\"> </span>33.4<span class=\"__1 _231\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _253\"> </span><span class=\"ff2_1 ls17_1 ws16_1\">(6<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span></span>Non-economic sensitivities<span class=\"__1 _32b\"> </span>1%<span class=\"__1 _200\"/> decrease in base annuitant mor<span class=\"__1 _201\"/>tality assumptions<span class=\"__1 _32b\"> </span>33.5<span class=\"__1 _231\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls56_1 ws5f_1\">(<span class=\"__1 _201\"/>22)<span class=\"__1 _c_1\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span>5% increas<span class=\"__1 _201\"/>e in mainte<span class=\"__1 _201\"/>nance ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e assu<span class=\"__1 _201\"/>mptions<span class=\"__1 _32b\"> </span>33.5<span class=\"__1 _228\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>0)<span class=\"__1 _228\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(13<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>0.<span class=\"__1 _201\"/>25% incre<span class=\"__1 _201\"/>ase in ann<span class=\"__1 _201\"/>uitant m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y improve<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>33.5<span class=\"__1 _231\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls56_1 ws5f_1\">(<span class=\"__1 _201\"/>22)<span class=\"__1 _c_1\"> </span><span class=\"ff2_1 ls57_1 ws61_1\">(4<span class=\"__1 _250\"/>6)<span class=\"__1 _32b\"> </span></span></span>The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>iviti<span class=\"__1 _201\"/>es captu<span class=\"__1 _201\"/>re the imm<span class=\"__1 _201\"/>ediate effe<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s of an event o<span class=\"__1 _201\"/>ccurr<span class=\"__1 _201\"/>ing, as o<span class=\"__1 _201\"/>ppos<span class=\"__1 _201\"/>ed to the l<span class=\"__1 _201\"/>onge<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>-ter<span class=\"__1 _201\"/>m or se<span class=\"__1 _201\"/>cond<span class=\"__1 _201\"/>-ord<span class=\"__1 _201\"/>er effe<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> whic<span class=\"__1 _201\"/>h may impac<span class=\"__1 _201\"/>t futu<span class=\"__1 _201\"/>re profit<span class=\"__1 _201\"/>s, and d<span class=\"__1 _201\"/>o not refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t manag<span class=\"__1 _201\"/>ement a<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns whi<span class=\"__1 _201\"/>ch coul<span class=\"__1 _201\"/>d be taken to mitig<span class=\"__1 _201\"/>ate the impa<span class=\"__1 _201\"/>cts of th<span class=\"__1 _201\"/>ese<span class=\"__1 _201\"/> eve<span class=\"__1 _200\"/>nts oc<span class=\"__1 _200\"/>curring.<span class=\"__1 _32b\"> </span> The i<span class=\"__1 _201\"/>nterest r<span class=\"__1 _201\"/>ate stres<span class=\"__1 _201\"/>ses re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t a para<span class=\"__1 _201\"/>llel sh<span class=\"__1 _201\"/>if<span class=\"__1 _201\"/>t in the nom<span class=\"__1 _201\"/>inal rate of inte<span class=\"__1 _201\"/>rest at al<span class=\"__1 _201\"/>l duratio<span class=\"__1 _201\"/>ns. A<span class=\"__1 _201\"/>s des<span class=\"__1 _201\"/>cribe<span class=\"__1 _201\"/>d in Note 3<span class=\"__1 _201\"/>3.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1, t<span class=\"__1 _201\"/>he<span class=\"__1 _32b\"> </span> impa<span class=\"__1 _201\"/>ct on I<span class=\"__1 _201\"/>FRS pro<span class=\"__1 _201\"/>fit af<span class=\"__1 _201\"/>ter tax pre<span class=\"__1 _201\"/>domi<span class=\"__1 _201\"/>nantly a<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>s from as<span class=\"__1 _201\"/>sets h<span class=\"__1 _201\"/>eld in exces<span class=\"__1 _201\"/>s of the lia<span class=\"__1 _201\"/>biliti<span class=\"__1 _201\"/>es.<span class=\"__1 _32b\"> </span>The e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y and p<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>nsitiv<span class=\"__1 _201\"/>ities a<span class=\"__1 _201\"/>re prese<span class=\"__1 _201\"/>nted both excl<span class=\"__1 _201\"/>uding an<span class=\"__1 _201\"/>d inclu<span class=\"__1 _201\"/>ding th<span class=\"__1 _201\"/>e equit<span class=\"__1 _201\"/>y he<span class=\"__1 _201\"/>dge<span class=\"__1 _201\"/>s relating to fu<span class=\"__1 _201\"/>ture share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> trans<span class=\"__1 _201\"/>fers<span class=\"__1 _201\"/>. As th<span class=\"__1 _201\"/>e major<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y of the he<span class=\"__1 _201\"/>dges a<span class=\"__1 _201\"/>re in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r trans<span class=\"__1 _201\"/>fers ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to ari<span class=\"__1 _201\"/>se in future ye<span class=\"__1 _201\"/>ars<span class=\"__1 _201\"/>, which d<span class=\"__1 _201\"/>o not<span class=\"__1 _201\"/> impa<span class=\"__1 _201\"/>ct IF<span class=\"__1 _201\"/>RS profi<span class=\"__1 _201\"/>t afte<span class=\"__1 _201\"/>r tax until th<span class=\"__1 _201\"/>ese em<span class=\"__1 _201\"/>erge, th<span class=\"__1 _201\"/>e fair v<span class=\"__1 _201\"/>alue move<span class=\"__1 _201\"/>ment in th<span class=\"__1 _201\"/>ese h<span class=\"__1 _201\"/>edge<span class=\"__1 _201\"/>s creates a tem<span class=\"__1 _201\"/>pora<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y mismatch w<span class=\"__1 _201\"/>ithin<span class=\"__1 _201\"/> IFR<span class=\"__1 _201\"/>S profit af<span class=\"__1 _201\"/>ter ta<span class=\"__1 _201\"/>x. For th<span class=\"__1 _201\"/>is reaso<span class=\"__1 _201\"/>n the pres<span class=\"__1 _201\"/>entatio<span class=\"__1 _201\"/>n of this se<span class=\"__1 _201\"/>nsitiv<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, excluding th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of the<span class=\"__1 _201\"/>se he<span class=\"__1 _201\"/>dges<span class=\"__1 _201\"/>, give<span class=\"__1 _201\"/>s the mo<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/> appro<span class=\"__1 _201\"/>priate re<span class=\"__1 _201\"/>prese<span class=\"__1 _201\"/>ntation of th<span class=\"__1 _201\"/>e Group\u2019s expos<span class=\"__1 _201\"/>ure to equi<span class=\"__1 _201\"/>ty an<span class=\"__1 _201\"/>d prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>redit de<span class=\"__1 _201\"/>fault<span class=\"__1 _201\"/>/<span class=\"__1 _200\"/>downg<span class=\"__1 _201\"/>rade s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y repre<span class=\"__1 _201\"/>sents a 5<span class=\"__1 _201\"/>bp incre<span class=\"__1 _201\"/>ase in th<span class=\"__1 _201\"/>e assum<span class=\"__1 _201\"/>ed leve<span class=\"__1 _201\"/>l of defa<span class=\"__1 _201\"/>ults an<span class=\"__1 _201\"/>d downg<span class=\"__1 _201\"/>rade<span class=\"__1 _201\"/>s allowe<span class=\"__1 _201\"/>d for<span class=\"__1 _201\"/> withi<span class=\"__1 _201\"/>n the valu<span class=\"__1 _201\"/>ation intere<span class=\"__1 _201\"/>st rate wh<span class=\"__1 _201\"/>en valu<span class=\"__1 _201\"/>ing po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s in resp<span class=\"__1 _201\"/>ect of n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>profit a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>276<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G p<span class=\"__1 _201\"/>lc</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and<span class=\"__1 _200\"/> Accounts 2022<span class=\"__1 _32b\"> </span></span></span>The a<span class=\"__1 _201\"/>nnuitan<span class=\"__1 _201\"/>t mor<span class=\"__1 _201\"/>tali<span class=\"__1 _201\"/>ty s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y is a 1% reduc<span class=\"__1 _201\"/>tion in th<span class=\"__1 _201\"/>e mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity r<span class=\"__1 _201\"/>ates for imm<span class=\"__1 _201\"/>ediate an<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red ann<span class=\"__1 _201\"/>uitants w<span class=\"__1 _201\"/>ith no cha<span class=\"__1 _201\"/>nge<span class=\"__1 _201\"/> to mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity im<span class=\"__1 _201\"/>proveme<span class=\"__1 _201\"/>nt rates<span class=\"__1 _201\"/>, for the G<span class=\"__1 _201\"/>roup\u2019s non-<span class=\"__1 _201\"/>profit a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he 0.<span class=\"__1 _201\"/>25% per a<span class=\"__1 _201\"/>nnum mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y improve<span class=\"__1 _201\"/>ments<span class=\"__1 _201\"/> sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ity in<span class=\"__1 _201\"/>creas<span class=\"__1 _201\"/>es the rate at wh<span class=\"__1 _201\"/>ich mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y rates are exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to dec<span class=\"__1 _201\"/>line relati<span class=\"__1 _201\"/>ve to the be<span class=\"__1 _201\"/>st es<span class=\"__1 _201\"/>timate as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>n.<span class=\"__1 _201\"/> The m<span class=\"__1 _201\"/>aintenan<span class=\"__1 _201\"/>ce expe<span class=\"__1 _201\"/>nse se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y is a 5% increas<span class=\"__1 _201\"/>e in future m<span class=\"__1 _201\"/>aintenan<span class=\"__1 _201\"/>ce expe<span class=\"__1 _201\"/>nse as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons acros<span class=\"__1 _201\"/>s all lin<span class=\"__1 _201\"/>es of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>redit de<span class=\"__1 _201\"/>fault<span class=\"__1 _201\"/>/<span class=\"__1 _200\"/>downg<span class=\"__1 _201\"/>rade al<span class=\"__1 _201\"/>lowanc<span class=\"__1 _201\"/>e, annui<span class=\"__1 _201\"/>tant mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y and mai<span class=\"__1 _201\"/>ntenanc<span class=\"__1 _201\"/>e expens<span class=\"__1 _201\"/>e sens<span class=\"__1 _201\"/>itivi<span class=\"__1 _201\"/>ties sh<span class=\"__1 _201\"/>ow the imp<span class=\"__1 _201\"/>act o<span class=\"__1 _201\"/>n IFRS<span class=\"__1 _201\"/> profi<span class=\"__1 _201\"/>t after t<span class=\"__1 _201\"/>ax of chan<span class=\"__1 _201\"/>ges in th<span class=\"__1 _201\"/>e Group\u2019s key estimate<span class=\"__1 _201\"/>s and as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns whe<span class=\"__1 _201\"/>n valuin<span class=\"__1 _201\"/>g poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r liabil<span class=\"__1 _201\"/>ities as d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>ibed i<span class=\"__1 _201\"/>n Note<span class=\"__1 _32b\"> </span> 1.4 a<span class=\"__1 _201\"/>nd Note 26<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1. T<span class=\"__1 _201\"/>he imp<span class=\"__1 _201\"/>act of t<span class=\"__1 _201\"/>his sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ity o<span class=\"__1 _201\"/>n IFRS p<span class=\"__1 _201\"/>rofit af<span class=\"__1 _201\"/>ter tax is d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tly throu<span class=\"__1 _201\"/>gh a chan<span class=\"__1 _201\"/>ge in the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es.<span class=\"__1 _201\"/> 33.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.2 With-<span class=\"__1 _201\"/>Profits F<span class=\"__1 _200\"/>und liability sensitivity analysis<span class=\"__1 _32b\"> </span>For bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s wri<span class=\"__1 _201\"/>tten in th<span class=\"__1 _201\"/>e Group\u2019s With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund, th<span class=\"__1 _201\"/>e chang<span class=\"__1 _201\"/>e in the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s is direc<span class=\"__1 _201\"/>tly o<span class=\"__1 _201\"/>ffset by a<span class=\"__1 _201\"/> cor<span class=\"__1 _201\"/>respo<span class=\"__1 _201\"/>nding c<span class=\"__1 _201\"/>hange i<span class=\"__1 _201\"/>n unallo<span class=\"__1 _201\"/>cated s<span class=\"__1 _201\"/>urpl<span class=\"__1 _201\"/>us of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund an<span class=\"__1 _201\"/>d theref<span class=\"__1 _201\"/>ore has no i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t on IFR<span class=\"__1 _201\"/>S profit af<span class=\"__1 _201\"/>ter ta<span class=\"__1 _201\"/>x.<span class=\"__1 _32b\"> </span>Pers<span class=\"__1 _201\"/>isten<span class=\"__1 _201\"/>cy as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons and m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of the an<span class=\"__1 _201\"/>nuities i<span class=\"__1 _201\"/>n the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits fun<span class=\"__1 _201\"/>d are key judge<span class=\"__1 _201\"/>ments i<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> deter<span class=\"__1 _201\"/>mining th<span class=\"__1 _201\"/>e With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y valuati<span class=\"__1 _201\"/>ons but h<span class=\"__1 _201\"/>ave no impa<span class=\"__1 _201\"/>ct on I<span class=\"__1 _201\"/>FRS pro<span class=\"__1 _201\"/>fit af<span class=\"__1 _201\"/>ter tax<span class=\"__1 _201\"/>. The im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t from<span class=\"__1 _201\"/> thos<span class=\"__1 _201\"/>e sens<span class=\"__1 _201\"/>itiviti<span class=\"__1 _201\"/>es on th<span class=\"__1 _201\"/>e polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r liabili<span class=\"__1 _201\"/>ties wit<span class=\"__1 _201\"/>hin the Wit<span class=\"__1 _201\"/>h-P<span class=\"__1 _201\"/>rofits Fund a<span class=\"__1 _201\"/>re shown in t<span class=\"__1 _201\"/>he tabl<span class=\"__1 _201\"/>e belo<span class=\"__1 _201\"/>w:<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _493\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Non-economic sensitivities<span class=\"__1 _32b\"> </span>10% incre<span class=\"__1 _201\"/>ase in p<span class=\"__1 _201\"/>ersis<span class=\"__1 _201\"/>tenc<span class=\"__1 _201\"/>y assu<span class=\"__1 _201\"/>mptions<span class=\"__1 _494\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">84<span class=\"__1 _345\"> </span></span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span>10% de<span class=\"__1 _201\"/>crease in p<span class=\"__1 _201\"/>ersi<span class=\"__1 _201\"/>stenc<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns<span class=\"__1 _495\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(5<span class=\"__1 _201\"/>8)<span class=\"__1 _226\"> </span></span><span class=\"ls1c_1 ws43_1\">57<span class=\"__1 _32b\"> </span></span>1% decreas<span class=\"__1 _201\"/>e in bas<span class=\"__1 _201\"/>e mor<span class=\"__1 _201\"/>tali<span class=\"__1 _201\"/>ty as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons<span class=\"__1 _7c_1\"> </span><span class=\"ff1_1 ls77_1 ws8c_1\">42<span class=\"__1 _219\"> </span></span><span class=\"ls5_1\">64<span class=\"__1 _32b\"> </span></span>0.<span class=\"__1 _201\"/>25% incre<span class=\"__1 _201\"/>ase in mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y improve<span class=\"__1 _201\"/>ments<span class=\"__1 _395\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">38<span class=\"__1 _253\"> </span></span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _32b\"> </span></span>A redu<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n in laps<span class=\"__1 _201\"/>e rates incre<span class=\"__1 _201\"/>ases th<span class=\"__1 _201\"/>e liabi<span class=\"__1 _201\"/>lity f<span class=\"__1 _201\"/>or tradi<span class=\"__1 _201\"/>tional w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s produ<span class=\"__1 _201\"/>cts as a re<span class=\"__1 _201\"/>sult of th<span class=\"__1 _201\"/>e asso<span class=\"__1 _201\"/>ciated hi<span class=\"__1 _201\"/>gh cos<span class=\"__1 _201\"/>t of<span class=\"__1 _32b\"> </span> guar<span class=\"__1 _201\"/>antees<span class=\"__1 _201\"/>, but re<span class=\"__1 _201\"/>duce<span class=\"__1 _201\"/>s the liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y for Pr<span class=\"__1 _201\"/>uFund prod<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>whi<span class=\"__1 _201\"/>ch have a low cos<span class=\"__1 _201\"/>t of guar<span class=\"__1 _201\"/>antees) by redu<span class=\"__1 _201\"/>cing char<span class=\"__1 _201\"/>ge inco<span class=\"__1 _201\"/>me<span class=\"__1 _32b\"> </span> rece<span class=\"__1 _201\"/>ived<span class=\"__1 _201\"/>. Duri<span class=\"__1 _201\"/>ng the yea<span class=\"__1 _201\"/>r ende<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021, th<span class=\"__1 _201\"/>e increa<span class=\"__1 _201\"/>se in the co<span class=\"__1 _201\"/>st of gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>s on tradi<span class=\"__1 _201\"/>tional w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s produ<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/> out<span class=\"__1 _201\"/>weigh<span class=\"__1 _201\"/>ed the i<span class=\"__1 _201\"/>ncreas<span class=\"__1 _201\"/>e in charg<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e recei<span class=\"__1 _201\"/>ved on P<span class=\"__1 _201\"/>ruFund p<span class=\"__1 _201\"/>roduc<span class=\"__1 _201\"/>ts fol<span class=\"__1 _201\"/>lowin<span class=\"__1 _201\"/>g a decre<span class=\"__1 _201\"/>ase in lap<span class=\"__1 _201\"/>se rates<span class=\"__1 _201\"/>, resul<span class=\"__1 _201\"/>ting in a net<span class=\"__1 _201\"/> incre<span class=\"__1 _201\"/>ase in lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. Howeve<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, th<span class=\"__1 _201\"/>e cost of g<span class=\"__1 _201\"/>uarante<span class=\"__1 _201\"/>es is se<span class=\"__1 _201\"/>nsitive to in<span class=\"__1 _201\"/>terest r<span class=\"__1 _201\"/>ates, an<span class=\"__1 _201\"/>d follo<span class=\"__1 _201\"/>wing the l<span class=\"__1 _201\"/>arge in<span class=\"__1 _201\"/>crease in i<span class=\"__1 _201\"/>nterest<span class=\"__1 _201\"/> rates du<span class=\"__1 _201\"/>ring th<span class=\"__1 _201\"/>e year end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>, the incre<span class=\"__1 _201\"/>ase in the c<span class=\"__1 _201\"/>ost of gu<span class=\"__1 _201\"/>arante<span class=\"__1 _201\"/>es foll<span class=\"__1 _201\"/>owing a re<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tion in la<span class=\"__1 _201\"/>pse rates i<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> out<span class=\"__1 _201\"/>weigh<span class=\"__1 _201\"/>ed by the i<span class=\"__1 _201\"/>ncreas<span class=\"__1 _201\"/>e in charg<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e recei<span class=\"__1 _201\"/>ved on P<span class=\"__1 _201\"/>ruFund p<span class=\"__1 _201\"/>roduc<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>33<span class=\"__1 _201\"/>.3 M<span class=\"__1 _201\"/>arket ri<span class=\"__1 _201\"/>sk<span class=\"__1 _32b\"> </span>Mar<span class=\"__1 _201\"/>ket risk is the r<span class=\"__1 _201\"/>isk of lo<span class=\"__1 _201\"/>ss or a<span class=\"__1 _201\"/>dvers<span class=\"__1 _201\"/>e chang<span class=\"__1 _201\"/>e in the fina<span class=\"__1 _201\"/>ncial s<span class=\"__1 _201\"/>ituation of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s busin<span class=\"__1 _201\"/>ess o<span class=\"__1 _201\"/>r that of the G<span class=\"__1 _201\"/>roup\u2019s clients<span class=\"__1 _201\"/> resul<span class=\"__1 _201\"/>ting, di<span class=\"__1 _201\"/>rec<span class=\"__1 _201\"/>tly or in<span class=\"__1 _201\"/>direc<span class=\"__1 _201\"/>tly, from fluc<span class=\"__1 _201\"/>tuation<span class=\"__1 _201\"/>s in the leve<span class=\"__1 _201\"/>l or volatil<span class=\"__1 _201\"/>ity of m<span class=\"__1 _201\"/>arket pri<span class=\"__1 _201\"/>ces of as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabil<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Mar<span class=\"__1 _201\"/>ket risk com<span class=\"__1 _201\"/>pris<span class=\"__1 _201\"/>es six t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>es of ris<span class=\"__1 _201\"/>k, na<span class=\"__1 _201\"/>mely<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Interes<span class=\"__1 _201\"/>t rate ris<span class=\"__1 _201\"/>k: flu<span class=\"__1 _201\"/>ctuati<span class=\"__1 _201\"/>ons in the l<span class=\"__1 _201\"/>evel and vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y of intere<span class=\"__1 _201\"/>st rates o<span class=\"__1 _201\"/>r the shap<span class=\"__1 _201\"/>e or cur<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ature of the yi<span class=\"__1 _201\"/>eld cur<span class=\"__1 _201\"/>ve o<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>spread rel<span class=\"__1 _200\"/>ationships<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Infl<span class=\"__1 _201\"/>ation ris<span class=\"__1 _201\"/>k: flu<span class=\"__1 _201\"/>ctuati<span class=\"__1 _201\"/>ons in ac<span class=\"__1 _201\"/>tual or i<span class=\"__1 _201\"/>mplie<span class=\"__1 _201\"/>d inflati<span class=\"__1 _201\"/>on rates<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Equit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k: flu<span class=\"__1 _201\"/>ctuatio<span class=\"__1 _201\"/>ns in the l<span class=\"__1 _201\"/>evel or vol<span class=\"__1 _201\"/>atilit<span class=\"__1 _201\"/>y of equi<span class=\"__1 _201\"/>ty inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>: fluc<span class=\"__1 _201\"/>tuations i<span class=\"__1 _201\"/>n the level o<span class=\"__1 _201\"/>r volatilit<span class=\"__1 _201\"/>y of pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Curre<span class=\"__1 _201\"/>ncy r<span class=\"__1 _201\"/>isk: fl<span class=\"__1 _201\"/>uctu<span class=\"__1 _201\"/>ations<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding tr<span class=\"__1 _201\"/>anslati<span class=\"__1 _201\"/>on risk<span class=\"__1 _201\"/>, in the l<span class=\"__1 _201\"/>evel or vol<span class=\"__1 _201\"/>atilit<span class=\"__1 _201\"/>y of curren<span class=\"__1 _201\"/>cy exp<span class=\"__1 _201\"/>osure<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Alter<span class=\"__1 _201\"/>native inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts ris<span class=\"__1 _201\"/>k: fluc<span class=\"__1 _201\"/>tuatio<span class=\"__1 _201\"/>ns in the l<span class=\"__1 _201\"/>evel or volati<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y of altern<span class=\"__1 _201\"/>ative inves<span class=\"__1 _201\"/>tment exp<span class=\"__1 _201\"/>osure<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>other tha<span class=\"__1 _201\"/>n those<span class=\"__1 _201\"/> </span>detai<span class=\"__1 _201\"/>led ab<span class=\"__1 _201\"/>ove<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>The p<span class=\"__1 _201\"/>rimar<span class=\"__1 _250\"/>y market ris<span class=\"__1 _201\"/>ks that the G<span class=\"__1 _201\"/>roup fa<span class=\"__1 _201\"/>ces are e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k, pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y risk a<span class=\"__1 _201\"/>nd interes<span class=\"__1 _201\"/>t rate ris<span class=\"__1 _201\"/>k. Mo<span class=\"__1 _201\"/>st as<span class=\"__1 _201\"/>sets th<span class=\"__1 _201\"/>e Group h<span class=\"__1 _201\"/>olds<span class=\"__1 _201\"/> are inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s that are eith<span class=\"__1 _201\"/>er eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y or prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty-t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>e inves<span class=\"__1 _201\"/>tments a<span class=\"__1 _201\"/>nd sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to equit<span class=\"__1 _201\"/>y or p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y pr<span class=\"__1 _201\"/>ice ris<span class=\"__1 _201\"/>k, or b<span class=\"__1 _201\"/>onds<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> mor<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ges an<span class=\"__1 _201\"/>d cash d<span class=\"__1 _201\"/>epos<span class=\"__1 _201\"/>its<span class=\"__1 _201\"/>, the valu<span class=\"__1 _201\"/>es of whi<span class=\"__1 _201\"/>ch are subj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t to interest r<span class=\"__1 _201\"/>ate risk<span class=\"__1 _201\"/>. Alter<span class=\"__1 _201\"/>native inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts may exhib<span class=\"__1 _201\"/>it some o<span class=\"__1 _201\"/>r all<span class=\"__1 _201\"/> of thes<span class=\"__1 _201\"/>e risk<span class=\"__1 _201\"/>s depe<span class=\"__1 _201\"/>nding o<span class=\"__1 _201\"/>n the t<span class=\"__1 _201\"/>ype of i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent. Th<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nt of risk b<span class=\"__1 _201\"/>orn<span class=\"__1 _201\"/>e by the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers de<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>ds on the ex<span class=\"__1 _201\"/>tent<span class=\"__1 _201\"/> to which i<span class=\"__1 _201\"/>ts clie<span class=\"__1 _201\"/>nts share t<span class=\"__1 _201\"/>he inves<span class=\"__1 _201\"/>tment r<span class=\"__1 _201\"/>isk throu<span class=\"__1 _201\"/>gh the s<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>ture of the G<span class=\"__1 _201\"/>roup\u2019s produc<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. In par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ular<span class=\"__1 _200\"/>, the share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er is on<span class=\"__1 _201\"/>ly<span class=\"__1 _32b\"> </span> direc<span class=\"__1 _201\"/>tly ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to market ris<span class=\"__1 _201\"/>k on the as<span class=\"__1 _201\"/>sets h<span class=\"__1 _201\"/>eld wi<span class=\"__1 _201\"/>thin the \u201cann<span class=\"__1 _201\"/>uities a<span class=\"__1 _201\"/>nd other l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>-term bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s\u201d and \u201cother<span class=\"__1 _201\"/>\u201d comp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nts of<span class=\"__1 _32b\"> </span> busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ich are pre<span class=\"__1 _201\"/>domi<span class=\"__1 _201\"/>nantly d<span class=\"__1 _201\"/>ebt se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s and inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ties in re<span class=\"__1 _201\"/>spec<span class=\"__1 _201\"/>t of the a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y fun<span class=\"__1 _201\"/>ds.<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>plit of th<span class=\"__1 _201\"/>e Group\u2019s invest<span class=\"__1 _201\"/>ments b<span class=\"__1 _201\"/>etw<span class=\"__1 _201\"/>een e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y inves<span class=\"__1 _201\"/>tments a<span class=\"__1 _201\"/>nd interes<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-se<span class=\"__1 _201\"/>nsitive in<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>ments d<span class=\"__1 _201\"/>epe<span class=\"__1 _201\"/>nds pr<span class=\"__1 _201\"/>incipa<span class=\"__1 _201\"/>lly on th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> t<span class=\"__1 _201\"/>ype of li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ted by tho<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s and the am<span class=\"__1 _201\"/>ount of c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l the Gro<span class=\"__1 _201\"/>up has avail<span class=\"__1 _201\"/>able. T<span class=\"__1 _201\"/>his mix of l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties all<span class=\"__1 _201\"/>ows<span class=\"__1 _32b\"> </span> the G<span class=\"__1 _201\"/>roup to inves<span class=\"__1 _201\"/>t a subs<span class=\"__1 _201\"/>tantial p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tion of it<span class=\"__1 _201\"/>s investm<span class=\"__1 _201\"/>ent fun<span class=\"__1 _201\"/>ds in eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y and pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y invest<span class=\"__1 _201\"/>ments th<span class=\"__1 _201\"/>at the Gro<span class=\"__1 _201\"/>up beli<span class=\"__1 _201\"/>eves<span class=\"__1 _201\"/> prod<span class=\"__1 _201\"/>uce greate<span class=\"__1 _201\"/>r returns over th<span class=\"__1 _201\"/>e lon<span class=\"__1 _201\"/>g-term<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Mar<span class=\"__1 _201\"/>ket risk is man<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>d through a ro<span class=\"__1 _201\"/>bust m<span class=\"__1 _201\"/>arket ris<span class=\"__1 _201\"/>k framew<span class=\"__1 _201\"/>ork wh<span class=\"__1 _201\"/>ich incl<span class=\"__1 _201\"/>udes<span class=\"__1 _201\"/>: poli<span class=\"__1 _201\"/>cies<span class=\"__1 _201\"/>, risk a<span class=\"__1 _201\"/>ppetite s<span class=\"__1 _201\"/>tatement<span class=\"__1 _201\"/>s and ri<span class=\"__1 _201\"/>sk limit<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> and tr<span class=\"__1 _201\"/>igge<span class=\"__1 _201\"/>rs cover<span class=\"__1 _201\"/>ing key market ris<span class=\"__1 _201\"/>k exposu<span class=\"__1 _201\"/>res; as<span class=\"__1 _201\"/>set and l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y ma<span class=\"__1 _201\"/>nagem<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>gramm<span class=\"__1 _201\"/>es; a qu<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y of cap<span class=\"__1 _201\"/>ital fra<span class=\"__1 _201\"/>mewor<span class=\"__1 _201\"/>k;<span class=\"__1 _32b\"> </span> str<span class=\"__1 _201\"/>ategic as<span class=\"__1 _201\"/>set all<span class=\"__1 _201\"/>ocati<span class=\"__1 _201\"/>ons; inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt and he<span class=\"__1 _201\"/>dgin<span class=\"__1 _201\"/>g strateg<span class=\"__1 _201\"/>ies; an<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment co<span class=\"__1 _201\"/>nstr<span class=\"__1 _201\"/>aints<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _32b\"> </span><span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls48_1 ws4e_1\">27<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>33<span class=\"__1 _201\"/>.3<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1 Intere<span class=\"__1 _201\"/>st rate r<span class=\"__1 _201\"/>isk a<span class=\"__1 _201\"/>nd infl<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n ris<span class=\"__1 _201\"/>k<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>ajor<span class=\"__1 _201\"/>ity of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s interes<span class=\"__1 _201\"/>t rate expos<span class=\"__1 _201\"/>ure aris<span class=\"__1 _201\"/>es from s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>backed ann<span class=\"__1 _201\"/>uities<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e liabil<span class=\"__1 _201\"/>ities are exp<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>d to<span class=\"__1 _32b\"> </span> interes<span class=\"__1 _201\"/>t rate movem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, but th<span class=\"__1 _201\"/>ese are cl<span class=\"__1 _201\"/>osel<span class=\"__1 _201\"/>y matche<span class=\"__1 _201\"/>d with as<span class=\"__1 _201\"/>sets of an a<span class=\"__1 _201\"/>pprop<span class=\"__1 _201\"/>riate durati<span class=\"__1 _201\"/>on. T<span class=\"__1 _201\"/>he matchin<span class=\"__1 _201\"/>g of ass<span class=\"__1 _201\"/>ets of<span class=\"__1 _201\"/> appro<span class=\"__1 _201\"/>priate du<span class=\"__1 _201\"/>ration to th<span class=\"__1 _201\"/>e annuit<span class=\"__1 _201\"/>y liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s is base<span class=\"__1 _201\"/>d on man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent of reg<span class=\"__1 _201\"/>ulator<span class=\"__1 _201\"/>y c<span class=\"__1 _201\"/>apital re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ting re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e asset<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> hel<span class=\"__1 _201\"/>d in excess o<span class=\"__1 _201\"/>f the liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch back th<span class=\"__1 _201\"/>e capi<span class=\"__1 _201\"/>tal requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts of the an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, resu<span class=\"__1 _201\"/>lt in an exp<span class=\"__1 _201\"/>osure to intere<span class=\"__1 _201\"/>st<span class=\"__1 _32b\"> </span> rate ris<span class=\"__1 _201\"/>k.<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s for the w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits a<span class=\"__1 _201\"/>nd unit-linked co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ents of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss are se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>ve to interest r<span class=\"__1 _201\"/>ates, b<span class=\"__1 _201\"/>ut the<span class=\"__1 _201\"/> share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er is not d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tly exp<span class=\"__1 _201\"/>osed to ch<span class=\"__1 _201\"/>anges i<span class=\"__1 _201\"/>n the valu<span class=\"__1 _201\"/>e of thes<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets and li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>he sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der is in<span class=\"__1 _201\"/>direc<span class=\"__1 _201\"/>tly exp<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> to interes<span class=\"__1 _201\"/>t rate risk t<span class=\"__1 _201\"/>hrough th<span class=\"__1 _201\"/>e value of f<span class=\"__1 _201\"/>uture sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der tra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs from wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss and c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/>s levie<span class=\"__1 _201\"/>d on unit-linke<span class=\"__1 _32b\"> </span>d<span class=\"__1 _201\"/> and asset manageme<span class=\"__1 _201\"/>nt business.<span class=\"__1 _32b\"> </span>The e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated sens<span class=\"__1 _201\"/>itivi<span class=\"__1 _201\"/>ty of p<span class=\"__1 _201\"/>rofit to a movem<span class=\"__1 _201\"/>ent in inte<span class=\"__1 _201\"/>rest rate<span class=\"__1 _201\"/>s downwa<span class=\"__1 _201\"/>rds of 1% and upwards of 1% and 2<span class=\"__1 _201\"/>% is noted in t<span class=\"__1 _201\"/>he<span class=\"__1 _32b\"> </span> tables below:  <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Decre<span class=\"__1 _200\"/>ase <span class=\"__1 _f_1\"/> of<span class=\"__1 _201\"/> 1%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Increa<span class=\"__1 _201\"/>se <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>of<span class=\"__1 _201\"/> 1%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Increa<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>e <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>of 2<span class=\"__1 _32b\"> </span>%<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3<span class=\"__1 _32b\"> </span>m<span class=\"__1 _32b\"> </span>Car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying v<span class=\"__1 _201\"/>alue of d<span class=\"__1 _201\"/>ebt se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s and de<span class=\"__1 _201\"/>rivati<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/> <span class=\"__1 _496\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">1,4<span class=\"__1 _201\"/>08<span class=\"__1 _286\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4)<span class=\"__1 _290\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span><span class=\"ff1_1 lsd_1 wsb_1\"><span class=\"ls1d_1 ws1c_1\"><span class=\"ls3c_1 ws3d_1\">)<span class=\"__1 _32b\"> </span></span></span></span>Policy<span class=\"__1 _201\"/>holder liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _497\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _220\"> </span><span class=\"ls15_1 ws14_1\">886<span class=\"__1 _204\"> </span><span class=\"ls19_1 ws18_1\">1,65<span class=\"__1 _32b\"> </span></span></span></span><span class=\"ff1_1 ls1d_1 ws1c_1\"><span class=\"ls15_1 ws14_1\"><span class=\"ls19_1 ws18_1\">8<span class=\"__1 _32b\"> </span></span></span></span>Relate<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red tax e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/> <span class=\"__1 _fd_1\"> </span><span class=\"ff1_1 ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>6)<span class=\"__1 _e_1\"> </span><span class=\"ls15_1 ws14_1\">87<span class=\"__1 _253\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _32b\"> </span></span></span></span><span class=\"ff1_1 ls52_1 ws5a_1\"><span class=\"ls15_1 ws14_1\"><span class=\"ls38_1 ws38_1\">8<span class=\"__1 _32b\"> </span></span></span></span>Net s<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>itiv<span class=\"__1 _201\"/>ity of p<span class=\"__1 _201\"/>rofit a<span class=\"__1 _201\"/>fter ta<span class=\"__1 _201\"/>x and s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y <span class=\"__1 _c8_1\"> </span><span class=\"ls15_1 ws14_1\">289<span class=\"__1 _212\"> </span><span class=\"ls18_1 ws17_1\">(<span class=\"__1 _201\"/>261)<span class=\"__1 _208\"> </span>(5<span class=\"__1 _201\"/>03<span class=\"__1 _201\"/>)</span></span> <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Decre<span class=\"__1 _200\"/>ase <span class=\"__1 _f_1\"/> of<span class=\"__1 _201\"/> 1%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Increa<span class=\"__1 _201\"/>se <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>of<span class=\"__1 _201\"/> 1%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Increa<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>e <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>of 2<span class=\"__1 _32b\"> </span>%<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3<span class=\"__1 _32b\"> </span>m<span class=\"__1 _32b\"> </span>Car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying v<span class=\"__1 _201\"/>alue of d<span class=\"__1 _201\"/>ebt se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s and de<span class=\"__1 _201\"/>rivati<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/> <span class=\"__1 _365\"> </span><span class=\"ls2a_1 ws2a_1\">3,<span class=\"__1 _201\"/>319<span class=\"__1 _243\"> </span><span class=\"ls8_1 ws6_1\">(2<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>3)<span class=\"__1 _210\"> </span><span class=\"ls43_1 ws47_1\">(<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>9<span class=\"__1 _32b\"> </span></span></span></span><span class=\"ls2a_1 ws2a_1\"><span class=\"ls8_1 ws6_1\"><span class=\"ls43_1 ws47_1\">)<span class=\"__1 _32b\"> </span></span></span></span>Policy<span class=\"__1 _201\"/>holder liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _11b_1\"> </span><span class=\"lsa_1 ws8_1\">(1,<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _243\"> </span><span class=\"lsc_1 wsa_1\">1,58<span class=\"__1 _201\"/>6<span class=\"__1 _4a_1\"> </span>2<span class=\"__1 _201\"/>,93<span class=\"__1 _32b\"> </span></span></span><span class=\"lsa_1 ws8_1\"><span class=\"lsc_1 wsa_1\">1<span class=\"__1 _32b\"> </span></span></span>Relate<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red tax e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/> <span class=\"__1 _454\"> </span><span class=\"ls1f_1 ws1e_1\">(<span class=\"__1 _f_1\"/>358)<span class=\"__1 _6b_1\"> </span><span class=\"ls7_1 ws5_1\">297<span class=\"__1 _2c_1\"> </span><span class=\"ls1c_1 ws43_1\">55<span class=\"__1 _32b\"> </span></span></span></span><span class=\"ls1f_1 ws1e_1\"><span class=\"ls7_1 ws5_1\"><span class=\"ls1c_1 ws43_1\">7<span class=\"__1 _32b\"> </span></span></span></span>Net s<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>itiv<span class=\"__1 _201\"/>ity of p<span class=\"__1 _201\"/>rofit a<span class=\"__1 _201\"/>fter ta<span class=\"__1 _201\"/>x and s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y <span class=\"__1 _498\"> </span><span class=\"ff2_1 ls3d_1 ws3f_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>74<span class=\"__1 _272\"> </span><span class=\"ls18_1 ws17_1\">(8<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>0)<span class=\"__1 _242\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span></span><span class=\"ff2_1 ls3d_1 ws3f_1\"><span class=\"ls18_1 ws17_1\"><span class=\"lsa_1 ws8_1\"><span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span></span></span></span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng valu<span class=\"__1 _201\"/>e of ass<span class=\"__1 _201\"/>ets, p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es and d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts are in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder-<span class=\"__1 _32b\"> </span>backed b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss on<span class=\"__1 _201\"/>ly<span class=\"__1 _200\"/>, with th<span class=\"__1 _201\"/>e major<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y of the imp<span class=\"__1 _201\"/>act ar<span class=\"__1 _201\"/>ising f<span class=\"__1 _201\"/>rom the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder-backed ann<span class=\"__1 _201\"/>uities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Infl<span class=\"__1 _201\"/>ation ris<span class=\"__1 _201\"/>k prim<span class=\"__1 _201\"/>aril<span class=\"__1 _201\"/>y arise<span class=\"__1 _201\"/>s from ce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ain annui<span class=\"__1 _201\"/>ty co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts that have b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t esc<span class=\"__1 _201\"/>alation l<span class=\"__1 _201\"/>inked to a pri<span class=\"__1 _201\"/>ce index<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group<span class=\"__1 _201\"/> mana<span class=\"__1 _201\"/>ges thi<span class=\"__1 _201\"/>s exposu<span class=\"__1 _201\"/>re by matching in<span class=\"__1 _201\"/>flation<span class=\"__1 _201\"/>-linked a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ith cor<span class=\"__1 _201\"/>respo<span class=\"__1 _201\"/>ndin<span class=\"__1 _201\"/>g inflatio<span class=\"__1 _201\"/>n-li<span class=\"__1 _201\"/>nked ass<span class=\"__1 _201\"/>ets.<span class=\"__1 _32b\"> </span>33<span class=\"__1 _201\"/>.3<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y and p<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k<span class=\"__1 _32b\"> </span> Whil<span class=\"__1 _201\"/>e the Gro<span class=\"__1 _201\"/>up hol<span class=\"__1 _201\"/>ds signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt amou<span class=\"__1 _201\"/>nts of eq<span class=\"__1 _201\"/>uity a<span class=\"__1 _201\"/>nd prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y asse<span class=\"__1 _201\"/>ts on its c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial pos<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 exposure to e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y and pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k for the wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits an<span class=\"__1 _201\"/>d unit-linked bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s is limite<span class=\"__1 _201\"/>d as the r<span class=\"__1 _201\"/>isk is<span class=\"__1 _201\"/> pred<span class=\"__1 _201\"/>omina<span class=\"__1 _201\"/>ntly bo<span class=\"__1 _201\"/>rne by th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>. In<span class=\"__1 _201\"/>stead<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s dire<span class=\"__1 _201\"/>ct exp<span class=\"__1 _201\"/>osure to this r<span class=\"__1 _201\"/>isk ari<span class=\"__1 _201\"/>ses fro<span class=\"__1 _201\"/>m the \u201cannui<span class=\"__1 _201\"/>ties an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> other l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>-term bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s\u201d compo<span class=\"__1 _201\"/>nent<span class=\"__1 _201\"/>\u2019s holdin<span class=\"__1 _201\"/>gs in eq<span class=\"__1 _201\"/>uity s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities a<span class=\"__1 _201\"/>nd prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty, which a<span class=\"__1 _201\"/>re not he<span class=\"__1 _201\"/>dged o<span class=\"__1 _201\"/>r matche<span class=\"__1 _201\"/>d by<span class=\"__1 _32b\"> </span> corresp<span class=\"__1 _201\"/>onding liabilities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Exc<span class=\"__1 _201\"/>luding a<span class=\"__1 _201\"/>ny long<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>-term, in<span class=\"__1 _201\"/>direc<span class=\"__1 _201\"/>t effe<span class=\"__1 _201\"/>cts o<span class=\"__1 _201\"/>n profit d<span class=\"__1 _201\"/>ue to the futu<span class=\"__1 _201\"/>re value of s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder t<span class=\"__1 _201\"/>rans<span class=\"__1 _201\"/>fers fro<span class=\"__1 _201\"/>m with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/> and ch<span class=\"__1 _201\"/>arges l<span class=\"__1 _201\"/>evie<span class=\"__1 _201\"/>d on unit-linked an<span class=\"__1 _201\"/>d asse<span class=\"__1 _201\"/>t manag<span class=\"__1 _201\"/>ement b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, a fall i<span class=\"__1 _201\"/>n the fair v<span class=\"__1 _201\"/>alue of th<span class=\"__1 _201\"/>ese inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts woul<span class=\"__1 _201\"/>d have given<span class=\"__1 _201\"/> ris<span class=\"__1 _201\"/>e to the foll<span class=\"__1 _201\"/>owing eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts on pre<span class=\"__1 _201\"/>-tax p<span class=\"__1 _201\"/>rofit, p<span class=\"__1 _201\"/>rofit af<span class=\"__1 _201\"/>ter tax<span class=\"__1 _201\"/>, and s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 equit<span class=\"__1 _201\"/>y. The majo<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>y of the se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y aris<span class=\"__1 _201\"/>es in<span class=\"__1 _201\"/> resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of investm<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>ets he<span class=\"__1 _201\"/>ld in the an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y fund<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>278<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of the se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vitie<span class=\"__1 _201\"/>s excluding e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y he<span class=\"__1 _201\"/>dges i<span class=\"__1 _201\"/>s shown b<span class=\"__1 _201\"/>elow. <span class=\"__1 _499\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _15f_1\"> </span>2021<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 20%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 10%<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 20%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 10%<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Pre<span class=\"__1 _201\"/>-tax profi<span class=\"__1 _201\"/>t<span class=\"__1 _f8_1\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(20<span class=\"__1 _201\"/>8)<span class=\"__1 _14d_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>)<span class=\"__1 _252\"> </span></span></span><span class=\"ls33_1 ws34_1\">(252)<span class=\"__1 _220\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span></span></span>Relate<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red tax e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>ts<span class=\"__1 _19a_1\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">52<span class=\"__1 _f4_1\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _311\"> </span></span></span><span class=\"ls5_1\">64<span class=\"__1 _1d_1\"> </span><span class=\"ls28_1 ws28_1\">30<span class=\"__1 _32b\"> </span></span></span>Net s<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>itiv<span class=\"__1 _201\"/>ity of p<span class=\"__1 _201\"/>rofit a<span class=\"__1 _201\"/>fter ta<span class=\"__1 _201\"/>x and s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y<span class=\"__1 _393\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _223\"> </span><span class=\"ls17_1 ws16_1\">(<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8)<span class=\"__1 _345\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _253\"> </span><span class=\"ls46_1 ws4b_1\">(95)<span class=\"__1 _32b\"> </span></span></span></span></span>A 10% or 20% in<span class=\"__1 _201\"/>crease i<span class=\"__1 _201\"/>n their va<span class=\"__1 _201\"/>lue wou<span class=\"__1 _201\"/>ld have an app<span class=\"__1 _201\"/>roximatel<span class=\"__1 _201\"/>y equal a<span class=\"__1 _201\"/>nd opp<span class=\"__1 _201\"/>osite eff<span class=\"__1 _201\"/>ect o<span class=\"__1 _201\"/>n profit a<span class=\"__1 _201\"/>nd share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y to<span class=\"__1 _32b\"> </span> the se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vities s<span class=\"__1 _201\"/>hown a<span class=\"__1 _201\"/>bove. Th<span class=\"__1 _201\"/>e market ris<span class=\"__1 _201\"/>k sens<span class=\"__1 _201\"/>itivit<span class=\"__1 _201\"/>ies sh<span class=\"__1 _201\"/>own above re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t the imp<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>t of tempor<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y mar<span class=\"__1 _201\"/>ket movement<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>In the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k sensi<span class=\"__1 _201\"/>tivit<span class=\"__1 _201\"/>y ana<span class=\"__1 _201\"/>lysis s<span class=\"__1 _201\"/>hown ab<span class=\"__1 _201\"/>ove, the G<span class=\"__1 _201\"/>roup has c<span class=\"__1 _201\"/>onsi<span class=\"__1 _201\"/>dered th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of an in<span class=\"__1 _201\"/>stanta<span class=\"__1 _201\"/>neo<span class=\"__1 _201\"/>us 10% or 20% f<span class=\"__1 _201\"/>all in<span class=\"__1 _201\"/> equ<span class=\"__1 _201\"/>ity m<span class=\"__1 _201\"/>arkets<span class=\"__1 _201\"/>. If equi<span class=\"__1 _201\"/>ty m<span class=\"__1 _201\"/>arkets were to fa<span class=\"__1 _201\"/>ll by more tha<span class=\"__1 _201\"/>n 20%, th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p believe<span class=\"__1 _201\"/>s that this wo<span class=\"__1 _201\"/>uld not b<span class=\"__1 _201\"/>e an ins<span class=\"__1 _201\"/>tantan<span class=\"__1 _201\"/>eous f<span class=\"__1 _201\"/>all<span class=\"__1 _201\"/> but rath<span class=\"__1 _201\"/>er woul<span class=\"__1 _201\"/>d be exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to occur ove<span class=\"__1 _201\"/>r a per<span class=\"__1 _201\"/>iod of tim<span class=\"__1 _201\"/>e, duri<span class=\"__1 _201\"/>ng whic<span class=\"__1 _201\"/>h the Gro<span class=\"__1 _201\"/>up would b<span class=\"__1 _201\"/>e able to p<span class=\"__1 _201\"/>ut in pla<span class=\"__1 _201\"/>ce mitigati<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span> management actions.<span class=\"__1 _32b\"> </span>As n<span class=\"__1 _201\"/>oted above, t<span class=\"__1 _201\"/>he anal<span class=\"__1 _201\"/>ysis exclu<span class=\"__1 _201\"/>des the i<span class=\"__1 _201\"/>ndirec<span class=\"__1 _201\"/>t exp<span class=\"__1 _201\"/>osure of on<span class=\"__1 _201\"/>going p<span class=\"__1 _201\"/>rofit to eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y and pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y risk th<span class=\"__1 _201\"/>rough th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t on<span class=\"__1 _201\"/> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er bon<span class=\"__1 _201\"/>uses o<span class=\"__1 _201\"/>n with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess a<span class=\"__1 _201\"/>nd charg<span class=\"__1 _201\"/>es lev<span class=\"__1 _201\"/>ied on u<span class=\"__1 _201\"/>nit<span class=\"__1 _200\"/>-linked a<span class=\"__1 _201\"/>nd ass<span class=\"__1 _201\"/>et mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s. For w<span class=\"__1 _201\"/>ith-<span class=\"__1 _32b\"> </span>profi<span class=\"__1 _201\"/>ts busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s, the i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of market ri<span class=\"__1 _201\"/>sk is red<span class=\"__1 _201\"/>uced d<span class=\"__1 _201\"/>ue to the \u201csm<span class=\"__1 _201\"/>oothe<span class=\"__1 _201\"/>d\u201d bas<span class=\"__1 _201\"/>is of bon<span class=\"__1 _201\"/>us decl<span class=\"__1 _201\"/>aratio<span class=\"__1 _201\"/>n, so th<span class=\"__1 _201\"/>e sensi<span class=\"__1 _201\"/>tivit<span class=\"__1 _201\"/>y to<span class=\"__1 _32b\"> </span> sho<span class=\"__1 _201\"/>rt-term inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>mance i<span class=\"__1 _201\"/>s relative<span class=\"__1 _201\"/>ly low. Howeve<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, lo<span class=\"__1 _201\"/>ng-ter<span class=\"__1 _201\"/>m investm<span class=\"__1 _201\"/>ent pe<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>forma<span class=\"__1 _201\"/>nce may aff<span class=\"__1 _201\"/>ect f<span class=\"__1 _201\"/>uture sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/> trans<span class=\"__1 _201\"/>fers<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group h<span class=\"__1 _201\"/>as entere<span class=\"__1 _201\"/>d into a par<span class=\"__1 _201\"/>tial e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y he<span class=\"__1 _201\"/>dge of the s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r trans<span class=\"__1 _201\"/>fers exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to emer<span class=\"__1 _201\"/>ge from th<span class=\"__1 _201\"/>e WPS<span class=\"__1 _201\"/>F in<span class=\"__1 _32b\"> </span> orde<span class=\"__1 _201\"/>r to mitigate this r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>. Due to the m<span class=\"__1 _201\"/>ismatch that re<span class=\"__1 _201\"/>sults f<span class=\"__1 _201\"/>rom a diffe<span class=\"__1 _201\"/>rence in<span class=\"__1 _201\"/> the timin<span class=\"__1 _201\"/>g of fair va<span class=\"__1 _201\"/>lue movem<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>n the he<span class=\"__1 _201\"/>dges<span class=\"__1 _201\"/> and th<span class=\"__1 _201\"/>e emerg<span class=\"__1 _201\"/>ence of t<span class=\"__1 _201\"/>he unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der tra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs, th<span class=\"__1 _201\"/>e above se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vitie<span class=\"__1 _201\"/>s do not in<span class=\"__1 _201\"/>clude th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t of the<span class=\"__1 _201\"/>se he<span class=\"__1 _201\"/>dges a<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> this gi<span class=\"__1 _201\"/>ves the m<span class=\"__1 _201\"/>ost ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate repres<span class=\"__1 _201\"/>entatio<span class=\"__1 _201\"/>n of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s expos<span class=\"__1 _201\"/>ure to equi<span class=\"__1 _201\"/>ty an<span class=\"__1 _201\"/>d prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of the se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vitie<span class=\"__1 _201\"/>s allowin<span class=\"__1 _201\"/>g for the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y he<span class=\"__1 _201\"/>dges i<span class=\"__1 _201\"/>s shown b<span class=\"__1 _201\"/>elow. <span class=\"__1 _22c\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _15f_1\"> </span>2021<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 20%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 10%<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 20%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 10%<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Pre<span class=\"__1 _201\"/>-tax profi<span class=\"__1 _201\"/>t<span class=\"__1 _448\"> </span><span class=\"ff1_1 ls1c_1 ws43_1\">62<span class=\"__1 _f4_1\"> </span><span class=\"ls22_1 ws21_1\">37<span class=\"__1 _13d_1\"> </span></span></span><span class=\"ls23_1 ws22_1\">71<span class=\"__1 _f4_1\"> </span></span><span class=\"ls5_1\">38<span class=\"__1 _32b\"> </span></span>Relate<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red tax e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>ts<span class=\"__1 _ea_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _219\"> </span><span class=\"ls3c_1 ws3d_1\">(<span class=\"__1 _201\"/>9)<span class=\"__1 _288\"> </span></span></span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _231\"> </span>(1<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span>Net s<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>itiv<span class=\"__1 _201\"/>ity of p<span class=\"__1 _201\"/>rofit a<span class=\"__1 _201\"/>fter ta<span class=\"__1 _201\"/>x and s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y<span class=\"__1 _29a\"> </span><span class=\"ls1b_1 ws1a_1\">47<span class=\"__1 _f4_1\"> </span><span class=\"lsb_1 ws32_1\">28<span class=\"__1 _353\"> </span><span class=\"ff2_1 ls7f_1 ws93_1\">53<span class=\"__1 _f4_1\"> </span><span class=\"ls1c_1 ws43_1\">28<span class=\"__1 _32b\"> </span></span></span></span></span>33.<span class=\"__1 _201\"/>3.3 Currenc<span class=\"__1 _200\"/>y risk<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup inve<span class=\"__1 _201\"/>sts si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant am<span class=\"__1 _201\"/>ounts o<span class=\"__1 _201\"/>f polic<span class=\"__1 _201\"/>yh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r funds in ove<span class=\"__1 _201\"/>rsea<span class=\"__1 _201\"/>s ass<span class=\"__1 _201\"/>ets as par<span class=\"__1 _201\"/>t of it<span class=\"__1 _201\"/>s inves<span class=\"__1 _201\"/>tment s<span class=\"__1 _201\"/>trategy. The di<span class=\"__1 _201\"/>rec<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> curre<span class=\"__1 _201\"/>ncy r<span class=\"__1 _201\"/>isk exp<span class=\"__1 _201\"/>osure to the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder f<span class=\"__1 _201\"/>rom the wi<span class=\"__1 _201\"/>th-pro<span class=\"__1 _201\"/>fits an<span class=\"__1 _201\"/>d unit-linked com<span class=\"__1 _201\"/>pone<span class=\"__1 _201\"/>nts of bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s is mini<span class=\"__1 _201\"/>mal, al<span class=\"__1 _201\"/>thoug<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder is i<span class=\"__1 _201\"/>ndire<span class=\"__1 _201\"/>ctly ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to curren<span class=\"__1 _201\"/>cy ri<span class=\"__1 _201\"/>sk in relati<span class=\"__1 _201\"/>on to the futu<span class=\"__1 _201\"/>re value of s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r trans<span class=\"__1 _201\"/>fers fro<span class=\"__1 _201\"/>m with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s and cha<span class=\"__1 _201\"/>rges lev<span class=\"__1 _201\"/>ied o<span class=\"__1 _201\"/>n unit-linked and as<span class=\"__1 _201\"/>set m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. Curren<span class=\"__1 _201\"/>cy ris<span class=\"__1 _201\"/>k expos<span class=\"__1 _201\"/>ure aris<span class=\"__1 _201\"/>ing from ove<span class=\"__1 _201\"/>rsea<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> ass<span class=\"__1 _201\"/>ets he<span class=\"__1 _201\"/>ld by the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _200\"/>-ba<span class=\"__1 _201\"/>cked annui<span class=\"__1 _201\"/>ty an<span class=\"__1 _201\"/>d other l<span class=\"__1 _201\"/>ong-ter<span class=\"__1 _201\"/>m busin<span class=\"__1 _201\"/>ess i<span class=\"__1 _201\"/>s mitigate<span class=\"__1 _201\"/>d through th<span class=\"__1 _201\"/>e use of de<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>atives<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up hel<span class=\"__1 _201\"/>d 50% (2021: 4<span class=\"__1 _201\"/>4%<span class=\"__1 _200\"/>) and 13% (2021: 9<span class=\"__1 _201\"/>%<span class=\"__1 _200\"/>) of its fina<span class=\"__1 _201\"/>ncial as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd fina<span class=\"__1 _201\"/>ncial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tivel<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, in curren<span class=\"__1 _201\"/>cies<span class=\"__1 _201\"/>, mainl<span class=\"__1 _201\"/>y US dol<span class=\"__1 _201\"/>lar and e<span class=\"__1 _201\"/>uro, other th<span class=\"__1 _201\"/>an pou<span class=\"__1 _201\"/>nds ste<span class=\"__1 _201\"/>rling<span class=\"__1 _201\"/>, the fun<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>nal cur<span class=\"__1 _201\"/>renc<span class=\"__1 _201\"/>y of the Gro<span class=\"__1 _201\"/>up.<span class=\"__1 _32b\"> </span> Of th<span class=\"__1 _201\"/>ese fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l asset<span class=\"__1 _201\"/>s, as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>, 7<span class=\"__1 _f_1\"/>4% (2021: 71%<span class=\"__1 _200\"/>) are hel<span class=\"__1 _201\"/>d by the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund, a<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g the fun<span class=\"__1 _201\"/>d to<span class=\"__1 _32b\"> </span> obtai<span class=\"__1 _201\"/>n exposu<span class=\"__1 _201\"/>re to foreign e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ets<span class=\"__1 _201\"/>. Of th<span class=\"__1 _201\"/>ese fin<span class=\"__1 _201\"/>ancial l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>, as at 31 De<span class=\"__1 _201\"/>cembe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2, 9<span class=\"__1 _201\"/>6% (2021: 8<span class=\"__1 _201\"/>6%<span class=\"__1 _200\"/>) are hel<span class=\"__1 _201\"/>d by the<span class=\"__1 _32b\"> </span> With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund, m<span class=\"__1 _201\"/>ainly re<span class=\"__1 _201\"/>lating to fore<span class=\"__1 _201\"/>ign cur<span class=\"__1 _201\"/>rency b<span class=\"__1 _201\"/>orrow<span class=\"__1 _201\"/>ings<span class=\"__1 _201\"/>. The exch<span class=\"__1 _201\"/>ange ri<span class=\"__1 _201\"/>sks inhe<span class=\"__1 _201\"/>rent in th<span class=\"__1 _201\"/>ese exp<span class=\"__1 _201\"/>osures a<span class=\"__1 _201\"/>re mitigated<span class=\"__1 _201\"/> throu<span class=\"__1 _201\"/>gh the use of d<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>vatives<span class=\"__1 _201\"/>, main<span class=\"__1 _201\"/>ly for<span class=\"__1 _201\"/>wa<span class=\"__1 _201\"/>rd curren<span class=\"__1 _201\"/>cy co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts.<span class=\"__1 _32b\"> </span>For the ye<span class=\"__1 _201\"/>ar end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, exch<span class=\"__1 _201\"/>ange gai<span class=\"__1 _201\"/>ns of \u00a356<span class=\"__1 _201\"/>2m (2021: lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of \u00a3120m) were reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in the in<span class=\"__1 _201\"/>come<span class=\"__1 _201\"/> statem<span class=\"__1 _201\"/>ent; m<span class=\"__1 _201\"/>ainly ar<span class=\"__1 _201\"/>ising o<span class=\"__1 _201\"/>n ass<span class=\"__1 _201\"/>ets hel<span class=\"__1 _201\"/>d by the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund<span class=\"__1 _201\"/>, the majo<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>y of whi<span class=\"__1 _201\"/>ch are off<span class=\"__1 _201\"/>set by chan<span class=\"__1 _201\"/>ges in w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits<span class=\"__1 _201\"/> and un<span class=\"__1 _201\"/>it<span class=\"__1 _200\"/>-linked li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>his exclud<span class=\"__1 _201\"/>es exchan<span class=\"__1 _201\"/>ge gains a<span class=\"__1 _201\"/>nd los<span class=\"__1 _201\"/>ses ar<span class=\"__1 _201\"/>ising o<span class=\"__1 _201\"/>n forei<span class=\"__1 _201\"/>gn curren<span class=\"__1 _201\"/>cy inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts mea<span class=\"__1 _201\"/>sured at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L,<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h are inclu<span class=\"__1 _201\"/>ded a<span class=\"__1 _201\"/>s par<span class=\"__1 _201\"/>t of gains a<span class=\"__1 _201\"/>nd los<span class=\"__1 _201\"/>ses i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ed in inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t return, w<span class=\"__1 _201\"/>hich is s<span class=\"__1 _201\"/>hown in N<span class=\"__1 _201\"/>ote 4.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup is a<span class=\"__1 _201\"/>lso exp<span class=\"__1 _201\"/>osed to s<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>tural cu<span class=\"__1 _201\"/>rrenc<span class=\"__1 _201\"/>y trans<span class=\"__1 _201\"/>lation r<span class=\"__1 _201\"/>isk as a re<span class=\"__1 _201\"/>sult of over<span class=\"__1 _201\"/>seas op<span class=\"__1 _201\"/>erati<span class=\"__1 _201\"/>ons whi<span class=\"__1 _201\"/>ch contr<span class=\"__1 _201\"/>ibute to equ<span class=\"__1 _201\"/>ity.<span class=\"__1 _32b\"> </span> The a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s of foreig<span class=\"__1 _201\"/>n oper<span class=\"__1 _201\"/>ations a<span class=\"__1 _201\"/>re transl<span class=\"__1 _201\"/>ated into the G<span class=\"__1 _201\"/>roup\u2019s present<span class=\"__1 _201\"/>ational cu<span class=\"__1 _201\"/>rrenc<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, pou<span class=\"__1 _201\"/>nds ste<span class=\"__1 _201\"/>rling<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces a<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g from this tr<span class=\"__1 _201\"/>anslati<span class=\"__1 _201\"/>on of forei<span class=\"__1 _201\"/>gn ope<span class=\"__1 _201\"/>ration<span class=\"__1 _201\"/>s are repo<span class=\"__1 _201\"/>rte<span class=\"__1 _201\"/>d as an item of oth<span class=\"__1 _201\"/>er com<span class=\"__1 _201\"/>prehe<span class=\"__1 _201\"/>nsive<span class=\"__1 _201\"/> inco<span class=\"__1 _201\"/>me and a<span class=\"__1 _201\"/>ccumul<span class=\"__1 _201\"/>ated in the tr<span class=\"__1 _201\"/>anslati<span class=\"__1 _201\"/>on rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls48_1 ws4e_1\">279<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>4 Credit r<span class=\"__1 _201\"/>isk<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s exposu<span class=\"__1 _201\"/>re to credit r<span class=\"__1 _201\"/>isk pr<span class=\"__1 _201\"/>imaril<span class=\"__1 _201\"/>y aris<span class=\"__1 _201\"/>es from th<span class=\"__1 _201\"/>e annuit<span class=\"__1 _201\"/>y fu<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>, which h<span class=\"__1 _201\"/>old sub<span class=\"__1 _201\"/>stanti<span class=\"__1 _201\"/>al volum<span class=\"__1 _201\"/>es of pub<span class=\"__1 _201\"/>lic and p<span class=\"__1 _201\"/>rivate<span class=\"__1 _201\"/> fixed i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e investm<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>n which a c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain leve<span class=\"__1 _201\"/>l of defau<span class=\"__1 _201\"/>lts and d<span class=\"__1 _201\"/>owngr<span class=\"__1 _201\"/>ades a<span class=\"__1 _201\"/>re expec<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/>. The se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y of IFRS p<span class=\"__1 _201\"/>rofit af<span class=\"__1 _201\"/>ter<span class=\"__1 _201\"/> tax an<span class=\"__1 _201\"/>d IFRS s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 equit<span class=\"__1 _201\"/>y to a chan<span class=\"__1 _201\"/>ge in the cre<span class=\"__1 _201\"/>dit def<span class=\"__1 _201\"/>ault an<span class=\"__1 _201\"/>d down<span class=\"__1 _201\"/>grade a<span class=\"__1 _201\"/>llowan<span class=\"__1 _201\"/>ce withi<span class=\"__1 _201\"/>n the valuat<span class=\"__1 _201\"/>ion rate of intere<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/> of share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der<span class=\"__1 _200\"/>-bac<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed n<span class=\"__1 _201\"/>on-p<span class=\"__1 _201\"/>rofit an<span class=\"__1 _201\"/>nuities i<span class=\"__1 _201\"/>s shown i<span class=\"__1 _201\"/>n Note 33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Whil<span class=\"__1 _201\"/>e the with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts and u<span class=\"__1 _201\"/>nit<span class=\"__1 _200\"/>-linked f<span class=\"__1 _201\"/>unds have l<span class=\"__1 _201\"/>arge ho<span class=\"__1 _201\"/>lding<span class=\"__1 _201\"/>s of asse<span class=\"__1 _201\"/>ts subj<span class=\"__1 _201\"/>ect to cre<span class=\"__1 _201\"/>dit ri<span class=\"__1 _201\"/>sk, th<span class=\"__1 _201\"/>e shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r result<span class=\"__1 _201\"/>s of the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up are not dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y expos<span class=\"__1 _201\"/>ed to cred<span class=\"__1 _201\"/>it defau<span class=\"__1 _201\"/>lts on as<span class=\"__1 _201\"/>sets h<span class=\"__1 _201\"/>eld in th<span class=\"__1 _201\"/>ese co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ents of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. However, the shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r is<span class=\"__1 _32b\"> </span> indi<span class=\"__1 _201\"/>rectl<span class=\"__1 _201\"/>y expos<span class=\"__1 _201\"/>ed to cred<span class=\"__1 _201\"/>it risk f<span class=\"__1 _201\"/>rom thes<span class=\"__1 _201\"/>e comp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nts of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s in relatio<span class=\"__1 _201\"/>n to the future v<span class=\"__1 _201\"/>alue of sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder tr<span class=\"__1 _201\"/>ansf<span class=\"__1 _201\"/>ers from<span class=\"__1 _201\"/> with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s and cha<span class=\"__1 _201\"/>rges lev<span class=\"__1 _201\"/>ied o<span class=\"__1 _201\"/>n unit-linked and a<span class=\"__1 _201\"/>sset m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. The dire<span class=\"__1 _201\"/>ct ex<span class=\"__1 _201\"/>posure of t<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span> share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers\u2019 eq<span class=\"__1 _201\"/>uity to cre<span class=\"__1 _201\"/>dit def<span class=\"__1 _201\"/>ault r<span class=\"__1 _201\"/>isk in the \u201c<span class=\"__1 _201\"/>Othe<span class=\"__1 _201\"/>r\u201d com<span class=\"__1 _201\"/>pon<span class=\"__1 _201\"/>ent is sma<span class=\"__1 _201\"/>ll in the co<span class=\"__1 _201\"/>ntext of th<span class=\"__1 _201\"/>e Group.<span class=\"__1 _32b\"> </span>Credi<span class=\"__1 _201\"/>t risk is m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>d throug<span class=\"__1 _201\"/>h a robus<span class=\"__1 _201\"/>t credit a<span class=\"__1 _201\"/>nd cou<span class=\"__1 _201\"/>nterpar<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y fra<span class=\"__1 _201\"/>mewor<span class=\"__1 _201\"/>k which in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es: po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s, s<span class=\"__1 _201\"/>tandard<span class=\"__1 _201\"/>s, ap<span class=\"__1 _201\"/>petite<span class=\"__1 _201\"/> statem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, limit<span class=\"__1 _201\"/>s and tri<span class=\"__1 _201\"/>gger<span class=\"__1 _201\"/>s (incl<span class=\"__1 _201\"/>uding re<span class=\"__1 _201\"/>levant gove<span class=\"__1 _201\"/>rnan<span class=\"__1 _201\"/>ce and co<span class=\"__1 _201\"/>ntrols); inves<span class=\"__1 _201\"/>tment co<span class=\"__1 _201\"/>nstr<span class=\"__1 _201\"/>aints an<span class=\"__1 _201\"/>d limits o<span class=\"__1 _201\"/>n the as<span class=\"__1 _201\"/>set<span class=\"__1 _32b\"> </span> por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>os, in re<span class=\"__1 _201\"/>lation to cre<span class=\"__1 _201\"/>dit ratin<span class=\"__1 _201\"/>g, sen<span class=\"__1 _201\"/>iorit<span class=\"__1 _201\"/>y, sec<span class=\"__1 _201\"/>tor and is<span class=\"__1 _201\"/>suer, and counter<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s in par<span class=\"__1 _201\"/>ticul<span class=\"__1 _201\"/>ar for de<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>atives<span class=\"__1 _201\"/>, reinsu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span> cas<span class=\"__1 _201\"/>h; and a rob<span class=\"__1 _201\"/>ust cre<span class=\"__1 _201\"/>dit ratin<span class=\"__1 _201\"/>g proce<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>33.<span class=\"__1 _201\"/>4.<span class=\"__1 _200\"/>1 Financial assets<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>es prov<span class=\"__1 _201\"/>ide an an<span class=\"__1 _201\"/>alysi<span class=\"__1 _201\"/>s of the qual<span class=\"__1 _201\"/>ity of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al ass<span class=\"__1 _201\"/>ets whi<span class=\"__1 _201\"/>ch are expo<span class=\"__1 _201\"/>sed to cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k. Th<span class=\"__1 _201\"/>e finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/> bel<span class=\"__1 _201\"/>ow are anal<span class=\"__1 _201\"/>yse<span class=\"__1 _201\"/>d accord<span class=\"__1 _201\"/>ing to exte<span class=\"__1 _201\"/>rnal cre<span class=\"__1 _201\"/>dit ratin<span class=\"__1 _201\"/>gs iss<span class=\"__1 _201\"/>ued<span class=\"__1 _201\"/>, with eq<span class=\"__1 _201\"/>uival<span class=\"__1 _201\"/>ent ratin<span class=\"__1 _201\"/>gs issu<span class=\"__1 _201\"/>ed by di<span class=\"__1 _201\"/>fferent r<span class=\"__1 _201\"/>atings ag<span class=\"__1 _201\"/>enci<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> group<span class=\"__1 _201\"/>ed tog<span class=\"__1 _201\"/>ether<span class=\"__1 _200\"/>. As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span>AAA<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A<span class=\"__1 _201\"/>A+ to AA-<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A+ to A-<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>BBB+ t<span class=\"__1 _200\"/>o<span class=\"__1 _32b\"> </span> BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Below<span class=\"__1 _200\"/> BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _a4_1\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">38<span class=\"__1 _f4_1\"> </span><span class=\"ls27_1 ws27_1\">82<span class=\"__1 _c_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>0<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">155<span class=\"__1 _1d_1\"> </span><span class=\"ls10_1 wsf_1\">64<span class=\"__1 _4a_1\"> </span><span class=\"ls18_1 ws17_1\">1,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>61<span class=\"__1 _243\"> </span></span></span></span></span></span>2,340<span class=\"__1 _32b\"> </span></span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _423\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">224<span class=\"__1 _211\"> </span><span class=\"lsc_1 wsa_1\">1,06<span class=\"__1 _201\"/>0<span class=\"__1 _243\"> </span><span class=\"ls53_1 ws5b_1\">3,342<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>4<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _219\"> </span></span></span></span></span>96<span class=\"__1 _243\"> </span><span class=\"ls28_1 ws28_1\">4,884<span class=\"__1 _32b\"> </span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _366\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">6<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>51<span class=\"__1 _4c_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,632<span class=\"__1 _206\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>74<span class=\"__1 _206\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _204\"> </span><span class=\"ls22_1 ws21_1\">4<span class=\"__1 _201\"/>,377<span class=\"__1 _4c_1\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>24<span class=\"__1 _201\"/>0<span class=\"__1 _249\"> </span><span class=\"ls1c_1 ws43_1\">62<span class=\"__1 _201\"/>,821<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Deposits<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>11<span class=\"__1 _249\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>52<span class=\"__1 _243\"> </span><span class=\"ls1c_1 ws43_1\">3<span class=\"__1 _201\"/>,594<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>844<span class=\"__1 _4c_1\"> </span><span class=\"ls40_1 ws44_1\">21,<span class=\"__1 _201\"/>401<span class=\"__1 _32b\"> </span></span>Loa<span class=\"__1 _201\"/>ns held at f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>934<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">5<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">143<span class=\"__1 _239\"> </span><span class=\"ls2a_1 ws2a_1\">134<span class=\"__1 _4a_1\"> </span><span class=\"ls38_1 ws38_1\">1,<span class=\"__1 _201\"/>216<span class=\"__1 _32b\"> </span></span></span></span></span>Loa<span class=\"__1 _201\"/>ns held at a<span class=\"__1 _201\"/>mor<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cos<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>105<span class=\"__1 _253\"> </span><span class=\"ls40_1 ws44_1\">169<span class=\"__1 _223\"> </span><span class=\"ls1f_1 ws1e_1\">540<span class=\"__1 _243\"> </span><span class=\"ls22_1 ws21_1\">1,300<span class=\"__1 _7d_1\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span></span>Reinsurance assets<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _201\"/>47<span class=\"__1 _223\"> </span><span class=\"ls15_1 ws14_1\">666<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>272<span class=\"__1 _240\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _29b\"> </span><span class=\"ls2a_1 ws2a_1\">6,<span class=\"__1 _201\"/>913<span class=\"__1 _1c_1\"> </span><span class=\"lsc_1 wsa_1\">16<span class=\"__1 _201\"/>,032<span class=\"__1 _217\"> </span></span>31,<span class=\"__1 _201\"/>913<span class=\"__1 _249\"> </span><span class=\"ls32_1 ws33_1\">20,<span class=\"__1 _201\"/>215<span class=\"__1 _4a_1\"> </span><span class=\"ls24_1 ws23_1\">5<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>2<span class=\"__1 _248\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>7<span class=\"__1 _213\"> </span><span class=\"ls1c_1 ws43_1\">95,9<span class=\"__1 _201\"/>62<span class=\"__1 _32b\"> </span></span></span></span></span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span>AAA<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A<span class=\"__1 _201\"/>A+ to AA-<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A+ to A-<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>BBB+ t<span class=\"__1 _200\"/>o<span class=\"__1 _32b\"> </span> BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Below<span class=\"__1 _200\"/> BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _29c\"> </span><span class=\"ls3f_1 ws41_1\">72<span class=\"__1 _1d_1\"> </span><span class=\"ls28_1 ws28_1\">89<span class=\"__1 _239\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>8<span class=\"__1 _252\"> </span><span class=\"ls2a_1 ws2a_1\">1<span class=\"__1 _201\"/>97<span class=\"__1 _1d_1\"> </span><span class=\"ls5_1 ws1_1\">64<span class=\"__1 _214\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,087<span class=\"__1 _208\"> </span></span>2,64<span class=\"__1 _200\"/>7<span class=\"__1 _32b\"> </span></span></span></span></span></span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>840<span class=\"__1 _1d8_1\"> </span><span class=\"ls28_1 ws28_1\">5,396<span class=\"__1 _253\"> </span><span class=\"ls1c_1 ws43_1\">562<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _228\"> </span><span class=\"ls4d_1 ws54_1\">101<span class=\"__1 _243\"> </span><span class=\"ls3f_1 ws41_1\">6,908<span class=\"__1 _32b\"> </span></span></span></span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _f6_1\"> </span><span class=\"ls13_1 ws12_1\">7,<span class=\"__1 _e7_1\"/>8<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _217\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>,09<span class=\"__1 _201\"/>3<span class=\"__1 _248\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>3<span class=\"__1 _217\"> </span><span class=\"ls2a_1 ws2a_1\">19,05<span class=\"__1 _201\"/>8<span class=\"__1 _1d8_1\"> </span><span class=\"ls1f_1 ws1e_1\">6,589<span class=\"__1 _245\"> </span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>59<span class=\"__1 _245\"> </span><span class=\"lsc_1 wsa_1\">81,059<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Deposits<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>4,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>76<span class=\"__1 _4a_1\"> </span><span class=\"ls13_1 ws12_1\">7,<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>7<span class=\"__1 _208\"> </span><span class=\"lsd_1 wsb_1\">4,<span class=\"__1 _201\"/>278<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>2<span class=\"__1 _282\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span></span>Loa<span class=\"__1 _201\"/>ns held at f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue<span class=\"__1 _20e\"> </span><span class=\"lsd_1 wsb_1\">78<span class=\"__1 _201\"/>9<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>956<span class=\"__1 _1d_1\"> </span><span class=\"ls3f_1 ws41_1\">60<span class=\"__1 _1e_1\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _1d_1\"> </span><span class=\"ls27_1 ws27_1\">50<span class=\"__1 _237\"> </span><span class=\"ls30_1 ws30_1\">402<span class=\"__1 _208\"> </span><span class=\"ls32_1 ws33_1\">3,<span class=\"__1 _201\"/>275<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Loa<span class=\"__1 _201\"/>ns held at a<span class=\"__1 _201\"/>mor<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cos<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>69<span class=\"__1 _252\"> </span><span class=\"ls56_1 ws5f_1\">175<span class=\"__1 _2c_1\"> </span><span class=\"ls1c_1 ws43_1\">285<span class=\"__1 _211\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,005<span class=\"__1 _214\"> </span><span class=\"ls7f_1 ws93_1\">2,534<span class=\"__1 _32b\"> </span></span></span></span></span>Reinsurance assets<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>750<span class=\"__1 _345\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _250\"/>3)<span class=\"__1 _243\"> </span><span class=\"ls42_1 ws46_1\">1,053<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>(9<span class=\"__1 _201\"/>1)<span class=\"__1 _242\"> </span><span class=\"lsc_1 wsa_1\">1,66<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _29d\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">8<span class=\"__1 _201\"/>,71<span class=\"__1 _201\"/>8<span class=\"__1 _210\"> </span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>4<span class=\"__1 _245\"> </span><span class=\"ls13_1 ws12_1\">2<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>0<span class=\"__1 _286\"> </span><span class=\"ls4a_1 ws50_1\">2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>41<span class=\"__1 _208\"> </span><span class=\"ls7_1 ws5_1\">6,9<span class=\"__1 _201\"/>97<span class=\"__1 _213\"> </span><span class=\"ls10_1 wsf_1\">20,985<span class=\"__1 _327\"> </span><span class=\"ls11_1 ws10_1\">115<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>72<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>The c<span class=\"__1 _201\"/>redit rati<span class=\"__1 _201\"/>ngs<span class=\"__1 _201\"/>, inform<span class=\"__1 _201\"/>ation or d<span class=\"__1 _201\"/>ata contain<span class=\"__1 _201\"/>ed in thi<span class=\"__1 _201\"/>s repor<span class=\"__1 _201\"/>t w<span class=\"__1 _201\"/>hich are at<span class=\"__1 _201\"/>tribu<span class=\"__1 _201\"/>ted and s<span class=\"__1 _201\"/>peci<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>lly prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d by Standard &amp;<span class=\"__1 _201\"/> Poo<span class=\"__1 _201\"/>r\u2019s, M<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>y\u2019s and Fitch an<span class=\"__1 _201\"/>d their re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve affiliates a<span class=\"__1 _201\"/>nd supp<span class=\"__1 _201\"/>liers (\u201c<span class=\"__1 _201\"/>Content P<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>rs\u201d) is refe<span class=\"__1 _201\"/>rred to he<span class=\"__1 _201\"/>re as the \u201cC<span class=\"__1 _201\"/>ontent<span class=\"__1 _201\"/>\u201d<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> Repro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tion of a<span class=\"__1 _201\"/>ny content in any f<span class=\"__1 _201\"/>orm is pro<span class=\"__1 _201\"/>hibite<span class=\"__1 _201\"/>d except with th<span class=\"__1 _201\"/>e prio<span class=\"__1 _201\"/>r writ<span class=\"__1 _201\"/>ten pe<span class=\"__1 _201\"/>rmis<span class=\"__1 _201\"/>sion of th<span class=\"__1 _201\"/>e releva<span class=\"__1 _201\"/>nt par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The C<span class=\"__1 _201\"/>ontent<span class=\"__1 _201\"/> Provi<span class=\"__1 _201\"/>ders d<span class=\"__1 _201\"/>o not guar<span class=\"__1 _201\"/>antee the a<span class=\"__1 _201\"/>ccura<span class=\"__1 _201\"/>cy, adequa<span class=\"__1 _201\"/>cy, comple<span class=\"__1 _201\"/>tenes<span class=\"__1 _201\"/>s, tim<span class=\"__1 _201\"/>eline<span class=\"__1 _201\"/>ss or ava<span class=\"__1 _201\"/>ilabil<span class=\"__1 _201\"/>ity of a<span class=\"__1 _201\"/>ny Content a<span class=\"__1 _201\"/>nd are not<span class=\"__1 _201\"/> resp<span class=\"__1 _201\"/>onsib<span class=\"__1 _201\"/>le for a<span class=\"__1 _201\"/>ny error<span class=\"__1 _201\"/>s or omis<span class=\"__1 _201\"/>sion<span class=\"__1 _201\"/>s (neglig<span class=\"__1 _201\"/>ent or othe<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>wise), regard<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>s of the ca<span class=\"__1 _201\"/>use, or f<span class=\"__1 _201\"/>or the res<span class=\"__1 _201\"/>ults obt<span class=\"__1 _201\"/>ained f<span class=\"__1 _201\"/>rom the<span class=\"__1 _201\"/> use of s<span class=\"__1 _201\"/>uch Con<span class=\"__1 _201\"/>tent. Th<span class=\"__1 _201\"/>e Conten<span class=\"__1 _201\"/>t Provide<span class=\"__1 _201\"/>rs expre<span class=\"__1 _201\"/>ssl<span class=\"__1 _201\"/>y discl<span class=\"__1 _201\"/>aim liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y for any dam<span class=\"__1 _201\"/>ages<span class=\"__1 _201\"/>, cos<span class=\"__1 _201\"/>ts, ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es, l<span class=\"__1 _201\"/>egal f<span class=\"__1 _201\"/>ees<span class=\"__1 _201\"/>, or los<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/> (inc<span class=\"__1 _201\"/>luding l<span class=\"__1 _201\"/>ost in<span class=\"__1 _201\"/>come o<span class=\"__1 _201\"/>r los<span class=\"__1 _201\"/>t profit an<span class=\"__1 _201\"/>d opp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tunit<span class=\"__1 _201\"/>y cos<span class=\"__1 _201\"/>ts) in conne<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n with any us<span class=\"__1 _201\"/>e of the Co<span class=\"__1 _201\"/>ntent. A refe<span class=\"__1 _201\"/>rence to a pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cular<span class=\"__1 _201\"/> inves<span class=\"__1 _201\"/>tment o<span class=\"__1 _201\"/>r secur<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, a rating or a<span class=\"__1 _201\"/>ny obser<span class=\"__1 _250\"/>vation co<span class=\"__1 _201\"/>ncer<span class=\"__1 _201\"/>ning an i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent that is pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t of the Con<span class=\"__1 _201\"/>tent is not a re<span class=\"__1 _201\"/>comm<span class=\"__1 _201\"/>endatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> to buy, sell or h<span class=\"__1 _201\"/>old any s<span class=\"__1 _201\"/>uch inves<span class=\"__1 _201\"/>tment o<span class=\"__1 _201\"/>r secur<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, nor do<span class=\"__1 _201\"/>es it ad<span class=\"__1 _201\"/>dress th<span class=\"__1 _201\"/>e suita<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y of an inves<span class=\"__1 _201\"/>tment o<span class=\"__1 _201\"/>r sec<span class=\"__1 _201\"/>urit<span class=\"__1 _201\"/>y and sh<span class=\"__1 _201\"/>ould n<span class=\"__1 _201\"/>ot<span class=\"__1 _32b\"> </span> be rel<span class=\"__1 _201\"/>ied on a<span class=\"__1 _201\"/>s investm<span class=\"__1 _201\"/>ent ad<span class=\"__1 _201\"/>vice.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>280<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>In the ta<span class=\"__1 _201\"/>ble ab<span class=\"__1 _201\"/>ove, A<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>A is the hig<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>t pos<span class=\"__1 _201\"/>sible r<span class=\"__1 _201\"/>ating. I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent gra<span class=\"__1 _201\"/>de finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets are c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d within th<span class=\"__1 _201\"/>e rang<span class=\"__1 _201\"/>e of AA<span class=\"__1 _201\"/>A to<span class=\"__1 _201\"/> BBB r<span class=\"__1 _201\"/>atings<span class=\"__1 _201\"/>. Finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets w<span class=\"__1 _201\"/>hich fa<span class=\"__1 _201\"/>ll outs<span class=\"__1 _201\"/>ide this r<span class=\"__1 _201\"/>ange are c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as bel<span class=\"__1 _201\"/>ow BBB<span class=\"__1 _201\"/>- and are n<span class=\"__1 _201\"/>on-i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent gra<span class=\"__1 _201\"/>de.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup is ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to the ris<span class=\"__1 _201\"/>k of counter<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y defa<span class=\"__1 _201\"/>ult on it<span class=\"__1 _201\"/>s reinsur<span class=\"__1 _201\"/>ance as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group ev<span class=\"__1 _201\"/>aluates th<span class=\"__1 _201\"/>e financ<span class=\"__1 _201\"/>ial con<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/> of its rei<span class=\"__1 _201\"/>nsurer<span class=\"__1 _201\"/>s and mo<span class=\"__1 _201\"/>nitors co<span class=\"__1 _201\"/>ncentr<span class=\"__1 _201\"/>ation of cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k to minimi<span class=\"__1 _201\"/>se its exp<span class=\"__1 _201\"/>osure fro<span class=\"__1 _201\"/>m reinsu<span class=\"__1 _201\"/>rer inso<span class=\"__1 _201\"/>lvenc<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>. The sp<span class=\"__1 _201\"/>lit of the<span class=\"__1 _201\"/> reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e asse<span class=\"__1 _201\"/>t by credit r<span class=\"__1 _201\"/>ating is sh<span class=\"__1 _201\"/>own above<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Of th<span class=\"__1 _201\"/>e total loa<span class=\"__1 _201\"/>ns and ac<span class=\"__1 _201\"/>crue<span class=\"__1 _201\"/>d invest<span class=\"__1 _201\"/>ment in<span class=\"__1 _201\"/>come &amp; oth<span class=\"__1 _201\"/>er debto<span class=\"__1 _201\"/>rs hel<span class=\"__1 _201\"/>d as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, \u00a3<span class=\"__1 _201\"/>31m (2021: \u00a364<span class=\"__1 _201\"/>m) were pas<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> their d<span class=\"__1 _201\"/>ue date but we<span class=\"__1 _201\"/>re not imp<span class=\"__1 _201\"/>aired<span class=\"__1 _201\"/>. Of the tota<span class=\"__1 _201\"/>l past d<span class=\"__1 _201\"/>ue but n<span class=\"__1 _201\"/>ot impaire<span class=\"__1 _201\"/>d, all w<span class=\"__1 _201\"/>ere les<span class=\"__1 _201\"/>s than on<span class=\"__1 _201\"/>e year pas<span class=\"__1 _201\"/>t thei<span class=\"__1 _201\"/>r due date.<span class=\"__1 _201\"/> The G<span class=\"__1 _201\"/>roup exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts full re<span class=\"__1 _201\"/>cover<span class=\"__1 _201\"/>y of th<span class=\"__1 _201\"/>ese lo<span class=\"__1 _201\"/>ans an<span class=\"__1 _201\"/>d accru<span class=\"__1 _201\"/>ed inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t incom<span class=\"__1 _201\"/>e &amp; other d<span class=\"__1 _201\"/>ebtors<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Loa<span class=\"__1 _201\"/>ns that were im<span class=\"__1 _201\"/>paired a<span class=\"__1 _201\"/>re not sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant to the G<span class=\"__1 _201\"/>roup. Fur<span class=\"__1 _201\"/>ther in<span class=\"__1 _201\"/>formati<span class=\"__1 _201\"/>on on the l<span class=\"__1 _201\"/>oans p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio is prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d in Note 18<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Deb<span class=\"__1 _201\"/>t secur<span class=\"__1 _201\"/>ities w<span class=\"__1 _201\"/>ith no ex<span class=\"__1 _201\"/>ternal c<span class=\"__1 _201\"/>redit rat<span class=\"__1 _201\"/>ing are cla<span class=\"__1 _201\"/>ssifi<span class=\"__1 _201\"/>ed as \u201coth<span class=\"__1 _201\"/>er\u201d. The foll<span class=\"__1 _201\"/>owing ta<span class=\"__1 _201\"/>ble sh<span class=\"__1 _201\"/>ows the ma<span class=\"__1 _201\"/>jorit<span class=\"__1 _201\"/>y of de<span class=\"__1 _201\"/>bt sec<span class=\"__1 _201\"/>uritie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> show<span class=\"__1 _201\"/>n as \u201cother<span class=\"__1 _201\"/>\u201d are allo<span class=\"__1 _201\"/>cated a<span class=\"__1 _201\"/>n interna<span class=\"__1 _201\"/>l rating an<span class=\"__1 _201\"/>d are cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d to be of inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t grade q<span class=\"__1 _201\"/>ualit<span class=\"__1 _201\"/>y:<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>AAA<span class=\"__1 _21c\"> </span><span class=\"ff1_1 ls1a_1 ws19_1\">43<span class=\"__1 _232\"> </span></span><span class=\"ls7f_1 ws93_1\">53<span class=\"__1 _32b\"> </span></span>A<span class=\"__1 _201\"/>A+ t<span class=\"__1 _200\"/>o A<span class=\"__1 _201\"/>A-<span class=\"__1 _7e_1\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">1,548<span class=\"__1 _4a_1\"> </span></span><span class=\"lsc_1 wsa_1\">3,3<span class=\"__1 _201\"/>26<span class=\"__1 _32b\"> </span></span>A+ t<span class=\"__1 _200\"/>o A-<span class=\"__1 _29e\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">3,844<span class=\"__1 _240\"> </span></span><span class=\"ls4d_1 ws54_1\">5,<span class=\"__1 _201\"/>301<span class=\"__1 _32b\"> </span></span>BBB+ t<span class=\"__1 _200\"/>o BBB-<span class=\"__1 _29f\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">1,845<span class=\"__1 _7d_1\"> </span></span><span class=\"ls4d_1 ws54_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>215<span class=\"__1 _32b\"> </span></span>Below BBB-<span class=\"__1 _2a0\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">786<span class=\"__1 _2c_1\"> </span></span><span class=\"ls38_1 ws38_1\">859<span class=\"__1 _32b\"> </span></span>Un<span class=\"__1 _201\"/>rate<span class=\"__1 _201\"/>d<span class=\"__1 _2a1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>4<span class=\"__1 _208\"> </span></span><span class=\"ls40_1 ws44_1\">3,605<span class=\"__1 _32b\"> </span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _23e\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>40<span class=\"__1 _1cf_1\"> </span><span class=\"ff2_1 ls4d_1 ws54_1\">15<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>59<span class=\"__1 _32b\"> </span></span></span>33.<span class=\"__1 _201\"/>4.<span class=\"__1 _201\"/>2 Debt securiti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> The t<span class=\"__1 _201\"/>able b<span class=\"__1 _201\"/>elow pre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s debt s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities by as<span class=\"__1 _201\"/>set c<span class=\"__1 _201\"/>ategor<span class=\"__1 _201\"/>y a<span class=\"__1 _201\"/>nd exte<span class=\"__1 _201\"/>rnal cre<span class=\"__1 _201\"/>dit ratin<span class=\"__1 _201\"/>g issu<span class=\"__1 _201\"/>ed for e<span class=\"__1 _201\"/>ach com<span class=\"__1 _201\"/>pone<span class=\"__1 _201\"/>nt of<span class=\"__1 _32b\"> </span> busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s as set ou<span class=\"__1 _201\"/>t in Note 33<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1.<span class=\"__1 _32b\"> </span> As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span>AAA<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A<span class=\"__1 _201\"/>A+ to AA-<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A+ to A-<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>BBB+ t<span class=\"__1 _200\"/>o<span class=\"__1 _32b\"> </span> BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Below<span class=\"__1 _200\"/> BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt soverei<span class=\"__1 _201\"/>gn debt<span class=\"__1 _394\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">4,<span class=\"__1 _201\"/>325<span class=\"__1 _4a_1\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>41<span class=\"__1 _4a_1\"> </span><span class=\"ls22_1 ws21_1\">1,379<span class=\"__1 _208\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>4<span class=\"__1 _204\"> </span><span class=\"lsc_1 wsa_1\">1,0<span class=\"__1 _201\"/>62<span class=\"__1 _239\"> </span><span class=\"ls38_1 ws38_1\">187<span class=\"__1 _249\"> </span><span class=\"ls33_1 ws34_1\">1<span class=\"__1 _201\"/>6,7<span class=\"__1 _201\"/>88<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>With-profits<span class=\"__1 _c8_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">3<span class=\"__1 _201\"/>,382<span class=\"__1 _243\"> </span><span class=\"ls19_1 ws18_1\">4<span class=\"__1 _201\"/>,633<span class=\"__1 _208\"> </span><span class=\"ls32_1 ws33_1\">1,<span class=\"__1 _201\"/>297<span class=\"__1 _204\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _204\"> </span><span class=\"lsc_1 wsa_1\">1,058<span class=\"__1 _239\"> </span><span class=\"ls38_1 ws38_1\">187<span class=\"__1 _249\"> </span></span></span></span>12<span class=\"__1 _201\"/>,663<span class=\"__1 _32b\"> </span></span></span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _412\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">211<span class=\"__1 _c_1\"> </span><span class=\"ls15_1 ws14_1\">923<span class=\"__1 _271\"> </span><span class=\"ls19_1 ws18_1\">81<span class=\"__1 _1d_1\"> </span><span class=\"lsb_1 ws32_1\">58<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,273<span class=\"__1 _32b\"> </span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _15f_1\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">671<span class=\"__1 _208\"> </span><span class=\"ls32_1 ws33_1\">1,<span class=\"__1 _201\"/>497<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>26<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>4<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _1b3_1\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">61<span class=\"__1 _237\"> </span><span class=\"lsb_1 ws32_1\">588<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>658<span class=\"__1 _32b\"> </span>Qua<span class=\"__1 _201\"/>si-s<span class=\"__1 _201\"/>overeign an<span class=\"__1 _201\"/>d publ<span class=\"__1 _201\"/>ic sec<span class=\"__1 _201\"/>tor de<span class=\"__1 _201\"/>bt<span class=\"__1 _bd_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">329<span class=\"__1 _243\"> </span><span class=\"ls15_1 ws14_1\">1,<span class=\"__1 _201\"/>800<span class=\"__1 _237\"> </span></span>328<span class=\"__1 _231\"> </span><span class=\"ls4d_1 ws54_1\">175<span class=\"__1 _1e_1\"> </span><span class=\"lsd_1 wsb_1\">21<span class=\"__1 _223\"> </span><span class=\"ls30_1 ws30_1\">305<span class=\"__1 _243\"> </span></span>2<span class=\"__1 _201\"/>,958<span class=\"__1 _32b\"> </span></span></span></span>With-profits<span class=\"__1 _b5_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">257<span class=\"__1 _237\"> </span><span class=\"ls28_1 ws28_1\">94<span class=\"__1 _201\"/>2<span class=\"__1 _223\"> </span><span class=\"lsd_1 wsb_1\">250<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">17<span class=\"__1 _201\"/>2<span class=\"__1 _1e_1\"> </span></span>21<span class=\"__1 _239\"> </span><span class=\"ls18_1 ws17_1\">261<span class=\"__1 _214\"> </span></span></span></span>1,<span class=\"__1 _201\"/>903<span class=\"__1 _32b\"> </span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _2a2\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">34<span class=\"__1 _1d_1\"> </span><span class=\"ls1f_1 ws1e_1\">83<span class=\"__1 _232\"> </span><span class=\"ls32_1 ws33_1\">15<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _239\"> </span><span class=\"ls2a_1 ws2a_1\">137<span class=\"__1 _32b\"> </span></span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _408\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">38<span class=\"__1 _2c_1\"> </span><span class=\"ls6_1 ws52_1\">7<span class=\"__1 _201\"/>75<span class=\"__1 _1d_1\"> </span><span class=\"ls28_1 ws28_1\">63<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>42<span class=\"__1 _253\"> </span><span class=\"ls38_1 ws38_1\">918<span class=\"__1 _32b\"> </span></span>Corporate deb<span class=\"__1 _200\"/>t<span class=\"__1 _2a3\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">1,368<span class=\"__1 _211\"> </span><span class=\"ls40_1 ws44_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>952<span class=\"__1 _211\"> </span><span class=\"ls32_1 ws33_1\">9,623<span class=\"__1 _245\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _201\"/>,5<span class=\"__1 _201\"/>27<span class=\"__1 _243\"> </span><span class=\"lsd_1 wsb_1\">3,250<span class=\"__1 _211\"> </span></span></span>9,<span class=\"__1 _201\"/>23<span class=\"__1 _201\"/>5<span class=\"__1 _290\"> </span>39,95<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span>With-profits<span class=\"__1 _293\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">760<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">1<span class=\"__1 _201\"/>,812<span class=\"__1 _240\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>1<span class=\"__1 _1c_1\"> </span><span class=\"ls19_1 ws18_1\">10,<span class=\"__1 _201\"/>33<span class=\"__1 _201\"/>3<span class=\"__1 _243\"> </span>2<span class=\"__1 _201\"/>,695<span class=\"__1 _243\"> </span><span class=\"lsc_1 wsa_1\">5<span class=\"__1 _201\"/>,032<span class=\"__1 _249\"> </span></span></span>2<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _1b4_1\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">87<span class=\"__1 _253\"> </span><span class=\"ls38_1 ws38_1\">180<span class=\"__1 _2c_1\"> </span><span class=\"lsf_1 wsd_1\">772<span class=\"__1 _208\"> </span><span class=\"ls1b_1 ws1a_1\">1<span class=\"__1 _201\"/>,47<span class=\"__1 _201\"/>3<span class=\"__1 _c_1\"> </span><span class=\"ls27_1 ws27_1\">382<span class=\"__1 _1d_1\"> </span><span class=\"ls3f_1 ws41_1\">53<span class=\"__1 _214\"> </span></span></span>2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>947<span class=\"__1 _32b\"> </span></span></span></span></span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _b3_1\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">326<span class=\"__1 _237\"> </span><span class=\"lsc_1 wsa_1\">8<span class=\"__1 _201\"/>70<span class=\"__1 _204\"> </span><span class=\"ls28_1 ws28_1\">1,542<span class=\"__1 _204\"> </span><span class=\"ls19_1 ws18_1\">1,68<span class=\"__1 _201\"/>7<span class=\"__1 _253\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>8<span class=\"__1 _204\"> </span><span class=\"ls24_1 ws23_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>0<span class=\"__1 _208\"> </span><span class=\"ls33_1 ws34_1\">8,7<span class=\"__1 _201\"/>23<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _22c\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">195<span class=\"__1 _219\"> </span><span class=\"lsb_1 ws32_1\">90<span class=\"__1 _1d_1\"> </span>58<span class=\"__1 _1d_1\"> </span><span class=\"ls53_1 ws5b_1\">34<span class=\"__1 _1d_1\"> </span><span class=\"ls3f_1 ws41_1\">25<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>402<span class=\"__1 _32b\"> </span>Asset<span class=\"__1 _200\"/>-back<span class=\"__1 _200\"/>ed securi<span class=\"__1 _200\"/>ties<span class=\"__1 _2a4\"> </span><span class=\"ff1_1 ls1c_1 ws43_1\">629<span class=\"__1 _237\"> </span><span class=\"ls22_1 ws21_1\">239<span class=\"__1 _237\"> </span><span class=\"ls34_1 ws35_1\">444<span class=\"__1 _239\"> </span><span class=\"ls3c_1 ws3d_1\">251<span class=\"__1 _f4_1\"> </span></span>44<span class=\"__1 _4a_1\"> </span><span class=\"ls3c_1 ws3d_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>3<span class=\"__1 _208\"> </span><span class=\"ls24_1 ws23_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span></span></span></span>With-profits<span class=\"__1 _293\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">398<span class=\"__1 _253\"> </span><span class=\"ls32_1 ws33_1\">158<span class=\"__1 _237\"> </span><span class=\"ls30_1 ws30_1\">208<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">144<span class=\"__1 _f4_1\"> </span><span class=\"ls34_1 ws35_1\">44<span class=\"__1 _1d8_1\"> </span></span></span></span></span>1,3<span class=\"__1 _201\"/>89<span class=\"__1 _204\"> </span><span class=\"ls17_1 ws16_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>41<span class=\"__1 _32b\"> </span></span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _1bf_1\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">30<span class=\"__1 _271\"> </span><span class=\"lsd_1 wsb_1\">21<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _271\"> </span></span></span></span><span class=\"ff1_1\">31<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>9<span class=\"__1 _c_1\"> </span><span class=\"ls19_1 ws18_1\">109<span class=\"__1 _32b\"> </span></span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _408\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">95<span class=\"__1 _219\"> </span><span class=\"ls30_1 ws30_1\">60<span class=\"__1 _2c_1\"> </span><span class=\"ls38_1 ws38_1\">218<span class=\"__1 _232\"> </span><span class=\"ls7_1 ws5_1\">76<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>115<span class=\"__1 _237\"> </span><span class=\"lsd_1 wsb_1\">56<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _2a5\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">106<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>106<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> debt securi<span class=\"__1 _200\"/>ties<span class=\"__1 _2a6\"> </span><span class=\"ls3c_1 ws3d_1\">6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>651<span class=\"__1 _4c_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,63<span class=\"__1 _201\"/>2<span class=\"__1 _248\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>74<span class=\"__1 _206\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _204\"> </span><span class=\"ls22_1 ws21_1\">4<span class=\"__1 _201\"/>,37<span class=\"__1 _201\"/>7<span class=\"__1 _249\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _1c_1\"> </span><span class=\"ls1c_1 ws43_1\">62<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>821<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>With-profits<span class=\"__1 _20c\"> </span><span class=\"ls33_1 ws34_1\">4<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>97<span class=\"__1 _204\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>5<span class=\"__1 _242\"> </span><span class=\"ls3f_1 ws41_1\">9,006<span class=\"__1 _245\"> </span></span></span>12<span class=\"__1 _201\"/>,75<span class=\"__1 _201\"/>5<span class=\"__1 _214\"> </span><span class=\"ls19_1 ws18_1\">3,<span class=\"__1 _201\"/>818<span class=\"__1 _243\"> </span><span class=\"ls40_1 ws44_1\">6,869<span class=\"__1 _290\"> </span></span></span>4<span class=\"__1 _201\"/>4,7<span class=\"__1 _201\"/>90<span class=\"__1 _32b\"> </span></span>Unit-link<span class=\"__1 _200\"/>ed<span class=\"__1 _364\"> </span><span class=\"ls1c_1 ws43_1\">362<span class=\"__1 _204\"> </span><span class=\"ls7_1 ws5_1\">1,<span class=\"__1 _201\"/>207<span class=\"__1 _223\"> </span><span class=\"ls15_1 ws14_1\">886<span class=\"__1 _204\"> </span><span class=\"lsd_1 wsb_1\">1,565<span class=\"__1 _237\"> </span><span class=\"ls27_1 ws27_1\">382<span class=\"__1 _1d_1\"> </span><span class=\"ls10_1 wsf_1\">64<span class=\"__1 _242\"> </span></span></span></span>4<span class=\"__1 _201\"/>,466<span class=\"__1 _32b\"> </span></span></span></span>Annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _2a7\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>0<span class=\"__1 _211\"> </span><span class=\"ls30_1 ws30_1\">3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>202<span class=\"__1 _214\"> </span><span class=\"ls27_1 ws27_1\">1,<span class=\"__1 _201\"/>823<span class=\"__1 _208\"> </span><span class=\"ls33_1 ws34_1\">1,78<span class=\"__1 _201\"/>9<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">148<span class=\"__1 _211\"> </span><span class=\"ls7_1 ws5_1\">4<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>07<span class=\"__1 _1c_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,399<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Other<span class=\"__1 _16d_1\"> </span><span class=\"ls1c_1 ws43_1\">362<span class=\"__1 _237\"> </span><span class=\"ls27_1 ws27_1\">678<span class=\"__1 _1d_1\"> </span></span>59<span class=\"__1 _1d_1\"> </span><span class=\"ls1f_1 ws1e_1\">38<span class=\"__1 _1d_1\"> </span><span class=\"ls22_1 ws21_1\">29<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span>i De<span class=\"__1 _201\"/>bt se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s with n<span class=\"__1 _201\"/>o exte<span class=\"__1 _201\"/>rn<span class=\"__1 _201\"/>al cre<span class=\"__1 _201\"/>dit ra<span class=\"__1 _201\"/>ting a<span class=\"__1 _201\"/>re clas<span class=\"__1 _201\"/>si<span class=\"__1 _201\"/>fie<span class=\"__1 _201\"/>d as \u201cO<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r\u201d<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls3_1 ws3_1\">281<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span>AAA<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A<span class=\"__1 _201\"/>A+ to AA-<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A+ to A-<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>BBB+ t<span class=\"__1 _200\"/>o<span class=\"__1 _32b\"> </span> BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Below<span class=\"__1 _200\"/> BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt soverei<span class=\"__1 _201\"/>gn debt<span class=\"__1 _394\"> </span><span class=\"ls42_1 ws46_1\">4,0<span class=\"__1 _201\"/>98<span class=\"__1 _248\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>9<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,3<span class=\"__1 _201\"/>82<span class=\"__1 _240\"> </span>1,<span class=\"__1 _201\"/>226<span class=\"__1 _5d_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _c_1\"> </span><span class=\"ls53_1 ws5b_1\">340<span class=\"__1 _4c_1\"> </span><span class=\"ls2a_1 ws2a_1\">19,4<span class=\"__1 _201\"/>80<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>With-profits<span class=\"__1 _2a8\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">2<span class=\"__1 _201\"/>,70<span class=\"__1 _201\"/>9<span class=\"__1 _240\"> </span><span class=\"ls74_1 ws89_1\">6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>51<span class=\"__1 _220\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>7<span class=\"__1 _272\"> </span>1<span class=\"__1 _250\"/>,11<span class=\"__1 _201\"/>0<span class=\"__1 _5d_1\"> </span>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _252\"> </span><span class=\"ls4d_1 ws54_1\">201<span class=\"__1 _286\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>973<span class=\"__1 _32b\"> </span></span></span></span></span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _1c5_1\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">24<span class=\"__1 _201\"/>5<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,8<span class=\"__1 _201\"/>58<span class=\"__1 _239\"> </span></span>16<span class=\"__1 _201\"/>4<span class=\"__1 _271\"> </span><span class=\"ls23_1 ws22_1\">76<span class=\"__1 _232\"> </span><span class=\"lsc_1 wsa_1\">26<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _208\"> </span><span class=\"lsd_1 wsb_1\">2,<span class=\"__1 _201\"/>372<span class=\"__1 _32b\"> </span></span></span></span></span></span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _417\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _204\"> </span><span class=\"ls42_1 ws46_1\">2,0<span class=\"__1 _201\"/>93<span class=\"__1 _230\"> </span><span class=\"ls40_1 ws44_1\">21<span class=\"__1 _f4_1\"> </span><span class=\"ls5_1 ws1_1\">38<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>136<span class=\"__1 _204\"> </span><span class=\"ls15_1 ws14_1\">3,3<span class=\"__1 _201\"/>93<span class=\"__1 _32b\"> </span></span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _2a9\"> </span><span class=\"ff2_1 ls28_1 ws28_1\">39<span class=\"__1 _253\"> </span><span class=\"ls7_1 ws5_1\">697<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>74<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>Qua<span class=\"__1 _201\"/>si-s<span class=\"__1 _201\"/>overeign an<span class=\"__1 _201\"/>d publ<span class=\"__1 _201\"/>ic sec<span class=\"__1 _201\"/>tor de<span class=\"__1 _201\"/>bt<span class=\"__1 _bd_1\"> </span><span class=\"ls27_1 ws27_1\">509<span class=\"__1 _1d8_1\"> </span><span class=\"ls40_1 ws44_1\">2,60<span class=\"__1 _201\"/>5<span class=\"__1 _c_1\"> </span><span class=\"ls1f_1 ws1e_1\">358<span class=\"__1 _e_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>2<span class=\"__1 _271\"> </span><span class=\"ls45_1 ws49_1\">47<span class=\"__1 _252\"> </span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _201\"/>8<span class=\"__1 _14d_1\"> </span><span class=\"ls43_1 ws47_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>With-profits<span class=\"__1 _368\"> </span><span class=\"ff2_1 ls7_1 ws5_1\">297<span class=\"__1 _5d_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>7<span class=\"__1 _2c_1\"> </span></span></span><span class=\"ff2_1\">328<span class=\"__1 _345\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>0<span class=\"__1 _264\"> </span><span class=\"ls4a_1 ws50_1\">41<span class=\"__1 _c_1\"> </span><span class=\"ls7f_1 ws93_1\">464<span class=\"__1 _204\"> </span><span class=\"lsd_1 wsb_1\">2,4<span class=\"__1 _201\"/>37<span class=\"__1 _32b\"> </span></span></span></span></span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _2a2\"> </span><span class=\"ff2_1 ls47_1 ws4d_1\">45<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _201\"/>6<span class=\"__1 _230\"> </span><span class=\"ls40_1 ws44_1\">21<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">2<span class=\"__1 _8d_1\"> </span>6<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _253\"> </span><span class=\"ls27_1 ws27_1\">234<span class=\"__1 _32b\"> </span></span></span></span></span></span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _b7_1\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">16<span class=\"__1 _201\"/>7<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>252<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>50<span class=\"__1 _240\"> </span><span class=\"ls45_1 ws49_1\">1,<span class=\"__1 _201\"/>478<span class=\"__1 _32b\"> </span></span>Corporate deb<span class=\"__1 _200\"/>t<span class=\"__1 _2aa\"> </span><span class=\"lsc_1 wsa_1\">1,93<span class=\"__1 _201\"/>8<span class=\"__1 _214\"> </span><span class=\"ls32_1 ws33_1\">3,<span class=\"__1 _201\"/>842<span class=\"__1 _204\"> </span><span class=\"ls74_1 ws89_1\">11<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>51<span class=\"__1 _1cf_1\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>0<span class=\"__1 _208\"> </span><span class=\"ls3a_1 ws3b_1\">5,353<span class=\"__1 _248\"> </span><span class=\"ls45_1 ws49_1\">13<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>314<span class=\"__1 _18a_1\"> </span><span class=\"ls40_1 ws44_1\">5<span class=\"__1 _201\"/>3,6<span class=\"__1 _201\"/>48<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>With-profits<span class=\"__1 _455\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>29<span class=\"__1 _201\"/>6<span class=\"__1 _1d8_1\"> </span><span class=\"ls32_1 ws33_1\">2,<span class=\"__1 _201\"/>208<span class=\"__1 _1d8_1\"> </span><span class=\"ls5_1 ws1_1\">8,543<span class=\"__1 _210\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>376<span class=\"__1 _240\"> </span><span class=\"ls74_1 ws89_1\">4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>51<span class=\"__1 _14d_1\"> </span><span class=\"ls3d_1 ws3f_1\">6<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>7<span class=\"__1 _286\"> </span><span class=\"ls40_1 ws44_1\">36,<span class=\"__1 _201\"/>821<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _412\"> </span><span class=\"ff2_1 ls4d_1 ws54_1\">157<span class=\"__1 _253\"> </span><span class=\"ls27_1 ws27_1\">23<span class=\"__1 _201\"/>3<span class=\"__1 _1b5_1\"> </span><span class=\"ls56_1 ws5f_1\">1<span class=\"__1 _201\"/>,017<span class=\"__1 _14d_1\"> </span><span class=\"ls8_1 ws6_1\">1,7<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>8<span class=\"__1 _252\"> </span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _201\"/>9<span class=\"__1 _229\"> </span>51<span class=\"__1 _4a_1\"> </span></span>3<span class=\"__1 _201\"/>,76<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _a2_1\"> </span><span class=\"ff2_1 ls56_1 ws5f_1\">317<span class=\"__1 _240\"> </span><span class=\"ls23_1 ws22_1\">1,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>07<span class=\"__1 _214\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,087<span class=\"__1 _208\"> </span><span class=\"ls22_1 ws21_1\">2,<span class=\"__1 _201\"/>279<span class=\"__1 _252\"> </span><span class=\"ls4d_1 ws54_1\">157<span class=\"__1 _240\"> </span><span class=\"ls74_1 ws89_1\">6<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>51<span class=\"__1 _201\"/>5<span class=\"__1 _210\"> </span><span class=\"lse_1 wsc_1\">1<span class=\"__1 _201\"/>2,<span class=\"__1 _201\"/>662<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _324\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">168<span class=\"__1 _1d_1\"> </span><span class=\"ls3a_1 ws3b_1\">94<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">104<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _232\"> </span><span class=\"lsc_1 wsa_1\">26<span class=\"__1 _353\"> </span></span>1<span class=\"__1 _270\"> </span><span class=\"ls28_1 ws28_1\">400<span class=\"__1 _32b\"> </span></span></span></span></span></span>Asset<span class=\"__1 _200\"/>-back<span class=\"__1 _200\"/>ed securi<span class=\"__1 _200\"/>ties<span class=\"__1 _294\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>312<span class=\"__1 _2c_1\"> </span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>47<span class=\"__1 _252\"> </span><span class=\"lse_1 wsc_1\">612<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">270<span class=\"__1 _f4_1\"> </span><span class=\"ls5_1 ws1_1\">54<span class=\"__1 _5d_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>7<span class=\"__1 _240\"> </span><span class=\"ls8_1 ws6_1\">3<span class=\"__1 _201\"/>,78<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>With-profits<span class=\"__1 _368\"> </span><span class=\"ff2_1 ls7_1 ws5_1\">972<span class=\"__1 _253\"> </span></span><span class=\"ff2_1\">228<span class=\"__1 _253\"> </span><span class=\"ls27_1 ws27_1\">299<span class=\"__1 _252\"> </span><span class=\"ls45_1 ws49_1\">142<span class=\"__1 _232\"> </span><span class=\"ls7f_1 ws93_1\">53<span class=\"__1 _208\"> </span><span class=\"ls42_1 ws46_1\">1,039<span class=\"__1 _4a_1\"> </span><span class=\"ls8_1 ws6_1\">2<span class=\"__1 _201\"/>,73<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _2a2\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">38<span class=\"__1 _232\"> </span><span class=\"ls10_1 wsf_1\">22<span class=\"__1 _1e_1\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _f4_1\"> </span></span></span>38<span class=\"__1 _353\"> </span>1<span class=\"__1 _288\"> </span><span class=\"ls11_1 ws10_1\">1<span class=\"__1 _201\"/>1<span class=\"__1 _252\"> </span><span class=\"lse_1 wsc_1\">128<span class=\"__1 _32b\"> </span></span></span></span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _1fe\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">114<span class=\"__1 _271\"> </span><span class=\"ls7_1 ws5_1\">97<span class=\"__1 _253\"> </span><span class=\"ls27_1 ws27_1\">29<span class=\"__1 _201\"/>5<span class=\"__1 _219\"> </span><span class=\"lsf_1 wsd_1\">90<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>137<span class=\"__1 _239\"> </span><span class=\"lsb_1 ws32_1\">733<span class=\"__1 _32b\"> </span></span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _2ab\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">188<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>188<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> debt securi<span class=\"__1 _200\"/>ties<span class=\"__1 _20e\"> </span><span class=\"ff2_1 ls13_1 ws12_1\">7,<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>7<span class=\"__1 _217\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>,093<span class=\"__1 _206\"> </span><span class=\"ls43_1 ws47_1\">14<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>3<span class=\"__1 _245\"> </span><span class=\"ls2a_1 ws2a_1\">19<span class=\"__1 _201\"/>,058<span class=\"__1 _1d8_1\"> </span><span class=\"ls1f_1 ws1e_1\">6,589<span class=\"__1 _217\"> </span><span class=\"ls4d_1 ws54_1\">15,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>59<span class=\"__1 _245\"> </span><span class=\"lsc_1 wsa_1\">81,059<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>With-profits<span class=\"__1 _366\"> </span><span class=\"ff2_1 ls3d_1 ws3f_1\">5<span class=\"__1 _250\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>74<span class=\"__1 _217\"> </span><span class=\"ls4d_1 ws54_1\">10,<span class=\"__1 _201\"/>28<span class=\"__1 _201\"/>4<span class=\"__1 _217\"> </span>10,<span class=\"__1 _201\"/>36<span class=\"__1 _201\"/>7<span class=\"__1 _286\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _200\"/>4,<span class=\"__1 _200\"/>738<span class=\"__1 _243\"> </span><span class=\"ls27_1 ws27_1\">5,850<span class=\"__1 _4a_1\"> </span><span class=\"ls74_1 ws89_1\">8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>51<span class=\"__1 _18a_1\"> </span></span></span>54,964<span class=\"__1 _32b\"> </span></span></span></span>Unit-link<span class=\"__1 _200\"/>ed<span class=\"__1 _364\"> </span><span class=\"ff2_1 ls10_1 wsf_1\">485<span class=\"__1 _1d8_1\"> </span><span class=\"lsc_1 wsa_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>269<span class=\"__1 _4a_1\"> </span>1,2<span class=\"__1 _201\"/>20<span class=\"__1 _204\"> </span>1,9<span class=\"__1 _201\"/>04<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">552<span class=\"__1 _1d_1\"> </span><span class=\"ls22_1 ws21_1\">69<span class=\"__1 _1d8_1\"> </span><span class=\"ls1f_1 ws1e_1\">6,499<span class=\"__1 _32b\"> </span></span></span></span></span></span>Annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _464\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">1,7<span class=\"__1 _201\"/>03<span class=\"__1 _4a_1\"> </span><span class=\"ls3d_1 ws3f_1\">4<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>9<span class=\"__1 _7d_1\"> </span><span class=\"ls4a_1 ws50_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>2<span class=\"__1 _204\"> </span><span class=\"ls23_1 ws22_1\">2<span class=\"__1 _201\"/>,4<span class=\"__1 _201\"/>07<span class=\"__1 _252\"> </span><span class=\"ls4d_1 ws54_1\">157<span class=\"__1 _1d8_1\"> </span><span class=\"ls5_1 ws1_1\">6,838<span class=\"__1 _4c_1\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>266<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Other<span class=\"__1 _16d_1\"> </span><span class=\"ff2_1 ls3f_1 ws41_1\">395<span class=\"__1 _252\"> </span><span class=\"ls42_1 ws46_1\">791<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">104<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _1d_1\"> </span><span class=\"ls28_1 ws28_1\">30<span class=\"__1 _311\"> </span></span>1<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,3<span class=\"__1 _201\"/>30<span class=\"__1 _32b\"> </span></span></span></span></span></span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 co<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate debt exp<span class=\"__1 _201\"/>osure to ban<span class=\"__1 _201\"/>ks amoun<span class=\"__1 _201\"/>ted to \u00a38<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>73m (<span class=\"__1 _201\"/>2021: \u00a39,6<span class=\"__1 _201\"/>66m).<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s hold<span class=\"__1 _201\"/>ings in as<span class=\"__1 _201\"/>set-backed s<span class=\"__1 _201\"/>ecuri<span class=\"__1 _201\"/>ties (A<span class=\"__1 _201\"/>BS) which are p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nted withi<span class=\"__1 _201\"/>n debt se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>ties on th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on. T<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s hold<span class=\"__1 _201\"/>ings in A<span class=\"__1 _201\"/>BS, w<span class=\"__1 _201\"/>hich co<span class=\"__1 _201\"/>mpris<span class=\"__1 _201\"/>e resid<span class=\"__1 _201\"/>ential m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tgage<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>acked se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s (RM<span class=\"__1 _201\"/>BS),<span class=\"__1 _32b\"> </span> comm<span class=\"__1 _201\"/>ercial m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tgage<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>acked se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s (CMBS), collater<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d debt o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>ons (CDO) funds a<span class=\"__1 _201\"/>nd other a<span class=\"__1 _201\"/>sset-bac<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed s<span class=\"__1 _201\"/>ecuri<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/> are sh<span class=\"__1 _201\"/>own withi<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>e above.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s exposu<span class=\"__1 _201\"/>re to sovereig<span class=\"__1 _201\"/>n debt are an<span class=\"__1 _201\"/>alys<span class=\"__1 _201\"/>ed by is<span class=\"__1 _201\"/>suer as f<span class=\"__1 _201\"/>ollows<span class=\"__1 _201\"/>: <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>With-profits<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unit-link<span class=\"__1 _200\"/>ed<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Annuity and<span class=\"__1 _32b\"> </span> other long-<span class=\"__1 _32b\"> </span>term bu<span class=\"__1 _200\"/>siness<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Sovere<span class=\"__1 _201\"/>ign de<span class=\"__1 _201\"/>bt secur<span class=\"__1 _201\"/>ities by c<span class=\"__1 _201\"/>ountr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>United<span class=\"__1 _200\"/> Kingdom<span class=\"__1 _332\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>290<span class=\"__1 _2c_1\"> </span><span class=\"ls1b_1 ws1a_1\">9<span class=\"__1 _201\"/>47<span class=\"__1 _223\"> </span></span>1,<span class=\"__1 _201\"/>239<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">57<span class=\"__1 _201\"/>8<span class=\"__1 _211\"> </span><span class=\"lsc_1 wsa_1\">5<span class=\"__1 _201\"/>,054<span class=\"__1 _32b\"> </span></span></span></span>Ge<span class=\"__1 _201\"/>rma<span class=\"__1 _201\"/>ny<span class=\"__1 _2ac\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">503<span class=\"__1 _232\"> </span><span class=\"ls22_1 ws21_1\">39<span class=\"__1 _230\"> </span><span class=\"ls40_1 ws44_1\">201<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>74<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er Europ<span class=\"__1 _201\"/>ean Co<span class=\"__1 _201\"/>untrie<span class=\"__1 _201\"/>s<span class=\"__1 _16d_1\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">1,<span class=\"__1 _201\"/>223<span class=\"__1 _1e_1\"> </span><span class=\"ls32_1 ws33_1\">57<span class=\"__1 _232\"> </span><span class=\"ls15_1 ws14_1\">58<span class=\"__1 _201\"/>6<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>870<span class=\"__1 _32b\"> </span></span></span></span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> Europe<span class=\"__1 _21d\"> </span><span class=\"lsc_1 wsa_1\">4,01<span class=\"__1 _201\"/>6<span class=\"__1 _204\"> </span>1,04<span class=\"__1 _201\"/>3<span class=\"__1 _6b_1\"> </span><span class=\"ls30_1 ws30_1\">2<span class=\"__1 _201\"/>,026<span class=\"__1 _2c_1\"> </span><span class=\"ls27_1 ws27_1\">582<span class=\"__1 _4a_1\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>7<span class=\"__1 _32b\"> </span></span></span></span></span>Un<span class=\"__1 _201\"/>ited S<span class=\"__1 _201\"/>tates<span class=\"__1 _2ad\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">1,990<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">6<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>23<span class=\"__1 _204\"> </span><span class=\"ls40_1 ws44_1\">2<span class=\"__1 _201\"/>,019<span class=\"__1 _32b\"> </span></span>Indonesia<span class=\"__1 _28b\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">891<span class=\"__1 _229\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>903<span class=\"__1 _32b\"> </span>Malaysia<span class=\"__1 _2ae\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">566<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _201\"/>74<span class=\"__1 _32b\"> </span>Sou<span class=\"__1 _201\"/>th Korea<span class=\"__1 _2af\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">760<span class=\"__1 _264\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>772<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _11f_1\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">4,440<span class=\"__1 _252\"> </span><span class=\"ls40_1 ws44_1\">192<span class=\"__1 _1e_1\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _201\"/>8<span class=\"__1 _232\"> </span><span class=\"ls3f_1 ws41_1\">53<span class=\"__1 _1d8_1\"> </span><span class=\"lsb_1 ws32_1\">4<span class=\"__1 _201\"/>,853<span class=\"__1 _32b\"> </span></span></span></span></span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _11f_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,663<span class=\"__1 _240\"> </span><span class=\"ls3f_1 ws41_1\">1,273<span class=\"__1 _c_1\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>4<span class=\"__1 _2c_1\"> </span><span class=\"lsd_1 wsb_1\">658<span class=\"__1 _217\"> </span><span class=\"ls33_1 ws34_1\">16<span class=\"__1 _201\"/>,78<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span></span></span></span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>282<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022</span></span> <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>With-profits<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unit-link<span class=\"__1 _200\"/>ed<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Annuity and<span class=\"__1 _32b\"> </span> other long-<span class=\"__1 _32b\"> </span>term bu<span class=\"__1 _200\"/>siness<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Sovere<span class=\"__1 _201\"/>ign de<span class=\"__1 _201\"/>bt secur<span class=\"__1 _201\"/>ities by c<span class=\"__1 _201\"/>ountr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>United<span class=\"__1 _200\"/> Kingdom<span class=\"__1 _2b0\"> </span><span class=\"ls32_1 ws33_1\">4,<span class=\"__1 _201\"/>552<span class=\"__1 _4a_1\"> </span><span class=\"lsc_1 wsa_1\">1,8<span class=\"__1 _201\"/>60<span class=\"__1 _c_1\"> </span>1,98<span class=\"__1 _201\"/>8<span class=\"__1 _253\"> </span><span class=\"ls1f_1 ws1e_1\">688<span class=\"__1 _214\"> </span><span class=\"ls42_1 ws46_1\">9,0<span class=\"__1 _201\"/>88<span class=\"__1 _32b\"> </span></span></span></span></span>Ge<span class=\"__1 _201\"/>rma<span class=\"__1 _201\"/>ny<span class=\"__1 _238\"> </span><span class=\"ls56_1 ws5f_1\">17<span class=\"__1 _201\"/>8<span class=\"__1 _288\"> </span><span class=\"lsc_1 wsa_1\">31<span class=\"__1 _264\"> </span></span></span>15<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>359<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er Europ<span class=\"__1 _201\"/>ean Co<span class=\"__1 _201\"/>untrie<span class=\"__1 _201\"/>s<span class=\"__1 _2b1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _1e_1\"> </span><span class=\"ls15_1 ws14_1\">93<span class=\"__1 _271\"> </span><span class=\"lsf_1 wsd_1\">984<span class=\"__1 _224\"> </span><span class=\"ls56_1 ws5f_1\">17<span class=\"__1 _4a_1\"> </span><span class=\"ls1c_1 ws43_1\">2,<span class=\"__1 _201\"/>282<span class=\"__1 _32b\"> </span></span></span></span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> Europe<span class=\"__1 _1a4_1\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">5,<span class=\"__1 _201\"/>918<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,9<span class=\"__1 _201\"/>84<span class=\"__1 _231\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>2<span class=\"__1 _231\"> </span><span class=\"ls23_1 ws22_1\">70<span class=\"__1 _201\"/>5<span class=\"__1 _211\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span></span>Un<span class=\"__1 _201\"/>ited S<span class=\"__1 _201\"/>tates<span class=\"__1 _1a4_1\"> </span><span class=\"ls8_1 ws6_1\">1,76<span class=\"__1 _201\"/>3<span class=\"__1 _226\"> </span><span class=\"lse_1 wsc_1\">137<span class=\"__1 _376\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _264\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _212\"> </span><span class=\"ls11_1 ws10_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>911<span class=\"__1 _32b\"> </span></span></span></span></span></span>Indonesia<span class=\"__1 _1fc\"> </span><span class=\"ls29_1 ws29_1\">843<span class=\"__1 _18b_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>854<span class=\"__1 _32b\"> </span>Malaysia<span class=\"__1 _280\"> </span><span class=\"ls4a_1 ws50_1\">5<span class=\"__1 _201\"/>41<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>549<span class=\"__1 _32b\"> </span>Sou<span class=\"__1 _201\"/>th Korea<span class=\"__1 _2af\"> </span><span class=\"lsb_1 ws32_1\">734<span class=\"__1 _18b_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>74<span class=\"__1 _250\"/>5<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _1f1\"> </span><span class=\"ls3d_1 ws3f_1\">3<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>74<span class=\"__1 _e_1\"> </span><span class=\"ls40_1 ws44_1\">2<span class=\"__1 _201\"/>21<span class=\"__1 _230\"> </span><span class=\"ls23_1 ws22_1\">270<span class=\"__1 _264\"> </span><span class=\"lsb_1 ws32_1\">27<span class=\"__1 _208\"> </span></span></span>3<span class=\"__1 _201\"/>,692<span class=\"__1 _32b\"> </span></span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _14f_1\"> </span><span class=\"ff2_1 lse_1 wsc_1\">12,<span class=\"__1 _201\"/>973<span class=\"__1 _14d_1\"> </span><span class=\"lsd_1 wsb_1\">2,3<span class=\"__1 _201\"/>72<span class=\"__1 _270\"> </span><span class=\"ls15_1 ws14_1\">3,<span class=\"__1 _201\"/>393<span class=\"__1 _228\"> </span><span class=\"ls3d_1 ws3f_1\">74<span class=\"__1 _201\"/>2<span class=\"__1 _286\"> </span><span class=\"ls2a_1 ws2a_1\">19,4<span class=\"__1 _201\"/>80<span class=\"__1 _32b\"> </span></span></span></span></span></span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 O<span class=\"__1 _201\"/>ther Europ<span class=\"__1 _201\"/>ean C<span class=\"__1 _201\"/>ountri<span class=\"__1 _201\"/>es incl<span class=\"__1 _201\"/>uded \u00a31<span class=\"__1 _201\"/>,40<span class=\"__1 _201\"/>3m (202<span class=\"__1 _201\"/>1: \u00a31,913m) and O<span class=\"__1 _201\"/>ther i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ed \u00a31,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>26m<span class=\"__1 _32b\"> </span> (2021: \u00a31,0<span class=\"__1 _201\"/>00<span class=\"__1 _201\"/>m<span class=\"__1 _200\"/>) of Sup<span class=\"__1 _201\"/>ranatio<span class=\"__1 _201\"/>nal Gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt bon<span class=\"__1 _201\"/>ds.<span class=\"__1 _32b\"> </span>33.<span class=\"__1 _201\"/>4.3 De-<span class=\"__1 _201\"/>rec<span class=\"__1 _200\"/>ognition, collat<span class=\"__1 _200\"/>eral<span class=\"__1 _200\"/> and offsetting<span class=\"__1 _32b\"> </span>Se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es len<span class=\"__1 _201\"/>ding an<span class=\"__1 _201\"/>d repurcha<span class=\"__1 _201\"/>se agre<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s entered i<span class=\"__1 _201\"/>nto secur<span class=\"__1 _201\"/>ities l<span class=\"__1 _201\"/>endin<span class=\"__1 _201\"/>g and rep<span class=\"__1 _201\"/>urchase a<span class=\"__1 _201\"/>gree<span class=\"__1 _201\"/>ments w<span class=\"__1 _201\"/>hereby b<span class=\"__1 _201\"/>locks o<span class=\"__1 _201\"/>f secur<span class=\"__1 _201\"/>ities a<span class=\"__1 _201\"/>re trans<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d to third<span class=\"__1 _32b\"> </span> par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s, pr<span class=\"__1 _201\"/>imar<span class=\"__1 _201\"/>ily maj<span class=\"__1 _201\"/>or brokera<span class=\"__1 _201\"/>ge firm<span class=\"__1 _201\"/>s, in excha<span class=\"__1 _201\"/>nge for c<span class=\"__1 _201\"/>ollater<span class=\"__1 _201\"/>al. T<span class=\"__1 _f_1\"/>y<span class=\"__1 _201\"/>pic<span class=\"__1 _201\"/>ally, the value o<span class=\"__1 _201\"/>f collater<span class=\"__1 _201\"/>al ass<span class=\"__1 _201\"/>ets pl<span class=\"__1 _201\"/>edge<span class=\"__1 _201\"/>d to the Gro<span class=\"__1 _201\"/>up<span class=\"__1 _32b\"> </span> in the<span class=\"__1 _201\"/>se trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions is in exce<span class=\"__1 _201\"/>ss of th<span class=\"__1 _201\"/>e value of s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>, with the exce<span class=\"__1 _201\"/>ss dete<span class=\"__1 _201\"/>rmin<span class=\"__1 _201\"/>ed by the qu<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y of the col<span class=\"__1 _201\"/>lateral<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>ets gra<span class=\"__1 _201\"/>nted. C<span class=\"__1 _201\"/>ollatera<span class=\"__1 _201\"/>l require<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s are cal<span class=\"__1 _201\"/>culated o<span class=\"__1 _201\"/>n a daily b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>. The se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>ties le<span class=\"__1 _201\"/>nt and se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to repurcha<span class=\"__1 _201\"/>se<span class=\"__1 _32b\"> </span> agre<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s are not de<span class=\"__1 _201\"/>reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d from th<span class=\"__1 _201\"/>e Group\u2019s cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d statem<span class=\"__1 _201\"/>ent of fina<span class=\"__1 _201\"/>ncial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n. Co<span class=\"__1 _201\"/>llateral t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>ical<span class=\"__1 _201\"/>ly cons<span class=\"__1 _201\"/>ists o<span class=\"__1 _201\"/>f<span class=\"__1 _32b\"> </span> cas<span class=\"__1 _201\"/>h, de<span class=\"__1 _201\"/>bt secu<span class=\"__1 _201\"/>rities<span class=\"__1 _201\"/>, eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y secur<span class=\"__1 _201\"/>ities a<span class=\"__1 _201\"/>nd let<span class=\"__1 _201\"/>ters of cre<span class=\"__1 _201\"/>dit. C<span class=\"__1 _201\"/>ash col<span class=\"__1 _201\"/>lateral re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d is reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed on the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> of finan<span class=\"__1 _201\"/>cial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n and a fina<span class=\"__1 _201\"/>ncial li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y for th<span class=\"__1 _201\"/>e oblig<span class=\"__1 _201\"/>ation fo<span class=\"__1 _201\"/>r the Gro<span class=\"__1 _201\"/>up to repay the c<span class=\"__1 _201\"/>ash is al<span class=\"__1 _201\"/>so reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d. N<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> coll<span class=\"__1 _201\"/>ateral rec<span class=\"__1 _201\"/>eive<span class=\"__1 _201\"/>d is not rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d statem<span class=\"__1 _201\"/>ent of fina<span class=\"__1 _201\"/>ncial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n. Co<span class=\"__1 _201\"/>llateral p<span class=\"__1 _201\"/>ledg<span class=\"__1 _201\"/>ed by the G<span class=\"__1 _201\"/>roup un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/> revers<span class=\"__1 _201\"/>e repurch<span class=\"__1 _201\"/>ase arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s, asi<span class=\"__1 _201\"/>de from c<span class=\"__1 _201\"/>ash<span class=\"__1 _201\"/>, is not de<span class=\"__1 _201\"/>recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d from the c<span class=\"__1 _201\"/>onsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t of financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition as<span class=\"__1 _201\"/> the ri<span class=\"__1 _201\"/>sks and rew<span class=\"__1 _201\"/>ards are sti<span class=\"__1 _201\"/>ll retaine<span class=\"__1 _201\"/>d by the G<span class=\"__1 _201\"/>roup. Ca<span class=\"__1 _201\"/>sh coll<span class=\"__1 _201\"/>ateral pl<span class=\"__1 _201\"/>edg<span class=\"__1 _201\"/>ed is de<span class=\"__1 _201\"/>reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d as it is pl<span class=\"__1 _201\"/>edge<span class=\"__1 _201\"/>d und<span class=\"__1 _201\"/>er right to u<span class=\"__1 _201\"/>se<span class=\"__1 _32b\"> </span> by the co<span class=\"__1 _201\"/>unterpa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y an<span class=\"__1 _201\"/>d a finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>set is rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed for th<span class=\"__1 _201\"/>e obli<span class=\"__1 _201\"/>gation fo<span class=\"__1 _201\"/>r the cou<span class=\"__1 _201\"/>nterpar<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y to re-<span class=\"__1 _201\"/>pay the c<span class=\"__1 _201\"/>ash to the G<span class=\"__1 _201\"/>roup.<span class=\"__1 _201\"/> As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up had \u00a3<span class=\"__1 _201\"/>3,6<span class=\"__1 _201\"/>38<span class=\"__1 _201\"/>m (2021: \u00a35<span class=\"__1 _201\"/>,64<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>m) of collatera<span class=\"__1 _201\"/>l ple<span class=\"__1 _201\"/>dged to th<span class=\"__1 _201\"/>e Group u<span class=\"__1 _201\"/>nder s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities le<span class=\"__1 _201\"/>nding a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span> repurc<span class=\"__1 _201\"/>hase ag<span class=\"__1 _201\"/>reem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, prim<span class=\"__1 _201\"/>arily re<span class=\"__1 _201\"/>lating to the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund. Th<span class=\"__1 _201\"/>e cash a<span class=\"__1 _201\"/>nd se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s coll<span class=\"__1 _201\"/>ateral acc<span class=\"__1 _201\"/>epted un<span class=\"__1 _201\"/>der se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> len<span class=\"__1 _201\"/>ding ag<span class=\"__1 _201\"/>reeme<span class=\"__1 _201\"/>nts was \u00a3<span class=\"__1 _201\"/>5,471m (2021: \u00a3<span class=\"__1 _201\"/>5,021m). As at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up had ente<span class=\"__1 _201\"/>red into rever<span class=\"__1 _201\"/>se repurc<span class=\"__1 _201\"/>hase<span class=\"__1 _201\"/> trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions un<span class=\"__1 _201\"/>der wh<span class=\"__1 _201\"/>ich it purc<span class=\"__1 _201\"/>hase<span class=\"__1 _201\"/>d secur<span class=\"__1 _201\"/>ities a<span class=\"__1 _201\"/>nd had ta<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>en on th<span class=\"__1 _201\"/>e obli<span class=\"__1 _201\"/>gation to res<span class=\"__1 _201\"/>ell the s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>. The f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of the<span class=\"__1 _201\"/> coll<span class=\"__1 _201\"/>ateral he<span class=\"__1 _201\"/>ld in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of thes<span class=\"__1 _201\"/>e trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>ons was \u00a315<span class=\"__1 _201\"/>,316<span class=\"__1 _201\"/>m (2021: \u00a314<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>48<span class=\"__1 _201\"/>m).<span class=\"__1 _32b\"> </span>Collat<span class=\"__1 _200\"/>eral and pledges<span class=\"__1 _200\"/> under derivativ<span class=\"__1 _200\"/>e tran<span class=\"__1 _200\"/>sactions<span class=\"__1 _32b\"> </span>At 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>d pled<span class=\"__1 _201\"/>ged \u00a3<span class=\"__1 _201\"/>2,<span class=\"__1 _201\"/>818m (2<span class=\"__1 _201\"/>021: \u00a31,65<span class=\"__1 _201\"/>3m) for li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es and h<span class=\"__1 _201\"/>eld co<span class=\"__1 _201\"/>llateral of \u00a31<span class=\"__1 _201\"/>,318<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> (2021: \u00a31,7<span class=\"__1 _201\"/>75m) in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of over<span class=\"__1 _200\"/>-the-<span class=\"__1 _201\"/>co<span class=\"__1 _201\"/>unter der<span class=\"__1 _201\"/>ivative t<span class=\"__1 _201\"/>ransa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>se tran<span class=\"__1 _201\"/>sac<span class=\"__1 _201\"/>tions a<span class=\"__1 _201\"/>re condu<span class=\"__1 _201\"/>cted u<span class=\"__1 _201\"/>nder te<span class=\"__1 _201\"/>rms that are u<span class=\"__1 _201\"/>sual an<span class=\"__1 _201\"/>d custom<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y to collater<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g, wh<span class=\"__1 _201\"/>ere<span class=\"__1 _32b\"> </span> relev<span class=\"__1 _201\"/>ant, s<span class=\"__1 _201\"/>tandard s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities l<span class=\"__1 _201\"/>endin<span class=\"__1 _201\"/>g and rep<span class=\"__1 _201\"/>urchase a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Other colla<span class=\"__1 _200\"/>teral<span class=\"__1 _32b\"> </span>At 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>d pled<span class=\"__1 _201\"/>ged c<span class=\"__1 _201\"/>ollatera<span class=\"__1 _201\"/>l of \u00a3552m (2<span class=\"__1 _201\"/>021: \u00a31,4<span class=\"__1 _201\"/>68<span class=\"__1 _201\"/>m) in respe<span class=\"__1 _201\"/>ct of oth<span class=\"__1 _201\"/>er trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>. This p<span class=\"__1 _201\"/>rimar<span class=\"__1 _201\"/>ily<span class=\"__1 _201\"/> aris<span class=\"__1 _201\"/>es from c<span class=\"__1 _201\"/>ollater<span class=\"__1 _201\"/>al ple<span class=\"__1 _201\"/>dge<span class=\"__1 _201\"/>d in relatio<span class=\"__1 _201\"/>n to deferre<span class=\"__1 _201\"/>d purch<span class=\"__1 _201\"/>ase con<span class=\"__1 _201\"/>sider<span class=\"__1 _201\"/>ation on l<span class=\"__1 _201\"/>ifetime (equit<span class=\"__1 _201\"/>y rel<span class=\"__1 _201\"/>ease) mor<span class=\"__1 _201\"/>tgag<span class=\"__1 _201\"/>es of \u00a32<span class=\"__1 _201\"/>87m<span class=\"__1 _32b\"> </span> (2021: \u00a3420<span class=\"__1 _201\"/>m), in additio<span class=\"__1 _201\"/>n to collater<span class=\"__1 _201\"/>al on rein<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce expos<span class=\"__1 _201\"/>ures of \u00a3<span class=\"__1 _201\"/>214m (2021: \u00a3<span class=\"__1 _201\"/>206<span class=\"__1 _201\"/>m).<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls7b_1 ws8e_1\">283<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Off<span class=\"__1 _201\"/>setting as<span class=\"__1 _201\"/>sets and liabilities<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s deri<span class=\"__1 _201\"/>vative in<span class=\"__1 _201\"/>strum<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, repu<span class=\"__1 _201\"/>rchase a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d secur<span class=\"__1 _201\"/>ities l<span class=\"__1 _201\"/>endi<span class=\"__1 _201\"/>ng agre<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s are subj<span class=\"__1 _201\"/>ect to m<span class=\"__1 _201\"/>aster n<span class=\"__1 _201\"/>ettin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> arr<span class=\"__1 _201\"/>angem<span class=\"__1 _201\"/>ents a<span class=\"__1 _201\"/>nd coll<span class=\"__1 _201\"/>ateral ar<span class=\"__1 _201\"/>range<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s. A mas<span class=\"__1 _201\"/>ter net<span class=\"__1 _201\"/>ting ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t with a cou<span class=\"__1 _201\"/>nterpar<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y creates a r<span class=\"__1 _201\"/>ight of off<span class=\"__1 _201\"/>set fo<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> amo<span class=\"__1 _201\"/>unts due to an<span class=\"__1 _201\"/>d due fro<span class=\"__1 _201\"/>m that sam<span class=\"__1 _201\"/>e counter<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y that is enf<span class=\"__1 _201\"/>orceab<span class=\"__1 _201\"/>le in the eve<span class=\"__1 _201\"/>nt of a defa<span class=\"__1 _201\"/>ult or ba<span class=\"__1 _201\"/>nkruptc<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/> reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>s amo<span class=\"__1 _201\"/>unts sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to master n<span class=\"__1 _201\"/>ettin<span class=\"__1 _201\"/>g arra<span class=\"__1 _201\"/>ngem<span class=\"__1 _201\"/>ents on a g<span class=\"__1 _201\"/>ross ba<span class=\"__1 _201\"/>sis on th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>es pre<span class=\"__1 _201\"/>sent the g<span class=\"__1 _201\"/>ross an<span class=\"__1 _201\"/>d net info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n about t<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to maste<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> netting arrangemen<span class=\"__1 _200\"/>ts:<span class=\"__1 _32b\"> </span>Rel<span class=\"__1 _201\"/>ated a<span class=\"__1 _201\"/>mou<span class=\"__1 _201\"/>nts no<span class=\"__1 _201\"/>t off<span class=\"__1 _201\"/>set in t<span class=\"__1 _201\"/>he <span class=\"ls5_1\"> </span>consolidated statement o<span class=\"__1 _200\"/>f financial position<span class=\"__1 _426\"> </span><span class=\"ls5_1 ws1_1\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span>Gro<span class=\"__1 _201\"/>ss am<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>t<span class=\"ls5_1\"> </span>included in<span class=\"__1 _200\"/> the<span class=\"ls5_1 ws1_1\"> </span>consolidated<span class=\"ls5_1 ws1_1\"> </span>statement<span class=\"__1 _200\"/> of<span class=\"ls5_1 ws1_1\"> </span>financial position<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Financial<span class=\"ls5_1 ws1_1\"> </span>instruments<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Cash collateral<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Securiti<span class=\"__1 _201\"/>es<span class=\"ls5_1 ws1_1\"> </span>collateral<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net amount<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Financial assets<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _2b3\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">2<span class=\"__1 _201\"/>,560<span class=\"__1 _269\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _8a_1\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>9)<span class=\"__1 _471\"> </span><span class=\"ls3f_1 ws41_1\">277<span class=\"__1 _a4_1\"> </span><span class=\"lsb_1 ws32_1\">235<span class=\"__1 _32b\"> </span></span></span></span></span>Rever<span class=\"__1 _201\"/>se repurc<span class=\"__1 _201\"/>hase ag<span class=\"__1 _201\"/>reeme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/> <span class=\"__1 _373\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">18<span class=\"__1 _201\"/>,892<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _330\"> </span><span class=\"ls32_1 ws33_1\">3<span class=\"__1 _201\"/>,597<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _387\"> </span><span class=\"ls40_1 ws44_1\">21,4<span class=\"__1 _201\"/>52<span class=\"__1 _269\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _8a_1\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>9)<span class=\"__1 _271\"> </span>(15<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>8)<span class=\"__1 _269\"> </span><span class=\"ls27_1 ws27_1\">3,<span class=\"__1 _201\"/>832<span class=\"__1 _32b\"> </span></span></span></span>Financial li<span class=\"__1 _200\"/>abilities:<span class=\"__1 _32b\"> </span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _c3_1\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">3<span class=\"__1 _201\"/>,705<span class=\"__1 _330\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _478\"> </span>(1<span class=\"__1 _201\"/>8)<span class=\"__1 _2b_1\"> </span><span class=\"ls21_1 ws20_1\">(2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>317<span class=\"__1 _201\"/>)<span class=\"__1 _2b4\"> </span><span class=\"ls78_1 ws24_1\">77<span class=\"__1 _32b\"> </span></span></span></span></span>Se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es len<span class=\"__1 _201\"/>ding an<span class=\"__1 _201\"/>d repurcha<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/> agreements<span class=\"__1 _2b5\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">939<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(93<span class=\"__1 _201\"/>8)<span class=\"__1 _476\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> financial liabilitie<span class=\"__1 _200\"/>s<span class=\"__1 _9c_1\"> </span><span class=\"ls19_1 ws18_1\">4,6<span class=\"__1 _201\"/>44<span class=\"__1 _330\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3)<span class=\"__1 _478\"> </span>(1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _9e_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _26e\"> </span><span class=\"ls27_1 ws27_1\">78<span class=\"__1 _32b\"> </span></span></span></span></span>Rel<span class=\"__1 _201\"/>ated a<span class=\"__1 _201\"/>mou<span class=\"__1 _201\"/>nts no<span class=\"__1 _201\"/>t off<span class=\"__1 _201\"/>set in t<span class=\"__1 _201\"/>he<span class=\"ls5_1\"> </span>consolidated statement o<span class=\"__1 _200\"/>f financial position<span class=\"__1 _426\"> </span><span class=\"ls5_1 ws1_1\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span>Gro<span class=\"__1 _201\"/>ss am<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>t<span class=\"ls5_1\"> </span>included in<span class=\"__1 _200\"/> the<span class=\"ls5_1 ws1_1\"> </span>consolidated<span class=\"ls5_1 ws1_1\"> </span>statement<span class=\"__1 _200\"/> of<span class=\"ls5_1 ws1_1\"> </span>financial position<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Financial<span class=\"ls5_1 ws1_1\"> </span>instruments<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Cash collateral<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Securiti<span class=\"__1 _201\"/>es<span class=\"ls5_1 ws1_1\"> </span>collateral<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net amount<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Financial assets<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _2b6\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>1<span class=\"__1 _470\"> </span>(1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _330\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _374\"> </span>(1<span class=\"__1 _201\"/>4)<span class=\"__1 _479\"> </span><span class=\"ls2a_1 ws2a_1\">216<span class=\"__1 _32b\"> </span></span></span></span>Rever<span class=\"__1 _201\"/>se repurc<span class=\"__1 _201\"/>hase ag<span class=\"__1 _201\"/>reeme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/> <span class=\"__1 _297\"> </span><span class=\"ls1f_1 ws1e_1\">17<span class=\"__1 _337\"/>,458<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(14<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>)<span class=\"__1 _1c1_1\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _f2_1\"> </span><span class=\"ff2_1 ls3f_1 ws41_1\">20<span class=\"__1 _200\"/>,609<span class=\"__1 _a3_1\"> </span><span class=\"ls43_1 ws47_1\">(1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _330\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,7<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _230\"> </span><span class=\"ls5_1 ws1_1\">(<span class=\"__1 _f_1\"/>14,338<span class=\"__1 _f_1\"/>)<span class=\"__1 _333\"> </span><span class=\"ls27_1 ws27_1\">3<span class=\"__1 _201\"/>,350<span class=\"__1 _32b\"> </span></span></span></span></span></span>Financial li<span class=\"__1 _200\"/>abilities:<span class=\"__1 _32b\"> </span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _c3_1\"> </span><span class=\"ls27_1 ws27_1\">2<span class=\"__1 _201\"/>,290<span class=\"__1 _1d5_1\"> </span><span class=\"ls43_1 ws47_1\">(1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _471\"> </span><span class=\"lsa_1 ws8_1\">(11<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _376\"> </span><span class=\"ls46_1 ws4b_1\">(93<span class=\"__1 _201\"/>3)<span class=\"__1 _26e\"> </span><span class=\"ls38_1 ws38_1\">59<span class=\"__1 _32b\"> </span></span></span></span></span></span>Se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es len<span class=\"__1 _201\"/>ding an<span class=\"__1 _201\"/>d repurcha<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/> agreements<span class=\"__1 _2b5\"> </span><span class=\"ls77_1 ws8c_1\">884<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(8<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> financial liabilitie<span class=\"__1 _200\"/>s<span class=\"__1 _ba_1\"> </span><span class=\"ff2_1 ls3d_1 ws3f_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>74<span class=\"__1 _12f_1\"> </span><span class=\"ls43_1 ws47_1\">(1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _17c_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>12<span class=\"__1 _201\"/>)<span class=\"__1 _13d_1\"> </span><span class=\"lsc_1 wsa_1\">(1,817)<span class=\"__1 _a6_1\"> </span><span class=\"ls38_1 ws38_1\">59<span class=\"__1 _32b\"> </span></span></span></span></span></span>In the ta<span class=\"__1 _201\"/>bles a<span class=\"__1 _201\"/>bove, the a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s of ass<span class=\"__1 _201\"/>ets or lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>ded o<span class=\"__1 _201\"/>n the cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n would b<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> off<span class=\"__1 _201\"/>set firs<span class=\"__1 _201\"/>t by finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents that h<span class=\"__1 _201\"/>ave the righ<span class=\"__1 _201\"/>t of offs<span class=\"__1 _201\"/>et unde<span class=\"__1 _201\"/>r maste<span class=\"__1 _201\"/>r netti<span class=\"__1 _201\"/>ng or sim<span class=\"__1 _201\"/>ilar arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s, with a<span class=\"__1 _201\"/>ny remaini<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span> amo<span class=\"__1 _201\"/>unt redu<span class=\"__1 _201\"/>ced by the a<span class=\"__1 _201\"/>mount of c<span class=\"__1 _201\"/>ash an<span class=\"__1 _201\"/>d secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s collater<span class=\"__1 _201\"/>al. Th<span class=\"__1 _201\"/>e actu<span class=\"__1 _201\"/>al amo<span class=\"__1 _201\"/>unt of coll<span class=\"__1 _201\"/>ateral may be g<span class=\"__1 _201\"/>reater than th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> amo<span class=\"__1 _201\"/>unts pre<span class=\"__1 _201\"/>sented i<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>es. R<span class=\"__1 _201\"/>everse re<span class=\"__1 _201\"/>purcha<span class=\"__1 _201\"/>se agre<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s show<span class=\"__1 _201\"/>n in the tab<span class=\"__1 _201\"/>les ab<span class=\"__1 _201\"/>ove are inclu<span class=\"__1 _201\"/>ded w<span class=\"__1 _201\"/>ithin de<span class=\"__1 _201\"/>posit<span class=\"__1 _201\"/>s on the<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>284<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>33.5 Demographic and<span class=\"__1 _200\"/> expense<span class=\"__1 _200\"/> risk<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup is ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt levels of d<span class=\"__1 _201\"/>emo<span class=\"__1 _201\"/>graph<span class=\"__1 _201\"/>ic risk<span class=\"__1 _201\"/>. Thi<span class=\"__1 _201\"/>s arise<span class=\"__1 _201\"/>s mainl<span class=\"__1 _201\"/>y from the a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s in the fo<span class=\"__1 _201\"/>rm<span class=\"__1 _32b\"> </span> of lon<span class=\"__1 _201\"/>gevit<span class=\"__1 _201\"/>y ri<span class=\"__1 _201\"/>sk, w<span class=\"__1 _201\"/>hich is the r<span class=\"__1 _201\"/>isk of un<span class=\"__1 _201\"/>expe<span class=\"__1 _201\"/>cted ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s in the life ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>tanc<span class=\"__1 _201\"/>y (lon<span class=\"__1 _201\"/>gevit<span class=\"__1 _201\"/>y) of poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>. If mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity<span class=\"__1 _201\"/> improve<span class=\"__1 _201\"/>ment r<span class=\"__1 _201\"/>ates signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>ntly excee<span class=\"__1 _201\"/>d the leve<span class=\"__1 _201\"/>l assu<span class=\"__1 _201\"/>med<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s resul<span class=\"__1 _201\"/>ts coul<span class=\"__1 _201\"/>d be ad<span class=\"__1 _201\"/>verse<span class=\"__1 _201\"/>ly affe<span class=\"__1 _201\"/>cted<span class=\"__1 _201\"/>. Furth<span class=\"__1 _201\"/>er to this<span class=\"__1 _201\"/>, any<span class=\"__1 _32b\"> </span> majo<span class=\"__1 _201\"/>r medi<span class=\"__1 _201\"/>cal b<span class=\"__1 _201\"/>reakth<span class=\"__1 _201\"/>rough (for examp<span class=\"__1 _201\"/>le, in th<span class=\"__1 _201\"/>e treatment o<span class=\"__1 _201\"/>f canc<span class=\"__1 _201\"/>er or othe<span class=\"__1 _201\"/>r life<span class=\"__1 _201\"/>-threatenin<span class=\"__1 _201\"/>g disea<span class=\"__1 _201\"/>ses) that would re<span class=\"__1 _201\"/>quire th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> Gro<span class=\"__1 _201\"/>up to streng<span class=\"__1 _201\"/>then it<span class=\"__1 _201\"/>s long<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s would h<span class=\"__1 _201\"/>ave an impac<span class=\"__1 _201\"/>t on the G<span class=\"__1 _201\"/>roup\u2019s result<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>Longevity risk f<span class=\"__1 _200\"/>or bot<span class=\"__1 _200\"/>h shar<span class=\"__1 _200\"/>eholder<span class=\"__1 _f_1\"/>-backed bu<span class=\"__1 _200\"/>siness and<span class=\"__1 _200\"/> policyholder<span class=\"__1 _f_1\"/>-backed busi<span class=\"__1 _200\"/>ness has been<span class=\"__1 _200\"/> predominan<span class=\"__1 _200\"/>tly<span class=\"__1 _32b\"> </span> mana<span class=\"__1 _201\"/>ged thro<span class=\"__1 _201\"/>ugh:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">regu<span class=\"__1 _201\"/>lar review<span class=\"__1 _201\"/>s of bes<span class=\"__1 _201\"/>t est<span class=\"__1 _201\"/>imate ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s, sup<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ted by d<span class=\"__1 _201\"/>etaile<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ments o<span class=\"__1 _201\"/>f actua<span class=\"__1 _201\"/>l mor<span class=\"__1 _201\"/>tali<span class=\"__1 _201\"/>ty exp<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ence ve<span class=\"__1 _201\"/>rsus the<span class=\"__1 _201\"/> </span>best estimate assumptions;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">lon<span class=\"__1 _201\"/>gevit<span class=\"__1 _201\"/>y res<span class=\"__1 _201\"/>earch; an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">longevity reinsu<span class=\"__1 _200\"/>rance arrangements.<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er dem<span class=\"__1 _201\"/>ogra<span class=\"__1 _201\"/>phic r<span class=\"__1 _201\"/>isks suc<span class=\"__1 _201\"/>h as per<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>cy ri<span class=\"__1 _201\"/>sk and n<span class=\"__1 _201\"/>on-an<span class=\"__1 _201\"/>nuitant m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y ri<span class=\"__1 _201\"/>sk, as we<span class=\"__1 _201\"/>ll as expe<span class=\"__1 _201\"/>nse ri<span class=\"__1 _201\"/>sk, a<span class=\"__1 _201\"/>re subje<span class=\"__1 _201\"/>ct to reg<span class=\"__1 _201\"/>ular<span class=\"__1 _201\"/> review<span class=\"__1 _201\"/>s and ac<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>, with f<span class=\"__1 _201\"/>reque<span class=\"__1 _201\"/>ncy a<span class=\"__1 _201\"/>nd intens<span class=\"__1 _201\"/>ity p<span class=\"__1 _201\"/>ropor<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>onate to the mater<span class=\"__1 _201\"/>ialit<span class=\"__1 _201\"/>y of the r<span class=\"__1 _201\"/>isk. Fur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r detail<span class=\"__1 _201\"/>s of the se<span class=\"__1 _201\"/>nsitiv<span class=\"__1 _201\"/>ity o<span class=\"__1 _201\"/>f<span class=\"__1 _32b\"> </span> profi<span class=\"__1 _201\"/>t and sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders\u2019 e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y to demo<span class=\"__1 _201\"/>graph<span class=\"__1 _201\"/>ic ris<span class=\"__1 _201\"/>ks are des<span class=\"__1 _201\"/>crib<span class=\"__1 _201\"/>ed bel<span class=\"__1 _201\"/>ow by the co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ents of bu<span class=\"__1 _201\"/>sine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. The se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y of IFRS<span class=\"__1 _201\"/> profi<span class=\"__1 _201\"/>t after t<span class=\"__1 _201\"/>ax and I<span class=\"__1 _201\"/>FRS sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders\u2019 e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y to annuita<span class=\"__1 _201\"/>nt mor<span class=\"__1 _201\"/>tali<span class=\"__1 _201\"/>ty an<span class=\"__1 _201\"/>d expe<span class=\"__1 _201\"/>nse ris<span class=\"__1 _201\"/>k is provi<span class=\"__1 _201\"/>ded in N<span class=\"__1 _201\"/>ote 33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/> 33.5<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 Wi<span class=\"__1 _200\"/>th-profits busi<span class=\"__1 _200\"/>ness<span class=\"__1 _32b\"> </span>Mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y and othe<span class=\"__1 _201\"/>r demo<span class=\"__1 _201\"/>grap<span class=\"__1 _201\"/>hic ris<span class=\"__1 _201\"/>ks are relati<span class=\"__1 _201\"/>vely min<span class=\"__1 _201\"/>or fa<span class=\"__1 _201\"/>ctors i<span class=\"__1 _201\"/>n the deter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n of the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der bo<span class=\"__1 _201\"/>nus rates<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Adver<span class=\"__1 _201\"/>se pe<span class=\"__1 _201\"/>rsis<span class=\"__1 _201\"/>tency ex<span class=\"__1 _201\"/>peri<span class=\"__1 _201\"/>ence c<span class=\"__1 _201\"/>an affe<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e level of pro<span class=\"__1 _201\"/>fitabil<span class=\"__1 _201\"/>ity f<span class=\"__1 _201\"/>rom with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, bu<span class=\"__1 _201\"/>t in any give<span class=\"__1 _201\"/>n year the<span class=\"__1 _201\"/> share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers\u2019 sha<span class=\"__1 _201\"/>re of cost of b<span class=\"__1 _201\"/>onus m<span class=\"__1 _201\"/>ay only b<span class=\"__1 _201\"/>e margina<span class=\"__1 _201\"/>lly affe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d. Howeve<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, al<span class=\"__1 _201\"/>tered pe<span class=\"__1 _201\"/>rsis<span class=\"__1 _201\"/>tenc<span class=\"__1 _201\"/>y trends may aff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t future<span class=\"__1 _201\"/> expected shar<span class=\"__1 _200\"/>eholder transfers.<span class=\"__1 _32b\"> </span>33.<span class=\"__1 _201\"/>5.2 Unit-link<span class=\"__1 _200\"/>ed business<span class=\"__1 _32b\"> </span>By v<span class=\"__1 _201\"/>ir<span class=\"__1 _201\"/>tue of the de<span class=\"__1 _201\"/>sign fe<span class=\"__1 _201\"/>atures of mo<span class=\"__1 _201\"/>st of the c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wh<span class=\"__1 _201\"/>ich provi<span class=\"__1 _201\"/>de low l<span class=\"__1 _201\"/>evels of mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y cover<span class=\"__1 _200\"/>, profit is re<span class=\"__1 _201\"/>lativel<span class=\"__1 _201\"/>y inse<span class=\"__1 _201\"/>nsitive<span class=\"__1 _201\"/> to chang<span class=\"__1 _201\"/>es in mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce. Per<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>cy exp<span class=\"__1 _201\"/>erie<span class=\"__1 _201\"/>nce var<span class=\"__1 _201\"/>ianc<span class=\"__1 _201\"/>es can a<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t the leve<span class=\"__1 _201\"/>l of profit in th<span class=\"__1 _201\"/>e year<span class=\"__1 _200\"/>. The sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder i<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> also ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to varia<span class=\"__1 _201\"/>nces in ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es relati<span class=\"__1 _201\"/>ve to the charg<span class=\"__1 _201\"/>es lev<span class=\"__1 _201\"/>ied on t<span class=\"__1 _201\"/>hese p<span class=\"__1 _201\"/>roduc<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> 33.<span class=\"__1 _201\"/>5.3 Annuity and<span class=\"__1 _200\"/> other long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _32b\"> </span>Profi<span class=\"__1 _201\"/>ts from sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder-backed ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y busin<span class=\"__1 _201\"/>ess are m<span class=\"__1 _201\"/>ost s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>ve to the foll<span class=\"__1 _201\"/>owing d<span class=\"__1 _201\"/>emo<span class=\"__1 _201\"/>graph<span class=\"__1 _201\"/>ic and exp<span class=\"__1 _201\"/>ense r<span class=\"__1 _201\"/>isks:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The ex<span class=\"__1 _201\"/>tent to wh<span class=\"__1 _201\"/>ich chan<span class=\"__1 _201\"/>ges to the as<span class=\"__1 _201\"/>sum<span class=\"__1 _201\"/>ed rate of imp<span class=\"__1 _201\"/>rovemen<span class=\"__1 _201\"/>ts in mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y give ris<span class=\"__1 _201\"/>e to chang<span class=\"__1 _201\"/>es in the m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/> </span>of liabilities;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The v<span class=\"__1 _201\"/>arian<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n actu<span class=\"__1 _201\"/>al and exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lity ex<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ience<span class=\"__1 _201\"/>, and its i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t on cur<span class=\"__1 _201\"/>rent mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y assu<span class=\"__1 _201\"/>mptions<span class=\"__1 _201\"/>; and<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Chang<span class=\"__1 _201\"/>es in mai<span class=\"__1 _201\"/>ntenanc<span class=\"__1 _201\"/>e expen<span class=\"__1 _201\"/>se level<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></span>The r<span class=\"__1 _201\"/>isk ar<span class=\"__1 _201\"/>ising f<span class=\"__1 _201\"/>rom the othe<span class=\"__1 _201\"/>r long<span class=\"__1 _201\"/>-term bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s is not s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant i<span class=\"__1 _201\"/>n the contex<span class=\"__1 _201\"/>t of the G<span class=\"__1 _201\"/>roup\u2019s overall liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>33<span class=\"__1 _201\"/>.6 Li<span class=\"__1 _201\"/>qui<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/>y risk<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup is ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to two t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>es of liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">T<span class=\"__1 _f_1\"/>rea<span class=\"__1 _201\"/>sur<span class=\"__1 _201\"/>y liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k is the ris<span class=\"__1 _201\"/>k of los<span class=\"__1 _201\"/>s for the G<span class=\"__1 _201\"/>roup\u2019s busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, or of ad<span class=\"__1 _201\"/>verse c<span class=\"__1 _201\"/>hange<span class=\"__1 _201\"/>s in the fin<span class=\"__1 _201\"/>ancial s<span class=\"__1 _201\"/>ituation<span class=\"__1 _201\"/>, resul<span class=\"__1 _201\"/>ting from<span class=\"__1 _201\"/> </span>the G<span class=\"__1 _201\"/>roup\u2019s inabilit<span class=\"__1 _201\"/>y to gen<span class=\"__1 _201\"/>erate su<span class=\"__1 _201\"/>fficie<span class=\"__1 _201\"/>nt cash re<span class=\"__1 _201\"/>sourc<span class=\"__1 _201\"/>es to mee<span class=\"__1 _201\"/>t financ<span class=\"__1 _201\"/>ial obli<span class=\"__1 _201\"/>gations (for exam<span class=\"__1 _201\"/>ple, cl<span class=\"__1 _201\"/>aims<span class=\"__1 _201\"/>, credito<span class=\"__1 _201\"/>rs and<span class=\"__1 _201\"/> plan<span class=\"__1 _201\"/>ned di<span class=\"__1 _201\"/>vid<span class=\"__1 _201\"/>ends) as they fa<span class=\"__1 _201\"/>ll due;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Fund liqu<span class=\"__1 _201\"/>idit<span class=\"__1 _201\"/>y risk i<span class=\"__1 _201\"/>s the ris<span class=\"__1 _201\"/>k of bein<span class=\"__1 _201\"/>g unabl<span class=\"__1 _201\"/>e to meet li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es aris<span class=\"__1 _201\"/>ing from a m<span class=\"__1 _201\"/>ismatch in li<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y of th<span class=\"__1 _201\"/>e under<span class=\"__1 _201\"/>lyi<span class=\"__1 _201\"/>ng ass<span class=\"__1 _201\"/>ets and<span class=\"__1 _201\"/> </span>the fre<span class=\"__1 _201\"/>quen<span class=\"__1 _201\"/>cy of lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y requ<span class=\"__1 _201\"/>ireme<span class=\"__1 _201\"/>nts of the fu<span class=\"__1 _201\"/>nd.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s IFRS re<span class=\"__1 _201\"/>sults a<span class=\"__1 _201\"/>re indire<span class=\"__1 _201\"/>ctly ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to fund li<span class=\"__1 _201\"/>quidi<span class=\"__1 _201\"/>ty r<span class=\"__1 _201\"/>isk, fo<span class=\"__1 _201\"/>r exampl<span class=\"__1 _201\"/>e, throu<span class=\"__1 _201\"/>gh reputati<span class=\"__1 _201\"/>onal da<span class=\"__1 _201\"/>mage l<span class=\"__1 _201\"/>eadin<span class=\"__1 _201\"/>g to lower<span class=\"__1 _201\"/> fund<span class=\"__1 _201\"/>s unde<span class=\"__1 _201\"/>r manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t and lowe<span class=\"__1 _201\"/>r revenue th<span class=\"__1 _201\"/>rough cha<span class=\"__1 _201\"/>rges co<span class=\"__1 _201\"/>llec<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/>. However<span class=\"__1 _200\"/>, as the eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t on the G<span class=\"__1 _201\"/>roup\u2019s IFRS res<span class=\"__1 _201\"/>ults is<span class=\"__1 _201\"/> indi<span class=\"__1 _201\"/>rect<span class=\"__1 _201\"/>, this ri<span class=\"__1 _201\"/>sk is not di<span class=\"__1 _201\"/>scus<span class=\"__1 _201\"/>sed fu<span class=\"__1 _201\"/>rth<span class=\"__1 _201\"/>er and th<span class=\"__1 _201\"/>e remain<span class=\"__1 _201\"/>der of th<span class=\"__1 _201\"/>is sec<span class=\"__1 _201\"/>tion ref<span class=\"__1 _201\"/>ers to treas<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>y liqui<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/>y risk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt in the G<span class=\"__1 _201\"/>roup se<span class=\"__1 _201\"/>eks to ens<span class=\"__1 _201\"/>ure that, even u<span class=\"__1 _201\"/>nder a<span class=\"__1 _201\"/>dvers<span class=\"__1 _201\"/>e cond<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup has a<span class=\"__1 _201\"/>cces<span class=\"__1 _201\"/>s to the fun<span class=\"__1 _201\"/>ds<span class=\"__1 _32b\"> </span> ne<span class=\"__1 _201\"/>cess<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y to cover s<span class=\"__1 _201\"/>urrend<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>, withd<span class=\"__1 _201\"/>rawals a<span class=\"__1 _201\"/>nd maturi<span class=\"__1 _201\"/>ng liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k is caref<span class=\"__1 _201\"/>ully ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>d, in pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cular in re<span class=\"__1 _201\"/>lation to: ba<span class=\"__1 _201\"/>nk bala<span class=\"__1 _201\"/>nces<span class=\"__1 _201\"/>, cas<span class=\"__1 _201\"/>hflow fo<span class=\"__1 _201\"/>reca<span class=\"__1 _201\"/>sting<span class=\"__1 _201\"/>, appro<span class=\"__1 _201\"/>priate fu<span class=\"__1 _201\"/>nd mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> (t<span class=\"__1 _200\"/>o ensu<span class=\"__1 _201\"/>re that ass<span class=\"__1 _201\"/>ets are no<span class=\"__1 _201\"/>t undul<span class=\"__1 _201\"/>y conce<span class=\"__1 _201\"/>ntrated in l<span class=\"__1 _201\"/>ess l<span class=\"__1 _201\"/>iquid inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts) and detai<span class=\"__1 _201\"/>led c<span class=\"__1 _201\"/>ash-fl<span class=\"__1 _201\"/>ow matchin<span class=\"__1 _201\"/>g for the an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s. Sp<span class=\"__1 _201\"/>eci<span class=\"__1 _201\"/>fic arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>re also in p<span class=\"__1 _201\"/>lace to man<span class=\"__1 _201\"/>age liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y in the u<span class=\"__1 _201\"/>nit<span class=\"__1 _200\"/>-linked f<span class=\"__1 _201\"/>unds<span class=\"__1 _201\"/>, par<span class=\"__1 _201\"/>ticu<span class=\"__1 _201\"/>larl<span class=\"__1 _201\"/>y prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty fu<span class=\"__1 _201\"/>nds wh<span class=\"__1 _201\"/>ere<span class=\"__1 _32b\"> </span> the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s are relati<span class=\"__1 _201\"/>vely illi<span class=\"__1 _201\"/>quid<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls7b_1 ws8e_1\">285<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>33<span class=\"__1 _201\"/>.6<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 Co<span class=\"__1 _201\"/>ntra<span class=\"__1 _201\"/>ctua<span class=\"__1 _201\"/>l matu<span class=\"__1 _201\"/>riti<span class=\"__1 _201\"/>es of fin<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>ial li<span class=\"__1 _201\"/>abi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es on a<span class=\"__1 _201\"/>n und<span class=\"__1 _201\"/>isco<span class=\"__1 _201\"/>unted c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ow bas<span class=\"__1 _201\"/>is<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e sets o<span class=\"__1 _201\"/>ut the con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>tual matur<span class=\"__1 _201\"/>ities of fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l liabili<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>, excludin<span class=\"__1 _201\"/>g deri<span class=\"__1 _201\"/>vative lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s that are se<span class=\"__1 _201\"/>paratel<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> pres<span class=\"__1 _201\"/>ented in S<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tion 3<span class=\"__1 _201\"/>3.6<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2. T<span class=\"__1 _201\"/>he fin<span class=\"__1 _201\"/>ancial l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es are inc<span class=\"__1 _201\"/>lude<span class=\"__1 _201\"/>d in the co<span class=\"__1 _201\"/>lumn rel<span class=\"__1 _201\"/>ating to the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>tual matur<span class=\"__1 _201\"/>ities at th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> undi<span class=\"__1 _201\"/>scounte<span class=\"__1 _201\"/>d cas<span class=\"__1 _201\"/>h flows (in<span class=\"__1 _201\"/>cludi<span class=\"__1 _201\"/>ng contr<span class=\"__1 _201\"/>actu<span class=\"__1 _201\"/>al interes<span class=\"__1 _201\"/>t payme<span class=\"__1 _201\"/>nts and ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted be<span class=\"__1 _201\"/>nefit p<span class=\"__1 _201\"/>aymen<span class=\"__1 _201\"/>ts<span class=\"__1 _200\"/>) due to b<span class=\"__1 _201\"/>e paid, a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/> con<span class=\"__1 _201\"/>ditions a<span class=\"__1 _201\"/>re consi<span class=\"__1 _201\"/>stent wi<span class=\"__1 _201\"/>th those at th<span class=\"__1 _201\"/>e year en<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e numbe<span class=\"__1 _201\"/>rs withi<span class=\"__1 _201\"/>n the com<span class=\"__1 _201\"/>parati<span class=\"__1 _201\"/>ve table h<span class=\"__1 _201\"/>ave been re<span class=\"__1 _201\"/>-p<span class=\"__1 _201\"/>resente<span class=\"__1 _201\"/>d to<span class=\"__1 _32b\"> </span> incl<span class=\"__1 _201\"/>ude all cl<span class=\"__1 _201\"/>ass<span class=\"__1 _201\"/>es of fina<span class=\"__1 _201\"/>ncial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s and ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>ally th<span class=\"__1 _201\"/>e subord<span class=\"__1 _201\"/>inated lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s and oth<span class=\"__1 _201\"/>er bor<span class=\"__1 _201\"/>rowing<span class=\"__1 _201\"/>s have bee<span class=\"__1 _201\"/>n adjus<span class=\"__1 _201\"/>ted to<span class=\"__1 _32b\"> </span> refle<span class=\"__1 _201\"/>ct f<span class=\"__1 _201\"/>ully the c<span class=\"__1 _201\"/>orre<span class=\"__1 _201\"/>ct co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>tual und<span class=\"__1 _201\"/>iscou<span class=\"__1 _201\"/>nted cas<span class=\"__1 _201\"/>h flow matur<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y profil<span class=\"__1 _201\"/>e.<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> carrying<span class=\"__1 _32b\"> </span> value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>1 yea<span class=\"__1 _201\"/>r or<span class=\"__1 _32b\"> </span> less<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 1 ye<span class=\"__1 _201\"/>ar<span class=\"__1 _32b\"> </span> to 5 yea<span class=\"__1 _201\"/>rs<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 5<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 10<span class=\"__1 _32b\"> </span> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 10<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 15<span class=\"__1 _32b\"> </span> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 15<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 20<span class=\"__1 _201\"/> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Ov<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>No s<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> maturit<span class=\"__1 _201\"/>y<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal undis-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>cou<span class=\"__1 _201\"/>nted<span class=\"__1 _201\"/> value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Financial li<span class=\"__1 _200\"/>abilities:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>racts without<span class=\"__1 _32b\"> </span> DPF<span class=\"__1 _475\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>37<span class=\"__1 _286\"> </span>11<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>37<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>11,<span class=\"__1 _201\"/>93<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated fund<span class=\"__1 _201\"/>s<span class=\"__1 _26f\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">10,38<span class=\"__1 _201\"/>9<span class=\"__1 _231\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>6<span class=\"__1 _237\"> </span><span class=\"lsd_1 wsb_1\">395<span class=\"__1 _253\"> </span></span></span>108<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>784<span class=\"__1 _242\"> </span><span class=\"ls15_1 ws14_1\">8<span class=\"__1 _201\"/>,986<span class=\"__1 _213\"> </span><span class=\"ls19_1 ws18_1\">10,<span class=\"__1 _201\"/>389<span class=\"__1 _32b\"> </span></span></span>Subordinated liabilitie<span class=\"__1 _201\"/>s and<span class=\"__1 _32b\"> </span> other b<span class=\"__1 _201\"/>orrow<span class=\"__1 _201\"/>ings<span class=\"__1 _2b7\"> </span><span class=\"ff1_1 ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>7<span class=\"__1 _c_1\"> </span><span class=\"ls15_1 ws14_1\">995<span class=\"__1 _243\"> </span><span class=\"ls32_1 ws33_1\">2<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>93<span class=\"__1 _214\"> </span><span class=\"lsb_1 ws32_1\">1,585<span class=\"__1 _223\"> </span><span class=\"lsd_1 wsb_1\">9<span class=\"__1 _201\"/>65<span class=\"__1 _208\"> </span><span class=\"ls19_1 ws18_1\">1<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>81<span class=\"__1 _206\"> </span><span class=\"lsc_1 wsa_1\">6<span class=\"__1 _201\"/>,080<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>13,899<span class=\"__1 _32b\"> </span>Other fin<span class=\"__1 _201\"/>ancial liabilities<span class=\"__1 _a3_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _c_1\"> </span><span class=\"ls32_1 ws33_1\">939<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,233<span class=\"__1 _14d_1\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _32b\"> </span></span>Accru<span class=\"__1 _201\"/>als, d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d inco<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/> and other liabilities<span class=\"__1 _1ac_1\"> </span><span class=\"ff1_1 ls43_1 ws47_1\">6<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>5<span class=\"__1 _211\"> </span><span class=\"ls1a_1 ws19_1\">6,438<span class=\"__1 _239\"> </span><span class=\"ls45_1 ws49_1\">110<span class=\"__1 _232\"> </span><span class=\"ls15_1 ws14_1\">87<span class=\"__1 _252\"> </span></span>114<span class=\"__1 _253\"> </span><span class=\"ls19_1 ws18_1\">109<span class=\"__1 _252\"> </span><span class=\"ls40_1 ws44_1\">191<span class=\"__1 _32b\"> </span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>7,<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _389\"> </span><span class=\"ls33_1 ws34_1\">3<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>,780<span class=\"__1 _213\"> </span><span class=\"ls19_1 ws18_1\">20,4<span class=\"__1 _201\"/>25<span class=\"__1 _243\"> </span><span class=\"ls15_1 ws14_1\">3,<span class=\"__1 _201\"/>498<span class=\"__1 _204\"> </span></span></span>1,78<span class=\"__1 _201\"/>0<span class=\"__1 _204\"> </span><span class=\"ls7_1 ws5_1\">1,079<span class=\"__1 _1d8_1\"> </span><span class=\"ls22_1 ws21_1\">1,390<span class=\"__1 _214\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>5<span class=\"__1 _245\"> </span><span class=\"ls19_1 ws18_1\">10,<span class=\"__1 _201\"/>219<span class=\"__1 _327\"> </span><span class=\"ls10_1 wsf_1\">45,4<span class=\"__1 _201\"/>46<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> carrying<span class=\"__1 _32b\"> </span> value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>1 yea<span class=\"__1 _201\"/>r or<span class=\"__1 _32b\"> </span> less<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 1 ye<span class=\"__1 _201\"/>ar<span class=\"__1 _32b\"> </span> to 5 yea<span class=\"__1 _201\"/>rs<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 5<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 10<span class=\"__1 _32b\"> </span> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 10<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 15<span class=\"__1 _32b\"> </span> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 15<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 20<span class=\"__1 _201\"/> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Ov<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>No s<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> maturit<span class=\"__1 _201\"/>y<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal undis-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>cou<span class=\"__1 _201\"/>nted<span class=\"__1 _201\"/> value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Financial li<span class=\"__1 _200\"/>abilities:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>racts without<span class=\"__1 _32b\"> </span> DPF<span class=\"__1 _2b8\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _200\"/>4,884<span class=\"__1 _249\"> </span>14,884<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _200\"/>4,884<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated fund<span class=\"__1 _201\"/>s<span class=\"__1 _2b9\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>36<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">109<span class=\"__1 _2c_1\"> </span><span class=\"ls1c_1 ws43_1\">282<span class=\"__1 _2c_1\"> </span><span class=\"ls27_1 ws27_1\">232<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>507<span class=\"__1 _1cf_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>6<span class=\"__1 _210\"> </span><span class=\"lse_1 wsc_1\">12,<span class=\"__1 _201\"/>63<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span></span>Subordinated liabilitie<span class=\"__1 _201\"/>s and<span class=\"__1 _32b\"> </span> other b<span class=\"__1 _201\"/>orrow<span class=\"__1 _201\"/>ings<span class=\"__1 _1ad_1\"> </span><span class=\"ls15_1 ws14_1\">8<span class=\"__1 _201\"/>,930<span class=\"__1 _c_1\"> </span><span class=\"ls22_1 ws21_1\">696<span class=\"__1 _240\"> </span><span class=\"ls74_1 ws89_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>51<span class=\"__1 _201\"/>5<span class=\"__1 _4a_1\"> </span><span class=\"lsc_1 wsa_1\">1,69<span class=\"__1 _201\"/>4<span class=\"__1 _1b5_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>4<span class=\"__1 _5d_1\"> </span>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _208\"> </span><span class=\"ls40_1 ws44_1\">8,6<span class=\"__1 _201\"/>77<span class=\"__1 _271\"> </span><span class=\"ls7_1 ws5_1\">97<span class=\"__1 _1cf_1\"> </span></span></span></span></span>1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>51<span class=\"__1 _32b\"> </span></span></span></span>Other fin<span class=\"__1 _201\"/>ancial liabilities<span class=\"__1 _a5_1\"> </span><span class=\"ls5_1 ws1_1\">2,882<span class=\"__1 _223\"> </span><span class=\"ls77_1 ws8c_1\">884<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,9<span class=\"__1 _201\"/>98<span class=\"__1 _214\"> </span><span class=\"ls5_1 ws1_1\">2,882<span class=\"__1 _32b\"> </span></span>Accru<span class=\"__1 _201\"/>als, d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d inco<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/> and other liabilities<span class=\"__1 _1ac_1\"> </span><span class=\"ls23_1 ws22_1\">6<span class=\"__1 _201\"/>,073<span class=\"__1 _214\"> </span><span class=\"ls40_1 ws44_1\">5,66<span class=\"__1 _201\"/>4<span class=\"__1 _232\"> </span><span class=\"ls1c_1 ws43_1\">57<span class=\"__1 _230\"> </span><span class=\"lsc_1 wsa_1\">81<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">103<span class=\"__1 _345\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>0<span class=\"__1 _226\"> </span>2<span class=\"__1 _201\"/>11<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>6,<span class=\"__1 _201\"/>226<span class=\"__1 _32b\"> </span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _2ba\"> </span><span class=\"ff2_1 ls27_1 ws27_1\">45,4<span class=\"__1 _201\"/>05<span class=\"__1 _4c_1\"> </span><span class=\"lsd_1 wsb_1\">22<span class=\"__1 _201\"/>,23<span class=\"__1 _201\"/>7<span class=\"__1 _211\"> </span><span class=\"ls5_1 ws1_1\">2,854<span class=\"__1 _214\"> </span><span class=\"ls23_1 ws22_1\">2<span class=\"__1 _201\"/>,007<span class=\"__1 _14d_1\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>287<span class=\"__1 _208\"> </span>1,<span class=\"__1 _201\"/>29<span class=\"__1 _201\"/>8<span class=\"__1 _214\"> </span><span class=\"ls7_1 ws5_1\">9,3<span class=\"__1 _201\"/>95<span class=\"__1 _1cf_1\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>01<span class=\"__1 _4c_1\"> </span><span class=\"ls32_1 ws33_1\">52,6<span class=\"__1 _201\"/>79<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>thout D<span class=\"__1 _201\"/>PF are main<span class=\"__1 _201\"/>ly the G<span class=\"__1 _201\"/>roup\u2019s unit linked p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s. U<span class=\"__1 _201\"/>nit linked p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s usuall<span class=\"__1 _201\"/>y have<span class=\"__1 _32b\"> </span> the opti<span class=\"__1 _201\"/>on to surre<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, in p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t or in full<span class=\"__1 _201\"/>, their c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t at any tim<span class=\"__1 _201\"/>e and as a res<span class=\"__1 _201\"/>ult the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts have be<span class=\"__1 _201\"/>en de<span class=\"__1 _201\"/>signate<span class=\"__1 _201\"/>d as payabl<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> withi<span class=\"__1 _201\"/>n one year i<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>e. A larg<span class=\"__1 _201\"/>e propo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ion of the un<span class=\"__1 _201\"/>it linked p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s contai<span class=\"__1 _201\"/>n discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>urrend<span class=\"__1 _201\"/>er val<span class=\"__1 _201\"/>ues or<span class=\"__1 _201\"/> surre<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>r charge<span class=\"__1 _201\"/>s, me<span class=\"__1 _201\"/>aning th<span class=\"__1 _201\"/>at many of the G<span class=\"__1 _201\"/>roup\u2019s liabiliti<span class=\"__1 _201\"/>es are exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be he<span class=\"__1 _201\"/>ld for the l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>-term. S<span class=\"__1 _201\"/>uch sur<span class=\"__1 _201\"/>rende<span class=\"__1 _201\"/>rs woul<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> be match<span class=\"__1 _201\"/>ed in pr<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>ce, if ne<span class=\"__1 _201\"/>ces<span class=\"__1 _201\"/>sar<span class=\"__1 _201\"/>y, by sale<span class=\"__1 _201\"/>s of unde<span class=\"__1 _201\"/>rlyi<span class=\"__1 _201\"/>ng ass<span class=\"__1 _201\"/>ets<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>286<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Many of th<span class=\"__1 _201\"/>e Group\u2019s inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lios are in m<span class=\"__1 _201\"/>arketabl<span class=\"__1 _201\"/>e secur<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch can th<span class=\"__1 _201\"/>erefore b<span class=\"__1 _201\"/>e conver<span class=\"__1 _201\"/>ted q<span class=\"__1 _201\"/>uickl<span class=\"__1 _201\"/>y to liquid a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> As a re<span class=\"__1 _201\"/>sult an an<span class=\"__1 _201\"/>alysi<span class=\"__1 _201\"/>s of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s ass<span class=\"__1 _201\"/>ets by cont<span class=\"__1 _201\"/>ractu<span class=\"__1 _201\"/>al maturi<span class=\"__1 _201\"/>ty is n<span class=\"__1 _201\"/>ot cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d appro<span class=\"__1 _201\"/>priate to eval<span class=\"__1 _201\"/>uate the nature an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> exte<span class=\"__1 _201\"/>nt of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s liqu<span class=\"__1 _201\"/>idit<span class=\"__1 _201\"/>y risk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>33.6<span class=\"__1 _201\"/>.2 Maturity analysis of derivativ<span class=\"__1 _200\"/>es<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e shows th<span class=\"__1 _201\"/>e gros<span class=\"__1 _201\"/>s and net d<span class=\"__1 _201\"/>eriv<span class=\"__1 _201\"/>ative po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>s togethe<span class=\"__1 _201\"/>r with the m<span class=\"__1 _201\"/>aturit<span class=\"__1 _201\"/>y profi<span class=\"__1 _201\"/>le of the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>tual<span class=\"__1 _201\"/> undiscounted cas<span class=\"__1 _201\"/>hflows:<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> carrying<span class=\"__1 _32b\"> </span> value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>1 yea<span class=\"__1 _201\"/>r or<span class=\"__1 _32b\"> </span> less<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 1 ye<span class=\"__1 _201\"/>ar<span class=\"__1 _32b\"> </span> to 5 yea<span class=\"__1 _201\"/>rs<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 5<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 10<span class=\"__1 _32b\"> </span> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 10<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 15<span class=\"__1 _32b\"> </span> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 15<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 20<span class=\"__1 _201\"/> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Ov<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>No s<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> maturit<span class=\"__1 _201\"/>y<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal undis-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>cou<span class=\"__1 _201\"/>nted<span class=\"__1 _201\"/> value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _261\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">2,8<span class=\"__1 _201\"/>50<span class=\"__1 _223\"> </span><span class=\"ls1f_1 ws1e_1\">384<span class=\"__1 _253\"> </span><span class=\"ls19_1 ws18_1\">816<span class=\"__1 _2c_1\"> </span><span class=\"lsb_1 ws32_1\">722<span class=\"__1 _c_1\"> </span><span class=\"ls40_1 ws44_1\">526<span class=\"__1 _237\"> </span><span class=\"ls15_1 ws14_1\">554<span class=\"__1 _204\"> </span></span></span>1,258<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>4,<span class=\"__1 _201\"/>260<span class=\"__1 _32b\"> </span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _2bb\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>5<span class=\"__1 _231\"> </span><span class=\"lsf_1 wsd_1\">772<span class=\"__1 _1d8_1\"> </span><span class=\"lsc_1 wsa_1\">1,06<span class=\"__1 _201\"/>6<span class=\"__1 _2c_1\"> </span><span class=\"lsd_1 wsb_1\">821<span class=\"__1 _240\"> </span></span></span></span>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>4<span class=\"__1 _253\"> </span><span class=\"ls32_1 ws33_1\">934<span class=\"__1 _204\"> </span><span class=\"ls19_1 ws18_1\">1,6<span class=\"__1 _201\"/>62<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span>Net derivativ<span class=\"__1 _200\"/>e position<span class=\"__1 _12d_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _4a_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>8)<span class=\"__1 _4a_1\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>0)<span class=\"__1 _270\"> </span>(9<span class=\"__1 _201\"/>9)<span class=\"__1 _4a_1\"> </span><span class=\"ls11_1 ws10_1\">(63<span class=\"__1 _201\"/>8)<span class=\"__1 _208\"> </span></span></span>(3<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>0)<span class=\"__1 _208\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>(<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>9)<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> carrying<span class=\"__1 _32b\"> </span> value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>1 yea<span class=\"__1 _201\"/>r or<span class=\"__1 _32b\"> </span> less<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 1 ye<span class=\"__1 _201\"/>ar<span class=\"__1 _32b\"> </span> to 5 yea<span class=\"__1 _201\"/>rs<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 5<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 10<span class=\"__1 _32b\"> </span> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 10<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 15<span class=\"__1 _32b\"> </span> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 15<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 20<span class=\"__1 _201\"/> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Ov<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>No s<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> maturit<span class=\"__1 _201\"/>y<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal undis-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>cou<span class=\"__1 _201\"/>nted<span class=\"__1 _201\"/> value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _bb_1\"> </span><span class=\"lsd_1 wsb_1\">3,373<span class=\"__1 _c_1\"> </span><span class=\"ls1f_1 ws1e_1\">354<span class=\"__1 _239\"> </span><span class=\"ls3d_1 ws3f_1\">6<span class=\"__1 _250\"/>74<span class=\"__1 _228\"> </span><span class=\"lsc_1 wsa_1\">7<span class=\"__1 _201\"/>31<span class=\"__1 _239\"> </span></span>6<span class=\"__1 _201\"/>74<span class=\"__1 _253\"> </span><span class=\"lsf_1 wsd_1\">886<span class=\"__1 _243\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,00<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>5,<span class=\"__1 _201\"/>324<span class=\"__1 _32b\"> </span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _2a7\"> </span><span class=\"ls40_1 ws44_1\">2,689<span class=\"__1 _e_1\"> </span><span class=\"ls11_1 ws10_1\">6<span class=\"__1 _201\"/>11<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">652<span class=\"__1 _231\"> </span><span class=\"ls4a_1 ws50_1\">6<span class=\"__1 _201\"/>41<span class=\"__1 _2c_1\"> </span><span class=\"ls1c_1 ws43_1\">6<span class=\"__1 _201\"/>57<span class=\"__1 _237\"> </span><span class=\"ls7f_1 ws93_1\">53<span class=\"__1 _201\"/>8<span class=\"__1 _7d_1\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>313<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>412<span class=\"__1 _32b\"> </span>Net derivativ<span class=\"__1 _200\"/>e position<span class=\"__1 _375\"> </span><span class=\"ff2_1 ls1f_1 ws1e_1\">684<span class=\"__1 _6b_1\"> </span><span class=\"ls7_1 ws5_1\">(25<span class=\"__1 _201\"/>7)<span class=\"__1 _e_1\"> </span><span class=\"ls10_1 wsf_1\">2<span class=\"__1 _201\"/>2<span class=\"__1 _256\"> </span><span class=\"lsf_1 wsd_1\">90<span class=\"__1 _229\"> </span><span class=\"ls56_1 ws5f_1\">17<span class=\"__1 _c_1\"> </span><span class=\"ls29_1 ws29_1\">348<span class=\"__1 _c_1\"> </span><span class=\"ls27_1 ws27_1\">692<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>912<span class=\"__1 _32b\"> </span>33.7 Deriv<span class=\"__1 _200\"/>ativ<span class=\"__1 _200\"/>es and<span class=\"__1 _200\"/> hedging<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup us<span class=\"__1 _201\"/>es der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ves for th<span class=\"__1 _201\"/>e purp<span class=\"__1 _201\"/>ose of effi<span class=\"__1 _201\"/>cient p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent or th<span class=\"__1 _201\"/>e reduc<span class=\"__1 _201\"/>tion i<span class=\"__1 _201\"/>n investm<span class=\"__1 _201\"/>ent ris<span class=\"__1 _201\"/>k. In d<span class=\"__1 _201\"/>oing s<span class=\"__1 _201\"/>o, the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up obtains c<span class=\"__1 _201\"/>ost-eff<span class=\"__1 _201\"/>ecti<span class=\"__1 _201\"/>ve and effi<span class=\"__1 _201\"/>cient ex<span class=\"__1 _201\"/>posure to v<span class=\"__1 _201\"/>ario<span class=\"__1 _201\"/>us markets an<span class=\"__1 _201\"/>d mana<span class=\"__1 _201\"/>ges exp<span class=\"__1 _201\"/>osure to eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, interest r<span class=\"__1 _201\"/>ate, curre<span class=\"__1 _201\"/>ncy,<span class=\"__1 _32b\"> </span> credi<span class=\"__1 _201\"/>t and othe<span class=\"__1 _201\"/>r busin<span class=\"__1 _201\"/>ess r<span class=\"__1 _201\"/>isks<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup has o<span class=\"__1 _201\"/>pted not to ap<span class=\"__1 _201\"/>ply h<span class=\"__1 _201\"/>edge a<span class=\"__1 _201\"/>ccounti<span class=\"__1 _201\"/>ng to der<span class=\"__1 _201\"/>ivative<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup us<span class=\"__1 _201\"/>es var<span class=\"__1 _201\"/>ious inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ate deri<span class=\"__1 _201\"/>vative ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents su<span class=\"__1 _201\"/>ch as interes<span class=\"__1 _201\"/>t rate swa<span class=\"__1 _201\"/>ps and s<span class=\"__1 _201\"/>waption<span class=\"__1 _201\"/>s to reduc<span class=\"__1 _201\"/>e exposu<span class=\"__1 _201\"/>re<span class=\"__1 _32b\"> </span> to interes<span class=\"__1 _201\"/>t rate volatil<span class=\"__1 _201\"/>ity. The G<span class=\"__1 _201\"/>roup als<span class=\"__1 _201\"/>o uses v<span class=\"__1 _201\"/>ario<span class=\"__1 _201\"/>us curren<span class=\"__1 _201\"/>cy de<span class=\"__1 _201\"/>rivati<span class=\"__1 _201\"/>ves in ord<span class=\"__1 _201\"/>er to limit vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y due to fo<span class=\"__1 _201\"/>reign cur<span class=\"__1 _201\"/>renc<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> exchang<span class=\"__1 _201\"/>e rate fluc<span class=\"__1 _201\"/>tuation<span class=\"__1 _201\"/>s arisi<span class=\"__1 _201\"/>ng on se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es den<span class=\"__1 _201\"/>ominate<span class=\"__1 _201\"/>d in curre<span class=\"__1 _201\"/>ncie<span class=\"__1 _201\"/>s other tha<span class=\"__1 _201\"/>n poun<span class=\"__1 _201\"/>ds ster<span class=\"__1 _201\"/>ling.<span class=\"__1 _32b\"> </span>All over-the-<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>r deri<span class=\"__1 _201\"/>vative tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s are cond<span class=\"__1 _201\"/>ucte<span class=\"__1 _201\"/>d unde<span class=\"__1 _201\"/>r stan<span class=\"__1 _201\"/>dardise<span class=\"__1 _201\"/>d ISDA (Inte<span class=\"__1 _201\"/>rnatio<span class=\"__1 _201\"/>nal Swaps a<span class=\"__1 _201\"/>nd De<span class=\"__1 _201\"/>rivati<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/> As<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ation In<span class=\"__1 _201\"/>c<span class=\"__1 _200\"/>) maste<span class=\"__1 _201\"/>r agree<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>nd CSA (Cred<span class=\"__1 _201\"/>it Supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t Annexe<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>). The G<span class=\"__1 _201\"/>roup has c<span class=\"__1 _201\"/>ollatera<span class=\"__1 _201\"/>l agree<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s bet<span class=\"__1 _201\"/>ween th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> indi<span class=\"__1 _201\"/>vidu<span class=\"__1 _201\"/>al entitie<span class=\"__1 _201\"/>s in the G<span class=\"__1 _201\"/>roup, of wh<span class=\"__1 _201\"/>ich the Co<span class=\"__1 _201\"/>mpany is o<span class=\"__1 _201\"/>ne, an<span class=\"__1 _201\"/>d releva<span class=\"__1 _201\"/>nt counter<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>ties i<span class=\"__1 _201\"/>n place u<span class=\"__1 _201\"/>nder e<span class=\"__1 _201\"/>ach of the<span class=\"__1 _201\"/>se mar<span class=\"__1 _201\"/>ket<span class=\"__1 _32b\"> </span> mas<span class=\"__1 _201\"/>ter agree<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p also ha<span class=\"__1 _201\"/>s the abili<span class=\"__1 _201\"/>ty to en<span class=\"__1 _201\"/>ter into clea<span class=\"__1 _201\"/>red der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve positi<span class=\"__1 _201\"/>ons und<span class=\"__1 _201\"/>er EMI<span class=\"__1 _201\"/>R (Europ<span class=\"__1 _201\"/>ean Mar<span class=\"__1 _201\"/>ket<span class=\"__1 _32b\"> </span> Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture R<span class=\"__1 _201\"/>egulati<span class=\"__1 _201\"/>on).<span class=\"__1 _32b\"> </span>The tota<span class=\"__1 _201\"/>l fair va<span class=\"__1 _201\"/>lue bal<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>s of deri<span class=\"__1 _201\"/>vative as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>re shown i<span class=\"__1 _201\"/>n Note 19.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>re are he<span class=\"__1 _201\"/>dging ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>ts in pla<span class=\"__1 _201\"/>ce for the w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profits l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>. In addi<span class=\"__1 _201\"/>tion to som<span class=\"__1 _201\"/>e produ<span class=\"__1 _201\"/>ct-spe<span class=\"__1 _201\"/>cific a<span class=\"__1 _201\"/>rrang<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nts, th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> main o<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>tive of th<span class=\"__1 _201\"/>e hed<span class=\"__1 _201\"/>ging arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s is to broadl<span class=\"__1 _201\"/>y match a subs<span class=\"__1 _201\"/>et of the ma<span class=\"__1 _201\"/>rket<span class=\"__1 _200\"/>-con<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>nt liabil<span class=\"__1 _201\"/>ities an<span class=\"__1 _201\"/>d henc<span class=\"__1 _201\"/>e protec<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> the c<span class=\"__1 _201\"/>apital p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n of the wit<span class=\"__1 _201\"/>h-pro<span class=\"__1 _201\"/>fits bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s agai<span class=\"__1 _201\"/>nst ad<span class=\"__1 _201\"/>verse m<span class=\"__1 _201\"/>arket movem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>. The a<span class=\"__1 _201\"/>ctual a<span class=\"__1 _201\"/>nd req<span class=\"__1 _201\"/>uired he<span class=\"__1 _201\"/>dgin<span class=\"__1 _201\"/>g positi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/> are mo<span class=\"__1 _201\"/>nitored at l<span class=\"__1 _201\"/>east m<span class=\"__1 _201\"/>onthl<span class=\"__1 _201\"/>y and reb<span class=\"__1 _201\"/>alance<span class=\"__1 _201\"/>d if req<span class=\"__1 _201\"/>uired<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er Ar<span class=\"__1 _201\"/>ticl<span class=\"__1 _201\"/>e 1<span class=\"__1 _200\"/>1 of the U<span class=\"__1 _201\"/>K Europe<span class=\"__1 _201\"/>an Market Inf<span class=\"__1 _201\"/>rastr<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>ture Regu<span class=\"__1 _201\"/>lation on d<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>vatives<span class=\"__1 _201\"/>, centr<span class=\"__1 _201\"/>al coun<span class=\"__1 _201\"/>terpar<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es and tr<span class=\"__1 _201\"/>ade<span class=\"__1 _201\"/> repo<span class=\"__1 _201\"/>sitori<span class=\"__1 _201\"/>es (EMI<span class=\"__1 _201\"/>R) and th<span class=\"__1 _201\"/>e T<span class=\"__1 _f_1\"/>ech<span class=\"__1 _201\"/>nica<span class=\"__1 _201\"/>l Standard<span class=\"__1 _201\"/>s onsh<span class=\"__1 _201\"/>oring C<span class=\"__1 _201\"/>ommi<span class=\"__1 _201\"/>ssio<span class=\"__1 _201\"/>n Del<span class=\"__1 _201\"/>egated R<span class=\"__1 _201\"/>egulati<span class=\"__1 _201\"/>on (EU) 2<span class=\"__1 _201\"/>016/<span class=\"__1 _200\"/>22<span class=\"__1 _201\"/>5<span class=\"__1 _200\"/>1 suppl<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>ing<span class=\"__1 _32b\"> </span> EMI<span class=\"__1 _201\"/>R, ma<span class=\"__1 _201\"/>rket par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ants tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>ting in n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>cle<span class=\"__1 _201\"/>ared OTC der<span class=\"__1 _201\"/>ivative<span class=\"__1 _201\"/>s are requ<span class=\"__1 _201\"/>ired to exchang<span class=\"__1 _201\"/>e collate<span class=\"__1 _201\"/>ral to cover va<span class=\"__1 _201\"/>riatio<span class=\"__1 _201\"/>n and<span class=\"__1 _201\"/> initia<span class=\"__1 _201\"/>l margin<span class=\"__1 _201\"/>. However, trades b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en cou<span class=\"__1 _201\"/>nterpar<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es bel<span class=\"__1 _201\"/>ongi<span class=\"__1 _201\"/>ng to the sam<span class=\"__1 _201\"/>e group are exe<span class=\"__1 _201\"/>mpt from th<span class=\"__1 _201\"/>ese ma<span class=\"__1 _201\"/>rgin requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span> subjec<span class=\"__1 _201\"/>t to certain criter<span class=\"__1 _201\"/>ia.<span class=\"__1 _32b\"> </span> Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Capit<span class=\"__1 _201\"/>al Plc (L<span class=\"__1 _201\"/>egal Enti<span class=\"__1 _201\"/>ty I<span class=\"__1 _201\"/>denti<span class=\"__1 _201\"/>fier refe<span class=\"__1 _201\"/>rence (L<span class=\"__1 _201\"/>EI) CHW8<span class=\"__1 _201\"/>NHK<span class=\"__1 _201\"/>26<span class=\"__1 _201\"/>8SF<span class=\"__1 _201\"/>PT<span class=\"__1 _201\"/>V63<span class=\"__1 _201\"/>Z64) has entere<span class=\"__1 _201\"/>d into such d<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>vative<span class=\"__1 _201\"/> agre<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s with the f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing group e<span class=\"__1 _201\"/>ntities<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>ese co<span class=\"__1 _201\"/>unterp<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty p<span class=\"__1 _201\"/>airing<span class=\"__1 _201\"/>s meet th<span class=\"__1 _201\"/>e criter<span class=\"__1 _201\"/>ia to be eli<span class=\"__1 _201\"/>gible fo<span class=\"__1 _201\"/>r intra<span class=\"__1 _201\"/>-gro<span class=\"__1 _201\"/>up<span class=\"__1 _32b\"> </span> exemptio<span class=\"__1 _201\"/>ns to the marg<span class=\"__1 _201\"/>in requi<span class=\"__1 _201\"/>rement<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span> 33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2f_1 ws2f_1\">287<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span> December<span class=\"__1 _32b\"> </span> 2022<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/>1 Decembe<span class=\"__1 _32b\"> </span>r 202<span class=\"__1 _32b\"> </span>1<span class=\"__1 _32b\"> </span>Counterparty<span class=\"__1 _477\"> </span><span class=\"ls3e_1 ws65_1\">L<span class=\"__1 _201\"/>egal Entit<span class=\"__1 _201\"/>y Identifi<span class=\"__1 _201\"/>er<span class=\"__1 _1ce_1\"> </span><span class=\"ls2d_1 ws66_1\">Relationship<span class=\"__1 _200\"/> betwe<span class=\"__1 _201\"/>en parties<span class=\"__1 _32b\"> </span></span></span>Ty<span class=\"__1 _201\"/>p<span class=\"__1 _250\"/>e<span class=\"__1 _201\"/> o<span class=\"__1 _201\"/>f<span class=\"__1 _201\"/> exemp<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span>Aggre<span class=\"__1 _201\"/>gate<span class=\"__1 _201\"/> notional<span class=\"__1 _32b\"> </span> of OTC<span class=\"__1 _201\"/> derivat<span class=\"__1 _200\"/>ives<span class=\"__1 _32b\"> </span> contract<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Aggre<span class=\"__1 _201\"/>gat<span class=\"__1 _32b\"> </span>e<span class=\"__1 _201\"/> notiona<span class=\"__1 _32b\"> </span>l of OT<span class=\"__1 _32b\"> </span>C<span class=\"__1 _201\"/> derivat<span class=\"__1 _200\"/>ive<span class=\"__1 _32b\"> </span>s contrac<span class=\"__1 _32b\"> </span>t<span class=\"ls5_1 ws1_1\"> </span>\u00a3<span class=\"__1 _32b\"> </span>m<span class=\"__1 _32b\"> </span>Prude<span class=\"__1 _201\"/>ntial Lifetime<span class=\"__1 _32b\"> </span> Mor<span class=\"__1 _201\"/>tgages Limited<span class=\"__1 _223\"> </span><span class=\"lsb_1 ws32_1\">5<span class=\"__1 _201\"/>493001<span class=\"__1 _200\"/>GSK4HF84IOB02<span class=\"__1 _32b\"> </span></span>M&amp;G p<span class=\"__1 _201\"/>lc is the ul<span class=\"__1 _201\"/>timate Paren<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> Com<span class=\"__1 _201\"/>pany for b<span class=\"__1 _201\"/>oth par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s<span class=\"__1 _477\"> </span><span class=\"ls5a_1 ws64_1\">Ful<span class=\"__1 _201\"/>l<span class=\"__1 _268\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">37<span class=\"__1 _333\"> </span></span><span class=\"lsd_1 wsb_1\">3<span class=\"__1 _32b\"> </span></span></span><span class=\"ls5a_1 ws64_1\"><span class=\"lsd_1 wsb_1\">7<span class=\"__1 _32b\"> </span></span></span>M&amp;G FA Limited<span class=\"__1 _2b_1\"> </span><span class=\"ls28_1 ws28_1\">213800<span class=\"__1 _200\"/>TFNC2ZYHSGTN<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>1<span class=\"__1 _32b\"> </span></span>M&amp;G p<span class=\"__1 _201\"/>lc is the ul<span class=\"__1 _201\"/>timate Paren<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> Com<span class=\"__1 _201\"/>pany for b<span class=\"__1 _201\"/>oth par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s<span class=\"__1 _477\"> </span><span class=\"ls5a_1 ws64_1\">Ful<span class=\"__1 _201\"/>l<span class=\"__1 _472\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">255<span class=\"__1 _271\"> </span></span><span class=\"ls32_1 ws33_1\">20<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>33.7<span class=\"__1 _f_1\"/>.<span class=\"__1 _f_1\"/>1 Hedges in respect o<span class=\"__1 _200\"/>f shareholder<span class=\"__1 _200\"/> transfer<span class=\"__1 _200\"/>s arising<span class=\"__1 _200\"/> from<span class=\"__1 _200\"/> the wit<span class=\"__1 _200\"/>h-profits business<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 exposu<span class=\"__1 _201\"/>re to market ris<span class=\"__1 _201\"/>k from with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s aris<span class=\"__1 _201\"/>es from th<span class=\"__1 _201\"/>e share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er trans<span class=\"__1 _201\"/>fers w<span class=\"__1 _201\"/>hich d<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>d on<span class=\"__1 _32b\"> </span> inves<span class=\"__1 _201\"/>tment retur<span class=\"__1 _201\"/>n of the fu<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>. Thes<span class=\"__1 _201\"/>e share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er trans<span class=\"__1 _201\"/>fer<span class=\"__1 _201\"/>s, whi<span class=\"__1 _201\"/>le smo<span class=\"__1 _201\"/>othed<span class=\"__1 _201\"/>, are par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cularl<span class=\"__1 _201\"/>y expos<span class=\"__1 _201\"/>ed to eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y risk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s entered i<span class=\"__1 _201\"/>nto a par<span class=\"__1 _201\"/>tial e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y hed<span class=\"__1 _201\"/>ge of the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>rs exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to emerg<span class=\"__1 _201\"/>e from the W<span class=\"__1 _201\"/>PSF i<span class=\"__1 _201\"/>n order<span class=\"__1 _201\"/> to mitigate thi<span class=\"__1 _201\"/>s risk<span class=\"__1 _201\"/>. The e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t for the ye<span class=\"__1 _201\"/>ar end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 was an un<span class=\"__1 _201\"/>realis<span class=\"__1 _201\"/>ed gain of \u00a3121m (20<span class=\"__1 _201\"/>21: unreal<span class=\"__1 _201\"/>ised l<span class=\"__1 _201\"/>oss of<span class=\"__1 _201\"/> \u00a32<span class=\"__1 _201\"/>27m) and a realis<span class=\"__1 _201\"/>ed los<span class=\"__1 _201\"/>s of \u00a3119m (2021: rea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d loss of \u00a3<span class=\"__1 _201\"/>81m).<span class=\"__1 _32b\"> </span>P<span class=\"__1 _200\"/>AC\u2019<span class=\"__1 _200\"/>s share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er fun<span class=\"__1 _201\"/>d has als<span class=\"__1 _201\"/>o entered i<span class=\"__1 _201\"/>nto a risk ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>ement w<span class=\"__1 _201\"/>ith the WP<span class=\"__1 _201\"/>SF in re<span class=\"__1 _201\"/>lation to the s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> trans<span class=\"__1 _201\"/>fers ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to em<span class=\"__1 _201\"/>erge fro<span class=\"__1 _201\"/>m the WP<span class=\"__1 _201\"/>SF<span class=\"__1 _f_1\"/>, sp<span class=\"__1 _201\"/>ecifi<span class=\"__1 _201\"/>call<span class=\"__1 _201\"/>y with re<span class=\"__1 _201\"/>gard to the Pr<span class=\"__1 _201\"/>uFund new b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss wr<span class=\"__1 _201\"/>itten d<span class=\"__1 _201\"/>uring 2<span class=\"__1 _201\"/>018 to 2020.<span class=\"__1 _32b\"> </span> This a<span class=\"__1 _201\"/>rran<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt was de<span class=\"__1 _201\"/>signe<span class=\"__1 _201\"/>d to protec<span class=\"__1 _201\"/>t the sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders a<span class=\"__1 _201\"/>gains<span class=\"__1 _201\"/>t extre<span class=\"__1 _201\"/>mely w<span class=\"__1 _201\"/>eak mar<span class=\"__1 _201\"/>ket returns<span class=\"__1 _201\"/>. This ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>ement re<span class=\"__1 _201\"/>sulted<span class=\"__1 _201\"/> in a \u00a38<span class=\"__1 _201\"/>m unreali<span class=\"__1 _201\"/>sed l<span class=\"__1 _201\"/>oss fo<span class=\"__1 _201\"/>r the year en<span class=\"__1 _201\"/>ded 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>022 (20<span class=\"__1 _201\"/>21: unreal<span class=\"__1 _201\"/>ised l<span class=\"__1 _201\"/>oss of \u00a3<span class=\"__1 _201\"/>36m).<span class=\"__1 _32b\"> </span>33.7<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>2 Other<span class=\"__1 _200\"/> shareholder hedging<span class=\"__1 _200\"/> arrangements<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er fund h<span class=\"__1 _201\"/>as purcha<span class=\"__1 _201\"/>sed inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ate swap ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents to prote<span class=\"__1 _201\"/>ct the c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l posit<span class=\"__1 _201\"/>ion aga<span class=\"__1 _201\"/>inst inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ate<span class=\"__1 _32b\"> </span> movem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>. For the ye<span class=\"__1 _201\"/>ar end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, th<span class=\"__1 _201\"/>ese in<span class=\"__1 _201\"/>strum<span class=\"__1 _201\"/>ents re<span class=\"__1 _201\"/>sulted in a<span class=\"__1 _201\"/>n unreali<span class=\"__1 _201\"/>sed l<span class=\"__1 _201\"/>oss of \u00a3<span class=\"__1 _201\"/>803m (<span class=\"__1 _201\"/>2021: unrea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> los<span class=\"__1 _201\"/>s of \u00a386<span class=\"__1 _201\"/>m) and a realis<span class=\"__1 _201\"/>ed lo<span class=\"__1 _201\"/>ss of \u00a318<span class=\"__1 _201\"/>6m (2021: re<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d loss o<span class=\"__1 _201\"/>f \u00a317<span class=\"__1 _200\"/>m).<span class=\"__1 _32b\"> </span>34 Contingencies and r<span class=\"__1 _200\"/>elat<span class=\"__1 _200\"/>ed obligat<span class=\"__1 _200\"/>ions<span class=\"__1 _32b\"> </span> 34<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1 Liti<span class=\"__1 _201\"/>gatio<span class=\"__1 _201\"/>n, ta<span class=\"__1 _201\"/>x and re<span class=\"__1 _201\"/>gul<span class=\"__1 _201\"/>ator<span class=\"__1 _201\"/>y matte<span class=\"__1 _201\"/>rs<span class=\"__1 _32b\"> </span>In ad<span class=\"__1 _201\"/>dition to the m<span class=\"__1 _201\"/>atter<span class=\"__1 _201\"/>s set out in N<span class=\"__1 _201\"/>ote 29 reg<span class=\"__1 _201\"/>arding re<span class=\"__1 _201\"/>gulator<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>ns in relati<span class=\"__1 _201\"/>on to annui<span class=\"__1 _201\"/>ty s<span class=\"__1 _201\"/>ales p<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>tices<span class=\"__1 _201\"/>, and in N<span class=\"__1 _201\"/>ote 9.3<span class=\"__1 _201\"/> rega<span class=\"__1 _201\"/>rding the p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio di<span class=\"__1 _201\"/>vide<span class=\"__1 _201\"/>nd tax li<span class=\"__1 _201\"/>tigation<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup is invol<span class=\"__1 _201\"/>ved in va<span class=\"__1 _201\"/>riou<span class=\"__1 _201\"/>s litigatio<span class=\"__1 _201\"/>n and reg<span class=\"__1 _201\"/>ulator<span class=\"__1 _201\"/>y is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>s. Whi<span class=\"__1 _201\"/>le the ou<span class=\"__1 _201\"/>tcome<span class=\"__1 _201\"/> of such l<span class=\"__1 _201\"/>itigatio<span class=\"__1 _201\"/>n and reg<span class=\"__1 _201\"/>ulator<span class=\"__1 _201\"/>y is<span class=\"__1 _201\"/>sues c<span class=\"__1 _201\"/>ann<span class=\"__1 _201\"/>ot be pre<span class=\"__1 _201\"/>dicte<span class=\"__1 _201\"/>d with ce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>aint<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, the Dire<span class=\"__1 _201\"/>ctors b<span class=\"__1 _201\"/>elieve th<span class=\"__1 _201\"/>at their ul<span class=\"__1 _201\"/>timate outco<span class=\"__1 _201\"/>me will<span class=\"__1 _201\"/> not have a mate<span class=\"__1 _201\"/>rial ad<span class=\"__1 _201\"/>verse e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t on the G<span class=\"__1 _201\"/>roup\u2019s financ<span class=\"__1 _201\"/>ial con<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, result<span class=\"__1 _201\"/>s of ope<span class=\"__1 _201\"/>ration<span class=\"__1 _201\"/>s, or c<span class=\"__1 _201\"/>ash flo<span class=\"__1 _201\"/>ws.<span class=\"__1 _32b\"> </span>34<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Guarantees<span class=\"__1 _32b\"> </span>Gua<span class=\"__1 _201\"/>rantee f<span class=\"__1 _201\"/>unds prov<span class=\"__1 _201\"/>ide fo<span class=\"__1 _201\"/>r payme<span class=\"__1 _201\"/>nts to be ma<span class=\"__1 _201\"/>de to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs on b<span class=\"__1 _201\"/>ehalf of in<span class=\"__1 _201\"/>sol<span class=\"__1 _201\"/>vent life ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e comp<span class=\"__1 _201\"/>anies a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span> are fina<span class=\"__1 _201\"/>nced by p<span class=\"__1 _201\"/>aymen<span class=\"__1 _201\"/>ts ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ed on s<span class=\"__1 _201\"/>olvent i<span class=\"__1 _201\"/>nsura<span class=\"__1 _201\"/>nce com<span class=\"__1 _201\"/>panie<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on lo<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n, volu<span class=\"__1 _201\"/>me and t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>es of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> The e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve for futu<span class=\"__1 _201\"/>re guaran<span class=\"__1 _201\"/>tee fund a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ents is n<span class=\"__1 _201\"/>ot signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt, and a<span class=\"__1 _201\"/>dequ<span class=\"__1 _201\"/>ate reser<span class=\"__1 _201\"/>ve<span class=\"__1 _201\"/>s are availab<span class=\"__1 _201\"/>le for al<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span> antic<span class=\"__1 _200\"/>ipat<span class=\"__1 _200\"/>ed pa<span class=\"__1 _200\"/>yments for<span class=\"__1 _200\"/> known<span class=\"__1 _200\"/> insolvencies.<span class=\"__1 _32b\"> </span>M&amp;G p<span class=\"__1 _201\"/>lc ac<span class=\"__1 _201\"/>ts as guar<span class=\"__1 _201\"/>antor for c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y leas<span class=\"__1 _201\"/>es wh<span class=\"__1 _201\"/>ere a group c<span class=\"__1 _201\"/>ompany i<span class=\"__1 _201\"/>s a less<span class=\"__1 _201\"/>ee. T<span class=\"__1 _201\"/>he mos<span class=\"__1 _201\"/>t materi<span class=\"__1 _201\"/>al of thes<span class=\"__1 _201\"/>e is the<span class=\"__1 _201\"/> guar<span class=\"__1 _201\"/>antee prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d in resp<span class=\"__1 _201\"/>ect of t<span class=\"__1 _201\"/>he 10 Fench<span class=\"__1 _201\"/>urch Avenue le<span class=\"__1 _201\"/>ase bet<span class=\"__1 _201\"/>we<span class=\"__1 _201\"/>en Saxo<span class=\"__1 _201\"/>n Lan<span class=\"__1 _201\"/>d B.<span class=\"__1 _200\"/>V<span class=\"__1 _f_1\"/>. and M<span class=\"__1 _201\"/>&amp;G Cor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ate Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices Li<span class=\"__1 _201\"/>mited.<span class=\"__1 _32b\"> </span>On ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of a con<span class=\"__1 _201\"/>trolling i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n MGSA<span class=\"__1 _201\"/>, M&amp;<span class=\"__1 _201\"/>G Grou<span class=\"__1 _201\"/>p Limite<span class=\"__1 _201\"/>d provid<span class=\"__1 _201\"/>ed a guar<span class=\"__1 _201\"/>antee in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of an exi<span class=\"__1 _201\"/>sting l<span class=\"__1 _201\"/>oan fa<span class=\"__1 _201\"/>cilit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n Thes<span class=\"__1 _201\"/>ele, t<span class=\"__1 _201\"/>he sell<span class=\"__1 _201\"/>er of MG<span class=\"__1 _201\"/>SA<span class=\"__1 _201\"/>, and N<span class=\"__1 _201\"/>edban<span class=\"__1 _201\"/>k, a third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty b<span class=\"__1 _201\"/>ank amo<span class=\"__1 _201\"/>unting to Z<span class=\"__1 _201\"/>AR 2<span class=\"__1 _201\"/>20m<span class=\"__1 _201\"/>. The gu<span class=\"__1 _201\"/>arantee i<span class=\"__1 _201\"/>s secure<span class=\"__1 _201\"/>d on 7<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span> of the sh<span class=\"__1 _201\"/>ares that T<span class=\"__1 _201\"/>hese<span class=\"__1 _201\"/>le retain<span class=\"__1 _201\"/>s in MGS<span class=\"__1 _201\"/>A.<span class=\"__1 _32b\"> </span>M&amp;G G<span class=\"__1 _201\"/>roup Re<span class=\"__1 _201\"/>gulated Ent<span class=\"__1 _201\"/>ity H<span class=\"__1 _201\"/>oldi<span class=\"__1 _201\"/>ng Com<span class=\"__1 _201\"/>pany Lim<span class=\"__1 _201\"/>ited is a gua<span class=\"__1 _201\"/>rantor fo<span class=\"__1 _201\"/>r the obli<span class=\"__1 _201\"/>gations o<span class=\"__1 _201\"/>f M&amp;G Co<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices L<span class=\"__1 _201\"/>imited to<span class=\"__1 _201\"/> mak<span class=\"__1 _200\"/>e paymen<span class=\"__1 _200\"/>ts under t<span class=\"__1 _200\"/>he Scottish Am<span class=\"__1 _200\"/>icable Staff<span class=\"__1 _200\"/> Pension Scheme.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s also prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d other gu<span class=\"__1 _201\"/>arante<span class=\"__1 _201\"/>es and co<span class=\"__1 _201\"/>mmitm<span class=\"__1 _201\"/>ents to third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ties ente<span class=\"__1 _201\"/>red into in the n<span class=\"__1 _201\"/>orma<span class=\"__1 _201\"/>l cours<span class=\"__1 _201\"/>e of busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> but th<span class=\"__1 _201\"/>e Group d<span class=\"__1 _201\"/>oes n<span class=\"__1 _201\"/>ot consi<span class=\"__1 _201\"/>der that th<span class=\"__1 _201\"/>ese wo<span class=\"__1 _201\"/>uld resu<span class=\"__1 _201\"/>lt in a sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant unprov<span class=\"__1 _201\"/>isio<span class=\"__1 _201\"/>ned l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>34.<span class=\"__1 _201\"/>3 Support for<span class=\"__1 _200\"/> the With-Profits<span class=\"__1 _200\"/> Fund<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> shareholders<span class=\"__1 _32b\"> </span>P<span class=\"__1 _200\"/>AC is liable to m<span class=\"__1 _201\"/>eet its o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>ons to with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers even i<span class=\"__1 _201\"/>f the ass<span class=\"__1 _201\"/>ets of the w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profits s<span class=\"__1 _201\"/>ub-f<span class=\"__1 _201\"/>unds are i<span class=\"__1 _201\"/>nsuffi<span class=\"__1 _201\"/>cient<span class=\"__1 _201\"/> to do so. T<span class=\"__1 _201\"/>he as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>, repre<span class=\"__1 _201\"/>sented by th<span class=\"__1 _201\"/>e unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surpl<span class=\"__1 _201\"/>us of the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>, in exces<span class=\"__1 _201\"/>s of amou<span class=\"__1 _201\"/>nts expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to be<span class=\"__1 _32b\"> </span> paid f<span class=\"__1 _201\"/>or future ter<span class=\"__1 _201\"/>minal b<span class=\"__1 _201\"/>onus<span class=\"__1 _201\"/>es and re<span class=\"__1 _201\"/>lated sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der tra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs (\u2018<span class=\"__1 _201\"/>the exces<span class=\"__1 _201\"/>s ass<span class=\"__1 _201\"/>ets\u2019) in the w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits s<span class=\"__1 _201\"/>ub-f<span class=\"__1 _201\"/>unds co<span class=\"__1 _201\"/>uld be<span class=\"__1 _201\"/> materi<span class=\"__1 _201\"/>ally de<span class=\"__1 _201\"/>plete<span class=\"__1 _201\"/>d over time by, for exampl<span class=\"__1 _201\"/>e, a sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant or sus<span class=\"__1 _201\"/>tain<span class=\"__1 _201\"/>ed eq<span class=\"__1 _201\"/>uity m<span class=\"__1 _201\"/>arket down<span class=\"__1 _201\"/>turn. I<span class=\"__1 _201\"/>n the unlikel<span class=\"__1 _201\"/>y circums<span class=\"__1 _201\"/>tance th<span class=\"__1 _201\"/>at<span class=\"__1 _32b\"> </span> the de<span class=\"__1 _201\"/>pleti<span class=\"__1 _201\"/>on of the exces<span class=\"__1 _201\"/>s ass<span class=\"__1 _201\"/>ets wit<span class=\"__1 _201\"/>hin the wit<span class=\"__1 _201\"/>h-pro<span class=\"__1 _201\"/>fits su<span class=\"__1 _201\"/>b-fun<span class=\"__1 _201\"/>ds was su<span class=\"__1 _201\"/>ch that the G<span class=\"__1 _201\"/>roup\u2019s abilit<span class=\"__1 _201\"/>y to satis<span class=\"__1 _201\"/>f<span class=\"__1 _201\"/>y poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019<span class=\"__1 _32b\"> </span> reaso<span class=\"__1 _201\"/>nabl<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>ctatio<span class=\"__1 _201\"/>ns was ad<span class=\"__1 _201\"/>vers<span class=\"__1 _201\"/>ely affe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d, it mig<span class=\"__1 _201\"/>ht bec<span class=\"__1 _201\"/>ome ne<span class=\"__1 _201\"/>ces<span class=\"__1 _201\"/>sar<span class=\"__1 _201\"/>y to res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>t the an<span class=\"__1 _201\"/>nual dis<span class=\"__1 _201\"/>trib<span class=\"__1 _201\"/>ution to sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders o<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> to c<span class=\"__1 _200\"/>ontribut<span class=\"__1 _200\"/>e shar<span class=\"__1 _200\"/>eholders\u2019<span class=\"__1 _200\"/> funds t<span class=\"__1 _200\"/>o the<span class=\"__1 _200\"/> with-profits<span class=\"__1 _200\"/> sub-funds t<span class=\"__1 _200\"/>o pro<span class=\"__1 _200\"/>vide financia<span class=\"__1 _200\"/>l support.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>288<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022<span class=\"__1 _32b\"> </span></span></span>The<span class=\"__1 _201\"/>re are a numb<span class=\"__1 _201\"/>er of ad<span class=\"__1 _201\"/>ditiona<span class=\"__1 _201\"/>l arra<span class=\"__1 _201\"/>ngem<span class=\"__1 _201\"/>ents b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder a<span class=\"__1 _201\"/>nd the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund a<span class=\"__1 _201\"/>s follow<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund contr<span class=\"__1 _201\"/>ibuted to the c<span class=\"__1 _201\"/>ost<span class=\"__1 _201\"/>s of esta<span class=\"__1 _201\"/>blishi<span class=\"__1 _201\"/>ng the Po<span class=\"__1 _201\"/>lish br<span class=\"__1 _201\"/>anch of PA<span class=\"__1 _200\"/>C, and re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>s repaym<span class=\"__1 _201\"/>ent thro<span class=\"__1 _201\"/>ugh<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>inco<span class=\"__1 _201\"/>me from c<span class=\"__1 _201\"/>harges l<span class=\"__1 _201\"/>evie<span class=\"__1 _201\"/>d on the b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. There i<span class=\"__1 _201\"/>s an obli<span class=\"__1 _201\"/>gation on th<span class=\"__1 _201\"/>e share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers to ens<span class=\"__1 _201\"/>ure that the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profits Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> will b<span class=\"__1 _201\"/>e repai<span class=\"__1 _201\"/>d in full wi<span class=\"__1 _201\"/>th interes<span class=\"__1 _201\"/>t, and a<span class=\"__1 _201\"/>n amount i<span class=\"__1 _201\"/>s reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d for the e<span class=\"__1 _201\"/>stimate<span class=\"__1 _201\"/>d cost to th<span class=\"__1 _201\"/>e shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er of any sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tfa<span class=\"__1 _201\"/>ll at the<span class=\"__1 _201\"/> end of th<span class=\"__1 _201\"/>e term of th<span class=\"__1 _201\"/>e agree<span class=\"__1 _201\"/>ment. T<span class=\"__1 _201\"/>he imp<span class=\"__1 _201\"/>act i<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e unallo<span class=\"__1 _201\"/>cate<span class=\"__1 _201\"/>d surpl<span class=\"__1 _201\"/>us of the wi<span class=\"__1 _201\"/>th-pro<span class=\"__1 _201\"/>fits fu<span class=\"__1 _201\"/>nd with ch<span class=\"__1 _201\"/>anges i<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> valu<span class=\"__1 _201\"/>e reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in movem<span class=\"__1 _201\"/>ent in una<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s fund in th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent.<span class=\"__1 _201\"/> \u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Par<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition co<span class=\"__1 _201\"/>sts in<span class=\"__1 _201\"/>curre<span class=\"__1 _201\"/>d in the ear<span class=\"__1 _201\"/>ly year<span class=\"__1 _201\"/>s of M&amp;G Wealth Ad<span class=\"__1 _201\"/>vice L<span class=\"__1 _201\"/>imited (form<span class=\"__1 _201\"/>erly P<span class=\"__1 _201\"/>rud<span class=\"__1 _201\"/>ential Fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l Planni<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>Ltd) were fu<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d by the With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund. I<span class=\"__1 _201\"/>n return<span class=\"__1 _201\"/>, M&amp;G Wealth Adv<span class=\"__1 _201\"/>ice Lim<span class=\"__1 _201\"/>ited is re<span class=\"__1 _201\"/>quired to d<span class=\"__1 _201\"/>eliver c<span class=\"__1 _201\"/>ost s<span class=\"__1 _201\"/>avings to the<span class=\"__1 _201\"/> With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund. I<span class=\"__1 _201\"/>n the event of cl<span class=\"__1 _201\"/>osure of M&amp;<span class=\"__1 _201\"/>G Wealth Advi<span class=\"__1 _201\"/>ce or<span class=\"__1 _200\"/>, the cos<span class=\"__1 _201\"/>t savin<span class=\"__1 _201\"/>gs not be<span class=\"__1 _201\"/>ing de<span class=\"__1 _201\"/>livere<span class=\"__1 _201\"/>d and M&amp;<span class=\"__1 _201\"/>G W<span class=\"__1 _200\"/>ealth<span class=\"__1 _201\"/> Advi<span class=\"__1 _201\"/>ce stop<span class=\"__1 _201\"/>s writin<span class=\"__1 _201\"/>g new bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s, th<span class=\"__1 _201\"/>e shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er will re<span class=\"__1 _201\"/>imburs<span class=\"__1 _201\"/>e the Wit<span class=\"__1 _201\"/>h-P<span class=\"__1 _201\"/>rofits Fund fo<span class=\"__1 _201\"/>r any remai<span class=\"__1 _201\"/>ning sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tf<span class=\"__1 _201\"/>all. Th<span class=\"__1 _201\"/>e time<span class=\"__1 _201\"/> per<span class=\"__1 _201\"/>iod fo<span class=\"__1 _201\"/>r repaym<span class=\"__1 _201\"/>ent is not d<span class=\"__1 _201\"/>efine<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">T<span class=\"__1 _f_1\"/>ra<span class=\"__1 _201\"/>nsfo<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n cost<span class=\"__1 _201\"/>s asso<span class=\"__1 _201\"/>ciated w<span class=\"__1 _201\"/>ith with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts new bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s will b<span class=\"__1 _201\"/>e recove<span class=\"__1 _201\"/>red in the p<span class=\"__1 _201\"/>ricin<span class=\"__1 _201\"/>g of future ne<span class=\"__1 _201\"/>w busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/> </span>(subjec<span class=\"__1 _201\"/>t to a share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er und<span class=\"__1 _201\"/>erpi<span class=\"__1 _201\"/>n where<span class=\"__1 _201\"/>by the sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der wil<span class=\"__1 _201\"/>l comp<span class=\"__1 _201\"/>ensate th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund if any of the<span class=\"__1 _201\"/>se cos<span class=\"__1 _201\"/>ts are<span class=\"__1 _201\"/> not fu<span class=\"__1 _201\"/>lly rec<span class=\"__1 _201\"/>overed at the e<span class=\"__1 _201\"/>nd of the ter<span class=\"__1 _201\"/>m of the ag<span class=\"__1 _201\"/>reeme<span class=\"__1 _201\"/>nt).<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">P<span class=\"__1 _200\"/>AC has unde<span class=\"__1 _201\"/>rta<span class=\"__1 _201\"/>ken a proje<span class=\"__1 _201\"/>ct to ratio<span class=\"__1 _201\"/>nalis<span class=\"__1 _201\"/>e fund s<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>tures (<span class=\"__1 _201\"/>Th<span class=\"__1 _201\"/>e T<span class=\"__1 _f_1\"/>arge<span class=\"__1 _201\"/>t Investm<span class=\"__1 _201\"/>ent Mo<span class=\"__1 _201\"/>del p<span class=\"__1 _201\"/>rogram<span class=\"__1 _201\"/>me) achieved by c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ing<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>exis<span class=\"__1 _201\"/>ting, s<span class=\"__1 _201\"/>malle<span class=\"__1 _201\"/>r funds w<span class=\"__1 _201\"/>ith the mai<span class=\"__1 _201\"/>n With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s ass<span class=\"__1 _201\"/>et share f<span class=\"__1 _201\"/>und in a fun<span class=\"__1 _201\"/>d umbre<span class=\"__1 _201\"/>lla str<span class=\"__1 _201\"/>uctu<span class=\"__1 _201\"/>re, and is ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to yie<span class=\"__1 _201\"/>ld<span class=\"__1 _201\"/> vari<span class=\"__1 _201\"/>ous be<span class=\"__1 _201\"/>nefit<span class=\"__1 _201\"/>s for the b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss over ti<span class=\"__1 _201\"/>me. If exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted be<span class=\"__1 _201\"/>nefits d<span class=\"__1 _201\"/>o not mater<span class=\"__1 _201\"/>ialis<span class=\"__1 _201\"/>e to the With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund, th<span class=\"__1 _201\"/>e shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er is<span class=\"__1 _201\"/> comm<span class=\"__1 _201\"/>itte<span class=\"__1 _201\"/>d to compe<span class=\"__1 _201\"/>nsate the f<span class=\"__1 _201\"/>und for a<span class=\"__1 _201\"/>ny imple<span class=\"__1 _201\"/>mentati<span class=\"__1 _201\"/>on cos<span class=\"__1 _201\"/>ts bor<span class=\"__1 _201\"/>ne whi<span class=\"__1 _201\"/>ch were not f<span class=\"__1 _201\"/>ully re<span class=\"__1 _201\"/>coup<span class=\"__1 _201\"/>ed. T<span class=\"__1 _201\"/>he ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> for th<span class=\"__1 _201\"/>e under<span class=\"__1 _201\"/>pin ar<span class=\"__1 _201\"/>range<span class=\"__1 _201\"/>ment i<span class=\"__1 _201\"/>s 5 years<span class=\"__1 _201\"/>, runni<span class=\"__1 _201\"/>ng to the en<span class=\"__1 _201\"/>d of 2025<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">P<span class=\"__1 _200\"/>AC has pric<span class=\"__1 _201\"/>ed new w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss on a b<span class=\"__1 _201\"/>asis that is ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to be fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>lly se<span class=\"__1 _201\"/>lf-suppo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting or<span class=\"__1 _200\"/>, whe<span class=\"__1 _201\"/>re this has<span class=\"__1 _201\"/> </span>not b<span class=\"__1 _201\"/>een the c<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>, the share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er is re<span class=\"__1 _201\"/>quired to cove<span class=\"__1 _201\"/>r the cos<span class=\"__1 _201\"/>t (know<span class=\"__1 _201\"/>n as the Ne<span class=\"__1 _201\"/>w Busin<span class=\"__1 _201\"/>ess S<span class=\"__1 _201\"/>uppor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y T<span class=\"__1 _f_1\"/>e<span class=\"__1 _201\"/>st, \u2018<span class=\"__1 _201\"/>NBS<span class=\"__1 _201\"/>T\u2019<span class=\"__1 _201\"/>).<span class=\"__1 _32b\"> </span> The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t is incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d in the unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of the w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s fund wi<span class=\"__1 _201\"/>th chang<span class=\"__1 _201\"/>es in val<span class=\"__1 _201\"/>ue reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in movem<span class=\"__1 _201\"/>ent in<span class=\"__1 _201\"/> unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surp<span class=\"__1 _201\"/>lus of the w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits f<span class=\"__1 _201\"/>und in the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e stateme<span class=\"__1 _201\"/>nt.<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing mat<span class=\"__1 _201\"/>ters are of rel<span class=\"__1 _201\"/>evanc<span class=\"__1 _201\"/>e with resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t to the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund:<span class=\"__1 _201\"/> 34<span class=\"__1 _201\"/>.3.<span class=\"__1 _f_1\"/>1 Pension mis-selling re<span class=\"__1 _200\"/>view<span class=\"__1 _32b\"> </span>The P<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>ns mis-<span class=\"__1 _201\"/>sellin<span class=\"__1 _201\"/>g review cove<span class=\"__1 _201\"/>rs clie<span class=\"__1 _201\"/>nts wh<span class=\"__1 _201\"/>o were sol<span class=\"__1 _201\"/>d per<span class=\"__1 _201\"/>sonal p<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>ons bet<span class=\"__1 _201\"/>we<span class=\"__1 _201\"/>en 29 Ap<span class=\"__1 _201\"/>ril 198<span class=\"__1 _201\"/>8 and 3<span class=\"__1 _201\"/>0 June 19<span class=\"__1 _201\"/>94<span class=\"__1 _201\"/>, and<span class=\"__1 _201\"/> who we<span class=\"__1 _201\"/>re adv<span class=\"__1 _201\"/>ised to tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>r out, n<span class=\"__1 _201\"/>ot join<span class=\"__1 _201\"/>, or opt o<span class=\"__1 _201\"/>ut of their e<span class=\"__1 _201\"/>mploye<span class=\"__1 _201\"/>r\u2019s Defin<span class=\"__1 _201\"/>ed Be<span class=\"__1 _201\"/>nefit Pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>n Sche<span class=\"__1 _201\"/>me. Cur<span class=\"__1 _201\"/>rently a p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> amo<span class=\"__1 _201\"/>unting to \u00a3<span class=\"__1 _201\"/>226m (2<span class=\"__1 _201\"/>021: \u00a32<span class=\"__1 _201\"/>96m) as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2 is be<span class=\"__1 _201\"/>ing he<span class=\"__1 _201\"/>ld in relati<span class=\"__1 _201\"/>on to this with<span class=\"__1 _201\"/>in insur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Dur<span class=\"__1 _201\"/>ing the in<span class=\"__1 _201\"/>itial revi<span class=\"__1 _201\"/>ew, some cli<span class=\"__1 _201\"/>ents were i<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>ed with gu<span class=\"__1 _201\"/>arante<span class=\"__1 _201\"/>es that red<span class=\"__1 _201\"/>ress w<span class=\"__1 _201\"/>ill be c<span class=\"__1 _201\"/>alculate<span class=\"__1 _201\"/>d on retirem<span class=\"__1 _201\"/>ent or tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>r of<span class=\"__1 _32b\"> </span> their p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>. The prov<span class=\"__1 _201\"/>isio<span class=\"__1 _201\"/>n continu<span class=\"__1 _201\"/>es to cover th<span class=\"__1 _201\"/>ese cli<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Whil<span class=\"__1 _201\"/>st P<span class=\"__1 _200\"/>AC believe<span class=\"__1 _201\"/>d it met the re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>ments of t<span class=\"__1 _201\"/>he FSA (the UK ins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce regul<span class=\"__1 _201\"/>ator at that time) to issu<span class=\"__1 _201\"/>e offer<span class=\"__1 _201\"/>s of redres<span class=\"__1 _201\"/>s to all<span class=\"__1 _201\"/> impa<span class=\"__1 _201\"/>cted c<span class=\"__1 _201\"/>lients by 3<span class=\"__1 _201\"/>0 Jun<span class=\"__1 _201\"/>e 2002<span class=\"__1 _201\"/>, there is a p<span class=\"__1 _201\"/>opul<span class=\"__1 _201\"/>ation of cli<span class=\"__1 _201\"/>ents w<span class=\"__1 _201\"/>ho, whil<span class=\"__1 _201\"/>st an at<span class=\"__1 _201\"/>tempt was m<span class=\"__1 _201\"/>ade at the ti<span class=\"__1 _201\"/>me to invite the<span class=\"__1 _201\"/>m to<span class=\"__1 _32b\"> </span> par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pate in the rev<span class=\"__1 _201\"/>iew, may not have rece<span class=\"__1 _201\"/>ived th<span class=\"__1 _201\"/>eir invi<span class=\"__1 _201\"/>tation. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e client<span class=\"__1 _201\"/>s have be<span class=\"__1 _201\"/>en re-<span class=\"__1 _201\"/>eng<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>d, to ensure t<span class=\"__1 _201\"/>hey have the<span class=\"__1 _201\"/> opp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tunit<span class=\"__1 _201\"/>y to take par<span class=\"__1 _201\"/>t in the rev<span class=\"__1 _201\"/>iew. The prov<span class=\"__1 _201\"/>isio<span class=\"__1 _201\"/>n also cove<span class=\"__1 _201\"/>rs this p<span class=\"__1 _201\"/>opulati<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>The key as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons und<span class=\"__1 _201\"/>erly<span class=\"__1 _201\"/>ing the p<span class=\"__1 _201\"/>rovisi<span class=\"__1 _201\"/>ons are:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">averag<span class=\"__1 _201\"/>e cost o<span class=\"__1 _201\"/>f redres<span class=\"__1 _201\"/>s per c<span class=\"__1 _201\"/>lient<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">prop<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tion of p<span class=\"__1 _201\"/>rovisi<span class=\"__1 _201\"/>on (reser<span class=\"__1 _201\"/>ve rate) held fo<span class=\"__1 _201\"/>r sof<span class=\"__1 _201\"/>t clos<span class=\"__1 _201\"/>e cas<span class=\"__1 _201\"/>es (where all re<span class=\"__1 _201\"/>ason<span class=\"__1 _201\"/>able s<span class=\"__1 _201\"/>teps have be<span class=\"__1 _201\"/>en taken to con<span class=\"__1 _201\"/>tact th<span class=\"__1 _201\"/>e client<span class=\"__1 _201\"/> </span>but th<span class=\"__1 _201\"/>e client h<span class=\"__1 _201\"/>as not en<span class=\"__1 _201\"/>gage<span class=\"__1 _201\"/>d with the rev<span class=\"__1 _201\"/>iew).<span class=\"__1 _32b\"> </span>Sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ities of th<span class=\"__1 _201\"/>e value of t<span class=\"__1 _201\"/>he provi<span class=\"__1 _201\"/>sion to cha<span class=\"__1 _201\"/>nge in as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons are as fo<span class=\"__1 _201\"/>llows<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Assumption <span class=\"__1 _2b7\"> </span><span class=\"ls1_1\">As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span></span>Change i<span class=\"__1 _200\"/>n assumpti<span class=\"__1 _200\"/>on<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Average c<span class=\"__1 _201\"/>ost of re<span class=\"__1 _201\"/>dress<span class=\"__1 _485\"> </span>inc<span class=\"__1 _201\"/>rease/<span class=\"__1 _200\"/>dec<span class=\"__1 _201\"/>rease by 10%<span class=\"__1 _5d_1\"> </span><span class=\"ff1_1 ls98_1 ws50_1\">+/-<span class=\"__1 _201\"/> 1<span class=\"__1 _250\"/>0<span class=\"__1 _204\"> </span></span><span class=\"ls99_1 ws6_1\">+/- 1<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span>Res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ve rate for s<span class=\"__1 _201\"/>oft c<span class=\"__1 _201\"/>lose<span class=\"__1 _201\"/>d cas<span class=\"__1 _201\"/>es<span class=\"__1 _364\"> </span>i<span class=\"__1 _201\"/>ncreas<span class=\"__1 _201\"/>e/<span class=\"__1 _f_1\"/>d<span class=\"__1 _201\"/>ecreas<span class=\"__1 _201\"/>e by 10%<span class=\"__1 _7d_1\"> </span><span class=\"ff1_1 ls98_1 ws50_1\">+/-<span class=\"__1 _201\"/> 3<span class=\"__1 _201\"/>0<span class=\"__1 _243\"> </span></span><span class=\"ls99_1 ws6_1\">+<span class=\"__1 _201\"/>/-<span class=\"__1 _201\"/> 3<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span>34 Contingencies and r<span class=\"__1 _200\"/>elat<span class=\"__1 _200\"/>ed obligat<span class=\"__1 _200\"/>ions cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2f_1 ws2f_1\">289<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Cos<span class=\"__1 _201\"/>ts ari<span class=\"__1 _201\"/>sing fro<span class=\"__1 _201\"/>m this revi<span class=\"__1 _201\"/>ew are met by the exce<span class=\"__1 _201\"/>ss as<span class=\"__1 _201\"/>sets of th<span class=\"__1 _201\"/>e with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts sub<span class=\"__1 _201\"/>-fund a<span class=\"__1 _201\"/>nd hen<span class=\"__1 _201\"/>ce have not b<span class=\"__1 _201\"/>een cha<span class=\"__1 _201\"/>rged to<span class=\"__1 _201\"/> the as<span class=\"__1 _201\"/>set sh<span class=\"__1 _201\"/>ares use<span class=\"__1 _201\"/>d in the d<span class=\"__1 _201\"/>eterminat<span class=\"__1 _201\"/>ion of po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der bo<span class=\"__1 _201\"/>nus rates<span class=\"__1 _201\"/>. An as<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce was gi<span class=\"__1 _201\"/>ven that th<span class=\"__1 _201\"/>ese de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tions f<span class=\"__1 _201\"/>rom exces<span class=\"__1 _201\"/>s asse<span class=\"__1 _201\"/>ts woul<span class=\"__1 _201\"/>d not impa<span class=\"__1 _201\"/>ct PA<span class=\"__1 _200\"/>C\u2019s bonus o<span class=\"__1 _201\"/>r investm<span class=\"__1 _201\"/>ent po<span class=\"__1 _201\"/>licy f<span class=\"__1 _201\"/>or pol<span class=\"__1 _201\"/>icies w<span class=\"__1 _201\"/>ithin the w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits s<span class=\"__1 _201\"/>ub-f<span class=\"__1 _201\"/>unds that we<span class=\"__1 _201\"/>re in force at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>003<span class=\"__1 _201\"/>. This a<span class=\"__1 _201\"/>ssur<span class=\"__1 _201\"/>ance do<span class=\"__1 _201\"/>es not a<span class=\"__1 _201\"/>pply to n<span class=\"__1 _201\"/>ew busin<span class=\"__1 _201\"/>ess s<span class=\"__1 _201\"/>ince 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>04<span class=\"__1 _201\"/>. In the unli<span class=\"__1 _201\"/>kely event that s<span class=\"__1 _201\"/>uch ded<span class=\"__1 _201\"/>ucti<span class=\"__1 _201\"/>ons wou<span class=\"__1 _201\"/>ld affe<span class=\"__1 _201\"/>ct the b<span class=\"__1 _201\"/>onus o<span class=\"__1 _201\"/>r investm<span class=\"__1 _201\"/>ent po<span class=\"__1 _201\"/>licy f<span class=\"__1 _201\"/>or the rel<span class=\"__1 _201\"/>evant po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s, the a<span class=\"__1 _201\"/>ssur<span class=\"__1 _201\"/>ance p<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>s that supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t woul<span class=\"__1 _201\"/>d be ma<span class=\"__1 _201\"/>de availa<span class=\"__1 _201\"/>ble to the su<span class=\"__1 _201\"/>b-fu<span class=\"__1 _201\"/>nd from PA<span class=\"__1 _200\"/>C\u2019s shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r reso<span class=\"__1 _201\"/>urces for a<span class=\"__1 _201\"/>s long a<span class=\"__1 _201\"/>s the situati<span class=\"__1 _201\"/>on conti<span class=\"__1 _201\"/>nued<span class=\"__1 _201\"/>, so as to ens<span class=\"__1 _201\"/>ure that P<span class=\"__1 _200\"/>AC\u2019s polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s were not di<span class=\"__1 _201\"/>sadv<span class=\"__1 _201\"/>antage<span class=\"__1 _201\"/>d. PA<span class=\"__1 _200\"/>C\u2019s comfor<span class=\"__1 _201\"/>t in it<span class=\"__1 _201\"/>s abilit<span class=\"__1 _201\"/>y to make su<span class=\"__1 _201\"/>ch supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t availab<span class=\"__1 _201\"/>le was su<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>te<span class=\"__1 _201\"/>d by related i<span class=\"__1 _201\"/>ntra-<span class=\"__1 _201\"/>group a<span class=\"__1 _201\"/>rran<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nts bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n Pru<span class=\"__1 _201\"/>dential p<span class=\"__1 _201\"/>lc and PA<span class=\"__1 _200\"/>C, wh<span class=\"__1 _201\"/>ich for<span class=\"__1 _201\"/>malis<span class=\"__1 _201\"/>ed the circ<span class=\"__1 _201\"/>umsta<span class=\"__1 _201\"/>nces in w<span class=\"__1 _201\"/>hich c<span class=\"__1 _201\"/>apital s<span class=\"__1 _201\"/>uppo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/> woul<span class=\"__1 _201\"/>d be mad<span class=\"__1 _201\"/>e availab<span class=\"__1 _201\"/>le to P<span class=\"__1 _200\"/>A<span class=\"__1 _200\"/>C by Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l plc<span class=\"__1 _201\"/>. Thes<span class=\"__1 _201\"/>e intra<span class=\"__1 _201\"/>-gro<span class=\"__1 _201\"/>up arra<span class=\"__1 _201\"/>ngem<span class=\"__1 _201\"/>ents ter<span class=\"__1 _201\"/>minated o<span class=\"__1 _201\"/>n 21 Oc<span class=\"__1 _201\"/>tober 2019, f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing the de<span class=\"__1 _201\"/>merg<span class=\"__1 _201\"/>er of M&amp;G p<span class=\"__1 _201\"/>lc from Pr<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>ntial pl<span class=\"__1 _201\"/>c, at whi<span class=\"__1 _201\"/>ch time intr<span class=\"__1 _201\"/>a-<span class=\"__1 _201\"/>group ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s form<span class=\"__1 _201\"/>alisin<span class=\"__1 _201\"/>g the circum<span class=\"__1 _201\"/>stan<span class=\"__1 _201\"/>ces in wh<span class=\"__1 _201\"/>ich M&amp;G p<span class=\"__1 _201\"/>lc woul<span class=\"__1 _201\"/>d make capit<span class=\"__1 _201\"/>al supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t availab<span class=\"__1 _201\"/>le to P<span class=\"__1 _200\"/>AC beca<span class=\"__1 _201\"/>me effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve. 34.<span class=\"__1 _201\"/>3.2 With-profits options<span class=\"__1 _200\"/> and gua<span class=\"__1 _200\"/>rant<span class=\"__1 _200\"/>ees<span class=\"__1 _32b\"> </span>Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in poli<span class=\"__1 _201\"/>cies wi<span class=\"__1 _201\"/>thin the W<span class=\"__1 _201\"/>ith-P<span class=\"__1 _201\"/>rofits Fund g<span class=\"__1 _201\"/>ive poten<span class=\"__1 _201\"/>tially va<span class=\"__1 _201\"/>luabl<span class=\"__1 _201\"/>e guara<span class=\"__1 _201\"/>ntees to po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>, or opti<span class=\"__1 _201\"/>ons to chan<span class=\"__1 _201\"/>ge po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/> ben<span class=\"__1 _201\"/>efits w<span class=\"__1 _201\"/>hich c<span class=\"__1 _201\"/>an be exercis<span class=\"__1 _201\"/>ed at the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 discretio<span class=\"__1 _201\"/>n. Th<span class=\"__1 _201\"/>ese op<span class=\"__1 _201\"/>tions an<span class=\"__1 _201\"/>d guara<span class=\"__1 _201\"/>ntees are v<span class=\"__1 _201\"/>alued a<span class=\"__1 _201\"/>s par<span class=\"__1 _201\"/>t of the<span class=\"__1 _201\"/> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _201\"/>. Ple<span class=\"__1 _201\"/>ase refer to N<span class=\"__1 _201\"/>ote 26.<span class=\"__1 _200\"/>1 for fu<span class=\"__1 _201\"/>rth<span class=\"__1 _201\"/>er deta<span class=\"__1 _201\"/>ils on the<span class=\"__1 _201\"/>se opti<span class=\"__1 _201\"/>ons and g<span class=\"__1 _201\"/>uarante<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>. 35 Comm<span class=\"__1 _201\"/>itments<span class=\"__1 _201\"/> The G<span class=\"__1 _201\"/>roup l<span class=\"__1 _201\"/>eases v<span class=\"__1 _201\"/>ario<span class=\"__1 _201\"/>us offic<span class=\"__1 _201\"/>es to cond<span class=\"__1 _201\"/>uct it<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>. In lin<span class=\"__1 _201\"/>e with the re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>ments o<span class=\"__1 _201\"/>f IFRS 16<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up has re<span class=\"__1 _201\"/>cognis<span class=\"__1 _201\"/>ed a<span class=\"__1 _201\"/> leas<span class=\"__1 _201\"/>e liabi<span class=\"__1 _201\"/>lity i<span class=\"__1 _201\"/>n respe<span class=\"__1 _201\"/>ct of th<span class=\"__1 _201\"/>ese l<span class=\"__1 _201\"/>ease<span class=\"__1 _201\"/>s repres<span class=\"__1 _201\"/>enting th<span class=\"__1 _201\"/>e oblig<span class=\"__1 _201\"/>ation to make future l<span class=\"__1 _201\"/>ease p<span class=\"__1 _201\"/>ayment<span class=\"__1 _201\"/>s. Fo<span class=\"__1 _201\"/>r fur<span class=\"__1 _201\"/>ther in<span class=\"__1 _201\"/>formati<span class=\"__1 _201\"/>on on th<span class=\"__1 _32b\"> </span>e<span class=\"__1 _201\"/> leas<span class=\"__1 _201\"/>e liabi<span class=\"__1 _201\"/>lity s<span class=\"__1 _201\"/>ee N<span class=\"__1 _201\"/>ote 28.<span class=\"__1 _32b\"> </span>In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up has prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d, from ti<span class=\"__1 _201\"/>me to time, c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>s and com<span class=\"__1 _201\"/>mitmen<span class=\"__1 _201\"/>ts to third par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es incl<span class=\"__1 _201\"/>uding f<span class=\"__1 _201\"/>unding<span class=\"__1 _201\"/> the pu<span class=\"__1 _201\"/>rchase o<span class=\"__1 _201\"/>r develo<span class=\"__1 _201\"/>pment of l<span class=\"__1 _201\"/>and an<span class=\"__1 _201\"/>d build<span class=\"__1 _201\"/>ings and o<span class=\"__1 _201\"/>ther rel<span class=\"__1 _201\"/>ated matte<span class=\"__1 _201\"/>rs. T<span class=\"__1 _201\"/>he contr<span class=\"__1 _201\"/>actu<span class=\"__1 _201\"/>al obli<span class=\"__1 _201\"/>gations to p<span class=\"__1 _201\"/>urchase o<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> devel<span class=\"__1 _201\"/>op inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 were \u00a3<span class=\"__1 _201\"/>805m (<span class=\"__1 _201\"/>2021: \u00a3813m). Co<span class=\"__1 _201\"/>mmitm<span class=\"__1 _201\"/>ents als<span class=\"__1 _201\"/>o aris<span class=\"__1 _201\"/>e in relatio<span class=\"__1 _201\"/>n to the<span class=\"__1 _32b\"> </span> refur<span class=\"__1 _201\"/>bishm<span class=\"__1 _201\"/>ent of inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t prope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>, however th<span class=\"__1 _201\"/>ese wou<span class=\"__1 _201\"/>ld not b<span class=\"__1 _201\"/>e material to th<span class=\"__1 _201\"/>e financ<span class=\"__1 _201\"/>ial state<span class=\"__1 _201\"/>ments<span class=\"__1 _201\"/>, eith<span class=\"__1 _201\"/>er indi<span class=\"__1 _201\"/>vidu<span class=\"__1 _201\"/>ally or<span class=\"__1 _201\"/> in agg<span class=\"__1 _201\"/>regate.<span class=\"__1 _32b\"> </span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up had un<span class=\"__1 _201\"/>drawn co<span class=\"__1 _201\"/>mmitm<span class=\"__1 _201\"/>ents of \u00a34<span class=\"__1 _201\"/>,027m to third par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es (2021: \u00a3<span class=\"__1 _201\"/>3,<span class=\"__1 _201\"/>24<span class=\"__1 _201\"/>6m) of which \u00a3<span class=\"__1 _201\"/>2,<span class=\"__1 _201\"/>566<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> (2021: \u00a31,<span class=\"__1 _201\"/>676m) was co<span class=\"__1 _201\"/>mmit<span class=\"__1 _201\"/>ted by its pr<span class=\"__1 _201\"/>ivate eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y and infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>uctu<span class=\"__1 _201\"/>re funds<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>ese co<span class=\"__1 _201\"/>mmitme<span class=\"__1 _201\"/>nts were en<span class=\"__1 _201\"/>tered into in th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> nor<span class=\"__1 _201\"/>mal cou<span class=\"__1 _201\"/>rse of bu<span class=\"__1 _201\"/>sine<span class=\"__1 _201\"/>ss and n<span class=\"__1 _201\"/>o materia<span class=\"__1 _201\"/>l adver<span class=\"__1 _201\"/>se imp<span class=\"__1 _201\"/>act o<span class=\"__1 _201\"/>n the ope<span class=\"__1 _201\"/>ration<span class=\"__1 _201\"/>s is expe<span class=\"__1 _201\"/>cted to ar<span class=\"__1 _201\"/>ise<span class=\"__1 _32b\"> </span>.<span class=\"__1 _32b\"> </span>36 Related part<span class=\"__1 _201\"/>y transacti<span class=\"__1 _201\"/>ons The G<span class=\"__1 _201\"/>roup an<span class=\"__1 _201\"/>d its relate<span class=\"__1 _201\"/>d par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s compr<span class=\"__1 _201\"/>ise me<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>rs of the M&amp;<span class=\"__1 _201\"/>G plc G<span class=\"__1 _201\"/>roup, as wel<span class=\"__1 _201\"/>l as the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s join<span class=\"__1 _201\"/>t ventures an<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>ociates<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> and any e<span class=\"__1 _201\"/>ntit<span class=\"__1 _201\"/>y control<span class=\"__1 _201\"/>led by tho<span class=\"__1 _201\"/>se par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>36.<span class=\"__1 _f_1\"/>1 T<span class=\"__1 _f_1\"/>ransactions with<span class=\"__1 _200\"/> the Group<span class=\"__1 _200\"/>\u2019s<span class=\"__1 _200\"/> joint<span class=\"__1 _200\"/> ven<span class=\"__1 _200\"/>tures<span class=\"__1 _200\"/> and associa<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span> The G<span class=\"__1 _201\"/>roup re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d div<span class=\"__1 _201\"/>iden<span class=\"__1 _201\"/>ds and intere<span class=\"__1 _201\"/>st of \u00a3<span class=\"__1 _201\"/>91m for the year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 (2021: \u00a32<span class=\"__1 _201\"/>1m<span class=\"__1 _200\"/>) from jo<span class=\"__1 _201\"/>int venture<span class=\"__1 _201\"/>s or<span class=\"__1 _32b\"> </span> ass<span class=\"__1 _201\"/>ociates a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ted for usi<span class=\"__1 _201\"/>ng the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y metho<span class=\"__1 _201\"/>d. In a<span class=\"__1 _201\"/>dditio<span class=\"__1 _201\"/>n, the G<span class=\"__1 _201\"/>roup had b<span class=\"__1 _201\"/>alan<span class=\"__1 _201\"/>ces due f<span class=\"__1 _201\"/>rom join<span class=\"__1 _201\"/>t ventures or a<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciates<span class=\"__1 _201\"/> acco<span class=\"__1 _201\"/>unted fo<span class=\"__1 _201\"/>r using th<span class=\"__1 _201\"/>e equit<span class=\"__1 _201\"/>y met<span class=\"__1 _201\"/>hod of \u00a38<span class=\"__1 _201\"/>8m a<span class=\"__1 _201\"/>s at 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 (2<span class=\"__1 _201\"/>021: \u00a3105m) and b<span class=\"__1 _201\"/>alanc<span class=\"__1 _201\"/>es due to jo<span class=\"__1 _201\"/>int venture<span class=\"__1 _201\"/>s or<span class=\"__1 _32b\"> </span> ass<span class=\"__1 _201\"/>ociates a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ted for usi<span class=\"__1 _201\"/>ng the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y metho<span class=\"__1 _201\"/>d of \u00a3nil as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 (202<span class=\"__1 _201\"/>1: \u00a3nil).<span class=\"__1 _201\"/> Fur<span class=\"__1 _201\"/>therm<span class=\"__1 _201\"/>ore, in th<span class=\"__1 _201\"/>e norm<span class=\"__1 _201\"/>al cour<span class=\"__1 _201\"/>se of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s a numb<span class=\"__1 _201\"/>er of inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s into and di<span class=\"__1 _201\"/>vestm<span class=\"__1 _201\"/>ents fro<span class=\"__1 _201\"/>m investm<span class=\"__1 _201\"/>ent vehi<span class=\"__1 _201\"/>cles m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> by the G<span class=\"__1 _201\"/>roup were ma<span class=\"__1 _201\"/>de. Th<span class=\"__1 _201\"/>is inclu<span class=\"__1 _201\"/>des inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt vehic<span class=\"__1 _201\"/>les whi<span class=\"__1 _201\"/>ch are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts in as<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ates and jo<span class=\"__1 _201\"/>int venture<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> mea<span class=\"__1 _201\"/>sured at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup entiti<span class=\"__1 _201\"/>es pai<span class=\"__1 _201\"/>d amoun<span class=\"__1 _201\"/>ts for the i<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>e of shares o<span class=\"__1 _201\"/>r units a<span class=\"__1 _201\"/>nd rece<span class=\"__1 _201\"/>ived am<span class=\"__1 _201\"/>ounts f<span class=\"__1 _201\"/>or the c<span class=\"__1 _201\"/>ancel<span class=\"__1 _201\"/>lation of<span class=\"__1 _201\"/> share<span class=\"__1 _201\"/>s or unit<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>ese tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns are not co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ered to be m<span class=\"__1 _201\"/>aterial to the G<span class=\"__1 _201\"/>roup.<span class=\"__1 _32b\"> </span>36.<span class=\"__1 _201\"/>2 Compensa<span class=\"__1 _200\"/>tion of<span class=\"__1 _200\"/> k<span class=\"__1 _200\"/>ey<span class=\"__1 _200\"/> management<span class=\"__1 _200\"/> personnel<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>ers of the B<span class=\"__1 _201\"/>oard an<span class=\"__1 _201\"/>d the Gro<span class=\"__1 _201\"/>up Exe<span class=\"__1 _201\"/>cutive C<span class=\"__1 _201\"/>ommit<span class=\"__1 _201\"/>tee are de<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>d to have power to in<span class=\"__1 _201\"/>fluen<span class=\"__1 _201\"/>ce the dire<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on, p<span class=\"__1 _201\"/>lannin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> and co<span class=\"__1 _201\"/>ntrol the a<span class=\"__1 _201\"/>ctiv<span class=\"__1 _201\"/>ities o<span class=\"__1 _201\"/>f the Gro<span class=\"__1 _201\"/>up, and he<span class=\"__1 _201\"/>nce are al<span class=\"__1 _201\"/>so cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d to be key manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t pers<span class=\"__1 _201\"/>onne<span class=\"__1 _201\"/>l.<span class=\"__1 _32b\"> </span>Key manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t pers<span class=\"__1 _201\"/>onne<span class=\"__1 _201\"/>l of the Co<span class=\"__1 _201\"/>mpany may fro<span class=\"__1 _201\"/>m time to time p<span class=\"__1 _201\"/>urchas<span class=\"__1 _201\"/>e insura<span class=\"__1 _201\"/>nce, as<span class=\"__1 _201\"/>set ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment or a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y pro<span class=\"__1 _201\"/>duct<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>eted by the G<span class=\"__1 _201\"/>roup co<span class=\"__1 _201\"/>mpan<span class=\"__1 _201\"/>ies in the o<span class=\"__1 _201\"/>rdinar<span class=\"__1 _201\"/>y c<span class=\"__1 _201\"/>ourse o<span class=\"__1 _201\"/>f busin<span class=\"__1 _201\"/>ess o<span class=\"__1 _201\"/>n subst<span class=\"__1 _201\"/>antiall<span class=\"__1 _201\"/>y the sam<span class=\"__1 _201\"/>e terms a<span class=\"__1 _201\"/>s those p<span class=\"__1 _201\"/>revailing at th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> time for<span class=\"__1 _200\"/> comparable t<span class=\"__1 _200\"/>ransactions wit<span class=\"__1 _200\"/>h ot<span class=\"__1 _200\"/>her persons.<span class=\"__1 _32b\"> </span>290<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022<span class=\"__1 _32b\"> </span></span></span>Oth<span class=\"__1 _201\"/>er tran<span class=\"__1 _201\"/>sac<span class=\"__1 _201\"/>tions w<span class=\"__1 _201\"/>ith key manage<span class=\"__1 _201\"/>ment p<span class=\"__1 _201\"/>erso<span class=\"__1 _201\"/>nnel a<span class=\"__1 _201\"/>re not de<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>d to be sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant eith<span class=\"__1 _201\"/>er by vir<span class=\"__1 _201\"/>tue of th<span class=\"__1 _201\"/>eir size or in <span class=\"__1 _201\"/>the contex<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> of the key mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt per<span class=\"__1 _201\"/>sonn<span class=\"__1 _201\"/>el\u2019s respe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve finan<span class=\"__1 _201\"/>cial pos<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/>. All of th<span class=\"__1 _201\"/>ese tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns are on ter<span class=\"__1 _201\"/>ms broad<span class=\"__1 _201\"/>ly equ<span class=\"__1 _201\"/>ival<span class=\"__1 _201\"/>ent to<span class=\"__1 _32b\"> </span> thos<span class=\"__1 _201\"/>e that prevai<span class=\"__1 _201\"/>l in arm\u2019s length tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns.<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>ummar<span class=\"__1 _201\"/>y o<span class=\"__1 _201\"/>f compe<span class=\"__1 _201\"/>nsati<span class=\"__1 _201\"/>on of key manage<span class=\"__1 _201\"/>ment p<span class=\"__1 _201\"/>erso<span class=\"__1 _201\"/>nnel i<span class=\"__1 _201\"/>s as follo<span class=\"__1 _201\"/>ws:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> 2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Salaries and short<span class=\"__1 _200\"/>-t<span class=\"__1 _200\"/>erm benefits<span class=\"__1 _205\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">11.<span class=\"__1 _201\"/>4<span class=\"__1 _237\"> </span></span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span>Post<span class=\"__1 _200\"/>-employment benefits<span class=\"__1 _2bc\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">0.5<span class=\"__1 _345\"> </span></span><span class=\"ls32_1 ws33_1\">0.<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span>Share-based pa<span class=\"__1 _200\"/>yments<span class=\"__1 _2bd\"> </span><span class=\"ff1_1 ls47_1 ws4d_1\">4.8<span class=\"__1 _256\"> </span></span><span class=\"ls81_1 ws98_1\">7.<span class=\"__1 _250\"/>2<span class=\"__1 _32b\"> </span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _2be\"> </span><span class=\"ls33_1 ws34_1\">16<span class=\"__1 _201\"/>.7<span class=\"__1 _272\"> </span><span class=\"ff2_1 ls32_1 ws33_1\">20.0<span class=\"__1 _32b\"> </span></span></span>Infor<span class=\"__1 _201\"/>mation c<span class=\"__1 _201\"/>once<span class=\"__1 _201\"/>rning i<span class=\"__1 _201\"/>ndiv<span class=\"__1 _201\"/>idual D<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tors\u2019 emo<span class=\"__1 _201\"/>lumen<span class=\"__1 _201\"/>ts, in<span class=\"__1 _201\"/>terest<span class=\"__1 _201\"/>s and tran<span class=\"__1 _201\"/>sac<span class=\"__1 _201\"/>tions a<span class=\"__1 _201\"/>re provid<span class=\"__1 _201\"/>ed in the s<span class=\"__1 _201\"/>ingle fi<span class=\"__1 _201\"/>gure tab<span class=\"__1 _201\"/>les in th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> Annu<span class=\"__1 _201\"/>al Rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t on Rem<span class=\"__1 _201\"/>unerati<span class=\"__1 _201\"/>on on pa<span class=\"__1 _201\"/>ges 141 and 145<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>37 Capit<span class=\"__1 _200\"/>al managemen<span class=\"__1 _200\"/>t<span class=\"__1 _32b\"> </span> 37<span class=\"__1 _f_1\"/>.<span class=\"__1 _f_1\"/>1 Capital regula<span class=\"__1 _200\"/>tions o<span class=\"__1 _200\"/>f enti<span class=\"__1 _200\"/>ties within<span class=\"__1 _200\"/> the Group<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup is re<span class=\"__1 _201\"/>gulate<span class=\"__1 _201\"/>d under S<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I and sup<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>sed as a<span class=\"__1 _201\"/>n insura<span class=\"__1 _201\"/>nce grou<span class=\"__1 _201\"/>p by the Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Regul<span class=\"__1 _201\"/>ation Auth<span class=\"__1 _201\"/>orit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> The G<span class=\"__1 _201\"/>roup ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>s Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II own fu<span class=\"__1 _201\"/>nds as its m<span class=\"__1 _201\"/>easure o<span class=\"__1 _201\"/>f capit<span class=\"__1 _201\"/>al. As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 2022 e<span class=\"__1 _201\"/>stimate<span class=\"__1 _201\"/>d and una<span class=\"__1 _201\"/>udited G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/> Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II own f<span class=\"__1 _201\"/>unds are \u00a311.8<span class=\"__1 _201\"/>bn (202<span class=\"__1 _201\"/>1: \u00a315.<span class=\"__1 _201\"/>3bn).<span class=\"__1 _32b\"> </span>The S<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I surp<span class=\"__1 _201\"/>lus repre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s the aggre<span class=\"__1 _201\"/>gated c<span class=\"__1 _201\"/>apital (own fun<span class=\"__1 _201\"/>ds) held by the G<span class=\"__1 _201\"/>roup le<span class=\"__1 _201\"/>ss the s<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy c<span class=\"__1 _201\"/>apital re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/> (SCR). Ow<span class=\"__1 _201\"/>n funds i<span class=\"__1 _201\"/>s the So<span class=\"__1 _201\"/>lvenc<span class=\"__1 _201\"/>y II me<span class=\"__1 _201\"/>asure of c<span class=\"__1 _201\"/>apital ava<span class=\"__1 _201\"/>ilabl<span class=\"__1 _201\"/>e to meet lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d is base<span class=\"__1 _201\"/>d on the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s les<span class=\"__1 _201\"/>s liabil<span class=\"__1 _201\"/>ities of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> Gro<span class=\"__1 _201\"/>up, subje<span class=\"__1 _201\"/>ct to ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>tions an<span class=\"__1 _201\"/>d adjus<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts. T<span class=\"__1 _201\"/>he SCR is c<span class=\"__1 _201\"/>alcu<span class=\"__1 _201\"/>lated usin<span class=\"__1 _201\"/>g the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s Inter<span class=\"__1 _201\"/>nal Mo<span class=\"__1 _201\"/>del, w<span class=\"__1 _201\"/>hich c<span class=\"__1 _201\"/>alculate<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> the SC<span class=\"__1 _201\"/>R as the 99.<span class=\"__1 _201\"/>5th pe<span class=\"__1 _201\"/>rcentil<span class=\"__1 _201\"/>e (<span class=\"__1 _200\"/>or 1-in<span class=\"__1 _201\"/>-200) worst ou<span class=\"__1 _201\"/>tcome over th<span class=\"__1 _201\"/>e comin<span class=\"__1 _201\"/>g year<span class=\"__1 _200\"/>, out of 100,0<span class=\"__1 _201\"/>00 e<span class=\"__1 _201\"/>quall<span class=\"__1 _201\"/>y likely sce<span class=\"__1 _201\"/>nari<span class=\"__1 _201\"/>os,<span class=\"__1 _201\"/> allow<span class=\"__1 _201\"/>ing for th<span class=\"__1 _201\"/>e dep<span class=\"__1 _201\"/>ende<span class=\"__1 _201\"/>ncy b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the r<span class=\"__1 _201\"/>isks the b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess is ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to.<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>gulate<span class=\"__1 _201\"/>d entitie<span class=\"__1 _201\"/>s within th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>re also su<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>t to loc<span class=\"__1 _201\"/>al ca<span class=\"__1 _201\"/>pital re<span class=\"__1 _201\"/>gulatio<span class=\"__1 _201\"/>ns. C<span class=\"__1 _201\"/>apital i<span class=\"__1 _201\"/>s acti<span class=\"__1 _201\"/>vely ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>d to ensure th<span class=\"__1 _201\"/>at<span class=\"__1 _32b\"> </span> loc<span class=\"__1 _201\"/>al reg<span class=\"__1 _201\"/>ulator<span class=\"__1 _201\"/>y req<span class=\"__1 _201\"/>uireme<span class=\"__1 _201\"/>nts are m<span class=\"__1 _201\"/>et. Th<span class=\"__1 _201\"/>e main reg<span class=\"__1 _201\"/>ulated enti<span class=\"__1 _201\"/>ties in th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>nd the re<span class=\"__1 _201\"/>gulator<span class=\"__1 _201\"/>y fr<span class=\"__1 _201\"/>amewor<span class=\"__1 _201\"/>k to which th<span class=\"__1 _201\"/>ey mus<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/>t adhe<span class=\"__1 _201\"/>re are lis<span class=\"__1 _201\"/>ted bel<span class=\"__1 _201\"/>ow:<span class=\"__1 _32b\"> </span>Entity<span class=\"__1 _2bf\"> </span><span class=\"ls3_1 ws69_1\">Main activ<span class=\"__1 _201\"/>ity<span class=\"__1 _17a_1\"> </span><span class=\"ls2e_1 ws2e_1\">Regulatory framework<span class=\"__1 _32b\"> </span></span></span>M&amp;G p<span class=\"__1 _201\"/>lc<span class=\"__1 _16c_1\"> </span><span class=\"ls38_1 ws38_1\">Insurance<span class=\"__1 _2c0\"> </span></span>Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II<span class=\"__1 _32b\"> </span>The Prudential<span class=\"__1 _200\"/> Assurance Company<span class=\"__1 _200\"/> Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _b7_1\"> </span><span class=\"ls38_1 ws38_1\">Insurance<span class=\"__1 _2c0\"> </span><span class=\"ls6_1 ws1_1\">Solve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I<span class=\"__1 _32b\"> </span></span></span>Prudential<span class=\"__1 _200\"/> Interna<span class=\"__1 _200\"/>tional<span class=\"__1 _200\"/> Assurance plc<span class=\"__1 _346\"> </span><span class=\"ls38_1 ws38_1\">Insurance<span class=\"__1 _2c0\"> </span><span class=\"ls6_1 ws1_1\">So<span class=\"__1 _201\"/>lvenc<span class=\"__1 _201\"/>y II<span class=\"__1 _201\"/> </span></span>Prudential<span class=\"__1 _200\"/> Pensions Li<span class=\"__1 _200\"/>mited<span class=\"__1 _2c1\"> </span><span class=\"ls38_1 ws38_1\">Insurance<span class=\"__1 _2c0\"> </span><span class=\"ls6_1 ws1_1\">Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II<span class=\"__1 _32b\"> </span></span></span>M&amp;G G<span class=\"__1 _201\"/>roup Li<span class=\"__1 _201\"/>mited (in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es)<span class=\"__1 _17b_1\"> </span><span class=\"lsd_1 wse_1\">Investment<span class=\"__1 _200\"/> management<span class=\"__1 _252\"> </span><span class=\"ls38_1 ws38_1\">IFP<span class=\"__1 _201\"/>R<span class=\"__1 _32b\"> </span></span></span>i<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _201\"/>s Direc<span class=\"__1 _201\"/>t Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _201\"/> <span class=\"__1 _f3_1\"> </span>Investm<span class=\"__1 _201\"/>ent ser<span class=\"__1 _250\"/>vice<span class=\"__1 _201\"/>s<span class=\"__1 _375\"> </span><span class=\"ls38_1 ws38_1\">IFPR<span class=\"__1 _32b\"> </span></span>i<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>Inve<span class=\"__1 _201\"/>stm<span class=\"__1 _201\"/>ent F<span class=\"__1 _201\"/>irm<span class=\"__1 _201\"/>s Pru<span class=\"__1 _201\"/>den<span class=\"__1 _201\"/>tial Re<span class=\"__1 _201\"/>gim<span class=\"__1 _201\"/>e und<span class=\"__1 _201\"/>er M<span class=\"__1 _201\"/>IFI<span class=\"__1 _201\"/>DPR<span class=\"__1 _201\"/>U \u2013 Pru<span class=\"__1 _201\"/>den<span class=\"__1 _201\"/>tial S<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>ceb<span class=\"__1 _201\"/>ook f<span class=\"__1 _201\"/>or Mi<span class=\"__1 _201\"/>FID In<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t Fir<span class=\"__1 _201\"/>ms<span class=\"__1 _32b\"> </span>All G<span class=\"__1 _201\"/>roup entit<span class=\"__1 _201\"/>ies that we<span class=\"__1 _201\"/>re subje<span class=\"__1 _201\"/>ct to ex<span class=\"__1 _201\"/>ternal<span class=\"__1 _201\"/>ly imp<span class=\"__1 _201\"/>osed re<span class=\"__1 _201\"/>gulator<span class=\"__1 _250\"/>y capi<span class=\"__1 _201\"/>tal requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts comp<span class=\"__1 _201\"/>lied w<span class=\"__1 _201\"/>ith them th<span class=\"__1 _201\"/>rough<span class=\"__1 _201\"/>out<span class=\"__1 _32b\"> </span> t<span class=\"__1 _201\"/>h<span class=\"__1 _250\"/>e<span class=\"__1 _201\"/> y<span class=\"__1 _201\"/>e<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>r.<span class=\"__1 _32b\"> </span>37<span class=\"__1 _200\"/>.<span class=\"__1 _201\"/>2 Grou<span class=\"__1 _201\"/>p cap<span class=\"__1 _201\"/>ital p<span class=\"__1 _201\"/>osit<span class=\"__1 _201\"/>ion<span class=\"__1 _32b\"> </span>37<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/> Regulatory capit<span class=\"__1 _200\"/>al position<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>gulator<span class=\"__1 _250\"/>y capi<span class=\"__1 _201\"/>tal pos<span class=\"__1 _201\"/>ition of th<span class=\"__1 _201\"/>e Group ta<span class=\"__1 _201\"/>kes into accou<span class=\"__1 _201\"/>nt all Gro<span class=\"__1 _201\"/>up expos<span class=\"__1 _201\"/>ures<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding that of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund.<span class=\"__1 _201\"/> This v<span class=\"__1 _201\"/>iew of c<span class=\"__1 _201\"/>apital re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ises th<span class=\"__1 _201\"/>e ring<span class=\"__1 _201\"/>-fence<span class=\"__1 _201\"/>d nature of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund, and o<span class=\"__1 _201\"/>n cons<span class=\"__1 _201\"/>olidati<span class=\"__1 _201\"/>on sur<span class=\"__1 _201\"/>plus in th<span class=\"__1 _201\"/>e fund c<span class=\"__1 _201\"/>an<span class=\"__1 _32b\"> </span> onl<span class=\"__1 _201\"/>y be rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed to the leve<span class=\"__1 _201\"/>l of ass<span class=\"__1 _201\"/>ociated S<span class=\"__1 _201\"/>CR with any exce<span class=\"__1 _201\"/>ss sur<span class=\"__1 _201\"/>plus b<span class=\"__1 _201\"/>eing el<span class=\"__1 _201\"/>iminated a<span class=\"__1 _201\"/>s a ring<span class=\"__1 _201\"/>-fence<span class=\"__1 _201\"/>d fund re<span class=\"__1 _201\"/>stri<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n,<span class=\"__1 _201\"/> effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>vely res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>ting th<span class=\"__1 _201\"/>e solve<span class=\"__1 _201\"/>ncy c<span class=\"__1 _201\"/>overag<span class=\"__1 _201\"/>e ratio of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund to 100%<span class=\"__1 _201\"/>. As such<span class=\"__1 _201\"/>, the re<span class=\"__1 _201\"/>gulator<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>olven<span class=\"__1 _201\"/>cy cover<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/> ratio is h<span class=\"__1 _201\"/>ighly re<span class=\"__1 _201\"/>silie<span class=\"__1 _201\"/>nt to moveme<span class=\"__1 _201\"/>nts in the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund\u2019s own fund<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> The e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated and un<span class=\"__1 _201\"/>audited S<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I capi<span class=\"__1 _201\"/>tal pos<span class=\"__1 _201\"/>ition fo<span class=\"__1 _201\"/>r the Gro<span class=\"__1 _201\"/>up as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 and the p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on as at<span class=\"__1 _201\"/> 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021 i<span class=\"__1 _201\"/>s shown b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2d_1 ws2d_1\">291<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3bn<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3bn<span class=\"__1 _32b\"> </span>Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II eli<span class=\"__1 _201\"/>gible ow<span class=\"__1 _201\"/>n fund<span class=\"__1 _201\"/>s<span class=\"__1 _313\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">11<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>8<span class=\"__1 _223\"> </span></span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _201\"/>.3<span class=\"__1 _32b\"> </span></span>Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II SCR<span class=\"__1 _442\"> </span><span class=\"ff1_1 ls61_1 ws74_1\">(<span class=\"__1 _201\"/>7.<span class=\"__1 _e7_1\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _253\"> </span></span><span class=\"ls43_1 ws47_1\">(9<span class=\"__1 _250\"/>.1<span class=\"__1 _32b\"> </span></span><span class=\"ls43_1 ws47_1\">)<span class=\"__1 _32b\"> </span></span>Solvenc<span class=\"__1 _200\"/>y II surplus<span class=\"__1 _300\"> </span><span class=\"ls38_1 ws38_1\">4.6<span class=\"__1 _e_1\"> </span><span class=\"ff2_1 ls10_1 wsf_1\">6.<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span>Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II cover<span class=\"__1 _201\"/>age rati<span class=\"__1 _201\"/>o<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>4%<span class=\"__1 _204\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">168%<span class=\"__1 _32b\"> </span></span>i <span class=\"__1 _2d_1\"> </span>So<span class=\"__1 _201\"/>lve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I cove<span class=\"__1 _201\"/>rag<span class=\"__1 _201\"/>e rati<span class=\"__1 _201\"/>o has b<span class=\"__1 _201\"/>een c<span class=\"__1 _201\"/>alc<span class=\"__1 _201\"/>ulate<span class=\"__1 _201\"/>d usi<span class=\"__1 _201\"/>ng unr<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>ded fi<span class=\"__1 _201\"/>gure<span class=\"__1 _201\"/>s. O<span class=\"__1 _201\"/>n a reg<span class=\"__1 _201\"/>ulato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y app<span class=\"__1 _201\"/>rove<span class=\"__1 _201\"/>d tran<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on me<span class=\"__1 _201\"/>asur<span class=\"__1 _201\"/>es on te<span class=\"__1 _201\"/>chn<span class=\"__1 _201\"/>ica<span class=\"__1 _201\"/>l prov<span class=\"__1 _201\"/>isi<span class=\"__1 _201\"/>ons b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> the s<span class=\"__1 _201\"/>urp<span class=\"__1 _201\"/>lus is \u00a3<span class=\"__1 _201\"/>4.<span class=\"__1 _201\"/>8b<span class=\"__1 _201\"/>n (202<span class=\"__1 _201\"/>1: \u00a36.<span class=\"__1 _201\"/>2b<span class=\"__1 _201\"/>n) and th<span class=\"__1 _201\"/>e sol<span class=\"__1 _201\"/>ven<span class=\"__1 _201\"/>cy cov<span class=\"__1 _201\"/>era<span class=\"__1 _201\"/>ge rat<span class=\"__1 _201\"/>io is 16<span class=\"__1 _201\"/>8% (20<span class=\"__1 _201\"/>21: 16<span class=\"__1 _201\"/>8%)<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>sults i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>e trans<span class=\"__1 _201\"/>itional m<span class=\"__1 _201\"/>easu<span class=\"__1 _201\"/>res, w<span class=\"__1 _201\"/>hich are p<span class=\"__1 _201\"/>resente<span class=\"__1 _201\"/>d assu<span class=\"__1 _201\"/>ming a re<span class=\"__1 _201\"/>calc<span class=\"__1 _201\"/>ulation as at th<span class=\"__1 _201\"/>e valuati<span class=\"__1 _201\"/>on date, us<span class=\"__1 _201\"/>ing<span class=\"__1 _32b\"> </span> mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt\u2019s es<span class=\"__1 _201\"/>timate of the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of oper<span class=\"__1 _201\"/>ating an<span class=\"__1 _201\"/>d market con<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>s. As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 2022<span class=\"__1 _201\"/>, the re<span class=\"__1 _201\"/>calc<span class=\"__1 _201\"/>ulated tra<span class=\"__1 _201\"/>nsitio<span class=\"__1 _201\"/>nal<span class=\"__1 _32b\"> </span> mea<span class=\"__1 _201\"/>sures do n<span class=\"__1 _201\"/>ot align to th<span class=\"__1 _201\"/>e latest ap<span class=\"__1 _201\"/>proved re<span class=\"__1 _201\"/>gulator<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n and the<span class=\"__1 _201\"/>refore the e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated and un<span class=\"__1 _201\"/>audited S<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I capi<span class=\"__1 _201\"/>tal<span class=\"__1 _32b\"> </span> pos<span class=\"__1 _201\"/>ition di<span class=\"__1 _201\"/>ffers f<span class=\"__1 _201\"/>rom the po<span class=\"__1 _201\"/>sition d<span class=\"__1 _201\"/>isclo<span class=\"__1 _201\"/>sed in th<span class=\"__1 _201\"/>e form<span class=\"__1 _201\"/>al regul<span class=\"__1 _201\"/>ator<span class=\"__1 _201\"/>y Qua<span class=\"__1 _201\"/>ntitative Re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tin<span class=\"__1 _201\"/>g T<span class=\"__1 _f_1\"/>emp<span class=\"__1 _201\"/>lates and G<span class=\"__1 _201\"/>roup S<span class=\"__1 _201\"/>olven<span class=\"__1 _201\"/>cy an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> Fina<span class=\"__1 _201\"/>ncial C<span class=\"__1 _201\"/>onditi<span class=\"__1 _201\"/>on Rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t of the sa<span class=\"__1 _201\"/>me date. As at 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2021, the re<span class=\"__1 _201\"/>cal<span class=\"__1 _201\"/>culatio<span class=\"__1 _201\"/>n was app<span class=\"__1 _201\"/>roved for th<span class=\"__1 _201\"/>e repor<span class=\"__1 _201\"/>tin<span class=\"__1 _201\"/>g date and<span class=\"__1 _201\"/> the po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>s were alig<span class=\"__1 _201\"/>ned<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>37<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/>2 Shar<span class=\"__1 _200\"/>eholder capital<span class=\"__1 _200\"/> position<span class=\"__1 _32b\"> </span> The G<span class=\"__1 _201\"/>roup fo<span class=\"__1 _201\"/>cuse<span class=\"__1 _201\"/>s on a share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er vie<span class=\"__1 _201\"/>w of the So<span class=\"__1 _201\"/>lvenc<span class=\"__1 _201\"/>y II c<span class=\"__1 _201\"/>apital p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n, whi<span class=\"__1 _201\"/>ch is con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>red to provi<span class=\"__1 _201\"/>de a more re<span class=\"__1 _201\"/>levant<span class=\"__1 _201\"/> refle<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on of the c<span class=\"__1 _201\"/>apital s<span class=\"__1 _201\"/>trengt<span class=\"__1 _201\"/>h of the Gro<span class=\"__1 _201\"/>up. The G<span class=\"__1 _201\"/>roup\u2019s shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II ca<span class=\"__1 _201\"/>pital p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n excludes t<span class=\"__1 _201\"/>he contr<span class=\"__1 _201\"/>ibutio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> to own fun<span class=\"__1 _201\"/>ds and S<span class=\"__1 _201\"/>CR from the r<span class=\"__1 _201\"/>ing-fe<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/>d With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund. Fur<span class=\"__1 _201\"/>ther in<span class=\"__1 _201\"/>formati<span class=\"__1 _201\"/>on on th<span class=\"__1 _201\"/>e ring-f<span class=\"__1 _201\"/>ence<span class=\"__1 _201\"/>d With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund\u2019s<span class=\"__1 _32b\"> </span> cap<span class=\"__1 _201\"/>ital po<span class=\"__1 _201\"/>sition i<span class=\"__1 _201\"/>s provid<span class=\"__1 _201\"/>ed in Se<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on 1.4<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5 of Supp<span class=\"__1 _201\"/>leme<span class=\"__1 _201\"/>ntar<span class=\"__1 _201\"/>y Fin<span class=\"__1 _201\"/>ancial I<span class=\"__1 _201\"/>nform<span class=\"__1 _201\"/>ation. S<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II own fu<span class=\"__1 _201\"/>nds als<span class=\"__1 _201\"/>o<span class=\"__1 _32b\"> </span> ass<span class=\"__1 _201\"/>ume tra<span class=\"__1 _201\"/>nsitio<span class=\"__1 _201\"/>nal mea<span class=\"__1 _201\"/>sures on te<span class=\"__1 _201\"/>chnic<span class=\"__1 _201\"/>al prov<span class=\"__1 _201\"/>ision<span class=\"__1 _201\"/>s which have b<span class=\"__1 _201\"/>een re<span class=\"__1 _201\"/>cal<span class=\"__1 _201\"/>culated us<span class=\"__1 _201\"/>ing man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent\u2019s es<span class=\"__1 _201\"/>timate of the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> of ope<span class=\"__1 _201\"/>rating a<span class=\"__1 _201\"/>nd market co<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>ns at the rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ting date (rega<span class=\"__1 _201\"/>rdles<span class=\"__1 _201\"/>s as to wheth<span class=\"__1 _201\"/>er the re<span class=\"__1 _201\"/>calc<span class=\"__1 _201\"/>ulation w<span class=\"__1 _201\"/>as approve<span class=\"__1 _201\"/>d for the<span class=\"__1 _201\"/> repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting date).<span class=\"__1 _32b\"> </span>The e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated and un<span class=\"__1 _201\"/>audited s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II cap<span class=\"__1 _201\"/>ital po<span class=\"__1 _201\"/>sition fo<span class=\"__1 _201\"/>r the Gro<span class=\"__1 _201\"/>up as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 and th<span class=\"__1 _201\"/>e positi<span class=\"__1 _201\"/>on as<span class=\"__1 _201\"/> at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021 i<span class=\"__1 _201\"/>s shown b<span class=\"__1 _201\"/>elow.<span class=\"__1 _32b\"> </span> As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3bn<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3bn<span class=\"__1 _32b\"> </span>Shareholder<span class=\"__1 _200\"/> Solvency II el<span class=\"__1 _200\"/>igible o<span class=\"__1 _200\"/>wn funds<span class=\"__1 _7c_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">9.3<span class=\"__1 _2c_1\"> </span></span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span>Shareholder<span class=\"__1 _200\"/> Solvency II SC<span class=\"__1 _200\"/>R<span class=\"__1 _316\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _1c2_1\"> </span></span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span><span class=\"ls8_1 ws6_1\"><span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Solvenc<span class=\"__1 _200\"/>y II surplus<span class=\"__1 _300\"> </span><span class=\"ls38_1 ws38_1\">4.6<span class=\"__1 _e_1\"> </span><span class=\"ff2_1 ls10_1 wsf_1\">6.<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span>Share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der So<span class=\"__1 _201\"/>lven<span class=\"__1 _201\"/>cy II cove<span class=\"__1 _201\"/>rage r<span class=\"__1 _201\"/>atio<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>199%<span class=\"__1 _204\"> </span><span class=\"ff2_1 ls40_1 ws44_1\">218%<span class=\"__1 _32b\"> </span></span>i <span class=\"__1 _2d_1\"> </span>Shareholder<span class=\"__1 _200\"/> Solvency II co<span class=\"__1 _200\"/>verage ra<span class=\"__1 _200\"/>tio h<span class=\"__1 _200\"/>as been calcula<span class=\"__1 _200\"/>ted u<span class=\"__1 _200\"/>sing unr<span class=\"__1 _200\"/>ounded figures.<span class=\"__1 _32b\"> </span>37<span class=\"__1 _f_1\"/>.3 Meeting of capit<span class=\"__1 _200\"/>al managemen<span class=\"__1 _200\"/>t objectiv<span class=\"__1 _200\"/>es<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>s its ca<span class=\"__1 _201\"/>pital on a S<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I basis to e<span class=\"__1 _201\"/>nsure that su<span class=\"__1 _201\"/>fficie<span class=\"__1 _201\"/>nt own fun<span class=\"__1 _201\"/>ds are avail<span class=\"__1 _201\"/>able o<span class=\"__1 _201\"/>n an ongo<span class=\"__1 _201\"/>ing bas<span class=\"__1 _201\"/>is to<span class=\"__1 _32b\"> </span> me<span class=\"__1 _201\"/>et regulato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y capi<span class=\"__1 _201\"/>tal requ<span class=\"__1 _201\"/>ireme<span class=\"__1 _201\"/>nts. T<span class=\"__1 _201\"/>his is ac<span class=\"__1 _201\"/>hieved by ta<span class=\"__1 _201\"/>rgeting a c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l buffe<span class=\"__1 _201\"/>r signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>ntly in exces<span class=\"__1 _201\"/>s of regu<span class=\"__1 _201\"/>lator<span class=\"__1 _201\"/>y ca<span class=\"__1 _201\"/>pital<span class=\"__1 _201\"/> requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts. T<span class=\"__1 _201\"/>his bu<span class=\"__1 _201\"/>ffer is inten<span class=\"__1 _201\"/>ded to ab<span class=\"__1 _201\"/>sorb th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of s<span class=\"__1 _201\"/>tress<span class=\"__1 _201\"/>ed mar<span class=\"__1 _201\"/>ket conditi<span class=\"__1 _201\"/>ons and th<span class=\"__1 _201\"/>us make the S<span class=\"__1 _201\"/>olven<span class=\"__1 _201\"/>cy II b<span class=\"__1 _201\"/>alanc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> she<span class=\"__1 _201\"/>et unde<span class=\"__1 _201\"/>r the reg<span class=\"__1 _201\"/>ulator<span class=\"__1 _201\"/>y vi<span class=\"__1 _201\"/>ew resili<span class=\"__1 _201\"/>ent to stre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s that affe<span class=\"__1 _201\"/>ct the G<span class=\"__1 _201\"/>roup\u2019s busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> 37 Capit<span class=\"__1 _200\"/>al managemen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>292<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>A rang<span class=\"__1 _201\"/>e of stre<span class=\"__1 _201\"/>ss and s<span class=\"__1 _201\"/>cena<span class=\"__1 _201\"/>rio tes<span class=\"__1 _201\"/>ting is c<span class=\"__1 _201\"/>arri<span class=\"__1 _201\"/>ed out a<span class=\"__1 _201\"/>cross th<span class=\"__1 _201\"/>e busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, incl<span class=\"__1 _201\"/>uding c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain sc<span class=\"__1 _201\"/>enari<span class=\"__1 _201\"/>os mand<span class=\"__1 _201\"/>ated by the re<span class=\"__1 _201\"/>gulator<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>ivit<span class=\"__1 _201\"/>y of liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s and othe<span class=\"__1 _201\"/>r comp<span class=\"__1 _201\"/>onent<span class=\"__1 _201\"/>s of total ca<span class=\"__1 _201\"/>pital va<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, depe<span class=\"__1 _201\"/>nding u<span class=\"__1 _201\"/>pon the t<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>pe of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s conc<span class=\"__1 _201\"/>erne<span class=\"__1 _201\"/>d, an<span class=\"__1 _201\"/>d this<span class=\"__1 _32b\"> </span> influences the<span class=\"__1 _200\"/> approach<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> asset/liability management.<span class=\"__1 _32b\"> </span>In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, proje<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns are pe<span class=\"__1 _201\"/>rf<span class=\"__1 _201\"/>orme<span class=\"__1 _201\"/>d to unde<span class=\"__1 _201\"/>rsta<span class=\"__1 _201\"/>nd how th<span class=\"__1 _201\"/>e own fun<span class=\"__1 _201\"/>ds and c<span class=\"__1 _201\"/>apital p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n is expe<span class=\"__1 _201\"/>cted to d<span class=\"__1 _201\"/>evelop a<span class=\"__1 _201\"/>nd how<span class=\"__1 _201\"/> this mi<span class=\"__1 _201\"/>ght be affe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d by adver<span class=\"__1 _201\"/>se event<span class=\"__1 _201\"/>s taking p<span class=\"__1 _201\"/>lace. I<span class=\"__1 _201\"/>nform<span class=\"__1 _201\"/>ed by the re<span class=\"__1 _201\"/>sults of th<span class=\"__1 _201\"/>ese p<span class=\"__1 _201\"/>rojec<span class=\"__1 _201\"/>tions th<span class=\"__1 _201\"/>ere are a nu<span class=\"__1 _201\"/>mber of a<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span> availab<span class=\"__1 _201\"/>le to mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent to stren<span class=\"__1 _201\"/>gthen th<span class=\"__1 _201\"/>e own fun<span class=\"__1 _201\"/>ds pos<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> As we<span class=\"__1 _201\"/>ll as hol<span class=\"__1 _201\"/>ding su<span class=\"__1 _201\"/>fficie<span class=\"__1 _201\"/>nt capi<span class=\"__1 _201\"/>tal to mee<span class=\"__1 _201\"/>t regulato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y require<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s, the G<span class=\"__1 _201\"/>roup al<span class=\"__1 _201\"/>so clos<span class=\"__1 _201\"/>ely ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>s the cas<span class=\"__1 _201\"/>h it hol<span class=\"__1 _201\"/>ds so that<span class=\"__1 _201\"/> it ca<span class=\"__1 _201\"/>n:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">mainta<span class=\"__1 _201\"/>in flexib<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, fund n<span class=\"__1 _201\"/>ew oppo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tunitie<span class=\"__1 _201\"/>s and abs<span class=\"__1 _201\"/>orb sh<span class=\"__1 _201\"/>ock event<span class=\"__1 _201\"/>s;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">me<span class=\"__1 _201\"/>et liabili<span class=\"__1 _201\"/>ties to po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders an<span class=\"__1 _201\"/>d other o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>ons;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">fund dividends; a<span class=\"__1 _200\"/>nd<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">cover<span class=\"__1 _200\"/> central<span class=\"__1 _200\"/> costs and deb<span class=\"__1 _200\"/>t pa<span class=\"__1 _200\"/>yments.<span class=\"__1 _32b\"> </span></span>38 Share<span class=\"__1 _201\"/>-based payments<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup o<span class=\"__1 _201\"/>perates v<span class=\"__1 _201\"/>ario<span class=\"__1 _201\"/>us share<span class=\"__1 _201\"/>-ba<span class=\"__1 _201\"/>sed p<span class=\"__1 _201\"/>ayment s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>es that award M<span class=\"__1 _201\"/>&amp;G plc s<span class=\"__1 _201\"/>hares to pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cipant<span class=\"__1 _201\"/>s upon m<span class=\"__1 _201\"/>eetin<span class=\"__1 _201\"/>g the<span class=\"__1 _32b\"> </span> requ<span class=\"__1 _201\"/>ired ves<span class=\"__1 _201\"/>ting co<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>ns. D<span class=\"__1 _201\"/>etails of th<span class=\"__1 _201\"/>ose sc<span class=\"__1 _201\"/>heme<span class=\"__1 _201\"/>s are state<span class=\"__1 _201\"/>d belo<span class=\"__1 _201\"/>w:<span class=\"__1 _32b\"> </span>38<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1 Desc<span class=\"__1 _201\"/>ript<span class=\"__1 _201\"/>ion of t<span class=\"__1 _201\"/>he pl<span class=\"__1 _201\"/>ans<span class=\"__1 _32b\"> </span>Discretion<span class=\"__1 _200\"/>ary schemes initia<span class=\"__1 _200\"/>ted prior<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> demerger:<span class=\"__1 _32b\"> </span>Scheme<span class=\"__1 _6a_1\"> </span>Des<span class=\"__1 _201\"/>cription<span class=\"__1 _32b\"> </span>Long-term<span class=\"__1 _32b\"> </span> Incentiv<span class=\"__1 _200\"/>e Plan<span class=\"__1 _32b\"> </span> (<span class=\"__1 _250\"/>LT<span class=\"__1 _201\"/>I<span class=\"__1 _e7_1\"/>P<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>The L<span class=\"__1 _200\"/>TIP is a c<span class=\"__1 _201\"/>onditi<span class=\"__1 _201\"/>onal s<span class=\"__1 _201\"/>hare pla<span class=\"__1 _201\"/>n: the sha<span class=\"__1 _201\"/>res awarde<span class=\"__1 _201\"/>d will o<span class=\"__1 _201\"/>rdinari<span class=\"__1 _201\"/>ly be re<span class=\"__1 _201\"/>lease<span class=\"__1 _201\"/>d to par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pants af<span class=\"__1 _201\"/>ter<span class=\"__1 _201\"/> three ye<span class=\"__1 _201\"/>ars of se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice to th<span class=\"__1 _201\"/>e extent th<span class=\"__1 _201\"/>at per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>manc<span class=\"__1 _201\"/>e condi<span class=\"__1 _201\"/>tions have b<span class=\"__1 _201\"/>een m<span class=\"__1 _201\"/>et. If p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span> are not a<span class=\"__1 _201\"/>chieved i<span class=\"__1 _201\"/>n full, th<span class=\"__1 _201\"/>e unveste<span class=\"__1 _201\"/>d por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of any award la<span class=\"__1 _201\"/>pses<span class=\"__1 _201\"/>. The p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>mance c<span class=\"__1 _201\"/>onditi<span class=\"__1 _201\"/>ons at<span class=\"__1 _201\"/>tache<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> to L<span class=\"__1 _f_1\"/>TI<span class=\"__1 _201\"/>P awards in<span class=\"__1 _201\"/>clude m<span class=\"__1 _201\"/>arket per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce cond<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/>; Relati<span class=\"__1 _201\"/>ve T<span class=\"__1 _f_1\"/>otal Sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder R<span class=\"__1 _201\"/>eturn (<span class=\"__1 _201\"/>TS<span class=\"__1 _201\"/>R); and oth<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/> non<span class=\"__1 _201\"/>-mar<span class=\"__1 _201\"/>ket conditi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding me<span class=\"__1 _201\"/>asures li<span class=\"__1 _201\"/>nked to profit<span class=\"__1 _201\"/>. The p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>ns atta<span class=\"__1 _201\"/>che<span class=\"__1 _201\"/>d to each<span class=\"__1 _201\"/> award are d<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>dent o<span class=\"__1 _201\"/>n the role of th<span class=\"__1 _201\"/>e par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pants<span class=\"__1 _201\"/>. Thre<span class=\"__1 _201\"/>shol<span class=\"__1 _201\"/>d and ma<span class=\"__1 _201\"/>ximum a<span class=\"__1 _201\"/>chievem<span class=\"__1 _201\"/>ent level<span class=\"__1 _201\"/>s will b<span class=\"__1 _201\"/>e set<span class=\"__1 _32b\"> </span> at the be<span class=\"__1 _201\"/>ginni<span class=\"__1 _201\"/>ng of the p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>ds in line w<span class=\"__1 _201\"/>ith the bu<span class=\"__1 _201\"/>sine<span class=\"__1 _201\"/>ss pla<span class=\"__1 _201\"/>n. Th<span class=\"__1 _201\"/>e last of th<span class=\"__1 _201\"/>ese awa<span class=\"__1 _201\"/>rds veste<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> in 202<span class=\"__1 _201\"/>2.<span class=\"__1 _32b\"> </span>Annual Incen<span class=\"__1 _200\"/>tiv<span class=\"__1 _200\"/>e<span class=\"__1 _32b\"> </span> Plan (AIP<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in seni<span class=\"__1 _201\"/>or executi<span class=\"__1 _201\"/>ves par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ipate in the AI<span class=\"__1 _201\"/>P whe<span class=\"__1 _201\"/>re a por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of the indi<span class=\"__1 _201\"/>vidu<span class=\"__1 _201\"/>al\u2019s bonus i<span class=\"__1 _201\"/>s deli<span class=\"__1 _201\"/>vered in<span class=\"__1 _201\"/> the fo<span class=\"__1 _201\"/>rm of share<span class=\"__1 _201\"/>s that are rel<span class=\"__1 _201\"/>ease<span class=\"__1 _201\"/>d afte<span class=\"__1 _201\"/>r three year<span class=\"__1 _201\"/>s of ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice. T<span class=\"__1 _201\"/>here are n<span class=\"__1 _201\"/>o per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>manc<span class=\"__1 _201\"/>e condi<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>ociate<span class=\"__1 _201\"/>d with the p<span class=\"__1 _201\"/>lan. T<span class=\"__1 _201\"/>he las<span class=\"__1 _201\"/>t of thes<span class=\"__1 _201\"/>e awards ves<span class=\"__1 _201\"/>ted in 202<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Group Def<span class=\"__1 _200\"/>erred<span class=\"__1 _32b\"> </span> Bonus Plan<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>GDBP)<span class=\"ls5_1 ws1_1\"> </span>Und<span class=\"__1 _201\"/>er thes<span class=\"__1 _201\"/>e plan<span class=\"__1 _201\"/>s, pa<span class=\"__1 _201\"/>rt of th<span class=\"__1 _201\"/>e par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pant<span class=\"__1 _201\"/>\u2019s annual bo<span class=\"__1 _201\"/>nus is pa<span class=\"__1 _201\"/>id in the fo<span class=\"__1 _201\"/>rm of a share aw<span class=\"__1 _201\"/>ard that ves<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/> af<span class=\"__1 _201\"/>ter three yea<span class=\"__1 _201\"/>rs of ser<span class=\"__1 _250\"/>vice<span class=\"__1 _201\"/>. Othe<span class=\"__1 _201\"/>r than the s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>e cond<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>, there are n<span class=\"__1 _201\"/>o other pe<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>forma<span class=\"__1 _201\"/>nce co<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span> ass<span class=\"__1 _201\"/>ociate<span class=\"__1 _201\"/>d with this p<span class=\"__1 _201\"/>lan. T<span class=\"__1 _201\"/>he las<span class=\"__1 _201\"/>t of thes<span class=\"__1 _201\"/>e awards ves<span class=\"__1 _201\"/>ted in 202<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Restricted Share<span class=\"__1 _32b\"> </span> Pl<span class=\"__1 _201\"/>an<span class=\"__1 _201\"/> (R<span class=\"__1 _201\"/>SP)<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>Awards und<span class=\"__1 _201\"/>er this p<span class=\"__1 _201\"/>lan are dis<span class=\"__1 _201\"/>cretion<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y and ad<span class=\"__1 _201\"/>-ho<span class=\"__1 _201\"/>c, an<span class=\"__1 _201\"/>d the ves<span class=\"__1 _201\"/>ting of award<span class=\"__1 _201\"/>s are subj<span class=\"__1 _201\"/>ect to a s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> con<span class=\"__1 _201\"/>dition an<span class=\"__1 _201\"/>d may be su<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>t to per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce cond<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>ese award<span class=\"__1 _201\"/>s may be retentio<span class=\"__1 _201\"/>n awards<span class=\"__1 _201\"/>, new<span class=\"__1 _201\"/> join<span class=\"__1 _201\"/>er awards a<span class=\"__1 _201\"/>nd prom<span class=\"__1 _201\"/>otion rel<span class=\"__1 _201\"/>ated awards<span class=\"__1 _201\"/>. The l<span class=\"__1 _201\"/>ast of th<span class=\"__1 _201\"/>ese awa<span class=\"__1 _201\"/>rds will ves<span class=\"__1 _201\"/>t in 202<span class=\"__1 _201\"/>3.<span class=\"__1 _32b\"> </span>Pri<span class=\"__1 _201\"/>or to deme<span class=\"__1 _201\"/>rger<span class=\"__1 _200\"/>, all dis<span class=\"__1 _201\"/>cretion<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y sche<span class=\"__1 _201\"/>mes m<span class=\"__1 _201\"/>ention<span class=\"__1 _201\"/>ed ab<span class=\"__1 _201\"/>ove were bas<span class=\"__1 _201\"/>ed on Pr<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>ntial pl<span class=\"__1 _201\"/>c awards<span class=\"__1 _201\"/>. At the point of d<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>rger<span class=\"__1 _201\"/> and s<span class=\"__1 _201\"/>ubseq<span class=\"__1 _201\"/>uent li<span class=\"__1 _201\"/>sting of M<span class=\"__1 _201\"/>&amp;G plc<span class=\"__1 _201\"/>, all o<span class=\"__1 _201\"/>utsta<span class=\"__1 _201\"/>nding d<span class=\"__1 _201\"/>iscretio<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y award<span class=\"__1 _201\"/>s were rep<span class=\"__1 _201\"/>lace<span class=\"__1 _201\"/>d with eq<span class=\"__1 _201\"/>uival<span class=\"__1 _201\"/>ent awards b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on M&amp;G p<span class=\"__1 _201\"/>lc<span class=\"__1 _32b\"> </span> share<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he sch<span class=\"__1 _201\"/>eme ru<span class=\"__1 _201\"/>les for t<span class=\"__1 _201\"/>he awards re<span class=\"__1 _201\"/>main the s<span class=\"__1 _201\"/>ame in pr<span class=\"__1 _201\"/>incip<span class=\"__1 _201\"/>le, except f<span class=\"__1 _201\"/>or the L<span class=\"__1 _200\"/>TIP award<span class=\"__1 _201\"/>s, for w<span class=\"__1 _201\"/>hich the re<span class=\"__1 _201\"/>levant m<span class=\"__1 _201\"/>etric<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> are bas<span class=\"__1 _201\"/>ed on M&amp;<span class=\"__1 _201\"/>G plc as o<span class=\"__1 _201\"/>ppo<span class=\"__1 _201\"/>sed to Pr<span class=\"__1 _201\"/>udenti<span class=\"__1 _201\"/>al plc p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance.<span class=\"__1 _32b\"> </span>In acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with IF<span class=\"__1 _201\"/>RS 2, th<span class=\"__1 _201\"/>e repla<span class=\"__1 _201\"/>ceme<span class=\"__1 _201\"/>nt awards we<span class=\"__1 _201\"/>re accoun<span class=\"__1 _201\"/>ted for as a m<span class=\"__1 _201\"/>odifi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n of the prev<span class=\"__1 _201\"/>ious s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>e and the<span class=\"__1 _201\"/> expe<span class=\"__1 _201\"/>nse in rel<span class=\"__1 _201\"/>ation to the s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>e has conti<span class=\"__1 _201\"/>nued to b<span class=\"__1 _201\"/>e record<span class=\"__1 _201\"/>ed over th<span class=\"__1 _201\"/>e remaini<span class=\"__1 _201\"/>ng ves<span class=\"__1 _201\"/>ting per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Discretion<span class=\"__1 _200\"/>ary schemes initia<span class=\"__1 _200\"/>ted po<span class=\"__1 _200\"/>st demerger:<span class=\"__1 _32b\"> </span>Scheme<span class=\"__1 _2b4\"> </span>Descr<span class=\"__1 _201\"/>iption<span class=\"__1 _32b\"> </span>Per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>manc<span class=\"__1 _201\"/>e Share<span class=\"__1 _201\"/> Plan (PSP)<span class=\"__1 _32b\"> </span>The P<span class=\"__1 _201\"/>SP is a c<span class=\"__1 _201\"/>onditi<span class=\"__1 _201\"/>onal sh<span class=\"__1 _201\"/>are plan<span class=\"__1 _201\"/>: the share<span class=\"__1 _201\"/>s awarde<span class=\"__1 _201\"/>d will ord<span class=\"__1 _201\"/>inari<span class=\"__1 _201\"/>ly be rel<span class=\"__1 _201\"/>ease<span class=\"__1 _201\"/>d to par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ants af<span class=\"__1 _201\"/>ter a<span class=\"__1 _201\"/> pred<span class=\"__1 _201\"/>etermi<span class=\"__1 _201\"/>ned p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d of ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice, us<span class=\"__1 _201\"/>ually th<span class=\"__1 _201\"/>ree year<span class=\"__1 _201\"/>s, to the ex<span class=\"__1 _201\"/>tent that p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>nditi<span class=\"__1 _201\"/>ons have be<span class=\"__1 _201\"/>en<span class=\"__1 _201\"/> met<span class=\"__1 _201\"/>. If per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce cond<span class=\"__1 _201\"/>itions a<span class=\"__1 _201\"/>re not achi<span class=\"__1 _201\"/>eved in ful<span class=\"__1 _201\"/>l, the unve<span class=\"__1 _201\"/>sted p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tion of any aw<span class=\"__1 _201\"/>ard laps<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>he<span class=\"__1 _201\"/> per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce con<span class=\"__1 _201\"/>ditions at<span class=\"__1 _201\"/>tach<span class=\"__1 _201\"/>ed to PS<span class=\"__1 _201\"/>P awards in<span class=\"__1 _201\"/>clude m<span class=\"__1 _201\"/>arket per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce con<span class=\"__1 _201\"/>ditions<span class=\"__1 _201\"/>; Relati<span class=\"__1 _201\"/>ve T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _201\"/> Share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der Retur<span class=\"__1 _201\"/>n (<span class=\"__1 _201\"/>TSR)<span class=\"__1 _201\"/>; and othe<span class=\"__1 _201\"/>r non<span class=\"__1 _201\"/>-market co<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>ns, in<span class=\"__1 _201\"/>cludi<span class=\"__1 _201\"/>ng cap<span class=\"__1 _201\"/>ital ge<span class=\"__1 _201\"/>nerati<span class=\"__1 _201\"/>on meas<span class=\"__1 _201\"/>ures<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/> per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce con<span class=\"__1 _201\"/>ditions at<span class=\"__1 _201\"/>tach<span class=\"__1 _201\"/>ed to eac<span class=\"__1 _201\"/>h award are dep<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>ent on th<span class=\"__1 _201\"/>e role of the p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticipa<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>. Thres<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/> and ma<span class=\"__1 _201\"/>ximu<span class=\"__1 _201\"/>m achievem<span class=\"__1 _201\"/>ent leve<span class=\"__1 _201\"/>ls will b<span class=\"__1 _201\"/>e set at the b<span class=\"__1 _201\"/>egin<span class=\"__1 _201\"/>ning of the p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>mance p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ods in lin<span class=\"__1 _201\"/>e with the<span class=\"__1 _201\"/> business plan.<span class=\"__1 _32b\"> </span>Defe<span class=\"__1 _201\"/>rred I<span class=\"__1 _201\"/>ncenti<span class=\"__1 _201\"/>ve<span class=\"__1 _32b\"> </span> Plan (DIP)<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er thes<span class=\"__1 _201\"/>e plan<span class=\"__1 _201\"/>s, pa<span class=\"__1 _201\"/>rt of th<span class=\"__1 _201\"/>e par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pant<span class=\"__1 _201\"/>\u2019s Annual Bo<span class=\"__1 _201\"/>nus is pa<span class=\"__1 _201\"/>id in the fo<span class=\"__1 _201\"/>rm of a share aw<span class=\"__1 _201\"/>ard that ves<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/> af<span class=\"__1 _201\"/>ter three o<span class=\"__1 _201\"/>r four year<span class=\"__1 _201\"/>s. O<span class=\"__1 _201\"/>ther tha<span class=\"__1 _201\"/>n the se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice co<span class=\"__1 _201\"/>nditi<span class=\"__1 _201\"/>on, the<span class=\"__1 _201\"/>re are no oth<span class=\"__1 _201\"/>er per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce cond<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>ociate<span class=\"__1 _201\"/>d with this p<span class=\"__1 _201\"/>lan.<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls14_1 ws13_1\">293<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Appro<span class=\"__1 _200\"/>ved<span class=\"__1 _200\"/> schemes:<span class=\"__1 _32b\"> </span>Share<span class=\"__1 _200\"/> scheme<span class=\"__1 _f4_1\"> </span><span class=\"ls3_1 ws3_1\">Des<span class=\"__1 _201\"/>cription<span class=\"__1 _32b\"> </span></span>Save As You Earn<span class=\"__1 _201\"/> (S<span class=\"__1 _200\"/>A<span class=\"__1 _f_1\"/>YE<span class=\"__1 _201\"/>) plans<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup o<span class=\"__1 _201\"/>perates S<span class=\"__1 _201\"/>A<span class=\"__1 _f_1\"/>YE p<span class=\"__1 _201\"/>lans<span class=\"__1 _201\"/>, which a<span class=\"__1 _201\"/>llow eli<span class=\"__1 _201\"/>gible e<span class=\"__1 _201\"/>mploye<span class=\"__1 _201\"/>es the o<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>tun<span class=\"__1 _201\"/>ity to s<span class=\"__1 _201\"/>ave a monthl<span class=\"__1 _201\"/>y amou<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> from th<span class=\"__1 _201\"/>eir sal<span class=\"__1 _201\"/>arie<span class=\"__1 _201\"/>s, over e<span class=\"__1 _201\"/>ither a thre<span class=\"__1 _201\"/>e or fi<span class=\"__1 _201\"/>ve-year p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od, w<span class=\"__1 _201\"/>hich c<span class=\"__1 _201\"/>an be use<span class=\"__1 _201\"/>d to purcha<span class=\"__1 _201\"/>se share<span class=\"__1 _201\"/>s in M&amp;G p<span class=\"__1 _201\"/>lc<span class=\"__1 _32b\"> </span> at a pred<span class=\"__1 _201\"/>etermi<span class=\"__1 _201\"/>ned pr<span class=\"__1 _201\"/>ice sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to the emp<span class=\"__1 _201\"/>loyee re<span class=\"__1 _201\"/>mainin<span class=\"__1 _201\"/>g in empl<span class=\"__1 _201\"/>oyme<span class=\"__1 _201\"/>nt for thre<span class=\"__1 _201\"/>e years af<span class=\"__1 _201\"/>ter the gr<span class=\"__1 _201\"/>ant<span class=\"__1 _201\"/> date of the op<span class=\"__1 _201\"/>tions an<span class=\"__1 _201\"/>d satis<span class=\"__1 _201\"/>f<span class=\"__1 _201\"/>ying th<span class=\"__1 _201\"/>e monthl<span class=\"__1 _201\"/>y savin<span class=\"__1 _201\"/>gs requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span> Share I<span class=\"__1 _201\"/>ncenti<span class=\"__1 _201\"/>ve Plan<span class=\"__1 _201\"/> (SIP): fre<span class=\"__1 _201\"/>e share<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, to celeb<span class=\"__1 _201\"/>rate the de<span class=\"__1 _201\"/>merg<span class=\"__1 _201\"/>er<span class=\"__1 _f_1\"/>, a<span class=\"__1 _201\"/>ll eligi<span class=\"__1 _201\"/>ble emp<span class=\"__1 _201\"/>loyee<span class=\"__1 _201\"/>s were prov<span class=\"__1 _201\"/>ided w<span class=\"__1 _201\"/>ith 920 M&amp;<span class=\"__1 _201\"/>G plc sh<span class=\"__1 _201\"/>ares wit<span class=\"__1 _201\"/>h a<span class=\"__1 _32b\"> </span> valu<span class=\"__1 _201\"/>e of \u00a32<span class=\"__1 _201\"/>,000 at th<span class=\"__1 _201\"/>e date of grant s<span class=\"__1 _201\"/>ubje<span class=\"__1 _201\"/>ct to a t<span class=\"__1 _201\"/>wo-ye<span class=\"__1 _201\"/>ar ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice con<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>. The aw<span class=\"__1 _201\"/>ards full<span class=\"__1 _201\"/>y veste<span class=\"__1 _201\"/>d durin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> 2021 fo<span class=\"__1 _201\"/>r empl<span class=\"__1 _201\"/>oyees w<span class=\"__1 _201\"/>ho met th<span class=\"__1 _201\"/>e relevant ve<span class=\"__1 _201\"/>stin<span class=\"__1 _201\"/>g condi<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>All ap<span class=\"__1 _201\"/>proved s<span class=\"__1 _201\"/>cheme<span class=\"__1 _201\"/>s are acco<span class=\"__1 _201\"/>unted fo<span class=\"__1 _201\"/>r as equi<span class=\"__1 _201\"/>ty-s<span class=\"__1 _201\"/>ettl<span class=\"__1 _201\"/>ed as the aw<span class=\"__1 _201\"/>ards are set<span class=\"__1 _201\"/>tle<span class=\"__1 _201\"/>d in M&amp;G p<span class=\"__1 _201\"/>lc share<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>38.<span class=\"__1 _201\"/>2 Outstanding<span class=\"__1 _200\"/> options<span class=\"__1 _200\"/> and a<span class=\"__1 _200\"/>war<span class=\"__1 _200\"/>ds<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ents in o<span class=\"__1 _201\"/>uts<span class=\"__1 _201\"/>tandin<span class=\"__1 _201\"/>g option<span class=\"__1 _201\"/>s and awards u<span class=\"__1 _201\"/>nder th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s share<span class=\"__1 _201\"/>-bas<span class=\"__1 _201\"/>ed co<span class=\"__1 _201\"/>mpen<span class=\"__1 _201\"/>sation a<span class=\"__1 _201\"/>re as follo<span class=\"__1 _201\"/>ws: <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>Outstanding opt<span class=\"__1 _200\"/>ions under<span class=\"__1 _32b\"> </span> SA<span class=\"__1 _f_1\"/>YE schemes<span class=\"__1 _32b\"> </span>Awards outstanding under<span class=\"__1 _32b\"> </span> incentive plans<span class=\"__1 _32b\"> </span>Out<span class=\"__1 _201\"/>stan<span class=\"__1 _201\"/>ding as at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y<span class=\"__1 _1a1_1\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">23<span class=\"__1 _201\"/>,299,<span class=\"__1 _201\"/>399<span class=\"__1 _2c2\"> </span>82<span class=\"__1 _201\"/>,892<span class=\"__1 _201\"/>,380<span class=\"__1 _32b\"> </span></span>Gr<span class=\"__1 _201\"/>ante<span class=\"__1 _201\"/>d<span class=\"__1 _396\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">3,085,857<span class=\"__1 _427\"> </span><span class=\"ls3f_1 ws41_1\">25,900,361<span class=\"__1 _32b\"> </span></span></span>E<span class=\"__1 _201\"/>xerci<span class=\"__1 _201\"/>sed<span class=\"__1 _201\"/> <span class=\"__1 _d1_1\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">(5<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9)<span class=\"__1 _6a_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>8)<span class=\"__1 _32b\"> </span></span></span>For<span class=\"__1 _201\"/>feited/Ex<span class=\"__1 _201\"/>pired<span class=\"__1 _e5_1\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>0)<span class=\"__1 _2b9\"> </span><span class=\"ls33_1 ws34_1\">(9,703<span class=\"__1 _201\"/>,76<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span></span></span>Outstanding at<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _276\"> </span><span class=\"ls3f_1 ws41_1\">23,265,327<span class=\"__1 _463\"> </span><span class=\"lsd_1 wsb_1\">87<span class=\"__1 _f_1\"/>,565<span class=\"__1 _201\"/>,318<span class=\"__1 _32b\"> </span></span></span>Options immediat<span class=\"__1 _200\"/>ely e<span class=\"__1 _200\"/>x<span class=\"__1 _200\"/>ercisable<span class=\"__1 _200\"/> at 31<span class=\"__1 _200\"/> December<span class=\"__1 _364\"> </span><span class=\"ls24_1 ws23_1\">9<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>2<span class=\"__1 _bf_1\"> </span><span class=\"ls15_1 ws14_1\">96<span class=\"__1 _201\"/>,498</span></span> <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>Outstanding opt<span class=\"__1 _200\"/>ions under<span class=\"__1 _32b\"> </span> SA<span class=\"__1 _f_1\"/>YE schemes<span class=\"__1 _32b\"> </span>Awards outstanding under<span class=\"__1 _32b\"> </span> incentive plans<span class=\"__1 _32b\"> </span>Out<span class=\"__1 _201\"/>stan<span class=\"__1 _201\"/>ding as at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y<span class=\"__1 _25a\"> </span><span class=\"ls16_1 ws15_1\">23,<span class=\"__1 _200\"/>673,<span class=\"__1 _337\"/>199<span class=\"__1 _2c3\"> </span><span class=\"lsc_1 wsa_1\">7<span class=\"__1 _201\"/>7<span class=\"__1 _f_1\"/>,011,381<span class=\"__1 _32b\"> </span></span></span>Gr<span class=\"__1 _201\"/>ante<span class=\"__1 _201\"/>d<span class=\"__1 _308\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>47,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _464\"> </span><span class=\"ls8_1 ws6_1\">24<span class=\"__1 _201\"/>,749<span class=\"__1 _201\"/>,79<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span>E<span class=\"__1 _201\"/>xerci<span class=\"__1 _201\"/>sed<span class=\"__1 _1d3_1\"> </span><span class=\"ls3f_1 ws41_1\">(<span class=\"__1 _200\"/>480,465)<span class=\"__1 _477\"> </span><span class=\"ls16_1 ws15_1\">(<span class=\"__1 _f_1\"/>13,589<span class=\"__1 _200\"/>,<span class=\"__1 _f_1\"/>785)<span class=\"__1 _32b\"> </span></span></span>For<span class=\"__1 _201\"/>feited/Ex<span class=\"__1 _201\"/>pired<span class=\"__1 _24c\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>9)<span class=\"__1 _262\"> </span>(<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>9,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>11)<span class=\"__1 _32b\"> </span></span>Outstanding at<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _7f_1\"> </span><span class=\"ff2_1 ls27_1 ws27_1\">23,<span class=\"__1 _201\"/>299,399<span class=\"__1 _466\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _200\"/>2,892,38<span class=\"__1 _200\"/>0<span class=\"__1 _32b\"> </span></span></span>Options immediat<span class=\"__1 _200\"/>ely e<span class=\"__1 _200\"/>x<span class=\"__1 _200\"/>ercisable<span class=\"__1 _200\"/> at 31<span class=\"__1 _200\"/> December<span class=\"__1 _a1_1\"> </span><span class=\"ff2_1 ls13_1 ws12_1\">13<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _1fe\"> </span><span class=\"lsc_1 wsa_1\">21,83<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span></span></span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>es prov<span class=\"__1 _201\"/>ide a sum<span class=\"__1 _201\"/>mar<span class=\"__1 _201\"/>y of the r<span class=\"__1 _201\"/>ange of exerc<span class=\"__1 _201\"/>ise pr<span class=\"__1 _201\"/>ices fo<span class=\"__1 _201\"/>r the SA<span class=\"__1 _f_1\"/>Y<span class=\"__1 _201\"/>E optio<span class=\"__1 _201\"/>ns. T<span class=\"__1 _201\"/>he awards u<span class=\"__1 _201\"/>nder th<span class=\"__1 _201\"/>e other<span class=\"__1 _201\"/> sch<span class=\"__1 _201\"/>emes d<span class=\"__1 _201\"/>o not have an exerci<span class=\"__1 _201\"/>se pri<span class=\"__1 _201\"/>ce:<span class=\"__1 _32b\"> </span>2022 <span class=\"__1 _212\"> </span><span class=\"ls4f_1 ws58_1\">Numbe<span class=\"__1 _201\"/>r outstanding<span class=\"__1 _32b\"> </span></span>Wei<span class=\"__1 _200\"/>ghted<span class=\"__1 _200\"/> average<span class=\"__1 _32b\"> </span> remaining contrac<span class=\"__1 _201\"/>tual life<span class=\"__1 _32b\"> </span> (<span class=\"__1 _201\"/>ye<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>s)<span class=\"__1 _32b\"> </span>Wei<span class=\"__1 _200\"/>ghted<span class=\"__1 _200\"/> average<span class=\"__1 _200\"/> exer<span class=\"__1 _200\"/>cise<span class=\"__1 _32b\"> </span> pr<span class=\"__1 _201\"/>ice (\u00a3)<span class=\"__1 _270\"> </span><span class=\"ls4f_1 ws58_1\">Number exercisable<span class=\"__1 _32b\"> </span></span>Bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n \u00a31 and \u00a32<span class=\"__1 _2c4\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">23,<span class=\"__1 _201\"/>265,327<span class=\"__1 _b3_1\"> </span><span class=\"ls28_1 ws28_1\">1.63<span class=\"__1 _b3_1\"> </span>1.<span class=\"__1 _201\"/>45<span class=\"__1 _415\"> </span><span class=\"ls24_1 ws23_1\">9<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>2<span class=\"__1 _32b\"> </span></span></span></span>2021 <span class=\"__1 _212\"> </span><span class=\"ls4f_1 ws58_1\">Numbe<span class=\"__1 _201\"/>r outstanding<span class=\"__1 _32b\"> </span></span>Wei<span class=\"__1 _200\"/>ghted<span class=\"__1 _200\"/> average<span class=\"__1 _32b\"> </span> remaining contrac<span class=\"__1 _201\"/>tual life<span class=\"__1 _32b\"> </span> (<span class=\"__1 _201\"/>ye<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>s)<span class=\"__1 _32b\"> </span>Wei<span class=\"__1 _200\"/>ghted<span class=\"__1 _200\"/> average<span class=\"__1 _200\"/> exer<span class=\"__1 _200\"/>cise<span class=\"__1 _32b\"> </span> pr<span class=\"__1 _201\"/>ice (\u00a3)<span class=\"__1 _270\"> </span><span class=\"ls4f_1 ws58_1\">Number exercisable<span class=\"__1 _32b\"> </span></span>Bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n \u00a31 and \u00a32<span class=\"__1 _e2_1\"> </span><span class=\"ls27_1 ws27_1\">23,<span class=\"__1 _201\"/>299,399<span class=\"__1 _b3_1\"> </span><span class=\"ls29_1 ws29_1\">2.33<span class=\"__1 _c2_1\"> </span><span class=\"lsc_1 wsa_1\">1.<span class=\"__1 _201\"/>43<span class=\"__1 _1aa_1\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></span></span></span>38<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3 F<span class=\"__1 _200\"/>air va<span class=\"__1 _201\"/>lue o<span class=\"__1 _201\"/>f opti<span class=\"__1 _201\"/>ons an<span class=\"__1 _201\"/>d awards<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue of all award<span class=\"__1 _201\"/>s is base<span class=\"__1 _201\"/>d on the M<span class=\"__1 _201\"/>&amp;G plc s<span class=\"__1 _201\"/>hare pr<span class=\"__1 _201\"/>ice at the date of gr<span class=\"__1 _201\"/>ant, exce<span class=\"__1 _201\"/>pt for the fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Awards with m<span class=\"__1 _201\"/>arket per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce con<span class=\"__1 _201\"/>ditions b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on T<span class=\"__1 _f_1\"/>otal S<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r Returns (\u201c<span class=\"__1 _201\"/>TS<span class=\"__1 _201\"/>R awards\u201d): th<span class=\"__1 _201\"/>ese in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>e the L<span class=\"__1 _f_1\"/>T<span class=\"__1 _201\"/>IP TS<span class=\"__1 _201\"/>R<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>awards gr<span class=\"__1 _201\"/>anted in 2019 an<span class=\"__1 _201\"/>d cer<span class=\"__1 _201\"/>tain P<span class=\"__1 _201\"/>SP awa<span class=\"__1 _201\"/>rds grante<span class=\"__1 _201\"/>d from 2020 o<span class=\"__1 _201\"/>nwards;<span class=\"__1 _201\"/> \u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">SA<span class=\"__1 _f_1\"/>YE options.<span class=\"__1 _32b\"> </span></span>The d<span class=\"__1 _201\"/>etermi<span class=\"__1 _201\"/>nation of th<span class=\"__1 _201\"/>e fair val<span class=\"__1 _201\"/>ue of the<span class=\"__1 _201\"/>se awards re<span class=\"__1 _201\"/>quires th<span class=\"__1 _201\"/>e use of va<span class=\"__1 _201\"/>riou<span class=\"__1 _201\"/>s assum<span class=\"__1 _201\"/>ptions w<span class=\"__1 _201\"/>hich are di<span class=\"__1 _201\"/>sclo<span class=\"__1 _201\"/>sed b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>38 Share<span class=\"__1 _201\"/>-based payments continued<span class=\"__1 _32b\"> </span>294<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Awards<span class=\"__1 _200\"/> granted in<span class=\"__1 _32b\"> </span> 2022<span class=\"__1 _32b\"> </span>Awards<span class=\"__1 _200\"/> granted in<span class=\"__1 _32b\"> </span> 2021<span class=\"__1 _32b\"> </span>PSP TSR<span class=\"__1 _32b\"> </span> award<span class=\"__1 _32b\"> </span>S<span class=\"__1 _201\"/>AY<span class=\"__1 _250\"/>E<span class=\"__1 _201\"/> options<span class=\"__1 _32b\"> </span>PSP TSR<span class=\"__1 _32b\"> </span> award<span class=\"__1 _32b\"> </span>S<span class=\"__1 _201\"/>AY<span class=\"__1 _250\"/>E<span class=\"__1 _201\"/> options<span class=\"__1 _32b\"> </span>Dividend yie<span class=\"__1 _200\"/>ld (<span class=\"__1 _200\"/>%<span class=\"__1 _f_1\"/>)<span class=\"__1 _24e\"> </span><span class=\"ff1_1 ls82_1 ws99_1\">n/a<span class=\"__1 _7d_1\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>37<span class=\"__1 _8c_1\"> </span></span></span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _6b_1\"> </span><span class=\"ls42_1 ws46_1\">9.0<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span>E<span class=\"__1 _201\"/>xp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted p<span class=\"__1 _201\"/>ay-<span class=\"__1 _201\"/>off (%<span class=\"__1 _200\"/>)<span class=\"__1 _460\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">10<span class=\"__1 _201\"/>0.00<span class=\"__1 _231\"> </span><span class=\"ls82_1 ws99_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _231\"> </span></span></span><span class=\"ls4a_1 ws50_1\">41.<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>7<span class=\"__1 _345\"> </span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _32b\"> </span></span></span>Ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y (%<span class=\"__1 _f_1\"/>)<span class=\"__1 _2c5\"> </span><span class=\"ff1_1 ls82_1 ws99_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _204\"> </span><span class=\"ls3c_1 ws3d_1\">4<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>.<span class=\"__1 _201\"/>51<span class=\"__1 _8c_1\"> </span></span></span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _1b5_1\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>.1<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></span>Risk-free inte<span class=\"__1 _201\"/>rest rate (%<span class=\"__1 _200\"/>)<span class=\"__1 _1d4_1\"> </span><span class=\"ff1_1 ls82_1 ws99_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _6b_1\"> </span><span class=\"ls22_1 ws21_1\">4<span class=\"__1 _201\"/>.37<span class=\"__1 _8c_1\"> </span></span></span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _272\"> </span><span class=\"ls32_1 ws33_1\">0.<span class=\"__1 _201\"/>88<span class=\"__1 _32b\"> </span></span></span>Expec<span class=\"__1 _201\"/>ted op<span class=\"__1 _200\"/>tion li<span class=\"__1 _200\"/>fe (yea<span class=\"__1 _200\"/>rs<span class=\"__1 _200\"/>)<span class=\"__1 _452\"> </span><span class=\"ff1_1 ls82_1 ws99_1\">n/a<span class=\"__1 _212\"> </span><span class=\"ls47_1 ws4d_1\">3.45<span class=\"__1 _8c_1\"> </span></span></span><span class=\"lsa_1 ws8_1\">n/a<span class=\"__1 _1c2_1\"> </span><span class=\"ls1c_1 ws43_1\">3<span class=\"__1 _201\"/>.66<span class=\"__1 _32b\"> </span></span></span>Weighted aver<span class=\"__1 _201\"/>age exercis<span class=\"__1 _201\"/>e pric<span class=\"__1 _201\"/>e (\u00a3)<span class=\"__1 _424\"> </span><span class=\"ff1_1 ls82_1 ws99_1\">n/a<span class=\"__1 _c_1\"> </span><span class=\"ls18_1 ws17_1\">1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>61<span class=\"__1 _8c_1\"> </span></span></span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _223\"> </span><span class=\"lsc_1 wsa_1\">1.<span class=\"__1 _201\"/>64<span class=\"__1 _32b\"> </span></span></span>Weighted aver<span class=\"__1 _201\"/>age sha<span class=\"__1 _201\"/>re pric<span class=\"__1 _201\"/>e at grant date (\u00a3)<span class=\"__1 _1b6_1\"> </span><span class=\"ff1_1 ls60_1 ws73_1\">2<span class=\"__1 _250\"/>.1<span class=\"__1 _201\"/>7<span class=\"__1 _223\"> </span><span class=\"ls38_1 ws38_1\">1.6<span class=\"__1 _201\"/>7<span class=\"__1 _f7_1\"> </span></span></span><span class=\"ls42_1 ws46_1\">2.0<span class=\"__1 _201\"/>9<span class=\"__1 _272\"> </span>2<span class=\"__1 _201\"/>.04<span class=\"__1 _32b\"> </span></span>Weighted aver<span class=\"__1 _201\"/>age fai<span class=\"__1 _201\"/>r value at gr<span class=\"__1 _201\"/>ant date (\u00a3)<span class=\"__1 _2b5\"> </span><span class=\"ff1_1 ls60_1 ws73_1\">2<span class=\"__1 _250\"/>.1<span class=\"__1 _201\"/>7<span class=\"__1 _272\"> </span><span class=\"ls38_1 ws38_1\">0.<span class=\"__1 _201\"/>33<span class=\"__1 _18b_1\"> </span></span></span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>1<span class=\"__1 _272\"> </span><span class=\"ls32_1 ws33_1\">0.<span class=\"__1 _201\"/>30<span class=\"__1 _32b\"> </span></span></span>The G<span class=\"__1 _201\"/>roup us<span class=\"__1 _201\"/>es the B<span class=\"__1 _201\"/>lack-Schol<span class=\"__1 _201\"/>es mo<span class=\"__1 _201\"/>del to valu<span class=\"__1 _201\"/>e the SA<span class=\"__1 _f_1\"/>Y<span class=\"__1 _201\"/>E optio<span class=\"__1 _201\"/>ns. I<span class=\"__1 _201\"/>n determ<span class=\"__1 _201\"/>ining the f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue of optio<span class=\"__1 _201\"/>ns grante<span class=\"__1 _201\"/>d, the h<span class=\"__1 _201\"/>istor<span class=\"__1 _201\"/>ic<span class=\"__1 _32b\"> </span> volatil<span class=\"__1 _201\"/>ity of th<span class=\"__1 _201\"/>e share p<span class=\"__1 _201\"/>rice of s<span class=\"__1 _201\"/>uitabl<span class=\"__1 _201\"/>e pee<span class=\"__1 _201\"/>rs and a r<span class=\"__1 _201\"/>isk<span class=\"__1 _200\"/>-free r<span class=\"__1 _201\"/>ate determi<span class=\"__1 _201\"/>ned by refe<span class=\"__1 _201\"/>rence to s<span class=\"__1 _201\"/>wap rates wa<span class=\"__1 _201\"/>s also co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ered<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>38.<span class=\"__1 _201\"/>4 Shar<span class=\"__1 _200\"/>e-based pa<span class=\"__1 _200\"/>yment e<span class=\"__1 _200\"/>xpense<span class=\"__1 _200\"/> charged<span class=\"__1 _200\"/> to the<span class=\"__1 _200\"/> consolida<span class=\"__1 _200\"/>ted inc<span class=\"__1 _200\"/>ome stat<span class=\"__1 _200\"/>ement<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l expens<span class=\"__1 _201\"/>es rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in the ye<span class=\"__1 _201\"/>ar in the co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l stateme<span class=\"__1 _201\"/>nts relati<span class=\"__1 _201\"/>ng to equi<span class=\"__1 _201\"/>ty-s<span class=\"__1 _201\"/>ettl<span class=\"__1 _201\"/>ed sha<span class=\"__1 _201\"/>re-b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> comp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>ation as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 was \u00a3<span class=\"__1 _201\"/>34<span class=\"__1 _201\"/>m (2021: \u00a34<span class=\"__1 _201\"/>0m). The G<span class=\"__1 _201\"/>roup has n<span class=\"__1 _201\"/>o outs<span class=\"__1 _201\"/>tandi<span class=\"__1 _201\"/>ng liabi<span class=\"__1 _201\"/>lities at th<span class=\"__1 _201\"/>e year en<span class=\"__1 _201\"/>d relating<span class=\"__1 _201\"/> to awards wh<span class=\"__1 _201\"/>ich are set<span class=\"__1 _201\"/>tle<span class=\"__1 _201\"/>d in cas<span class=\"__1 _201\"/>h.<span class=\"__1 _32b\"> </span>39 Post balance s<span class=\"__1 _201\"/>heet ev<span class=\"__1 _f_1\"/>e<span class=\"__1 _201\"/>nts On 3 Aug<span class=\"__1 _201\"/>ust 202<span class=\"__1 _201\"/>2, M<span class=\"__1 _201\"/>&amp;G Wealth Adv<span class=\"__1 _201\"/>ice Lim<span class=\"__1 _201\"/>ited, a w<span class=\"__1 _201\"/>holl<span class=\"__1 _201\"/>y owne<span class=\"__1 _201\"/>d subsid<span class=\"__1 _201\"/>iar<span class=\"__1 _201\"/>y of the G<span class=\"__1 _201\"/>roup, ag<span class=\"__1 _201\"/>reed to ac<span class=\"__1 _201\"/>quire a 49<span class=\"__1 _201\"/>.9% ho<span class=\"__1 _201\"/>lding i<span class=\"__1 _201\"/>n My C<span class=\"__1 _201\"/>ontinuu<span class=\"__1 _201\"/>m Financ<span class=\"__1 _201\"/>ial Limi<span class=\"__1 _201\"/>ted (MCF<span class=\"__1 _201\"/>L). MCF<span class=\"__1 _201\"/>L is the ho<span class=\"__1 _201\"/>lding c<span class=\"__1 _201\"/>ompany of C<span class=\"__1 _201\"/>ontinu<span class=\"__1 _201\"/>um (Fina<span class=\"__1 _201\"/>ncial S<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>es) LLP (CFSL) an<span class=\"__1 _201\"/>d My<span class=\"__1 _201\"/> Cont<span class=\"__1 _201\"/>inuum Wealth (M<span class=\"__1 _201\"/>CW<span class=\"__1 _201\"/>). CFSL is a re<span class=\"__1 _201\"/>gulate<span class=\"__1 _201\"/>d entit<span class=\"__1 _201\"/>y enga<span class=\"__1 _201\"/>ged in p<span class=\"__1 _201\"/>rovidi<span class=\"__1 _201\"/>ng wealth m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>es to retail cl<span class=\"__1 _201\"/>ients th<span class=\"__1 _201\"/>rough<span class=\"__1 _201\"/> a net<span class=\"__1 _201\"/>work o<span class=\"__1 _201\"/>f indep<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>ent fina<span class=\"__1 _201\"/>ncial ad<span class=\"__1 _201\"/>vis<span class=\"__1 _201\"/>ors wh<span class=\"__1 _201\"/>ereas M<span class=\"__1 _201\"/>CW provi<span class=\"__1 _201\"/>des in<span class=\"__1 _201\"/>-hou<span class=\"__1 _201\"/>se por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>o manag<span class=\"__1 _201\"/>ement s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces thro<span class=\"__1 _201\"/>ugh provi<span class=\"__1 _201\"/>sion<span class=\"__1 _201\"/> of mo<span class=\"__1 _201\"/>del po<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tfol<span class=\"__1 _201\"/>ios.<span class=\"__1 _32b\"> </span>The tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n require<span class=\"__1 _201\"/>d regu<span class=\"__1 _201\"/>lator<span class=\"__1 _201\"/>y app<span class=\"__1 _201\"/>roval, w<span class=\"__1 _201\"/>hich was gr<span class=\"__1 _201\"/>anted on 3 Fe<span class=\"__1 _201\"/>bru<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2023<span class=\"__1 _201\"/>, and a<span class=\"__1 _201\"/>cquisi<span class=\"__1 _201\"/>tion of the i<span class=\"__1 _201\"/>nitial s<span class=\"__1 _201\"/>take comp<span class=\"__1 _201\"/>leted o<span class=\"__1 _201\"/>n 8 March 202<span class=\"__1 _201\"/>3 and fro<span class=\"__1 _201\"/>m this date the inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt was rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed as an i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent in as<span class=\"__1 _201\"/>sociate a<span class=\"__1 _201\"/>ccounte<span class=\"__1 _201\"/>d for und<span class=\"__1 _201\"/>er the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y metho<span class=\"__1 _201\"/>d on the co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatement o<span class=\"__1 _201\"/>f financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ent prov<span class=\"__1 _201\"/>ides th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p the cal<span class=\"__1 _201\"/>l option a<span class=\"__1 _201\"/>nd the se<span class=\"__1 _201\"/>ller<span class=\"__1 _201\"/>s the put op<span class=\"__1 _201\"/>tion to allo<span class=\"__1 _201\"/>w acquis<span class=\"__1 _201\"/>ition of th<span class=\"__1 _201\"/>e remaini<span class=\"__1 _201\"/>ng hol<span class=\"__1 _201\"/>ding in<span class=\"__1 _201\"/> MCFL ove<span class=\"__1 _201\"/>r 2 years f<span class=\"__1 _201\"/>rom the co<span class=\"__1 _201\"/>mpleti<span class=\"__1 _201\"/>on date.<span class=\"__1 _32b\"> </span>In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, as refere<span class=\"__1 _201\"/>nced in N<span class=\"__1 _201\"/>ote 2.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2, th<span class=\"__1 _201\"/>e Group re<span class=\"__1 _201\"/>taine<span class=\"__1 _201\"/>d call o<span class=\"__1 _201\"/>ptions an<span class=\"__1 _201\"/>d the se<span class=\"__1 _201\"/>ller reta<span class=\"__1 _201\"/>ined p<span class=\"__1 _201\"/>ut optio<span class=\"__1 _201\"/>ns over the rem<span class=\"__1 _201\"/>aining<span class=\"__1 _201\"/> share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ing in res<span class=\"__1 _201\"/>pons<span class=\"__1 _201\"/>Abilit<span class=\"__1 _201\"/>y that th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p did not pu<span class=\"__1 _201\"/>rchase at th<span class=\"__1 _201\"/>e acqui<span class=\"__1 _201\"/>sition d<span class=\"__1 _201\"/>ate. The G<span class=\"__1 _201\"/>roup has s<span class=\"__1 _201\"/>ubse<span class=\"__1 _201\"/>quentl<span class=\"__1 _201\"/>y acqui<span class=\"__1 _201\"/>red the<span class=\"__1 _201\"/> remai<span class=\"__1 _201\"/>ning sh<span class=\"__1 _201\"/>ares on 21 Fe<span class=\"__1 _201\"/>brua<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y 2023<span class=\"__1 _201\"/>. 40 Relat<span class=\"__1 _200\"/>ed undertakings<span class=\"__1 _32b\"> </span> In acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with Se<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on 40<span class=\"__1 _201\"/>9 of the Co<span class=\"__1 _201\"/>mpani<span class=\"__1 _201\"/>es Act 20<span class=\"__1 _201\"/>06<span class=\"__1 _201\"/>, a list of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es, j<span class=\"__1 _201\"/>oint venture<span class=\"__1 _201\"/>s, as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iates and<span class=\"__1 _201\"/> sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant hol<span class=\"__1 _201\"/>dings (b<span class=\"__1 _201\"/>eing h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>gs of more t<span class=\"__1 _201\"/>han 20%), along wi<span class=\"__1 _201\"/>th the clas<span class=\"__1 _201\"/>ses of s<span class=\"__1 _201\"/>hares h<span class=\"__1 _201\"/>eld, th<span class=\"__1 _201\"/>e regis<span class=\"__1 _201\"/>tered o<span class=\"__1 _201\"/>ffice ad<span class=\"__1 _201\"/>dress a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span> the co<span class=\"__1 _201\"/>untr<span class=\"__1 _201\"/>y of inc<span class=\"__1 _201\"/>orpo<span class=\"__1 _201\"/>ration a<span class=\"__1 _201\"/>nd the eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive perc<span class=\"__1 _201\"/>entag<span class=\"__1 _201\"/>e of equit<span class=\"__1 _201\"/>y ow<span class=\"__1 _201\"/>ned at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 is dis<span class=\"__1 _201\"/>clos<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>low.<span class=\"__1 _32b\"> </span>The d<span class=\"__1 _201\"/>efiniti<span class=\"__1 _201\"/>ons of a su<span class=\"__1 _201\"/>bsidia<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y unde<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>aking<span class=\"__1 _201\"/>, joint ven<span class=\"__1 _201\"/>ture and as<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ate in accord<span class=\"__1 _201\"/>ance wi<span class=\"__1 _201\"/>th the Co<span class=\"__1 _201\"/>mpani<span class=\"__1 _201\"/>es Act 20<span class=\"__1 _201\"/>06 are di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> from th<span class=\"__1 _201\"/>e defini<span class=\"__1 _201\"/>tion un<span class=\"__1 _201\"/>der IFR<span class=\"__1 _201\"/>S. A<span class=\"__1 _201\"/>s a result<span class=\"__1 _201\"/>, the rel<span class=\"__1 _201\"/>ated unde<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>taking<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>ded wi<span class=\"__1 _201\"/>thin the lis<span class=\"__1 _201\"/>t bel<span class=\"__1 _201\"/>ow may not b<span class=\"__1 _201\"/>e the sam<span class=\"__1 _201\"/>e as the<span class=\"__1 _201\"/> und<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>taking<span class=\"__1 _201\"/>s conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d in the Gro<span class=\"__1 _201\"/>up IFR<span class=\"__1 _201\"/>S stateme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup\u2019s consol<span class=\"__1 _201\"/>idatio<span class=\"__1 _201\"/>n polic<span class=\"__1 _201\"/>y is de<span class=\"__1 _201\"/>scrib<span class=\"__1 _201\"/>ed in N<span class=\"__1 _201\"/>ote 1.5<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Direct subsidiary undertakings o<span class=\"__1 _200\"/>f the<span class=\"__1 _200\"/> Parent<span class=\"__1 _200\"/> Company<span class=\"__1 _f_1\"/>, M&amp;G plc<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>shares<span class=\"__1 _200\"/> held directly<span class=\"__1 _200\"/> or via<span class=\"__1 _200\"/> nominees<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>Key to class<span class=\"__1 _201\"/>es of sha<span class=\"__1 _201\"/>res hel<span class=\"__1 _201\"/>d: Lim<span class=\"__1 _201\"/>ited by guar<span class=\"__1 _201\"/>antee (L<span class=\"__1 _201\"/>BG), Limited p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ship intere<span class=\"__1 _201\"/>st (L<span class=\"__1 _201\"/>PI), Ordin<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y sha<span class=\"__1 _201\"/>res (OS<span class=\"__1 _200\"/>), Prefere<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/> share<span class=\"__1 _201\"/>s (PS), Unit<span class=\"__1 _201\"/>s (U) or e<span class=\"__1 _201\"/>quiv<span class=\"__1 _201\"/>alent s<span class=\"__1 _201\"/>ubdi<span class=\"__1 _201\"/>visio<span class=\"__1 _201\"/>n of ope<span class=\"__1 _201\"/>n ende<span class=\"__1 _201\"/>d coll<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive inves<span class=\"__1 _201\"/>tment ve<span class=\"__1 _201\"/>hicle<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of<span class=\"__1 _32b\"> </span> shares held<span class=\"__1 _32b\"> </span> Proportion<span class=\"__1 _32b\"> </span> held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>M&amp;G G<span class=\"__1 _201\"/>roup Re<span class=\"__1 _201\"/>gulated Ent<span class=\"__1 _201\"/>ity H<span class=\"__1 _201\"/>oldi<span class=\"__1 _201\"/>ng Com<span class=\"__1 _201\"/>pany<span class=\"__1 _32b\"> </span> Limited<span class=\"__1 _334\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G C<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>orate Hol<span class=\"__1 _201\"/>dings L<span class=\"__1 _201\"/>imited<span class=\"__1 _bc_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Prude<span class=\"__1 _201\"/>ntial Capital Holdin<span class=\"__1 _201\"/>g Company Limited<span class=\"__1 _204\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prude<span class=\"__1 _201\"/>ntial Capital Public Limited C<span class=\"__1 _201\"/>ompany<span class=\"__1 _237\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prude<span class=\"__1 _201\"/>ntial Financial Ser<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>es Limited<span class=\"__1 _1eb_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Propert<span class=\"__1 _201\"/>y Services Limited<span class=\"__1 _1eb_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>38 Share<span class=\"__1 _201\"/>-based payments continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2b_1 ws57_1\">295<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Other subsidiaries, joint<span class=\"__1 _200\"/> v<span class=\"__1 _200\"/>entures, a<span class=\"__1 _200\"/>ssociates<span class=\"__1 _200\"/> and significant<span class=\"__1 _200\"/> holdings of<span class=\"__1 _200\"/> the Group<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>no shar<span class=\"__1 _200\"/>es held dir<span class=\"__1 _200\"/>ectly b<span class=\"__1 _200\"/>y the<span class=\"__1 _200\"/> Parent Company<span class=\"__1 _f_1\"/>, M&amp;G plc<span class=\"__1 _200\"/> or its nominees<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>Aldw<span class=\"__1 _201\"/>ych<span class=\"__1 _200\"/> LP<span class=\"__1 _1af_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">120<span class=\"__1 _201\"/>9 Ora<span class=\"__1 _201\"/>nge Stree<span class=\"__1 _201\"/>t, Wilm<span class=\"__1 _201\"/>ington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span></span></span></span>ANR<span class=\"__1 _201\"/>P II (A<span class=\"__1 _201\"/>IV VI FC), L<span class=\"__1 _201\"/>.P<span class=\"__1 _f_1\"/>.<span class=\"__1 _2c6\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls40_1 ws44_1\">4<span class=\"__1 _201\"/>3%<span class=\"__1 _e_1\"> </span></span></span>C<span class=\"__1 _201\"/>ayman C<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>orate Ce<span class=\"__1 _201\"/>ntre, 27 H<span class=\"__1 _201\"/>ospita<span class=\"__1 _201\"/>l Road<span class=\"__1 _201\"/>, Geo<span class=\"__1 _201\"/>rge<span class=\"__1 _201\"/> T<span class=\"__1 _f_1\"/>ow<span class=\"__1 _201\"/>n, K<span class=\"__1 _201\"/>Y 90<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, Cayman I<span class=\"__1 _201\"/>slan<span class=\"__1 _201\"/>ds<span class=\"__1 _32b\"> </span>BW<span class=\"__1 _f_1\"/>A<span class=\"__1 _200\"/>T Retail Nominee (<span class=\"__1 _200\"/>1)<span class=\"__1 _200\"/> Limited<span class=\"__1 _261\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span></span><span class=\"ws18_1\">5<span class=\"__1 _201\"/>0%<span class=\"__1 _345\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span>BW<span class=\"__1 _f_1\"/>A<span class=\"__1 _200\"/>T Retail Nominee (2) Limited<span class=\"__1 _2c7\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span></span><span class=\"ws18_1\">50%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchu<span class=\"__1 _201\"/>rch Avenue, Lo<span class=\"__1 _201\"/>ndon<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span>Cai<span class=\"__1 _201\"/>sson (Je<span class=\"__1 _201\"/>rsey) Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2c8\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>I<span class=\"__1 _201\"/>FC 5, St H<span class=\"__1 _201\"/>elier, JE<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jers<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span>Can<span class=\"__1 _201\"/>ada Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y (<span class=\"__1 _201\"/>T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>tee) No 1 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _269\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>180 Dun<span class=\"__1 _201\"/>das Street Wes<span class=\"__1 _201\"/>t, T<span class=\"__1 _f_1\"/>oro<span class=\"__1 _201\"/>nto, M5G 1Z8<span class=\"__1 _201\"/>, Ca<span class=\"__1 _201\"/>nada<span class=\"__1 _32b\"> </span>Can<span class=\"__1 _201\"/>ada Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Hol<span class=\"__1 _201\"/>dings Li<span class=\"__1 _201\"/>mited<span class=\"__1 _268\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Car<span class=\"__1 _201\"/>raway Gui<span class=\"__1 _201\"/>ldford (<span class=\"__1 _201\"/>Nomin<span class=\"__1 _201\"/>ee A) L<span class=\"__1 _201\"/>imited<span class=\"__1 _8c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IF<span class=\"__1 _201\"/>C 5, St He<span class=\"__1 _201\"/>lier<span class=\"__1 _200\"/>, JE1 1ST<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span>Car<span class=\"__1 _201\"/>raway Gui<span class=\"__1 _201\"/>ldford (<span class=\"__1 _201\"/>Nomin<span class=\"__1 _201\"/>ee B) Limite<span class=\"__1 _201\"/>d<span class=\"__1 _8c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Heli<span class=\"__1 _201\"/>er<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>Carraway<span class=\"__1 _200\"/> Guildfor<span class=\"__1 _200\"/>d General Partner Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Car<span class=\"__1 _201\"/>raway Gui<span class=\"__1 _201\"/>ldford I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents Un<span class=\"__1 _201\"/>it T<span class=\"__1 _f_1\"/>ru<span class=\"__1 _201\"/>st<span class=\"__1 _237\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>13 Cas<span class=\"__1 _201\"/>tle Street<span class=\"__1 _201\"/>, St Hel<span class=\"__1 _201\"/>ier<span class=\"__1 _200\"/>, JE4 5U<span class=\"__1 _201\"/>T<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span>Carr<span class=\"__1 _201\"/>away<span class=\"__1 _200\"/> Guildford Limite<span class=\"__1 _201\"/>d Partne<span class=\"__1 _201\"/>rship<span class=\"__1 _367\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span></span><span class=\"ws18_1\">50%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span>Centaurus Retail L<span class=\"__1 _201\"/>LP<span class=\"__1 _9a_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span></span><span class=\"ws18_1\">50%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span>Cent<span class=\"__1 _201\"/>re Capit<span class=\"__1 _201\"/>al Non<span class=\"__1 _201\"/>-Q<span class=\"__1 _201\"/>uali<span class=\"__1 _201\"/>fied I<span class=\"__1 _201\"/>nvestor<span class=\"__1 _201\"/>s IV AIV-<span class=\"__1 _32b\"> </span>ELS,<span class=\"__1 _200\"/> L.P<span class=\"__1 _337\"/>.<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls40_1 ws44_1\">8<span class=\"__1 _201\"/>8%<span class=\"__1 _e_1\"> </span><span class=\"lsd_1 wse_1\">Corporation<span class=\"__1 _200\"/> Ser<span class=\"__1 _201\"/>vice Company<span class=\"__1 _f_1\"/>, 271<span class=\"__1 _200\"/>1 Cent<span class=\"__1 _200\"/>erville Rd., </span></span>Suite 4<span class=\"__1 _201\"/>00, Wil<span class=\"__1 _201\"/>mington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, USA<span class=\"__1 _32b\"> </span>Cent<span class=\"__1 _201\"/>re Capit<span class=\"__1 _201\"/>al Non<span class=\"__1 _201\"/>-Q<span class=\"__1 _201\"/>uali<span class=\"__1 _201\"/>fied I<span class=\"__1 _201\"/>nvestor<span class=\"__1 _201\"/>s IV<span class=\"__1 _f_1\"/>, L<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>P<span class=\"__1 _337\"/>.<span class=\"__1 _213\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">63%<span class=\"__1 _226\"> </span><span class=\"lsd_1 wse_1\">Corporation Ser<span class=\"__1 _201\"/>vice Compan<span class=\"__1 _200\"/>y<span class=\"__1 _200\"/>, 27<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>1 Cent<span class=\"__1 _200\"/>erv<span class=\"__1 _201\"/>ille<span class=\"__1 _200\"/> Rd., </span></span></span>Suite 4<span class=\"__1 _201\"/>00, Wil<span class=\"__1 _201\"/>mington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, USA<span class=\"__1 _32b\"> </span>Cent<span class=\"__1 _201\"/>re Capit<span class=\"__1 _201\"/>al Non<span class=\"__1 _201\"/>-Q<span class=\"__1 _201\"/>uali<span class=\"__1 _201\"/>fied I<span class=\"__1 _201\"/>nvestor<span class=\"__1 _201\"/>s V AIV-<span class=\"__1 _32b\"> </span>ELS L<span class=\"__1 _201\"/>P<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls40_1 ws44_1\">5<span class=\"__1 _201\"/>8%<span class=\"__1 _e_1\"> </span><span class=\"lsd_1 wse_1\">Corporation Ser<span class=\"__1 _201\"/>vice Compan<span class=\"__1 _200\"/>y<span class=\"__1 _f_1\"/>, 2711<span class=\"__1 _200\"/> Centerville Rd., </span></span>Suite 4<span class=\"__1 _201\"/>00, Wil<span class=\"__1 _201\"/>mington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, USA<span class=\"__1 _32b\"> </span>Cent<span class=\"__1 _201\"/>re Capit<span class=\"__1 _201\"/>al Non<span class=\"__1 _201\"/>-Q<span class=\"__1 _201\"/>uali<span class=\"__1 _201\"/>fied I<span class=\"__1 _201\"/>nvestor<span class=\"__1 _201\"/>s V LP<span class=\"__1 _240\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls12_1 ws11_1\">61%<span class=\"__1 _1d_1\"> </span><span class=\"lsd_1 wse_1\">C<span class=\"__1 _201\"/>orporation<span class=\"__1 _200\"/> Ser<span class=\"__1 _201\"/>vice Compan<span class=\"__1 _200\"/>y<span class=\"__1 _200\"/>, 27<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>1 Cent<span class=\"__1 _200\"/>erv<span class=\"__1 _201\"/>ille<span class=\"__1 _200\"/> Rd., </span></span></span>Suite 4<span class=\"__1 _201\"/>00, Wil<span class=\"__1 _201\"/>mington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, USA<span class=\"__1 _32b\"> </span>CJ<span class=\"__1 _201\"/>PT Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Inc<span class=\"__1 _201\"/>.<span class=\"__1 _394\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>180 D<span class=\"__1 _201\"/>unda<span class=\"__1 _201\"/>s Street West<span class=\"__1 _201\"/>, T<span class=\"__1 _f_1\"/>oronto, M<span class=\"__1 _201\"/>5G 1Z8<span class=\"__1 _201\"/>, Cana<span class=\"__1 _201\"/>da<span class=\"__1 _32b\"> </span>CJ<span class=\"__1 _201\"/>PT Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate No. 1 T<span class=\"__1 _200\"/>rust<span class=\"__1 _b8_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>18<span class=\"__1 _201\"/>0 Dun<span class=\"__1 _201\"/>das Street Wes<span class=\"__1 _201\"/>t, T<span class=\"__1 _f_1\"/>o<span class=\"__1 _201\"/>ronto, M5G 1Z8<span class=\"__1 _201\"/>, Ca<span class=\"__1 _201\"/>nada<span class=\"__1 _32b\"> </span>CJ<span class=\"__1 _201\"/>PT Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate No. 2 T<span class=\"__1 _200\"/>rust<span class=\"__1 _373\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>180 Dun<span class=\"__1 _201\"/>das Street Wes<span class=\"__1 _201\"/>t, T<span class=\"__1 _f_1\"/>oro<span class=\"__1 _201\"/>nto, M5G 1Z8<span class=\"__1 _201\"/>, Ca<span class=\"__1 _201\"/>nada<span class=\"__1 _32b\"> </span>Clea<span class=\"__1 _201\"/>r View As<span class=\"__1 _201\"/>sure<span class=\"__1 _201\"/>d Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2c9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">3<span class=\"__1 _201\"/>0 Mar<span class=\"__1 _201\"/>ket Street, Hu<span class=\"__1 _201\"/>dder<span class=\"__1 _201\"/>sfi<span class=\"__1 _201\"/>eld, Wes<span class=\"__1 _201\"/>t Y<span class=\"__1 _f_1\"/>or<span class=\"__1 _201\"/>kshire,<span class=\"__1 _201\"/> </span>Engla<span class=\"__1 _201\"/>nd, H<span class=\"__1 _201\"/>D1 2HG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Crib<span class=\"__1 _201\"/>bs Caus<span class=\"__1 _201\"/>eway JV Li<span class=\"__1 _201\"/>mited<span class=\"__1 _266\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">5<span class=\"__1 _201\"/>0%<span class=\"__1 _345\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Crib<span class=\"__1 _201\"/>bs Caus<span class=\"__1 _201\"/>eway Merc<span class=\"__1 _201\"/>hants A<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciation L<span class=\"__1 _201\"/>imited<span class=\"__1 _2ca\"> </span><span class=\"ls30_1 ws30_1\">LBG<span class=\"__1 _219\"> </span><span class=\"ls32_1 ws33_1\">20%<span class=\"__1 _e_1\"> </span></span></span>T<span class=\"__1 _201\"/>he Mal<span class=\"__1 _201\"/>l at Cribbs C<span class=\"__1 _201\"/>ausew<span class=\"__1 _201\"/>ay<span class=\"__1 _200\"/>, Bris<span class=\"__1 _201\"/>tol, BS<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>4 5DG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Cribbs Mall No<span class=\"__1 _201\"/>minee (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Limited<span class=\"__1 _c0_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Deb<span class=\"__1 _201\"/>t Investm<span class=\"__1 _201\"/>ents O<span class=\"__1 _201\"/>ppo<span class=\"__1 _201\"/>rtu<span class=\"__1 _201\"/>nities I<span class=\"__1 _201\"/>V<span class=\"__1 _463\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"lsc_1 wsa_1\">26%<span class=\"__1 _f7_1\"> </span></span></span>Fourt<span class=\"__1 _201\"/>h Floo<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, 76 Lowe<span class=\"__1 _201\"/>r Bagg<span class=\"__1 _201\"/>ot Street<span class=\"__1 _201\"/>, Dubli<span class=\"__1 _201\"/>n 2,<span class=\"__1 _201\"/> Irela<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>Digi<span class=\"__1 _201\"/>tal Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers G<span class=\"__1 _201\"/>P LLP<span class=\"__1 _e7_1\"/><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls45_1 ws49_1\">6<span class=\"__1 _201\"/>5%<span class=\"__1 _226\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Digi<span class=\"__1 _201\"/>tal Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers G<span class=\"__1 _201\"/>P1<span class=\"__1 _201\"/> Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Digi<span class=\"__1 _201\"/>tal Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers SL<span class=\"__1 _201\"/>P GP LLP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Digi<span class=\"__1 _201\"/>tal Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers SL<span class=\"__1 _201\"/>P GP<span class=\"__1 _201\"/>1 Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Digi<span class=\"__1 _201\"/>tal Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers SL<span class=\"__1 _201\"/>P GP<span class=\"__1 _201\"/>2 Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts \u2013 Asi<span class=\"__1 _201\"/>an Bon<span class=\"__1 _201\"/>d Fund<span class=\"__1 _212\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls40_1 ws44_1\">4<span class=\"__1 _201\"/>8%<span class=\"__1 _345\"> </span></span></span>26<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-2449<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts \u2013 Asi<span class=\"__1 _201\"/>an High Y<span class=\"__1 _201\"/>ield B<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls52_1 ws5a_1\">2<span class=\"__1 _201\"/>4%<span class=\"__1 _f7_1\"> </span></span><span class=\"ls6_1\">26<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span>Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts \u2013 Asi<span class=\"__1 _201\"/>an Loc<span class=\"__1 _201\"/>al Bon<span class=\"__1 _201\"/>d Fund<span class=\"__1 _2ca\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls45_1 ws49_1\">9<span class=\"__1 _201\"/>5%<span class=\"__1 _226\"> </span></span></span>26<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts \u2013 Asi<span class=\"__1 _201\"/>an T<span class=\"__1 _f_1\"/>otal R<span class=\"__1 _201\"/>eturn<span class=\"__1 _201\"/> Bond F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">26, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></span>Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts \u2013 China B<span class=\"__1 _201\"/>ond Fund<span class=\"__1 _272\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>26, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span>Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts SI<span class=\"__1 _201\"/>CA<span class=\"__1 _f_1\"/>V-FI<span class=\"__1 _201\"/>S Afric<span class=\"__1 _201\"/>a Equit<span class=\"__1 _201\"/>y Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">26<span class=\"__1 _201\"/>, Boulev<span class=\"__1 _201\"/>ard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _337\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>296<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022<span class=\"__1 _32b\"> </span></span></span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>Edger In<span class=\"__1 _200\"/>vestments<span class=\"__1 _200\"/> Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _2cb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>EF IV Schoo<span class=\"__1 _201\"/>lhill GP Limited<span class=\"__1 _2cb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>Elle 14 S<span class=\"__1 _201\"/>.a.<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>l comp<span class=\"__1 _201\"/>any<span class=\"__1 _383\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls45_1 ws49_1\">4<span class=\"__1 _201\"/>5%<span class=\"__1 _2cc\"> </span></span></span>Via Al<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>andro M<span class=\"__1 _201\"/>anzoni 3<span class=\"__1 _201\"/>8, M<span class=\"__1 _201\"/>ilan, 20121<span class=\"__1 _201\"/>, Italy<span class=\"__1 _32b\"> </span>Elle S<span class=\"__1 _201\"/>.r<span class=\"__1 _200\"/>.l. (form<span class=\"__1 _201\"/>erly k<span class=\"__1 _201\"/>nown as M<span class=\"__1 _201\"/>CF S.<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>l.)<span class=\"__1 _1c1_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls45_1 ws49_1\">4<span class=\"__1 _201\"/>5%<span class=\"__1 _226\"> </span></span></span>Via M<span class=\"__1 _201\"/>ontena<span class=\"__1 _201\"/>pole<span class=\"__1 _201\"/>one 2<span class=\"__1 _201\"/>9 CAP<span class=\"__1 _f_1\"/>, 20121, Mil<span class=\"__1 _201\"/>an, Ita<span class=\"__1 _201\"/>ly<span class=\"__1 _32b\"> </span>Emban<span class=\"__1 _201\"/>kment G<span class=\"__1 _201\"/>P Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _2cd\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Emban<span class=\"__1 _201\"/>kment N<span class=\"__1 _201\"/>omin<span class=\"__1 _201\"/>ee 1 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _2ce\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Emban<span class=\"__1 _201\"/>kment N<span class=\"__1 _201\"/>omin<span class=\"__1 _201\"/>ee 2 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _261\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Epis<span class=\"__1 _201\"/>ode In<span class=\"__1 _201\"/>c<span class=\"__1 _22e\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">93%<span class=\"__1 _226\"> </span></span></span>c/o Inter<span class=\"__1 _201\"/>trus<span class=\"__1 _201\"/>t Cayma<span class=\"__1 _201\"/>n Islan<span class=\"__1 _201\"/>ds, 19<span class=\"__1 _201\"/>0 Elgin Avenue<span class=\"__1 _201\"/>, Ge<span class=\"__1 _201\"/>orge T<span class=\"__1 _200\"/>own, G<span class=\"__1 _201\"/>rand C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/>, K<span class=\"__1 _201\"/>Y<span class=\"__1 _200\"/>1-9<span class=\"__1 _201\"/>005<span class=\"__1 _201\"/>, Cayma<span class=\"__1 _201\"/>n Islands<span class=\"__1 _32b\"> </span>Falan GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _387\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Square<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Fashion S<span class=\"__1 _201\"/>quare ECO L<span class=\"__1 _201\"/>P (In liq<span class=\"__1 _201\"/>uidatio<span class=\"__1 _201\"/>n<span class=\"__1 _200\"/>)<span class=\"__1 _470\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>120<span class=\"__1 _201\"/>9 Oran<span class=\"__1 _201\"/>ge Stree<span class=\"__1 _201\"/>t, Wilm<span class=\"__1 _201\"/>ington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span>Folio<span class=\"__1 _201\"/>s III D<span class=\"__1 _201\"/>esign<span class=\"__1 _201\"/>ated Acti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y Com<span class=\"__1 _201\"/>pany<span class=\"__1 _1d5_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">4<span class=\"__1 _201\"/>9%<span class=\"__1 _e_1\"> </span></span></span>Four<span class=\"__1 _201\"/>th Fl<span class=\"__1 _201\"/>oor<span class=\"__1 _200\"/>, 76 Lower Ba<span class=\"__1 _201\"/>ggot Stre<span class=\"__1 _201\"/>et, Du<span class=\"__1 _201\"/>blin 2<span class=\"__1 _201\"/>, Irela<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>Folio<span class=\"__1 _201\"/>s IV De<span class=\"__1 _201\"/>signated Ac<span class=\"__1 _201\"/>tiv<span class=\"__1 _201\"/>ity C<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ny<span class=\"__1 _1c1_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">66%<span class=\"__1 _e_1\"> </span></span></span>Fo<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>th Floo<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, 76 Low<span class=\"__1 _201\"/>er Bagg<span class=\"__1 _201\"/>ot Street<span class=\"__1 _201\"/>, Dubli<span class=\"__1 _201\"/>n 2,<span class=\"__1 _201\"/> Irela<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>For<span class=\"__1 _201\"/>t Kin<span class=\"__1 _201\"/>naird G<span class=\"__1 _201\"/>P Limited<span class=\"__1 _18e_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>Y<span class=\"__1 _200\"/>ork H<span class=\"__1 _201\"/>ouse<span class=\"__1 _201\"/>, 45 S<span class=\"__1 _201\"/>eymo<span class=\"__1 _201\"/>ur Street<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, W1H 7L<span class=\"__1 _201\"/>X<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>For<span class=\"__1 _201\"/>t Kin<span class=\"__1 _201\"/>naird Lim<span class=\"__1 _201\"/>ited Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ersh<span class=\"__1 _201\"/>ip<span class=\"__1 _260\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span>Y<span class=\"__1 _f_1\"/>o<span class=\"__1 _201\"/>rk Ho<span class=\"__1 _201\"/>use, 4<span class=\"__1 _201\"/>5 Sey<span class=\"__1 _201\"/>mour Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndon<span class=\"__1 _201\"/>, W1H 7L<span class=\"__1 _201\"/>X<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Foudr<span class=\"__1 _250\"/>y Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ties Li<span class=\"__1 _201\"/>mited<span class=\"__1 _1c0_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>Cl<span class=\"__1 _201\"/>ear<span class=\"__1 _201\"/>water C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t, Vastern R<span class=\"__1 _201\"/>oad, R<span class=\"__1 _201\"/>eadin<span class=\"__1 _201\"/>g RG1 8DB<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Fundsdirect ISA No<span class=\"__1 _201\"/>minees Limited<span class=\"__1 _2cf\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>Fundsdirect N<span class=\"__1 _201\"/>ominees Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _bf_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Ge<span class=\"__1 _201\"/>nny GP 1 LL<span class=\"__1 _201\"/>P<span class=\"__1 _2a4\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Ge<span class=\"__1 _201\"/>nny GP 2 Li<span class=\"__1 _201\"/>mited<span class=\"__1 _2d0\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Ge<span class=\"__1 _201\"/>nny GP Li<span class=\"__1 _201\"/>mited<span class=\"__1 _380\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Ge<span class=\"__1 _201\"/>orge D<span class=\"__1 _201\"/>igital G<span class=\"__1 _201\"/>P 1 LLP<span class=\"__1 _2d1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Ge<span class=\"__1 _201\"/>orge D<span class=\"__1 _201\"/>igital G<span class=\"__1 _201\"/>P 2 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2d2\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Geo<span class=\"__1 _201\"/>rge Digital GP Limited<span class=\"__1 _a0_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>GG<span class=\"__1 _201\"/>E GP Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _483\"> </span><span class=\"ls32_1 ws33_1\">O<span class=\"__1 _201\"/>S<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Gre<span class=\"__1 _201\"/>en GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _1bd_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Gre<span class=\"__1 _201\"/>enpar<span class=\"__1 _201\"/>k (Rea<span class=\"__1 _201\"/>ding) Ge<span class=\"__1 _201\"/>nera<span class=\"__1 _201\"/>l Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>r Limited<span class=\"__1 _210\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>GT<span class=\"__1 _f_1\"/>A W2<span class=\"__1 _201\"/>1 GP<span class=\"__1 _2d3\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span>22 Ade<span class=\"__1 _201\"/>laide S<span class=\"__1 _201\"/>treet West, S<span class=\"__1 _201\"/>uite 260<span class=\"__1 _201\"/>0, T<span class=\"__1 _f_1\"/>oron<span class=\"__1 _201\"/>to, Onta<span class=\"__1 _201\"/>rio, M<span class=\"__1 _201\"/>5H 4E3<span class=\"__1 _201\"/>, Ca<span class=\"__1 _201\"/>nada<span class=\"__1 _32b\"> </span>GT<span class=\"__1 _f_1\"/>A W2<span class=\"__1 _201\"/>1 LP<span class=\"__1 _1e7_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls19_1 ws18_1\">90%<span class=\"__1 _345\"> </span></span></span>2<span class=\"__1 _201\"/>2 Adel<span class=\"__1 _201\"/>aide Stre<span class=\"__1 _201\"/>et West, Su<span class=\"__1 _201\"/>ite 2600, T<span class=\"__1 _200\"/>oronto,<span class=\"__1 _201\"/> Onta<span class=\"__1 _201\"/>rio, M<span class=\"__1 _201\"/>5H 4E3<span class=\"__1 _201\"/>, Ca<span class=\"__1 _201\"/>nada<span class=\"__1 _32b\"> </span>HCR C<span class=\"__1 _201\"/>anar<span class=\"__1 _201\"/>y Fund<span class=\"__1 _2d4\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">9<span class=\"__1 _201\"/>9%<span class=\"__1 _e_1\"> </span></span></span>30<span class=\"__1 _201\"/>0 Atlantic Stree<span class=\"__1 _201\"/>t, Suite 6<span class=\"__1 _201\"/>00, Stamfo<span class=\"__1 _201\"/>rd, CT 0<span class=\"__1 _201\"/>69<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span>ICP (F<span class=\"__1 _201\"/>inch) GP 1 Li<span class=\"__1 _201\"/>mited<span class=\"__1 _410\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span>ICP (F<span class=\"__1 _201\"/>inch) GP 2 Li<span class=\"__1 _201\"/>mited<span class=\"__1 _2d5\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span>ICP (F<span class=\"__1 _201\"/>inch) GP LL<span class=\"__1 _201\"/>P<span class=\"__1 _2d6\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span>IFDL Personal<span class=\"__1 _200\"/> Pensions Lim<span class=\"__1 _200\"/>ited<span class=\"__1 _417\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>Infrac<span class=\"__1 _201\"/>apital (AIRI) G<span class=\"__1 _201\"/>P Limited<span class=\"__1 _409\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls14_1 ws13_1\">297<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>Infrac<span class=\"__1 _201\"/>apital (Belmond<span class=\"__1 _201\"/>) GP Limited<span class=\"__1 _1aa_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital (Bio<span class=\"__1 _200\"/>) GP Limited<span class=\"__1 _2c9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital (<span class=\"__1 _200\"/>Churchill) GP 1 Limited<span class=\"__1 _463\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Infrac<span class=\"__1 _201\"/>apital (<span class=\"__1 _200\"/>Churchill) GP LLP<span class=\"__1 _1fe\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Infrac<span class=\"__1 _201\"/>apital (<span class=\"__1 _200\"/>GC) GP Limited<span class=\"__1 _ad_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital (Gigac<span class=\"__1 _201\"/>lear) GP 1 L<span class=\"__1 _201\"/>imited<span class=\"__1 _2d7\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital (Gigac<span class=\"__1 _201\"/>lear) GP 2 L<span class=\"__1 _201\"/>imited<span class=\"__1 _26f\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 Lot<span class=\"__1 _201\"/>hian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infracapital (<span class=\"__1 _f_1\"/>G<span class=\"__1 _201\"/>igaclear<span class=\"__1 _200\"/>) GP LLP<span class=\"__1 _b3_1\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Edi<span class=\"__1 _201\"/>nburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital (IT P<span class=\"__1 _201\"/>PP) GP Li<span class=\"__1 _201\"/>mited<span class=\"__1 _343\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbur<span class=\"__1 _201\"/>gh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital (Leo)<span class=\"__1 _200\"/> GP Limited<span class=\"__1 _b8_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital (Novo<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) GP Li<span class=\"__1 _201\"/>mited<span class=\"__1 _bf_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital (<span class=\"__1 _200\"/>Sense) GP Limited<span class=\"__1 _bf_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Square<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital (T<span class=\"__1 _201\"/>LSB) GP Limited<span class=\"__1 _b7_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital (<span class=\"__1 _201\"/>TL<span class=\"__1 _201\"/>SB) SLP L<span class=\"__1 _201\"/>P<span class=\"__1 _1c0_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 Lot<span class=\"__1 _201\"/>hian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital DF I<span class=\"__1 _201\"/>I GP LL<span class=\"__1 _201\"/>P<span class=\"__1 _295\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road<span class=\"__1 _201\"/>, Festi<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital DF II Limited<span class=\"__1 _2d8\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Empl<span class=\"__1 _201\"/>oyee Fee<span class=\"__1 _201\"/>der G<span class=\"__1 _201\"/>P 1 LLP<span class=\"__1 _465\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Edi<span class=\"__1 _201\"/>nburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Empl<span class=\"__1 _201\"/>oyee Fee<span class=\"__1 _201\"/>der G<span class=\"__1 _201\"/>P Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _1e_1\"> </span><span class=\"ls32_1 ws33_1\">O<span class=\"__1 _201\"/>S<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital F<span class=\"__1 _200\"/>1 GP<span class=\"__1 _201\"/>2 Limited<span class=\"__1 _342\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>Infrac<span class=\"__1 _201\"/>apital F2 GP Limited<span class=\"__1 _2d9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>Infrac<span class=\"__1 _201\"/>apital F2 GP1 Limited<span class=\"__1 _342\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital GP 1 L<span class=\"__1 _201\"/>LP<span class=\"__1 _18c_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital GP Limited<span class=\"__1 _e2_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld DF G<span class=\"__1 _201\"/>P LLP<span class=\"__1 _1e8_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers 1 S<span class=\"__1 _201\"/>LP GP<span class=\"__1 _201\"/>1 Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers 1 S<span class=\"__1 _201\"/>LP GP<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/> Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infracapital<span class=\"__1 _200\"/> Greenfield Partners I Emplo<span class=\"__1 _200\"/>yee Fee<span class=\"__1 _201\"/>der LP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls23_1 ws22_1\">76<span class=\"__1 _201\"/>%<span class=\"__1 _2cc\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road<span class=\"__1 _201\"/>, Festi<span class=\"__1 _201\"/>val Sq<span class=\"__1 _201\"/>uare, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers I G<span class=\"__1 _201\"/>P Limite<span class=\"__1 _201\"/>d<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers I L<span class=\"__1 _201\"/>P<span class=\"__1 _26f\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span>22%<span class=\"__1 _2cc\"> </span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers I S<span class=\"__1 _201\"/>LP EF GP L<span class=\"__1 _201\"/>LP<span class=\"__1 _6c_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers I S<span class=\"__1 _201\"/>LP LP<span class=\"__1 _8a_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">36%<span class=\"__1 _226\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>298<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers I S<span class=\"__1 _201\"/>LP<span class=\"__1 _201\"/>2 LP<span class=\"__1 _219\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infracapital<span class=\"__1 _200\"/> Greenfield Partners I Subholdings<span class=\"__1 _200\"/> GP Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers II G<span class=\"__1 _201\"/>P S.<span class=\"__1 _201\"/>\u00e0 r<span class=\"__1 _200\"/>.l<span class=\"__1 _237\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">6<span class=\"__1 _201\"/>, rue E<span class=\"__1 _200\"/>ug\u00e8ne Ruppert, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _200\"/>2453, Luxembourg<span class=\"__1 _32b\"> </span></span></span></span>Infracapital<span class=\"__1 _200\"/> Greenfield Partners II Subholdings (Euro) GP LLP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span>Infracapital<span class=\"__1 _200\"/> Greenfield Partners II Subholdings (<span class=\"__1 _200\"/>St<span class=\"__1 _200\"/>erling<span class=\"__1 _200\"/>) GP<span class=\"__1 _200\"/> LLP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span>Infracapital<span class=\"__1 _200\"/> Greenfield Partners II Subholdings GP<span class=\"__1 _201\"/>1 Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Infracapital<span class=\"__1 _200\"/> Greenfield Partners II Subholdings GP<span class=\"__1 _201\"/>2 Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers II L<span class=\"__1 _201\"/>P<span class=\"__1 _12a_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"lsc_1 wsa_1\">26%<span class=\"__1 _226\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Infracapital<span class=\"__1 _200\"/> Partners II Subholdings<span class=\"__1 _200\"/> GP Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _1b0_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH<span class=\"__1 _201\"/>3 </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers II<span class=\"__1 _201\"/>I GP S<span class=\"__1 _201\"/>.\u00e0 r<span class=\"__1 _200\"/>.l<span class=\"__1 _bb_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">6, rue Eug\u00e8ne Ru<span class=\"__1 _200\"/>pper<span class=\"__1 _201\"/>t, L<span class=\"__1 _337\"/>-2<span class=\"__1 _200\"/>453<span class=\"__1 _201\"/>, Lux<span class=\"__1 _200\"/>embourg<span class=\"__1 _32b\"> </span></span></span></span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers II<span class=\"__1 _201\"/>I Subh<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>gs (Euro) GP LLP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span>Infracapital<span class=\"__1 _200\"/> Partners III Subholdings<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>Sterli<span class=\"__1 _200\"/>ng) GP LLP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span>Infracapital<span class=\"__1 _200\"/> Partners III Subholdings<span class=\"__1 _200\"/> GP1 Limited<span class=\"__1 _5a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Infracapital<span class=\"__1 _200\"/> Partners III Subholdings<span class=\"__1 _200\"/> GP2 Limited<span class=\"__1 _dd_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Infracapital Par<span class=\"__1 _201\"/>tners LP<span class=\"__1 _233\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">33%<span class=\"__1 _2cc\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Infrac<span class=\"__1 _201\"/>apital Sisu GP Limited<span class=\"__1 _17a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital SL<span class=\"__1 _201\"/>P II LP<span class=\"__1 _18c_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">40%<span class=\"__1 _345\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital SLP Limited<span class=\"__1 _2da\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>Inni<span class=\"__1 _201\"/>sfre<span class=\"__1 _201\"/>e M&amp;G PPP L<span class=\"__1 _201\"/>LP<span class=\"__1 _2db\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>5%<span class=\"__1 _2cc\"> </span></span></span>B<span class=\"__1 _201\"/>ounda<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y Hous<span class=\"__1 _201\"/>e, 91-9<span class=\"__1 _201\"/>3 Char<span class=\"__1 _201\"/>terho<span class=\"__1 _201\"/>use Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndon<span class=\"__1 _201\"/>, EC1M 6H<span class=\"__1 _201\"/>R, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _201\"/>s Direc<span class=\"__1 _201\"/>t Gro<span class=\"__1 _201\"/>up Limite<span class=\"__1 _201\"/>d<span class=\"__1 _269\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _201\"/>s Direc<span class=\"__1 _201\"/>t Ho<span class=\"__1 _201\"/>lding<span class=\"__1 _201\"/>s Limited<span class=\"__1 _228\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _201\"/>s Direc<span class=\"__1 _201\"/>t Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _261\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Kis<span class=\"__1 _201\"/>kadee L<span class=\"__1 _201\"/>atitud<span class=\"__1 _201\"/>e Fund Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _417\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls45_1 ws49_1\">9<span class=\"__1 _201\"/>5%<span class=\"__1 _226\"> </span></span></span>c/o Horse<span class=\"__1 _201\"/>shoe Fun<span class=\"__1 _201\"/>d Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices Ltd.<span class=\"__1 _201\"/>, Wessex H<span class=\"__1 _201\"/>ouse<span class=\"__1 _201\"/>, 3rd Fl<span class=\"__1 _201\"/>oor<span class=\"__1 _200\"/>, 45 R<span class=\"__1 _201\"/>eid Stree<span class=\"__1 _201\"/>t, Hami<span class=\"__1 _201\"/>lton, H<span class=\"__1 _201\"/>M 12, Be<span class=\"__1 _201\"/>rmud<span class=\"__1 _201\"/>a<span class=\"__1 _32b\"> </span>LB Prof<span class=\"__1 _201\"/>essi<span class=\"__1 _201\"/>onal Inve<span class=\"__1 _201\"/>stors P<span class=\"__1 _201\"/>rivate R<span class=\"__1 _201\"/>eal Es<span class=\"__1 _201\"/>tate Fund No. 10<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls40_1 ws44_1\">23%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">2<span class=\"__1 _201\"/>0th flo<span class=\"__1 _201\"/>or<span class=\"__1 _200\"/>, 136, S<span class=\"__1 _201\"/>ejong<span class=\"__1 _201\"/>-d<span class=\"__1 _201\"/>aero, Ju<span class=\"__1 _201\"/>ng-<span class=\"__1 _201\"/>gu, S<span class=\"__1 _201\"/>eoul<span class=\"__1 _201\"/>, </span>Rep<span class=\"__1 _201\"/>ublic of Kore<span class=\"__1 _201\"/>a<span class=\"__1 _32b\"> </span>Leadenhall Unit T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>t<span class=\"__1 _26d\"> </span><span class=\"ls5_1 ws1_1\">U<span class=\"__1 _1c1_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">IF<span class=\"__1 _201\"/>C 5, St He<span class=\"__1 _201\"/>lier<span class=\"__1 _200\"/>, JE1 1ST<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span></span></span>LF Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Ris<span class=\"__1 _201\"/>k Manag<span class=\"__1 _201\"/>ed Act<span class=\"__1 _201\"/>ive 2<span class=\"__1 _29c\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls30_1 ws30_1\">2<span class=\"__1 _201\"/>2%<span class=\"__1 _2cc\"> </span></span></span>6th Flo<span class=\"__1 _201\"/>or<span class=\"__1 _200\"/>, 65, G<span class=\"__1 _201\"/>resham Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n EC2V 7NQ, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>LF Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Ris<span class=\"__1 _201\"/>k Manag<span class=\"__1 _201\"/>ed Act<span class=\"__1 _201\"/>ive 3<span class=\"__1 _377\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls40_1 ws44_1\">23%<span class=\"__1 _2cc\"> </span></span></span>6th Fl<span class=\"__1 _201\"/>oor<span class=\"__1 _200\"/>, 65<span class=\"__1 _201\"/>, Gresh<span class=\"__1 _201\"/>am Street<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on EC2V 7<span class=\"__1 _201\"/>NQ, UK<span class=\"__1 _32b\"> </span>LF Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Ris<span class=\"__1 _201\"/>k Manag<span class=\"__1 _201\"/>ed Act<span class=\"__1 _201\"/>ive 4<span class=\"__1 _377\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls12_1 ws11_1\">3<span class=\"__1 _201\"/>1%<span class=\"__1 _1d_1\"> </span></span></span>6th F<span class=\"__1 _201\"/>loor, 65, Gre<span class=\"__1 _201\"/>sham Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndon EC<span class=\"__1 _201\"/>2V 7NQ, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>LF Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Ris<span class=\"__1 _201\"/>k Manag<span class=\"__1 _201\"/>ed Act<span class=\"__1 _201\"/>ive 5<span class=\"__1 _377\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls19_1 ws18_1\">30%<span class=\"__1 _e_1\"> </span></span></span>6th Flo<span class=\"__1 _201\"/>or<span class=\"__1 _200\"/>, 65, G<span class=\"__1 _201\"/>resham Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n EC2V 7NQ, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>LF Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Ris<span class=\"__1 _201\"/>k Manag<span class=\"__1 _201\"/>ed Pas<span class=\"__1 _201\"/>sive Fun<span class=\"__1 _201\"/>d 1<span class=\"__1 _272\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4a_1 ws50_1\">41%<span class=\"__1 _f4_1\"> </span></span></span>6th Fl<span class=\"__1 _201\"/>oor<span class=\"__1 _200\"/>, 65<span class=\"__1 _201\"/>, Gres<span class=\"__1 _201\"/>ham Street<span class=\"__1 _201\"/>, Lon<span class=\"__1 _201\"/>don EC2V 7<span class=\"__1 _201\"/>NQ, UK<span class=\"__1 _32b\"> </span>Lio<span class=\"__1 _201\"/>n Credit O<span class=\"__1 _201\"/>ppo<span class=\"__1 _201\"/>rtu<span class=\"__1 _201\"/>nit<span class=\"__1 _201\"/>y Fund Publi<span class=\"__1 _201\"/>c Limite<span class=\"__1 _201\"/>d Com<span class=\"__1 _201\"/>pany \u2013 Cred<span class=\"__1 _201\"/>it Opp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tunit<span class=\"__1 _201\"/>y Fund X<span class=\"__1 _201\"/>V<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">5 Ge<span class=\"__1 _201\"/>orge\u2019s Doc<span class=\"__1 _201\"/>k, IFS<span class=\"__1 _201\"/>C, Du<span class=\"__1 _201\"/>blin 1, Ire<span class=\"__1 _201\"/>land<span class=\"__1 _201\"/>, D01 X8N7<span class=\"__1 _32b\"> </span></span>Lon<span class=\"__1 _201\"/>don G<span class=\"__1 _201\"/>reen Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts II S<span class=\"__1 _201\"/>LP GP<span class=\"__1 _201\"/>1 Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _213\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tival<span class=\"__1 _201\"/> Square<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Lon<span class=\"__1 _201\"/>don G<span class=\"__1 _201\"/>reen Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts II S<span class=\"__1 _201\"/>LP GP<span class=\"__1 _201\"/>2 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _216\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>London Green In<span class=\"__1 _200\"/>vestments II<span class=\"__1 _200\"/> SLP1 Employ<span class=\"__1 _200\"/>ee Fee<span class=\"__1 _201\"/>der G<span class=\"__1 _201\"/>P LLP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2f_1 ws2f_1\">299<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>Lon<span class=\"__1 _201\"/>don G<span class=\"__1 _201\"/>reen Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts II S<span class=\"__1 _201\"/>LP<span class=\"__1 _201\"/>2 GP Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _216\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>London St<span class=\"__1 _200\"/>one Inv<span class=\"__1 _200\"/>estments F<span class=\"__1 _200\"/>3 Emplo<span class=\"__1 _200\"/>yee Feeder GP LLP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>London St<span class=\"__1 _200\"/>one Inv<span class=\"__1 _200\"/>estments F<span class=\"__1 _200\"/>3 I Limi<span class=\"__1 _200\"/>ted<span class=\"__1 _a5_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>London St<span class=\"__1 _200\"/>one Inv<span class=\"__1 _200\"/>estments F<span class=\"__1 _200\"/>3 II Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _353\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Lon<span class=\"__1 _201\"/>don Ston<span class=\"__1 _201\"/>e Investm<span class=\"__1 _201\"/>ents F3 S<span class=\"__1 _201\"/>P GP LL<span class=\"__1 _201\"/>P<span class=\"__1 _271\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Bla<span class=\"__1 _201\"/>ckRoc<span class=\"__1 _201\"/>k Japan Eq<span class=\"__1 _201\"/>uity Fun<span class=\"__1 _201\"/>d<span class=\"__1 _2cc\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Bla<span class=\"__1 _201\"/>ckRoc<span class=\"__1 _201\"/>k UK All S<span class=\"__1 _201\"/>hare Equit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _2e_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Bla<span class=\"__1 _201\"/>ckRoc<span class=\"__1 _201\"/>k US Equit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _470\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">9<span class=\"__1 _201\"/>9%<span class=\"__1 _e_1\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndon<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) China Eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _15f_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls7_1 ws5_1\">97%<span class=\"__1 _f7_1\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) China Fun<span class=\"__1 _201\"/>d<span class=\"__1 _2dc\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls7_1 ws5_1\">97<span class=\"__1 _201\"/>%<span class=\"__1 _2cc\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Ear<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>t Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rs US Sm<span class=\"__1 _201\"/>all Cap Value<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Gr<span class=\"__1 _201\"/>anaha<span class=\"__1 _201\"/>n US Small C<span class=\"__1 _201\"/>ap Grow<span class=\"__1 _201\"/>th Fund<span class=\"__1 _250\"/><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Jap<span class=\"__1 _201\"/>an Equit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _b3_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G (ACS<span class=\"__1 _200\"/>) Japan Smaller Companie<span class=\"__1 _201\"/>s F<span class=\"__1 _200\"/>und<span class=\"__1 _7d_1\"> </span><span class=\"ls5_1 ws1_1\">U<span class=\"__1 _465\"> </span><span class=\"ls40_1 ws44_1\">98%<span class=\"__1 _e_1\"> </span></span><span class=\"ls6_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) UK L<span class=\"__1 _201\"/>isted Eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _2dd\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls7_1 ws5_1\">97<span class=\"__1 _201\"/>%<span class=\"__1 _2cc\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) UK L<span class=\"__1 _201\"/>isted M<span class=\"__1 _201\"/>id Ca<span class=\"__1 _201\"/>p Equit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _222\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G (Gue<span class=\"__1 _201\"/>rnsey) Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _2c8\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Do<span class=\"__1 _201\"/>rey Cour<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>, Admiral P<span class=\"__1 _201\"/>ark<span class=\"__1 _201\"/>, St Peter Por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>, GY<span class=\"__1 _200\"/>1 2HT<span class=\"__1 _200\"/>, Guernsey<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) Eme<span class=\"__1 _201\"/>rging M<span class=\"__1 _201\"/>arkets Co<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate ESG<span class=\"__1 _201\"/> Bond F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls1c_1 ws43_1\">57%<span class=\"__1 _f7_1\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></span>M&amp;G (L<span class=\"__1 _201\"/>ux) Euro ex U<span class=\"__1 _201\"/>K Index Fund<span class=\"__1 _1aa_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roy<span class=\"__1 _201\"/>al, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) Europ<span class=\"__1 _201\"/>e ex UK Equi<span class=\"__1 _201\"/>ty Fund<span class=\"__1 _375\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449, L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) G<span class=\"__1 _201\"/>lobal E<span class=\"__1 _201\"/>nhanc<span class=\"__1 _201\"/>ed Equit<span class=\"__1 _201\"/>y Prem<span class=\"__1 _201\"/>ia Fund<span class=\"__1 _437\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449, L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) G<span class=\"__1 _201\"/>lobal Fun<span class=\"__1 _201\"/>ds<span class=\"__1 _2d8\"> </span><span class=\"ls5_1 ws1_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _337\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span></span>M&amp;G (L<span class=\"__1 _201\"/>ux) Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds 1 \u2013 M&amp;G L<span class=\"__1 _201\"/>ux Emerg<span class=\"__1 _201\"/>ing Mar<span class=\"__1 _201\"/>kets Bond Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls19_1 ws18_1\">60%<span class=\"__1 _e_1\"> </span></span><span class=\"ls6_1\">16, Bo<span class=\"__1 _201\"/>ulevard R<span class=\"__1 _201\"/>oyal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></span>M&amp;G (L<span class=\"__1 _201\"/>ux) Ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>d Cauti<span class=\"__1 _201\"/>ous (Euro) Fund<span class=\"__1 _231\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) Ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>d Grow<span class=\"__1 _201\"/>th (Euro) Fund<span class=\"__1 _264\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) Pa<span class=\"__1 _201\"/>n Europea<span class=\"__1 _201\"/>n Small<span class=\"__1 _201\"/>er Com<span class=\"__1 _201\"/>p Fund<span class=\"__1 _245\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls40_1 ws44_1\">9<span class=\"__1 _201\"/>8%<span class=\"__1 _345\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) Re<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>ve<span class=\"__1 _201\"/>d Investm<span class=\"__1 _201\"/>ent Fund (2), SCA<span class=\"__1 _201\"/> S<span class=\"__1 _201\"/>I<span class=\"__1 _250\"/>C<span class=\"__1 _201\"/>AV<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>R<span class=\"__1 _250\"/>A<span class=\"__1 _250\"/>I<span class=\"__1 _201\"/>F<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bour<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span></span>M&amp;G (L<span class=\"__1 _201\"/>ux) Re<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>ve<span class=\"__1 _201\"/>d Investm<span class=\"__1 _201\"/>ent Funds (2) G<span class=\"__1 _201\"/>P Sarl<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></span></span>M&amp;G (L<span class=\"__1 _201\"/>ux) Ster<span class=\"__1 _201\"/>ling Li<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _1ab_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) Su<span class=\"__1 _201\"/>stain<span class=\"__1 _201\"/>able O<span class=\"__1 _201\"/>ptimal In<span class=\"__1 _201\"/>come B<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls40_1 ws44_1\">9<span class=\"__1 _201\"/>8%<span class=\"__1 _345\"> </span></span><span class=\"ls6_1\">16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves CV SC<span class=\"__1 _201\"/>Sp<span class=\"__1 _17a_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _337\"/>-<span class=\"__1 _200\"/>17<span class=\"__1 _337\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves GP S<span class=\"__1 _201\"/>arl<span class=\"__1 _349\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves Inves<span class=\"__1 _201\"/>tment M<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/> Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 2020 A<span class=\"__1 _201\"/>sian PE<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 2020 Euro<span class=\"__1 _201\"/>pean<span class=\"__1 _201\"/> PE<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span>Luxembourg<span class=\"__1 _32b\"> </span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>300<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022<span class=\"__1 _32b\"> </span></span></span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 2020 PE C<span class=\"__1 _201\"/>o-<span class=\"__1 _32b\"> </span>inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 2021 N<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>th American Fu<span class=\"__1 _200\"/>nd<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 2021 PE I<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 202<span class=\"__1 _201\"/>2 Glob<span class=\"__1 _201\"/>al PE<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _201\"/> LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 202<span class=\"__1 _201\"/>2 PE Co<span class=\"__1 _201\"/>-<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>sia Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund<span class=\"__1 _2de\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls45_1 ws49_1\">4<span class=\"__1 _201\"/>5%<span class=\"__1 _226\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>M&amp;G B<span class=\"__1 _201\"/>lackRo<span class=\"__1 _201\"/>ck Can<span class=\"__1 _201\"/>ada Equit<span class=\"__1 _201\"/>y Fund (form<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>y know<span class=\"__1 _201\"/>n as M&amp;G ACS C<span class=\"__1 _201\"/>anada I<span class=\"__1 _201\"/>ndex Fund)<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G B<span class=\"__1 _201\"/>lackRo<span class=\"__1 _201\"/>ck UK 20<span class=\"__1 _201\"/>0 Equit<span class=\"__1 _201\"/>y Fund (forme<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/> know<span class=\"__1 _201\"/>n as M&amp;G ACS U<span class=\"__1 _201\"/>K 200 In<span class=\"__1 _201\"/>dex Fund)<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G C<span class=\"__1 _201\"/>atalys<span class=\"__1 _201\"/>t Cap<span class=\"__1 _201\"/>ital Fund<span class=\"__1 _12c_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>16, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>M&amp;G C<span class=\"__1 _201\"/>atalys<span class=\"__1 _201\"/>t Credi<span class=\"__1 _201\"/>t Fund<span class=\"__1 _20a\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>M&amp;G C<span class=\"__1 _201\"/>atalys<span class=\"__1 _201\"/>t Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Agri<span class=\"__1 _201\"/>culture GP L<span class=\"__1 _201\"/>LP<span class=\"__1 _249\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G C<span class=\"__1 _201\"/>atalys<span class=\"__1 _201\"/>t Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Agri<span class=\"__1 _201\"/>culture GP<span class=\"__1 _201\"/> Member<span class=\"__1 _200\"/> No.<span class=\"__1 _f_1\"/>1 Limi<span class=\"__1 _200\"/>ted<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G C<span class=\"__1 _201\"/>atalys<span class=\"__1 _201\"/>t Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Agri<span class=\"__1 _201\"/>culture GP<span class=\"__1 _201\"/> Mem<span class=\"__1 _201\"/>ber N<span class=\"__1 _201\"/>o.<span class=\"__1 _201\"/>2 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G C<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>orate Ser<span class=\"__1 _250\"/>vice<span class=\"__1 _201\"/>s Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2df\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G Cre<span class=\"__1 _201\"/>dit Inc<span class=\"__1 _201\"/>ome Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt T<span class=\"__1 _f_1\"/>ru<span class=\"__1 _201\"/>st pl<span class=\"__1 _201\"/>c<span class=\"__1 _288\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls30_1 ws30_1\">22%<span class=\"__1 _2cc\"> </span></span></span>Be<span class=\"__1 _201\"/>aufor<span class=\"__1 _201\"/>t Ho<span class=\"__1 _201\"/>use, 51 New No<span class=\"__1 _201\"/>rth R<span class=\"__1 _201\"/>oad, E<span class=\"__1 _201\"/>xeter<span class=\"__1 _200\"/>, EX4 4<span class=\"__1 _201\"/>EP<span class=\"__1 _337\"/>,<span class=\"__1 _201\"/> UK<span class=\"__1 _32b\"> </span>M&amp;G Em<span class=\"__1 _201\"/>erging M<span class=\"__1 _201\"/>arkets Mo<span class=\"__1 _201\"/>nthly I<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e Fund<span class=\"__1 _258\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls40_1 ws44_1\">93%<span class=\"__1 _226\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G Euro<span class=\"__1 _201\"/>pean H<span class=\"__1 _201\"/>igh Yi<span class=\"__1 _201\"/>eld Cred<span class=\"__1 _201\"/>it Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"lsc_1 wsa_1\">26%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">8<span class=\"__1 _201\"/>0, route d\u2019E<span class=\"__1 _201\"/>sch<span class=\"__1 _201\"/>, L<span class=\"__1 _337\"/>-14<span class=\"__1 _200\"/>70, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></span>M&amp;G Euro<span class=\"__1 _201\"/>pean L<span class=\"__1 _201\"/>ivin<span class=\"__1 _201\"/>g Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty Fund S<span class=\"__1 _201\"/>CSP<span class=\"__1 _f_1\"/>,<span class=\"__1 _201\"/> S<span class=\"__1 _201\"/>I<span class=\"__1 _250\"/>C<span class=\"__1 _201\"/>AV<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>R<span class=\"__1 _250\"/>A<span class=\"__1 _250\"/>I<span class=\"__1 _201\"/>F<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449, L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></span>M&amp;G Euro<span class=\"__1 _201\"/>pean P<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund SI<span class=\"__1 _201\"/>CA<span class=\"__1 _200\"/>V<span class=\"__1 _200\"/>-FIS<span class=\"__1 _1d_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls19_1 ws18_1\">30%<span class=\"__1 _e_1\"> </span></span></span>16, Bo<span class=\"__1 _201\"/>uleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span>M&amp;G FA Limited<span class=\"__1 _18d_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G Fe<span class=\"__1 _201\"/>ede<span class=\"__1 _201\"/>r of Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty Po<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tfol<span class=\"__1 _201\"/>io<span class=\"__1 _2c3\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">49%<span class=\"__1 _e_1\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G Financial S<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vices Limited<span class=\"__1 _417\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G F<span class=\"__1 _201\"/>itzrovia G<span class=\"__1 _201\"/>P Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _349\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G F<span class=\"__1 _201\"/>itzrovia L<span class=\"__1 _201\"/>imited<span class=\"__1 _383\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G F<span class=\"__1 _201\"/>itzrovia L<span class=\"__1 _201\"/>imited P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ship<span class=\"__1 _464\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G F<span class=\"__1 _201\"/>itzrovia N<span class=\"__1 _201\"/>omin<span class=\"__1 _201\"/>ee 1 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _2df\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G F<span class=\"__1 _201\"/>itzrovia N<span class=\"__1 _201\"/>omin<span class=\"__1 _201\"/>ee 2 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _260\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G Fo<span class=\"__1 _201\"/>under<span class=\"__1 _201\"/>s 1 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2e0\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Asia P<span class=\"__1 _201\"/>acifi<span class=\"__1 _201\"/>c (<span class=\"__1 _200\"/>ex Japan) Equit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">9<span class=\"__1 _201\"/>6%<span class=\"__1 _345\"> </span></span><span class=\"ls6_1\">16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Black<span class=\"__1 _201\"/>rock As<span class=\"__1 _201\"/>ia Paci<span class=\"__1 _201\"/>fic (ex Japan) Equity Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bour<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Black<span class=\"__1 _201\"/>rock Eme<span class=\"__1 _201\"/>rging M<span class=\"__1 _201\"/>arkets Equity Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bour<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) GSAM G<span class=\"__1 _201\"/>lob<span class=\"__1 _201\"/>al Emergi<span class=\"__1 _201\"/>ng Mar<span class=\"__1 _201\"/>ket Equity Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Invesc<span class=\"__1 _201\"/>o Glo<span class=\"__1 _201\"/>bal Eme<span class=\"__1 _201\"/>rging Ma<span class=\"__1 _201\"/>rkets Equity Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Laz<span class=\"__1 _201\"/>ard Glo<span class=\"__1 _201\"/>bal Eme<span class=\"__1 _201\"/>rging Ma<span class=\"__1 _201\"/>rkets Equity Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls4f_1 ws55_1\">301<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) MFS G<span class=\"__1 _201\"/>loba<span class=\"__1 _201\"/>l Emergin<span class=\"__1 _201\"/>g Markets<span class=\"__1 _201\"/> Equity Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Sterlin<span class=\"__1 _201\"/>g Invest<span class=\"__1 _201\"/>ment G<span class=\"__1 _201\"/>rade<span class=\"__1 _201\"/> Corporate Bond<span class=\"__1 _200\"/> Fu<span class=\"__1 _200\"/>nd<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls3a_1 ws3b_1\">7<span class=\"__1 _201\"/>7%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-2449<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) US Cor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ate Bond Fund<span class=\"__1 _392\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) US Sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t Durati<span class=\"__1 _201\"/>on Cor<span class=\"__1 _201\"/>porate<span class=\"__1 _201\"/> Bond F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) W<span class=\"__1 _200\"/>ellin<span class=\"__1 _201\"/>gton Imp<span class=\"__1 _201\"/>act B<span class=\"__1 _201\"/>ond Fund<span class=\"__1 _242\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449, L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>M&amp;G General Partner Inc.<span class=\"__1 _2d9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">19<span class=\"__1 _201\"/>0 Elgin Avenue<span class=\"__1 _201\"/>, Geo<span class=\"__1 _201\"/>rge T<span class=\"__1 _f_1\"/>ow<span class=\"__1 _201\"/>n, Gr<span class=\"__1 _201\"/>and Cay<span class=\"__1 _201\"/>man, K<span class=\"__1 _201\"/>Y<span class=\"__1 _201\"/>I-<span class=\"__1 _32b\"> </span></span></span></span>9005<span class=\"__1 _201\"/>, Cayman Islands<span class=\"__1 _32b\"> </span>M&amp;G G<span class=\"__1 _201\"/>lob<span class=\"__1 _201\"/>al Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices P<span class=\"__1 _201\"/>rivate L<span class=\"__1 _201\"/>imited<span class=\"__1 _478\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Hous<span class=\"__1 _201\"/>e, Mum<span class=\"__1 _201\"/>bai, 4<span class=\"__1 _201\"/>00076<span class=\"__1 _201\"/>, India<span class=\"__1 _32b\"> </span>M&amp;G G<span class=\"__1 _201\"/>roup Li<span class=\"__1 _201\"/>mited<span class=\"__1 _2e1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G G<span class=\"__1 _201\"/>roup P<span class=\"__1 _201\"/>CC Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2cd\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>P<span class=\"__1 _201\"/>O Box 155, M<span class=\"__1 _201\"/>ill Cou<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>, La<span class=\"__1 _201\"/>, Charrote<span class=\"__1 _201\"/>rie, St Pe<span class=\"__1 _201\"/>ter Por<span class=\"__1 _201\"/>t,<span class=\"__1 _201\"/> GY1 4ET<span class=\"__1 _200\"/>, Gue<span class=\"__1 _201\"/>rnsey<span class=\"__1 _32b\"> </span>M&amp;G I<span class=\"__1 _201\"/>MPPP 1 L<span class=\"__1 _201\"/>imited<span class=\"__1 _2e2\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G In<span class=\"__1 _201\"/>ternatio<span class=\"__1 _201\"/>nal Inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts Nom<span class=\"__1 _201\"/>inee<span class=\"__1 _201\"/>s Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>M&amp;G In<span class=\"__1 _201\"/>ternatio<span class=\"__1 _201\"/>nal Inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts Swit<span class=\"__1 _201\"/>zerlan<span class=\"__1 _201\"/>d AG<span class=\"__1 _20d\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>T<span class=\"__1 _200\"/>alstr<span class=\"__1 _201\"/>ass<span class=\"__1 _201\"/>e 66, 8<span class=\"__1 _201\"/>001 Zuri<span class=\"__1 _201\"/>ch, Swi<span class=\"__1 _201\"/>tzerl<span class=\"__1 _201\"/>and<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (10<span class=\"__1 _200\"/>) \u2013 M&amp;G Bet<span class=\"__1 _201\"/>ter He<span class=\"__1 _201\"/>alth Solutions Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls52_1 ws5a_1\">9<span class=\"__1 _201\"/>4%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (10<span class=\"__1 _200\"/>) \u2013 M&amp;G Climate<span class=\"__1 _201\"/> Solutions Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls45_1 ws49_1\">5<span class=\"__1 _201\"/>5%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (10<span class=\"__1 _200\"/>) \u2013 M&amp;G Gl<span class=\"__1 _201\"/>obal H<span class=\"__1 _201\"/>igh Yie<span class=\"__1 _201\"/>ld ESG B<span class=\"__1 _201\"/>ond Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls30_1 ws30_1\">32%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fen<span class=\"__1 _201\"/>church Avenu<span class=\"__1 _201\"/>e, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (10<span class=\"__1 _200\"/>) \u2013 M&amp;G Posi<span class=\"__1 _201\"/>tive Impact Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">29%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (2) \u2013 M&amp;G G<span class=\"__1 _201\"/>ilt &amp; Fi<span class=\"__1 _201\"/>xed Interes<span class=\"__1 _201\"/>t Inc<span class=\"__1 _201\"/>ome Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (2) \u2013 M&amp;G G<span class=\"__1 _201\"/>lob<span class=\"__1 _201\"/>al High<span class=\"__1 _201\"/> Yield Bond<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span><span class=\"ls6_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (3) \u2013 M&amp;G Div<span class=\"__1 _201\"/>iden<span class=\"__1 _201\"/>d Fund<span class=\"__1 _2e3\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _201\"/>%<span class=\"__1 _f4_1\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (4<span class=\"__1 _200\"/>) \u2013 M&amp;G Epis<span class=\"__1 _201\"/>ode<span class=\"__1 _201\"/> Allocation F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls52_1 ws5a_1\">2<span class=\"__1 _201\"/>4%<span class=\"__1 _f7_1\"> </span></span><span class=\"ls6_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (4<span class=\"__1 _200\"/>) \u2013 M&amp;G Sus<span class=\"__1 _201\"/>taina<span class=\"__1 _201\"/>ble<span class=\"__1 _201\"/> Multi A<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>et Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls32_1 ws33_1\">42%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (<span class=\"__1 _201\"/>7) \u2013 M&amp;<span class=\"__1 _201\"/>G Glo<span class=\"__1 _201\"/>bal<span class=\"__1 _201\"/> Convertibles F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls3d_1 ws3f_1\">74<span class=\"__1 _201\"/>%<span class=\"__1 _f4_1\"> </span></span><span class=\"ls6_1\">10 Fenchurc<span class=\"__1 _201\"/>h A<span class=\"__1 _200\"/>venu<span class=\"__1 _201\"/>e, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _465\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts (A<span class=\"__1 _201\"/>meri<span class=\"__1 _201\"/>cas) Inc.<span class=\"__1 _bc_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>25<span class=\"__1 _200\"/>1 Littl<span class=\"__1 _201\"/>e Falls Dri<span class=\"__1 _201\"/>ve, Wilm<span class=\"__1 _201\"/>ington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts (Aus<span class=\"__1 _201\"/>tralia) P<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Ltd<span class=\"__1 _379\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Leve<span class=\"__1 _201\"/>l 6, 60 M<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tin Plac<span class=\"__1 _201\"/>e, Sydney N<span class=\"__1 _201\"/>SW 200<span class=\"__1 _201\"/>0, Austra<span class=\"__1 _201\"/>lia<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts (H<span class=\"__1 _201\"/>ong Kong) L<span class=\"__1 _201\"/>imited<span class=\"__1 _a5_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">6th Floor<span class=\"__1 _f_1\"/>, Alexander House,<span class=\"__1 _200\"/> 18 C<span class=\"__1 _200\"/>hat<span class=\"__1 _200\"/>er Road, Cent<span class=\"__1 _200\"/>ral, </span></span></span>Hong Kong<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts (Singa<span class=\"__1 _201\"/>pore) Pte. Ltd.<span class=\"__1 _ab_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>138 M<span class=\"__1 _201\"/>arket Street<span class=\"__1 _201\"/>, Capi<span class=\"__1 _201\"/>taGre<span class=\"__1 _201\"/>en #3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>-01, 0<span class=\"__1 _201\"/>48<span class=\"__1 _201\"/>94<span class=\"__1 _201\"/>6,<span class=\"__1 _201\"/> Singapore<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts (U<span class=\"__1 _201\"/>SA) Inc<span class=\"__1 _297\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>2<span class=\"__1 _201\"/>5<span class=\"__1 _200\"/>1 Lit<span class=\"__1 _201\"/>tle Falls Dr<span class=\"__1 _201\"/>ive, Wil<span class=\"__1 _201\"/>mington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts Jap<span class=\"__1 _201\"/>an Co.<span class=\"__1 _201\"/>, Ltd.<span class=\"__1 _bc_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">3-<span class=\"__1 _200\"/>1, T<span class=\"__1 _337\"/>oranomon 4-<span class=\"__1 _201\"/>chome, Mina<span class=\"__1 _200\"/>to-ku, T<span class=\"__1 _337\"/>ok<span class=\"__1 _201\"/>yo,<span class=\"__1 _200\"/> Japan<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg S.<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>.<span class=\"__1 _2c4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>16, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>M&amp;G Management<span class=\"__1 _200\"/> Ser<span class=\"__1 _201\"/>vices Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _a6_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G Nomin<span class=\"__1 _201\"/>ees Limited<span class=\"__1 _2da\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G P<span class=\"__1 _201\"/>FI 2018 GP LL<span class=\"__1 _201\"/>P<span class=\"__1 _1a6_1\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G P<span class=\"__1 _201\"/>FI 2018 GP<span class=\"__1 _201\"/>1 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2e4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G P<span class=\"__1 _201\"/>FI 2018 GP<span class=\"__1 _201\"/>2 Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _2cb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>302<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>M&amp;G P<span class=\"__1 _201\"/>FI Car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y Par<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ship 2016 L<span class=\"__1 _201\"/>P<span class=\"__1 _2c2\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls45_1 ws49_1\">25%<span class=\"__1 _f7_1\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G P<span class=\"__1 _201\"/>FI Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rship 2018 L<span class=\"__1 _201\"/>P<span class=\"__1 _17b_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G Pl<span class=\"__1 _201\"/>atfo<span class=\"__1 _201\"/>rm Nom<span class=\"__1 _201\"/>inee<span class=\"__1 _201\"/>s Limite<span class=\"__1 _201\"/>d<span class=\"__1 _415\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G Pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>folio<span class=\"__1 _2d1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls40_1 ws44_1\">88%<span class=\"__1 _e_1\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>E Esp<span class=\"__1 _201\"/>ana, 2<span class=\"__1 _201\"/>016, S.<span class=\"__1 _201\"/>L<span class=\"__1 _201\"/>.<span class=\"__1 _12c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Ca<span class=\"__1 _201\"/>lle For<span class=\"__1 _201\"/>tuny, 6 \u2013 4 A, 28<span class=\"__1 _201\"/>010, Madr<span class=\"__1 _201\"/>id, S<span class=\"__1 _201\"/>pain<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>E UKE<span class=\"__1 _201\"/>V (GP<span class=\"__1 _201\"/>1<span class=\"__1 _200\"/>) LLP<span class=\"__1 _331\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>E UKE<span class=\"__1 _201\"/>V 1 Li<span class=\"__1 _201\"/>mited<span class=\"__1 _295\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>E UKE<span class=\"__1 _201\"/>V 1-A LP<span class=\"__1 _2ba\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Asia H<span class=\"__1 _201\"/>oldi<span class=\"__1 _201\"/>ng Com<span class=\"__1 _201\"/>pany P<span class=\"__1 _201\"/>te. Ltd.<span class=\"__1 _2e3\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _2cc\"> </span></span></span>138 M<span class=\"__1 _201\"/>arket Street<span class=\"__1 _201\"/>, Capit<span class=\"__1 _201\"/>aGre<span class=\"__1 _201\"/>en #3<span class=\"__1 _201\"/>5-<span class=\"__1 _201\"/>01, 0<span class=\"__1 _201\"/>48<span class=\"__1 _201\"/>94<span class=\"__1 _201\"/>6,<span class=\"__1 _201\"/> Singapore<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Asia P<span class=\"__1 _201\"/>TE<span class=\"__1 _201\"/>. Ltd.<span class=\"__1 _3c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _226\"> </span></span></span>13<span class=\"__1 _201\"/>8 Mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>et Stree<span class=\"__1 _201\"/>t, Cap<span class=\"__1 _201\"/>itaG<span class=\"__1 _201\"/>reen #<span class=\"__1 _201\"/>35<span class=\"__1 _201\"/>-01, 0<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>894<span class=\"__1 _201\"/>6,<span class=\"__1 _201\"/> Singapore<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate France SA<span class=\"__1 _201\"/>S<span class=\"__1 _404\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>8 Avenu<span class=\"__1 _201\"/>e Hoch<span class=\"__1 _201\"/>e, 750<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, Paris<span class=\"__1 _201\"/>, France<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Funds Man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent S<span class=\"__1 _201\"/>.\u00e0 r<span class=\"__1 _200\"/>.l.<span class=\"__1 _14d_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>16, Bo<span class=\"__1 _201\"/>uleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Japa<span class=\"__1 _201\"/>n Co., Ltd<span class=\"__1 _201\"/>.<span class=\"__1 _2e5\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>9/F Sh<span class=\"__1 _201\"/>iroyama T<span class=\"__1 _200\"/>rust T<span class=\"__1 _200\"/>ower<span class=\"__1 _200\"/>, 4-3<span class=\"__1 _201\"/>-<span class=\"__1 _200\"/>1 T<span class=\"__1 _f_1\"/>oran<span class=\"__1 _201\"/>omo<span class=\"__1 _201\"/>n, Min<span class=\"__1 _201\"/>ato-<span class=\"__1 _32b\"> </span>ku, T<span class=\"__1 _f_1\"/>o<span class=\"__1 _201\"/>kyo 10<span class=\"__1 _201\"/>5-<span class=\"__1 _201\"/>60<span class=\"__1 _201\"/>09, Jap<span class=\"__1 _201\"/>an<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Korea Co.<span class=\"__1 _201\"/>, Ltd.<span class=\"__1 _ae_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _2cc\"> </span></span></span>Jo<span class=\"__1 _201\"/>ngno 1-<span class=\"__1 _201\"/>ga<span class=\"__1 _201\"/>, K<span class=\"__1 _f_1\"/>yo<span class=\"__1 _201\"/>bo Bui<span class=\"__1 _201\"/>lding<span class=\"__1 _201\"/>, Seo<span class=\"__1 _201\"/>ul, Korea<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Limite<span class=\"__1 _201\"/>d<span class=\"__1 _331\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate UK Enha<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/>d V<span class=\"__1 _200\"/>alue LP<span class=\"__1 _8d_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate UKE<span class=\"__1 _201\"/>V (GP) LLP<span class=\"__1 _2e5\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED II Emp<span class=\"__1 _201\"/>loyee Fe<span class=\"__1 _201\"/>eder G<span class=\"__1 _201\"/>P Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _232\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Edi<span class=\"__1 _201\"/>nburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED II GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _2c4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>D<span class=\"__1 _201\"/>e Cata<span class=\"__1 _201\"/>pan Ho<span class=\"__1 _201\"/>use, G<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>e Road<span class=\"__1 _201\"/>, St Peter Por<span class=\"__1 _201\"/>t, GY1 2QG<span class=\"__1 _201\"/>, Gu<span class=\"__1 _201\"/>erns<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED II SL<span class=\"__1 _201\"/>P GP Li<span class=\"__1 _201\"/>mited<span class=\"__1 _17a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED II SL<span class=\"__1 _201\"/>P LP<span class=\"__1 _27f\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">28%<span class=\"__1 _226\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED III Em<span class=\"__1 _201\"/>ployee Fe<span class=\"__1 _201\"/>ede<span class=\"__1 _201\"/>r GP Li<span class=\"__1 _201\"/>mited<span class=\"__1 _226\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED III G<span class=\"__1 _201\"/>P Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _2d1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>D<span class=\"__1 _201\"/>e Catap<span class=\"__1 _201\"/>an Hous<span class=\"__1 _201\"/>e, Gr<span class=\"__1 _201\"/>ange Ro<span class=\"__1 _201\"/>ad, St Pete<span class=\"__1 _201\"/>r Por<span class=\"__1 _201\"/>t, GY1 2QG<span class=\"__1 _201\"/>, Gu<span class=\"__1 _201\"/>erns<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED III S<span class=\"__1 _201\"/>LP GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _de_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Edi<span class=\"__1 _201\"/>nburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED III S<span class=\"__1 _201\"/>LP LP<span class=\"__1 _2d0\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>5%<span class=\"__1 _f7_1\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>PF GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _393\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>PF No<span class=\"__1 _201\"/>minee 1 L<span class=\"__1 _201\"/>imited<span class=\"__1 _2e6\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>PF No<span class=\"__1 _201\"/>minee 2 L<span class=\"__1 _201\"/>imited<span class=\"__1 _be_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G Se<span class=\"__1 _201\"/>curities Limited<span class=\"__1 _2d1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G S<span class=\"__1 _201\"/>FF (CIP GP) S\u00e1<span class=\"__1 _201\"/>rl<span class=\"__1 _2c4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">Heienhaff 5, 1<span class=\"__1 _200\"/>736 Senningerberg, Luxem<span class=\"__1 _200\"/>bourg<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G S<span class=\"__1 _201\"/>FF (GP) S\u00e1rl<span class=\"__1 _5b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">Heienhaff 5, 1<span class=\"__1 _200\"/>736 Senningerberg, Luxem<span class=\"__1 _200\"/>bourg<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G S<span class=\"__1 _201\"/>hared O<span class=\"__1 _201\"/>wne<span class=\"__1 _201\"/>rship G<span class=\"__1 _201\"/>P Limite<span class=\"__1 _201\"/>d<span class=\"__1 _472\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G S<span class=\"__1 _201\"/>hared O<span class=\"__1 _201\"/>wne<span class=\"__1 _201\"/>rship L<span class=\"__1 _201\"/>P<span class=\"__1 _2e7\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">4<span class=\"__1 _201\"/>6%<span class=\"__1 _e_1\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G S<span class=\"__1 _201\"/>IF Man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent Co<span class=\"__1 _201\"/>mpany (Ire<span class=\"__1 _201\"/>land<span class=\"__1 _201\"/>) Limite<span class=\"__1 _201\"/>d<span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">5 Ge<span class=\"__1 _201\"/>orge\u2019s Doc<span class=\"__1 _201\"/>k, IFS<span class=\"__1 _201\"/>C, Du<span class=\"__1 _201\"/>blin 1, Ire<span class=\"__1 _201\"/>land<span class=\"__1 _32b\"> </span></span>M&amp;G S<span class=\"__1 _201\"/>peci<span class=\"__1 _201\"/>alt<span class=\"__1 _201\"/>y Finan<span class=\"__1 _201\"/>ce Fund 2 GB<span class=\"__1 _201\"/>P SCS<span class=\"__1 _201\"/>p<span class=\"__1 _228\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">80%<span class=\"__1 _345\"> </span><span class=\"lsd_1 wse_1\">5, Heienhaff<span class=\"__1 _200\"/>, L<span class=\"__1 _337\"/>-<span class=\"__1 _200\"/>1736, Senningerberg,<span class=\"__1 _200\"/> Luxembourg<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G S<span class=\"__1 _201\"/>ustain<span class=\"__1 _201\"/>able L<span class=\"__1 _201\"/>oan Fund Li<span class=\"__1 _201\"/>mited<span class=\"__1 _374\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">8<span class=\"__1 _201\"/>8%<span class=\"__1 _345\"> </span></span></span>5 G<span class=\"__1 _201\"/>eorg<span class=\"__1 _201\"/>e\u2019<span class=\"__1 _200\"/>s Do<span class=\"__1 _201\"/>ck, IF<span class=\"__1 _201\"/>SC, Du<span class=\"__1 _201\"/>blin 1, Ire<span class=\"__1 _201\"/>land<span class=\"__1 _32b\"> </span>M&amp;G T<span class=\"__1 _200\"/>ruste<span class=\"__1 _201\"/>e Com<span class=\"__1 _201\"/>pany Limi<span class=\"__1 _201\"/>ted (forme<span class=\"__1 _201\"/>rly kn<span class=\"__1 _201\"/>own<span class=\"__1 _201\"/> as Prudential T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>tee Company Limit<span class=\"__1 _200\"/>ed)<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls14_1 ws13_1\">303<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>M&amp;G U<span class=\"__1 _201\"/>K Comp<span class=\"__1 _201\"/>anie<span class=\"__1 _201\"/>s Finan<span class=\"__1 _201\"/>cing Fund II L<span class=\"__1 _201\"/>P<span class=\"__1 _232\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">4<span class=\"__1 _201\"/>8%<span class=\"__1 _345\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>K Mor<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ge Inco<span class=\"__1 _201\"/>me Fund<span class=\"__1 _261\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _226\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>K Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty Fund<span class=\"__1 _233\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls40_1 ws44_1\">9<span class=\"__1 _201\"/>8%<span class=\"__1 _e_1\"> </span></span></span>16, Bo<span class=\"__1 _201\"/>ulevard R<span class=\"__1 _201\"/>oyal, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>K Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty G<span class=\"__1 _201\"/>P Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2e8\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>K Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty N<span class=\"__1 _201\"/>omine<span class=\"__1 _201\"/>e 1 Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _1eb_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>K Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty N<span class=\"__1 _201\"/>omine<span class=\"__1 _201\"/>e 2 Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _471\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>K Resi<span class=\"__1 _201\"/>dential P<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y Fund<span class=\"__1 _466\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"lsc_1 wsa_1\">26%<span class=\"__1 _226\"> </span></span></span>3<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>-38<span class=\"__1 _201\"/>, avenue d<span class=\"__1 _201\"/>e la Lib<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t\u00e9, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _200\"/>1931, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>K Share<span class=\"__1 _201\"/>d Own<span class=\"__1 _201\"/>ersh<span class=\"__1 _201\"/>ip Limite<span class=\"__1 _201\"/>d<span class=\"__1 _472\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>KE<span class=\"__1 _201\"/>V (SLP) Gen<span class=\"__1 _201\"/>eral P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner L<span class=\"__1 _201\"/>LP<span class=\"__1 _376\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>KE<span class=\"__1 _201\"/>V (SLP) LP<span class=\"__1 _475\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G Wealth Ad<span class=\"__1 _201\"/>vice L<span class=\"__1 _201\"/>imited<span class=\"__1 _de_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G Wealth I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents LL<span class=\"__1 _201\"/>P (<span class=\"__1 _200\"/>for<span class=\"__1 _201\"/>merl<span class=\"__1 _201\"/>y know<span class=\"__1 _201\"/>n as TCF Fund Mana<span class=\"__1 _201\"/>gers L<span class=\"__1 _201\"/>LP)<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span>M&amp;G Wealth S<span class=\"__1 _201\"/>oluti<span class=\"__1 _201\"/>ons Lim<span class=\"__1 _201\"/>ited (forme<span class=\"__1 _201\"/>rly kn<span class=\"__1 _201\"/>own<span class=\"__1 _201\"/> as M&amp;G Wealth I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents L<span class=\"__1 _201\"/>imited)<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Manche<span class=\"__1 _201\"/>ster JV Limited<span class=\"__1 _2db\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span></span><span class=\"ws18_1\">50%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span>Manche<span class=\"__1 _201\"/>ster Nomine<span class=\"__1 _201\"/>e (<span class=\"__1 _f_1\"/>1) Limited<span class=\"__1 _2b7\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment M<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ers (P<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y) Ltd<span class=\"__1 _ab_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Prote<span class=\"__1 _201\"/>a Place<span class=\"__1 _201\"/>, 40 Dreye<span class=\"__1 _201\"/>r Street, Cl<span class=\"__1 _201\"/>aremo<span class=\"__1 _201\"/>nt, 7<span class=\"__1 _201\"/>708<span class=\"__1 _201\"/>, South Africa<span class=\"__1 _32b\"> </span>Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s (Nami<span class=\"__1 _201\"/>bia) (Pt<span class=\"__1 _201\"/>y) Ltd<span class=\"__1 _13d_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>Unit 3, 2n<span class=\"__1 _201\"/>d Flo<span class=\"__1 _201\"/>or<span class=\"__1 _f_1\"/>, Au<span class=\"__1 _201\"/>sspa<span class=\"__1 _201\"/>nn Plaza<span class=\"__1 _201\"/>, Dr Agos<span class=\"__1 _201\"/>tinho N<span class=\"__1 _201\"/>eto Road<span class=\"__1 _201\"/>, Pri<span class=\"__1 _201\"/>vate Bag 12012, Aus<span class=\"__1 _201\"/>spa<span class=\"__1 _201\"/>nnplat<span class=\"__1 _201\"/>z, Win<span class=\"__1 _201\"/>dho<span class=\"__1 _201\"/>ek,<span class=\"__1 _201\"/> Namibia<span class=\"__1 _32b\"> </span>Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s Life S<span class=\"__1 _201\"/>outh Afr<span class=\"__1 _201\"/>ica (R<span class=\"__1 _201\"/>F) L<span class=\"__1 _201\"/>td<span class=\"__1 _213\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Protea Pl<span class=\"__1 _201\"/>ace, 4<span class=\"__1 _201\"/>0 Dreyer Stre<span class=\"__1 _201\"/>et, Cla<span class=\"__1 _201\"/>remont<span class=\"__1 _201\"/>, 7<span class=\"__1 _201\"/>708,<span class=\"__1 _201\"/> South Africa<span class=\"__1 _32b\"> </span>Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s Sou<span class=\"__1 _201\"/>thern Af<span class=\"__1 _201\"/>ric<span class=\"__1 _201\"/>a (Pt<span class=\"__1 _201\"/>y) Ltd<span class=\"__1 _249\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>P<span class=\"__1 _201\"/>rotea Place<span class=\"__1 _201\"/>, 40 Dreye<span class=\"__1 _201\"/>r Street<span class=\"__1 _201\"/>, Claremo<span class=\"__1 _201\"/>nt, 7<span class=\"__1 _201\"/>708<span class=\"__1 _201\"/>, South Africa<span class=\"__1 _32b\"> </span>Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s Unit T<span class=\"__1 _200\"/>rust<span class=\"__1 _201\"/>s (Nami<span class=\"__1 _201\"/>bia) Ltd<span class=\"__1 _4c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>U<span class=\"__1 _201\"/>nit 3<span class=\"__1 _201\"/>, 2nd Flo<span class=\"__1 _201\"/>or<span class=\"__1 _200\"/>, Aussp<span class=\"__1 _201\"/>ann Plaza<span class=\"__1 _201\"/>, Dr Agos<span class=\"__1 _201\"/>tinh<span class=\"__1 _201\"/>o Neto Road<span class=\"__1 _201\"/>, Pri<span class=\"__1 _201\"/>vate Bag 12012, Aus<span class=\"__1 _201\"/>spa<span class=\"__1 _201\"/>nnplat<span class=\"__1 _201\"/>z, Win<span class=\"__1 _201\"/>dho<span class=\"__1 _201\"/>ek,<span class=\"__1 _201\"/> Namibia<span class=\"__1 _32b\"> </span>Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s Unit T<span class=\"__1 _200\"/>rust<span class=\"__1 _201\"/>s Sout<span class=\"__1 _201\"/>h Afric<span class=\"__1 _201\"/>a (RF<span class=\"__1 _201\"/>)<span class=\"__1 _201\"/> Ltd<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">P<span class=\"__1 _201\"/>rotea Plac<span class=\"__1 _201\"/>e, 40 D<span class=\"__1 _201\"/>reyer Street<span class=\"__1 _201\"/>, Clarem<span class=\"__1 _201\"/>ont, 7<span class=\"__1 _201\"/>708<span class=\"__1 _201\"/>, </span></span>South Africa<span class=\"__1 _32b\"> </span>Mins<span class=\"__1 _201\"/>ter Cou<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t Est<span class=\"__1 _201\"/>ate Manage<span class=\"__1 _201\"/>ment L<span class=\"__1 _201\"/>imited<span class=\"__1 _237\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">56%<span class=\"__1 _226\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Mol<span class=\"__1 _201\"/>e GP<span class=\"__1 _201\"/>1 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _ba_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Mol<span class=\"__1 _201\"/>e GP<span class=\"__1 _201\"/>2 Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _2e9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>NAP<span class=\"__1 _201\"/>I REIT<span class=\"__1 _200\"/>, Inc<span class=\"__1 _2c1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span></span>30<span class=\"__1 _201\"/>0 E Lomb<span class=\"__1 _201\"/>ard Street<span class=\"__1 _201\"/>, Baltim<span class=\"__1 _201\"/>ore, MD 2<span class=\"__1 _201\"/>1202, US<span class=\"__1 _201\"/>A<span class=\"__1 _32b\"> </span>NB G<span class=\"__1 _201\"/>emini Fund L<span class=\"__1 _201\"/>P<span class=\"__1 _9b_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span></span>Mapl<span class=\"__1 _201\"/>es Co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>rate Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices L<span class=\"__1 _201\"/>imited<span class=\"__1 _201\"/>, Uglan<span class=\"__1 _201\"/>d Hous<span class=\"__1 _201\"/>e, <span class=\"ls5_1\"> </span>P<span class=\"__1 _337\"/>.O. B<span class=\"__1 _201\"/>ox 309, G<span class=\"__1 _201\"/>rand C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/>, K<span class=\"__1 _201\"/>Y1-<span class=\"__1 _f_1\"/>1104, C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>Islands<span class=\"__1 _32b\"> </span>Oak<span class=\"__1 _201\"/>tree Bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s Par<span class=\"__1 _201\"/>k Limite<span class=\"__1 _201\"/>d<span class=\"__1 _bf_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls52_1 ws5a_1\">14%<span class=\"__1 _f4_1\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Old K<span class=\"__1 _201\"/>ings<span class=\"__1 _201\"/>way LP<span class=\"__1 _387\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>2<span class=\"__1 _201\"/>71<span class=\"__1 _200\"/>1 Cen<span class=\"__1 _201\"/>ter<span class=\"__1 _201\"/>vill<span class=\"__1 _201\"/>e Road<span class=\"__1 _201\"/>, Suite 40<span class=\"__1 _201\"/>0, Wilmi<span class=\"__1 _201\"/>ngton, D<span class=\"__1 _201\"/>E 19808, US<span class=\"__1 _200\"/>A<span class=\"__1 _32b\"> </span>Optimus Point Manag<span class=\"__1 _201\"/>ement Compa<span class=\"__1 _201\"/>ny Limited<span class=\"__1 _b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span>52%<span class=\"__1 _f7_1\"> </span><span class=\"ls6_1 ws1_1\">Barr<span class=\"__1 _201\"/>at Hous<span class=\"__1 _201\"/>e, Ca<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>wr<span class=\"__1 _201\"/>ight Way<span class=\"__1 _f_1\"/>, B<span class=\"__1 _201\"/>ardon H<span class=\"__1 _201\"/>ill, Co<span class=\"__1 _201\"/>alvi<span class=\"__1 _201\"/>lle,<span class=\"__1 _201\"/> </span></span>LE67 1U<span class=\"__1 _201\"/>F<span class=\"__1 _f_1\"/>, UK<span class=\"__1 _32b\"> </span>Pacu<span class=\"__1 _201\"/>s (UK<span class=\"__1 _201\"/>) Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _489\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>P<span class=\"__1 _200\"/>AP T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>ustee P<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _295\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Level 17 T<span class=\"__1 _200\"/>ower One<span class=\"__1 _201\"/>, Intern<span class=\"__1 _201\"/>ational T<span class=\"__1 _200\"/>owers<span class=\"__1 _201\"/>, Bara<span class=\"__1 _201\"/>ngaro<span class=\"__1 _201\"/>o, Sydney, NSW 200<span class=\"__1 _201\"/>0, Austra<span class=\"__1 _201\"/>lia<span class=\"__1 _32b\"> </span>Pes<span class=\"__1 _201\"/>ca GP L<span class=\"__1 _201\"/>LP<span class=\"__1 _2ea\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span>PG<span class=\"__1 _201\"/>DS (UK O<span class=\"__1 _201\"/>ne) Limited<span class=\"__1 _2c6\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>PG<span class=\"__1 _201\"/>F Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt Com<span class=\"__1 _201\"/>pany (Ire<span class=\"__1 _201\"/>land) L<span class=\"__1 _201\"/>imited (i<span class=\"__1 _201\"/>n liquidation<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">5 Ge<span class=\"__1 _201\"/>orge\u2019s Dock<span class=\"__1 _201\"/>, Dub<span class=\"__1 _201\"/>lin 1, D01 X8N<span class=\"__1 _201\"/>7<span class=\"__1 _f_1\"/>, Ire<span class=\"__1 _201\"/>land<span class=\"__1 _32b\"> </span></span></span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>304<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>PPM Am<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ca Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y Fund II<span class=\"__1 _201\"/>I LP<span class=\"__1 _1c1_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span>87<span class=\"__1 _200\"/>4 W<span class=\"__1 _200\"/>alker Roa<span class=\"__1 _201\"/>d, Suite C<span class=\"__1 _201\"/>, City of D<span class=\"__1 _201\"/>over<span class=\"__1 _200\"/>, Count<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> Kent, State of D<span class=\"__1 _201\"/>elaware 19<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4, Un<span class=\"__1 _201\"/>ited States<span class=\"__1 _32b\"> </span>PPM Am<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ca Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y Fund IV L<span class=\"__1 _201\"/>P<span class=\"__1 _13d_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>87<span class=\"__1 _200\"/>4 Walker Road, S<span class=\"__1 _201\"/>uite C, Cit<span class=\"__1 _201\"/>y of Dove<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, C<span class=\"__1 _201\"/>ount<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> Kent, State of D<span class=\"__1 _201\"/>elaware 19<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4, Un<span class=\"__1 _201\"/>ited States<span class=\"__1 _32b\"> </span>PPM Am<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ca Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y Fund V LP<span class=\"__1 _a3_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span>87<span class=\"__1 _200\"/>4 W<span class=\"__1 _200\"/>alker Road<span class=\"__1 _201\"/>, Suite C, Ci<span class=\"__1 _201\"/>ty of D<span class=\"__1 _201\"/>over<span class=\"__1 _200\"/>, Count<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> Kent, State of D<span class=\"__1 _201\"/>elaware 19<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4, Un<span class=\"__1 _201\"/>ited States<span class=\"__1 _32b\"> </span>PPM Am<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ca Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y Fund VI L<span class=\"__1 _201\"/>P<span class=\"__1 _13d_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">40%<span class=\"__1 _345\"> </span></span></span>87<span class=\"__1 _200\"/>4 W<span class=\"__1 _200\"/>alker Roa<span class=\"__1 _201\"/>d, Suite C<span class=\"__1 _201\"/>, City o<span class=\"__1 _201\"/>f Dover<span class=\"__1 _200\"/>, Coun<span class=\"__1 _201\"/>ty of<span class=\"__1 _201\"/> Kent, State of D<span class=\"__1 _201\"/>elaware 19<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4, Un<span class=\"__1 _201\"/>ited States<span class=\"__1 _32b\"> </span>PPM Am<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ca Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y Fund VI<span class=\"__1 _201\"/>I LP<span class=\"__1 _311\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">4<span class=\"__1 _201\"/>6%<span class=\"__1 _e_1\"> </span></span></span>87<span class=\"__1 _200\"/>4 W<span class=\"__1 _200\"/>alker Road<span class=\"__1 _201\"/>, Suite C, Ci<span class=\"__1 _201\"/>ty of D<span class=\"__1 _201\"/>over<span class=\"__1 _200\"/>, Count<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> Kent, State of D<span class=\"__1 _201\"/>elaware 19<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4, Un<span class=\"__1 _201\"/>ited States<span class=\"__1 _32b\"> </span>PPM Capital (H<span class=\"__1 _201\"/>oldings) Limited<span class=\"__1 _343\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>PPM M<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>rs GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _2e4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>PPM M<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>rs Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rshi<span class=\"__1 _201\"/>p CI VII (A<span class=\"__1 _201\"/>) LP<span class=\"__1 _311\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls45_1 ws49_1\">25%<span class=\"__1 _f7_1\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>PPM Ventures (A<span class=\"__1 _201\"/>sia) Limite<span class=\"__1 _201\"/>d (In liq<span class=\"__1 _201\"/>uidatio<span class=\"__1 _201\"/>n)<span class=\"__1 _6b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>13/F<span class=\"__1 _f_1\"/>, On<span class=\"__1 _201\"/>e Intern<span class=\"__1 _201\"/>ational F<span class=\"__1 _201\"/>inanc<span class=\"__1 _201\"/>e Centre<span class=\"__1 _201\"/>, 1 Harb<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/> View Stre<span class=\"__1 _201\"/>et, C<span class=\"__1 _201\"/>entral<span class=\"__1 _201\"/>, Hong Ko<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span>PPMC Firs<span class=\"__1 _201\"/>t Nominee<span class=\"__1 _201\"/>s Limited<span class=\"__1 _a2_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>s (T<span class=\"__1 _200\"/>wo Rive<span class=\"__1 _201\"/>rs<span class=\"__1 _200\"/>) Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _1c1_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>B<span class=\"__1 _201\"/>ow Bells H<span class=\"__1 _201\"/>ous<span class=\"__1 _201\"/>e, 1 Bread Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC4<span class=\"__1 _201\"/>M 9H<span class=\"__1 _201\"/>H,<span class=\"__1 _201\"/> UK<span class=\"__1 _32b\"> </span>Pru Limited<span class=\"__1 _2b3\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prudence Limited<span class=\"__1 _2e9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Capit<span class=\"__1 _201\"/>al (Singap<span class=\"__1 _201\"/>ore<span class=\"__1 _200\"/>) P<span class=\"__1 _201\"/>te. Ltd. (in<span class=\"__1 _201\"/> liquidation<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 M<span class=\"__1 _201\"/>arina B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard, #<span class=\"__1 _201\"/>32-01, M<span class=\"__1 _201\"/>arina B<span class=\"__1 _201\"/>ay Financ<span class=\"__1 _201\"/>ial </span></span>Cent<span class=\"__1 _201\"/>re, 01898<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>, Singa<span class=\"__1 _201\"/>pore<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _200\"/> Corporate<span class=\"__1 _200\"/> Pensions T<span class=\"__1 _337\"/>rustee Limited<span class=\"__1 _5f_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Credit O<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>tun<span class=\"__1 _201\"/>ities 1 S<span class=\"__1 _201\"/>.a<span class=\"__1 _201\"/>.r<span class=\"__1 _200\"/>.l.<span class=\"__1 _333\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>1, R<span class=\"__1 _201\"/>ue Hild<span class=\"__1 _201\"/>egard vo<span class=\"__1 _201\"/>n Bing<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-1<span class=\"__1 _200\"/>282<span class=\"__1 _201\"/>, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Credit O<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>tun<span class=\"__1 _201\"/>ities 2 S<span class=\"__1 _201\"/>.a<span class=\"__1 _201\"/>.r<span class=\"__1 _200\"/>.l<span class=\"__1 _13d_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>1, R<span class=\"__1 _201\"/>ue Hild<span class=\"__1 _201\"/>egard vo<span class=\"__1 _201\"/>n Binge<span class=\"__1 _201\"/>n, L<span class=\"__1 _f_1\"/>-1<span class=\"__1 _200\"/>282<span class=\"__1 _201\"/>, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Credit O<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>tun<span class=\"__1 _201\"/>ities G<span class=\"__1 _201\"/>P S.<span class=\"__1 _201\"/>a.r.l<span class=\"__1 _271\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>1, Rue Hil<span class=\"__1 _201\"/>dega<span class=\"__1 _201\"/>rd von Bing<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-1<span class=\"__1 _200\"/>282<span class=\"__1 _201\"/>, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Credit O<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>tun<span class=\"__1 _201\"/>ities S<span class=\"__1 _201\"/>CSp<span class=\"__1 _9d_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>1, Rue H<span class=\"__1 _201\"/>ilde<span class=\"__1 _201\"/>gard von B<span class=\"__1 _201\"/>ingen<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _200\"/>1282, L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>Prude<span class=\"__1 _201\"/>ntial Distribution L<span class=\"__1 _201\"/>imited<span class=\"__1 _1a7_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">5 C<span class=\"__1 _201\"/>entra<span class=\"__1 _201\"/>l W<span class=\"__1 _200\"/>ay<span class=\"__1 _200\"/>, Kild<span class=\"__1 _201\"/>ean Bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s Park<span class=\"__1 _201\"/>, Stirl<span class=\"__1 _201\"/>ing, FK8<span class=\"__1 _201\"/> </span></span></span>1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _200\"/> Equity Release<span class=\"__1 _200\"/> Mor<span class=\"__1 _201\"/>tg<span class=\"__1 _200\"/>ages Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _286\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prude<span class=\"__1 _201\"/>ntial Financial Planning Limited<span class=\"__1 _a4_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Prude<span class=\"__1 _201\"/>ntial GP Limited<span class=\"__1 _389\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">5 Central Way<span class=\"__1 _200\"/>, Kil<span class=\"__1 _201\"/>dean Bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s Par<span class=\"__1 _201\"/>k, Stir<span class=\"__1 _201\"/>ling, F<span class=\"__1 _201\"/>K8 </span></span></span>1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _200\"/> Greenfield GP LLP<span class=\"__1 _404\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Greenfield GP1 Limited<span class=\"__1 _1ac_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Greenfield GP2 Limited<span class=\"__1 _262\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Greenfield LP<span class=\"__1 _2c8\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prude<span class=\"__1 _201\"/>ntial Holborn Life L<span class=\"__1 _201\"/>imited<span class=\"__1 _3c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Interna<span class=\"__1 _200\"/>tional<span class=\"__1 _200\"/> Assurance plc<span class=\"__1 _1ce_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">M<span class=\"__1 _201\"/>ontagu<span class=\"__1 _201\"/>e Hous<span class=\"__1 _201\"/>e, Adel<span class=\"__1 _201\"/>aide Ro<span class=\"__1 _201\"/>ad, D<span class=\"__1 _201\"/>ublin 2<span class=\"__1 _201\"/>, D02 K039<span class=\"__1 _201\"/>, </span></span></span>Irela<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _200\"/> Interna<span class=\"__1 _200\"/>tional<span class=\"__1 _200\"/> Management Services<span class=\"__1 _201\"/> Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">M<span class=\"__1 _201\"/>onta<span class=\"__1 _201\"/>gue Ho<span class=\"__1 _201\"/>use, Ade<span class=\"__1 _201\"/>laide R<span class=\"__1 _201\"/>oad, D<span class=\"__1 _201\"/>ublin 2<span class=\"__1 _201\"/>, D0<span class=\"__1 _201\"/>2 K<span class=\"__1 _200\"/>039<span class=\"__1 _201\"/>, </span></span>Irela<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _200\"/> Investmen<span class=\"__1 _200\"/>t (Lux<span class=\"__1 _200\"/>embourg)<span class=\"__1 _200\"/> 2 S.\u00e0.r<span class=\"__1 _200\"/>.l.<span class=\"__1 _248\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">16<span class=\"__1 _201\"/>, Boulev<span class=\"__1 _201\"/>ard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _337\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span></span></span>Prude<span class=\"__1 _201\"/>ntial Lifetime Mor<span class=\"__1 _201\"/>tgages Limited<span class=\"__1 _470\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">5 C<span class=\"__1 _201\"/>entra<span class=\"__1 _201\"/>l W<span class=\"__1 _200\"/>ay<span class=\"__1 _200\"/>, Kild<span class=\"__1 _201\"/>ean Bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s Park<span class=\"__1 _201\"/>, Stirl<span class=\"__1 _201\"/>ing, FK8<span class=\"__1 _201\"/> </span></span></span>1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _200\"/> Loan Inv<span class=\"__1 _200\"/>estments 1<span class=\"__1 _200\"/> S.a.r<span class=\"__1 _200\"/>.l<span class=\"__1 _26e\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">1, Ru<span class=\"__1 _201\"/>e Hilde<span class=\"__1 _201\"/>gard von B<span class=\"__1 _201\"/>ingen<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _200\"/>1282<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Loan Inv<span class=\"__1 _200\"/>estments GP S.a.r<span class=\"__1 _f_1\"/>.l<span class=\"__1 _376\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">1, Rue Hil<span class=\"__1 _201\"/>dega<span class=\"__1 _201\"/>rd von Bing<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-1<span class=\"__1 _200\"/>282<span class=\"__1 _201\"/>, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Loan Inv<span class=\"__1 _200\"/>estments SCSp<span class=\"__1 _426\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">1, R<span class=\"__1 _201\"/>ue Hil<span class=\"__1 _201\"/>dega<span class=\"__1 _201\"/>rd von Bing<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-1282, L<span class=\"__1 _201\"/>uxembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Pensions Li<span class=\"__1 _200\"/>mited<span class=\"__1 _de_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Polska s<span class=\"__1 _201\"/>p. z.o.o<span class=\"__1 _20f\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>02-6<span class=\"__1 _201\"/>70 Warszawa<span class=\"__1 _201\"/>, Pulaws<span class=\"__1 _201\"/>ka 182<span class=\"__1 _201\"/>, Polan<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2e_1 ws6c_1\">305<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>Prudential<span class=\"__1 _200\"/> Port<span class=\"__1 _201\"/>folio<span class=\"__1 _200\"/> Management Grou<span class=\"__1 _200\"/>p Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _437\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Propert<span class=\"__1 _201\"/>y In<span class=\"__1 _200\"/>vestment Man<span class=\"__1 _200\"/>agers Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Real E<span class=\"__1 _201\"/>state Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s 1 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _214\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Real E<span class=\"__1 _201\"/>state Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s 2 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _243\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Real E<span class=\"__1 _201\"/>state Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s 3 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _243\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Prude<span class=\"__1 _201\"/>ntial Staff Pensions Limited<span class=\"__1 _2df\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> UK Real Estat<span class=\"__1 _200\"/>e General Partner Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l UK Real E<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/>ate Limited P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners<span class=\"__1 _201\"/>hip<span class=\"__1 _213\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l UK Real E<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/>ate Nomin<span class=\"__1 _201\"/>ee 1 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _211\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l UK Real E<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/>ate Nomin<span class=\"__1 _201\"/>ee 2 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _282\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _200\"/> UK Ser<span class=\"__1 _201\"/>vices Limi<span class=\"__1 _200\"/>ted<span class=\"__1 _3c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">5 C<span class=\"__1 _201\"/>entral Way<span class=\"__1 _200\"/>, Kild<span class=\"__1 _201\"/>ean Bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s Par<span class=\"__1 _201\"/>k, Stirl<span class=\"__1 _201\"/>ing, FK<span class=\"__1 _201\"/>8 </span></span></span>1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span>Prude<span class=\"__1 _201\"/>ntial Unit T<span class=\"__1 _f_1\"/>rust<span class=\"__1 _201\"/>s Limited<span class=\"__1 _1fe\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Pr<span class=\"__1 _201\"/>utec<span class=\"__1 _201\"/> Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _20b\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenu<span class=\"__1 _201\"/>e, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>PVM Par<span class=\"__1 _201\"/>tnersh<span class=\"__1 _201\"/>ips Limited<span class=\"__1 _20a\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Rads G<span class=\"__1 _201\"/>amma L<span class=\"__1 _201\"/>imited<span class=\"__1 _26d\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Rads O<span class=\"__1 _201\"/>meg<span class=\"__1 _201\"/>a Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2eb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Rand<span class=\"__1 _201\"/>olph Stre<span class=\"__1 _201\"/>et LP<span class=\"__1 _2ec\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>2<span class=\"__1 _201\"/>71<span class=\"__1 _200\"/>1 Center<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ille Ro<span class=\"__1 _201\"/>ad, S<span class=\"__1 _201\"/>uite 400<span class=\"__1 _201\"/>, Wilmin<span class=\"__1 _201\"/>gton, D<span class=\"__1 _201\"/>E 19808, US<span class=\"__1 _200\"/>A<span class=\"__1 _32b\"> </span>RD Park (Hoddesdon Phase<span class=\"__1 _200\"/> 1<span class=\"__1 _200\"/>) Management Company Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls52_1 ws5a_1\">6<span class=\"__1 _201\"/>4%<span class=\"__1 _2cc\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Agric<span class=\"__1 _201\"/>ulture Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers SL<span class=\"__1 _201\"/>P<span class=\"__1 _2b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls12_1 ws11_1\">6<span class=\"__1 _201\"/>1%<span class=\"__1 _1d_1\"> </span></span></span>15, Bo<span class=\"__1 _201\"/>ulevard F<span class=\"__1 _200\"/>.<span class=\"__1 _f_1\"/>W. Raiffeis<span class=\"__1 _201\"/>en, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>24<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>1, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span>responsAbility Management<span class=\"__1 _200\"/> Company<span class=\"__1 _200\"/> S.<span class=\"__1 _201\"/>A. (in liquidation<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">80%<span class=\"__1 _345\"> </span><span class=\"ls6_1 ws1_1\">c/o KPMG<span class=\"__1 _201\"/>; 39, Avenue J<span class=\"__1 _201\"/>ohn F<span class=\"__1 _f_1\"/>. Kenn<span class=\"__1 _201\"/>edy, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _200\"/>1855<span class=\"__1 _201\"/>, </span></span>Luxembourg resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Foo<span class=\"__1 _201\"/>d \u2013 Asia I<span class=\"__1 _201\"/>I (GP), S.\u00e0 r<span class=\"__1 _f_1\"/>.l.<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">15<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard F<span class=\"__1 _f_1\"/>.W<span class=\"__1 _f_1\"/>. Rai<span class=\"__1 _201\"/>ffeis<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-241<span class=\"__1 _200\"/>1, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Foo<span class=\"__1 _201\"/>d \u2013 Lata<span class=\"__1 _201\"/>m I (<span class=\"__1 _200\"/>GP),<span class=\"__1 _201\"/> S.\u00e0 r<span class=\"__1 _f_1\"/>.l.<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">15<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard F<span class=\"__1 _f_1\"/>.W<span class=\"__1 _f_1\"/>. Rai<span class=\"__1 _201\"/>ffeis<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-241<span class=\"__1 _200\"/>1, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Afri<span class=\"__1 _201\"/>ca Ltd<span class=\"__1 _331\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">M<span class=\"__1 _201\"/>ercha<span class=\"__1 _201\"/>nt Squa<span class=\"__1 _201\"/>re, Blo<span class=\"__1 _201\"/>ck D, 5th Floo<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, R<span class=\"__1 _201\"/>ivers<span class=\"__1 _201\"/>ide Dr<span class=\"__1 _201\"/>ive,<span class=\"__1 _201\"/> </span>Westlan<span class=\"__1 _201\"/>ds, P<span class=\"__1 _f_1\"/>.O. 29<span class=\"__1 _201\"/>300<span class=\"__1 _201\"/>623 Na<span class=\"__1 _201\"/>irobi, Ke<span class=\"__1 _201\"/>nya<span class=\"__1 _32b\"> </span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Agric<span class=\"__1 _201\"/>ulture (GP) S\u00e0r<span class=\"__1 _201\"/>l<span class=\"__1 _18f_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">15, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard F<span class=\"__1 _f_1\"/>.<span class=\"__1 _200\"/>W<span class=\"__1 _200\"/>. Raiffei<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>, L<span class=\"__1 _337\"/>-241<span class=\"__1 _200\"/>1, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Ame<span class=\"__1 _201\"/>ric<span class=\"__1 _201\"/>a Latin<span class=\"__1 _201\"/>a SAC<span class=\"__1 _466\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">Av. 28 de Juli<span class=\"__1 _201\"/>o 753<span class=\"__1 _201\"/>, Mirafl<span class=\"__1 _201\"/>ores<span class=\"__1 _201\"/>, Provin<span class=\"__1 _201\"/>cia de L<span class=\"__1 _201\"/>ima,<span class=\"__1 _201\"/> </span>1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/> P<span class=\"__1 _250\"/>e<span class=\"__1 _250\"/>r<span class=\"__1 _201\"/>u<span class=\"__1 _32b\"> </span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y BOP S<span class=\"__1 _201\"/>\u00e0rl<span class=\"__1 _2ed\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span><span class=\"ws1_1\">5, Ru<span class=\"__1 _201\"/>e Jean M<span class=\"__1 _201\"/>onne<span class=\"__1 _201\"/>t, L<span class=\"__1 _f_1\"/>-2180, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y France S<span class=\"__1 _201\"/>AS<span class=\"__1 _2cb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">5 Rue du H<span class=\"__1 _201\"/>eld<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>, Paris<span class=\"__1 _201\"/>, D\u00e9p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tement d<span class=\"__1 _201\"/>e Pari<span class=\"__1 _201\"/>s, ID<span class=\"__1 _201\"/>F<span class=\"__1 _f_1\"/>,<span class=\"__1 _201\"/> </span>75009, F<span class=\"__1 _200\"/>rance<span class=\"__1 _32b\"> </span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Ge<span class=\"__1 _201\"/>orgia L<span class=\"__1 _201\"/>LC<span class=\"__1 _2e7\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">4 T<span class=\"__1 _200\"/>amar Chove<span class=\"__1 _201\"/>lidze Street<span class=\"__1 _201\"/>, T\u2019bi<span class=\"__1 _201\"/>lisi, T<span class=\"__1 _201\"/>bilis<span class=\"__1 _201\"/>i, 0108<span class=\"__1 _201\"/>, </span>Ge<span class=\"__1 _201\"/>orgia<span class=\"__1 _32b\"> </span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Ind<span class=\"__1 _201\"/>ia Busin<span class=\"__1 _201\"/>ess Ad<span class=\"__1 _201\"/>viso<span class=\"__1 _201\"/>rs P<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>t. Ltd<span class=\"__1 _b1_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">31 Gre<span class=\"__1 _201\"/>en Acre, U<span class=\"__1 _201\"/>nion Pa<span class=\"__1 _201\"/>rk Roa<span class=\"__1 _201\"/>d Numbe<span class=\"__1 _201\"/>r 5, Mu<span class=\"__1 _201\"/>mbai,<span class=\"__1 _201\"/> </span>Mumbai Su<span class=\"__1 _200\"/>burban, MH, 400052, India<span class=\"__1 _32b\"> </span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s AG<span class=\"__1 _3c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls40_1 ws44_1\">93%<span class=\"__1 _226\"> </span></span></span><span class=\"ws1_1\">Zolls<span class=\"__1 _201\"/>tras<span class=\"__1 _201\"/>se 17<span class=\"__1 _f_1\"/>, Z\u00fcr<span class=\"__1 _201\"/>ich, Z<span class=\"__1 _201\"/>H, 80<span class=\"__1 _201\"/>05, Sw<span class=\"__1 _201\"/>itzer<span class=\"__1 _201\"/>land<span class=\"__1 _32b\"> </span></span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Tha<span class=\"__1 _201\"/>iland Ltd<span class=\"__1 _2ee\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"lsd_1 wse_1\">62 Thaniya BTS Buildi<span class=\"__1 _200\"/>ng, Silom Road,<span class=\"__1 _200\"/> Suriyawongse, </span></span></span>Bangrak, Bangkok, 10500, Thailand<span class=\"__1 _32b\"> </span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y V<span class=\"__1 _200\"/>enture<span class=\"__1 _201\"/>s I Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices AG<span class=\"__1 _376\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">Zo<span class=\"__1 _201\"/>llstr<span class=\"__1 _201\"/>ass<span class=\"__1 _201\"/>e 17<span class=\"__1 _f_1\"/>, Z\u00fcri<span class=\"__1 _201\"/>ch, ZH<span class=\"__1 _201\"/>, 800<span class=\"__1 _201\"/>5, Swit<span class=\"__1 _201\"/>zerla<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span></span>San<span class=\"__1 _201\"/>dring<span class=\"__1 _201\"/>ham Fina<span class=\"__1 _201\"/>ncial P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners L<span class=\"__1 _201\"/>imited<span class=\"__1 _8d_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls12_1 ws11_1\">61%<span class=\"__1 _1d_1\"> </span></span></span><span class=\"ws1_1\">3<span class=\"__1 _201\"/>0 Market Stree<span class=\"__1 _201\"/>t, Hud<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>fie<span class=\"__1 _201\"/>ld, West Y<span class=\"__1 _200\"/>orks<span class=\"__1 _201\"/>hire,<span class=\"__1 _201\"/> </span>Engla<span class=\"__1 _201\"/>nd, H<span class=\"__1 _201\"/>D1 2HG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>San<span class=\"__1 _201\"/>dring<span class=\"__1 _201\"/>ham Fina<span class=\"__1 _201\"/>ncial P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners L<span class=\"__1 _201\"/>imited<span class=\"__1 _8d_1\"> </span><span class=\"ls1f_1 ws1e_1\">PS<span class=\"__1 _8d_1\"> </span><span class=\"ls38_1 ws38_1\">3<span class=\"__1 _201\"/>9%<span class=\"__1 _e_1\"> </span></span></span><span class=\"ws1_1\">3<span class=\"__1 _201\"/>0 Market Stree<span class=\"__1 _201\"/>t, Hud<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>fie<span class=\"__1 _201\"/>ld, West Y<span class=\"__1 _200\"/>orks<span class=\"__1 _201\"/>hire,<span class=\"__1 _201\"/> </span>Engla<span class=\"__1 _201\"/>nd, H<span class=\"__1 _201\"/>D1 2HG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Scho<span class=\"__1 _201\"/>olhill Sarl<span class=\"__1 _20e\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">20, r<span class=\"__1 _201\"/>ue de la Po<span class=\"__1 _201\"/>ste, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></span></span></span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>306<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022<span class=\"__1 _32b\"> </span></span></span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>Scot<span class=\"__1 _201\"/>Am P<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>n T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>tees L<span class=\"__1 _201\"/>imited<span class=\"__1 _1ac_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5 C<span class=\"__1 _201\"/>entral Way<span class=\"__1 _200\"/>, Kild<span class=\"__1 _201\"/>ean Bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s Park<span class=\"__1 _201\"/>, Stirl<span class=\"__1 _201\"/>ing, FK<span class=\"__1 _201\"/>8 1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span>Scot<span class=\"__1 _201\"/>tish A<span class=\"__1 _201\"/>mica<span class=\"__1 _201\"/>ble Li<span class=\"__1 _201\"/>fe Ass<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce Soc<span class=\"__1 _201\"/>iet<span class=\"__1 _201\"/>y<span class=\"__1 _e_1\"> </span>No s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/> capital<span class=\"__1 _32b\"> </span>100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">5 Central Way<span class=\"__1 _200\"/>, Kild<span class=\"__1 _201\"/>ean Bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s Par<span class=\"__1 _201\"/>k, Stir<span class=\"__1 _201\"/>ling, F<span class=\"__1 _201\"/>K8 </span>1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span>Selly Oak Shopping<span class=\"__1 _200\"/> Park (<span class=\"__1 _200\"/>General Partner<span class=\"__1 _200\"/>) Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Sel<span class=\"__1 _201\"/>ly Oak S<span class=\"__1 _201\"/>hopp<span class=\"__1 _201\"/>ing Par<span class=\"__1 _201\"/>k (Nom<span class=\"__1 _201\"/>inee 1) Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _248\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Sel<span class=\"__1 _201\"/>ly Oak S<span class=\"__1 _201\"/>hopp<span class=\"__1 _201\"/>ing Par<span class=\"__1 _201\"/>k (Nom<span class=\"__1 _201\"/>inee 2) L<span class=\"__1 _201\"/>imited<span class=\"__1 _210\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Sel<span class=\"__1 _201\"/>ly Oak S<span class=\"__1 _201\"/>hopp<span class=\"__1 _201\"/>ing Par<span class=\"__1 _201\"/>k Limite<span class=\"__1 _201\"/>d Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rship<span class=\"__1 _206\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">63%<span class=\"__1 _226\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Sil<span class=\"__1 _201\"/>ver<span class=\"__1 _201\"/>flee<span class=\"__1 _201\"/>t Capit<span class=\"__1 _201\"/>al 200<span class=\"__1 _201\"/>4 LP<span class=\"__1 _342\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>1 Roy<span class=\"__1 _201\"/>al Plaza<span class=\"__1 _201\"/>, St Peter Por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>, GY<span class=\"__1 _200\"/>1 2HL<span class=\"__1 _201\"/>, G<span class=\"__1 _201\"/>uern<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>Sil<span class=\"__1 _201\"/>ver<span class=\"__1 _201\"/>flee<span class=\"__1 _201\"/>t Capit<span class=\"__1 _201\"/>al 200<span class=\"__1 _201\"/>9 LP<span class=\"__1 _342\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>1 Roya<span class=\"__1 _201\"/>l Plaza<span class=\"__1 _201\"/>, St Peter Por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>, GY<span class=\"__1 _200\"/>1 2HL<span class=\"__1 _201\"/>, G<span class=\"__1 _201\"/>uerns<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span>Sil<span class=\"__1 _201\"/>ver<span class=\"__1 _201\"/>flee<span class=\"__1 _201\"/>t Capit<span class=\"__1 _201\"/>al 2011<span class=\"__1 _200\"/>/12 LP<span class=\"__1 _be_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>1 Royal Plaza<span class=\"__1 _201\"/>, St Peter Po<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>, GY<span class=\"__1 _200\"/>1 2HL<span class=\"__1 _201\"/>, G<span class=\"__1 _201\"/>uern<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>Sil<span class=\"__1 _201\"/>ver<span class=\"__1 _201\"/>flee<span class=\"__1 _201\"/>t Capit<span class=\"__1 _201\"/>al II WPL<span class=\"__1 _201\"/>F LP<span class=\"__1 _404\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>1 C<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ter L<span class=\"__1 _201\"/>ane, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC4V 5ER<span class=\"__1 _201\"/>, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Sk<span class=\"__1 _201\"/>y Fund V Ons<span class=\"__1 _201\"/>hore L<span class=\"__1 _201\"/>P<span class=\"__1 _2da\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">36%<span class=\"__1 _226\"> </span></span></span>5<span class=\"__1 _201\"/>59 Paci<span class=\"__1 _201\"/>fic Avenue, S<span class=\"__1 _201\"/>an Francis<span class=\"__1 _201\"/>co, CA 9<span class=\"__1 _201\"/>4<span class=\"__1 _200\"/>133<span class=\"__1 _201\"/>, USA<span class=\"__1 _32b\"> </span>Sk<span class=\"__1 _201\"/>y I Interm<span class=\"__1 _201\"/>ediate L<span class=\"__1 _201\"/>P<span class=\"__1 _26d\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls40_1 ws44_1\">28%<span class=\"__1 _2cc\"> </span></span></span>Map<span class=\"__1 _201\"/>les C<span class=\"__1 _201\"/>orpo<span class=\"__1 _201\"/>rate Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices L<span class=\"__1 _201\"/>imited<span class=\"__1 _201\"/>, Ugla<span class=\"__1 _201\"/>nd Hou<span class=\"__1 _201\"/>se,<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>P<span class=\"__1 _337\"/>.O. B<span class=\"__1 _201\"/>ox 309, G<span class=\"__1 _201\"/>rand C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/>, K<span class=\"__1 _201\"/>Y1-<span class=\"__1 _f_1\"/>1104, C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>Islands<span class=\"__1 _32b\"> </span>Smithfiel<span class=\"__1 _201\"/>d Limited<span class=\"__1 _348\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>SM<span class=\"__1 _201\"/>LLC<span class=\"__1 _2a8\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">1<span class=\"__1 _200\"/>209 O<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>e Street, W<span class=\"__1 _201\"/>ilming<span class=\"__1 _201\"/>ton, DE 19<span class=\"__1 _201\"/>801, US<span class=\"__1 _201\"/>A<span class=\"__1 _32b\"> </span></span></span></span>SOFA Hold<span class=\"__1 _201\"/>ing LP<span class=\"__1 _2ef\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>2<span class=\"__1 _201\"/>71<span class=\"__1 _200\"/>1 Center<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ille Ro<span class=\"__1 _201\"/>ad, S<span class=\"__1 _201\"/>uite 400<span class=\"__1 _201\"/>, Wilmin<span class=\"__1 _201\"/>gton, D<span class=\"__1 _201\"/>E 19808, US<span class=\"__1 _200\"/>A<span class=\"__1 _32b\"> </span>Spe<span class=\"__1 _201\"/>ciali<span class=\"__1 _201\"/>st Inves<span class=\"__1 _201\"/>tment Fun<span class=\"__1 _201\"/>ds (2) ICA<span class=\"__1 _200\"/>V \u2013 M&amp;G Rea<span class=\"__1 _201\"/>l Impact Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">5 Ge<span class=\"__1 _201\"/>orge\u2019s Doc<span class=\"__1 _201\"/>k, IFS<span class=\"__1 _201\"/>C, Du<span class=\"__1 _201\"/>blin 1, Ire<span class=\"__1 _201\"/>land<span class=\"__1 _32b\"> </span></span>St Edward H<span class=\"__1 _201\"/>ome<span class=\"__1 _201\"/>s Limite<span class=\"__1 _201\"/>d<span class=\"__1 _20a\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>B<span class=\"__1 _201\"/>erkeley H<span class=\"__1 _201\"/>ouse<span class=\"__1 _201\"/>, 19 Por<span class=\"__1 _201\"/>tsm<span class=\"__1 _201\"/>outh Roa<span class=\"__1 _201\"/>d, Sur<span class=\"__1 _201\"/>rey<span class=\"__1 _200\"/>, KT11 1JG<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> UK<span class=\"__1 _32b\"> </span>St Edward H<span class=\"__1 _201\"/>ome<span class=\"__1 _201\"/>s Par<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ship<span class=\"__1 _c4_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>B<span class=\"__1 _201\"/>erkeley H<span class=\"__1 _201\"/>ouse<span class=\"__1 _201\"/>, 19 Por<span class=\"__1 _201\"/>tsm<span class=\"__1 _201\"/>outh Roa<span class=\"__1 _201\"/>d, Sur<span class=\"__1 _201\"/>rey<span class=\"__1 _200\"/>, K<span class=\"__1 _201\"/>T1<span class=\"__1 _200\"/>1 1JG<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> UK<span class=\"__1 _32b\"> </span>St Edward Str<span class=\"__1 _201\"/>and Pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tners<span class=\"__1 _201\"/>hip<span class=\"__1 _b7_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _32b\"> </span></span></span>Ber<span class=\"__1 _201\"/>keley Hou<span class=\"__1 _201\"/>se, 19 Por<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>mouth R<span class=\"__1 _201\"/>oad, S<span class=\"__1 _201\"/>urrey, KT11 1JG<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> UK<span class=\"__1 _32b\"> </span>Stableview Limited<span class=\"__1 _489\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>StepS<span class=\"__1 _200\"/>tone Scorpio<span class=\"__1 _200\"/> Infrastructur<span class=\"__1 _200\"/>e Opportunities F<span class=\"__1 _250\"/>u<span class=\"__1 _250\"/>n<span class=\"__1 _250\"/>d<span class=\"__1 _e7_1\"> </span>,<span class=\"__1 _250\"/> L<span class=\"__1 _e7_1\"> </span>.<span class=\"__1 _e7_1\"> </span>P.<span class=\"__1 _f0_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _32b\"> </span></span></span>Map<span class=\"__1 _201\"/>les Co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>rate Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices L<span class=\"__1 _201\"/>imited<span class=\"__1 _201\"/>, Uglan<span class=\"__1 _201\"/>d Hou<span class=\"__1 _201\"/>se,<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>P<span class=\"__1 _337\"/>.O. B<span class=\"__1 _201\"/>ox 309, G<span class=\"__1 _201\"/>rand C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/>, K<span class=\"__1 _201\"/>Y1-<span class=\"__1 _f_1\"/>1104, C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>Islands<span class=\"__1 _32b\"> </span>Sustainable Multi As<span class=\"__1 _201\"/>set Balanced Fund<span class=\"__1 _13d_1\"> </span><span class=\"ls5_1 ws1_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls12_1 ws11_1\">3<span class=\"__1 _201\"/>1%<span class=\"__1 _1d_1\"> </span></span><span class=\"ls6_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span>Sustainable Multi As<span class=\"__1 _201\"/>set Cautious F<span class=\"__1 _200\"/>und<span class=\"__1 _ab_1\"> </span><span class=\"ls5_1 ws1_1\">U<span class=\"__1 _ab_1\"> </span></span><span class=\"ws38_1\">4<span class=\"__1 _201\"/>9%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchu<span class=\"__1 _201\"/>rch Avenue, Lo<span class=\"__1 _201\"/>ndon<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span>Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Mult<span class=\"__1 _201\"/>i Ass<span class=\"__1 _201\"/>et Grow<span class=\"__1 _201\"/>th Fund<span class=\"__1 _401\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _226\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>The C<span class=\"__1 _201\"/>ar Auc<span class=\"__1 _201\"/>tion Un<span class=\"__1 _201\"/>it T<span class=\"__1 _f_1\"/>ru<span class=\"__1 _201\"/>st<span class=\"__1 _405\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _32b\"> </span></span></span>Dorey C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t, Adm<span class=\"__1 _201\"/>iral Pa<span class=\"__1 _201\"/>rk, St P<span class=\"__1 _201\"/>eter Por<span class=\"__1 _201\"/>t, GY1 2HT<span class=\"__1 _200\"/>, Guernsey<span class=\"__1 _32b\"> </span>The F<span class=\"__1 _201\"/>irst B<span class=\"__1 _201\"/>ritis<span class=\"__1 _201\"/>h Fixed T<span class=\"__1 _200\"/>rust C<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ny Limite<span class=\"__1 _201\"/>d<span class=\"__1 _1c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>The P<span class=\"__1 _201\"/>rojec<span class=\"__1 _201\"/>t Hox<span class=\"__1 _201\"/>ton LP<span class=\"__1 _2f0\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>The Prudential<span class=\"__1 _200\"/> Assurance Company<span class=\"__1 _200\"/> Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>The St<span class=\"__1 _201\"/>rand Pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Unit T<span class=\"__1 _200\"/>rus<span class=\"__1 _201\"/>t<span class=\"__1 _bf_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _32b\"> </span></span></span>Lib<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>te Hous<span class=\"__1 _201\"/>e, 19<span class=\"__1 _201\"/>-<span class=\"__1 _200\"/>23 L<span class=\"__1 _201\"/>a Mot<span class=\"__1 _201\"/>te Street, St H<span class=\"__1 _201\"/>elie<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E2<span class=\"__1 _201\"/> 4<span class=\"__1 _201\"/>SY<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span>The T<span class=\"__1 _200\"/>wo Rive<span class=\"__1 _201\"/>rs T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>ust<span class=\"__1 _2eb\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _32b\"> </span></span></span>Lib<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>te Hous<span class=\"__1 _201\"/>e, 19<span class=\"__1 _201\"/>-<span class=\"__1 _200\"/>23 L<span class=\"__1 _201\"/>a Mot<span class=\"__1 _201\"/>te Street, St H<span class=\"__1 _201\"/>elie<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E2<span class=\"__1 _201\"/> 4<span class=\"__1 _201\"/>SY<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span>Thre<span class=\"__1 _201\"/>e Snow<span class=\"__1 _201\"/>hill Bir<span class=\"__1 _201\"/>mingh<span class=\"__1 _201\"/>am S.<span class=\"__1 _201\"/>a.r.l.<span class=\"__1 _2bb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">5, Heienhaff<span class=\"__1 _200\"/>, L<span class=\"__1 _337\"/>-<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>736, Senningerberg, Luxembour<span class=\"__1 _200\"/>g<span class=\"__1 _32b\"> </span></span></span></span>T<span class=\"__1 _f_1\"/>wo R<span class=\"__1 _201\"/>ivers L<span class=\"__1 _201\"/>P<span class=\"__1 _378\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _32b\"> </span></span></span>Bow Be<span class=\"__1 _201\"/>lls Ho<span class=\"__1 _201\"/>use, 1 Bre<span class=\"__1 _201\"/>ad Street<span class=\"__1 _201\"/>, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>4M 9<span class=\"__1 _201\"/>HH<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>wo Snowhill Bir<span class=\"__1 _201\"/>mingham S.<span class=\"__1 _201\"/>a.r<span class=\"__1 _200\"/>.l.<span class=\"__1 _14b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"lsd_1 wse_1\">5, Heienha<span class=\"__1 _200\"/>ff<span class=\"__1 _200\"/>, L<span class=\"__1 _337\"/>-<span class=\"__1 _200\"/>1736, Senningerberg, Lux<span class=\"__1 _200\"/>embourg<span class=\"__1 _32b\"> </span></span></span></span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish I Uni<span class=\"__1 _201\"/>t T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>t<span class=\"__1 _21f\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Heli<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>, JE1 1<span class=\"__1 _200\"/>ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish II U<span class=\"__1 _201\"/>nit T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>ust<span class=\"__1 _26d\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Helie<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jers<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties (<span class=\"__1 _201\"/>UK<span class=\"__1 _201\"/>) Limi<span class=\"__1 _201\"/>ted Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rship<span class=\"__1 _249\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls3e_1 ws40_1\">307<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of<span class=\"__1 _32b\"> </span> shares held<span class=\"__1 _32b\"> </span> Proportion<span class=\"__1 _32b\"> </span> held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _ae_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Hel<span class=\"__1 _201\"/>ier<span class=\"__1 _200\"/>, JE1 1<span class=\"__1 _200\"/>ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P No<span class=\"__1 _201\"/>minee 1 L<span class=\"__1 _201\"/>imited<span class=\"__1 _270\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>IFC 5, S<span class=\"__1 _201\"/>t Helie<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jers<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P No<span class=\"__1 _201\"/>minee 2 L<span class=\"__1 _201\"/>imited<span class=\"__1 _6b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Heli<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>, JE<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P No<span class=\"__1 _201\"/>minee 3 <span class=\"__1 _201\"/>Limited<span class=\"__1 _212\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>I<span class=\"__1 _201\"/>FC 5, St H<span class=\"__1 _201\"/>elier, JE<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jers<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P No<span class=\"__1 _201\"/>minee 4 L<span class=\"__1 _201\"/>imited<span class=\"__1 _212\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Heli<span class=\"__1 _201\"/>er<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P No<span class=\"__1 _201\"/>minee A L<span class=\"__1 _201\"/>imited<span class=\"__1 _1a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Heli<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>, JE<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties L<span class=\"__1 _201\"/>P Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _c0_1\"> </span><span class=\"ls32_1 ws33_1\">O<span class=\"__1 _201\"/>S<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>I<span class=\"__1 _201\"/>FC 5, St He<span class=\"__1 _201\"/>lier<span class=\"__1 _200\"/>, JE1 1ST<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span>Wessex G<span class=\"__1 _201\"/>ate Limited<span class=\"__1 _26d\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>West Statio<span class=\"__1 _201\"/>n 1 SCI<span class=\"__1 _9c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">8 Avenue Ho<span class=\"__1 _201\"/>che, 75<span class=\"__1 _201\"/>008<span class=\"__1 _201\"/>, Par<span class=\"__1 _201\"/>is, Fran<span class=\"__1 _201\"/>ce<span class=\"__1 _32b\"> </span></span>West Statio<span class=\"__1 _201\"/>n 2 SCI<span class=\"__1 _1ba_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">8 Avenu<span class=\"__1 _201\"/>e Hoch<span class=\"__1 _201\"/>e, 750<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, Paris<span class=\"__1 _201\"/>, France<span class=\"__1 _32b\"> </span></span>West Statio<span class=\"__1 _201\"/>n SAS<span class=\"__1 _2d4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">8 Avenue H<span class=\"__1 _201\"/>och<span class=\"__1 _201\"/>e, 7500<span class=\"__1 _201\"/>8, P<span class=\"__1 _201\"/>aris<span class=\"__1 _201\"/>, France<span class=\"__1 _32b\"> </span></span>Westwacker Limited<span class=\"__1 _21f\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>WFH Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts LLC<span class=\"__1 _1a8_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">23%<span class=\"__1 _32b\"> </span></span></span>2711 Center<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ille Ro<span class=\"__1 _201\"/>ad, Su<span class=\"__1 _201\"/>ite 400, W<span class=\"__1 _201\"/>ilming<span class=\"__1 _201\"/>ton, DE<span class=\"__1 _201\"/> 19808, US<span class=\"__1 _200\"/>A<span class=\"__1 _32b\"> </span>Wrap IFA Ser<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>es Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _2e4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Wy<span class=\"__1 _201\"/>nnefi<span class=\"__1 _201\"/>eld Pr<span class=\"__1 _201\"/>ivate Equit<span class=\"__1 _201\"/>y Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers II<span class=\"__1 _201\"/>, L<span class=\"__1 _201\"/>.P<span class=\"__1 _f_1\"/>.<span class=\"__1 _1d_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>120<span class=\"__1 _201\"/>9 Ora<span class=\"__1 _201\"/>nge Stree<span class=\"__1 _201\"/>t, Wilm<span class=\"__1 _201\"/>ington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-522": {
   "value": "<div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:974.8867px;\">1.<span class=\"__1 _200\"/>1 Bas<span class=\"__1 _201\"/>is of pre<span class=\"__1 _201\"/>parat<span class=\"__1 _201\"/>ion<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:954.2572px;\">The c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l statem<span class=\"__1 _201\"/>ents fo<span class=\"__1 _201\"/>r the year en<span class=\"__1 _201\"/>ded 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>022 co<span class=\"__1 _201\"/>mpri<span class=\"__1 _201\"/>sing the fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al statem<span class=\"__1 _201\"/>ents of M&amp;<span class=\"__1 _201\"/>G plc<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:937.75867px;\">(\u2018<span class=\"__1 _201\"/>the Co<span class=\"__1 _201\"/>mpany<span class=\"__1 _201\"/>\u2019) and it<span class=\"__1 _201\"/>s subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es (t<span class=\"__1 _200\"/>og<span class=\"__1 _201\"/>ether refe<span class=\"__1 _201\"/>rred to as \u2018<span class=\"__1 _201\"/>the G<span class=\"__1 _201\"/>roup\u2019), have b<span class=\"__1 _201\"/>een p<span class=\"__1 _201\"/>repare<span class=\"__1 _201\"/>d in acco<span class=\"__1 _201\"/>rdance w<span class=\"__1 _201\"/>ith UK-ado<span class=\"__1 _201\"/>pted<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:921.26025px;\">Inter<span class=\"__1 _201\"/>nationa<span class=\"__1 _201\"/>l Accountin<span class=\"__1 _201\"/>g Standa<span class=\"__1 _201\"/>rds (IAS) and t<span class=\"__1 _201\"/>he leg<span class=\"__1 _201\"/>al requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts of the Co<span class=\"__1 _201\"/>mpani<span class=\"__1 _201\"/>es Act 2<span class=\"__1 _201\"/>006<span class=\"__1 _201\"/>. The c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:904.7617px;\">statem<span class=\"__1 _201\"/>ents h<span class=\"__1 _201\"/>ave been p<span class=\"__1 _201\"/>repare<span class=\"__1 _201\"/>d unde<span class=\"__1 _201\"/>r the his<span class=\"__1 _201\"/>toric<span class=\"__1 _201\"/>al cos<span class=\"__1 _201\"/>t basis exce<span class=\"__1 _201\"/>pt for inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at fair va<span class=\"__1 _201\"/>lue, ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:888.2632px;\">finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d finan<span class=\"__1 _201\"/>cial liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s (incl<span class=\"__1 _201\"/>uding d<span class=\"__1 _201\"/>eriv<span class=\"__1 _201\"/>ative ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts) that are meas<span class=\"__1 _201\"/>ured at fa<span class=\"__1 _201\"/>ir value t<span class=\"__1 _201\"/>hrough p<span class=\"__1 _201\"/>rofit or l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:871.7647px;\">(F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>), insura<span class=\"__1 _201\"/>nce cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>t liabili<span class=\"__1 _201\"/>ties that are m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with the re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents of I<span class=\"__1 _201\"/>FRS 4: In<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce Con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:855.2662px;\">and d<span class=\"__1 _201\"/>efine<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efit as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabil<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>, meas<span class=\"__1 _201\"/>ured at the f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue of plan a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s les<span class=\"__1 _201\"/>s the pre<span class=\"__1 _201\"/>sent val<span class=\"__1 _201\"/>ue of the d<span class=\"__1 _201\"/>efine<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efit<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:838.7677px;\">obli<span class=\"__1 _201\"/>gations<span class=\"__1 _201\"/>. As<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd disp<span class=\"__1 _201\"/>osal g<span class=\"__1 _201\"/>roups he<span class=\"__1 _201\"/>ld for s<span class=\"__1 _201\"/>ale are s<span class=\"__1 _201\"/>tated at the l<span class=\"__1 _201\"/>ower of the p<span class=\"__1 _201\"/>reviou<span class=\"__1 _201\"/>s car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying am<span class=\"__1 _201\"/>ount an<span class=\"__1 _201\"/>d fair va<span class=\"__1 _201\"/>lue le<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:822.26917px;\">cos<span class=\"__1 _201\"/>ts to sell<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:797.5214px;\">Restat<span class=\"__1 _200\"/>ement o<span class=\"__1 _200\"/>f prior per<span class=\"__1 _200\"/>iod inform<span class=\"__1 _200\"/>ation<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:776.89197px;\">The c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>rative co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated st<span class=\"__1 _201\"/>atement of fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l positi<span class=\"__1 _201\"/>on as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>1 has be<span class=\"__1 _201\"/>en res<span class=\"__1 _201\"/>tated fol<span class=\"__1 _201\"/>lowing a<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:760.39343px;\">pres<span class=\"__1 _201\"/>entatio<span class=\"__1 _201\"/>nal chan<span class=\"__1 _201\"/>ge in tax-rel<span class=\"__1 _201\"/>ated bal<span class=\"__1 _201\"/>ances a<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g in cer<span class=\"__1 _201\"/>tain c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y fun<span class=\"__1 _201\"/>ds whic<span class=\"__1 _201\"/>h were disc<span class=\"__1 _201\"/>lose<span class=\"__1 _201\"/>d inco<span class=\"__1 _201\"/>rrec<span class=\"__1 _201\"/>tly<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:743.89496px;\">in the p<span class=\"__1 _201\"/>rior p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e tax ba<span class=\"__1 _201\"/>lance<span class=\"__1 _201\"/>s have bee<span class=\"__1 _201\"/>n reallo<span class=\"__1 _201\"/>cated f<span class=\"__1 _201\"/>rom Accru<span class=\"__1 _201\"/>als<span class=\"__1 _201\"/>, defer<span class=\"__1 _201\"/>red inco<span class=\"__1 _201\"/>me and o<span class=\"__1 _201\"/>ther lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s to Current ta<span class=\"__1 _201\"/>x<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:727.3964px;\">liabilities and other taxes an<span class=\"__1 _201\"/>d Deferred tax liabilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:702.6487px;\">The c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>rative co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated inc<span class=\"__1 _201\"/>ome s<span class=\"__1 _201\"/>tatement f<span class=\"__1 _201\"/>or the year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2021 ha<span class=\"__1 _201\"/>s also be<span class=\"__1 _201\"/>en res<span class=\"__1 _201\"/>tated to real<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ate<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:686.1502px;\">tax exp<span class=\"__1 _201\"/>ense f<span class=\"__1 _201\"/>rom Admini<span class=\"__1 _201\"/>strati<span class=\"__1 _201\"/>ve and othe<span class=\"__1 _201\"/>r expen<span class=\"__1 _201\"/>ses to T<span class=\"__1 _f_1\"/>a<span class=\"__1 _201\"/>x charge at<span class=\"__1 _201\"/>trib<span class=\"__1 _201\"/>utabl<span class=\"__1 _201\"/>e to polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs\u2019 returns<span class=\"__1 _201\"/>, to refle<span class=\"__1 _201\"/>ct this<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:669.6517px;\">pres<span class=\"__1 _201\"/>entatio<span class=\"__1 _201\"/>nal chan<span class=\"__1 _201\"/>ge. As a re<span class=\"__1 _201\"/>sult<span class=\"__1 _201\"/>, Profit b<span class=\"__1 _201\"/>efore tax f<span class=\"__1 _201\"/>or the year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021 ha<span class=\"__1 _201\"/>s bee<span class=\"__1 _201\"/>n restate<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:644.90393px;\">The re<span class=\"__1 _201\"/>statem<span class=\"__1 _201\"/>ent has h<span class=\"__1 _201\"/>ad no imp<span class=\"__1 _201\"/>act o<span class=\"__1 _201\"/>n profit fo<span class=\"__1 _201\"/>r the year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2021 or tota<span class=\"__1 _201\"/>l equit<span class=\"__1 _201\"/>y at<span class=\"__1 _201\"/>tribut<span class=\"__1 _201\"/>able to sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s as<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:628.40546px;\">at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:603.6577px;\">The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of the res<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt on the co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatement of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al pos<span class=\"__1 _201\"/>ition an<span class=\"__1 _201\"/>d conso<span class=\"__1 _201\"/>lidated i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent is set o<span class=\"__1 _201\"/>ut<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:587.1592px;\">in the ta<span class=\"__1 _201\"/>bles b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2_1 ws2_1\" style=\"left:517.9086px; bottom:474.2818px;\">Note<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:546.65985px; bottom:558.2818px;\">For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:560.6016px; bottom:546.2803px;\">ended 31<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:553.5666px; bottom:534.2788px;\">December<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:581.4271px; bottom:522.2773px;\">2021<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:593.3196px; bottom:510.27582px;\">as<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 lsd_1 wsb_1\" style=\"left:554.7636px; bottom:498.2743px;\">previo<span class=\"__1 _201\"/>usly<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:560.6016px; bottom:486.27277px;\">reported<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:588.9726px; bottom:474.2713px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws55_1\" style=\"left:610.2771px; bottom:486.27277px;\">Adjustments<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.436px; bottom:474.2713px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:677.4036px; bottom:534.2683px;\">For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:691.1376px; bottom:522.2668px;\">ended 31<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:684.1026px; bottom:510.26532px;\">December<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:711.75px; bottom:498.2638px;\">2021<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2_1 ws2_1\" style=\"left:695.1204px; bottom:486.26227px;\">res<span class=\"__1 _201\"/>tated<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:474.2608px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:454.52545px;\">Consolidat<span class=\"__1 _200\"/>ed income<span class=\"__1 _200\"/> statemen<span class=\"__1 _200\"/>t:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:434.76294px;\">Admini<span class=\"__1 _201\"/>strati<span class=\"__1 _201\"/>ve and othe<span class=\"__1 _201\"/>r expen<span class=\"__1 _201\"/>ses<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs1_1 fc3_1 sc0_1 ls5_1 ws1_1\" style=\"left:535.04987px; bottom:434.7691px;\">6<span class=\"__1 _210\"> </span><span class=\"fs3_1 fc2_1\">(2,884<span class=\"__1 _200\"/>)<span class=\"__1 _230\"> </span><span class=\"lsc_1 wsa_1\">81<span class=\"__1 _286\"> </span></span>(2,8<span class=\"__1 _200\"/>03<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:415.0066px;\">T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l charge<span class=\"__1 _201\"/>s, net o<span class=\"__1 _201\"/>f reinsur<span class=\"__1 _201\"/>ance<span class=\"__1 _287\"> </span><span class=\"ls13_1 ws12_1\">(1<span class=\"__1 _250\"/>7,1<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _288\"> </span><span class=\"lsc_1 wsa_1\">81<span class=\"__1 _1c_1\"> </span></span>(1<span class=\"__1 _201\"/>7,<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:395.24408px;\">Profi<span class=\"__1 _201\"/>t before ta<span class=\"__1 _201\"/>x<span class=\"__1 _289\"> </span><span class=\"ls23_1 ws22_1\">707<span class=\"__1 _8a_1\"> </span><span class=\"lsc_1 wsa_1\">81<span class=\"__1 _253\"> </span><span class=\"lsd_1 wsb_1\">788<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:375.4816px;\">T<span class=\"__1 _f_1\"/>ax c<span class=\"__1 _201\"/>harge at<span class=\"__1 _201\"/>tribu<span class=\"__1 _201\"/>table to p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 returns<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs1_1 fc3_1 sc0_1 ls5_1 ws1_1\" style=\"left:535.04987px; bottom:375.4999px;\">9<span class=\"__1 _212\"> </span><span class=\"fs3_1 fc2_1 ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>26)<span class=\"__1 _1d_1\"> </span><span class=\"ls52_1 ws5a_1\">(8<span class=\"__1 _201\"/>1)<span class=\"__1 _7d_1\"> </span><span class=\"ls23_1 ws22_1\">(<span class=\"__1 _201\"/>707)<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:355.7374px;\">T<span class=\"__1 _f_1\"/>otal tax charge<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs1_1 fc3_1 sc0_1 ls5_1 ws1_1\" style=\"left:535.04987px; bottom:355.74353px;\">9<span class=\"__1 _270\"> </span><span class=\"fs3_1 fc2_1 ls25_1 ws25_1\">(615<span class=\"__1 _201\"/>)<span class=\"__1 _219\"> </span><span class=\"ls52_1 ws5a_1\">(<span class=\"__1 _201\"/>81)<span class=\"__1 _7d_1\"> </span></span>(69<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:335.98105px;\">Les<span class=\"__1 _201\"/>s tax ch<span class=\"__1 _201\"/>arge att<span class=\"__1 _201\"/>ributa<span class=\"__1 _201\"/>ble to po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 retur<span class=\"__1 _201\"/>ns<span class=\"__1 _8b_1\"> </span><span class=\"ls25_1 ws25_1\">(62<span class=\"__1 _201\"/>6)<span class=\"__1 _1d_1\"> </span><span class=\"ls52_1 ws5a_1\">(81)<span class=\"__1 _3f_1\"> </span><span class=\"ls23_1 ws22_1\">(707<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2_1 ws2_1\" style=\"left:324.40875px; bottom:229.09613px;\">Note<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:373.64325px; bottom:301.09464px;\">As at 3<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:359.388px; bottom:289.09314px;\">December<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:387.75525px; bottom:277.09164px;\">2021 <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:399.80927px; bottom:265.09015px;\">as<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 lsd_1 wsb_1\" style=\"left:361.25323px; bottom:253.08865px;\">previo<span class=\"__1 _201\"/>usly<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:367.27786px; bottom:241.08716px;\">reported<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:395.46225px; bottom:229.08563px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws55_1\" style=\"left:416.76675px; bottom:241.08716px;\">Adjustments<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:463.95135px; bottom:229.08563px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:504.16876px; bottom:277.08115px;\">As at 3<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:491.53485px; bottom:265.07965px;\">December<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:517.9086px; bottom:253.07816px;\">2021<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2_1 ws2_1\" style=\"left:500.5692px; bottom:241.07666px;\">res<span class=\"__1 _201\"/>tated<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:525.97723px; bottom:229.07513px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws66_1\" style=\"left:558.5588px; bottom:289.07214px;\">1 January<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:581.4271px; bottom:277.07065px;\">2021<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:593.3196px; bottom:265.06915px;\">as<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 lsd_1 wsb_1\" style=\"left:554.7636px; bottom:253.06766px;\">previo<span class=\"__1 _201\"/>usly<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:560.6016px; bottom:241.06613px;\">reported<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:588.9726px; bottom:229.06464px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws55_1\" style=\"left:610.2771px; bottom:241.06613px;\">Adjustments<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.436px; bottom:229.06464px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws66_1\" style=\"left:689.0737px; bottom:265.06915px;\">1 January<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:711.75px; bottom:253.06766px;\">2021<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2_1 ws2_1\" style=\"left:695.1204px; bottom:241.06613px;\">res<span class=\"__1 _201\"/>tated<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:229.06464px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:209.33978px;\">Consolidat<span class=\"__1 _200\"/>ed stat<span class=\"__1 _200\"/>ement<span class=\"__1 _200\"/> of financial<span class=\"__1 _200\"/> position:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:0.010047913px; bottom:189.5773px;\">Liabilities:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:12.7584px; bottom:169.81479px;\">Deferre<span class=\"__1 _201\"/>d tax liabilities<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs1_1 fc3_1 sc0_1 ls5_1 ws1_1\" style=\"left:341.55524px; bottom:169.82709px;\">9<span class=\"__1 _5d_1\"> </span><span class=\"fs3_1 fc2_1 ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>7<span class=\"__1 _256\"> </span><span class=\"lsc_1 wsa_1\">262<span class=\"__1 _3f_1\"> </span><span class=\"ls4a_1 ws50_1\">1,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>9<span class=\"__1 _231\"> </span><span class=\"ls2a_1 ws2a_1\">9<span class=\"__1 _201\"/>16<span class=\"__1 _256\"> </span><span class=\"ls4d_1 ws54_1\">2<span class=\"__1 _201\"/>10<span class=\"__1 _5d_1\"> </span></span></span></span>1,<span class=\"__1 _200\"/>126<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:12.7584px; bottom:150.0646px;\">Current tax liabilities and othe<span class=\"__1 _201\"/>r taxes<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs1_1 fc3_1 sc0_1 ls5_1 ws1_1\" style=\"left:341.55524px; bottom:150.07074px;\">9<span class=\"__1 _253\"> </span><span class=\"fs3_1 fc2_1 ls27_1 ws27_1\">323<span class=\"__1 _8c_1\"> </span><span class=\"lsf_1 wsd_1\">36<span class=\"__1 _c_1\"> </span><span class=\"ls38_1 ws38_1\">359<span class=\"__1 _239\"> </span><span class=\"ls23_1 ws22_1\">276<span class=\"__1 _8d_1\"> </span><span class=\"ls40_1 ws44_1\">21<span class=\"__1 _2c_1\"> </span><span class=\"ls7_1 ws5_1\">2<span class=\"__1 _201\"/>97<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:12.7584px; bottom:130.30826px;\">Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs1_1 fc3_1 sc0_1 ls4c_1 ws53_1\" style=\"left:335.0118px; bottom:130.31439px;\">30<span class=\"__1 _243\"> </span><span class=\"fs3_1 fc2_1 lsf_1 wsd_1\">6,96<span class=\"__1 _201\"/>4<span class=\"__1 _253\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>8)<span class=\"__1 _286\"> </span><span class=\"ls3f_1 ws41_1\">6<span class=\"__1 _201\"/>,666<span class=\"__1 _243\"> </span></span></span>6,964<span class=\"__1 _228\"> </span><span class=\"ls52_1 ws5a_1\">(<span class=\"__1 _201\"/>23<span class=\"__1 _201\"/>1)<span class=\"__1 _282\"> </span><span class=\"ls8_1 ws6_1\">6<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls42_1 ws46_1\" style=\"left:12.7584px; bottom:110.551895px;\">Oth<span class=\"__1 _201\"/>er<span class=\"__1 _8e_1\"> </span><span class=\"ls47_1 ws4d_1\">20<span class=\"__1 _200\"/>5,345<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:472.1466px; bottom:110.558044px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls47_1 ws4d_1\" style=\"left:492.98566px; bottom:110.558044px;\">20<span class=\"__1 _200\"/>5,345<span class=\"__1 _6f_1\"> </span><span class=\"ls10_1 wsf_1\">214,985<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:665.6466px; bottom:110.558044px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls10_1 wsf_1\" style=\"left:689.0737px; bottom:110.558044px;\">21<span class=\"__1 _200\"/>4,985<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:90.79555px;\">T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities<span class=\"__1 _8f_1\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">21<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,78<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:472.1466px; bottom:90.8017px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls8_1 ws6_1\" style=\"left:496.86554px; bottom:90.8017px;\">21<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,78<span class=\"__1 _201\"/>9<span class=\"__1 _290\"> </span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:665.6466px; bottom:90.8017px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws47_1\" style=\"left:692.69354px; bottom:90.8017px;\">2<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:51.77394px;\">In the c<span class=\"__1 _201\"/>onsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t of cash fl<span class=\"__1 _201\"/>ows<span class=\"__1 _201\"/>, \u00a381m has be<span class=\"__1 _201\"/>en real<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated from Pro<span class=\"__1 _201\"/>fit befo<span class=\"__1 _201\"/>re tax an<span class=\"__1 _201\"/>d split b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en O<span class=\"__1 _201\"/>ther lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:35.27545px;\">of \u00a367m, O<span class=\"__1 _201\"/>ther n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>cas<span class=\"__1 _201\"/>h items of \u00a33<span class=\"__1 _201\"/>m and T<span class=\"__1 _200\"/>ax paid of \u00a317m, to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t the chan<span class=\"__1 _201\"/>ge in pre<span class=\"__1 _201\"/>sentati<span class=\"__1 _201\"/>on. Th<span class=\"__1 _201\"/>e reall<span class=\"__1 _201\"/>ocati<span class=\"__1 _201\"/>on from Pro<span class=\"__1 _201\"/>fit<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:18.776947px;\">befo<span class=\"__1 _201\"/>re tax relate<span class=\"__1 _201\"/>s to polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder t<span class=\"__1 _201\"/>ax and d<span class=\"__1 _201\"/>oes no<span class=\"__1 _201\"/>t impac<span class=\"__1 _201\"/>t Profi<span class=\"__1 _201\"/>t before ta<span class=\"__1 _201\"/>x attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to equi<span class=\"__1 _201\"/>ty h<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs. C<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ratives i<span class=\"__1 _201\"/>n the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:2.2784424px;\">impa<span class=\"__1 _201\"/>cted n<span class=\"__1 _201\"/>otes to the co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated fina<span class=\"__1 _201\"/>ncial s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>ts have also b<span class=\"__1 _201\"/>een re<span class=\"__1 _201\"/>state<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span> </div>Going concern<span class=\"__1 _32b\"> </span>The D<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tors have rea<span class=\"__1 _201\"/>sonab<span class=\"__1 _201\"/>le exp<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/>ation that th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>s a whol<span class=\"__1 _201\"/>e has ade<span class=\"__1 _201\"/>quate res<span class=\"__1 _201\"/>ources to c<span class=\"__1 _201\"/>ontinue i<span class=\"__1 _201\"/>n oper<span class=\"__1 _201\"/>ationa<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span>exis<span class=\"__1 _201\"/>tence over a p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od of at lea<span class=\"__1 _201\"/>st 12 month<span class=\"__1 _201\"/>s from the d<span class=\"__1 _201\"/>ate of approval o<span class=\"__1 _201\"/>f the cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated finan<span class=\"__1 _201\"/>cial st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> T<span class=\"__1 _f_1\"/>o s<span class=\"__1 _201\"/>atisf<span class=\"__1 _201\"/>y the<span class=\"__1 _201\"/>msel<span class=\"__1 _201\"/>ves of the ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iatene<span class=\"__1 _201\"/>ss of the u<span class=\"__1 _201\"/>se of the go<span class=\"__1 _201\"/>ing con<span class=\"__1 _201\"/>cer<span class=\"__1 _201\"/>n assum<span class=\"__1 _201\"/>ption in re<span class=\"__1 _201\"/>lation to the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span>statem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, the D<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tors have con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>red the li<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y proj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tions of th<span class=\"__1 _201\"/>e Group, i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ing the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of appl<span class=\"__1 _201\"/>ying s<span class=\"__1 _201\"/>peci<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/> liqu<span class=\"__1 _201\"/>idit<span class=\"__1 _201\"/>y stres<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Direc<span class=\"__1 _201\"/>tors al<span class=\"__1 _201\"/>so con<span class=\"__1 _201\"/>sidere<span class=\"__1 _201\"/>d the ab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y of the Gro<span class=\"__1 _201\"/>up to acce<span class=\"__1 _201\"/>ss ex<span class=\"__1 _201\"/>ternal f<span class=\"__1 _201\"/>undin<span class=\"__1 _201\"/>g source<span class=\"__1 _201\"/>s, in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g acce<span class=\"__1 _201\"/>ss to<span class=\"__1 _32b\"> </span>the \u00a31.<span class=\"__1 _201\"/>5bn revo<span class=\"__1 _201\"/>lvin<span class=\"__1 _201\"/>g credit f<span class=\"__1 _201\"/>acilit<span class=\"__1 _201\"/>y (as explain<span class=\"__1 _201\"/>ed in th<span class=\"__1 _201\"/>e Direc<span class=\"__1 _201\"/>tors\u2019 Rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t and di<span class=\"__1 _201\"/>sclos<span class=\"__1 _201\"/>ed at note 2<span class=\"__1 _201\"/>7<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1) and th<span class=\"__1 _201\"/>e manag<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt acti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/> that cou<span class=\"__1 _201\"/>ld be us<span class=\"__1 _201\"/>ed to man<span class=\"__1 _201\"/>age liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, the Dire<span class=\"__1 _201\"/>ctor<span class=\"__1 _201\"/>s also gave p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticular at<span class=\"__1 _201\"/>tentio<span class=\"__1 _201\"/>n to the sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y and liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y proj<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/>ions of th<span class=\"__1 _201\"/>e Group un<span class=\"__1 _201\"/>der va<span class=\"__1 _201\"/>riou<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>stre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d scen<span class=\"__1 _201\"/>arios w<span class=\"__1 _201\"/>hich co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>er vari<span class=\"__1 _201\"/>ous as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons arou<span class=\"__1 _201\"/>nd inflati<span class=\"__1 _201\"/>on and a<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns by centr<span class=\"__1 _201\"/>al banks re<span class=\"__1 _201\"/>sultin<span class=\"__1 _201\"/>g from the cur<span class=\"__1 _201\"/>rent<span class=\"__1 _201\"/> macro<span class=\"__1 _201\"/>eco<span class=\"__1 _201\"/>nomic e<span class=\"__1 _201\"/>nviron<span class=\"__1 _201\"/>ment an<span class=\"__1 _201\"/>d uncer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in geo<span class=\"__1 _201\"/>-p<span class=\"__1 _201\"/>olitic<span class=\"__1 _201\"/>al situati<span class=\"__1 _201\"/>on whi<span class=\"__1 _201\"/>ch affec<span class=\"__1 _201\"/>t sup<span class=\"__1 _201\"/>ply ch<span class=\"__1 _201\"/>ains and c<span class=\"__1 _201\"/>onsum<span class=\"__1 _201\"/>er beh<span class=\"__1 _201\"/>aviour<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of the fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g indiv<span class=\"__1 _201\"/>idua<span class=\"__1 _201\"/>l stres<span class=\"__1 _201\"/>ses o<span class=\"__1 _201\"/>n solve<span class=\"__1 _201\"/>ncy we<span class=\"__1 _201\"/>re consi<span class=\"__1 _201\"/>dere<span class=\"__1 _201\"/>d as par<span class=\"__1 _201\"/>t of the a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">20% fa<span class=\"__1 _201\"/>ll in equi<span class=\"__1 _201\"/>ty p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">20% fa<span class=\"__1 _201\"/>ll in prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">(50bp<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) paral<span class=\"__1 _201\"/>lel shi<span class=\"__1 _201\"/>ft in n<span class=\"__1 _201\"/>omina<span class=\"__1 _201\"/>l yiel<span class=\"__1 _201\"/>ds<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">20% of the c<span class=\"__1 _201\"/>redit p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio down<span class=\"__1 _201\"/>gradi<span class=\"__1 _201\"/>ng by one f<span class=\"__1 _201\"/>ull let<span class=\"__1 _201\"/>ter<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">+<span class=\"__1 _f_1\"/>100<span class=\"__1 _201\"/>bps sp<span class=\"__1 _201\"/>read wi<span class=\"__1 _201\"/>denin<span class=\"__1 _201\"/>g (A-rate<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>ets)<span class=\"__1 _32b\"> </span></span>We also as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sed th<span class=\"__1 _201\"/>e resilie<span class=\"__1 _201\"/>nce of o<span class=\"__1 _201\"/>ur finan<span class=\"__1 _201\"/>cial pos<span class=\"__1 _201\"/>ition in a h<span class=\"__1 _201\"/>igh inflat<span class=\"__1 _201\"/>ionar<span class=\"__1 _201\"/>y e<span class=\"__1 _201\"/>nvironm<span class=\"__1 _201\"/>ent sc<span class=\"__1 _201\"/>enar<span class=\"__1 _201\"/>io and the e<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>omic<span class=\"__1 _201\"/> impl<span class=\"__1 _201\"/>icatio<span class=\"__1 _201\"/>ns resul<span class=\"__1 _201\"/>ting from i<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>sults o<span class=\"__1 _201\"/>f the ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment d<span class=\"__1 _201\"/>emon<span class=\"__1 _201\"/>strated t<span class=\"__1 _201\"/>he abili<span class=\"__1 _201\"/>ty of th<span class=\"__1 _201\"/>e Group to m<span class=\"__1 _201\"/>eet all o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding paym<span class=\"__1 _201\"/>ents to sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>and d<span class=\"__1 _201\"/>ebt hol<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>, and f<span class=\"__1 _201\"/>uture bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s requi<span class=\"__1 _201\"/>rement<span class=\"__1 _201\"/>s for the fo<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>eabl<span class=\"__1 _201\"/>e future, co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ering re<span class=\"__1 _201\"/>levant m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment a<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns are<span class=\"__1 _201\"/> taken as ne<span class=\"__1 _201\"/>ces<span class=\"__1 _201\"/>sar<span class=\"__1 _201\"/>y. In addi<span class=\"__1 _201\"/>tion, th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment de<span class=\"__1 _201\"/>mons<span class=\"__1 _201\"/>trated th<span class=\"__1 _201\"/>at the Gro<span class=\"__1 _201\"/>up was abl<span class=\"__1 _201\"/>e to remain ab<span class=\"__1 _201\"/>ove its re<span class=\"__1 _201\"/>gulator<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>olven<span class=\"__1 _201\"/>cy<span class=\"__1 _201\"/> requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts in a stre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d scen<span class=\"__1 _201\"/>ario<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>For this re<span class=\"__1 _201\"/>ason<span class=\"__1 _201\"/>, the Dire<span class=\"__1 _201\"/>cto<span class=\"__1 _201\"/>rs contin<span class=\"__1 _201\"/>ue to adop<span class=\"__1 _201\"/>t the goin<span class=\"__1 _201\"/>g conc<span class=\"__1 _201\"/>ern ba<span class=\"__1 _201\"/>sis in pre<span class=\"__1 _201\"/>parin<span class=\"__1 _201\"/>g the con<span class=\"__1 _201\"/>solid<span class=\"__1 _201\"/>ated and C<span class=\"__1 _201\"/>ompany<span class=\"__1 _201\"/> financial<span class=\"__1 _200\"/> statemen<span class=\"__1 _200\"/>ts.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-577": {
   "value": "Going concern The Directors have reasonable expectation that the Group as a whole has adequate resources to continue in operational existence over a period of at least 12 months from the date of approval of the consolidated financial statements. To satisfy themselves of the appropriateness of the use of the going concern assumption in relation to the consolidated financial statements, the Directors have considered the liquidity projections of the Group, including the impact of applying specific liquidity stresses. The Directors also considered the ability of the Group to access external funding sources, including access to the \u00a31.5bn revolving credit facility (as explained in the Directors\u2019 Report and disclosed at note 27.2.1) and the management actions that could be used to manage liquidity. In addition, the Directors also gave particular attention to the solvency and liquidity projections of the Group under various stressed scenarios which consider various assumptions around inflation and actions by central banks resulting from the current macroeconomic environment and uncertain geo-political situation which affect supply chains and consumer behaviours. The impact of the following individual stresses on solvency were considered as part of the assessment: \u2013  20% fall in equity prices \u2013  20% fall in property prices \u2013  (50bps) parallel shift in nominal yields \u2013  20% of the credit portfolio downgrading by one full letter \u2013  +100bps spread widening (A-rated assets) We also assessed the resilience of our financial position in a high inflationary environment scenario and the economic implications resulting from it. The results of the assessment demonstrated the ability of the Group to meet all obligations, including payments to shareholders and debt holders, and future business requirements for the foreseeable future, considering relevant management actions are taken as necessary. In addition, the assessment demonstrated that the Group was able to remain above its regulatory solvency requirements in a stressed scenario. For this reason, the Directors continue to adopt the going concern basis in preparing the consolidated and Company financial statements. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-578": {
   "value": "1.2 New accounting pronouncements 1.2.1 New accounting pronouncements adopted by the Group In preparing these consolidated financial statements, the Group has adopted the following standards, interpretations and amendments that became effective during the year: \u2013  Reference to the Conceptual Framework (Amendments to IFRS 3), issued in May 2020 and effective from 1 January 2022 \u2013  Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16), issued in May 2020 and effective from 1 January 2022 \u2013  Onerous Contracts \u2013 Costs of Fulfilling a Contract (Amendments to IAS 37), issued in March 2018 and effective from 1 January 2022 None of the above interpretations and amendments to standards are considered to have a material effect on these consolidated financial statements. 1.2.2 New accounting pronouncements not yet effective The following standards, interpretations and amendments have been issued but are not yet effective for the Group. This is not intended to be a complete list, as only those standards, interpretations and amendments that could have an impact upon the consolidated financial statements are discussed. 1.2.2.1 IFRS 9: Financial Instruments In July 2014, the International Accounting Standards Board (IASB) published IFRS 9: Financial Instruments (IFRS 9) which is effective for annual periods beginning on or after 1 January 2018, except as described below, with early application permitted. IFRS 9 replaces the existing standard, IAS 39: Financial Instruments \u2013 Recognition and Measurement. The standard provides new principles for determining classification and measurement of financial instruments, introduces a new forward-looking impairment model based on expected losses (replacing the existing incurred loss model) and provides new guidance on application of hedge accounting. In September 2016, the IASB published amendments to IFRS 4, \u201cApplying IFRS 9: Financial Instruments with IFRS 4: Insurance Contracts\u201d to address the temporary consequences of the different effective dates of IFRS 9 and IFRS 17: Insurance Contracts. The amendments include an optional temporary exemption from applying IFRS 9 and the associated amendments until IFRS 17 comes into effect. This temporary exemption is available to companies whose predominant activity is to issue insurance contracts based on meeting the eligibility criteria as at 31 December 2015, as set out in the amendments. In June 2020, the IASB amended IFRS 17 so that the revised effective date of the standard is for periods beginning on or after 1 January 2023. The IASB also confirmed through this amendment that IFRS 9 could be delayed for insurers to keep the effective dates of IFRS 9 and IFRS 17 aligned. As the Group met the required eligibility criteria for temporary exemption, the adoption of IFRS 9 has been deferred to coincide with the adoption of IFRS 17 on 1 January 2023. The comparative period will be restated for IFRS 9 and the Group will apply the classification overlay in IFRS 17 to financial assets derecognised in 2022 and present these assets as if classification and measurement of IFRS 9 have been applied. Classification and measurement Under IFRS 9, financial assets are classified into three categories: fair value through profit or loss, fair value through other comprehensive income or amortised cost. The classification is based on the business model on which the financial assets are managed and the contractual cash flows of these assets. IFRS 9 largely retains the requirements of IAS 39 in respect of the classification and measurement of financial liabilities. IFRS 9 will affect the classification and measurement of financial instruments held at 1 January 2023 as follows: Classification under IAS 39 Classification under IFRS 9 Financial assets: Loans Loans and receivables/FVTPL designated FVTPL mandatory Derivative assets FVTPL held for trading FVTPL mandatory Equity securities and pooled investment funds FVTPL designated FVTPL mandatory Deposits Loans and receivables Amortised cost Debt securities FVTPL designated FVTPL mandatory Accrued investment income and other debtors Loans and receivables Amortised cost Cash and cash equivalents Loans and receivables Amortised cost Classification under IAS 39 Classification under IFRS 9 Financial liabilities: Investment contract liabilities without DPF FVTPL designated FVTPL designated Third party interests in consolidated funds FVTPL designated FVTPL designated Subordinated liabilities and other borrowings Amortised cost Amortised cost Derivative liabilities  FVTPL held for trading FVTPL mandatory Other financial liabilities Amortised cost Amortised cost Accruals, deferred income and other liabilities i Amortised cost Amortised cost i  Except Deferred consideration which is classified as FVTPL designated under IAS 39 and IFRS 9. The majority of the Group\u2019s financial instruments are measured at fair value both before and after transition to IFRS 9. The impact to Group total equity from reclassifying loans from amortised cost to fair value is a decrease of \u00a30.1bn at 1 January 2023 and an increase of \u00a30.1bn at 1 January 2022. 1 Basis of preparation and significant accounting policies continued Impairment A new impairment model will apply to the Group\u2019s financial assets measured at amortised cost. The Group estimate that due to the size and nature of the assets that will be held at amortised cost following the application of the IFRS 9, there will be no material change to the impairment recognised. Hedge accounting The Group does not currently apply hedge accounting. The assessment above is preliminary and is subject to change as the Group continues to refine the new accounting policies, assumptions, judgements and estimates in respect of IFRS 9. Presented below are disclosures required by the amendments to IFRS 4 for entities deferring the adoption of IFRS 9. These are provided to enable users to compare results with those entities that have adopted IFRS 9. As required by the amendment, the table shows the fair value of the Group\u2019s directly held financial assets at 31 December 2022, distinguishing those financial assets which have contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) as defined by IFRS 9. Financial assets that  pass the SPPI test All other financial assets,  net of derivative liabilities Financial assets on the consolidated statement of financial position 31 December 2022 \u00a3m Movement  in fair value  during the year \u00a3m 31 December 2022 \u00a3m Movement  in fair value  during the year \u00a3m Equity securities and pooled investment funds \u2014 \u2014 70,127 (2,876) Loans \u2014 \u2014 3,233 (933) Debt securities \u2014 \u2014 62,821 (12,637) Derivative assets \u2013 net of derivative liabilities \u2014 \u2014 (1,335) (3,983) Deposits 21,401 \u2014 \u2014 \u2014 Accrued investment income and other debtors 2,340 \u2014 \u2014 \u2014 Cash and cash equivalents 4,884 \u2014 \u2014 \u2014 Total financial assets, net of derivative liabilities 28,625 \u2014 134,846 (20,429) Financial assets that  pass the SPPI test All other financial assets,  net of derivative liabilities Financial assets on the consolidated statement of financial position 31 December 2021 \u00a3m Movement  in fair value  during the year \u00a3m 31 December 2021 \u00a3m Movement  in fair value  during the year \u00a3m Equity securities and pooled investment funds \u2014 \u2014 74,069 9,298 Loans i \u2014 \u2014 5,876 (172) Debt securities \u2014 \u2014 81,059 (2,732) Derivative assets \u2013 net of derivative liabilities \u2014 \u2014 684 (56) Deposits 17,633 \u2014 \u2014 \u2014 Accrued investment income and other debtors 2,647 \u2014 \u2014 \u2014 Cash and cash equivalents 6,908 \u2014 \u2014 \u2014 Total financial assets, net of derivative liabilities 27,188 \u2014 161,688 6,338 i  Loans have been restated for 31 December 2021 from Financial assets that pass the SPPI test to All other financial assets net of derivative liabilities following a business model assessment carried out in 2022. 1 Basis of preparation and significant accounting policies continued 1.2.2.2 IFRS 17: Insurance Contracts IFRS 17: Insurance Contracts (IFRS 17), effective from 1 January 2023, has been published by the IASB, and endorsed without amendment for application by UK listed groups by the UK Endorsement Board. IFRS 17 replaces the existing interim standard, IFRS 4: Insurance Contracts. The Group intends to adopt the new standard on its mandatory effective date, alongside the adoption of IFRS 9: Financial Instruments. A key principle of IFRS 17 is that the profit from insurance contracts (and investment contracts with discretionary participation features) is recognised over the period over which service is provided to policyholders. In addition, while expected profits are deferred, expected losses are recognised immediately and, as a consequence, the accounting result depends on the level of aggregation at which the contracts are measured. Given this, IFRS 17 specifies how the insurance contracts should be divided into groups for the purpose of recognition and measurement. Status of implementation project The implementation of IFRS 17 continues to be a key priority for the Group and involves significant change to systems and processes. Key components of the programme include a large number of methodology and implementation judgements, delivery of new systems and controls and the production of comparative results. To deliver a programme of this size, a large number of resources, incorporating a wide range of skills and expertise, are required. Project progress is tracked against key milestones and reported through internal governance, including to the Group Audit Committee, on an ongoing basis. Due to the complexity of the with-profits business and scale of change involved, delivery remains challenging but the programme has met key milestones and is preparing to report in accordance with the new standard in 2023. The focus over 2023 is the completion of the production of restated comparatives and ensuring the business is ready to migrate to the new systems, processes and internal controls in the timescales available. Overview of IFRS 17 Contracts within the scope of IFRS 17 An entity must apply IFRS 17 to determine the requirements for recognition, measurement, presentation and disclosure of: \u2013  Insurance contracts (including reinsurance contracts issued); \u2013  Reinsurance contracts held; and \u2013  Investment contracts with discretionary participation features (DPF) issued, provided the entity also issues insurance contracts. The definitions of insurance risk and discretionary participation features under IFRS 17 are unchanged from IFRS 4. Therefore the Group\u2019s judgements as to what constitutes significant insurance risk and significant discretionary participation features when determining whether contracts are within the scope of IFRS 17 are unchanged from the judgements that the Group made for IFRS 4. Identifying contracts The requirements for identifying contracts within the scope of IFRS 17 is not limited to determining only whether a contract falls into one of the three categories above but also requires the entity to assess whether contracts within the scope of IFRS 17 contain embedded derivatives, distinct investment components or obligations to provide distinct goods or services other than insurance contract services that must be separated out and accounted for under a different standard (with the remaining components accounted for under IFRS 17). Level of aggregation IFRS 17 requires contracts to be aggregated together into groups for measurement purposes. Contracts are grouped together: \u2013  If they are subject to similar risks and managed together; \u2013  If they were issued in the same calendar year; and \u2013  According to whether at initial recognition they are expected to be loss making, profitable with no significant possibility of becoming loss making subsequently, or neither of these. There are similar grouping requirements applied to reinsurance contracts held although, rather than being assessed by profitability, reinsurance contracts held are assessed according to whether at initial recognition their value to the Group is a net gain, a net loss with no significant possibility that the value becomes a net gain subsequently, or neither of these. Upon transition the Group expects to aggregate the in-force contracts into about 70 groups. 1 Basis of preparation and significant accounting policies continued Measurement \u2013 Overview The carrying amount of a group of insurance contracts is the sum of the liability for incurred claims and the liability for remaining coverage. The liability for incurred claims contains fulfilment cash flows for incurred claims that have not yet been paid to policyholders and other relevant cash flows. The liability for remaining coverage is the sum of: \u2013  The present value of the probability-weighted expected future cash flows that are expected to arise from fulfilling the contracts. Cash flows are discounted using risk-free yield curves adjusted to reflect the liquidity characteristics of the contracts; \u2013  An explicit risk adjustment that reflects the entity\u2019s own view of the additional amount it requires for bearing the uncertainty about the timing and amount of the cash flows that arises from non-financial risk; and \u2013  A contractual service margin (CSM), which represents the unearned profit that will be recognised as the entity provides services under the contracts. Measurement \u2013 future cash flows Underlying items IFRS 17 includes the concept of \u201cunderlying items\u201d, which are assets that determine some of the amounts payable to policyholders. Underlying items form part of the assessment of \u201cdirect participation features\u201d, which determines which CSM measurement model must be used and how the CSM is re-measured under the Variable Fee Approach (see section on CSM measurement below). Underlying items are also included in the assessment of whether there is mutualisation (see below) between groups of contracts. Underlying items of the with-profits groups of insurance contracts The underlying items are the assets backing the asset shares (which are the accumulated value of all items of income and outgo for with-profits policies) plus, where applicable, the assets backing enhancements that are expected to be added to asset shares in the future, such as profit from some of the non-profit business written in the With-Profits Fund. Other underlying items in the With-Profits Fund The With-Profits Fund includes assets that are expected to be utilised to pay amounts to current or future policyholders in addition to the provisions held in the groups of insurance contracts. The underlying items for these additional amounts are defined as: \u2013  The entirety of the assets in the With-Profits Fund; \u2013  Less: the underlying items of the with-profits groups of insurance contracts; and \u2013  Less: the assets held to meet other liabilities of the With-Profits Fund, for example for non-profit contracts. Mutualisation In general, IFRS 17 only requires a liability to be held for the current policyholders at each valuation. However, in addition, IFRS 17 acknowledges the \u201cmutualisation\u201d feature of with-profits funds whereby the cash flows of some contracts may affect or be affected by the cash flows of other contracts. In recognition of this feature, IFRS 17 also permits a liability to be held that represents the share of the surplus assets in the With-Profits Fund attributable to current or future policyholders. Future cash flows of the with-profits groups of insurance contracts \u2013 impact of mutualisation Surpluses may arise from some with-profits contracts, for example if the amounts charged to policies exceed the costs they are intended to cover. These surpluses accrue to the With-Profits Fund and may be utilised to meet deficits arising on other with-profits contracts or to enhance the benefits payable to current or future policyholders. In order to recognise this feature of the With-Profits Fund, the liabilities for each with-profits group of insurance contracts includes the policyholders\u2019 share of the expected future surpluses/deficits, where the expected future surpluses/deficits are given by: \u2013  The discounted value of the amounts that will be charged to policies; \u2013  Less: the discounted value of future shareholder transfers, gross of tax; and \u2013  Less: the discounted value of other costs directly attributable to the group of insurance contracts. Future cash flows \u2013 additional amounts payable to current or future policyholders The liability for the additional amounts payable to current or future policyholders will be a key judgement and is expected to be equal to around 90% of the fair value of the other underlying items in the With-Profits Fund. The fair value of these underlying items includes the fair value of the non-profit contracts in the With-Profits Fund. 1 Basis of preparation and significant accounting policies continued Discount rates The Group will determine the adjustment for illiquidity using either a top-down or a bottom-up approach. Under the top-down approach a yield curve that reflects the current market rates of return implicit in a fair value measurement of a reference portfolio of assets is adjusted to eliminate any factors that are not relevant to the insurance contracts, such as cash flow mismatching and credit risk. However, it is not required to adjust the yield curve for differences in the liquidity characteristics of the insurance contracts and the reference portfolio. Judgement is required to choose an appropriate reference portfolio and to determine the element of the yield on the portfolio that is attributable to factors not relevant to the insurance contracts. Under the bottom-up approach a liquid risk-free yield curve is increased to reflect the differences between the liquidity characteristics of the financial instruments that underlie the risk-free rates observed in the market and the liquidity characteristics of the insurance contracts. Judgement is required to determine the illiquidity premium. The Group intends to apply the top-down approach for annuities contracts and the bottom-up approach for all other contracts, including with-profits. Measurement \u2013 risk adjustment for non-financial risk Different approaches are expected to be used within the industry to estimate the risk adjustment for non-financial risk, including a confidence level technique or a cost of capital technique. For all lines of business, the Group will use a confidence level technique under which a probability distribution of the expected present value of future cash flows from the contracts is estimated and the risk adjustment for non-financial risk is calculated as the excess of the value at risk at the target confidence level over the expected present value of the future cash flows. The Group has set the compensation it requires for uncertainty arising from non-financial risk over the period of coverage equivalent to the 75th percentile over a 1-year time horizon. This is a key judgement. The risk adjustment will reflect the impact of diversification of non-financial risks within each entity in the Group but not diversification of risks between entities. Measurement \u2013 CSM The CSM is subject to different measurement requirements depending on whether it relates to groups of contracts that are classified as being with or without direct participation features. Insurance and investment contracts with direct participation features are contracts for which the entity expects to pay the policyholder a substantial share of the returns on the underlying items. For the Group\u2019s business all contracts that are in the scope of IFRS 17 and that are without direct participation features will apply the General Measurement Model (GMM). These primarily consist of the non-profit annuity and non-profit protection lines of business. The contracts with direct participation features will use the Variable Fee Approach (VFA). These are expected to comprise the with-profits business, including PruFund, and unit-linked business. A key difference between the GMM and VFA measurement models is that adjustments to the VFA CSM reflect prevailing market conditions, giving some alignment between the movements in asset and liability values. In contrast, adjustments to the GMM CSM are determined using prospective financial assumptions and discount rates that are fixed (\u201clocked-in\u201d) at initial recognition. Under the General Measurement Model the carrying amount of CSM is adjusted to reflect the following changes: \u2013  Effect of new contracts added to the group of contracts; \u2013  Interest accreted on the carrying amount of CSM, measured at the locked-in rate; \u2013  Changes in cash flows arising from non-financial risk that relate to future service; \u2013  Effect of any currency exchange differences on the CSM; and \u2013  Recognition of insurance revenue for services provided in the year. Under the Variable Fee Approach the CSM is adjusted to reflect the following changes: \u2013  Effect of new contracts added to the group of contracts; \u2013  Change in the entity\u2019s share of the fair value of underlying items; \u2013  Changes in cash flows that relate to future service, including the effect of the time value of money and financial risk not arising from the underlying items; \u2013  Effect of any currency exchange differences on the CSM; and \u2013  Recognition of insurance revenue for services provided in the year. 1 Basis of preparation and significant accounting policies continued Some of the adjustments to the CSM for the Variable Fee Approach listed above are determined by reference to changes in the \u201cvariable fee\u201d, which represents the value of the entity\u2019s interest in the contracts. For with-profits business, the variable fee is determined as the discounted value of future shareholder transfers, gross of tax, plus the shareholders\u2019 share of the expected future surpluses/deficits, where the expected future surpluses/deficits are given by: \u2013  The discounted value of the amounts that will be charged to policies; \u2013  Less: the discounted value of future shareholder transfers, gross of tax; and \u2013  Less: the discounted value of other costs directly attributable to the group of insurance contracts. The shareholders\u2019 share is expected to be around 10%, mirroring the key judgement that the policyholders\u2019 share is expected to be around 90%. Insurance revenue for services provided in the year is recognised by reference to \u201ccoverage units\u201d, which represent the quantity of services provided. For non-profit annuities that are already in payment the coverage units are determined as the annual annuity benefit payable. This is consistent with the conclusion published on this topic by the IASB\u2019s Interpretation Committee (IFRIC) in 2022. For the majority of the with-profits contracts the coverage units are defined as the maximum of the benefit payable on death and the asset share, as this best represents the insurance and investment service being provided. The exception is with-profits annuity contracts in payment, for which the coverage units are defined as the annual annuity benefit payable. For a profitable group of contracts the value of the CSM at inception equals the present value of the expected net inflow. This results in no income or expenses being recognised for the group of contracts at their initial recognition. Conversely, for a group of contracts that is loss making (or \u201conerous\u201d) at inception, the CSM is set to zero and the expected net outflow is immediately recognised as a loss. A loss component is established with value equal to the net outflow. Transition to IFRS 17 IFRS 17 requires that the changes in accounting policies arising from adopting the new standard, at 1 January 2022, must be applied using a fully retrospective approach unless it is not practicable to do so. Under the fully retrospective approach the Group will: \u2013  Identify, recognise and measure each group of insurance contracts, investment with DPF contracts and reinsurance contracts held as if IFRS 17 had always applied; \u2013  Derecognise previously reported balances that would not have existed if IFRS 17 had always applied (including IFRS 4-related deferred acquisition costs, and the unallocated surplus of the With-Profits Fund); and \u2013  Recognise any resulting net difference in equity, after allowing for any deferred tax adjustment. Where it is impracticable to apply a fully retrospective approach to a group of contracts, then the Group will, as permitted under IFRS 17, use either the modified retrospective approach or the fair value approach. The Group expects to apply the following approaches to valuing the CSM on transition to IFRS 17 i : Transition approach Applied for Fully Retrospective Approach With-profits business written 2020-2021 Non-Profit protection in Poland written 2020-2021 Rothesay annuity reinsurance treaty ii Modified Retrospective Approach 90:10 with-profits business written 2004-2019 Fair Value Approach With-profits business written before 2004  All other contracts written up to 2021  All other reinsurance treaties incepted up to 2021 i  The approach to be used for PruProtect business is still to be confirmed. As this business is fully reinsured, the impact of PruProtect contracts on shareholder equity at transition to IFRS 17 is not significant. ii  The Rothesay Part VII transfer in December 2021 and consequential update to the reinsurance treaty for the retained annuity business is deemed to constitute a derecognition event. Therefore, for IFRS 17 purposes, the inception date of the reinsurance contract is 15 December 2021 and so is transitioned under the Fully Retrospective Approach. The reasons why the Group considers the fully retrospective approach to be impracticable for some contracts include: \u2013  The effects of retrospective application are not determinable because the information required has not been collected, or has not been collected with sufficient granularity, or is unavailable because of system migrations or other reasons. \u2013  The fully retrospective approach requires assumptions about what the Group management\u2019s intentions would have been in previous periods that cannot be made without the use of hindsight. These include judgements about the compensation the Group requires for bearing non-financial risk in order to determine the risk adjustment. As the Group was established as a separate entity in 2019, the Group\u2019s current business management and assumptions are not appropriate prior to 2020 and choosing to use these or other assumptions would require the application of hindsight. \u2013  Where the fully retrospective approach is impracticable for the valuation of a portfolio of insurance contracts written then it will also be impracticable for the valuation of associated reinsurance portfolio as measurement requires similar considerations. 1 Basis of preparation and significant accounting policies continued Modified retrospective approach The objective of the modified retrospective approach is to achieve the closest outcome to retrospective application possible using reasonable and supportable information available without undue cost or effort. The Group will apply each of the following modifications only to the extent that it does not have reasonable and supportable information to apply IFRS 17 retrospectively. Assessments at inception or on initial recognition The Group will determine the identification of groups of contracts and classification of contracts using information available at contract inception where reasonable and supportable information is available. Where the Group does not have reasonable and supportable information this will be assessed based on information at 1 January 2022. Groups of contracts valued under the modified retrospective approach will contain contracts issued more than one year apart. 90:10 with-profits business written 2004-2019 For groups of with-profits contracts issued between 2004 and 2019 transitioning under the modified retrospective approach, the Group will determine the CSM at 1 January 2022 by calculating a proxy (as permitted in IFRS 17) for the total CSM for all services to be provided from inception as the fair value of the underlying items at 1 January 2022 minus the fulfilment cash flows at 1 January 2022, adjusted for: \u2013  Amounts charged to policyholders (including charges deducted from the underlying items) before 1 January 2022. \u2013  Amounts paid before 1 January 2022 that did not vary based on the underlying items. \u2013  The change in the risk adjustment for non-financial risk caused by the release from risk before 1 January 2022, which will be estimated by reference to the release of risk for similar contracts that the Group issues at 1 January 2022. If the calculation results in a CSM, the Group will measure the CSM at 1 January 2022 by deducting the CSM related to services provided before 1 January 2022. The CSM related to services provided before 1 January 2022 will be determined by comparing the remaining coverage units at 1 January 2022 with coverage units prior to 1 January 2022. If the calculation results in a loss component then the Group will adjust the loss component to nil and increase the liability for remaining coverage excluding the loss component by the same amount. Fair value approach Under the fair value approach, the CSM (or the loss component) at 1 January 2022 will be determined as the difference between the fair value of a group of contracts at that date and the fulfilment cash flows at that date. The Group will measure the fair value of the contracts as the sum of: \u2013  The best estimate of the liability, determined using a discounted cash flow technique; and \u2013  The compensation a market participant would require for taking on the obligation, over and above the best estimate liability, determined using a cost of capital approach, and an amount to reflect the risk around the quantum of future shareholder transfers. The key judgements are in the assumptions used to set the best estimate of the liability, such as longevity assumptions, assumed asset mix for annuities, and discount rates, and the compensation a market participant would require for taking on the obligation, in particular the level of capital assumed to be held, the assumed cost of holding the capital, and the level of compensation required to reflect the risk in relation to future shareholder transfers. The fair value will be calibrated based on analysis of the Group\u2019s own data and market data including public information on recent transactions (to the extent relevant and available). The Group will determine the identification of groups of contracts and classification of contracts using information available at 1 January 2022. Groups of policies valued under the fair value approach will contain contracts issued more than one year apart. For GMM under the fair value approach, locked-in discount rates and financial assumptions, as applied after transition, will be determined at 1 January 2022. 1 Basis of preparation and significant accounting policies continued Comparison with IFRS 4 The timing of profit recognition will change significantly under IFRS 17. Under IFRS 4 profits are recognised as follows: \u2013  For with-profits contracts that share in the profit arising in the main With-Profits fund, profits are recognised when bonuses are added to policies. As a substantial proportion of the total bonus is determined when claims are paid to policyholders, a considerable part of the profit is recognised when policies terminate. \u2013  For non-profit contracts (notably annuities) a substantial proportion of the lifetime expected profit is recognised at policy inception reflecting the difference between the premiums received less costs incurred and the prudent liability established for the expected future cash flows. In contrast, IFRS 17 does not allow upfront profit recognition for profitable contracts but rather requires that profit is recognised as services are provided to the policyholders. Other differences in the measurement of the liabilities include: \u2013  IFRS 17 requires that the discount rates include an illiquidity premium. The IFRS 4 discount rates for with-profits contracts in particular do not include an illiquidity premium. For annuity contracts, the IFRS 4 discount rates are similar to IFRS 17. \u2013  IFRS 4 liabilities for non-profit contracts are determined using implicit prudence margins in the demographic and expense assumptions. In contrast IFRS 17 requires a separate risk adjustment for non-financial risks which may differ from the value of the IFRS 4 margins. \u2013  Under IFRS 4, the unallocated surplus of the With-Profits Fund represents the excess of the fund\u2019s assets over policyholder liabilities that are yet to be appropriated between policyholders and shareholders with no allocation to equity. There is no unallocated surplus under IFRS 17 although IFRS 17 does allow a liability to be held for the policyholders\u2019 share of the surplus assets in the With-Profits Fund. Under IFRS 17 there will be equity for the first time relating to the With-Profits Fund. Overall quantitative impact on the Group The Group will apply IFRS 17 for the first time at 1 January 2023. As a result of the requirement to restate comparative information presented, the date of transition to IFRS 17 for the Group is 1 January 2022. The standard will, as detailed above, bring significant changes to the accounting for insurance and reinsurance contracts and is expected to have a material impact on the Group\u2019s consolidated financial statements in the period of initial application. The Group has estimated the impact that the initial application of IFRS 17 will have on the consolidated financial statements at 31 December 2021/1 January 2022. The quantitative assessment is preliminary as not all of the IFRS 17 transition work is finalised, and the application of some elements of IFRS 17 to the Group\u2019s open with-profits business is complex. The final impact of adopting IFRS 17 may change as: \u2013  the Group is continuing to refine the new accounting processes, methodology and internal controls in applying IFRS 17; and \u2013  the new accounting policies, assumptions, judgements and estimation techniques employed are subject to change until the Group finalises its adoption of IFRS 17. Although the quantitative assessment is preliminary, it may be reasonably estimated that on transition to IFRS 17 equity will increase by at least \u00a31.5bn at 1 January 2022, from \u00a35.3bn to \u00a36.8bn. Shareholder equity is expected to increase as the reduction in equity driven by the CSM established to defer previously recognised profits on the annuity portfolio is more than offset by the recognition as equity of part of the surplus assets in the With-Profits Fund. The equity in the With-Profits Fund represents the shareholders\u2019 assumed share of the surplus assets in the fund in accordance with the requirements of IFRS 17 and is not immediately available for distribution to shareholders. Transfers from the With-Profits Fund to shareholders will continue to be derived from the cost of bonuses (or equivalent) added to with-profits contracts. The Group is currently unable to set an upper limit for the impact on equity at 1 January 2022 as there is insufficient certainty in the outcome of the judgements that remain, for with-profits business in particular. Adjusted operating profit will continue to be the Group\u2019s non-GAAP alternative performance measure. The definition of adjusted operating profit is currently being refined for IFRS 17, to ensure that it continues to provide an accurate reflection of the Group\u2019s underlying business performance. The Group will publish restated comparative information on adoption of IFRS 17 in the 2023 interim financial statements. 1 Basis of preparation and significant accounting policies continued 1.2.2.3 Other In addition to the above, the following new accounting pronouncements have also been issued but are not yet effective or have not yet been adopted for use in the UK: \u2013  Classification of Liabilities as Current or Non-current (Amendments to IFRS 1), issued in January 2020 and effective from 1 January 2023, although it is anticipated that the effective date will be pushed back to no earlier than 1 January 2024 \u2013  Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2013 (Amendments to IFRS 10 and IAS 28), issued in December 2015 and effective date pending completion of the research project on equity method accounting \u2013  The Disclosure Initiative: Accounting Policy Requirements (Amendments to IAS 1), issued in February 2021 and effective from 1 January 2023 \u2013  Definition of Accounting Estimates (Amendments to IAS 8), issued in February 2021 and effective from 1 January 2023 \u2013  Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12), issued in May 2021 and effective from 1 January 2023 \u2013  Lease Liability in a Sale and Leaseback (Amendments to IFRS 16), issued in September 2022 and effective from 1 January 2024. The Group has assessed the impact of these pronouncements on the consolidated financial statements, none of which are expected to have a material impact on the Group. 1.3 Key judgements in applying accounting policies A full list of the Group\u2019s significant accounting policies is provided in Section 1.5 of this Note. In applying these accounting policies, the Group has made a number of key judgements which have a significant effect on the amounts recognised in the consolidated financial statements. The following table sets out the basis of these judgements, and references the associated accounting policy and related Note, which both give further detail on the specific application. Financial statement area Key judgement Accounting policy Note Consolidation of structured entities IFRS 10 requires entities that the Group controls to be consolidated in the consolidated financial statements. Structured entities are entities that have been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity. Due to the nature of structured entities, judgement is required to determine whether the Group controls and therefore consolidates the structured entities. Judgement is also required where certain seed capital investments in structured entities are classified as held for sale investments, and therefore not consolidated on a line by line basis. 1.5.1 31 Classification of insurance and investment contracts IFRS 4 requires contracts that transfer significant insurance risk to be accounted for as insurance contracts. Judgement is required to determine whether contracts written by the Group transfer significant insurance risk. Judgement is also required in the case of certain contracts, both investment and insurance, which provide an additional benefit in addition to guaranteed benefits to determine whether they meet the criteria to be considered as discretionary participation features. 1.5.2 26 Recognition of deferred tax asset IAS 12 requires deferred tax to be recognised to the extent that it is probable that sufficient taxable profit will be available against which the deductible temporary differences and the carry forward unused tax credits and unused tax losses can be utilised. Judgement is required to determine the extent to which future taxable profits emerge and the corresponding period over which unused tax credits and unused tax losses will be utilised. 1.5.16 9 1 Basis of preparation and significant accounting policies continued 1.4 Sources of estimation uncertainty The preparation of these consolidated financial statements requires the Group to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. The following table sets out the assets and liabilities measured using assumptions and estimates which have a significant risk of resulting in a material adjustment to their carrying value within the next financial year. Details of the nature of the estimate is provided in the related accounting policy and details of the assumptions applied at the statement of financial position date are provided in the related Note. Financial statement  asset or liability Key estimate and assumptions Accounting policy Note Insurance contract liabilities When measuring insurance contract liabilities, a number of assumptions are applied to estimate future amounts due to the policyholder. The areas where the assumptions could have a material impact are the assumed rates of policyholder mortality, maintenance expenses and the valuation rate of interest used when establishing policyholder liabilities for annuities and also the assumptions used in determining the allowance for persistency and maintenance expenses within the policyholder liabilities other than annuities. 1.5.2 26, 3 Assets classified as level 3 under the fair value hierarchy Determination of fair value of financial assets classified as level 3 in the fair value hierarchy involves the use of inputs which are not observable in the market and hence require a high degree of estimation which could result in a significant change in the valuation. 1.5.4,  1.5.14 19, 32 Determination of the recoverable amount of goodwill Goodwill is assessed for impairment at least on an annual basis by comparing the recoverable amount of each cash-generating unit or group of cash-generating units to which goodwill has been allocated with its carrying value. Recoverable amount is defined as the higher of fair value less costs to sell and the value in use where the value in use is based on the present value of future cash flows. The determination of the value in use requires the use of various assumptions around future cash flows, future growth rates and appropriate discount rates based on the risks associated with the cash-generating unit or group of cash-generating units which can have a material impact on the calculation. 1.5.17 1 Defined benefit pension liability The defined benefit pension scheme liability is calculated using actuarial valuations which incorporate a number of assumptions including discount rates, inflation rates, and expected future mortality. Due to the long-term nature of the schemes, the value of the pension scheme obligation is sensitive to these assumptions. 1.5.15 1 Valuation of intangibles acquired at acquisition Valuation of intangibles acquired as part of a business combination are based on various assumptions around future business growth and appropriate discount rates which can have a material impact on the valuation. 1.5.18 1 The impact of climate change has been considered when preparing these consolidated financial statements, particularly in the context of our TCFD disclosures included on pages 68 to 89. Key areas of focus are: goodwill impairment assessment (see Note 12.1), and the valuation approach for level 3 assets and liabilities (see Note 32.3.1). 1 Basis of preparation and significant accounting policies continued ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-523": {
   "value": "1.2 New accoun<span class=\"__1 _200\"/>ting pr<span class=\"__1 _200\"/>onouncements<span class=\"__1 _32b\"> </span>1.2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 New acc<span class=\"__1 _200\"/>ounting pr<span class=\"__1 _200\"/>onouncements adop<span class=\"__1 _200\"/>ted b<span class=\"__1 _200\"/>y t<span class=\"__1 _200\"/>he Group In pre<span class=\"__1 _201\"/>parin<span class=\"__1 _201\"/>g thes<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al statem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up has ad<span class=\"__1 _201\"/>opted th<span class=\"__1 _201\"/>e follow<span class=\"__1 _201\"/>ing st<span class=\"__1 _201\"/>andard<span class=\"__1 _201\"/>s, inter<span class=\"__1 _201\"/>pretatio<span class=\"__1 _201\"/>ns and<span class=\"__1 _201\"/> ame<span class=\"__1 _201\"/>ndme<span class=\"__1 _201\"/>nts that be<span class=\"__1 _201\"/>cam<span class=\"__1 _201\"/>e effe<span class=\"__1 _201\"/>ctive d<span class=\"__1 _201\"/>uring th<span class=\"__1 _201\"/>e year<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Refere<span class=\"__1 _201\"/>nce to the C<span class=\"__1 _201\"/>once<span class=\"__1 _201\"/>ptual Framewo<span class=\"__1 _201\"/>rk (Am<span class=\"__1 _201\"/>endm<span class=\"__1 _201\"/>ents to IF<span class=\"__1 _201\"/>RS 3), issu<span class=\"__1 _201\"/>ed in May 20<span class=\"__1 _201\"/>20 and eff<span class=\"__1 _201\"/>ecti<span class=\"__1 _201\"/>ve from 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty, Plant an<span class=\"__1 _201\"/>d Equipm<span class=\"__1 _201\"/>ent: Pro<span class=\"__1 _201\"/>cee<span class=\"__1 _201\"/>ds befo<span class=\"__1 _201\"/>re Intend<span class=\"__1 _201\"/>ed Use (<span class=\"__1 _201\"/>Amen<span class=\"__1 _201\"/>dment<span class=\"__1 _201\"/>s to IAS 16), issu<span class=\"__1 _201\"/>ed in May 20<span class=\"__1 _201\"/>20 and eff<span class=\"__1 _201\"/>ecti<span class=\"__1 _201\"/>ve from<span class=\"__1 _32b\"> </span></span>1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">On<span class=\"__1 _201\"/>erous Co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts \u2013 Co<span class=\"__1 _201\"/>sts of Fulfi<span class=\"__1 _201\"/>lling a C<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t (Am<span class=\"__1 _201\"/>endm<span class=\"__1 _201\"/>ents to IA<span class=\"__1 _201\"/>S 37), is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d in March 2<span class=\"__1 _201\"/>018 and effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve from<span class=\"__1 _32b\"> </span></span>1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>Non<span class=\"__1 _201\"/>e of the ab<span class=\"__1 _201\"/>ove interpre<span class=\"__1 _201\"/>tations an<span class=\"__1 _201\"/>d amen<span class=\"__1 _201\"/>dmen<span class=\"__1 _201\"/>ts to stan<span class=\"__1 _201\"/>dards are co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ered to have a mater<span class=\"__1 _201\"/>ial effe<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>n thes<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated<span class=\"__1 _201\"/> financial<span class=\"__1 _200\"/> statemen<span class=\"__1 _200\"/>ts.<span class=\"__1 _32b\"> </span>1.2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Ne<span class=\"__1 _200\"/>w acc<span class=\"__1 _200\"/>ounting pr<span class=\"__1 _200\"/>onouncements no<span class=\"__1 _200\"/>t y<span class=\"__1 _200\"/>et eff<span class=\"__1 _200\"/>ective<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing sta<span class=\"__1 _201\"/>ndards<span class=\"__1 _201\"/>, inter<span class=\"__1 _201\"/>pretation<span class=\"__1 _201\"/>s and am<span class=\"__1 _201\"/>endm<span class=\"__1 _201\"/>ents have b<span class=\"__1 _201\"/>een is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d but are not ye<span class=\"__1 _201\"/>t effec<span class=\"__1 _201\"/>tive fo<span class=\"__1 _201\"/>r the Gro<span class=\"__1 _201\"/>up. Thi<span class=\"__1 _201\"/>s is not<span class=\"__1 _201\"/> intend<span class=\"__1 _201\"/>ed to be a co<span class=\"__1 _201\"/>mple<span class=\"__1 _201\"/>te list, a<span class=\"__1 _201\"/>s only th<span class=\"__1 _201\"/>ose s<span class=\"__1 _201\"/>tandard<span class=\"__1 _201\"/>s, inter<span class=\"__1 _201\"/>pretatio<span class=\"__1 _201\"/>ns and am<span class=\"__1 _201\"/>endm<span class=\"__1 _201\"/>ents th<span class=\"__1 _201\"/>at could h<span class=\"__1 _201\"/>ave an impac<span class=\"__1 _201\"/>t upo<span class=\"__1 _201\"/>n the<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated finan<span class=\"__1 _201\"/>cial st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>s are discu<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d.<span class=\"__1 _201\"/> 1.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 I<span class=\"__1 _201\"/>FRS 9<span class=\"__1 _201\"/>: Fina<span class=\"__1 _201\"/>nci<span class=\"__1 _201\"/>al In<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>In Jul<span class=\"__1 _201\"/>y 2014, the I<span class=\"__1 _201\"/>nternati<span class=\"__1 _201\"/>onal Acco<span class=\"__1 _201\"/>unting Sta<span class=\"__1 _201\"/>ndards B<span class=\"__1 _201\"/>oard (I<span class=\"__1 _201\"/>ASB) publi<span class=\"__1 _201\"/>shed I<span class=\"__1 _201\"/>FRS 9<span class=\"__1 _201\"/>: Financ<span class=\"__1 _201\"/>ial Ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents (I<span class=\"__1 _201\"/>FRS 9) which is<span class=\"__1 _201\"/> effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve for annu<span class=\"__1 _201\"/>al per<span class=\"__1 _201\"/>iods b<span class=\"__1 _201\"/>egin<span class=\"__1 _201\"/>ning on o<span class=\"__1 _201\"/>r after 1 J<span class=\"__1 _201\"/>anuar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>018, except a<span class=\"__1 _201\"/>s descr<span class=\"__1 _201\"/>ibe<span class=\"__1 _201\"/>d belo<span class=\"__1 _201\"/>w<span class=\"__1 _200\"/>, with ea<span class=\"__1 _201\"/>rly ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>ation p<span class=\"__1 _201\"/>ermit<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> IFR<span class=\"__1 _201\"/>S 9 repla<span class=\"__1 _201\"/>ces the exi<span class=\"__1 _201\"/>sting s<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ard, IA<span class=\"__1 _201\"/>S 39: Fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l Instr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>ts \u2013 Rec<span class=\"__1 _201\"/>ogniti<span class=\"__1 _201\"/>on and M<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>. The s<span class=\"__1 _201\"/>tandard p<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> new pr<span class=\"__1 _201\"/>incip<span class=\"__1 _201\"/>les fo<span class=\"__1 _201\"/>r determi<span class=\"__1 _201\"/>ning cla<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>ficati<span class=\"__1 _201\"/>on and m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>ment of fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l instr<span class=\"__1 _201\"/>ument<span class=\"__1 _201\"/>s, intro<span class=\"__1 _201\"/>duce<span class=\"__1 _201\"/>s a new for<span class=\"__1 _201\"/>w<span class=\"__1 _201\"/>ard-l<span class=\"__1 _201\"/>ookin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> impa<span class=\"__1 _201\"/>irme<span class=\"__1 _201\"/>nt mod<span class=\"__1 _201\"/>el base<span class=\"__1 _201\"/>d on exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted los<span class=\"__1 _201\"/>ses (repla<span class=\"__1 _201\"/>cing the ex<span class=\"__1 _201\"/>istin<span class=\"__1 _201\"/>g incur<span class=\"__1 _201\"/>red los<span class=\"__1 _201\"/>s mod<span class=\"__1 _201\"/>el) an<span class=\"__1 _201\"/>d provid<span class=\"__1 _201\"/>es new gu<span class=\"__1 _201\"/>idanc<span class=\"__1 _201\"/>e on<span class=\"__1 _32b\"> </span> app<span class=\"__1 _201\"/>licati<span class=\"__1 _201\"/>on of he<span class=\"__1 _201\"/>dge acc<span class=\"__1 _201\"/>ounting<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> In Se<span class=\"__1 _201\"/>ptembe<span class=\"__1 _201\"/>r 2016, the I<span class=\"__1 _201\"/>ASB pu<span class=\"__1 _201\"/>blish<span class=\"__1 _201\"/>ed ame<span class=\"__1 _201\"/>ndme<span class=\"__1 _201\"/>nts to IFR<span class=\"__1 _201\"/>S 4, \u201c<span class=\"__1 _200\"/>Appl<span class=\"__1 _201\"/>ying I<span class=\"__1 _201\"/>FRS 9: F<span class=\"__1 _201\"/>inanc<span class=\"__1 _201\"/>ial Ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts with I<span class=\"__1 _201\"/>FRS 4: I<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce<span class=\"__1 _201\"/> Cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts\u201d to addres<span class=\"__1 _201\"/>s the temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y c<span class=\"__1 _201\"/>onse<span class=\"__1 _201\"/>quen<span class=\"__1 _201\"/>ces of the d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nt effe<span class=\"__1 _201\"/>ctive d<span class=\"__1 _201\"/>ates of IFR<span class=\"__1 _201\"/>S 9 and IFR<span class=\"__1 _201\"/>S 17: Insuran<span class=\"__1 _201\"/>ce Contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> The a<span class=\"__1 _201\"/>mend<span class=\"__1 _201\"/>ments i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>e an optio<span class=\"__1 _201\"/>nal temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y exem<span class=\"__1 _201\"/>ption fro<span class=\"__1 _201\"/>m appl<span class=\"__1 _201\"/>ying I<span class=\"__1 _201\"/>FRS 9 an<span class=\"__1 _201\"/>d the ass<span class=\"__1 _201\"/>ociate<span class=\"__1 _201\"/>d amen<span class=\"__1 _201\"/>dment<span class=\"__1 _201\"/>s until IFR<span class=\"__1 _201\"/>S<span class=\"__1 _32b\"> </span> 17 come<span class=\"__1 _201\"/>s into effe<span class=\"__1 _201\"/>ct. T<span class=\"__1 _201\"/>his temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y exem<span class=\"__1 _201\"/>ption is ava<span class=\"__1 _201\"/>ilabl<span class=\"__1 _201\"/>e to compa<span class=\"__1 _201\"/>nies wh<span class=\"__1 _201\"/>ose pre<span class=\"__1 _201\"/>dom<span class=\"__1 _201\"/>inant ac<span class=\"__1 _201\"/>tiv<span class=\"__1 _201\"/>ity is to i<span class=\"__1 _201\"/>ssue i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce<span class=\"__1 _32b\"> </span> contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on me<span class=\"__1 _201\"/>eting the e<span class=\"__1 _201\"/>ligibi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y criteri<span class=\"__1 _201\"/>a as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2015, as s<span class=\"__1 _201\"/>et out in th<span class=\"__1 _201\"/>e amen<span class=\"__1 _201\"/>dment<span class=\"__1 _201\"/>s. In J<span class=\"__1 _201\"/>une 2020, t<span class=\"__1 _201\"/>he IAS<span class=\"__1 _201\"/>B<span class=\"__1 _32b\"> </span> ame<span class=\"__1 _201\"/>nded I<span class=\"__1 _201\"/>FRS 17 so th<span class=\"__1 _201\"/>at the revis<span class=\"__1 _201\"/>ed effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve date of the s<span class=\"__1 _201\"/>tandard i<span class=\"__1 _201\"/>s for pe<span class=\"__1 _201\"/>riod<span class=\"__1 _201\"/>s begi<span class=\"__1 _201\"/>nning o<span class=\"__1 _201\"/>n or af<span class=\"__1 _201\"/>ter 1 Janua<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y 2023<span class=\"__1 _201\"/>. The I<span class=\"__1 _201\"/>ASB<span class=\"__1 _201\"/> also c<span class=\"__1 _201\"/>onfir<span class=\"__1 _201\"/>med th<span class=\"__1 _201\"/>rough thi<span class=\"__1 _201\"/>s amen<span class=\"__1 _201\"/>dment th<span class=\"__1 _201\"/>at IFRS 9 co<span class=\"__1 _201\"/>uld be d<span class=\"__1 _201\"/>elayed fo<span class=\"__1 _201\"/>r insure<span class=\"__1 _201\"/>rs to keep the eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive dates of I<span class=\"__1 _201\"/>FRS 9 an<span class=\"__1 _201\"/>d IFRS<span class=\"__1 _201\"/> 17 al<span class=\"__1 _201\"/>ign<span class=\"__1 _201\"/>e<span class=\"__1 _201\"/>d.<span class=\"__1 _201\"/> As th<span class=\"__1 _201\"/>e Group m<span class=\"__1 _201\"/>et the req<span class=\"__1 _201\"/>uired e<span class=\"__1 _201\"/>ligibil<span class=\"__1 _201\"/>ity cr<span class=\"__1 _201\"/>iteria f<span class=\"__1 _201\"/>or tempo<span class=\"__1 _201\"/>rar<span class=\"__1 _201\"/>y exemp<span class=\"__1 _201\"/>tion, th<span class=\"__1 _201\"/>e adop<span class=\"__1 _201\"/>tion of IF<span class=\"__1 _201\"/>RS 9 has b<span class=\"__1 _201\"/>een de<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d to coinci<span class=\"__1 _201\"/>de<span class=\"__1 _32b\"> </span> with th<span class=\"__1 _201\"/>e adopti<span class=\"__1 _201\"/>on of IFR<span class=\"__1 _201\"/>S 17 on 1 Janua<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y 2023<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e compa<span class=\"__1 _201\"/>rative pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d will be re<span class=\"__1 _201\"/>state<span class=\"__1 _201\"/>d for IFR<span class=\"__1 _201\"/>S 9 and the G<span class=\"__1 _201\"/>roup wi<span class=\"__1 _201\"/>ll appl<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> the cla<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>ficati<span class=\"__1 _201\"/>on overl<span class=\"__1 _201\"/>ay in IFRS 17 to fina<span class=\"__1 _201\"/>ncial as<span class=\"__1 _201\"/>sets d<span class=\"__1 _201\"/>erec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in 202<span class=\"__1 _201\"/>2 and p<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>t these a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s as if clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n and<span class=\"__1 _201\"/> mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt of IFR<span class=\"__1 _201\"/>S 9 have bee<span class=\"__1 _201\"/>n appli<span class=\"__1 _201\"/>ed.<span class=\"__1 _32b\"> </span>Classificat<span class=\"__1 _200\"/>ion and mea<span class=\"__1 _200\"/>surement<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er IFR<span class=\"__1 _201\"/>S 9, finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets are c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d into three c<span class=\"__1 _201\"/>ategor<span class=\"__1 _201\"/>ies: f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e throug<span class=\"__1 _201\"/>h profit o<span class=\"__1 _201\"/>r loss<span class=\"__1 _201\"/>, fai<span class=\"__1 _201\"/>r value thro<span class=\"__1 _201\"/>ugh othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> comp<span class=\"__1 _201\"/>rehen<span class=\"__1 _201\"/>sive in<span class=\"__1 _201\"/>come o<span class=\"__1 _201\"/>r amor<span class=\"__1 _201\"/>tis<span class=\"__1 _201\"/>ed cos<span class=\"__1 _201\"/>t. Th<span class=\"__1 _201\"/>e clas<span class=\"__1 _201\"/>sific<span class=\"__1 _201\"/>ation i<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on the bu<span class=\"__1 _201\"/>sine<span class=\"__1 _201\"/>ss mo<span class=\"__1 _201\"/>del on w<span class=\"__1 _201\"/>hich the fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al ass<span class=\"__1 _201\"/>ets are<span class=\"__1 _201\"/> mana<span class=\"__1 _201\"/>ged an<span class=\"__1 _201\"/>d the con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>tual cas<span class=\"__1 _201\"/>h flows of th<span class=\"__1 _201\"/>ese as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>. IFR<span class=\"__1 _201\"/>S 9 large<span class=\"__1 _201\"/>ly retain<span class=\"__1 _201\"/>s the req<span class=\"__1 _201\"/>uireme<span class=\"__1 _201\"/>nts of IAS 3<span class=\"__1 _201\"/>9 in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of the<span class=\"__1 _201\"/> clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n and me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent of fina<span class=\"__1 _201\"/>ncial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>IFR<span class=\"__1 _201\"/>S 9 will affe<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e clas<span class=\"__1 _201\"/>sific<span class=\"__1 _201\"/>ation a<span class=\"__1 _201\"/>nd mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents he<span class=\"__1 _201\"/>ld at 1 Jan<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>3 as follo<span class=\"__1 _201\"/>ws:<span class=\"__1 _32b\"> </span>Classification u<span class=\"__1 _200\"/>nder IAS 39<span class=\"__1 _292\"> </span><span class=\"ls1_1 ws1_1\">Cla<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n und<span class=\"__1 _201\"/>er IF<span class=\"__1 _201\"/>RS 9<span class=\"__1 _32b\"> </span></span>Financial assets<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _293\"> </span><span class=\"ls6_1 ws1_1\">Loa<span class=\"__1 _201\"/>ns and re<span class=\"__1 _201\"/>ceiva<span class=\"__1 _201\"/>bles/<span class=\"__1 _201\"/>FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL de<span class=\"__1 _201\"/>signate<span class=\"__1 _201\"/>d<span class=\"__1 _2d_1\"> </span>F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L mandato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _294\"> </span>F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL he<span class=\"__1 _201\"/>ld for tr<span class=\"__1 _201\"/>ading<span class=\"__1 _292\"> </span>FV<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L mandato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _290\"> </span>F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL d<span class=\"__1 _201\"/>esig<span class=\"__1 _201\"/>nated<span class=\"__1 _295\"> </span>F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL ma<span class=\"__1 _201\"/>ndator<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Deposits<span class=\"__1 _296\"> </span><span class=\"ls38_1 ws3e_1\">Loans and receivable<span class=\"__1 _201\"/>s<span class=\"__1 _297\"> </span><span class=\"ls1c_1 ws1b_1\">Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _32b\"> </span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _298\"> </span><span class=\"ls6_1 ws1_1\">F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL de<span class=\"__1 _201\"/>signate<span class=\"__1 _201\"/>d<span class=\"__1 _295\"> </span>FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL man<span class=\"__1 _201\"/>dator<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _258\"> </span><span class=\"ls38_1 ws3e_1\">Loans and recei<span class=\"__1 _201\"/>vables<span class=\"__1 _297\"> </span><span class=\"ls1c_1 ws1b_1\">Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _32b\"> </span></span></span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _299\"> </span>Loans and receivable<span class=\"__1 _201\"/>s<span class=\"__1 _297\"> </span><span class=\"ls1c_1 ws1b_1\">Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _32b\"> </span></span>Classification u<span class=\"__1 _200\"/>nder IAS 39<span class=\"__1 _292\"> </span><span class=\"ls1_1 ws1_1\">Cla<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n und<span class=\"__1 _201\"/>er IF<span class=\"__1 _201\"/>RS 9<span class=\"__1 _32b\"> </span></span>Financial li<span class=\"__1 _200\"/>abilities:<span class=\"__1 _32b\"> </span>Investment contra<span class=\"__1 _201\"/>ct liabilities witho<span class=\"__1 _201\"/>ut DPF<span class=\"__1 _228\"> </span><span class=\"ls6_1 ws1_1\">F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL d<span class=\"__1 _201\"/>esign<span class=\"__1 _201\"/>ated<span class=\"__1 _295\"> </span>F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL de<span class=\"__1 _201\"/>signate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest<span class=\"__1 _201\"/>s in cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated fund<span class=\"__1 _201\"/>s<span class=\"__1 _228\"> </span>F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L desig<span class=\"__1 _201\"/>nated<span class=\"__1 _295\"> </span>F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL d<span class=\"__1 _201\"/>esign<span class=\"__1 _201\"/>ated<span class=\"__1 _32b\"> </span>Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _242\"> </span><span class=\"ls1c_1 ws1b_1\">Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _9a_1\"> </span>Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _32b\"> </span></span>Deri<span class=\"__1 _201\"/>vative liabilities <span class=\"__1 _9b_1\"> </span><span class=\"ls6_1 ws1_1\">F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL he<span class=\"__1 _201\"/>ld for tr<span class=\"__1 _201\"/>ading<span class=\"__1 _292\"> </span>FV<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L mandato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></span>Other fin<span class=\"__1 _201\"/>ancial liabilities<span class=\"__1 _233\"> </span><span class=\"ls1c_1 ws1b_1\">Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _9a_1\"> </span>Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _32b\"> </span></span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>Amor<span class=\"__1 _201\"/>tised cost<span class=\"__1 _9a_1\"> </span>Amortise<span class=\"__1 _201\"/>d cost<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>E<span class=\"__1 _201\"/>xcept D<span class=\"__1 _201\"/>efe<span class=\"__1 _201\"/>rre<span class=\"__1 _201\"/>d cons<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>on wh<span class=\"__1 _201\"/>ich i<span class=\"__1 _201\"/>s clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed a<span class=\"__1 _201\"/>s FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL de<span class=\"__1 _201\"/>sig<span class=\"__1 _201\"/>nate<span class=\"__1 _201\"/>d und<span class=\"__1 _201\"/>er IAS 3<span class=\"__1 _201\"/>9 an<span class=\"__1 _201\"/>d IFR<span class=\"__1 _201\"/>S 9.<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>ajor<span class=\"__1 _201\"/>ity of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts are m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at fair va<span class=\"__1 _201\"/>lue both b<span class=\"__1 _201\"/>efore an<span class=\"__1 _201\"/>d after tr<span class=\"__1 _201\"/>ansiti<span class=\"__1 _201\"/>on to IFR<span class=\"__1 _201\"/>S 9. The im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> to Grou<span class=\"__1 _201\"/>p total equi<span class=\"__1 _201\"/>ty fro<span class=\"__1 _201\"/>m recla<span class=\"__1 _201\"/>ssif<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing lo<span class=\"__1 _201\"/>ans from am<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cost to f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e is a de<span class=\"__1 _201\"/>crease of \u00a30.1bn at 1 Januar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>023 and a<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> incre<span class=\"__1 _201\"/>ase of \u00a30.<span class=\"__1 _200\"/>1bn at 1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2d_1 ws2d_1\">187<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Impairment<span class=\"__1 _32b\"> </span>A new imp<span class=\"__1 _201\"/>airm<span class=\"__1 _201\"/>ent mo<span class=\"__1 _201\"/>del wil<span class=\"__1 _201\"/>l appl<span class=\"__1 _201\"/>y to the Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets me<span class=\"__1 _201\"/>asure<span class=\"__1 _201\"/>d at amor<span class=\"__1 _201\"/>tis<span class=\"__1 _201\"/>ed cos<span class=\"__1 _201\"/>t. Th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p estim<span class=\"__1 _201\"/>ate that due<span class=\"__1 _201\"/> to the size and n<span class=\"__1 _201\"/>ature of the as<span class=\"__1 _201\"/>sets th<span class=\"__1 _201\"/>at will be h<span class=\"__1 _201\"/>eld at am<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cost f<span class=\"__1 _201\"/>ollowi<span class=\"__1 _201\"/>ng the ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>ation of the I<span class=\"__1 _201\"/>FRS 9, th<span class=\"__1 _201\"/>ere will b<span class=\"__1 _201\"/>e no<span class=\"__1 _201\"/> materi<span class=\"__1 _201\"/>al chang<span class=\"__1 _201\"/>e to the impa<span class=\"__1 _201\"/>irme<span class=\"__1 _201\"/>nt reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>Hedge accounting<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup d<span class=\"__1 _201\"/>oes not c<span class=\"__1 _201\"/>urrentl<span class=\"__1 _201\"/>y appl<span class=\"__1 _201\"/>y hed<span class=\"__1 _201\"/>ge acco<span class=\"__1 _201\"/>unting<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent above i<span class=\"__1 _201\"/>s prelimi<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y and i<span class=\"__1 _201\"/>s subje<span class=\"__1 _201\"/>ct to cha<span class=\"__1 _201\"/>nge as th<span class=\"__1 _201\"/>e Group c<span class=\"__1 _201\"/>ontinu<span class=\"__1 _201\"/>es to refine th<span class=\"__1 _201\"/>e new acc<span class=\"__1 _201\"/>ountin<span class=\"__1 _201\"/>g polic<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns, ju<span class=\"__1 _201\"/>dgem<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d esti<span class=\"__1 _201\"/>mates in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of IFR<span class=\"__1 _201\"/>S 9.<span class=\"__1 _32b\"> </span>Pres<span class=\"__1 _201\"/>ented b<span class=\"__1 _201\"/>elow are di<span class=\"__1 _201\"/>sclos<span class=\"__1 _201\"/>ures req<span class=\"__1 _201\"/>uired by th<span class=\"__1 _201\"/>e amen<span class=\"__1 _201\"/>dment<span class=\"__1 _201\"/>s to IFRS 4 fo<span class=\"__1 _201\"/>r entitie<span class=\"__1 _201\"/>s defer<span class=\"__1 _201\"/>ring th<span class=\"__1 _201\"/>e adopti<span class=\"__1 _201\"/>on of IFR<span class=\"__1 _201\"/>S 9. The<span class=\"__1 _201\"/>se are<span class=\"__1 _201\"/> provi<span class=\"__1 _201\"/>ded to en<span class=\"__1 _201\"/>able us<span class=\"__1 _201\"/>ers to co<span class=\"__1 _201\"/>mpare res<span class=\"__1 _201\"/>ults wi<span class=\"__1 _201\"/>th those e<span class=\"__1 _201\"/>ntities th<span class=\"__1 _201\"/>at have adopte<span class=\"__1 _201\"/>d IFRS 9<span class=\"__1 _201\"/>. As req<span class=\"__1 _201\"/>uired by the a<span class=\"__1 _201\"/>mend<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, the<span class=\"__1 _32b\"> </span> tabl<span class=\"__1 _201\"/>e shows th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue of the G<span class=\"__1 _201\"/>roup\u2019s direc<span class=\"__1 _201\"/>tly he<span class=\"__1 _201\"/>ld fina<span class=\"__1 _201\"/>ncial as<span class=\"__1 _201\"/>sets at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>, dis<span class=\"__1 _201\"/>tinguis<span class=\"__1 _201\"/>hing tho<span class=\"__1 _201\"/>se fina<span class=\"__1 _201\"/>ncial as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h have contra<span class=\"__1 _201\"/>ctua<span class=\"__1 _201\"/>l terms that gi<span class=\"__1 _201\"/>ve ris<span class=\"__1 _201\"/>e on spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>ed dates to c<span class=\"__1 _201\"/>ash flows t<span class=\"__1 _201\"/>hat are sol<span class=\"__1 _201\"/>ely p<span class=\"__1 _201\"/>ayment<span class=\"__1 _201\"/>s of prin<span class=\"__1 _201\"/>cipal an<span class=\"__1 _201\"/>d interes<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> (SPPI) as d<span class=\"__1 _201\"/>efine<span class=\"__1 _201\"/>d by IFR<span class=\"__1 _201\"/>S 9.<span class=\"__1 _32b\"> </span> Financial assets that <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>pas<span class=\"__1 _201\"/>s the S<span class=\"__1 _201\"/>PP<span class=\"__1 _201\"/>I test<span class=\"__1 _32b\"> </span>All ot<span class=\"__1 _200\"/>her financial<span class=\"__1 _200\"/> assets, <span class=\"ls5_1 ws1_1\"> </span>net of derivative liabilities<span class=\"__1 _32b\"> </span>Fin<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>ial as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s on th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>date<span class=\"__1 _201\"/>d stat<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt of fin<span class=\"__1 _201\"/>anci<span class=\"__1 _201\"/>al po<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on<span class=\"__1 _32b\"> </span>31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent <span class=\"ls5_1 ws1_1\"> </span>in fa<span class=\"__1 _201\"/>ir va<span class=\"__1 _201\"/>lue<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>dur<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent <span class=\"ls5_1 ws1_1\"> </span>in fa<span class=\"__1 _201\"/>ir va<span class=\"__1 _201\"/>lue<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>dur<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>7<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>7<span class=\"__1 _269\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>76)<span class=\"__1 _32b\"> </span></span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>3,<span class=\"__1 _201\"/>233<span class=\"__1 _9d_1\"> </span><span class=\"ls52_1 ws5a_1\">(93<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>62<span class=\"__1 _201\"/>,821<span class=\"__1 _288\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts \u2013 net of d<span class=\"__1 _201\"/>eriv<span class=\"__1 _201\"/>ative liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _9e_1\"> </span><span class=\"ls1f_1 ws1e_1\">(<span class=\"__1 _200\"/>3,983<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></span>Deposits<span class=\"__1 _7f_1\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">21,4<span class=\"__1 _201\"/>01<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9f_1\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _a0_1\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">2,3<span class=\"__1 _201\"/>40<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9f_1\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _a1_1\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">4,88<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9f_1\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _201\"/>, net of<span class=\"__1 _200\"/> derivativ<span class=\"__1 _200\"/>e liabilities<span class=\"__1 _a2_1\"> </span><span class=\"ls19_1 ws18_1\">28<span class=\"__1 _201\"/>,625<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>134,846<span class=\"__1 _232\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span>Financial assets that <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>pas<span class=\"__1 _201\"/>s the S<span class=\"__1 _201\"/>PP<span class=\"__1 _201\"/>I test<span class=\"__1 _32b\"> </span>All ot<span class=\"__1 _200\"/>her financial<span class=\"__1 _200\"/> assets, <span class=\"ls5_1 ws1_1\"> </span>net of derivative liabilities<span class=\"__1 _32b\"> </span>Fin<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>ial as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s on th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>date<span class=\"__1 _201\"/>d stat<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt of fin<span class=\"__1 _201\"/>anci<span class=\"__1 _201\"/>al po<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on<span class=\"__1 _32b\"> </span>31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent <span class=\"ls5_1 ws1_1\"> </span>in fa<span class=\"__1 _201\"/>ir va<span class=\"__1 _201\"/>lue<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>dur<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent <span class=\"ls5_1 ws1_1\"> </span>in fa<span class=\"__1 _201\"/>ir va<span class=\"__1 _201\"/>lue<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>dur<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>74<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>9<span class=\"__1 _a3_1\"> </span><span class=\"ls7_1 ws5_1\">9,<span class=\"__1 _201\"/>298<span class=\"__1 _32b\"> </span></span>Loans<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>5,<span class=\"__1 _201\"/>876<span class=\"__1 _a4_1\"> </span><span class=\"lsa_1 ws8_1\">(17<span class=\"__1 _250\"/>2)<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>81,059<span class=\"__1 _a5_1\"> </span><span class=\"ls8_1 ws6_1\">(2<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts \u2013 net of de<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>ative liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>684<span class=\"__1 _a6_1\"> </span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>Deposits<span class=\"__1 _a7_1\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9f_1\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _a8_1\"> </span><span class=\"ls5_1 ws1_1\">2,64<span class=\"__1 _f_1\"/>7<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9f_1\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _a9_1\"> </span><span class=\"ls3f_1 ws41_1\">6,908<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9f_1\"> </span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _201\"/>, net of<span class=\"__1 _200\"/> derivativ<span class=\"__1 _200\"/>e liabilities<span class=\"__1 _aa_1\"> </span><span class=\"ff2_1 ls13_1 ws12_1\">2<span class=\"__1 _250\"/>7,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>161,<span class=\"__1 _201\"/>68<span class=\"__1 _201\"/>8<span class=\"__1 _ab_1\"> </span><span class=\"ls1f_1 ws1e_1\">6,338<span class=\"__1 _32b\"> </span></span>i <span class=\"__1 _2d_1\"> </span>Lo<span class=\"__1 _201\"/>ans hav<span class=\"__1 _201\"/>e bee<span class=\"__1 _201\"/>n res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d for 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>1 fro<span class=\"__1 _201\"/>m Fina<span class=\"__1 _201\"/>ncia<span class=\"__1 _201\"/>l as<span class=\"__1 _201\"/>sets t<span class=\"__1 _201\"/>hat pa<span class=\"__1 _201\"/>ss th<span class=\"__1 _201\"/>e SPP<span class=\"__1 _201\"/>I tes<span class=\"__1 _201\"/>t to All ot<span class=\"__1 _201\"/>her fi<span class=\"__1 _201\"/>nanc<span class=\"__1 _201\"/>ial a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ts net o<span class=\"__1 _201\"/>f der<span class=\"__1 _201\"/>iva<span class=\"__1 _201\"/>tive li<span class=\"__1 _201\"/>abi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> fol<span class=\"__1 _201\"/>low<span class=\"__1 _201\"/>ing a bu<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>s mod<span class=\"__1 _201\"/>el as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sm<span class=\"__1 _201\"/>ent c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>ie<span class=\"__1 _201\"/>d out in 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> 1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>188<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>1.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 IFRS 17<span class=\"__1 _201\"/>: Ins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce Con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>IFR<span class=\"__1 _201\"/>S 17<span class=\"__1 _200\"/>: Insur<span class=\"__1 _201\"/>ance C<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts (I<span class=\"__1 _201\"/>FRS 17<span class=\"__1 _201\"/>), effec<span class=\"__1 _201\"/>tive fro<span class=\"__1 _201\"/>m 1 Januar<span class=\"__1 _250\"/>y 2023<span class=\"__1 _201\"/>, has be<span class=\"__1 _201\"/>en pu<span class=\"__1 _201\"/>blish<span class=\"__1 _201\"/>ed by the IA<span class=\"__1 _201\"/>SB, a<span class=\"__1 _201\"/>nd end<span class=\"__1 _201\"/>orse<span class=\"__1 _201\"/>d with<span class=\"__1 _201\"/>out<span class=\"__1 _32b\"> </span> ame<span class=\"__1 _201\"/>ndme<span class=\"__1 _201\"/>nt for app<span class=\"__1 _201\"/>licati<span class=\"__1 _201\"/>on by UK li<span class=\"__1 _201\"/>sted gro<span class=\"__1 _201\"/>ups by the U<span class=\"__1 _201\"/>K Endor<span class=\"__1 _201\"/>sem<span class=\"__1 _201\"/>ent Boa<span class=\"__1 _201\"/>rd. IFR<span class=\"__1 _201\"/>S 17 replac<span class=\"__1 _201\"/>es the exis<span class=\"__1 _201\"/>ting inte<span class=\"__1 _201\"/>rim st<span class=\"__1 _201\"/>andard<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> IFR<span class=\"__1 _201\"/>S 4: Insur<span class=\"__1 _201\"/>ance C<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup inte<span class=\"__1 _201\"/>nds to ado<span class=\"__1 _201\"/>pt the new s<span class=\"__1 _201\"/>tanda<span class=\"__1 _201\"/>rd on its ma<span class=\"__1 _201\"/>ndator<span class=\"__1 _201\"/>y eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive date, al<span class=\"__1 _201\"/>ongsi<span class=\"__1 _201\"/>de the<span class=\"__1 _201\"/> ado<span class=\"__1 _201\"/>ption of IF<span class=\"__1 _201\"/>RS 9: Fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l Instr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>ts.<span class=\"__1 _201\"/> A key princ<span class=\"__1 _201\"/>iple of I<span class=\"__1 _201\"/>FRS 17 is that the p<span class=\"__1 _201\"/>rofit fro<span class=\"__1 _201\"/>m insura<span class=\"__1 _201\"/>nce co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts (<span class=\"__1 _200\"/>and inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s with dis<span class=\"__1 _201\"/>cretiona<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> feature<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d over the p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od over wh<span class=\"__1 _201\"/>ich ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice is p<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>d to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs. I<span class=\"__1 _201\"/>n additi<span class=\"__1 _201\"/>on, w<span class=\"__1 _201\"/>hile exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted profi<span class=\"__1 _201\"/>ts are<span class=\"__1 _201\"/> defe<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>, expec<span class=\"__1 _201\"/>ted l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s are reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed imm<span class=\"__1 _201\"/>ediatel<span class=\"__1 _201\"/>y and, a<span class=\"__1 _201\"/>s a conse<span class=\"__1 _201\"/>quen<span class=\"__1 _201\"/>ce, the a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ting resu<span class=\"__1 _201\"/>lt dep<span class=\"__1 _201\"/>ends on t<span class=\"__1 _201\"/>he level of<span class=\"__1 _201\"/> aggre<span class=\"__1 _201\"/>gation at w<span class=\"__1 _201\"/>hich th<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts are m<span class=\"__1 _201\"/>easu<span class=\"__1 _201\"/>red. G<span class=\"__1 _201\"/>iven thi<span class=\"__1 _201\"/>s, IFR<span class=\"__1 _201\"/>S 17 spe<span class=\"__1 _201\"/>cifie<span class=\"__1 _201\"/>s how the in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s shoul<span class=\"__1 _201\"/>d be di<span class=\"__1 _201\"/>vide<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> into group<span class=\"__1 _201\"/>s for the p<span class=\"__1 _201\"/>urpo<span class=\"__1 _201\"/>se of reco<span class=\"__1 _201\"/>gnitio<span class=\"__1 _201\"/>n and me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent.<span class=\"__1 _32b\"> </span>Sta<span class=\"__1 _200\"/>tus o<span class=\"__1 _200\"/>f implementa<span class=\"__1 _200\"/>tion pr<span class=\"__1 _200\"/>oject<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>mple<span class=\"__1 _201\"/>mentati<span class=\"__1 _201\"/>on of IFR<span class=\"__1 _201\"/>S 17 continue<span class=\"__1 _201\"/>s to be a key prio<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>y for the G<span class=\"__1 _201\"/>roup an<span class=\"__1 _201\"/>d involve<span class=\"__1 _201\"/>s signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt chang<span class=\"__1 _201\"/>e to syste<span class=\"__1 _201\"/>ms and<span class=\"__1 _201\"/> processes. Key<span class=\"__1 _200\"/> components of<span class=\"__1 _200\"/> the pr<span class=\"__1 _200\"/>ogramme incl<span class=\"__1 _200\"/>ude a lar<span class=\"__1 _200\"/>ge number o<span class=\"__1 _200\"/>f methodology and<span class=\"__1 _200\"/> implementa<span class=\"__1 _200\"/>tion judgemen<span class=\"__1 _200\"/>ts, delivery<span class=\"__1 _201\"/> of new s<span class=\"__1 _201\"/>ystems a<span class=\"__1 _201\"/>nd contro<span class=\"__1 _201\"/>ls and th<span class=\"__1 _201\"/>e produ<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n of comp<span class=\"__1 _201\"/>arative re<span class=\"__1 _201\"/>sults<span class=\"__1 _201\"/>. T<span class=\"__1 _f_1\"/>o d<span class=\"__1 _201\"/>eliver a p<span class=\"__1 _201\"/>rogra<span class=\"__1 _201\"/>mme of thi<span class=\"__1 _201\"/>s size, a large n<span class=\"__1 _201\"/>umber o<span class=\"__1 _201\"/>f<span class=\"__1 _32b\"> </span> reso<span class=\"__1 _201\"/>urces<span class=\"__1 _201\"/>, inco<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>rating a wi<span class=\"__1 _201\"/>de ran<span class=\"__1 _201\"/>ge of skil<span class=\"__1 _201\"/>ls and exp<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tise, a<span class=\"__1 _201\"/>re require<span class=\"__1 _201\"/>d.<span class=\"__1 _201\"/> Proje<span class=\"__1 _201\"/>ct p<span class=\"__1 _201\"/>rogres<span class=\"__1 _201\"/>s is trac<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed ag<span class=\"__1 _201\"/>ainst key mil<span class=\"__1 _201\"/>eston<span class=\"__1 _201\"/>es and re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ted th<span class=\"__1 _201\"/>rough inte<span class=\"__1 _201\"/>rnal g<span class=\"__1 _201\"/>overnan<span class=\"__1 _201\"/>ce, inc<span class=\"__1 _201\"/>ludin<span class=\"__1 _201\"/>g to the Grou<span class=\"__1 _201\"/>p Audit<span class=\"__1 _201\"/> Com<span class=\"__1 _201\"/>mitte<span class=\"__1 _201\"/>e, on an o<span class=\"__1 _201\"/>ngoin<span class=\"__1 _201\"/>g basis<span class=\"__1 _201\"/>. Du<span class=\"__1 _201\"/>e to the comp<span class=\"__1 _201\"/>lexit<span class=\"__1 _201\"/>y of the w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss an<span class=\"__1 _201\"/>d scal<span class=\"__1 _201\"/>e of chang<span class=\"__1 _201\"/>e involve<span class=\"__1 _201\"/>d, de<span class=\"__1 _201\"/>liver<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> remai<span class=\"__1 _201\"/>ns chall<span class=\"__1 _201\"/>engin<span class=\"__1 _201\"/>g but the p<span class=\"__1 _201\"/>rogram<span class=\"__1 _201\"/>me has m<span class=\"__1 _201\"/>et key miles<span class=\"__1 _201\"/>tones an<span class=\"__1 _201\"/>d is prep<span class=\"__1 _201\"/>aring to re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>t in ac<span class=\"__1 _201\"/>cordan<span class=\"__1 _201\"/>ce with the n<span class=\"__1 _201\"/>ew sta<span class=\"__1 _201\"/>ndard<span class=\"__1 _201\"/> in 202<span class=\"__1 _201\"/>3. Th<span class=\"__1 _201\"/>e focus ove<span class=\"__1 _201\"/>r 2023 is th<span class=\"__1 _201\"/>e comp<span class=\"__1 _201\"/>letion o<span class=\"__1 _201\"/>f the prod<span class=\"__1 _201\"/>ucti<span class=\"__1 _201\"/>on of res<span class=\"__1 _201\"/>tated com<span class=\"__1 _201\"/>parati<span class=\"__1 _201\"/>ves and e<span class=\"__1 _201\"/>nsuri<span class=\"__1 _201\"/>ng the bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s is read<span class=\"__1 _201\"/>y to<span class=\"__1 _32b\"> </span> migr<span class=\"__1 _201\"/>ate to the new sys<span class=\"__1 _201\"/>tems<span class=\"__1 _201\"/>, proce<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s and inte<span class=\"__1 _201\"/>rnal co<span class=\"__1 _201\"/>ntrols in th<span class=\"__1 _201\"/>e times<span class=\"__1 _201\"/>cale<span class=\"__1 _201\"/>s availab<span class=\"__1 _201\"/>le.<span class=\"__1 _201\"/> Over<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ew of IFR<span class=\"__1 _201\"/>S 17<span class=\"__1 _32b\"> </span>Con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>thin t<span class=\"__1 _201\"/>he sc<span class=\"__1 _201\"/>ope of I<span class=\"__1 _201\"/>FRS 17<span class=\"__1 _32b\"> </span>An enti<span class=\"__1 _201\"/>ty mu<span class=\"__1 _201\"/>st app<span class=\"__1 _201\"/>ly IF<span class=\"__1 _201\"/>RS 17 to determi<span class=\"__1 _201\"/>ne the re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents for re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nition<span class=\"__1 _201\"/>, meas<span class=\"__1 _201\"/>ureme<span class=\"__1 _201\"/>nt, pres<span class=\"__1 _201\"/>entatio<span class=\"__1 _201\"/>n and dis<span class=\"__1 _201\"/>closu<span class=\"__1 _201\"/>re of:<span class=\"__1 _201\"/> \u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">Insurance c<span class=\"__1 _200\"/>ontracts (incl<span class=\"__1 _200\"/>uding r<span class=\"__1 _200\"/>einsurance<span class=\"__1 _200\"/> contracts issued);<span class=\"__1 _32b\"> </span></span><span class=\"lsd_1 wse_1\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">Reinsurance<span class=\"__1 _200\"/> contracts held;<span class=\"__1 _200\"/> and<span class=\"__1 _32b\"> </span></span><span class=\"lsd_1 wse_1\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>th discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s (DPF<span class=\"__1 _201\"/>) is<span class=\"__1 _201\"/>sued<span class=\"__1 _201\"/>, provi<span class=\"__1 _201\"/>ded the e<span class=\"__1 _201\"/>ntit<span class=\"__1 _201\"/>y also is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>insurance<span class=\"__1 _200\"/> contracts.<span class=\"__1 _32b\"> </span>The d<span class=\"__1 _201\"/>efiniti<span class=\"__1 _201\"/>ons of ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e risk a<span class=\"__1 _201\"/>nd discre<span class=\"__1 _201\"/>tionar<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ation feature<span class=\"__1 _201\"/>s unde<span class=\"__1 _201\"/>r IFRS 17 are u<span class=\"__1 _201\"/>nchan<span class=\"__1 _201\"/>ged fro<span class=\"__1 _201\"/>m IFRS 4<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>erefore th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s judg<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s as to what co<span class=\"__1 _201\"/>nstitu<span class=\"__1 _201\"/>tes signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt insur<span class=\"__1 _201\"/>ance ri<span class=\"__1 _201\"/>sk and s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant di<span class=\"__1 _201\"/>scretio<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cipatio<span class=\"__1 _201\"/>n features w<span class=\"__1 _201\"/>hen<span class=\"__1 _201\"/> deter<span class=\"__1 _201\"/>mining w<span class=\"__1 _201\"/>hethe<span class=\"__1 _201\"/>r contra<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>re within th<span class=\"__1 _201\"/>e scop<span class=\"__1 _201\"/>e of IFRS 17 are u<span class=\"__1 _201\"/>nchan<span class=\"__1 _201\"/>ged fro<span class=\"__1 _201\"/>m the jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nts that the G<span class=\"__1 _201\"/>roup m<span class=\"__1 _201\"/>ade for<span class=\"__1 _201\"/> IFRS 4.<span class=\"__1 _32b\"> </span>Identifying contr<span class=\"__1 _200\"/>acts<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>ments f<span class=\"__1 _201\"/>or iden<span class=\"__1 _201\"/>tif<span class=\"__1 _201\"/>ying c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>thin the sc<span class=\"__1 _201\"/>ope of I<span class=\"__1 _201\"/>FRS 17 is not li<span class=\"__1 _201\"/>mited to deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g only w<span class=\"__1 _201\"/>hethe<span class=\"__1 _201\"/>r a contra<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/> fall<span class=\"__1 _201\"/>s into one of th<span class=\"__1 _201\"/>e three c<span class=\"__1 _201\"/>ategor<span class=\"__1 _201\"/>ies ab<span class=\"__1 _201\"/>ove but als<span class=\"__1 _201\"/>o requi<span class=\"__1 _201\"/>res the enti<span class=\"__1 _201\"/>ty to as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>s wheth<span class=\"__1 _201\"/>er con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts within t<span class=\"__1 _201\"/>he sco<span class=\"__1 _201\"/>pe of IFR<span class=\"__1 _201\"/>S<span class=\"__1 _32b\"> </span> 17 contai<span class=\"__1 _201\"/>n embe<span class=\"__1 _201\"/>dde<span class=\"__1 _201\"/>d deri<span class=\"__1 _201\"/>vative<span class=\"__1 _201\"/>s, dis<span class=\"__1 _201\"/>tinc<span class=\"__1 _201\"/>t inves<span class=\"__1 _201\"/>tment co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>r oblig<span class=\"__1 _201\"/>ations to prov<span class=\"__1 _201\"/>ide dis<span class=\"__1 _201\"/>tinc<span class=\"__1 _201\"/>t goo<span class=\"__1 _201\"/>ds or se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s other<span class=\"__1 _201\"/> than in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>es that mus<span class=\"__1 _201\"/>t be se<span class=\"__1 _201\"/>parate<span class=\"__1 _201\"/>d out and a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ted for un<span class=\"__1 _201\"/>der a di<span class=\"__1 _201\"/>fferent s<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ard (with the rema<span class=\"__1 _201\"/>ining<span class=\"__1 _201\"/> components accoun<span class=\"__1 _200\"/>ted f<span class=\"__1 _200\"/>or under IFRS<span class=\"__1 _200\"/> 17).<span class=\"__1 _32b\"> </span>Lev<span class=\"__1 _200\"/>el of<span class=\"__1 _200\"/> aggrega<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span>IFR<span class=\"__1 _201\"/>S 17 require<span class=\"__1 _201\"/>s contra<span class=\"__1 _201\"/>cts to be a<span class=\"__1 _201\"/>ggreg<span class=\"__1 _201\"/>ated togeth<span class=\"__1 _201\"/>er into grou<span class=\"__1 _201\"/>ps for me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent pur<span class=\"__1 _201\"/>pos<span class=\"__1 _201\"/>es. C<span class=\"__1 _201\"/>ontra<span class=\"__1 _201\"/>cts are g<span class=\"__1 _201\"/>roupe<span class=\"__1 _201\"/>d togeth<span class=\"__1 _201\"/>er:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">If they a<span class=\"__1 _201\"/>re subje<span class=\"__1 _201\"/>ct to sim<span class=\"__1 _201\"/>ilar ri<span class=\"__1 _201\"/>sks and ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>d togeth<span class=\"__1 _201\"/>er;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">If they we<span class=\"__1 _201\"/>re iss<span class=\"__1 _201\"/>ued in th<span class=\"__1 _201\"/>e same c<span class=\"__1 _201\"/>ale<span class=\"__1 _201\"/>ndar yea<span class=\"__1 _201\"/>r; and<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Accord<span class=\"__1 _201\"/>ing to wheth<span class=\"__1 _201\"/>er at initia<span class=\"__1 _201\"/>l reco<span class=\"__1 _201\"/>gnition t<span class=\"__1 _201\"/>hey are expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to be los<span class=\"__1 _201\"/>s makin<span class=\"__1 _201\"/>g, profi<span class=\"__1 _201\"/>tabl<span class=\"__1 _201\"/>e with no si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant p<span class=\"__1 _201\"/>ossi<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y of<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>be<span class=\"__1 _201\"/>comin<span class=\"__1 _201\"/>g loss m<span class=\"__1 _201\"/>aking s<span class=\"__1 _201\"/>ubse<span class=\"__1 _201\"/>quentl<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, or neit<span class=\"__1 _201\"/>her of the<span class=\"__1 _201\"/>se.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>re are simil<span class=\"__1 _201\"/>ar group<span class=\"__1 _201\"/>ing req<span class=\"__1 _201\"/>uireme<span class=\"__1 _201\"/>nts app<span class=\"__1 _201\"/>lied to rei<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s held a<span class=\"__1 _201\"/>lthou<span class=\"__1 _201\"/>gh, rath<span class=\"__1 _201\"/>er than b<span class=\"__1 _201\"/>eing as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d by<span class=\"__1 _32b\"> </span> profi<span class=\"__1 _201\"/>tabilit<span class=\"__1 _201\"/>y, reinsura<span class=\"__1 _201\"/>nce co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts hel<span class=\"__1 _201\"/>d are ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ed acc<span class=\"__1 _201\"/>ording to w<span class=\"__1 _201\"/>hether at i<span class=\"__1 _201\"/>nitial re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>tion the<span class=\"__1 _201\"/>ir value to th<span class=\"__1 _201\"/>e Group i<span class=\"__1 _201\"/>s a net<span class=\"__1 _201\"/> gain<span class=\"__1 _201\"/>, a net los<span class=\"__1 _201\"/>s with n<span class=\"__1 _201\"/>o signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt pos<span class=\"__1 _201\"/>sibilit<span class=\"__1 _201\"/>y that th<span class=\"__1 _201\"/>e value b<span class=\"__1 _201\"/>eco<span class=\"__1 _201\"/>mes a n<span class=\"__1 _201\"/>et gain sub<span class=\"__1 _201\"/>sequ<span class=\"__1 _201\"/>ently, or neith<span class=\"__1 _201\"/>er of the<span class=\"__1 _201\"/>se.<span class=\"__1 _32b\"> </span>Upo<span class=\"__1 _201\"/>n trans<span class=\"__1 _201\"/>ition the G<span class=\"__1 _201\"/>roup exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts to aggre<span class=\"__1 _201\"/>gate the in<span class=\"__1 _201\"/>-force co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts into abo<span class=\"__1 _201\"/>ut 70 groups<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2d_1 ws2d_1\">189<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Measurement<span class=\"__1 _200\"/> \u2013 Ov<span class=\"__1 _200\"/>erview<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing am<span class=\"__1 _201\"/>ount of a gro<span class=\"__1 _201\"/>up of insur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts is the s<span class=\"__1 _201\"/>um of the lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y for in<span class=\"__1 _201\"/>curre<span class=\"__1 _201\"/>d claims an<span class=\"__1 _201\"/>d the lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y for rem<span class=\"__1 _201\"/>aining<span class=\"__1 _201\"/> covera<span class=\"__1 _201\"/>ge. Th<span class=\"__1 _201\"/>e liabi<span class=\"__1 _201\"/>lity f<span class=\"__1 _201\"/>or incur<span class=\"__1 _201\"/>red cl<span class=\"__1 _201\"/>aims cont<span class=\"__1 _201\"/>ains ful<span class=\"__1 _201\"/>filme<span class=\"__1 _201\"/>nt cash fl<span class=\"__1 _201\"/>ows for i<span class=\"__1 _201\"/>ncurre<span class=\"__1 _201\"/>d claim<span class=\"__1 _201\"/>s that have not yet b<span class=\"__1 _201\"/>een pa<span class=\"__1 _201\"/>id to<span class=\"__1 _32b\"> </span> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers an<span class=\"__1 _201\"/>d other rel<span class=\"__1 _201\"/>evant c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y fo<span class=\"__1 _201\"/>r remaini<span class=\"__1 _201\"/>ng covera<span class=\"__1 _201\"/>ge is the s<span class=\"__1 _201\"/>um of:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nt value of th<span class=\"__1 _201\"/>e proba<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y-wei<span class=\"__1 _201\"/>ghted exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted future c<span class=\"__1 _201\"/>ash flo<span class=\"__1 _201\"/>ws that are exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to aris<span class=\"__1 _201\"/>e from ful<span class=\"__1 _201\"/>filling t<span class=\"__1 _201\"/>he<span class=\"__1 _32b\"> </span></span>contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s. C<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s are disco<span class=\"__1 _201\"/>unted us<span class=\"__1 _201\"/>ing ris<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>-free yi<span class=\"__1 _201\"/>eld cur<span class=\"__1 _201\"/>ve<span class=\"__1 _201\"/>s adjus<span class=\"__1 _201\"/>ted to refle<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e liqui<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/>y charac<span class=\"__1 _201\"/>teri<span class=\"__1 _201\"/>stic<span class=\"__1 _201\"/>s of<span class=\"__1 _32b\"> </span> the cont<span class=\"__1 _200\"/>racts;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">An exp<span class=\"__1 _201\"/>licit ri<span class=\"__1 _201\"/>sk adjus<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t that refle<span class=\"__1 _201\"/>cts t<span class=\"__1 _201\"/>he entit<span class=\"__1 _201\"/>y\u2019s own v<span class=\"__1 _201\"/>iew of the a<span class=\"__1 _201\"/>dditio<span class=\"__1 _201\"/>nal amo<span class=\"__1 _201\"/>unt it req<span class=\"__1 _201\"/>uires for b<span class=\"__1 _201\"/>ear<span class=\"__1 _201\"/>ing the un<span class=\"__1 _201\"/>cer<span class=\"__1 _201\"/>taint<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></span>abo<span class=\"__1 _201\"/>ut the timi<span class=\"__1 _201\"/>ng and am<span class=\"__1 _201\"/>ount of th<span class=\"__1 _201\"/>e cash fl<span class=\"__1 _201\"/>ows that ar<span class=\"__1 _201\"/>ises f<span class=\"__1 _201\"/>rom non<span class=\"__1 _201\"/>-finan<span class=\"__1 _201\"/>cial ri<span class=\"__1 _201\"/>sk; an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> \u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">A contr<span class=\"__1 _201\"/>actu<span class=\"__1 _201\"/>al ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice marg<span class=\"__1 _201\"/>in (CSM), wh<span class=\"__1 _201\"/>ich repre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s the une<span class=\"__1 _201\"/>arne<span class=\"__1 _201\"/>d profit th<span class=\"__1 _201\"/>at will be re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d as the entit<span class=\"__1 _201\"/>y prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span>ser<span class=\"__1 _201\"/>vices under<span class=\"__1 _200\"/> the cont<span class=\"__1 _200\"/>racts.<span class=\"__1 _32b\"> </span>Mea<span class=\"__1 _201\"/>sure<span class=\"__1 _201\"/>ment \u2013 f<span class=\"__1 _201\"/>uture c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ows<span class=\"__1 _32b\"> </span> Underlying item<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span>IFR<span class=\"__1 _201\"/>S 17 includ<span class=\"__1 _201\"/>es the co<span class=\"__1 _201\"/>ncept of \u201c<span class=\"__1 _201\"/>unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing items\u201d<span class=\"__1 _200\"/>, whic<span class=\"__1 _201\"/>h are ass<span class=\"__1 _201\"/>ets that de<span class=\"__1 _201\"/>termin<span class=\"__1 _201\"/>e some of th<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nts payab<span class=\"__1 _201\"/>le to<span class=\"__1 _32b\"> </span> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>. Unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing items f<span class=\"__1 _201\"/>orm pa<span class=\"__1 _201\"/>rt of th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment of \u201cdire<span class=\"__1 _201\"/>ct p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s\u201d<span class=\"__1 _f_1\"/>, wh<span class=\"__1 _201\"/>ich deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>s which C<span class=\"__1 _201\"/>SM<span class=\"__1 _201\"/> mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt mod<span class=\"__1 _201\"/>el mus<span class=\"__1 _201\"/>t be use<span class=\"__1 _201\"/>d and h<span class=\"__1 _201\"/>ow the CS<span class=\"__1 _201\"/>M is re<span class=\"__1 _201\"/>-meas<span class=\"__1 _201\"/>ured un<span class=\"__1 _201\"/>der the Varia<span class=\"__1 _201\"/>ble Fee A<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch (see se<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n on CS<span class=\"__1 _201\"/>M<span class=\"__1 _32b\"> </span> mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt bel<span class=\"__1 _201\"/>ow). Under<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g items are al<span class=\"__1 _201\"/>so incl<span class=\"__1 _201\"/>uded i<span class=\"__1 _201\"/>n the ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment of w<span class=\"__1 _201\"/>hethe<span class=\"__1 _201\"/>r there is m<span class=\"__1 _201\"/>utualis<span class=\"__1 _201\"/>ation (see b<span class=\"__1 _201\"/>elow)<span class=\"__1 _32b\"> </span> bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n groups of c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing items of th<span class=\"__1 _201\"/>e with-p<span class=\"__1 _201\"/>rofits gr<span class=\"__1 _201\"/>oups of in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contra<span class=\"__1 _201\"/>cts<span class=\"__1 _32b\"> </span>The u<span class=\"__1 _201\"/>nder<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g items are th<span class=\"__1 _201\"/>e asse<span class=\"__1 _201\"/>ts back<span class=\"__1 _201\"/>ing the as<span class=\"__1 _201\"/>set sh<span class=\"__1 _201\"/>ares (which a<span class=\"__1 _201\"/>re the accum<span class=\"__1 _201\"/>ulated va<span class=\"__1 _201\"/>lue of all ite<span class=\"__1 _201\"/>ms of inco<span class=\"__1 _201\"/>me and o<span class=\"__1 _201\"/>utgo<span class=\"__1 _201\"/> for wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits p<span class=\"__1 _201\"/>olici<span class=\"__1 _201\"/>es) plus, w<span class=\"__1 _201\"/>here ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>able, th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets bac<span class=\"__1 _201\"/>king en<span class=\"__1 _201\"/>hance<span class=\"__1 _201\"/>ments t<span class=\"__1 _201\"/>hat are expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to be add<span class=\"__1 _201\"/>ed to ass<span class=\"__1 _201\"/>et share<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> in the f<span class=\"__1 _201\"/>uture, suc<span class=\"__1 _201\"/>h as profit f<span class=\"__1 _201\"/>rom som<span class=\"__1 _201\"/>e of the no<span class=\"__1 _201\"/>n-p<span class=\"__1 _201\"/>rofit bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s writ<span class=\"__1 _201\"/>ten in th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund.<span class=\"__1 _32b\"> </span>Other underlying items in t<span class=\"__1 _200\"/>he With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>The W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund inclu<span class=\"__1 _201\"/>des as<span class=\"__1 _201\"/>sets th<span class=\"__1 _201\"/>at are expe<span class=\"__1 _201\"/>cted to b<span class=\"__1 _201\"/>e utilis<span class=\"__1 _201\"/>ed to pay amo<span class=\"__1 _201\"/>unts to cur<span class=\"__1 _201\"/>rent or futu<span class=\"__1 _201\"/>re poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs in<span class=\"__1 _201\"/> addi<span class=\"__1 _201\"/>tion to the p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>ns hel<span class=\"__1 _201\"/>d in the grou<span class=\"__1 _201\"/>ps of insur<span class=\"__1 _201\"/>ance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. The un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g items for th<span class=\"__1 _201\"/>ese ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>al amou<span class=\"__1 _201\"/>nts are<span class=\"__1 _201\"/> defined as:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The e<span class=\"__1 _201\"/>ntiret<span class=\"__1 _201\"/>y of the as<span class=\"__1 _201\"/>sets in th<span class=\"__1 _201\"/>e With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Les<span class=\"__1 _201\"/>s: the un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g items of the w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits g<span class=\"__1 _201\"/>roups of ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>; and<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Les<span class=\"__1 _201\"/>s: the as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s held to me<span class=\"__1 _201\"/>et othe<span class=\"__1 _201\"/>r liabili<span class=\"__1 _201\"/>ties of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund, for exa<span class=\"__1 _201\"/>mple fo<span class=\"__1 _201\"/>r non<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>t contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>Mutua<span class=\"__1 _201\"/>lisatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>In ge<span class=\"__1 _201\"/>neral<span class=\"__1 _201\"/>, IFR<span class=\"__1 _201\"/>S 17 only req<span class=\"__1 _201\"/>uires a lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y to be he<span class=\"__1 _201\"/>ld for th<span class=\"__1 _201\"/>e current p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s at each va<span class=\"__1 _201\"/>luation<span class=\"__1 _201\"/>. Howeve<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, in a<span class=\"__1 _201\"/>dditio<span class=\"__1 _201\"/>n, IFR<span class=\"__1 _201\"/>S<span class=\"__1 _32b\"> </span> 17 acknow<span class=\"__1 _201\"/>led<span class=\"__1 _201\"/>ges the \u201c<span class=\"__1 _201\"/>mutual<span class=\"__1 _201\"/>isatio<span class=\"__1 _201\"/>n\u201d feature of with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s fund<span class=\"__1 _201\"/>s where<span class=\"__1 _201\"/>by the cas<span class=\"__1 _201\"/>h flows of s<span class=\"__1 _201\"/>ome co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts may affe<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> be aff<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d by the ca<span class=\"__1 _201\"/>sh flows of o<span class=\"__1 _201\"/>ther co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts. I<span class=\"__1 _201\"/>n reco<span class=\"__1 _201\"/>gnition o<span class=\"__1 _201\"/>f this feature, I<span class=\"__1 _201\"/>FRS 17 als<span class=\"__1 _201\"/>o per<span class=\"__1 _201\"/>mits a lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y to be he<span class=\"__1 _201\"/>ld that<span class=\"__1 _201\"/> repre<span class=\"__1 _201\"/>sents t<span class=\"__1 _201\"/>he share of th<span class=\"__1 _201\"/>e surp<span class=\"__1 _201\"/>lus as<span class=\"__1 _201\"/>sets in th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund attr<span class=\"__1 _201\"/>ibuta<span class=\"__1 _201\"/>ble to curre<span class=\"__1 _201\"/>nt or futu<span class=\"__1 _201\"/>re polic<span class=\"__1 _201\"/>yh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs.<span class=\"__1 _32b\"> </span>Future c<span class=\"__1 _201\"/>ash flows of th<span class=\"__1 _201\"/>e with-p<span class=\"__1 _201\"/>rofits gr<span class=\"__1 _201\"/>oups of in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contra<span class=\"__1 _201\"/>cts \u2013 imp<span class=\"__1 _201\"/>act of mutual<span class=\"__1 _201\"/>isation<span class=\"__1 _32b\"> </span>Sur<span class=\"__1 _201\"/>pluse<span class=\"__1 _201\"/>s may aris<span class=\"__1 _201\"/>e from so<span class=\"__1 _201\"/>me with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts cont<span class=\"__1 _201\"/>ract<span class=\"__1 _201\"/>s, fo<span class=\"__1 _201\"/>r exampl<span class=\"__1 _201\"/>e if the amo<span class=\"__1 _201\"/>unts cha<span class=\"__1 _201\"/>rged to p<span class=\"__1 _201\"/>olicie<span class=\"__1 _201\"/>s excee<span class=\"__1 _201\"/>d the cos<span class=\"__1 _201\"/>ts they<span class=\"__1 _201\"/> are inten<span class=\"__1 _201\"/>ded to cove<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>. T<span class=\"__1 _201\"/>hese s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>ses ac<span class=\"__1 _201\"/>crue to the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund and may b<span class=\"__1 _201\"/>e utilise<span class=\"__1 _201\"/>d to meet d<span class=\"__1 _201\"/>efici<span class=\"__1 _201\"/>ts aris<span class=\"__1 _201\"/>ing on oth<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s or to enha<span class=\"__1 _201\"/>nce the b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts payab<span class=\"__1 _201\"/>le to curre<span class=\"__1 _201\"/>nt or future p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s. In o<span class=\"__1 _201\"/>rder to rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>e this feature o<span class=\"__1 _201\"/>f<span class=\"__1 _32b\"> </span> the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>, the liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s for eac<span class=\"__1 _201\"/>h with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s group of ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 share of the<span class=\"__1 _201\"/> expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d future sur<span class=\"__1 _201\"/>plus<span class=\"__1 _201\"/>es/<span class=\"__1 _200\"/>defici<span class=\"__1 _201\"/>ts, w<span class=\"__1 _201\"/>here the ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted fu<span class=\"__1 _201\"/>ture surp<span class=\"__1 _201\"/>luses/defici<span class=\"__1 _201\"/>ts are give<span class=\"__1 _201\"/>n by:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The d<span class=\"__1 _201\"/>iscou<span class=\"__1 _201\"/>nted valu<span class=\"__1 _201\"/>e of the am<span class=\"__1 _201\"/>ounts that w<span class=\"__1 _201\"/>ill be ch<span class=\"__1 _201\"/>arged to p<span class=\"__1 _201\"/>olici<span class=\"__1 _201\"/>es;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Les<span class=\"__1 _201\"/>s: the di<span class=\"__1 _201\"/>scoun<span class=\"__1 _201\"/>ted valu<span class=\"__1 _201\"/>e of future sh<span class=\"__1 _201\"/>arehol<span class=\"__1 _201\"/>der tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>rs, g<span class=\"__1 _201\"/>ross of ta<span class=\"__1 _201\"/>x; an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Les<span class=\"__1 _201\"/>s: the di<span class=\"__1 _201\"/>scoun<span class=\"__1 _201\"/>ted valu<span class=\"__1 _201\"/>e of other co<span class=\"__1 _201\"/>sts dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to the gro<span class=\"__1 _201\"/>up of insur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>Future c<span class=\"__1 _201\"/>ash flows \u2013 a<span class=\"__1 _201\"/>dditiona<span class=\"__1 _201\"/>l amounts p<span class=\"__1 _201\"/>ayable to cur<span class=\"__1 _201\"/>rent or f<span class=\"__1 _201\"/>uture po<span class=\"__1 _201\"/>licyh<span class=\"__1 _201\"/>older<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>The l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y fo<span class=\"__1 _201\"/>r the addi<span class=\"__1 _201\"/>tional a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s payabl<span class=\"__1 _201\"/>e to current o<span class=\"__1 _201\"/>r future po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>ders w<span class=\"__1 _201\"/>ill be a key judg<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt and is exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be<span class=\"__1 _201\"/> equ<span class=\"__1 _201\"/>al to around 9<span class=\"__1 _201\"/>0% of the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of the othe<span class=\"__1 _201\"/>r unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing items in t<span class=\"__1 _201\"/>he With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund. T<span class=\"__1 _201\"/>he fai<span class=\"__1 _201\"/>r value of th<span class=\"__1 _201\"/>ese un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying<span class=\"__1 _201\"/> items in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>s the fa<span class=\"__1 _201\"/>ir value of t<span class=\"__1 _201\"/>he non<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>t contra<span class=\"__1 _201\"/>cts i<span class=\"__1 _201\"/>n the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>190<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup w<span class=\"__1 _201\"/>ill deter<span class=\"__1 _201\"/>mine the a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>tment fo<span class=\"__1 _201\"/>r illiqui<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/>y using e<span class=\"__1 _201\"/>ither a top<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>down or a b<span class=\"__1 _201\"/>ottom<span class=\"__1 _201\"/>-up ap<span class=\"__1 _201\"/>proac<span class=\"__1 _201\"/>h. Un<span class=\"__1 _201\"/>der the top<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>down<span class=\"__1 _201\"/> appro<span class=\"__1 _201\"/>ach a yi<span class=\"__1 _201\"/>eld cur<span class=\"__1 _201\"/>ve th<span class=\"__1 _201\"/>at refle<span class=\"__1 _201\"/>cts th<span class=\"__1 _201\"/>e curren<span class=\"__1 _201\"/>t market rates of retu<span class=\"__1 _201\"/>rn impl<span class=\"__1 _201\"/>icit in a fa<span class=\"__1 _201\"/>ir valu<span class=\"__1 _201\"/>e measu<span class=\"__1 _201\"/>rement of a re<span class=\"__1 _201\"/>ferenc<span class=\"__1 _201\"/>e por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>folio<span class=\"__1 _201\"/> of ass<span class=\"__1 _201\"/>ets is ad<span class=\"__1 _201\"/>juste<span class=\"__1 _201\"/>d to eliminate any f<span class=\"__1 _201\"/>acto<span class=\"__1 _201\"/>rs that are n<span class=\"__1 _201\"/>ot relevan<span class=\"__1 _201\"/>t to the insur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts, s<span class=\"__1 _201\"/>uch as c<span class=\"__1 _201\"/>ash flow m<span class=\"__1 _201\"/>ismatchin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> and cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k. H<span class=\"__1 _201\"/>owever<span class=\"__1 _200\"/>, it is not req<span class=\"__1 _201\"/>uired to ad<span class=\"__1 _201\"/>just th<span class=\"__1 _201\"/>e yiel<span class=\"__1 _201\"/>d cur<span class=\"__1 _201\"/>ve for di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ces in th<span class=\"__1 _201\"/>e liqui<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/>y charac<span class=\"__1 _201\"/>teri<span class=\"__1 _201\"/>stic<span class=\"__1 _201\"/>s of the ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s and the ref<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>e por<span class=\"__1 _201\"/>tf<span class=\"__1 _201\"/>olio.<span class=\"__1 _201\"/> Jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt is requ<span class=\"__1 _201\"/>ired to cho<span class=\"__1 _201\"/>ose an a<span class=\"__1 _201\"/>pprop<span class=\"__1 _201\"/>riate referen<span class=\"__1 _201\"/>ce po<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>o and to deter<span class=\"__1 _201\"/>mine th<span class=\"__1 _201\"/>e elem<span class=\"__1 _201\"/>ent of the y<span class=\"__1 _201\"/>ield o<span class=\"__1 _201\"/>n the po<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>o<span class=\"__1 _32b\"> </span> that is at<span class=\"__1 _201\"/>tribu<span class=\"__1 _201\"/>table to f<span class=\"__1 _201\"/>actor<span class=\"__1 _201\"/>s not rel<span class=\"__1 _201\"/>evant to the ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> Und<span class=\"__1 _201\"/>er the b<span class=\"__1 _201\"/>ottom<span class=\"__1 _201\"/>-up ap<span class=\"__1 _201\"/>proach a li<span class=\"__1 _201\"/>quid r<span class=\"__1 _201\"/>isk<span class=\"__1 _200\"/>-free y<span class=\"__1 _201\"/>ield c<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>ve is incre<span class=\"__1 _201\"/>ased to re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t the di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ces bet<span class=\"__1 _201\"/>we<span class=\"__1 _201\"/>en the liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> char<span class=\"__1 _201\"/>acter<span class=\"__1 _201\"/>isti<span class=\"__1 _201\"/>cs of the fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al instr<span class=\"__1 _201\"/>ume<span class=\"__1 _201\"/>nts that und<span class=\"__1 _201\"/>erli<span class=\"__1 _201\"/>e the ris<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>-free rates o<span class=\"__1 _201\"/>bser<span class=\"__1 _250\"/>ved in the m<span class=\"__1 _201\"/>arket and th<span class=\"__1 _201\"/>e liquid<span class=\"__1 _201\"/>ity<span class=\"__1 _201\"/> char<span class=\"__1 _201\"/>acter<span class=\"__1 _201\"/>isti<span class=\"__1 _201\"/>cs of the i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s. J<span class=\"__1 _201\"/>udge<span class=\"__1 _201\"/>ment is re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d to determi<span class=\"__1 _201\"/>ne the illi<span class=\"__1 _201\"/>quidi<span class=\"__1 _201\"/>ty pre<span class=\"__1 _201\"/>mium<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The G<span class=\"__1 _201\"/>roup inte<span class=\"__1 _201\"/>nds to app<span class=\"__1 _201\"/>ly the top<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>down ap<span class=\"__1 _201\"/>proach fo<span class=\"__1 _201\"/>r annuit<span class=\"__1 _201\"/>ies con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts and th<span class=\"__1 _201\"/>e botto<span class=\"__1 _201\"/>m-up a<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch for all oth<span class=\"__1 _201\"/>er cont<span class=\"__1 _201\"/>ract<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> including<span class=\"__1 _200\"/> with-profits.<span class=\"__1 _32b\"> </span>Measurement<span class=\"__1 _200\"/> \u2013 risk<span class=\"__1 _200\"/> adjustment f<span class=\"__1 _200\"/>or non-financial r<span class=\"__1 _200\"/>isk<span class=\"__1 _32b\"> </span>Diff<span class=\"__1 _201\"/>erent ap<span class=\"__1 _201\"/>proac<span class=\"__1 _201\"/>hes are exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be us<span class=\"__1 _201\"/>ed with<span class=\"__1 _201\"/>in the ind<span class=\"__1 _201\"/>ustr<span class=\"__1 _201\"/>y to es<span class=\"__1 _201\"/>timate the r<span class=\"__1 _201\"/>isk adj<span class=\"__1 _201\"/>ustme<span class=\"__1 _201\"/>nt for no<span class=\"__1 _201\"/>n-fin<span class=\"__1 _201\"/>ancial r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding<span class=\"__1 _201\"/> a confi<span class=\"__1 _201\"/>den<span class=\"__1 _201\"/>ce level te<span class=\"__1 _201\"/>chniqu<span class=\"__1 _201\"/>e or a cos<span class=\"__1 _201\"/>t of cap<span class=\"__1 _201\"/>ital tech<span class=\"__1 _201\"/>nique<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>For all li<span class=\"__1 _201\"/>nes of bu<span class=\"__1 _201\"/>sine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up will us<span class=\"__1 _201\"/>e a confi<span class=\"__1 _201\"/>denc<span class=\"__1 _201\"/>e level tech<span class=\"__1 _201\"/>nique u<span class=\"__1 _201\"/>nder w<span class=\"__1 _201\"/>hich a pro<span class=\"__1 _201\"/>babil<span class=\"__1 _201\"/>ity d<span class=\"__1 _201\"/>istri<span class=\"__1 _201\"/>bution of t<span class=\"__1 _201\"/>he expe<span class=\"__1 _201\"/>cted<span class=\"__1 _201\"/> pres<span class=\"__1 _201\"/>ent valu<span class=\"__1 _201\"/>e of future c<span class=\"__1 _201\"/>ash flo<span class=\"__1 _201\"/>ws from the c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts is e<span class=\"__1 _201\"/>stimate<span class=\"__1 _201\"/>d and the r<span class=\"__1 _201\"/>isk ad<span class=\"__1 _201\"/>justm<span class=\"__1 _201\"/>ent for n<span class=\"__1 _201\"/>on-fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l risk is c<span class=\"__1 _201\"/>alcu<span class=\"__1 _201\"/>lated as<span class=\"__1 _201\"/> the exces<span class=\"__1 _201\"/>s of the va<span class=\"__1 _201\"/>lue at ris<span class=\"__1 _201\"/>k at the targ<span class=\"__1 _201\"/>et confi<span class=\"__1 _201\"/>denc<span class=\"__1 _201\"/>e level over th<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>cted p<span class=\"__1 _201\"/>resent v<span class=\"__1 _201\"/>alue of th<span class=\"__1 _201\"/>e future c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s set the co<span class=\"__1 _201\"/>mpe<span class=\"__1 _201\"/>nsatio<span class=\"__1 _201\"/>n it require<span class=\"__1 _201\"/>s for un<span class=\"__1 _201\"/>cer<span class=\"__1 _201\"/>taint<span class=\"__1 _201\"/>y ari<span class=\"__1 _201\"/>sing fro<span class=\"__1 _201\"/>m non<span class=\"__1 _201\"/>-finan<span class=\"__1 _201\"/>cial ris<span class=\"__1 _201\"/>k over the p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d of covera<span class=\"__1 _201\"/>ge<span class=\"__1 _32b\"> </span> equ<span class=\"__1 _201\"/>ivale<span class=\"__1 _201\"/>nt to the 75th pe<span class=\"__1 _201\"/>rcentil<span class=\"__1 _201\"/>e over a 1-year tim<span class=\"__1 _201\"/>e hor<span class=\"__1 _201\"/>izon. Thi<span class=\"__1 _201\"/>s is a key judgem<span class=\"__1 _201\"/>ent.<span class=\"__1 _32b\"> </span>The r<span class=\"__1 _201\"/>isk ad<span class=\"__1 _201\"/>justm<span class=\"__1 _201\"/>ent will re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of diver<span class=\"__1 _201\"/>sific<span class=\"__1 _201\"/>ation of n<span class=\"__1 _201\"/>on-fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al risks w<span class=\"__1 _201\"/>ithin ea<span class=\"__1 _201\"/>ch entit<span class=\"__1 _201\"/>y in the G<span class=\"__1 _201\"/>roup bu<span class=\"__1 _201\"/>t not<span class=\"__1 _32b\"> </span> dive<span class=\"__1 _201\"/>rsifi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n of risks b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en enti<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Measurement<span class=\"__1 _200\"/> \u2013 CSM<span class=\"__1 _32b\"> </span>The C<span class=\"__1 _201\"/>SM is s<span class=\"__1 _201\"/>ubje<span class=\"__1 _201\"/>ct to diff<span class=\"__1 _201\"/>erent m<span class=\"__1 _201\"/>easurem<span class=\"__1 _201\"/>ent re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents de<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>ing on w<span class=\"__1 _201\"/>hether i<span class=\"__1 _201\"/>t relates to grou<span class=\"__1 _201\"/>ps of contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s that are<span class=\"__1 _32b\"> </span> clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as be<span class=\"__1 _201\"/>ing wit<span class=\"__1 _201\"/>h or witho<span class=\"__1 _201\"/>ut dire<span class=\"__1 _201\"/>ct par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cipatio<span class=\"__1 _201\"/>n features<span class=\"__1 _201\"/>. Insu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>nd inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wit<span class=\"__1 _201\"/>h direc<span class=\"__1 _201\"/>t par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> feature<span class=\"__1 _201\"/>s are contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s for whi<span class=\"__1 _201\"/>ch the entit<span class=\"__1 _201\"/>y exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts to pay the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der a sub<span class=\"__1 _201\"/>stanti<span class=\"__1 _201\"/>al share of th<span class=\"__1 _201\"/>e returns o<span class=\"__1 _201\"/>n the<span class=\"__1 _201\"/> underlying it<span class=\"__1 _200\"/>ems.<span class=\"__1 _32b\"> </span>For the G<span class=\"__1 _201\"/>roup\u2019s busin<span class=\"__1 _201\"/>ess al<span class=\"__1 _201\"/>l contra<span class=\"__1 _201\"/>cts th<span class=\"__1 _201\"/>at are in the sc<span class=\"__1 _201\"/>ope of I<span class=\"__1 _201\"/>FRS 17 and th<span class=\"__1 _201\"/>at are witho<span class=\"__1 _201\"/>ut direc<span class=\"__1 _201\"/>t par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ipation f<span class=\"__1 _201\"/>eatures wi<span class=\"__1 _201\"/>ll<span class=\"__1 _32b\"> </span> app<span class=\"__1 _201\"/>ly the G<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>al Mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt Mod<span class=\"__1 _201\"/>el (GMM<span class=\"__1 _201\"/>). Thes<span class=\"__1 _201\"/>e prim<span class=\"__1 _201\"/>aril<span class=\"__1 _201\"/>y consi<span class=\"__1 _201\"/>st of the n<span class=\"__1 _201\"/>on-p<span class=\"__1 _201\"/>rofit an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y and no<span class=\"__1 _201\"/>n-p<span class=\"__1 _201\"/>rofit prote<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n lines<span class=\"__1 _201\"/> of busi<span class=\"__1 _200\"/>ness.<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>th direc<span class=\"__1 _201\"/>t par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pation fe<span class=\"__1 _201\"/>atures wil<span class=\"__1 _201\"/>l use the Variab<span class=\"__1 _201\"/>le Fee A<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch (V<span class=\"__1 _201\"/>F<span class=\"__1 _200\"/>A). The<span class=\"__1 _201\"/>se are exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to comp<span class=\"__1 _201\"/>rise th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> with-profits<span class=\"__1 _200\"/> business, incl<span class=\"__1 _200\"/>uding PruF<span class=\"__1 _f_1\"/>und, and unit<span class=\"__1 _f_1\"/>-link<span class=\"__1 _200\"/>ed business.<span class=\"__1 _32b\"> </span>A key differe<span class=\"__1 _201\"/>nce bet<span class=\"__1 _201\"/>we<span class=\"__1 _201\"/>en the G<span class=\"__1 _201\"/>MM and V<span class=\"__1 _201\"/>F<span class=\"__1 _200\"/>A measure<span class=\"__1 _201\"/>ment m<span class=\"__1 _201\"/>odel<span class=\"__1 _201\"/>s is that adj<span class=\"__1 _201\"/>ustme<span class=\"__1 _201\"/>nts to the VFA CSM re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t prevai<span class=\"__1 _201\"/>ling mar<span class=\"__1 _201\"/>ket<span class=\"__1 _32b\"> </span> con<span class=\"__1 _201\"/>ditions<span class=\"__1 _201\"/>, giv<span class=\"__1 _201\"/>ing so<span class=\"__1 _201\"/>me alig<span class=\"__1 _201\"/>nment b<span class=\"__1 _201\"/>etw<span class=\"__1 _201\"/>een the m<span class=\"__1 _201\"/>oveme<span class=\"__1 _201\"/>nts in as<span class=\"__1 _201\"/>set and l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y va<span class=\"__1 _201\"/>lues<span class=\"__1 _201\"/>. In contr<span class=\"__1 _201\"/>ast<span class=\"__1 _201\"/>, adjus<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s to the GM<span class=\"__1 _201\"/>M<span class=\"__1 _32b\"> </span> CS<span class=\"__1 _201\"/>M are deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d using p<span class=\"__1 _201\"/>rospe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve financ<span class=\"__1 _201\"/>ial ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns and dis<span class=\"__1 _201\"/>count r<span class=\"__1 _201\"/>ates that are fixe<span class=\"__1 _201\"/>d (\u201clo<span class=\"__1 _201\"/>cked-in\u201d) at i<span class=\"__1 _201\"/>nitial re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>tion.<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er the G<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>al Mea<span class=\"__1 _201\"/>surem<span class=\"__1 _201\"/>ent Mo<span class=\"__1 _201\"/>del the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing amo<span class=\"__1 _201\"/>unt of CS<span class=\"__1 _201\"/>M is adj<span class=\"__1 _201\"/>usted to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t the fol<span class=\"__1 _201\"/>lowing c<span class=\"__1 _201\"/>hange<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span> \u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Effec<span class=\"__1 _201\"/>t of new c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts ad<span class=\"__1 _201\"/>ded to the g<span class=\"__1 _201\"/>roup of co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Intere<span class=\"__1 _201\"/>st accre<span class=\"__1 _201\"/>ted on the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing amo<span class=\"__1 _201\"/>unt of CS<span class=\"__1 _201\"/>M, m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at the lo<span class=\"__1 _201\"/>cked-in r<span class=\"__1 _201\"/>ate;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Chang<span class=\"__1 _201\"/>es in c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s arisin<span class=\"__1 _201\"/>g from no<span class=\"__1 _201\"/>n-fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l risk that re<span class=\"__1 _201\"/>late to future se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Effec<span class=\"__1 _201\"/>t of any cur<span class=\"__1 _201\"/>renc<span class=\"__1 _201\"/>y exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces o<span class=\"__1 _201\"/>n the CS<span class=\"__1 _201\"/>M; an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Rec<span class=\"__1 _201\"/>ogniti<span class=\"__1 _201\"/>on of insu<span class=\"__1 _201\"/>rance reve<span class=\"__1 _201\"/>nue for s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d in the year<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span></span>Und<span class=\"__1 _201\"/>er the Variab<span class=\"__1 _201\"/>le Fee Ap<span class=\"__1 _201\"/>proac<span class=\"__1 _201\"/>h the CS<span class=\"__1 _201\"/>M is adju<span class=\"__1 _201\"/>sted to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t the foll<span class=\"__1 _201\"/>owing ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Effec<span class=\"__1 _201\"/>t of new c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts ad<span class=\"__1 _201\"/>ded to the g<span class=\"__1 _201\"/>roup of co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Chang<span class=\"__1 _201\"/>e in the ent<span class=\"__1 _201\"/>ity<span class=\"__1 _201\"/>\u2019s share of the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing items<span class=\"__1 _201\"/>;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Chang<span class=\"__1 _201\"/>es in c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s that relate to future s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ce, incl<span class=\"__1 _201\"/>uding th<span class=\"__1 _201\"/>e effe<span class=\"__1 _201\"/>ct of the ti<span class=\"__1 _201\"/>me valu<span class=\"__1 _201\"/>e of mon<span class=\"__1 _201\"/>ey and fina<span class=\"__1 _201\"/>ncial r<span class=\"__1 _201\"/>isk not ar<span class=\"__1 _201\"/>ising<span class=\"__1 _32b\"> </span></span>from th<span class=\"__1 _201\"/>e unde<span class=\"__1 _201\"/>rlyi<span class=\"__1 _201\"/>ng items;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Effec<span class=\"__1 _201\"/>t of any cur<span class=\"__1 _201\"/>renc<span class=\"__1 _201\"/>y exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces o<span class=\"__1 _201\"/>n the CS<span class=\"__1 _201\"/>M; an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Rec<span class=\"__1 _201\"/>ogniti<span class=\"__1 _201\"/>on of insu<span class=\"__1 _201\"/>rance reve<span class=\"__1 _201\"/>nue for s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d in the year<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span></span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls4f_1 ws55_1\">191<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Som<span class=\"__1 _201\"/>e of the ad<span class=\"__1 _201\"/>justm<span class=\"__1 _201\"/>ents to the C<span class=\"__1 _201\"/>SM fo<span class=\"__1 _201\"/>r the V<span class=\"__1 _200\"/>aria<span class=\"__1 _201\"/>ble Fe<span class=\"__1 _201\"/>e Appro<span class=\"__1 _201\"/>ach lis<span class=\"__1 _201\"/>ted above a<span class=\"__1 _201\"/>re determi<span class=\"__1 _201\"/>ned by refe<span class=\"__1 _201\"/>rence to ch<span class=\"__1 _201\"/>anges i<span class=\"__1 _201\"/>n the<span class=\"__1 _201\"/> \u201cv<span class=\"__1 _201\"/>ariab<span class=\"__1 _201\"/>le fee\u201d<span class=\"__1 _200\"/>, whic<span class=\"__1 _201\"/>h repres<span class=\"__1 _201\"/>ents th<span class=\"__1 _201\"/>e value of th<span class=\"__1 _201\"/>e entit<span class=\"__1 _201\"/>y\u2019s interes<span class=\"__1 _201\"/>t in the c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. For with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s, th<span class=\"__1 _201\"/>e variab<span class=\"__1 _201\"/>le fe<span class=\"__1 _201\"/>e is<span class=\"__1 _32b\"> </span> deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d as the dis<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d value of f<span class=\"__1 _201\"/>uture share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er tran<span class=\"__1 _201\"/>sfer<span class=\"__1 _201\"/>s, gros<span class=\"__1 _201\"/>s of tax<span class=\"__1 _201\"/>, plu<span class=\"__1 _201\"/>s the share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 sha<span class=\"__1 _201\"/>re of the expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> future s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>ses/<span class=\"__1 _200\"/>defi<span class=\"__1 _201\"/>cits<span class=\"__1 _201\"/>, whe<span class=\"__1 _201\"/>re the expe<span class=\"__1 _201\"/>cted f<span class=\"__1 _201\"/>uture sur<span class=\"__1 _201\"/>plus<span class=\"__1 _201\"/>es/<span class=\"__1 _200\"/>defici<span class=\"__1 _201\"/>ts are give<span class=\"__1 _201\"/>n by:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The d<span class=\"__1 _201\"/>iscou<span class=\"__1 _201\"/>nted valu<span class=\"__1 _201\"/>e of the am<span class=\"__1 _201\"/>ounts that w<span class=\"__1 _201\"/>ill be ch<span class=\"__1 _201\"/>arged to p<span class=\"__1 _201\"/>olici<span class=\"__1 _201\"/>es;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Les<span class=\"__1 _201\"/>s: the di<span class=\"__1 _201\"/>scoun<span class=\"__1 _201\"/>ted valu<span class=\"__1 _201\"/>e of future sh<span class=\"__1 _201\"/>arehol<span class=\"__1 _201\"/>der tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>rs, g<span class=\"__1 _201\"/>ross of ta<span class=\"__1 _201\"/>x; an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Les<span class=\"__1 _201\"/>s: the di<span class=\"__1 _201\"/>scoun<span class=\"__1 _201\"/>ted valu<span class=\"__1 _201\"/>e of other co<span class=\"__1 _201\"/>sts dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to the gro<span class=\"__1 _201\"/>up of insur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>The s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 share is exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be aro<span class=\"__1 _201\"/>und 10%<span class=\"__1 _201\"/>, mirro<span class=\"__1 _201\"/>ring the key jud<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent that the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 share is exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to<span class=\"__1 _32b\"> </span> be aro<span class=\"__1 _201\"/>und 90<span class=\"__1 _201\"/>%.<span class=\"__1 _32b\"> </span>Insu<span class=\"__1 _201\"/>rance reve<span class=\"__1 _201\"/>nue for s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d in the year is re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d by referenc<span class=\"__1 _201\"/>e to \u201ccoverag<span class=\"__1 _201\"/>e units\u201d<span class=\"__1 _200\"/>, which re<span class=\"__1 _201\"/>pres<span class=\"__1 _201\"/>ent the<span class=\"__1 _201\"/> quanti<span class=\"__1 _201\"/>ty of s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces prov<span class=\"__1 _201\"/>ided<span class=\"__1 _201\"/>. For no<span class=\"__1 _201\"/>n-pro<span class=\"__1 _201\"/>fit annu<span class=\"__1 _201\"/>ities that a<span class=\"__1 _201\"/>re alread<span class=\"__1 _201\"/>y in paym<span class=\"__1 _201\"/>ent the cove<span class=\"__1 _201\"/>rage un<span class=\"__1 _201\"/>its are dete<span class=\"__1 _201\"/>rmine<span class=\"__1 _201\"/>d as the<span class=\"__1 _201\"/> annu<span class=\"__1 _201\"/>al annuit<span class=\"__1 _201\"/>y b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t payable<span class=\"__1 _201\"/>. This is c<span class=\"__1 _201\"/>onsis<span class=\"__1 _201\"/>tent with th<span class=\"__1 _201\"/>e conc<span class=\"__1 _201\"/>lusio<span class=\"__1 _201\"/>n publi<span class=\"__1 _201\"/>shed o<span class=\"__1 _201\"/>n this topi<span class=\"__1 _201\"/>c by the IAS<span class=\"__1 _201\"/>B\u2019s Interp<span class=\"__1 _201\"/>retation<span class=\"__1 _201\"/> Com<span class=\"__1 _201\"/>mitte<span class=\"__1 _201\"/>e (IFR<span class=\"__1 _201\"/>IC) in 2022<span class=\"__1 _201\"/>. For th<span class=\"__1 _201\"/>e major<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y of the with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts the cove<span class=\"__1 _201\"/>rage un<span class=\"__1 _201\"/>its are de<span class=\"__1 _201\"/>fined a<span class=\"__1 _201\"/>s the max<span class=\"__1 _201\"/>imum of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> ben<span class=\"__1 _201\"/>efit paya<span class=\"__1 _201\"/>ble on d<span class=\"__1 _201\"/>eath and th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>et share, a<span class=\"__1 _201\"/>s this be<span class=\"__1 _201\"/>st repre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s the insu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>nd inves<span class=\"__1 _201\"/>tment s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>e bein<span class=\"__1 _201\"/>g provid<span class=\"__1 _201\"/>ed.<span class=\"__1 _201\"/> The exce<span class=\"__1 _201\"/>ption is w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s in paym<span class=\"__1 _201\"/>ent, fo<span class=\"__1 _201\"/>r which th<span class=\"__1 _201\"/>e covera<span class=\"__1 _201\"/>ge units a<span class=\"__1 _201\"/>re defin<span class=\"__1 _201\"/>ed as the a<span class=\"__1 _201\"/>nnual a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> benefit paya<span class=\"__1 _200\"/>ble.<span class=\"__1 _32b\"> </span>For a pro<span class=\"__1 _201\"/>fitabl<span class=\"__1 _201\"/>e group of co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts the va<span class=\"__1 _201\"/>lue of the C<span class=\"__1 _201\"/>SM at in<span class=\"__1 _201\"/>ceptio<span class=\"__1 _201\"/>n equa<span class=\"__1 _201\"/>ls the pre<span class=\"__1 _201\"/>sent va<span class=\"__1 _201\"/>lue of the exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted net in<span class=\"__1 _201\"/>flow.<span class=\"__1 _32b\"> </span> This re<span class=\"__1 _201\"/>sult<span class=\"__1 _201\"/>s in no inco<span class=\"__1 _201\"/>me or exp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>es bein<span class=\"__1 _201\"/>g reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d for the g<span class=\"__1 _201\"/>roup of con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts at their i<span class=\"__1 _201\"/>nitial re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>tion. C<span class=\"__1 _201\"/>onvers<span class=\"__1 _201\"/>ely, for<span class=\"__1 _32b\"> </span> a group of c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts that i<span class=\"__1 _201\"/>s loss m<span class=\"__1 _201\"/>aking (or \u201cone<span class=\"__1 _201\"/>rous\u201d) at inc<span class=\"__1 _201\"/>eption<span class=\"__1 _201\"/>, the C<span class=\"__1 _201\"/>SM is se<span class=\"__1 _201\"/>t to zero and the exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted net o<span class=\"__1 _201\"/>utfl<span class=\"__1 _201\"/>ow is<span class=\"__1 _32b\"> </span> imme<span class=\"__1 _201\"/>diatel<span class=\"__1 _201\"/>y recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d as a los<span class=\"__1 _201\"/>s. A lo<span class=\"__1 _201\"/>ss com<span class=\"__1 _201\"/>pon<span class=\"__1 _201\"/>ent is es<span class=\"__1 _201\"/>tabli<span class=\"__1 _201\"/>shed w<span class=\"__1 _201\"/>ith valu<span class=\"__1 _201\"/>e equa<span class=\"__1 _201\"/>l to the net ou<span class=\"__1 _201\"/>tflo<span class=\"__1 _201\"/>w<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> T<span class=\"__1 _f_1\"/>ra<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>tion to I<span class=\"__1 _201\"/>FRS 17<span class=\"__1 _32b\"> </span>IFR<span class=\"__1 _201\"/>S 17 require<span class=\"__1 _201\"/>s that the chan<span class=\"__1 _201\"/>ges in a<span class=\"__1 _201\"/>ccount<span class=\"__1 _201\"/>ing pol<span class=\"__1 _201\"/>icies a<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g from ad<span class=\"__1 _201\"/>opting th<span class=\"__1 _201\"/>e new sta<span class=\"__1 _201\"/>ndard<span class=\"__1 _201\"/>, at 1 Januar<span class=\"__1 _250\"/>y 2022<span class=\"__1 _201\"/>, mus<span class=\"__1 _201\"/>t be<span class=\"__1 _201\"/> app<span class=\"__1 _201\"/>lied us<span class=\"__1 _201\"/>ing a full<span class=\"__1 _201\"/>y retrosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive app<span class=\"__1 _201\"/>roach unl<span class=\"__1 _201\"/>ess i<span class=\"__1 _201\"/>t is not pr<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>cabl<span class=\"__1 _201\"/>e to do so. U<span class=\"__1 _201\"/>nder th<span class=\"__1 _201\"/>e fully re<span class=\"__1 _201\"/>trospe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve approa<span class=\"__1 _201\"/>ch the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up will:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Ide<span class=\"__1 _201\"/>ntif<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, reco<span class=\"__1 _201\"/>gnise a<span class=\"__1 _201\"/>nd mea<span class=\"__1 _201\"/>sure each g<span class=\"__1 _201\"/>roup of ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>, inves<span class=\"__1 _201\"/>tment w<span class=\"__1 _201\"/>ith DPF co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d reinsur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span></span>hel<span class=\"__1 _201\"/>d as if IFR<span class=\"__1 _201\"/>S 17 had always a<span class=\"__1 _201\"/>ppli<span class=\"__1 _201\"/>ed;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Dere<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nise prev<span class=\"__1 _201\"/>ious<span class=\"__1 _201\"/>ly repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ted bala<span class=\"__1 _201\"/>nces th<span class=\"__1 _201\"/>at would n<span class=\"__1 _201\"/>ot have existe<span class=\"__1 _201\"/>d if IFR<span class=\"__1 _201\"/>S 17 had always a<span class=\"__1 _201\"/>pplie<span class=\"__1 _201\"/>d (inc<span class=\"__1 _201\"/>ludin<span class=\"__1 _201\"/>g IFRS 4<span class=\"__1 _201\"/>-rel<span class=\"__1 _201\"/>ated<span class=\"__1 _32b\"> </span></span>defe<span class=\"__1 _201\"/>rred ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on cos<span class=\"__1 _201\"/>ts, a<span class=\"__1 _201\"/>nd the un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund); a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>e any resul<span class=\"__1 _201\"/>ting net di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ce in eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, after a<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g for any def<span class=\"__1 _201\"/>erred t<span class=\"__1 _201\"/>ax adju<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt.<span class=\"__1 _32b\"> </span></span>Whe<span class=\"__1 _201\"/>re it is impr<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>cab<span class=\"__1 _201\"/>le to appl<span class=\"__1 _201\"/>y a fully <span class=\"__1 _201\"/>retrospe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve appro<span class=\"__1 _201\"/>ach to a group of c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, then th<span class=\"__1 _201\"/>e Group w<span class=\"__1 _201\"/>ill, as p<span class=\"__1 _201\"/>ermi<span class=\"__1 _201\"/>tted un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/> IFR<span class=\"__1 _201\"/>S 17<span class=\"__1 _f_1\"/>, use e<span class=\"__1 _201\"/>ither th<span class=\"__1 _201\"/>e modi<span class=\"__1 _201\"/>fied retro<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ctive a<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch or the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e appro<span class=\"__1 _201\"/>ach.<span class=\"__1 _201\"/> The G<span class=\"__1 _201\"/>roup exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts to appl<span class=\"__1 _201\"/>y the fol<span class=\"__1 _201\"/>lowin<span class=\"__1 _201\"/>g approa<span class=\"__1 _201\"/>ches to va<span class=\"__1 _201\"/>luing th<span class=\"__1 _201\"/>e CSM o<span class=\"__1 _201\"/>n transi<span class=\"__1 _201\"/>tion to IFR<span class=\"__1 _201\"/>S 17<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>:<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ransition approach<span class=\"__1 _ac_1\"> </span>Applied for<span class=\"__1 _32b\"> </span>Fully Retro<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ctive A<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch<span class=\"__1 _ad_1\"> </span><span class=\"lsd_1 wse_1\">With-profits<span class=\"__1 _200\"/> business written 2<span class=\"__1 _200\"/>020-20<span class=\"__1 _200\"/>21<span class=\"__1 _32b\"> </span></span>Non<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fit protec<span class=\"__1 _201\"/>tion i<span class=\"__1 _201\"/>n Polan<span class=\"__1 _201\"/>d writ<span class=\"__1 _201\"/>ten 2020<span class=\"__1 _201\"/>-2021<span class=\"__1 _32b\"> </span>Rothe<span class=\"__1 _201\"/>say annu<span class=\"__1 _201\"/>ity re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce treat<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>Mo<span class=\"__1 _201\"/>difie<span class=\"__1 _201\"/>d Retrosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive App<span class=\"__1 _201\"/>roach<span class=\"__1 _ae_1\"> </span><span class=\"ls27_1 ws5d_1\">90:10<span class=\"__1 _200\"/> with-profi<span class=\"__1 _200\"/>ts business<span class=\"__1 _200\"/> written 2<span class=\"__1 _200\"/>004-20<span class=\"__1 _200\"/>19<span class=\"__1 _32b\"> </span></span>F<span class=\"__1 _200\"/>air V<span class=\"__1 _f_1\"/>alue Approach<span class=\"__1 _af_1\"> </span><span class=\"ls6_1 ws1_1\">With<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s writ<span class=\"__1 _201\"/>ten befo<span class=\"__1 _201\"/>re 200<span class=\"__1 _201\"/>4 <span class=\"ls5_1\"> </span></span>All oth<span class=\"__1 _201\"/>er contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s writ<span class=\"__1 _201\"/>ten up to 2021<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>All oth<span class=\"__1 _201\"/>er reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e treaties in<span class=\"__1 _201\"/>cepted u<span class=\"__1 _201\"/>p to 2021<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e app<span class=\"__1 _201\"/>roac<span class=\"__1 _201\"/>h to be us<span class=\"__1 _201\"/>ed fo<span class=\"__1 _201\"/>r Pru<span class=\"__1 _201\"/>Prote<span class=\"__1 _201\"/>ct b<span class=\"__1 _201\"/>usi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s is s<span class=\"__1 _201\"/>till to b<span class=\"__1 _201\"/>e con<span class=\"__1 _201\"/>firm<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/>. As thi<span class=\"__1 _201\"/>s bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss is f<span class=\"__1 _201\"/>ull<span class=\"__1 _201\"/>y reins<span class=\"__1 _201\"/>ure<span class=\"__1 _201\"/>d, th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>f Pru<span class=\"__1 _201\"/>Prote<span class=\"__1 _201\"/>ct c<span class=\"__1 _201\"/>ontr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s on<span class=\"__1 _201\"/> sha<span class=\"__1 _201\"/>reh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y at tr<span class=\"__1 _201\"/>ansi<span class=\"__1 _201\"/>tion to I<span class=\"__1 _201\"/>FR<span class=\"__1 _201\"/>S 17 is not s<span class=\"__1 _201\"/>igni<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Th<span class=\"__1 _201\"/>e Roth<span class=\"__1 _201\"/>esay P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t VI<span class=\"__1 _201\"/>I tran<span class=\"__1 _201\"/>sfe<span class=\"__1 _201\"/>r in De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r 2021 a<span class=\"__1 _201\"/>nd co<span class=\"__1 _201\"/>nse<span class=\"__1 _201\"/>que<span class=\"__1 _201\"/>ntia<span class=\"__1 _201\"/>l upda<span class=\"__1 _201\"/>te to the re<span class=\"__1 _201\"/>insu<span class=\"__1 _201\"/>ran<span class=\"__1 _201\"/>ce tre<span class=\"__1 _201\"/>aty f<span class=\"__1 _201\"/>or th<span class=\"__1 _201\"/>e retai<span class=\"__1 _201\"/>ned a<span class=\"__1 _201\"/>nnui<span class=\"__1 _201\"/>ty b<span class=\"__1 _201\"/>usi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s is de<span class=\"__1 _201\"/>em<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/> to con<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>tute a de<span class=\"__1 _201\"/>rec<span class=\"__1 _201\"/>ogn<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n event<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>eref<span class=\"__1 _201\"/>ore, f<span class=\"__1 _201\"/>or IF<span class=\"__1 _201\"/>RS 17 pu<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, the i<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/>ptio<span class=\"__1 _201\"/>n date of th<span class=\"__1 _201\"/>e rein<span class=\"__1 _201\"/>sur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>t is 15 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>1 and s<span class=\"__1 _201\"/>o is<span class=\"__1 _32b\"> </span> transitioned<span class=\"__1 _200\"/> under the<span class=\"__1 _200\"/> Fu<span class=\"__1 _200\"/>lly Ret<span class=\"__1 _200\"/>rospective Approac<span class=\"__1 _200\"/>h.<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>ason<span class=\"__1 _201\"/>s why the Gro<span class=\"__1 _201\"/>up cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>s the full<span class=\"__1 _201\"/>y retrosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive app<span class=\"__1 _201\"/>roach to be i<span class=\"__1 _201\"/>mprac<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>able fo<span class=\"__1 _201\"/>r som<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>e:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>ts of retros<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>tive ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>ation are n<span class=\"__1 _201\"/>ot determ<span class=\"__1 _201\"/>inabl<span class=\"__1 _201\"/>e bec<span class=\"__1 _201\"/>ause th<span class=\"__1 _201\"/>e infor<span class=\"__1 _201\"/>mation re<span class=\"__1 _201\"/>quired h<span class=\"__1 _201\"/>as not b<span class=\"__1 _201\"/>een co<span class=\"__1 _201\"/>llec<span class=\"__1 _201\"/>ted, o<span class=\"__1 _201\"/>r has<span class=\"__1 _32b\"> </span></span>not b<span class=\"__1 _201\"/>een co<span class=\"__1 _201\"/>llec<span class=\"__1 _201\"/>ted wi<span class=\"__1 _201\"/>th suffic<span class=\"__1 _201\"/>ient gr<span class=\"__1 _201\"/>anular<span class=\"__1 _201\"/>ity, or is unava<span class=\"__1 _201\"/>ilabl<span class=\"__1 _201\"/>e bec<span class=\"__1 _201\"/>ause of s<span class=\"__1 _201\"/>ystem m<span class=\"__1 _201\"/>igratio<span class=\"__1 _201\"/>ns or othe<span class=\"__1 _201\"/>r reaso<span class=\"__1 _201\"/>ns.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The f<span class=\"__1 _201\"/>ully retro<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ctive a<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch require<span class=\"__1 _201\"/>s ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s abou<span class=\"__1 _201\"/>t what the G<span class=\"__1 _201\"/>roup ma<span class=\"__1 _201\"/>nagem<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>\u2019s intentions wo<span class=\"__1 _201\"/>uld have be<span class=\"__1 _201\"/>en in<span class=\"__1 _32b\"> </span></span>previ<span class=\"__1 _201\"/>ous pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>ds that ca<span class=\"__1 _201\"/>nnot be m<span class=\"__1 _201\"/>ade with<span class=\"__1 _201\"/>out the u<span class=\"__1 _201\"/>se of hin<span class=\"__1 _201\"/>dsight<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>se incl<span class=\"__1 _201\"/>ude jud<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ents ab<span class=\"__1 _201\"/>out the co<span class=\"__1 _201\"/>mpe<span class=\"__1 _201\"/>nsatio<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span> Gro<span class=\"__1 _201\"/>up require<span class=\"__1 _201\"/>s for be<span class=\"__1 _201\"/>arin<span class=\"__1 _201\"/>g non-<span class=\"__1 _201\"/>financ<span class=\"__1 _201\"/>ial ris<span class=\"__1 _201\"/>k in order to d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>e the ris<span class=\"__1 _201\"/>k adjus<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>. As the G<span class=\"__1 _201\"/>roup wa<span class=\"__1 _201\"/>s esta<span class=\"__1 _201\"/>blish<span class=\"__1 _201\"/>ed as a<span class=\"__1 _201\"/> sep<span class=\"__1 _201\"/>arate entit<span class=\"__1 _201\"/>y in 2019, th<span class=\"__1 _201\"/>e Group\u2019s curre<span class=\"__1 _201\"/>nt busin<span class=\"__1 _201\"/>ess m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment an<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s are not ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate prio<span class=\"__1 _201\"/>r to 2020 and<span class=\"__1 _201\"/> cho<span class=\"__1 _201\"/>osing to us<span class=\"__1 _201\"/>e thes<span class=\"__1 _201\"/>e or other a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions wo<span class=\"__1 _201\"/>uld req<span class=\"__1 _201\"/>uire the ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>ation of hin<span class=\"__1 _201\"/>dsigh<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Whe<span class=\"__1 _201\"/>re the full<span class=\"__1 _201\"/>y retrosp<span class=\"__1 _201\"/>ecti<span class=\"__1 _201\"/>ve appro<span class=\"__1 _201\"/>ach is im<span class=\"__1 _201\"/>prac<span class=\"__1 _201\"/>tica<span class=\"__1 _201\"/>ble fo<span class=\"__1 _201\"/>r the valu<span class=\"__1 _201\"/>ation of a po<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tfol<span class=\"__1 _201\"/>io of insur<span class=\"__1 _201\"/>ance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wr<span class=\"__1 _201\"/>itten th<span class=\"__1 _201\"/>en it wi<span class=\"__1 _201\"/>ll<span class=\"__1 _32b\"> </span></span>also b<span class=\"__1 _201\"/>e impr<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>cabl<span class=\"__1 _201\"/>e for the v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n of ass<span class=\"__1 _201\"/>ociated re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce po<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tfol<span class=\"__1 _201\"/>io as mea<span class=\"__1 _201\"/>surem<span class=\"__1 _201\"/>ent requ<span class=\"__1 _201\"/>ires simi<span class=\"__1 _201\"/>lar con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>rations<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>192<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Mo<span class=\"__1 _201\"/>difie<span class=\"__1 _201\"/>d retrosp<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/>ive appro<span class=\"__1 _201\"/>ach<span class=\"__1 _32b\"> </span>The o<span class=\"__1 _201\"/>bje<span class=\"__1 _201\"/>ctive of th<span class=\"__1 _201\"/>e mod<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d retrospe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve appro<span class=\"__1 _201\"/>ach is to achi<span class=\"__1 _201\"/>eve the clo<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>t outcom<span class=\"__1 _201\"/>e to retrospe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve appli<span class=\"__1 _201\"/>cation p<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>ible<span class=\"__1 _201\"/> usin<span class=\"__1 _201\"/>g reason<span class=\"__1 _201\"/>able a<span class=\"__1 _201\"/>nd supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tabl<span class=\"__1 _201\"/>e infor<span class=\"__1 _201\"/>mation avai<span class=\"__1 _201\"/>lable w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t undue c<span class=\"__1 _201\"/>ost or e<span class=\"__1 _201\"/>ffor<span class=\"__1 _201\"/>t. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up will ap<span class=\"__1 _201\"/>ply ea<span class=\"__1 _201\"/>ch of the fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> mod<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ations o<span class=\"__1 _201\"/>nly to the ex<span class=\"__1 _201\"/>tent that it d<span class=\"__1 _201\"/>oes n<span class=\"__1 _201\"/>ot have reaso<span class=\"__1 _201\"/>nabl<span class=\"__1 _201\"/>e and sup<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tab<span class=\"__1 _201\"/>le infor<span class=\"__1 _201\"/>mation to ap<span class=\"__1 _201\"/>ply I<span class=\"__1 _201\"/>FRS 17 retrosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tivel<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>Asse<span class=\"__1 _201\"/>ssme<span class=\"__1 _201\"/>nts at incep<span class=\"__1 _201\"/>tion or on in<span class=\"__1 _201\"/>itial rec<span class=\"__1 _201\"/>ognitio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup w<span class=\"__1 _201\"/>ill deter<span class=\"__1 _201\"/>mine the i<span class=\"__1 _201\"/>denti<span class=\"__1 _201\"/>ficati<span class=\"__1 _201\"/>on of group<span class=\"__1 _201\"/>s of contra<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>nd clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n of contra<span class=\"__1 _201\"/>cts u<span class=\"__1 _201\"/>sing info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n availab<span class=\"__1 _201\"/>le at<span class=\"__1 _32b\"> </span> contr<span class=\"__1 _201\"/>act in<span class=\"__1 _201\"/>cepti<span class=\"__1 _201\"/>on whe<span class=\"__1 _201\"/>re reason<span class=\"__1 _201\"/>able a<span class=\"__1 _201\"/>nd supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tabl<span class=\"__1 _201\"/>e infor<span class=\"__1 _201\"/>mation is ava<span class=\"__1 _201\"/>ilabl<span class=\"__1 _201\"/>e. Whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up doe<span class=\"__1 _201\"/>s not have reas<span class=\"__1 _201\"/>onabl<span class=\"__1 _201\"/>e and<span class=\"__1 _201\"/> supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tabl<span class=\"__1 _201\"/>e infor<span class=\"__1 _201\"/>mation thi<span class=\"__1 _201\"/>s will be a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d base<span class=\"__1 _201\"/>d on info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n at 1 Janua<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y 2022<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>ups of contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s value<span class=\"__1 _201\"/>d unde<span class=\"__1 _201\"/>r the mo<span class=\"__1 _201\"/>difie<span class=\"__1 _201\"/>d retrosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive app<span class=\"__1 _201\"/>roach wi<span class=\"__1 _201\"/>ll contai<span class=\"__1 _201\"/>n contra<span class=\"__1 _201\"/>cts i<span class=\"__1 _201\"/>ssue<span class=\"__1 _201\"/>d more th<span class=\"__1 _201\"/>an one yea<span class=\"__1 _201\"/>r apar<span class=\"__1 _201\"/>t.<span class=\"__1 _201\"/> 90:10 with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts busin<span class=\"__1 _201\"/>ess wr<span class=\"__1 _201\"/>itten 20<span class=\"__1 _201\"/>04<span class=\"__1 _201\"/>-<span class=\"__1 _200\"/>201<span class=\"__1 _200\"/>9<span class=\"__1 _32b\"> </span>For grou<span class=\"__1 _201\"/>ps of with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s issu<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>twe<span class=\"__1 _201\"/>en 200<span class=\"__1 _201\"/>4 and 2019 tra<span class=\"__1 _201\"/>nsitio<span class=\"__1 _201\"/>ning un<span class=\"__1 _201\"/>der the m<span class=\"__1 _201\"/>odifi<span class=\"__1 _201\"/>ed retros<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>tive ap<span class=\"__1 _201\"/>proac<span class=\"__1 _201\"/>h,<span class=\"__1 _201\"/> the G<span class=\"__1 _201\"/>roup will d<span class=\"__1 _201\"/>etermi<span class=\"__1 _201\"/>ne the C<span class=\"__1 _201\"/>SM at 1 Jan<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2 by cal<span class=\"__1 _201\"/>culating a p<span class=\"__1 _201\"/>roxy (as per<span class=\"__1 _201\"/>mitte<span class=\"__1 _201\"/>d in IFR<span class=\"__1 _201\"/>S 17) for th<span class=\"__1 _201\"/>e total CS<span class=\"__1 _201\"/>M for all<span class=\"__1 _201\"/> ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices to b<span class=\"__1 _201\"/>e provid<span class=\"__1 _201\"/>ed fro<span class=\"__1 _201\"/>m incepti<span class=\"__1 _201\"/>on as the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying ite<span class=\"__1 _201\"/>ms at 1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2 minus the f<span class=\"__1 _201\"/>ulfil<span class=\"__1 _201\"/>ment c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> at 1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2, ad<span class=\"__1 _201\"/>justed f<span class=\"__1 _201\"/>or:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Amo<span class=\"__1 _201\"/>unts cha<span class=\"__1 _201\"/>rged to po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>ders (<span class=\"__1 _201\"/>inclu<span class=\"__1 _201\"/>ding cha<span class=\"__1 _201\"/>rges de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>ted from th<span class=\"__1 _201\"/>e unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing items) befo<span class=\"__1 _201\"/>re 1 Januar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Amo<span class=\"__1 _201\"/>unts pai<span class=\"__1 _201\"/>d befo<span class=\"__1 _201\"/>re 1 Januar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>022 that d<span class=\"__1 _201\"/>id not var<span class=\"__1 _250\"/>y base<span class=\"__1 _201\"/>d on the un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g items<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The c<span class=\"__1 _201\"/>hange i<span class=\"__1 _201\"/>n the ris<span class=\"__1 _201\"/>k adjus<span class=\"__1 _201\"/>tment fo<span class=\"__1 _201\"/>r non<span class=\"__1 _201\"/>-finan<span class=\"__1 _201\"/>cial ris<span class=\"__1 _201\"/>k caus<span class=\"__1 _201\"/>ed by the re<span class=\"__1 _201\"/>leas<span class=\"__1 _201\"/>e from ris<span class=\"__1 _201\"/>k before 1 J<span class=\"__1 _201\"/>anuar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>, whic<span class=\"__1 _201\"/>h will be<span class=\"__1 _201\"/> </span>es<span class=\"__1 _201\"/>timated by refe<span class=\"__1 _201\"/>rence to the re<span class=\"__1 _201\"/>leas<span class=\"__1 _201\"/>e of risk fo<span class=\"__1 _201\"/>r simil<span class=\"__1 _201\"/>ar contr<span class=\"__1 _201\"/>acts t<span class=\"__1 _201\"/>hat the Gro<span class=\"__1 _201\"/>up iss<span class=\"__1 _201\"/>ues at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>If the c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ation res<span class=\"__1 _201\"/>ults in a C<span class=\"__1 _201\"/>SM<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up will m<span class=\"__1 _201\"/>easure th<span class=\"__1 _201\"/>e CSM at 1 J<span class=\"__1 _201\"/>anuar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>022 by de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>ting the C<span class=\"__1 _201\"/>SM re<span class=\"__1 _201\"/>lated to ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/> provi<span class=\"__1 _201\"/>ded b<span class=\"__1 _201\"/>efore 1 Jan<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2. T<span class=\"__1 _201\"/>he C<span class=\"__1 _201\"/>SM relate<span class=\"__1 _201\"/>d to ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces prov<span class=\"__1 _201\"/>ided b<span class=\"__1 _201\"/>efore 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22 will b<span class=\"__1 _201\"/>e deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d by compa<span class=\"__1 _201\"/>ring<span class=\"__1 _201\"/> the rem<span class=\"__1 _201\"/>aining c<span class=\"__1 _201\"/>overag<span class=\"__1 _201\"/>e units at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2 with c<span class=\"__1 _201\"/>overag<span class=\"__1 _201\"/>e units pr<span class=\"__1 _201\"/>ior to 1 Jan<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/> If the c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ation res<span class=\"__1 _201\"/>ults in a l<span class=\"__1 _201\"/>oss co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ent the<span class=\"__1 _201\"/>n the Gro<span class=\"__1 _201\"/>up will ad<span class=\"__1 _201\"/>just th<span class=\"__1 _201\"/>e loss c<span class=\"__1 _201\"/>ompo<span class=\"__1 _201\"/>nent to nil a<span class=\"__1 _201\"/>nd incre<span class=\"__1 _201\"/>ase the l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y fo<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> remai<span class=\"__1 _201\"/>ning cover<span class=\"__1 _201\"/>age exclu<span class=\"__1 _201\"/>ding the l<span class=\"__1 _201\"/>oss c<span class=\"__1 _201\"/>ompo<span class=\"__1 _201\"/>nent by the s<span class=\"__1 _201\"/>ame am<span class=\"__1 _201\"/>ount<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Fair value a<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e approa<span class=\"__1 _201\"/>ch, th<span class=\"__1 _201\"/>e CSM (or the lo<span class=\"__1 _201\"/>ss com<span class=\"__1 _201\"/>pon<span class=\"__1 _201\"/>ent) at 1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2 will be d<span class=\"__1 _201\"/>etermi<span class=\"__1 _201\"/>ned as th<span class=\"__1 _201\"/>e diffe<span class=\"__1 _201\"/>rence b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en<span class=\"__1 _201\"/> the fa<span class=\"__1 _201\"/>ir value o<span class=\"__1 _201\"/>f a group of co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts at that date an<span class=\"__1 _201\"/>d the ful<span class=\"__1 _201\"/>filme<span class=\"__1 _201\"/>nt cash fl<span class=\"__1 _201\"/>ows at that date. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up will m<span class=\"__1 _201\"/>easure th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue<span class=\"__1 _201\"/> of the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts as the s<span class=\"__1 _201\"/>um of:<span class=\"__1 _201\"/> \u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The b<span class=\"__1 _201\"/>est e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ate of the liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, determi<span class=\"__1 _201\"/>ned us<span class=\"__1 _201\"/>ing a disc<span class=\"__1 _201\"/>ounted c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ow techni<span class=\"__1 _201\"/>que; and<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The c<span class=\"__1 _201\"/>ompe<span class=\"__1 _201\"/>nsatio<span class=\"__1 _201\"/>n a market par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cipant wo<span class=\"__1 _201\"/>uld req<span class=\"__1 _201\"/>uire for ta<span class=\"__1 _201\"/>king on th<span class=\"__1 _201\"/>e oblig<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/>, over and ab<span class=\"__1 _201\"/>ove the be<span class=\"__1 _201\"/>st es<span class=\"__1 _201\"/>timate<span class=\"__1 _201\"/> </span>liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, determi<span class=\"__1 _201\"/>ned us<span class=\"__1 _201\"/>ing a cos<span class=\"__1 _201\"/>t of cap<span class=\"__1 _201\"/>ital app<span class=\"__1 _201\"/>roach<span class=\"__1 _201\"/>, and an am<span class=\"__1 _201\"/>ount to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t the ris<span class=\"__1 _201\"/>k around th<span class=\"__1 _201\"/>e quantum o<span class=\"__1 _201\"/>f future<span class=\"__1 _201\"/> shareholder t<span class=\"__1 _200\"/>ransfers.<span class=\"__1 _32b\"> </span>The key jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nts are in th<span class=\"__1 _201\"/>e assu<span class=\"__1 _201\"/>mption<span class=\"__1 _201\"/>s used to s<span class=\"__1 _201\"/>et the be<span class=\"__1 _201\"/>st es<span class=\"__1 _201\"/>timate of the li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y, such as lon<span class=\"__1 _201\"/>gevit<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, assum<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>et mix fo<span class=\"__1 _201\"/>r annuiti<span class=\"__1 _201\"/>es, a<span class=\"__1 _201\"/>nd disc<span class=\"__1 _201\"/>ount rates<span class=\"__1 _201\"/>, and th<span class=\"__1 _201\"/>e comp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>ation a mar<span class=\"__1 _201\"/>ket par<span class=\"__1 _201\"/>ticipa<span class=\"__1 _201\"/>nt would re<span class=\"__1 _201\"/>quire fo<span class=\"__1 _201\"/>r taking o<span class=\"__1 _201\"/>n the obl<span class=\"__1 _201\"/>igation<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> in par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cular the l<span class=\"__1 _201\"/>evel of ca<span class=\"__1 _201\"/>pital as<span class=\"__1 _201\"/>sume<span class=\"__1 _201\"/>d to be he<span class=\"__1 _201\"/>ld, the a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ed cos<span class=\"__1 _201\"/>t of hol<span class=\"__1 _201\"/>ding th<span class=\"__1 _201\"/>e capi<span class=\"__1 _201\"/>tal, an<span class=\"__1 _201\"/>d the level of c<span class=\"__1 _201\"/>ompe<span class=\"__1 _201\"/>nsatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> requ<span class=\"__1 _201\"/>ired to refl<span class=\"__1 _201\"/>ect th<span class=\"__1 _201\"/>e risk i<span class=\"__1 _201\"/>n relation to f<span class=\"__1 _201\"/>uture share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er tran<span class=\"__1 _201\"/>sfer<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue will b<span class=\"__1 _201\"/>e calib<span class=\"__1 _201\"/>rated ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n analy<span class=\"__1 _201\"/>sis of the G<span class=\"__1 _201\"/>roup\u2019s own data and m<span class=\"__1 _201\"/>arket data in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g publi<span class=\"__1 _201\"/>c infor<span class=\"__1 _201\"/>mation on re<span class=\"__1 _201\"/>cent<span class=\"__1 _201\"/> trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions (to the exte<span class=\"__1 _201\"/>nt relevan<span class=\"__1 _201\"/>t and avail<span class=\"__1 _201\"/>able).<span class=\"__1 _32b\"> </span> The G<span class=\"__1 _201\"/>roup w<span class=\"__1 _201\"/>ill deter<span class=\"__1 _201\"/>mine the i<span class=\"__1 _201\"/>denti<span class=\"__1 _201\"/>ficati<span class=\"__1 _201\"/>on of group<span class=\"__1 _201\"/>s of contra<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>nd clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n of contra<span class=\"__1 _201\"/>cts u<span class=\"__1 _201\"/>sing info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n availab<span class=\"__1 _201\"/>le at<span class=\"__1 _32b\"> </span> 1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2. G<span class=\"__1 _201\"/>roups of p<span class=\"__1 _201\"/>olici<span class=\"__1 _201\"/>es valu<span class=\"__1 _201\"/>ed und<span class=\"__1 _201\"/>er the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e approa<span class=\"__1 _201\"/>ch will c<span class=\"__1 _201\"/>ontain co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts is<span class=\"__1 _201\"/>sued m<span class=\"__1 _201\"/>ore than o<span class=\"__1 _201\"/>ne year ap<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t.<span class=\"__1 _201\"/> For G<span class=\"__1 _201\"/>MM und<span class=\"__1 _201\"/>er the fa<span class=\"__1 _201\"/>ir value a<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch, lo<span class=\"__1 _201\"/>cked-i<span class=\"__1 _201\"/>n disco<span class=\"__1 _201\"/>unt rates an<span class=\"__1 _201\"/>d financ<span class=\"__1 _201\"/>ial ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns, as a<span class=\"__1 _201\"/>pplie<span class=\"__1 _201\"/>d af<span class=\"__1 _201\"/>ter transi<span class=\"__1 _201\"/>tion, w<span class=\"__1 _201\"/>ill be<span class=\"__1 _201\"/> deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d at 1 Januar<span class=\"__1 _250\"/>y 2022<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls14_1 ws13_1\">193<span class=\"__1 _32b\"> </span></span></span></span><div class=\"t_1 m0_1 hd_1 ff2_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1166.7065px;\">Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1050.5483px;\">Com<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>ison w<span class=\"__1 _201\"/>ith I<span class=\"__1 _201\"/>FRS 4<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1029.9188px;\">The ti<span class=\"__1 _201\"/>ming of pro<span class=\"__1 _201\"/>fit rec<span class=\"__1 _201\"/>ogniti<span class=\"__1 _201\"/>on will ch<span class=\"__1 _201\"/>ange si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cantl<span class=\"__1 _201\"/>y unde<span class=\"__1 _201\"/>r IFRS 17<span class=\"__1 _200\"/>. Under I<span class=\"__1 _201\"/>FRS 4 pro<span class=\"__1 _201\"/>fits are re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised a<span class=\"__1 _201\"/>s follow<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:1005.17114px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">For wit<span class=\"__1 _201\"/>h-pro<span class=\"__1 _201\"/>fits co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts that sh<span class=\"__1 _201\"/>are in the pro<span class=\"__1 _201\"/>fit aris<span class=\"__1 _201\"/>ing in the m<span class=\"__1 _201\"/>ain With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits fun<span class=\"__1 _201\"/>d, pro<span class=\"__1 _201\"/>fits are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed w<span class=\"__1 _201\"/>hen bo<span class=\"__1 _201\"/>nuse<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:988.6726px;\">are add<span class=\"__1 _201\"/>ed to po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s. A<span class=\"__1 _201\"/>s a subst<span class=\"__1 _201\"/>antial pro<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of the total b<span class=\"__1 _201\"/>onus is d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed wh<span class=\"__1 _201\"/>en claim<span class=\"__1 _201\"/>s are paid to p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>, a<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:972.1741px;\">cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>able p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of the profi<span class=\"__1 _201\"/>t is reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed whe<span class=\"__1 _201\"/>n poli<span class=\"__1 _201\"/>cies ter<span class=\"__1 _201\"/>minate.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:951.5446px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">For no<span class=\"__1 _201\"/>n-p<span class=\"__1 _201\"/>rofit con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts (notabl<span class=\"__1 _201\"/>y annuiti<span class=\"__1 _201\"/>es<span class=\"__1 _200\"/>) a subs<span class=\"__1 _201\"/>tantia<span class=\"__1 _201\"/>l propo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ion of the li<span class=\"__1 _201\"/>fetime exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted profi<span class=\"__1 _201\"/>t is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d at pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:935.0461px;\">ince<span class=\"__1 _201\"/>ption refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ting the d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nce bet<span class=\"__1 _201\"/>we<span class=\"__1 _201\"/>en the pre<span class=\"__1 _201\"/>miums re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d les<span class=\"__1 _201\"/>s cos<span class=\"__1 _201\"/>ts incur<span class=\"__1 _201\"/>red an<span class=\"__1 _201\"/>d the pru<span class=\"__1 _201\"/>dent li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y es<span class=\"__1 _201\"/>tabli<span class=\"__1 _201\"/>shed f<span class=\"__1 _201\"/>or<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:918.5476px;\">the exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted future c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ows.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:897.9181px;\">In con<span class=\"__1 _201\"/>trast<span class=\"__1 _201\"/>, IFRS 17 d<span class=\"__1 _201\"/>oes not a<span class=\"__1 _201\"/>llow upfro<span class=\"__1 _201\"/>nt profi<span class=\"__1 _201\"/>t recog<span class=\"__1 _201\"/>nition fo<span class=\"__1 _201\"/>r profit<span class=\"__1 _201\"/>able co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts but r<span class=\"__1 _201\"/>ather re<span class=\"__1 _201\"/>quires th<span class=\"__1 _201\"/>at profit is re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nised<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:881.4196px;\">as se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s are provi<span class=\"__1 _201\"/>ded to the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:856.6719px;\">Oth<span class=\"__1 _201\"/>er diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es in the m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>ment of th<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ties inc<span class=\"__1 _201\"/>lude:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:831.9241px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">IFR<span class=\"__1 _201\"/>S 17 require<span class=\"__1 _201\"/>s that the dis<span class=\"__1 _201\"/>count r<span class=\"__1 _201\"/>ates inclu<span class=\"__1 _201\"/>de an illi<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y pre<span class=\"__1 _201\"/>mium. T<span class=\"__1 _201\"/>he IF<span class=\"__1 _201\"/>RS 4 disc<span class=\"__1 _201\"/>ount rates f<span class=\"__1 _201\"/>or with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s in<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:815.4256px;\">par<span class=\"__1 _201\"/>ticu<span class=\"__1 _201\"/>lar do n<span class=\"__1 _201\"/>ot inclu<span class=\"__1 _201\"/>de an illi<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y pre<span class=\"__1 _201\"/>mium. Fo<span class=\"__1 _201\"/>r annuit<span class=\"__1 _201\"/>y co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts, th<span class=\"__1 _201\"/>e IFR<span class=\"__1 _201\"/>S 4 disco<span class=\"__1 _201\"/>unt rates are s<span class=\"__1 _201\"/>imilar to IF<span class=\"__1 _201\"/>RS 17<span class=\"__1 _f_1\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:794.7961px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">IFRS 4 li<span class=\"__1 _200\"/>abilit<span class=\"__1 _200\"/>ies for non-profit<span class=\"__1 _200\"/> contracts a<span class=\"__1 _200\"/>re det<span class=\"__1 _200\"/>ermined usi<span class=\"__1 _200\"/>ng implici<span class=\"__1 _200\"/>t prudence mar<span class=\"__1 _200\"/>gins i<span class=\"__1 _200\"/>n the demograph<span class=\"__1 _200\"/>ic and e<span class=\"__1 _200\"/>xpense<span class=\"__1 _32b\"> </span></span><span class=\"lsd_1 wse_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:778.2976px;\">ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns. In c<span class=\"__1 _201\"/>ontras<span class=\"__1 _201\"/>t IFR<span class=\"__1 _201\"/>S 17 requires a s<span class=\"__1 _201\"/>epar<span class=\"__1 _201\"/>ate risk ad<span class=\"__1 _201\"/>justm<span class=\"__1 _201\"/>ent for n<span class=\"__1 _201\"/>on-fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al risks w<span class=\"__1 _201\"/>hich may di<span class=\"__1 _201\"/>ffer fro<span class=\"__1 _201\"/>m the valu<span class=\"__1 _201\"/>e of<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:761.7991px;\">the IF<span class=\"__1 _201\"/>RS 4 margi<span class=\"__1 _201\"/>ns.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:741.1696px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Und<span class=\"__1 _201\"/>er IFR<span class=\"__1 _201\"/>S 4, th<span class=\"__1 _201\"/>e unallo<span class=\"__1 _201\"/>cated s<span class=\"__1 _201\"/>urpl<span class=\"__1 _201\"/>us of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund re<span class=\"__1 _201\"/>prese<span class=\"__1 _201\"/>nts the exce<span class=\"__1 _201\"/>ss of the f<span class=\"__1 _201\"/>und\u2019s ass<span class=\"__1 _201\"/>ets over p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:724.6711px;\">liabi<span class=\"__1 _201\"/>lities th<span class=\"__1 _201\"/>at are yet to be app<span class=\"__1 _201\"/>ropri<span class=\"__1 _201\"/>ated bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs and s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs with no a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ation to e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The<span class=\"__1 _201\"/>re is no<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:708.1726px;\">unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surp<span class=\"__1 _201\"/>lus und<span class=\"__1 _201\"/>er IFR<span class=\"__1 _201\"/>S 17 althou<span class=\"__1 _201\"/>gh IFRS 17 d<span class=\"__1 _201\"/>oes all<span class=\"__1 _201\"/>ow a liabi<span class=\"__1 _201\"/>lity to b<span class=\"__1 _201\"/>e held f<span class=\"__1 _201\"/>or the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>ders\u2019 sh<span class=\"__1 _201\"/>are of the sur<span class=\"__1 _201\"/>plus<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:691.6741px;\">ass<span class=\"__1 _201\"/>ets in the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund. Un<span class=\"__1 _201\"/>der IF<span class=\"__1 _201\"/>RS 17 there wi<span class=\"__1 _201\"/>ll be eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y for the fi<span class=\"__1 _201\"/>rst tim<span class=\"__1 _201\"/>e relating to th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:671.0446px;\">Over<span class=\"__1 _200\"/>all quanti<span class=\"__1 _200\"/>tativ<span class=\"__1 _200\"/>e i<span class=\"__1 _200\"/>mpact on the<span class=\"__1 _200\"/> Group<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:650.4151px;\">The G<span class=\"__1 _201\"/>roup w<span class=\"__1 _201\"/>ill appl<span class=\"__1 _201\"/>y IFR<span class=\"__1 _201\"/>S 17 for the firs<span class=\"__1 _201\"/>t time at 1 J<span class=\"__1 _201\"/>anuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>23<span class=\"__1 _201\"/>. As a resu<span class=\"__1 _201\"/>lt of the req<span class=\"__1 _201\"/>uireme<span class=\"__1 _201\"/>nt to restate co<span class=\"__1 _201\"/>mpar<span class=\"__1 _201\"/>ative info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:633.91656px;\">pres<span class=\"__1 _201\"/>ented<span class=\"__1 _201\"/>, the date of tran<span class=\"__1 _201\"/>sition to I<span class=\"__1 _201\"/>FRS 17 for the G<span class=\"__1 _201\"/>roup is 1 J<span class=\"__1 _201\"/>anuar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>. The s<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ard will<span class=\"__1 _201\"/>, as detail<span class=\"__1 _201\"/>ed ab<span class=\"__1 _201\"/>ove, brin<span class=\"__1 _201\"/>g signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:617.4181px;\">chan<span class=\"__1 _201\"/>ges to the a<span class=\"__1 _201\"/>ccountin<span class=\"__1 _201\"/>g for ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e and rein<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s and is exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to have a materi<span class=\"__1 _201\"/>al impac<span class=\"__1 _201\"/>t on th<span class=\"__1 _201\"/>e Group\u2019s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:600.9196px;\">cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated finan<span class=\"__1 _201\"/>cial st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>s in the pe<span class=\"__1 _201\"/>riod o<span class=\"__1 _201\"/>f initial ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:576.1719px;\">The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s estim<span class=\"__1 _201\"/>ated the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t that the init<span class=\"__1 _201\"/>ial appl<span class=\"__1 _201\"/>icati<span class=\"__1 _201\"/>on of IFR<span class=\"__1 _201\"/>S 17 will have on th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al statem<span class=\"__1 _201\"/>ents at<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:559.67334px;\">31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021/1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2. Th<span class=\"__1 _201\"/>e quanti<span class=\"__1 _201\"/>tative as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sment i<span class=\"__1 _201\"/>s prelimi<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y as no<span class=\"__1 _201\"/>t all of the IF<span class=\"__1 _201\"/>RS 17 trans<span class=\"__1 _201\"/>ition wor<span class=\"__1 _201\"/>k is fina<span class=\"__1 _201\"/>lised<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:543.17487px;\">and th<span class=\"__1 _201\"/>e appli<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n of some e<span class=\"__1 _201\"/>leme<span class=\"__1 _201\"/>nts of IF<span class=\"__1 _201\"/>RS 17 to the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s ope<span class=\"__1 _201\"/>n with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess i<span class=\"__1 _201\"/>s compl<span class=\"__1 _201\"/>ex. T<span class=\"__1 _201\"/>he final i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:526.67633px;\">ado<span class=\"__1 _201\"/>pting IFR<span class=\"__1 _201\"/>S 17 may chang<span class=\"__1 _201\"/>e as:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:501.9286px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">the G<span class=\"__1 _201\"/>roup is co<span class=\"__1 _201\"/>ntinuing to re<span class=\"__1 _201\"/>fine the n<span class=\"__1 _201\"/>ew acco<span class=\"__1 _201\"/>unting pro<span class=\"__1 _201\"/>ces<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, metho<span class=\"__1 _201\"/>dol<span class=\"__1 _201\"/>ogy an<span class=\"__1 _201\"/>d intern<span class=\"__1 _201\"/>al contro<span class=\"__1 _201\"/>ls in appl<span class=\"__1 _201\"/>ying I<span class=\"__1 _201\"/>FRS 17; and<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:481.29907px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">the new a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ting po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s, as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons, j<span class=\"__1 _201\"/>udge<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>nd es<span class=\"__1 _201\"/>timation te<span class=\"__1 _201\"/>chniq<span class=\"__1 _201\"/>ues em<span class=\"__1 _201\"/>ployed a<span class=\"__1 _201\"/>re subje<span class=\"__1 _201\"/>ct to cha<span class=\"__1 _201\"/>nge unti<span class=\"__1 _201\"/>l the<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:464.8006px;\">Gro<span class=\"__1 _201\"/>up finali<span class=\"__1 _201\"/>ses its a<span class=\"__1 _201\"/>dopti<span class=\"__1 _201\"/>on of IFR<span class=\"__1 _201\"/>S 17<span class=\"__1 _f_1\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:444.17108px;\">Alth<span class=\"__1 _201\"/>ough the q<span class=\"__1 _201\"/>uantitati<span class=\"__1 _201\"/>ve ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment is p<span class=\"__1 _201\"/>relimin<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, it may be rea<span class=\"__1 _201\"/>sona<span class=\"__1 _201\"/>bly es<span class=\"__1 _201\"/>timated th<span class=\"__1 _201\"/>at on trans<span class=\"__1 _201\"/>ition to IF<span class=\"__1 _201\"/>RS 17 equi<span class=\"__1 _201\"/>ty w<span class=\"__1 _201\"/>ill<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:427.6726px;\">incre<span class=\"__1 _201\"/>ase by at lea<span class=\"__1 _201\"/>st \u00a31.<span class=\"__1 _201\"/>5bn at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, from \u00a35<span class=\"__1 _201\"/>.3<span class=\"__1 _201\"/>bn to \u00a36.<span class=\"__1 _201\"/>8bn<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:402.92484px;\">Share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y is expe<span class=\"__1 _201\"/>cted to in<span class=\"__1 _201\"/>crease a<span class=\"__1 _201\"/>s the redu<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on in equ<span class=\"__1 _201\"/>ity d<span class=\"__1 _201\"/>riven by th<span class=\"__1 _201\"/>e CS<span class=\"__1 _201\"/>M esta<span class=\"__1 _201\"/>blish<span class=\"__1 _201\"/>ed to defe<span class=\"__1 _201\"/>r previo<span class=\"__1 _201\"/>usly<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:386.42633px;\">reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d profi<span class=\"__1 _201\"/>ts on the a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>o is more th<span class=\"__1 _201\"/>an offs<span class=\"__1 _201\"/>et by the rec<span class=\"__1 _201\"/>ogniti<span class=\"__1 _201\"/>on as eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y of par<span class=\"__1 _201\"/>t of the s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s asse<span class=\"__1 _201\"/>ts in the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:369.92786px;\">With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund. T<span class=\"__1 _201\"/>he eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y in the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund rep<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nts the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 assum<span class=\"__1 _201\"/>ed sha<span class=\"__1 _201\"/>re of the sur<span class=\"__1 _201\"/>plus as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:353.42935px;\">in the f<span class=\"__1 _201\"/>und in acc<span class=\"__1 _201\"/>ordan<span class=\"__1 _201\"/>ce with the re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>ments of I<span class=\"__1 _201\"/>FRS 17 and i<span class=\"__1 _201\"/>s not imm<span class=\"__1 _201\"/>ediatel<span class=\"__1 _201\"/>y availab<span class=\"__1 _201\"/>le for dis<span class=\"__1 _201\"/>trib<span class=\"__1 _201\"/>ution to sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:336.93085px;\">T<span class=\"__1 _f_1\"/>ra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs from th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund to share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers wil<span class=\"__1 _201\"/>l continu<span class=\"__1 _201\"/>e to be der<span class=\"__1 _201\"/>ived f<span class=\"__1 _201\"/>rom the co<span class=\"__1 _201\"/>st of bo<span class=\"__1 _201\"/>nuse<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>or equi<span class=\"__1 _201\"/>vale<span class=\"__1 _201\"/>nt) adde<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:320.43234px;\">to wi<span class=\"__1 _200\"/>th-profits con<span class=\"__1 _200\"/>tracts.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:295.6846px;\">The G<span class=\"__1 _201\"/>roup is cu<span class=\"__1 _201\"/>rrentl<span class=\"__1 _201\"/>y unabl<span class=\"__1 _201\"/>e to set an upp<span class=\"__1 _201\"/>er limi<span class=\"__1 _201\"/>t for the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on equ<span class=\"__1 _201\"/>ity at 1 J<span class=\"__1 _201\"/>anuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22 as th<span class=\"__1 _201\"/>ere is insu<span class=\"__1 _201\"/>fficie<span class=\"__1 _201\"/>nt cer<span class=\"__1 _201\"/>tain<span class=\"__1 _201\"/>ty in<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:279.1861px;\">the ou<span class=\"__1 _201\"/>tcome of th<span class=\"__1 _201\"/>e judge<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s that remain<span class=\"__1 _201\"/>, for wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss in pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cular<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:254.43835px;\">Adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>erating p<span class=\"__1 _201\"/>rofit wi<span class=\"__1 _201\"/>ll continu<span class=\"__1 _201\"/>e to be the G<span class=\"__1 _201\"/>roup\u2019s non-<span class=\"__1 _201\"/>G<span class=\"__1 _201\"/>AA<span class=\"__1 _201\"/>P altern<span class=\"__1 _201\"/>ative pe<span class=\"__1 _201\"/>rf<span class=\"__1 _201\"/>orman<span class=\"__1 _201\"/>ce mea<span class=\"__1 _201\"/>sure. Th<span class=\"__1 _201\"/>e defin<span class=\"__1 _201\"/>ition of ad<span class=\"__1 _201\"/>juste<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:237.93985px;\">ope<span class=\"__1 _201\"/>rating p<span class=\"__1 _201\"/>rofit is cur<span class=\"__1 _201\"/>rently b<span class=\"__1 _201\"/>eing re<span class=\"__1 _201\"/>fined f<span class=\"__1 _201\"/>or IFR<span class=\"__1 _201\"/>S 17<span class=\"__1 _f_1\"/>, to ensu<span class=\"__1 _201\"/>re that it contin<span class=\"__1 _201\"/>ues to prov<span class=\"__1 _201\"/>ide an a<span class=\"__1 _201\"/>ccurate refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tion of the G<span class=\"__1 _201\"/>roup\u2019s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws5d_1\" style=\"bottom:221.44135px;\">underlying busi<span class=\"__1 _200\"/>ness performance.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:196.69359px;\">The G<span class=\"__1 _201\"/>roup w<span class=\"__1 _201\"/>ill publ<span class=\"__1 _201\"/>ish res<span class=\"__1 _201\"/>tated com<span class=\"__1 _201\"/>parati<span class=\"__1 _201\"/>ve inform<span class=\"__1 _201\"/>ation on a<span class=\"__1 _201\"/>dopti<span class=\"__1 _201\"/>on of IFR<span class=\"__1 _201\"/>S 17 in the 2023 i<span class=\"__1 _201\"/>nterim fin<span class=\"__1 _201\"/>ancial s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nts.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1081.6672px;\">1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls4f_1 ws55_1\" style=\"bottom:2.0501442px;\">194<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span></div>1.2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2.3 Other<span class=\"__1 _32b\"> </span>In ad<span class=\"__1 _201\"/>dition to the a<span class=\"__1 _201\"/>bove, the f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing new ac<span class=\"__1 _201\"/>countin<span class=\"__1 _201\"/>g prono<span class=\"__1 _201\"/>unce<span class=\"__1 _201\"/>ments h<span class=\"__1 _201\"/>ave also b<span class=\"__1 _201\"/>een is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d but are not ye<span class=\"__1 _201\"/>t effec<span class=\"__1 _201\"/>tive or h<span class=\"__1 _201\"/>ave<span class=\"__1 _32b\"> </span> not yet b<span class=\"__1 _201\"/>een ad<span class=\"__1 _201\"/>opted fo<span class=\"__1 _201\"/>r use in the U<span class=\"__1 _201\"/>K:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Clas<span class=\"__1 _201\"/>sific<span class=\"__1 _201\"/>ation of L<span class=\"__1 _201\"/>iabil<span class=\"__1 _201\"/>ities as Cu<span class=\"__1 _201\"/>rrent or N<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>cur<span class=\"__1 _201\"/>rent (Am<span class=\"__1 _201\"/>endm<span class=\"__1 _201\"/>ents to IFR<span class=\"__1 _201\"/>S 1), issue<span class=\"__1 _201\"/>d in Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2020 an<span class=\"__1 _201\"/>d effec<span class=\"__1 _201\"/>tive fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2023<span class=\"__1 _201\"/>, alth<span class=\"__1 _201\"/>ough it is a<span class=\"__1 _201\"/>nticipate<span class=\"__1 _201\"/>d that the eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive date will b<span class=\"__1 _201\"/>e push<span class=\"__1 _201\"/>ed ba<span class=\"__1 _201\"/>ck to no ear<span class=\"__1 _201\"/>lier tha<span class=\"__1 _201\"/>n 1 Januar<span class=\"__1 _250\"/>y 2024<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Sal<span class=\"__1 _201\"/>e or Con<span class=\"__1 _201\"/>tributi<span class=\"__1 _201\"/>on of As<span class=\"__1 _201\"/>sets b<span class=\"__1 _201\"/>etw<span class=\"__1 _201\"/>een an I<span class=\"__1 _201\"/>nvestor an<span class=\"__1 _201\"/>d its A<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciate or Jo<span class=\"__1 _201\"/>int V<span class=\"__1 _200\"/>enture \u2013 (A<span class=\"__1 _201\"/>mend<span class=\"__1 _201\"/>ments to I<span class=\"__1 _201\"/>FRS 10 and I<span class=\"__1 _201\"/>AS 28),<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>iss<span class=\"__1 _201\"/>ued in D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>015 and effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve date pend<span class=\"__1 _201\"/>ing com<span class=\"__1 _201\"/>pletio<span class=\"__1 _201\"/>n of the res<span class=\"__1 _201\"/>earch pro<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t on equ<span class=\"__1 _201\"/>ity m<span class=\"__1 _201\"/>ethod a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ting<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The D<span class=\"__1 _201\"/>iscl<span class=\"__1 _201\"/>osure Ini<span class=\"__1 _201\"/>tiative: Acco<span class=\"__1 _201\"/>unting Po<span class=\"__1 _201\"/>licy R<span class=\"__1 _201\"/>equire<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s (Ame<span class=\"__1 _201\"/>ndme<span class=\"__1 _201\"/>nts to IAS 1), issu<span class=\"__1 _201\"/>ed in Feb<span class=\"__1 _201\"/>ruar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>21 and eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive from<span class=\"__1 _201\"/> </span>1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2023<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Defi<span class=\"__1 _201\"/>nition o<span class=\"__1 _201\"/>f Accountin<span class=\"__1 _201\"/>g Es<span class=\"__1 _201\"/>timates (A<span class=\"__1 _201\"/>mendm<span class=\"__1 _201\"/>ents to IA<span class=\"__1 _201\"/>S 8), issue<span class=\"__1 _201\"/>d in Febr<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>1 and effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve from 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Defe<span class=\"__1 _201\"/>rred T<span class=\"__1 _200\"/>ax Relate<span class=\"__1 _201\"/>d to Ass<span class=\"__1 _201\"/>ets and L<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties Ar<span class=\"__1 _201\"/>ising f<span class=\"__1 _201\"/>rom a Sing<span class=\"__1 _201\"/>le T<span class=\"__1 _f_1\"/>ra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion (<span class=\"__1 _201\"/>Amen<span class=\"__1 _201\"/>dment<span class=\"__1 _201\"/>s to IAS 12), issu<span class=\"__1 _201\"/>ed in M<span class=\"__1 _201\"/>ay 2021<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span>and eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive from 1 J<span class=\"__1 _201\"/>anuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>23<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Leas<span class=\"__1 _201\"/>e Liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y in a Sal<span class=\"__1 _201\"/>e and Lea<span class=\"__1 _201\"/>seba<span class=\"__1 _201\"/>ck (Am<span class=\"__1 _201\"/>endm<span class=\"__1 _201\"/>ents to IFR<span class=\"__1 _201\"/>S 16), issue<span class=\"__1 _201\"/>d in Sep<span class=\"__1 _201\"/>tember 2<span class=\"__1 _201\"/>022 an<span class=\"__1 _201\"/>d effec<span class=\"__1 _201\"/>tive f<span class=\"__1 _201\"/>rom 1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2024<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s asse<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of these p<span class=\"__1 _201\"/>rono<span class=\"__1 _201\"/>uncem<span class=\"__1 _201\"/>ents on t<span class=\"__1 _201\"/>he cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d finan<span class=\"__1 _201\"/>cial st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>s, no<span class=\"__1 _201\"/>ne of whi<span class=\"__1 _201\"/>ch are<span class=\"__1 _32b\"> </span> expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to have a material im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on the G<span class=\"__1 _201\"/>roup.<span class=\"__1 _32b\"> </span>1.3 Ke<span class=\"__1 _f_1\"/>y judgements in applying a<span class=\"__1 _200\"/>ccounting<span class=\"__1 _200\"/> policies<span class=\"__1 _32b\"> </span> A full li<span class=\"__1 _201\"/>st of the G<span class=\"__1 _201\"/>roup\u2019s signi<span class=\"__1 _201\"/>fican<span class=\"__1 _201\"/>t accou<span class=\"__1 _201\"/>nting po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s is provi<span class=\"__1 _201\"/>ded in S<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tion 1.<span class=\"__1 _201\"/>5 of this N<span class=\"__1 _201\"/>ote. In appl<span class=\"__1 _201\"/>ying t<span class=\"__1 _201\"/>hese a<span class=\"__1 _201\"/>ccounti<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span> pol<span class=\"__1 _201\"/>icies<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup has m<span class=\"__1 _201\"/>ade a num<span class=\"__1 _201\"/>ber of key jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nts whi<span class=\"__1 _201\"/>ch have a signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant effe<span class=\"__1 _201\"/>ct on th<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nts reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed in the<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated finan<span class=\"__1 _201\"/>cial st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e follo<span class=\"__1 _201\"/>wing tab<span class=\"__1 _201\"/>le set<span class=\"__1 _201\"/>s out the b<span class=\"__1 _201\"/>asis of the<span class=\"__1 _201\"/>se jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>, and refere<span class=\"__1 _201\"/>nces th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ociated<span class=\"__1 _201\"/> acco<span class=\"__1 _201\"/>unting p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y and rel<span class=\"__1 _201\"/>ated Note, w<span class=\"__1 _201\"/>hich both g<span class=\"__1 _201\"/>ive fur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r detail o<span class=\"__1 _201\"/>n the sp<span class=\"__1 _201\"/>ecifi<span class=\"__1 _201\"/>c appli<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n.<span class=\"__1 _32b\"> </span>Financial statement area<span class=\"__1 _210\"> </span><span class=\"ls2b_1 ws2b_1\">Key<span class=\"__1 _200\"/> judgement<span class=\"__1 _32b\"> </span></span>Accounting<span class=\"__1 _32b\"> </span> polic<span class=\"__1 _201\"/>y<span class=\"__1 _216\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>Consolidation<span class=\"__1 _200\"/> of<span class=\"__1 _32b\"> </span> structured en<span class=\"__1 _200\"/>tities<span class=\"__1 _32b\"> </span>IFR<span class=\"__1 _201\"/>S 10 require<span class=\"__1 _201\"/>s entitie<span class=\"__1 _201\"/>s that the G<span class=\"__1 _201\"/>roup cont<span class=\"__1 _201\"/>rols to be co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated in th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated finan<span class=\"__1 _201\"/>cial st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>s. Str<span class=\"__1 _201\"/>ucture<span class=\"__1 _201\"/>d entiti<span class=\"__1 _201\"/>es are entiti<span class=\"__1 _201\"/>es that have b<span class=\"__1 _201\"/>een<span class=\"__1 _201\"/> des<span class=\"__1 _201\"/>igne<span class=\"__1 _201\"/>d so that votin<span class=\"__1 _201\"/>g or simil<span class=\"__1 _201\"/>ar righ<span class=\"__1 _201\"/>ts are not th<span class=\"__1 _201\"/>e domin<span class=\"__1 _201\"/>ant fac<span class=\"__1 _201\"/>tor in d<span class=\"__1 _201\"/>ecidi<span class=\"__1 _201\"/>ng who<span class=\"__1 _201\"/> contro<span class=\"__1 _201\"/>ls the enti<span class=\"__1 _201\"/>ty. Due to the n<span class=\"__1 _201\"/>ature of str<span class=\"__1 _201\"/>ucture<span class=\"__1 _201\"/>d entiti<span class=\"__1 _201\"/>es, j<span class=\"__1 _201\"/>udge<span class=\"__1 _201\"/>ment is re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> to determ<span class=\"__1 _201\"/>ine wh<span class=\"__1 _201\"/>ether th<span class=\"__1 _201\"/>e Group c<span class=\"__1 _201\"/>ontrols a<span class=\"__1 _201\"/>nd theref<span class=\"__1 _201\"/>ore cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>s the str<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>tured<span class=\"__1 _201\"/> entiti<span class=\"__1 _201\"/>es. J<span class=\"__1 _201\"/>udge<span class=\"__1 _201\"/>ment is a<span class=\"__1 _201\"/>lso req<span class=\"__1 _201\"/>uired w<span class=\"__1 _201\"/>here ce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ain see<span class=\"__1 _201\"/>d cap<span class=\"__1 _201\"/>ital inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts in<span class=\"__1 _32b\"> </span> str<span class=\"__1 _201\"/>uctu<span class=\"__1 _201\"/>red entiti<span class=\"__1 _201\"/>es are cla<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>fied as h<span class=\"__1 _201\"/>eld fo<span class=\"__1 _201\"/>r sale inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>, and the<span class=\"__1 _201\"/>refore not<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated on a lin<span class=\"__1 _201\"/>e by line bas<span class=\"__1 _201\"/>is.<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>.1<span class=\"__1 _7d_1\"> </span><span class=\"ls14_1 ws13_1\">31<span class=\"__1 _32b\"> </span></span>Classifica<span class=\"__1 _200\"/>tion o<span class=\"__1 _200\"/>f<span class=\"__1 _32b\"> </span> insurance and<span class=\"__1 _32b\"> </span> investment cont<span class=\"__1 _201\"/>racts<span class=\"__1 _32b\"> </span>IFR<span class=\"__1 _201\"/>S 4 require<span class=\"__1 _201\"/>s contra<span class=\"__1 _201\"/>cts t<span class=\"__1 _201\"/>hat trans<span class=\"__1 _201\"/>fer sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>ant ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e risk to be a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ted<span class=\"__1 _32b\"> </span> for as<span class=\"__1 _200\"/> insurance<span class=\"__1 _200\"/> contracts. Judgement is<span class=\"__1 _200\"/> requir<span class=\"__1 _200\"/>ed to<span class=\"__1 _200\"/> determine<span class=\"__1 _200\"/> whether c<span class=\"__1 _200\"/>ontracts<span class=\"__1 _32b\"> </span> wri<span class=\"__1 _201\"/>tten by the G<span class=\"__1 _201\"/>roup tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>r signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt insur<span class=\"__1 _201\"/>ance ri<span class=\"__1 _201\"/>sk. J<span class=\"__1 _201\"/>udge<span class=\"__1 _201\"/>ment is a<span class=\"__1 _201\"/>lso req<span class=\"__1 _201\"/>uired<span class=\"__1 _201\"/> in the c<span class=\"__1 _201\"/>ase of ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, b<span class=\"__1 _201\"/>oth investm<span class=\"__1 _201\"/>ent and i<span class=\"__1 _201\"/>nsura<span class=\"__1 _201\"/>nce, wh<span class=\"__1 _201\"/>ich prov<span class=\"__1 _201\"/>ide an<span class=\"__1 _201\"/> additional<span class=\"__1 _200\"/> benefit in a<span class=\"__1 _200\"/>ddition t<span class=\"__1 _200\"/>o gu<span class=\"__1 _200\"/>arant<span class=\"__1 _200\"/>eed benefits to<span class=\"__1 _200\"/> determine<span class=\"__1 _200\"/> whether t<span class=\"__1 _200\"/>hey<span class=\"__1 _32b\"> </span> me<span class=\"__1 _201\"/>et the crite<span class=\"__1 _201\"/>ria to be co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ered as di<span class=\"__1 _201\"/>scretio<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cipatio<span class=\"__1 _201\"/>n features<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5<span class=\"__1 _201\"/>.2<span class=\"__1 _4a_1\"> </span>26<span class=\"__1 _32b\"> </span>Recognition<span class=\"__1 _200\"/> of def<span class=\"__1 _200\"/>erred<span class=\"__1 _32b\"> </span> tax as<span class=\"__1 _201\"/>set<span class=\"__1 _32b\"> </span>IAS 12 req<span class=\"__1 _201\"/>uires de<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d tax to be re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed to the ex<span class=\"__1 _201\"/>tent that i<span class=\"__1 _201\"/>t is prob<span class=\"__1 _201\"/>able that<span class=\"__1 _201\"/> suffi<span class=\"__1 _201\"/>cient ta<span class=\"__1 _201\"/>xabl<span class=\"__1 _201\"/>e profit w<span class=\"__1 _201\"/>ill be avail<span class=\"__1 _201\"/>able a<span class=\"__1 _201\"/>gains<span class=\"__1 _201\"/>t which th<span class=\"__1 _201\"/>e dedu<span class=\"__1 _201\"/>ctib<span class=\"__1 _201\"/>le temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> diff<span class=\"__1 _201\"/>erence<span class=\"__1 _201\"/>s and th<span class=\"__1 _201\"/>e carr<span class=\"__1 _201\"/>y f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ward unu<span class=\"__1 _201\"/>sed ta<span class=\"__1 _201\"/>x credit<span class=\"__1 _201\"/>s and unu<span class=\"__1 _201\"/>sed ta<span class=\"__1 _201\"/>x los<span class=\"__1 _201\"/>ses c<span class=\"__1 _201\"/>an<span class=\"__1 _32b\"> </span> be util<span class=\"__1 _201\"/>ised<span class=\"__1 _201\"/>. Jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt is requ<span class=\"__1 _201\"/>ired to deter<span class=\"__1 _201\"/>mine th<span class=\"__1 _201\"/>e extent to w<span class=\"__1 _201\"/>hich futu<span class=\"__1 _201\"/>re taxabl<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> profi<span class=\"__1 _201\"/>ts eme<span class=\"__1 _201\"/>rge and th<span class=\"__1 _201\"/>e corre<span class=\"__1 _201\"/>spo<span class=\"__1 _201\"/>nding p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d over whi<span class=\"__1 _201\"/>ch unus<span class=\"__1 _201\"/>ed tax cre<span class=\"__1 _201\"/>dits a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span> unus<span class=\"__1 _201\"/>ed tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es will b<span class=\"__1 _201\"/>e utilis<span class=\"__1 _201\"/>ed.<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>6<span class=\"__1 _222\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _32b\"> </span></span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls4f_1 ws55_1\">195<span class=\"__1 _32b\"> </span></span></span></span>1.4 Sources<span class=\"__1 _200\"/> of estima<span class=\"__1 _200\"/>tion uncertainty<span class=\"__1 _32b\"> </span>The p<span class=\"__1 _201\"/>repar<span class=\"__1 _201\"/>ation of the<span class=\"__1 _201\"/>se con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dated fina<span class=\"__1 _201\"/>ncial s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>ts requi<span class=\"__1 _201\"/>res the G<span class=\"__1 _201\"/>roup to make es<span class=\"__1 _201\"/>timates and a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions th<span class=\"__1 _201\"/>at affec<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> the rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ted am<span class=\"__1 _201\"/>ounts of a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s, lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s, reven<span class=\"__1 _201\"/>ues an<span class=\"__1 _201\"/>d expen<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, and the re<span class=\"__1 _201\"/>lated dis<span class=\"__1 _201\"/>closu<span class=\"__1 _201\"/>re of conting<span class=\"__1 _201\"/>ent as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e sets o<span class=\"__1 _201\"/>ut the as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabil<span class=\"__1 _201\"/>ities m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d using a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions an<span class=\"__1 _201\"/>d esti<span class=\"__1 _201\"/>mates whi<span class=\"__1 _201\"/>ch have a signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant risk<span class=\"__1 _201\"/> of resu<span class=\"__1 _201\"/>lting in a mate<span class=\"__1 _201\"/>rial adj<span class=\"__1 _201\"/>ustm<span class=\"__1 _201\"/>ent to their c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing val<span class=\"__1 _201\"/>ue withi<span class=\"__1 _201\"/>n the nex<span class=\"__1 _201\"/>t finan<span class=\"__1 _201\"/>cial year. Details of th<span class=\"__1 _201\"/>e nature of the e<span class=\"__1 _201\"/>stimate is<span class=\"__1 _201\"/> provi<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e related a<span class=\"__1 _201\"/>ccounti<span class=\"__1 _201\"/>ng pol<span class=\"__1 _201\"/>icy an<span class=\"__1 _201\"/>d detail<span class=\"__1 _201\"/>s of the as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns appl<span class=\"__1 _201\"/>ied at the s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial po<span class=\"__1 _201\"/>sition d<span class=\"__1 _201\"/>ate are<span class=\"__1 _32b\"> </span> provi<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e related N<span class=\"__1 _201\"/>ote.<span class=\"__1 _32b\"> </span>Financial statement <span class=\"ls5_1 ws1_1\"> </span>asset or liabilit<span class=\"__1 _201\"/>y<span class=\"__1 _b0_1\"> </span><span class=\"ls1_1 ws1_1\">Key es<span class=\"__1 _201\"/>tim<span class=\"__1 _201\"/>ate and a<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>mpti<span class=\"__1 _201\"/>ons<span class=\"__1 _32b\"> </span></span>Accounting<span class=\"__1 _32b\"> </span> polic<span class=\"__1 _201\"/>y<span class=\"__1 _216\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>Insu<span class=\"__1 _201\"/>rance contrac<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> liabilities<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>n measu<span class=\"__1 _201\"/>ring in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es, a n<span class=\"__1 _201\"/>umbe<span class=\"__1 _201\"/>r of assu<span class=\"__1 _201\"/>mptions a<span class=\"__1 _201\"/>re<span class=\"__1 _32b\"> </span> app<span class=\"__1 _201\"/>lied to es<span class=\"__1 _201\"/>timate futu<span class=\"__1 _201\"/>re amount<span class=\"__1 _201\"/>s due to the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder. The areas w<span class=\"__1 _201\"/>here the<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns coul<span class=\"__1 _201\"/>d have a materia<span class=\"__1 _201\"/>l impac<span class=\"__1 _201\"/>t are the a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ed rates of p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/> mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lity, mainten<span class=\"__1 _201\"/>ance exp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>s and the v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n rate of interes<span class=\"__1 _201\"/>t use<span class=\"__1 _201\"/>d when<span class=\"__1 _201\"/> estab<span class=\"__1 _201\"/>lishing polic<span class=\"__1 _201\"/>yholde<span class=\"__1 _201\"/>r liabilities for annuities and also the as<span class=\"__1 _201\"/>sumptions used in<span class=\"__1 _201\"/> determi<span class=\"__1 _200\"/>ning the<span class=\"__1 _200\"/> allowanc<span class=\"__1 _200\"/>e for persist<span class=\"__1 _200\"/>ency and mai<span class=\"__1 _200\"/>ntena<span class=\"__1 _200\"/>nce expenses<span class=\"__1 _200\"/> within<span class=\"__1 _200\"/> the<span class=\"__1 _32b\"> </span> polic<span class=\"__1 _201\"/>yholde<span class=\"__1 _201\"/>r liabilities other than annuities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5<span class=\"__1 _201\"/>.2<span class=\"__1 _b1_1\"> </span><span class=\"ls1_1 ws1_1\">26<span class=\"__1 _201\"/>, 3<span class=\"__1 _32b\"> </span></span><span class=\"ls1_1 ws1_1\">3<span class=\"__1 _32b\"> </span></span>Assets class<span class=\"__1 _201\"/>ified as<span class=\"__1 _32b\"> </span> lev<span class=\"__1 _200\"/>el 3<span class=\"__1 _200\"/> under the<span class=\"__1 _200\"/> fair<span class=\"__1 _32b\"> </span> value hier<span class=\"__1 _200\"/>arch<span class=\"__1 _200\"/>y<span class=\"__1 _32b\"> </span>Deter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n of fair v<span class=\"__1 _201\"/>alue of fin<span class=\"__1 _201\"/>ancial a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s clas<span class=\"__1 _201\"/>sifie<span class=\"__1 _201\"/>d as level 3 i<span class=\"__1 _201\"/>n the fai<span class=\"__1 _201\"/>r value<span class=\"__1 _201\"/> hier<span class=\"__1 _201\"/>archy invol<span class=\"__1 _201\"/>ves the us<span class=\"__1 _201\"/>e of input<span class=\"__1 _201\"/>s which a<span class=\"__1 _201\"/>re not obs<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vab<span class=\"__1 _201\"/>le in the ma<span class=\"__1 _201\"/>rket and<span class=\"__1 _201\"/> hen<span class=\"__1 _201\"/>ce requ<span class=\"__1 _201\"/>ire a high de<span class=\"__1 _201\"/>gree of e<span class=\"__1 _201\"/>stimati<span class=\"__1 _201\"/>on whi<span class=\"__1 _201\"/>ch coul<span class=\"__1 _201\"/>d result in a s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant c<span class=\"__1 _201\"/>hange<span class=\"__1 _201\"/> in the va<span class=\"__1 _201\"/>luation<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5.4, <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span>19, 3<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>Determina<span class=\"__1 _200\"/>tion of<span class=\"__1 _200\"/> the<span class=\"__1 _32b\"> </span> reco<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>erable amount<span class=\"__1 _200\"/> of<span class=\"__1 _32b\"> </span> goodwill<span class=\"__1 _32b\"> </span>Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill is as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sed fo<span class=\"__1 _201\"/>r impair<span class=\"__1 _201\"/>ment at l<span class=\"__1 _201\"/>east o<span class=\"__1 _201\"/>n an annu<span class=\"__1 _201\"/>al basis by c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ring the<span class=\"__1 _201\"/> recove<span class=\"__1 _201\"/>rabl<span class=\"__1 _201\"/>e amoun<span class=\"__1 _201\"/>t of each c<span class=\"__1 _201\"/>ash-<span class=\"__1 _201\"/>gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g unit or gro<span class=\"__1 _201\"/>up of cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating<span class=\"__1 _201\"/> units to w<span class=\"__1 _201\"/>hich go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill has b<span class=\"__1 _201\"/>een all<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ated with it<span class=\"__1 _201\"/>s carr<span class=\"__1 _250\"/>ying v<span class=\"__1 _201\"/>alue. Re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>ble<span class=\"__1 _201\"/> amo<span class=\"__1 _201\"/>unt is defi<span class=\"__1 _201\"/>ned as th<span class=\"__1 _201\"/>e high<span class=\"__1 _201\"/>er of fair v<span class=\"__1 _201\"/>alue le<span class=\"__1 _201\"/>ss co<span class=\"__1 _201\"/>sts to se<span class=\"__1 _201\"/>ll and the v<span class=\"__1 _201\"/>alue in u<span class=\"__1 _201\"/>se<span class=\"__1 _32b\"> </span> whe<span class=\"__1 _201\"/>re the valu<span class=\"__1 _201\"/>e in use is b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on the pre<span class=\"__1 _201\"/>sent va<span class=\"__1 _201\"/>lue of futu<span class=\"__1 _201\"/>re cash fl<span class=\"__1 _201\"/>ows<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/> deter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n of the valu<span class=\"__1 _201\"/>e in use re<span class=\"__1 _201\"/>quires th<span class=\"__1 _201\"/>e use of va<span class=\"__1 _201\"/>riou<span class=\"__1 _201\"/>s assum<span class=\"__1 _201\"/>ptions a<span class=\"__1 _201\"/>round<span class=\"__1 _201\"/> future c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ows, f<span class=\"__1 _201\"/>uture grow<span class=\"__1 _201\"/>th rates an<span class=\"__1 _201\"/>d appro<span class=\"__1 _201\"/>priate dis<span class=\"__1 _201\"/>count r<span class=\"__1 _201\"/>ates base<span class=\"__1 _201\"/>d on the<span class=\"__1 _201\"/> ris<span class=\"__1 _201\"/>ks asso<span class=\"__1 _201\"/>ciated w<span class=\"__1 _201\"/>ith the ca<span class=\"__1 _201\"/>sh-<span class=\"__1 _201\"/>gen<span class=\"__1 _201\"/>erating u<span class=\"__1 _201\"/>nit or gro<span class=\"__1 _201\"/>up of cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating uni<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span> whic<span class=\"__1 _201\"/>h can have a mate<span class=\"__1 _201\"/>rial im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on the c<span class=\"__1 _201\"/>alculati<span class=\"__1 _201\"/>on.<span class=\"__1 _201\"/> 1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>7<span class=\"__1 _3f_1\"> </span><span class=\"ls39_1 ws39_1\">1<span class=\"__1 _32b\"> </span></span><span class=\"ls39_1 ws39_1\">2<span class=\"__1 _32b\"> </span></span>Defined benefit pension<span class=\"__1 _32b\"> </span> liability<span class=\"__1 _32b\"> </span>The d<span class=\"__1 _201\"/>efine<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efit p<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>n sche<span class=\"__1 _201\"/>me liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y is cal<span class=\"__1 _201\"/>culated us<span class=\"__1 _201\"/>ing ac<span class=\"__1 _201\"/>tuaria<span class=\"__1 _201\"/>l valuati<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h incor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ate a numbe<span class=\"__1 _201\"/>r of assu<span class=\"__1 _201\"/>mptions i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ing dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _201\"/>s, infl<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> rates<span class=\"__1 _201\"/>, and exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted future m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y. Due to the lo<span class=\"__1 _201\"/>ng-ter<span class=\"__1 _201\"/>m nature of the s<span class=\"__1 _201\"/>cheme<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> the val<span class=\"__1 _201\"/>ue of the p<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>n sche<span class=\"__1 _201\"/>me obl<span class=\"__1 _201\"/>igation i<span class=\"__1 _201\"/>s sens<span class=\"__1 _201\"/>itive to thes<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>5<span class=\"__1 _3f_1\"> </span><span class=\"ls31_1 ws31_1\">1<span class=\"__1 _32b\"> </span></span><span class=\"ls31_1 ws31_1\">7<span class=\"__1 _32b\"> </span></span>V<span class=\"__1 _200\"/>aluation<span class=\"__1 _200\"/> of<span class=\"__1 _200\"/> intangibles<span class=\"__1 _32b\"> </span> acquired at acquisition<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>aluati<span class=\"__1 _201\"/>on of intan<span class=\"__1 _201\"/>gible<span class=\"__1 _201\"/>s acqui<span class=\"__1 _201\"/>red as pa<span class=\"__1 _201\"/>rt of a b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess co<span class=\"__1 _201\"/>mbinati<span class=\"__1 _201\"/>on are ba<span class=\"__1 _201\"/>sed on<span class=\"__1 _201\"/> vari<span class=\"__1 _201\"/>ous as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons arou<span class=\"__1 _201\"/>nd future b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss grow<span class=\"__1 _201\"/>th an<span class=\"__1 _201\"/>d appro<span class=\"__1 _201\"/>priate dis<span class=\"__1 _201\"/>count r<span class=\"__1 _201\"/>ates<span class=\"__1 _32b\"> </span> whic<span class=\"__1 _201\"/>h can have a mate<span class=\"__1 _201\"/>rial im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on the val<span class=\"__1 _201\"/>uation<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>8<span class=\"__1 _3f_1\"> </span><span class=\"ls39_1 ws39_1\">1<span class=\"__1 _32b\"> </span></span><span class=\"ls39_1 ws39_1\">2<span class=\"__1 _32b\"> </span></span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of climate ch<span class=\"__1 _201\"/>ange ha<span class=\"__1 _201\"/>s bee<span class=\"__1 _201\"/>n consi<span class=\"__1 _201\"/>dere<span class=\"__1 _201\"/>d when p<span class=\"__1 _201\"/>repar<span class=\"__1 _201\"/>ing the<span class=\"__1 _201\"/>se cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d finan<span class=\"__1 _201\"/>cial st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>s, par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cularl<span class=\"__1 _201\"/>y in the<span class=\"__1 _201\"/> contex<span class=\"__1 _201\"/>t of our TCFD d<span class=\"__1 _201\"/>isclo<span class=\"__1 _201\"/>sures in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>d on pag<span class=\"__1 _201\"/>es 68 to 8<span class=\"__1 _201\"/>9. Key areas of fo<span class=\"__1 _201\"/>cus are: go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill impa<span class=\"__1 _201\"/>irme<span class=\"__1 _201\"/>nt ass<span class=\"__1 _201\"/>essm<span class=\"__1 _201\"/>ent (see N<span class=\"__1 _201\"/>ote<span class=\"__1 _32b\"> </span> 12.1<span class=\"__1 _200\"/>), and the val<span class=\"__1 _201\"/>uation ap<span class=\"__1 _201\"/>proac<span class=\"__1 _201\"/>h for level 3 a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>see N<span class=\"__1 _201\"/>ote 32<span class=\"__1 _201\"/>.3<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>).<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-524": {
   "value": "1.5 Accounting policies 1.5.1 Basis of consolidation The Group has control over an investee if all three of the following conditions are met: (i) it has power over an investee; (ii) it is  exposed to, or has rights to, variable returns from its involvement with the investee; and (iii) it has the ability to use its power ove r the investee to affect its own returns. i Subsidiaries Subsidiaries are those investees that the Group controls. Where the Group is deemed to control an entity, the entity is treated  as a subsidiary and its results, assets and liabilities are consolidated. Where the Group holds a minority share in an entity but  does not have control, joint control or significant influence over the entity, the investments are carried at FVTPL within financial  investments in the consolidated statement of financial position. The Group performs a reassessment of consolidation whenever there is a change in the substance of the relationship between the Group and an investee . ii Joint ventures and associates Joint ventures are joint arrangements arising from a contractual agreement whereby the Group and other investors have joint control of the net assets of the arrangement. In these arrangements, the Group\u2019s share of the underlying net assets may be lower or higher than 50% but the terms of the relevant agreement make it clear that control is jointly exercised between the Group and the third party, for example, where significant decisions required unanimous approval of all parties, or where all parties have equal voting rights. Associates are entities over which the Group has significant influence, but which it does not control. Generally, it is presumed that the Group has significant influence if it holds between 20% and 50% of the voting rights of the entity. Investments in associates and joint ventures held by the With-Profits Fund through investments, including venture capital business, mutual funds and unit trusts, are accounted for at FVTPL. All other investments in joint ventures and associates are accounted for using the equity method of accounting. Under the equity method, the Group\u2019s share of profit or loss of its joint ventures and associates is recognised in the income statement and its share of movements in other comprehensive income is recognised in other comprehensive income. iii Structured entities Structured entities are those that have been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity. Voting rights relate to administrative tasks. Relevant activities are directed by means of contractual arrangements. The Group invests in structured entities such as: \u2013  collective investment vehicles including open-ended investment companies (OEICs), Authorised Contractual Schemes (ACSs) and Luxembourg-domiciled Soci\u00e9t\u00e9s d\u2019Investissement \u00e0 Capital Variable (SICAVs) \u2013  limited partnerships \u2013  collateralised debt obligations \u2013  mortgage-backed securities \u2013  similar asset-backed securities Collective investment vehicles The Group invests in OEICs, ACSs, SICAVs and unit trusts, which invest mainly in equities, bonds, cash and cash equivalents, and properties. The assessment of control over OEICs, ACSs, SICAVs and unit trusts requires judgement. In assessing control, the Group determines whether it is acting as principal or agent. This includes an assessment of the scope of its decision-making authority, including rights held by third parties, which may provide these parties substantive removal rights that may affect the Group\u2019s ability to direct the relevant activities and indicate that the Group does not have power. In addition, the assessment considers the aggregate economic interest of the Group, which includes both direct holding and expected management fee if the fund manager is a Group company, however, the management fee in most cases forms an immaterial part of the aggregate economic interest of the Group. Holdings in such investments can fluctuate on a daily basis according to the participation of the Group and other investors in them. As a result, in determining control, the Group looks at the trend of ownership over a longer period (rather than at a point in time) to mitigate the impact of daily fluctuations which do not reflect the wider facts and circumstances of the Group\u2019s involvement. Consolidation assessment is performed in line with the following principles: \u2013  where the Group manages the assets of the entity, and the aggregate of the Group\u2019s ownership holding in the entity exceeds 50%, the Group is judged to have control over the entity; \u2013  where the Group manages the assets of the entity, and the aggregate of the Group\u2019s ownership holding in the entity is between 20% and 50%, the facts and circumstances of the Group\u2019s involvement in the entity are considered, including the rights to any fees earned by the asset manager from the entity, in forming a judgement as to whether the Group has control over the entity; \u2013  where the Group manages the assets of the entity, and the aggregate of the Group\u2019s ownership holding in the entity is less than 20%, the Group is judged to not have control over the entity; and \u2013  where the assets of the entity are managed externally, an assessment is made of whether the Group has existing rights that give it the ability to direct the current activities of the entity and therefore control the entity. In assessing the Group\u2019s ability to direct an entity, the Group considers its ability relative to other investors. The Group has a limited number of OEICs and unit trusts where it considers it has such ability. Where the Group is deemed to control these entities, they are treated as subsidiaries and are consolidated, with the interests of investors other than entities within the Group being classified as liabilities, presented as Third party interest in consolidated funds. 1 Basis of preparation and significant accounting policies continued Where the Group does not control these entities (as it is deemed to be acting as an agent) and they do not meet the definition of associates, they are carried at FVTPL within Equity securities and pooled investment funds in the Consolidated statement of financial position. Where the Group initially sets up OEICs, ACSs, SICAVs and unit trusts as part of its operations through its investment management business, and invests the initial seed capital which results in a significant holding resulting in control of the fund, the Group assesses whether there is a formal plan in place to divest its holding to below the threshold triggering control within 12 months. In this situation, the vehicle is not consolidated, but classified as held for sale and carried at FVTPL. Limited partnerships The Group invests in a number of limited partnerships, either directly or through unit trusts, through a mix of capital and loans. These limited partnerships are managed by general partners, in which the Group holds equity. Such interests in general partners and limited partnerships provide the Group with voting and similar rights to participate in the governance framework of the relevant activities which limited partnerships are engaged in. Accounting for the limited partnerships (including underlying investees) as subsidiaries, joint ventures, associates or other financial investments depends on the terms of each partnership agreement and the level of shareholdings in the general partners focusing on aspects such as scope of discretion that can be applied by general partners in making investment decisions, substantive removal rights held by limited partners and relative concentration of holding between the limited partners. Other structured entities The Group holds investments in mortgage-backed securities, collateralised debt obligations and similar asset-backed securities. The Group consolidates the vehicles that hold the investments where the Group is deemed to control the vehicles. When assessing control over the vehicles, the factors considered include the purpose and design of the vehicle, the Group\u2019s exposure to the variability of returns and the scope of the Group\u2019s ability to direct the relevant activities of the vehicle, including any kick-out or removal rights that are held by third parties. The outcome of the control assessment is dependent on the terms and conditions of the respective individual arrangements, taking into account aggregate economic interest where relevant. iv Third party interests Interests of parties other than the Group in entities which the Group controls are assessed to determine whether they should be classified as financial liabilities or as non-controlling interests in equity on the statement of financial position. Puttable third party interests such as units held by external investors in unit trusts are classified as financial liabilities. Third party interests in private equity vehicles set up with finite lives are also classified as financial liabilities. 1 Basis of preparation and significant accounting policies continued ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-486": {
   "value": "1.5 Acc<span class=\"__1 _200\"/>ounting policies<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/> Basis of<span class=\"__1 _200\"/> consolidat<span class=\"__1 _200\"/>ion<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s control ove<span class=\"__1 _201\"/>r an inves<span class=\"__1 _201\"/>tee if all thre<span class=\"__1 _201\"/>e of the fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g cond<span class=\"__1 _201\"/>itions are m<span class=\"__1 _201\"/>et: (i) i<span class=\"__1 _201\"/>t has powe<span class=\"__1 _201\"/>r over an inves<span class=\"__1 _201\"/>tee; (ii<span class=\"__1 _201\"/>) it is<span class=\"__1 _32b\"> </span>expo<span class=\"__1 _201\"/>sed to, or h<span class=\"__1 _201\"/>as right<span class=\"__1 _201\"/>s to, varia<span class=\"__1 _201\"/>ble retur<span class=\"__1 _201\"/>ns from it<span class=\"__1 _201\"/>s involve<span class=\"__1 _201\"/>ment wi<span class=\"__1 _201\"/>th the inves<span class=\"__1 _201\"/>tee; and (<span class=\"__1 _201\"/>iii) it ha<span class=\"__1 _201\"/>s the abili<span class=\"__1 _201\"/>ty to us<span class=\"__1 _201\"/>e its powe<span class=\"__1 _201\"/>r ove<span class=\"__1 _32b\"> </span>the inve<span class=\"__1 _201\"/>stee to affe<span class=\"__1 _201\"/>ct it<span class=\"__1 _201\"/>s own retur<span class=\"__1 _201\"/>ns.<span class=\"__1 _32b\"> </span>i Subsidiaries<span class=\"__1 _32b\"> </span>Subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>ies are th<span class=\"__1 _201\"/>ose inves<span class=\"__1 _201\"/>tees th<span class=\"__1 _201\"/>at the Gro<span class=\"__1 _201\"/>up control<span class=\"__1 _201\"/>s. Wh<span class=\"__1 _201\"/>ere the G<span class=\"__1 _201\"/>roup is de<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>d to control a<span class=\"__1 _201\"/>n entit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, the enti<span class=\"__1 _201\"/>ty is tre<span class=\"__1 _201\"/>ated<span class=\"__1 _32b\"> </span>as a sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>y a<span class=\"__1 _201\"/>nd its re<span class=\"__1 _201\"/>sults<span class=\"__1 _201\"/>, ass<span class=\"__1 _201\"/>ets and l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es are co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated. W<span class=\"__1 _201\"/>here the G<span class=\"__1 _201\"/>roup h<span class=\"__1 _201\"/>olds a mi<span class=\"__1 _201\"/>nori<span class=\"__1 _201\"/>ty sh<span class=\"__1 _201\"/>are in an enti<span class=\"__1 _201\"/>ty b<span class=\"__1 _201\"/>ut<span class=\"__1 _32b\"> </span>doe<span class=\"__1 _201\"/>s not have co<span class=\"__1 _201\"/>ntrol, jo<span class=\"__1 _201\"/>int contro<span class=\"__1 _201\"/>l or sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant infl<span class=\"__1 _201\"/>uenc<span class=\"__1 _201\"/>e over the enti<span class=\"__1 _201\"/>ty, the inves<span class=\"__1 _201\"/>tments a<span class=\"__1 _201\"/>re car<span class=\"__1 _201\"/>ried at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL within fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al<span class=\"__1 _32b\"> </span>inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in the con<span class=\"__1 _201\"/>solid<span class=\"__1 _201\"/>ated state<span class=\"__1 _201\"/>ment of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>s a reass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment of c<span class=\"__1 _201\"/>onsol<span class=\"__1 _201\"/>idatio<span class=\"__1 _201\"/>n when<span class=\"__1 _201\"/>ever there i<span class=\"__1 _201\"/>s a chang<span class=\"__1 _201\"/>e in the subs<span class=\"__1 _201\"/>tanc<span class=\"__1 _201\"/>e of the relati<span class=\"__1 _201\"/>onsh<span class=\"__1 _201\"/>ip bet<span class=\"__1 _201\"/>ween<span class=\"__1 _201\"/> the G<span class=\"__1 _201\"/>roup and a<span class=\"__1 _201\"/>n investe<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>.<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1050.5483px;\">ii Jo<span class=\"__1 _201\"/>int ventures a<span class=\"__1 _201\"/>nd as<span class=\"__1 _201\"/>sociate<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1034.0498px;\">Joi<span class=\"__1 _201\"/>nt ventures a<span class=\"__1 _201\"/>re joint ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s arisi<span class=\"__1 _201\"/>ng from a co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>tual ag<span class=\"__1 _201\"/>reeme<span class=\"__1 _201\"/>nt whe<span class=\"__1 _201\"/>reby the G<span class=\"__1 _201\"/>roup and oth<span class=\"__1 _201\"/>er inves<span class=\"__1 _201\"/>tors have jo<span class=\"__1 _201\"/>int<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1017.5514px;\">contro<span class=\"__1 _201\"/>l of the net a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s of the arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>. In thes<span class=\"__1 _201\"/>e arran<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s share of th<span class=\"__1 _201\"/>e unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing net a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s may be lowe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1001.05286px;\">or hig<span class=\"__1 _201\"/>her than 5<span class=\"__1 _201\"/>0% but th<span class=\"__1 _201\"/>e terms of th<span class=\"__1 _201\"/>e relevant a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ent make it cl<span class=\"__1 _201\"/>ear that co<span class=\"__1 _201\"/>ntrol is jo<span class=\"__1 _201\"/>intly exerci<span class=\"__1 _201\"/>sed b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:984.5543px;\">and th<span class=\"__1 _201\"/>e third par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, for exam<span class=\"__1 _201\"/>ple, w<span class=\"__1 _201\"/>here sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>ant de<span class=\"__1 _201\"/>cisio<span class=\"__1 _201\"/>ns requ<span class=\"__1 _201\"/>ired una<span class=\"__1 _201\"/>nimou<span class=\"__1 _201\"/>s approva<span class=\"__1 _201\"/>l of all par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s, o<span class=\"__1 _201\"/>r where al<span class=\"__1 _201\"/>l par<span class=\"__1 _201\"/>ties h<span class=\"__1 _201\"/>ave<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:968.05585px;\">equ<span class=\"__1 _201\"/>al voting ri<span class=\"__1 _201\"/>ghts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:943.3081px;\">As<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ates are entiti<span class=\"__1 _201\"/>es over wh<span class=\"__1 _201\"/>ich the G<span class=\"__1 _201\"/>roup has s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant in<span class=\"__1 _201\"/>fluen<span class=\"__1 _201\"/>ce, bu<span class=\"__1 _201\"/>t which it d<span class=\"__1 _201\"/>oes n<span class=\"__1 _201\"/>ot control<span class=\"__1 _201\"/>. Gen<span class=\"__1 _201\"/>erall<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, it is pre<span class=\"__1 _201\"/>sume<span class=\"__1 _201\"/>d that<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:926.8096px;\">the G<span class=\"__1 _201\"/>roup has s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant in<span class=\"__1 _201\"/>fluen<span class=\"__1 _201\"/>ce if it ho<span class=\"__1 _201\"/>lds be<span class=\"__1 _201\"/>twe<span class=\"__1 _201\"/>en 20% an<span class=\"__1 _201\"/>d 50% of the votin<span class=\"__1 _201\"/>g right<span class=\"__1 _201\"/>s of the entit<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:902.0618px;\">Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in ass<span class=\"__1 _201\"/>ociates an<span class=\"__1 _201\"/>d joint ve<span class=\"__1 _201\"/>ntures he<span class=\"__1 _201\"/>ld by the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund t<span class=\"__1 _201\"/>hrough inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding venture c<span class=\"__1 _201\"/>apit<span class=\"__1 _201\"/>al<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:885.56335px;\">busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s, mutu<span class=\"__1 _201\"/>al fund<span class=\"__1 _201\"/>s and unit t<span class=\"__1 _201\"/>rust<span class=\"__1 _201\"/>s, are a<span class=\"__1 _201\"/>ccounte<span class=\"__1 _201\"/>d for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:860.8156px;\">All oth<span class=\"__1 _201\"/>er inves<span class=\"__1 _201\"/>tments i<span class=\"__1 _201\"/>n joint ve<span class=\"__1 _201\"/>ntures and a<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciates are ac<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d for usin<span class=\"__1 _201\"/>g the eq<span class=\"__1 _201\"/>uity m<span class=\"__1 _201\"/>etho<span class=\"__1 _201\"/>d of accou<span class=\"__1 _201\"/>nting. U<span class=\"__1 _201\"/>nder th<span class=\"__1 _201\"/>e equi<span class=\"__1 _201\"/>ty<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:844.3171px;\">meth<span class=\"__1 _201\"/>od, th<span class=\"__1 _201\"/>e Group\u2019s share of p<span class=\"__1 _201\"/>rofit or l<span class=\"__1 _201\"/>oss of it<span class=\"__1 _201\"/>s joint ven<span class=\"__1 _201\"/>tures and a<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciates is re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed in th<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent an<span class=\"__1 _201\"/>d its share<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:827.8186px;\">of movem<span class=\"__1 _201\"/>ents in ot<span class=\"__1 _201\"/>her com<span class=\"__1 _201\"/>prehe<span class=\"__1 _201\"/>nsive i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in other c<span class=\"__1 _201\"/>ompre<span class=\"__1 _201\"/>hensi<span class=\"__1 _201\"/>ve inco<span class=\"__1 _201\"/>me.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:798.9398px;\">iii Str<span class=\"__1 _201\"/>ucture<span class=\"__1 _201\"/>d entiti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:782.44135px;\">Stru<span class=\"__1 _201\"/>cture<span class=\"__1 _201\"/>d entitie<span class=\"__1 _201\"/>s are thos<span class=\"__1 _201\"/>e that have be<span class=\"__1 _201\"/>en des<span class=\"__1 _201\"/>igne<span class=\"__1 _201\"/>d so that voting o<span class=\"__1 _201\"/>r simil<span class=\"__1 _201\"/>ar right<span class=\"__1 _201\"/>s are not the d<span class=\"__1 _201\"/>omina<span class=\"__1 _201\"/>nt fac<span class=\"__1 _201\"/>tor in de<span class=\"__1 _201\"/>cidin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:765.9429px;\">who c<span class=\"__1 _201\"/>ontrols th<span class=\"__1 _201\"/>e entit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. V<span class=\"__1 _200\"/>oting r<span class=\"__1 _201\"/>ights rel<span class=\"__1 _201\"/>ate to adminis<span class=\"__1 _201\"/>trative ta<span class=\"__1 _201\"/>sks. R<span class=\"__1 _201\"/>elevan<span class=\"__1 _201\"/>t acti<span class=\"__1 _201\"/>vitie<span class=\"__1 _201\"/>s are direc<span class=\"__1 _201\"/>ted by m<span class=\"__1 _201\"/>eans of co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>tual<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:749.44434px;\">arr<span class=\"__1 _201\"/>angem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup inve<span class=\"__1 _201\"/>sts in s<span class=\"__1 _201\"/>tru<span class=\"__1 _201\"/>cture<span class=\"__1 _201\"/>d entitie<span class=\"__1 _201\"/>s such as:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:724.6966px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">coll<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive inves<span class=\"__1 _201\"/>tment ve<span class=\"__1 _201\"/>hicle<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>ding op<span class=\"__1 _201\"/>en-<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>ed inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt compa<span class=\"__1 _201\"/>nies (OEI<span class=\"__1 _201\"/>Cs<span class=\"__1 _200\"/>), Author<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d Contra<span class=\"__1 _201\"/>ctua<span class=\"__1 _201\"/>l Sche<span class=\"__1 _201\"/>mes (ACS<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:708.1981px;\">and L<span class=\"__1 _201\"/>uxembo<span class=\"__1 _201\"/>urg-<span class=\"__1 _201\"/>dom<span class=\"__1 _201\"/>icile<span class=\"__1 _201\"/>d Soc<span class=\"__1 _201\"/>i\u00e9t\u00e9s d\u2019I<span class=\"__1 _201\"/>nvesti<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ment \u00e0 C<span class=\"__1 _201\"/>apital Variab<span class=\"__1 _201\"/>le (SICA<span class=\"__1 _200\"/>Vs<span class=\"__1 _f_1\"/>)<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:687.5686px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ls19_1 ws24_1\">limited par<span class=\"__1 _201\"/>tnerships<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:666.9391px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">collat<span class=\"__1 _200\"/>eralised deb<span class=\"__1 _200\"/>t obliga<span class=\"__1 _200\"/>tions<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:646.3096px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ls27_1 ws5d_1\">mortgage-backed secu<span class=\"__1 _200\"/>rities<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:625.6801px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ls19_1 ws24_1\">similar ass<span class=\"__1 _201\"/>et<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>backed securities<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h12_1 ff3_1 fs3_1 fc3_1 sc0_1 ls32_1 ws35_1\" style=\"left:0.010047913px; bottom:600.9324px;\">Colle<span class=\"__1 _201\"/>ctive investment vehicles<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:584.43384px;\">The G<span class=\"__1 _201\"/>roup inve<span class=\"__1 _201\"/>sts in O<span class=\"__1 _201\"/>EICs<span class=\"__1 _201\"/>, ACSs<span class=\"__1 _201\"/>, SI<span class=\"__1 _201\"/>CA<span class=\"__1 _f_1\"/>Vs and uni<span class=\"__1 _201\"/>t trus<span class=\"__1 _201\"/>ts, w<span class=\"__1 _201\"/>hich inves<span class=\"__1 _201\"/>t main<span class=\"__1 _201\"/>ly in eq<span class=\"__1 _201\"/>uities<span class=\"__1 _201\"/>, bon<span class=\"__1 _201\"/>ds, c<span class=\"__1 _201\"/>ash an<span class=\"__1 _201\"/>d cas<span class=\"__1 _201\"/>h equi<span class=\"__1 _201\"/>valent<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:567.93536px;\">and properties.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:543.1876px;\">The a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent of cont<span class=\"__1 _201\"/>rol over OEI<span class=\"__1 _201\"/>Cs<span class=\"__1 _201\"/>, A<span class=\"__1 _200\"/>CS<span class=\"__1 _201\"/>s, S<span class=\"__1 _201\"/>ICA<span class=\"__1 _200\"/>V<span class=\"__1 _200\"/>s and uni<span class=\"__1 _201\"/>t trust<span class=\"__1 _201\"/>s requi<span class=\"__1 _201\"/>res judg<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt. In as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sing co<span class=\"__1 _201\"/>ntrol, th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:526.6891px;\">deter<span class=\"__1 _201\"/>mines w<span class=\"__1 _201\"/>hethe<span class=\"__1 _201\"/>r it is ac<span class=\"__1 _201\"/>ting as pr<span class=\"__1 _201\"/>incip<span class=\"__1 _201\"/>al or ag<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>his incl<span class=\"__1 _201\"/>udes a<span class=\"__1 _201\"/>n asse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent of the s<span class=\"__1 _201\"/>cope of i<span class=\"__1 _201\"/>ts de<span class=\"__1 _201\"/>cision<span class=\"__1 _201\"/>-mak<span class=\"__1 _201\"/>ing auth<span class=\"__1 _201\"/>orit<span class=\"__1 _201\"/>y,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:510.1906px;\">incl<span class=\"__1 _201\"/>uding r<span class=\"__1 _201\"/>ights h<span class=\"__1 _201\"/>eld by third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>, which m<span class=\"__1 _201\"/>ay provid<span class=\"__1 _201\"/>e these p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ties s<span class=\"__1 _201\"/>ubsta<span class=\"__1 _201\"/>ntive remov<span class=\"__1 _201\"/>al righ<span class=\"__1 _201\"/>ts that may affe<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e Group\u2019s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:493.69208px;\">abili<span class=\"__1 _201\"/>ty to dire<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e releva<span class=\"__1 _201\"/>nt acti<span class=\"__1 _201\"/>vitie<span class=\"__1 _201\"/>s and in<span class=\"__1 _201\"/>dicate that th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p does n<span class=\"__1 _201\"/>ot have powe<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:468.94434px;\">In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, the as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sment c<span class=\"__1 _201\"/>onsid<span class=\"__1 _201\"/>ers th<span class=\"__1 _201\"/>e aggre<span class=\"__1 _201\"/>gate econ<span class=\"__1 _201\"/>omic in<span class=\"__1 _201\"/>terest of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p, which in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es both dire<span class=\"__1 _201\"/>ct h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:452.44583px;\">expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d manag<span class=\"__1 _201\"/>ement f<span class=\"__1 _201\"/>ee if the f<span class=\"__1 _201\"/>und man<span class=\"__1 _201\"/>ager is a G<span class=\"__1 _201\"/>roup co<span class=\"__1 _201\"/>mpany, however<span class=\"__1 _200\"/>, the man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent fee i<span class=\"__1 _201\"/>n most c<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>s forms a<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:435.94736px;\">immater<span class=\"__1 _201\"/>ial par<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e aggre<span class=\"__1 _201\"/>gate eco<span class=\"__1 _201\"/>nomi<span class=\"__1 _201\"/>c interes<span class=\"__1 _201\"/>t of the Gro<span class=\"__1 _201\"/>up.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:411.1996px;\">Hol<span class=\"__1 _201\"/>dings i<span class=\"__1 _201\"/>n such inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts can fl<span class=\"__1 _201\"/>uctu<span class=\"__1 _201\"/>ate on a daily b<span class=\"__1 _201\"/>asis ac<span class=\"__1 _201\"/>cordin<span class=\"__1 _201\"/>g to the par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pation of th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>nd othe<span class=\"__1 _201\"/>r investor<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:394.70108px;\">in the<span class=\"__1 _201\"/>m. As a re<span class=\"__1 _201\"/>sult, i<span class=\"__1 _201\"/>n determi<span class=\"__1 _201\"/>ning co<span class=\"__1 _201\"/>ntrol, th<span class=\"__1 _201\"/>e Group l<span class=\"__1 _201\"/>ooks at th<span class=\"__1 _201\"/>e trend of ow<span class=\"__1 _201\"/>ners<span class=\"__1 _201\"/>hip over a lo<span class=\"__1 _201\"/>nger p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d (rather tha<span class=\"__1 _201\"/>n at<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:378.2026px;\">a poi<span class=\"__1 _201\"/>nt in time) to mitigate the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of daily fl<span class=\"__1 _201\"/>uctu<span class=\"__1 _201\"/>ations w<span class=\"__1 _201\"/>hich do n<span class=\"__1 _201\"/>ot refle<span class=\"__1 _201\"/>ct the w<span class=\"__1 _201\"/>ider f<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>ts and circ<span class=\"__1 _201\"/>umsta<span class=\"__1 _201\"/>nces of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:361.7041px;\">Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s involve<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:336.95636px;\">Conso<span class=\"__1 _201\"/>lidation asses<span class=\"__1 _201\"/>sment is per<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ed in line with the following prin<span class=\"__1 _201\"/>ciples:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:312.2086px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up mana<span class=\"__1 _201\"/>ges the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s of the entit<span class=\"__1 _201\"/>y, and the ag<span class=\"__1 _201\"/>gregate of th<span class=\"__1 _201\"/>e Group\u2019s owne<span class=\"__1 _201\"/>rship h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g in the enti<span class=\"__1 _201\"/>ty exce<span class=\"__1 _201\"/>eds<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:295.71008px;\">50%<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up is jud<span class=\"__1 _201\"/>ged to have co<span class=\"__1 _201\"/>ntrol over th<span class=\"__1 _201\"/>e entit<span class=\"__1 _201\"/>y;<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:275.0806px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up mana<span class=\"__1 _201\"/>ges the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s of the entit<span class=\"__1 _201\"/>y, and the ag<span class=\"__1 _201\"/>gregate of th<span class=\"__1 _201\"/>e Group\u2019s owne<span class=\"__1 _201\"/>rship h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g in the enti<span class=\"__1 _201\"/>ty is b<span class=\"__1 _201\"/>etw<span class=\"__1 _201\"/>een<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:258.5821px;\">20% and 5<span class=\"__1 _201\"/>0%, th<span class=\"__1 _201\"/>e fac<span class=\"__1 _201\"/>ts and c<span class=\"__1 _201\"/>ircums<span class=\"__1 _201\"/>tance<span class=\"__1 _201\"/>s of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s invol<span class=\"__1 _201\"/>vement i<span class=\"__1 _201\"/>n the entit<span class=\"__1 _201\"/>y are co<span class=\"__1 _201\"/>nside<span class=\"__1 _201\"/>red, i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ing the r<span class=\"__1 _201\"/>ights to any<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:242.08359px;\">fee<span class=\"__1 _201\"/>s earn<span class=\"__1 _201\"/>ed by the as<span class=\"__1 _201\"/>set ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>r from the e<span class=\"__1 _201\"/>ntity, in form<span class=\"__1 _201\"/>ing a jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt as to wheth<span class=\"__1 _201\"/>er the G<span class=\"__1 _201\"/>roup has c<span class=\"__1 _201\"/>ontrol ove<span class=\"__1 _201\"/>r the entit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>;<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:221.4541px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up mana<span class=\"__1 _201\"/>ges the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s of the entit<span class=\"__1 _201\"/>y, and the ag<span class=\"__1 _201\"/>gregate of th<span class=\"__1 _201\"/>e Group\u2019s owne<span class=\"__1 _201\"/>rship h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g in the enti<span class=\"__1 _201\"/>ty is l<span class=\"__1 _201\"/>ess th<span class=\"__1 _201\"/>an<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:204.9556px;\">20%<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up is jud<span class=\"__1 _201\"/>ged to not h<span class=\"__1 _201\"/>ave control over th<span class=\"__1 _201\"/>e entit<span class=\"__1 _201\"/>y; a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:184.3261px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">whe<span class=\"__1 _201\"/>re the as<span class=\"__1 _201\"/>sets of th<span class=\"__1 _201\"/>e entit<span class=\"__1 _201\"/>y are mana<span class=\"__1 _201\"/>ged ex<span class=\"__1 _201\"/>tern<span class=\"__1 _201\"/>ally, an asse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent is ma<span class=\"__1 _201\"/>de of whe<span class=\"__1 _201\"/>ther the G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s existin<span class=\"__1 _201\"/>g right<span class=\"__1 _201\"/>s that<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:167.82759px;\">give it th<span class=\"__1 _201\"/>e abilit<span class=\"__1 _201\"/>y to dire<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e current a<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>vities o<span class=\"__1 _201\"/>f the entit<span class=\"__1 _201\"/>y and t<span class=\"__1 _201\"/>herefore c<span class=\"__1 _201\"/>ontrol th<span class=\"__1 _201\"/>e entit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. In as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sing the G<span class=\"__1 _201\"/>roup\u2019s abilit<span class=\"__1 _201\"/>y to<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:151.3291px;\">direc<span class=\"__1 _201\"/>t an ent<span class=\"__1 _201\"/>ity, the Gro<span class=\"__1 _201\"/>up consi<span class=\"__1 _201\"/>ders i<span class=\"__1 _201\"/>ts abili<span class=\"__1 _201\"/>ty re<span class=\"__1 _201\"/>lative to othe<span class=\"__1 _201\"/>r investor<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up has a limi<span class=\"__1 _201\"/>ted numb<span class=\"__1 _201\"/>er of OEI<span class=\"__1 _201\"/>Cs and u<span class=\"__1 _201\"/>nit<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:134.8306px;\">trus<span class=\"__1 _201\"/>ts wh<span class=\"__1 _201\"/>ere it con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>rs it has su<span class=\"__1 _201\"/>ch abili<span class=\"__1 _201\"/>ty.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:114.201096px;\">Whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up is de<span class=\"__1 _201\"/>emed to co<span class=\"__1 _201\"/>ntrol the<span class=\"__1 _201\"/>se entit<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>, they are treate<span class=\"__1 _201\"/>d as subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es and are c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated<span class=\"__1 _201\"/>, with the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:97.70259px;\">interes<span class=\"__1 _201\"/>ts of inve<span class=\"__1 _201\"/>stors oth<span class=\"__1 _201\"/>er than e<span class=\"__1 _201\"/>ntities w<span class=\"__1 _201\"/>ithin the G<span class=\"__1 _201\"/>roup be<span class=\"__1 _201\"/>ing cla<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>fied as l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es, p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nted as Th<span class=\"__1 _201\"/>ird par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y interes<span class=\"__1 _201\"/>t in<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:81.204094px;\">cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated fund<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"left:0.010047913px; bottom:1081.6672px;\">1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m1_1 h9_1 ff1_1 fs1_1 fc3_1 sc0_1 ls35_1 ws36_1\" style=\"left:771.7404px; bottom:700.5532px;\">Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls1_1 ws1_1\" style=\"left:501.65955px; bottom:2.0501442px;\">M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls14_1 ws13_1\">197<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 hd_1 ff2_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1166.7065px;\">Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1050.5483px;\">Whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up doe<span class=\"__1 _201\"/>s not contro<span class=\"__1 _201\"/>l thes<span class=\"__1 _201\"/>e entitie<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>as it is de<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>d to be ac<span class=\"__1 _201\"/>ting as an a<span class=\"__1 _201\"/>gent) an<span class=\"__1 _201\"/>d they do not m<span class=\"__1 _201\"/>eet th<span class=\"__1 _201\"/>e defini<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1034.0498px;\">of ass<span class=\"__1 _201\"/>ociate<span class=\"__1 _201\"/>s, they a<span class=\"__1 _201\"/>re carr<span class=\"__1 _201\"/>ied at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L within Eq<span class=\"__1 _201\"/>uity s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities a<span class=\"__1 _201\"/>nd poo<span class=\"__1 _201\"/>led i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent fun<span class=\"__1 _201\"/>ds in the Co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatement of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:1017.5514px;\">financial po<span class=\"__1 _201\"/>sition.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:992.8036px;\">Whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up initial<span class=\"__1 _201\"/>ly sets u<span class=\"__1 _201\"/>p OEIC<span class=\"__1 _201\"/>s, ACS<span class=\"__1 _201\"/>s, SI<span class=\"__1 _201\"/>CA<span class=\"__1 _200\"/>V<span class=\"__1 _200\"/>s and unit tr<span class=\"__1 _201\"/>ust<span class=\"__1 _201\"/>s as par<span class=\"__1 _201\"/>t of its o<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ations thro<span class=\"__1 _201\"/>ugh its i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:976.3051px;\">mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d invest<span class=\"__1 _201\"/>s the initia<span class=\"__1 _201\"/>l see<span class=\"__1 _201\"/>d capi<span class=\"__1 _201\"/>tal whi<span class=\"__1 _201\"/>ch result<span class=\"__1 _201\"/>s in a signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant hol<span class=\"__1 _201\"/>ding res<span class=\"__1 _201\"/>ulting in c<span class=\"__1 _201\"/>ontrol of th<span class=\"__1 _201\"/>e fund<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:959.8066px;\">the G<span class=\"__1 _201\"/>roup as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>ses wh<span class=\"__1 _201\"/>ether th<span class=\"__1 _201\"/>ere is a for<span class=\"__1 _201\"/>mal pl<span class=\"__1 _201\"/>an in pla<span class=\"__1 _201\"/>ce to dives<span class=\"__1 _201\"/>t its ho<span class=\"__1 _201\"/>lding to b<span class=\"__1 _201\"/>elow the t<span class=\"__1 _201\"/>hresho<span class=\"__1 _201\"/>ld tri<span class=\"__1 _201\"/>gger<span class=\"__1 _201\"/>ing contro<span class=\"__1 _201\"/>l within<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:943.3081px;\">12 month<span class=\"__1 _201\"/>s. In thi<span class=\"__1 _201\"/>s situatio<span class=\"__1 _201\"/>n, the ve<span class=\"__1 _201\"/>hicle is n<span class=\"__1 _201\"/>ot cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d, but c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as hel<span class=\"__1 _201\"/>d for sal<span class=\"__1 _201\"/>e and c<span class=\"__1 _201\"/>arri<span class=\"__1 _201\"/>ed at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h12_1 ff3_1 fs3_1 fc3_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:914.4293px;\">Limited par<span class=\"__1 _201\"/>tnership<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:897.93085px;\">The G<span class=\"__1 _201\"/>roup inve<span class=\"__1 _201\"/>sts in a n<span class=\"__1 _201\"/>umbe<span class=\"__1 _201\"/>r of limited p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners<span class=\"__1 _201\"/>hips<span class=\"__1 _201\"/>, eithe<span class=\"__1 _201\"/>r direc<span class=\"__1 _201\"/>tly or th<span class=\"__1 _201\"/>rough un<span class=\"__1 _201\"/>it trus<span class=\"__1 _201\"/>ts, th<span class=\"__1 _201\"/>rough a mi<span class=\"__1 _201\"/>x of capi<span class=\"__1 _201\"/>tal and l<span class=\"__1 _201\"/>oans<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:881.4324px;\">The<span class=\"__1 _201\"/>se limi<span class=\"__1 _201\"/>ted par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rship<span class=\"__1 _201\"/>s are mana<span class=\"__1 _201\"/>ged by ge<span class=\"__1 _201\"/>nera<span class=\"__1 _201\"/>l par<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>s, in w<span class=\"__1 _201\"/>hich the G<span class=\"__1 _201\"/>roup h<span class=\"__1 _201\"/>olds e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:856.6846px;\">Such i<span class=\"__1 _201\"/>nterest<span class=\"__1 _201\"/>s in gen<span class=\"__1 _201\"/>eral p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners a<span class=\"__1 _201\"/>nd limite<span class=\"__1 _201\"/>d par<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ships p<span class=\"__1 _201\"/>rovide th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p with voting a<span class=\"__1 _201\"/>nd simi<span class=\"__1 _201\"/>lar righ<span class=\"__1 _201\"/>ts to par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ate in the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:840.1861px;\">gover<span class=\"__1 _201\"/>nance f<span class=\"__1 _201\"/>ramewo<span class=\"__1 _201\"/>rk of the re<span class=\"__1 _201\"/>levant a<span class=\"__1 _201\"/>ctiv<span class=\"__1 _201\"/>ities w<span class=\"__1 _201\"/>hich lim<span class=\"__1 _201\"/>ited par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ershi<span class=\"__1 _201\"/>ps are eng<span class=\"__1 _201\"/>aged i<span class=\"__1 _201\"/>n.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:815.43835px;\">Accou<span class=\"__1 _201\"/>nting for th<span class=\"__1 _201\"/>e limited p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ships (i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ing und<span class=\"__1 _201\"/>erly<span class=\"__1 _201\"/>ing inve<span class=\"__1 _201\"/>stees) as subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>, joint ve<span class=\"__1 _201\"/>ntures<span class=\"__1 _201\"/>, asso<span class=\"__1 _201\"/>ciates or ot<span class=\"__1 _201\"/>her<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:798.9398px;\">finan<span class=\"__1 _201\"/>cial inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts dep<span class=\"__1 _201\"/>ends o<span class=\"__1 _201\"/>n the term<span class=\"__1 _201\"/>s of each pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ersh<span class=\"__1 _201\"/>ip agre<span class=\"__1 _201\"/>ement a<span class=\"__1 _201\"/>nd the leve<span class=\"__1 _201\"/>l of share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ings in the g<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>ral par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:782.44135px;\">focu<span class=\"__1 _201\"/>sing on a<span class=\"__1 _201\"/>spec<span class=\"__1 _201\"/>ts su<span class=\"__1 _201\"/>ch as sco<span class=\"__1 _201\"/>pe of dis<span class=\"__1 _201\"/>cretion th<span class=\"__1 _201\"/>at can b<span class=\"__1 _201\"/>e appli<span class=\"__1 _201\"/>ed by gen<span class=\"__1 _201\"/>eral p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners i<span class=\"__1 _201\"/>n makin<span class=\"__1 _201\"/>g investm<span class=\"__1 _201\"/>ent de<span class=\"__1 _201\"/>cisio<span class=\"__1 _201\"/>ns,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:765.9429px;\">subs<span class=\"__1 _201\"/>tantive re<span class=\"__1 _201\"/>moval r<span class=\"__1 _201\"/>ights h<span class=\"__1 _201\"/>eld by lim<span class=\"__1 _201\"/>ited par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rs and re<span class=\"__1 _201\"/>lative co<span class=\"__1 _201\"/>ncentr<span class=\"__1 _201\"/>ation of ho<span class=\"__1 _201\"/>ldin<span class=\"__1 _201\"/>g bet<span class=\"__1 _201\"/>ween th<span class=\"__1 _201\"/>e limited p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h12_1 ff3_1 fs3_1 fc3_1 sc0_1 ls54_1 ws15_1\" style=\"bottom:737.0641px;\">Othe<span class=\"__1 _201\"/>r stru<span class=\"__1 _201\"/>cture<span class=\"__1 _201\"/>d entities<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:720.5656px;\">The G<span class=\"__1 _201\"/>roup h<span class=\"__1 _201\"/>olds inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts in mo<span class=\"__1 _201\"/>rtg<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>-bac<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed s<span class=\"__1 _201\"/>ecuri<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>, collater<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d debt o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>ons an<span class=\"__1 _201\"/>d similar a<span class=\"__1 _201\"/>sset-bac<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed s<span class=\"__1 _201\"/>ecuri<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:695.8179px;\">The G<span class=\"__1 _201\"/>roup co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idates the ve<span class=\"__1 _201\"/>hicle<span class=\"__1 _201\"/>s that hol<span class=\"__1 _201\"/>d the inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up is dee<span class=\"__1 _201\"/>med to co<span class=\"__1 _201\"/>ntrol the ve<span class=\"__1 _201\"/>hicle<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:679.31934px;\">Whe<span class=\"__1 _201\"/>n asse<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>ng contro<span class=\"__1 _201\"/>l over the veh<span class=\"__1 _201\"/>icles<span class=\"__1 _201\"/>, the f<span class=\"__1 _201\"/>actor<span class=\"__1 _201\"/>s cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d inclu<span class=\"__1 _201\"/>de the pu<span class=\"__1 _201\"/>rpos<span class=\"__1 _201\"/>e and de<span class=\"__1 _201\"/>sign of th<span class=\"__1 _201\"/>e vehicl<span class=\"__1 _201\"/>e, the G<span class=\"__1 _201\"/>roup\u2019s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:662.82086px;\">expo<span class=\"__1 _201\"/>sure to the var<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ty of retu<span class=\"__1 _201\"/>rns and t<span class=\"__1 _201\"/>he sco<span class=\"__1 _201\"/>pe of the G<span class=\"__1 _201\"/>roup\u2019s abilit<span class=\"__1 _201\"/>y to direc<span class=\"__1 _201\"/>t the rel<span class=\"__1 _201\"/>evant ac<span class=\"__1 _201\"/>tiv<span class=\"__1 _201\"/>ities of th<span class=\"__1 _201\"/>e vehicl<span class=\"__1 _201\"/>e, incl<span class=\"__1 _201\"/>uding<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:646.3223px;\">any kick-o<span class=\"__1 _201\"/>ut or remov<span class=\"__1 _201\"/>al right<span class=\"__1 _201\"/>s that are he<span class=\"__1 _201\"/>ld by third pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>. The ou<span class=\"__1 _201\"/>tcome of th<span class=\"__1 _201\"/>e control as<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>ssme<span class=\"__1 _201\"/>nt is dep<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>ent on th<span class=\"__1 _201\"/>e terms<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:629.82385px;\">and co<span class=\"__1 _201\"/>nditi<span class=\"__1 _201\"/>ons of the re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ctive i<span class=\"__1 _201\"/>ndiv<span class=\"__1 _201\"/>idual ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nts, ta<span class=\"__1 _201\"/>king into ac<span class=\"__1 _201\"/>count a<span class=\"__1 _201\"/>ggregate e<span class=\"__1 _201\"/>cono<span class=\"__1 _201\"/>mic intere<span class=\"__1 _201\"/>st wh<span class=\"__1 _201\"/>ere relev<span class=\"__1 _201\"/>ant.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:600.94507px;\">iv Th<span class=\"__1 _201\"/>ird par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y interes<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:584.4466px;\">Interes<span class=\"__1 _201\"/>ts of pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ties othe<span class=\"__1 _201\"/>r than the G<span class=\"__1 _201\"/>roup in e<span class=\"__1 _201\"/>ntities w<span class=\"__1 _201\"/>hich the G<span class=\"__1 _201\"/>roup co<span class=\"__1 _201\"/>ntrols are a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d to determi<span class=\"__1 _201\"/>ne whet<span class=\"__1 _201\"/>her they s<span class=\"__1 _201\"/>houl<span class=\"__1 _201\"/>d be<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:567.9481px;\">clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as fin<span class=\"__1 _201\"/>ancial l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es or as n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>contro<span class=\"__1 _201\"/>lling in<span class=\"__1 _201\"/>terest<span class=\"__1 _201\"/>s in equi<span class=\"__1 _201\"/>ty on t<span class=\"__1 _201\"/>he statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on. Pu<span class=\"__1 _201\"/>ttab<span class=\"__1 _201\"/>le third pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:551.4496px;\">interes<span class=\"__1 _201\"/>ts su<span class=\"__1 _201\"/>ch as units h<span class=\"__1 _201\"/>eld by ex<span class=\"__1 _201\"/>terna<span class=\"__1 _201\"/>l investo<span class=\"__1 _201\"/>rs in unit tr<span class=\"__1 _201\"/>ust<span class=\"__1 _201\"/>s are clas<span class=\"__1 _201\"/>sifie<span class=\"__1 _201\"/>d as fina<span class=\"__1 _201\"/>ncial li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>hird par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y intere<span class=\"__1 _201\"/>sts in p<span class=\"__1 _201\"/>rivate<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:534.9511px;\">equ<span class=\"__1 _201\"/>ity ve<span class=\"__1 _201\"/>hicle<span class=\"__1 _201\"/>s set up wi<span class=\"__1 _201\"/>th finite live<span class=\"__1 _201\"/>s are also c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as finan<span class=\"__1 _201\"/>cial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:510.20337px;\">1.5.<span class=\"__1 _201\"/>2 Insurance<span class=\"__1 _200\"/> and in<span class=\"__1 _200\"/>vestmen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>racts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:485.45557px;\">i Clas<span class=\"__1 _201\"/>sific<span class=\"__1 _201\"/>ation<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:468.9571px;\">Cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts writ<span class=\"__1 _201\"/>ten by the G<span class=\"__1 _201\"/>roup\u2019s insura<span class=\"__1 _201\"/>nce op<span class=\"__1 _201\"/>eratio<span class=\"__1 _201\"/>ns are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as ei<span class=\"__1 _201\"/>ther ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts o<span class=\"__1 _201\"/>r investm<span class=\"__1 _201\"/>ent co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:452.4586px;\">Cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts that tran<span class=\"__1 _201\"/>sfer s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce ris<span class=\"__1 _201\"/>k to the Grou<span class=\"__1 _201\"/>p are clas<span class=\"__1 _201\"/>sifie<span class=\"__1 _201\"/>d as ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>. Jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt is app<span class=\"__1 _201\"/>lied in<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:435.96008px;\">ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ing wh<span class=\"__1 _201\"/>ether th<span class=\"__1 _201\"/>e features of a c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t give r<span class=\"__1 _201\"/>ise to the tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>r of signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt insur<span class=\"__1 _201\"/>ance ri<span class=\"__1 _201\"/>sk. T<span class=\"__1 _201\"/>his as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sment i<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on a<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:419.4616px;\">readi<span class=\"__1 _201\"/>ly ide<span class=\"__1 _201\"/>ntifiab<span class=\"__1 _201\"/>le sce<span class=\"__1 _201\"/>nari<span class=\"__1 _201\"/>o which is u<span class=\"__1 _201\"/>sed to de<span class=\"__1 _201\"/>termin<span class=\"__1 _201\"/>e if there wo<span class=\"__1 _201\"/>uld be a s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ce in the c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t\u2019s ca<span class=\"__1 _201\"/>sh out<span class=\"__1 _201\"/>flows i<span class=\"__1 _201\"/>f<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:402.9631px;\">the ins<span class=\"__1 _201\"/>ured even<span class=\"__1 _201\"/>t occur<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>is judg<span class=\"__1 _201\"/>ement i<span class=\"__1 _201\"/>s made at in<span class=\"__1 _201\"/>ceptio<span class=\"__1 _201\"/>n and is n<span class=\"__1 _201\"/>ot revisite<span class=\"__1 _201\"/>d.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:378.21533px;\">Cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts that tran<span class=\"__1 _201\"/>sfer fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l risk to th<span class=\"__1 _201\"/>e Group b<span class=\"__1 _201\"/>ut not sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>ant ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e risk are c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as inves<span class=\"__1 _201\"/>tment co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:353.4676px;\">Som<span class=\"__1 _201\"/>e contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, bot<span class=\"__1 _201\"/>h insura<span class=\"__1 _201\"/>nce and i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent, co<span class=\"__1 _201\"/>ntain dis<span class=\"__1 _201\"/>cretion<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pation fe<span class=\"__1 _201\"/>atures (D<span class=\"__1 _201\"/>PF) re<span class=\"__1 _201\"/>pres<span class=\"__1 _201\"/>enting th<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>ctual<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:336.9691px;\">righ<span class=\"__1 _201\"/>t to recei<span class=\"__1 _201\"/>ve additi<span class=\"__1 _201\"/>onal be<span class=\"__1 _201\"/>nefit<span class=\"__1 _201\"/>s as a supp<span class=\"__1 _201\"/>lem<span class=\"__1 _201\"/>ent to guara<span class=\"__1 _201\"/>nteed b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts that: (<span class=\"__1 _201\"/>i) are likely to b<span class=\"__1 _201\"/>e a signi<span class=\"__1 _201\"/>fican<span class=\"__1 _201\"/>t por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of the total<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:320.47058px;\">contr<span class=\"__1 _201\"/>act b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts; (ii<span class=\"__1 _201\"/>) have amou<span class=\"__1 _201\"/>nt or timin<span class=\"__1 _201\"/>g contra<span class=\"__1 _201\"/>ctual<span class=\"__1 _201\"/>ly at the dis<span class=\"__1 _201\"/>cretion of t<span class=\"__1 _201\"/>he insure<span class=\"__1 _201\"/>r; an<span class=\"__1 _201\"/>d (iii) are c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>tuall<span class=\"__1 _201\"/>y base<span class=\"__1 _201\"/>d on as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:303.9721px;\">or fun<span class=\"__1 _201\"/>d per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce. Th<span class=\"__1 _201\"/>ese co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce or inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t contra<span class=\"__1 _201\"/>cts w<span class=\"__1 _201\"/>ith DPF<span class=\"__1 _f_1\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:279.22433px;\">Som<span class=\"__1 _201\"/>e contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s writ<span class=\"__1 _201\"/>ten by the G<span class=\"__1 _201\"/>roup all<span class=\"__1 _201\"/>ow poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs to invest i<span class=\"__1 _201\"/>n both with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits an<span class=\"__1 _201\"/>d unit<span class=\"__1 _200\"/>-lin<span class=\"__1 _201\"/>ked funds<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>ccount<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:262.72583px;\">for th<span class=\"__1 _201\"/>e comp<span class=\"__1 _201\"/>onent<span class=\"__1 _201\"/>s of thes<span class=\"__1 _201\"/>e hybri<span class=\"__1 _201\"/>d contra<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>s if they are se<span class=\"__1 _201\"/>parate co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts on the b<span class=\"__1 _201\"/>asis that t<span class=\"__1 _201\"/>he unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:246.22736px;\">optio<span class=\"__1 _201\"/>ns give di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>t outcom<span class=\"__1 _201\"/>es to the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er and p<span class=\"__1 _201\"/>lace di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>t oblig<span class=\"__1 _201\"/>ations on th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:221.47958px;\">The m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>ment of c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts de<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>ds on the<span class=\"__1 _201\"/>ir clas<span class=\"__1 _201\"/>sific<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/>. Thos<span class=\"__1 _201\"/>e clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as eith<span class=\"__1 _201\"/>er insu<span class=\"__1 _201\"/>rance c<span class=\"__1 _201\"/>ontra<span class=\"__1 _201\"/>cts o<span class=\"__1 _201\"/>r investm<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:204.9811px;\">contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s with DP<span class=\"__1 _201\"/>F are acco<span class=\"__1 _201\"/>unted for a<span class=\"__1 _201\"/>s insura<span class=\"__1 _201\"/>nce con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts unde<span class=\"__1 _201\"/>r IFR<span class=\"__1 _201\"/>S 4. Inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt contra<span class=\"__1 _201\"/>cts w<span class=\"__1 _201\"/>ithout D<span class=\"__1 _201\"/>PF are ac<span class=\"__1 _201\"/>counted<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:188.48259px;\">for as fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l instr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>ts unde<span class=\"__1 _201\"/>r IAS 3<span class=\"__1 _201\"/>9. The cl<span class=\"__1 _201\"/>assi<span class=\"__1 _201\"/>ficati<span class=\"__1 _201\"/>on of the G<span class=\"__1 _201\"/>roup\u2019s insuran<span class=\"__1 _201\"/>ce op<span class=\"__1 _201\"/>eratio<span class=\"__1 _201\"/>ns\u2019 main contr<span class=\"__1 _201\"/>act t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>es is<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls7_1 ws19_1\" style=\"bottom:171.9841px;\">shown b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:143.07715px;\">T<span class=\"__1 _200\"/>ype o<span class=\"__1 _201\"/>f cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>t<span class=\"__1 _3d_1\"> </span><span class=\"ls3e_1 ws40_1\">Cla<span class=\"__1 _201\"/>ssific<span class=\"__1 _201\"/>ation<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"bottom:123.3208px;\">With-profits<span class=\"__1 _b2_1\"> </span><span class=\"wse_1\">Insurance c<span class=\"__1 _200\"/>ontract/Investment<span class=\"__1 _200\"/> contract wit<span class=\"__1 _200\"/>h DPF<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"bottom:103.55829px;\">Unit<span class=\"__1 _200\"/>-linked with<span class=\"__1 _200\"/> significant insurance ris<span class=\"__1 _201\"/>k<span class=\"__1 _6d_1\"> </span><span class=\"lsd_1 wse_1\">Insurance contract<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"bottom:83.79579px;\">Unit<span class=\"__1 _200\"/>-linked without significant insurance risk<span class=\"__1 _b3_1\"> </span><span class=\"lsd_1 wse_1\">Investmen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>ract<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls42_1 ws46_1\" style=\"bottom:64.033295px;\">Annui<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/> <span class=\"__1 _b4_1\"> </span><span class=\"lsd_1 wse_1\">Insurance c<span class=\"__1 _200\"/>ontract<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1081.6672px;\">1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls4f_1 ws55_1\" style=\"bottom:2.0501442px;\">198<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1050.5483px;\">ii Me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent: In<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s and inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>th discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1034.0498px;\">Insu<span class=\"__1 _201\"/>rance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts with D<span class=\"__1 _201\"/>PF are acc<span class=\"__1 _201\"/>ounted fo<span class=\"__1 _201\"/>r unde<span class=\"__1 _201\"/>r IFRS 4: I<span class=\"__1 _201\"/>nsura<span class=\"__1 _201\"/>nce Co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, which p<span class=\"__1 _201\"/>ermit<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1017.5514px;\">the co<span class=\"__1 _201\"/>ntinue<span class=\"__1 _201\"/>d usag<span class=\"__1 _201\"/>e of previ<span class=\"__1 _201\"/>ously a<span class=\"__1 _201\"/>ppli<span class=\"__1 _201\"/>ed Ge<span class=\"__1 _201\"/>nera<span class=\"__1 _201\"/>lly Acce<span class=\"__1 _201\"/>pted Accoun<span class=\"__1 _201\"/>ting Pra<span class=\"__1 _201\"/>ctic<span class=\"__1 _201\"/>e (<span class=\"__1 _200\"/>GA<span class=\"__1 _201\"/>AP) that h<span class=\"__1 _201\"/>as be<span class=\"__1 _201\"/>en gran<span class=\"__1 _201\"/>dfathe<span class=\"__1 _201\"/>red by the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1001.05286px;\">Gro<span class=\"__1 _201\"/>up. In par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cular<span class=\"__1 _200\"/>, the Gro<span class=\"__1 _201\"/>up uses a m<span class=\"__1 _201\"/>odi<span class=\"__1 _201\"/>fied s<span class=\"__1 _201\"/>tatutor<span class=\"__1 _201\"/>y ba<span class=\"__1 _201\"/>sis, w<span class=\"__1 _201\"/>hich is b<span class=\"__1 _201\"/>ased o<span class=\"__1 _201\"/>n gran<span class=\"__1 _201\"/>dfathe<span class=\"__1 _201\"/>red reg<span class=\"__1 _201\"/>ulator<span class=\"__1 _201\"/>y req<span class=\"__1 _201\"/>uireme<span class=\"__1 _201\"/>nts pr<span class=\"__1 _201\"/>ior<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:984.5543px;\">to the ad<span class=\"__1 _201\"/>option of S<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I, adj<span class=\"__1 _201\"/>usted in a<span class=\"__1 _201\"/>ccord<span class=\"__1 _201\"/>ance wi<span class=\"__1 _201\"/>th the Stateme<span class=\"__1 _201\"/>nt of Rec<span class=\"__1 _201\"/>omme<span class=\"__1 _201\"/>nded P<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>tice is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d by the As<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:968.05585px;\">of Bri<span class=\"__1 _201\"/>tish Ins<span class=\"__1 _201\"/>urers (A<span class=\"__1 _201\"/>BI SO<span class=\"__1 _201\"/>RP<span class=\"__1 _f_1\"/>, iss<span class=\"__1 _201\"/>ued in D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>005 (amend<span class=\"__1 _201\"/>ed in D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>06 an<span class=\"__1 _201\"/>d withdr<span class=\"__1 _201\"/>awn with eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t for acc<span class=\"__1 _201\"/>ounting<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:951.5574px;\">per<span class=\"__1 _201\"/>iods b<span class=\"__1 _201\"/>egin<span class=\"__1 _201\"/>ning on o<span class=\"__1 _201\"/>r afte<span class=\"__1 _201\"/>r 1 Januar<span class=\"__1 _201\"/>y 2<span class=\"__1 _201\"/>015)<span class=\"__1 _200\"/>). The G<span class=\"__1 _201\"/>roup\u2019s With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund is mea<span class=\"__1 _201\"/>sured o<span class=\"__1 _201\"/>n a realis<span class=\"__1 _201\"/>tic bas<span class=\"__1 _201\"/>is in acco<span class=\"__1 _201\"/>rdance w<span class=\"__1 _201\"/>ith<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:935.05884px;\">FRS 2<span class=\"__1 _201\"/>7: Life As<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce. Th<span class=\"__1 _201\"/>e meas<span class=\"__1 _201\"/>uremen<span class=\"__1 _201\"/>t of the liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g from the m<span class=\"__1 _201\"/>ain t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/>s of contra<span class=\"__1 _201\"/>cts in s<span class=\"__1 _201\"/>cop<span class=\"__1 _201\"/>e of IFRS 4 is d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>ibe<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:918.56036px;\">further below<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h12_1 ff3_1 fs3_1 fc3_1 sc0_1 ls1c_1 ws1b_1\" style=\"left:0.010047913px; bottom:889.6816px;\">V<span class=\"__1 _200\"/>aluation<span class=\"__1 _200\"/> of the Wi<span class=\"__1 _200\"/>th-Profits Fund\u2019<span class=\"__1 _200\"/>s liabilit<span class=\"__1 _200\"/>ies<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:873.1831px;\">The p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies for th<span class=\"__1 _201\"/>e Group\u2019s With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund are m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d unde<span class=\"__1 _201\"/>r FRS 27: Lif<span class=\"__1 _201\"/>e Ass<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e, whic<span class=\"__1 _201\"/>h require<span class=\"__1 _201\"/>s the use<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:856.6846px;\">of the rea<span class=\"__1 _201\"/>listi<span class=\"__1 _201\"/>c value of li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es. I<span class=\"__1 _201\"/>n aggre<span class=\"__1 _201\"/>gate, this ha<span class=\"__1 _201\"/>s the effe<span class=\"__1 _201\"/>ct of p<span class=\"__1 _201\"/>lacing a m<span class=\"__1 _201\"/>arket<span class=\"__1 _200\"/>-c<span class=\"__1 _201\"/>onsis<span class=\"__1 _201\"/>tent valu<span class=\"__1 _201\"/>e on the lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s of with<span class=\"__1 _201\"/>-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:840.1861px;\">profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ich refle<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s the amo<span class=\"__1 _201\"/>unts exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be pai<span class=\"__1 _201\"/>d base<span class=\"__1 _201\"/>d on the cur<span class=\"__1 _201\"/>rent val<span class=\"__1 _201\"/>ue of inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s held by th<span class=\"__1 _201\"/>e With-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:823.6876px;\">Profi<span class=\"__1 _201\"/>ts Fund and cu<span class=\"__1 _201\"/>rrent circu<span class=\"__1 _201\"/>msta<span class=\"__1 _201\"/>nces<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:798.9398px;\">The re<span class=\"__1 _201\"/>alis<span class=\"__1 _201\"/>tic basi<span class=\"__1 _201\"/>s require<span class=\"__1 _201\"/>s the valu<span class=\"__1 _201\"/>e of with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilities to b<span class=\"__1 _201\"/>e cal<span class=\"__1 _201\"/>culated as th<span class=\"__1 _201\"/>e sum of:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:774.1921px;\">(i) a wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve (W<span class=\"__1 _201\"/>PBR); a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:749.44434px;\">(ii) f<span class=\"__1 _201\"/>uture pol<span class=\"__1 _201\"/>icy-<span class=\"__1 _201\"/>related lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s (FPR<span class=\"__1 _201\"/>L).<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:724.6966px;\">The W<span class=\"__1 _201\"/>PBR is p<span class=\"__1 _201\"/>rimar<span class=\"__1 _201\"/>ily ba<span class=\"__1 _201\"/>sed on th<span class=\"__1 _201\"/>e retrosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive cal<span class=\"__1 _201\"/>culatio<span class=\"__1 _201\"/>n of accum<span class=\"__1 _201\"/>ulated as<span class=\"__1 _201\"/>set sha<span class=\"__1 _201\"/>res with a<span class=\"__1 _201\"/>djustm<span class=\"__1 _201\"/>ents to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t future<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:708.1981px;\">pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd other c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/>s and exp<span class=\"__1 _201\"/>enses<span class=\"__1 _201\"/>. As<span class=\"__1 _201\"/>set sh<span class=\"__1 _201\"/>ares bro<span class=\"__1 _201\"/>adly re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 sh<span class=\"__1 _201\"/>are of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:691.6996px;\">Fund as<span class=\"__1 _201\"/>sets at<span class=\"__1 _201\"/>tribut<span class=\"__1 _201\"/>able to the<span class=\"__1 _201\"/>ir pol<span class=\"__1 _201\"/>icies<span class=\"__1 _201\"/>. For ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain clas<span class=\"__1 _201\"/>ses of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, the WPB<span class=\"__1 _201\"/>R is ins<span class=\"__1 _201\"/>tead ca<span class=\"__1 _201\"/>lculated u<span class=\"__1 _201\"/>sing a pro<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ctive<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:675.2011px;\">bon<span class=\"__1 _201\"/>us rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve valuati<span class=\"__1 _201\"/>on, va<span class=\"__1 _201\"/>luing fu<span class=\"__1 _201\"/>ture claims a<span class=\"__1 _201\"/>nd expe<span class=\"__1 _201\"/>nses u<span class=\"__1 _201\"/>sing the ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted fu<span class=\"__1 _201\"/>ture bonu<span class=\"__1 _201\"/>s rates<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:650.45337px;\">The F<span class=\"__1 _201\"/>PRL mu<span class=\"__1 _201\"/>st inc<span class=\"__1 _201\"/>lude a ma<span class=\"__1 _201\"/>rket<span class=\"__1 _200\"/>-co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent valuati<span class=\"__1 _201\"/>on of cos<span class=\"__1 _201\"/>ts of gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>s, opti<span class=\"__1 _201\"/>ons an<span class=\"__1 _201\"/>d smooth<span class=\"__1 _201\"/>ing, l<span class=\"__1 _201\"/>ess any re<span class=\"__1 _201\"/>lated cha<span class=\"__1 _201\"/>rges<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:633.95483px;\">and thi<span class=\"__1 _201\"/>s amoun<span class=\"__1 _201\"/>t is determ<span class=\"__1 _201\"/>ined u<span class=\"__1 _201\"/>sing a s<span class=\"__1 _201\"/>tochas<span class=\"__1 _201\"/>tic app<span class=\"__1 _201\"/>roach<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:609.2071px;\">In lin<span class=\"__1 _201\"/>e with FRS 2<span class=\"__1 _201\"/>7 requi<span class=\"__1 _201\"/>rement<span class=\"__1 _201\"/>s, th<span class=\"__1 _201\"/>e non-<span class=\"__1 _201\"/>profit a<span class=\"__1 _201\"/>nnuiti<span class=\"__1 _201\"/>es busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s within th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund is valu<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e statutor<span class=\"__1 _250\"/>y basis<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:592.7086px;\">i.e. i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ing marg<span class=\"__1 _201\"/>ins for ad<span class=\"__1 _201\"/>verse d<span class=\"__1 _201\"/>eviatio<span class=\"__1 _201\"/>ns (<span class=\"__1 _200\"/>as set o<span class=\"__1 _201\"/>ut in \u201cValuatio<span class=\"__1 _201\"/>n of annui<span class=\"__1 _201\"/>ty co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts\u201d). Th<span class=\"__1 _201\"/>e with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts liabi<span class=\"__1 _201\"/>lities a<span class=\"__1 _201\"/>re value<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:576.2101px;\">on a real<span class=\"__1 _201\"/>istic b<span class=\"__1 _201\"/>asis an<span class=\"__1 _201\"/>d therefo<span class=\"__1 _201\"/>re allow fo<span class=\"__1 _201\"/>r future en<span class=\"__1 _201\"/>hance<span class=\"__1 _201\"/>ments to th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs. Fo<span class=\"__1 _201\"/>llowi<span class=\"__1 _201\"/>ng this ap<span class=\"__1 _201\"/>proach u<span class=\"__1 _201\"/>nadjus<span class=\"__1 _201\"/>ted wou<span class=\"__1 _201\"/>ld<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:559.7116px;\">lea<span class=\"__1 _201\"/>d to an incon<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>cy in th<span class=\"__1 _201\"/>e net as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>, as such<span class=\"__1 _201\"/>, the pre<span class=\"__1 _201\"/>sent va<span class=\"__1 _201\"/>lue of futu<span class=\"__1 _201\"/>re profit<span class=\"__1 _201\"/>s from the re<span class=\"__1 _201\"/>levant n<span class=\"__1 _201\"/>on-p<span class=\"__1 _201\"/>rofit an<span class=\"__1 _201\"/>nuitie<span class=\"__1 _201\"/>s is<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:543.2131px;\">app<span class=\"__1 _201\"/>lied as a<span class=\"__1 _201\"/>n adjus<span class=\"__1 _201\"/>tment to the w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s liabili<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>. Annua<span class=\"__1 _201\"/>lly, when the e<span class=\"__1 _201\"/>nhanc<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s to asse<span class=\"__1 _201\"/>t shares a<span class=\"__1 _201\"/>re commit<span class=\"__1 _201\"/>ted to, th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:526.7146px;\">valu<span class=\"__1 _201\"/>e of the enh<span class=\"__1 _201\"/>ancem<span class=\"__1 _201\"/>ents is t<span class=\"__1 _201\"/>rans<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d from the U<span class=\"__1 _201\"/>nallo<span class=\"__1 _201\"/>cated s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund to with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:501.96686px;\">The s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 share of fu<span class=\"__1 _201\"/>ture cos<span class=\"__1 _201\"/>ts of bon<span class=\"__1 _201\"/>uses is i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ed wit<span class=\"__1 _201\"/>hin the lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s for una<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus<span class=\"__1 _201\"/>. The s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:485.46832px;\">share of p<span class=\"__1 _201\"/>rofit is re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised i<span class=\"__1 _201\"/>n line with t<span class=\"__1 _201\"/>he dis<span class=\"__1 _201\"/>tributi<span class=\"__1 _201\"/>on of bo<span class=\"__1 _201\"/>nuses to p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h12_1 ff3_1 fs3_1 fc3_1 sc0_1 ls38_1 ws3e_1\" style=\"left:0.010047913px; bottom:456.5896px;\">Unallocated surplus of the With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:440.0911px;\">The u<span class=\"__1 _201\"/>nallo<span class=\"__1 _201\"/>cated s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund rep<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nts the exces<span class=\"__1 _201\"/>s of as<span class=\"__1 _201\"/>sets over p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es that have yet to be<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:423.5926px;\">appro<span class=\"__1 _201\"/>priate<span class=\"__1 _201\"/>d bet<span class=\"__1 _201\"/>ween p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s and sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surp<span class=\"__1 _201\"/>lus is rec<span class=\"__1 _201\"/>orded w<span class=\"__1 _201\"/>holl<span class=\"__1 _201\"/>y as a liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y with no al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:407.0941px;\">to equi<span class=\"__1 _201\"/>ty. The ann<span class=\"__1 _201\"/>ual exces<span class=\"__1 _201\"/>s/(<span class=\"__1 _200\"/>shor<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>fall) of i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e over expe<span class=\"__1 _201\"/>nditure of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund, af<span class=\"__1 _201\"/>ter de<span class=\"__1 _201\"/>clarati<span class=\"__1 _201\"/>on and at<span class=\"__1 _201\"/>trib<span class=\"__1 _201\"/>ution<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:390.59558px;\">of the co<span class=\"__1 _201\"/>st of bo<span class=\"__1 _201\"/>nuse<span class=\"__1 _201\"/>s to polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s and sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s, is tra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rred to/(<span class=\"__1 _200\"/>from) the unall<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ated surp<span class=\"__1 _201\"/>lus eac<span class=\"__1 _201\"/>h year throu<span class=\"__1 _201\"/>gh a<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:374.0971px;\">charg<span class=\"__1 _201\"/>e/<span class=\"__1 _200\"/>(<span class=\"__1 _200\"/>credi<span class=\"__1 _201\"/>t) to the inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment. T<span class=\"__1 _201\"/>he bal<span class=\"__1 _201\"/>ance reta<span class=\"__1 _201\"/>ined i<span class=\"__1 _201\"/>n the unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surp<span class=\"__1 _201\"/>lus repre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s cumulati<span class=\"__1 _201\"/>ve inco<span class=\"__1 _201\"/>me aris<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:357.5986px;\">on the w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss that h<span class=\"__1 _201\"/>as not be<span class=\"__1 _201\"/>en all<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d to polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs or sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h12_1 ff3_1 fs3_1 fc3_1 sc0_1 ls40_1 ws6f_1\" style=\"left:0.010047913px; bottom:328.71985px;\">Valua<span class=\"__1 _200\"/>tion of unit<span class=\"__1 _f_1\"/>-linked contracts<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:312.22134px;\">For unit-linked c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, the at<span class=\"__1 _201\"/>tachin<span class=\"__1 _201\"/>g liabili<span class=\"__1 _201\"/>ty refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts the un<span class=\"__1 _201\"/>it value o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>on (using ac<span class=\"__1 _201\"/>tuaria<span class=\"__1 _201\"/>l fundi<span class=\"__1 _201\"/>ng whe<span class=\"__1 _201\"/>re relevan<span class=\"__1 _201\"/>t) and, in<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:295.72284px;\">the c<span class=\"__1 _201\"/>ase of co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts with si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce risk w<span class=\"__1 _201\"/>hich are th<span class=\"__1 _201\"/>erefore c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as insur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, allowan<span class=\"__1 _201\"/>ce for exp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:279.22433px;\">per<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>ncy an<span class=\"__1 _201\"/>d mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>. The lat<span class=\"__1 _201\"/>ter com<span class=\"__1 _201\"/>pone<span class=\"__1 _201\"/>nt, c<span class=\"__1 _201\"/>alculate<span class=\"__1 _201\"/>d using a di<span class=\"__1 _201\"/>scou<span class=\"__1 _201\"/>nted cas<span class=\"__1 _201\"/>h flow app<span class=\"__1 _201\"/>roach<span class=\"__1 _201\"/>, is deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d by<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:262.72583px;\">app<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons on a b<span class=\"__1 _201\"/>asis that is a<span class=\"__1 _201\"/>pprop<span class=\"__1 _201\"/>riate for th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r profil<span class=\"__1 _201\"/>e and inc<span class=\"__1 _201\"/>luding a m<span class=\"__1 _201\"/>argin fo<span class=\"__1 _201\"/>r prud<span class=\"__1 _201\"/>ence i<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:246.22736px;\">the mortality<span class=\"__1 _200\"/>, persistency a<span class=\"__1 _200\"/>nd expense<span class=\"__1 _200\"/> assumptions.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h12_1 ff3_1 fs3_1 fc3_1 sc0_1 ls54_1 ws15_1\" style=\"left:0.010047913px; bottom:217.3486px;\">Valuation of an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y contra<span class=\"__1 _201\"/>cts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:200.8501px;\">The a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>re calc<span class=\"__1 _201\"/>ulated as th<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>cted va<span class=\"__1 _201\"/>lue of futu<span class=\"__1 _201\"/>re annuit<span class=\"__1 _201\"/>y pay<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>nd expe<span class=\"__1 _201\"/>nses<span class=\"__1 _201\"/>, disc<span class=\"__1 _201\"/>ounted by a v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:184.3516px;\">interes<span class=\"__1 _201\"/>t rate, hav<span class=\"__1 _201\"/>ing pru<span class=\"__1 _201\"/>dent re<span class=\"__1 _201\"/>gard to the as<span class=\"__1 _201\"/>sumpt<span class=\"__1 _201\"/>ions us<span class=\"__1 _201\"/>ed. T<span class=\"__1 _201\"/>he pri<span class=\"__1 _201\"/>mar<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons req<span class=\"__1 _201\"/>uired are in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:167.85309px;\">mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lity, credit a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions w<span class=\"__1 _201\"/>ithin the v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n interes<span class=\"__1 _201\"/>t rate and futu<span class=\"__1 _201\"/>re expen<span class=\"__1 _201\"/>se levels<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h12_1 ff3_1 fs3_1 fc3_1 sc0_1 ls1c_1 ws1b_1\" style=\"left:0.010047913px; bottom:138.97435px;\">Liability adequacy test<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:122.475845px;\">The G<span class=\"__1 _201\"/>roup p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>s adeq<span class=\"__1 _201\"/>uacy te<span class=\"__1 _201\"/>sting o<span class=\"__1 _201\"/>n its liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s in resp<span class=\"__1 _201\"/>ect o<span class=\"__1 _201\"/>f insura<span class=\"__1 _201\"/>nce con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts and inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt contra<span class=\"__1 _201\"/>cts w<span class=\"__1 _201\"/>ith DPF to<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:105.97734px;\">ensu<span class=\"__1 _201\"/>re that the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng amo<span class=\"__1 _201\"/>unts (net of relate<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>n cost<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) are suffi<span class=\"__1 _201\"/>cient to c<span class=\"__1 _201\"/>over curre<span class=\"__1 _201\"/>nt estim<span class=\"__1 _201\"/>ates of future<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:89.47885px;\">cas<span class=\"__1 _201\"/>h flows<span class=\"__1 _201\"/>. Any defi<span class=\"__1 _201\"/>cien<span class=\"__1 _201\"/>cy is im<span class=\"__1 _201\"/>medi<span class=\"__1 _201\"/>ately charg<span class=\"__1 _201\"/>ed to the in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"left:0.010047913px; bottom:1081.6672px;\">1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m1_1 h9_1 ff1_1 fs1_1 fc3_1 sc0_1 ls35_1 ws36_1\" style=\"left:771.7404px; bottom:700.5532px;\">Financial in<span class=\"__1 _32b\"> </span><span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls1_1 ws1_1\" style=\"left:500.5692px; bottom:2.0501442px;\">M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls4f_1 ws55_1\">199<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 hd_1 ff2_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1166.7065px;\">Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1050.5483px;\">iii Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt contra<span class=\"__1 _201\"/>cts w<span class=\"__1 _201\"/>ithout d<span class=\"__1 _201\"/>iscretio<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cipatio<span class=\"__1 _201\"/>n features<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1034.0498px;\">Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>thout D<span class=\"__1 _201\"/>PF<span class=\"__1 _f_1\"/>, such a<span class=\"__1 _201\"/>s unit-linked sav<span class=\"__1 _201\"/>ings an<span class=\"__1 _201\"/>d similar c<span class=\"__1 _201\"/>ontra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>, are acc<span class=\"__1 _201\"/>ounted fo<span class=\"__1 _201\"/>r as finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1017.5514px;\">This t<span class=\"__1 _201\"/>reatment re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>ts the d<span class=\"__1 _201\"/>epos<span class=\"__1 _201\"/>it nature of the a<span class=\"__1 _201\"/>rran<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt, with p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>s and cla<span class=\"__1 _201\"/>ims refle<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d as dep<span class=\"__1 _201\"/>osits an<span class=\"__1 _201\"/>d withd<span class=\"__1 _201\"/>rawals<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1001.05286px;\">and re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised di<span class=\"__1 _201\"/>rect<span class=\"__1 _201\"/>ly on the s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial po<span class=\"__1 _201\"/>sition a<span class=\"__1 _201\"/>s moveme<span class=\"__1 _201\"/>nts in the fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al liabil<span class=\"__1 _201\"/>ity. The<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:984.5543px;\">contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as fin<span class=\"__1 _201\"/>ancial in<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>nd des<span class=\"__1 _201\"/>ignated a<span class=\"__1 _201\"/>s FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL be<span class=\"__1 _201\"/>caus<span class=\"__1 _201\"/>e the res<span class=\"__1 _201\"/>ulting lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s are mana<span class=\"__1 _201\"/>ged<span class=\"__1 _201\"/>, and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:968.05585px;\">their p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>mance i<span class=\"__1 _201\"/>s evaluate<span class=\"__1 _201\"/>d on a fair v<span class=\"__1 _201\"/>alue ba<span class=\"__1 _201\"/>sis. Fo<span class=\"__1 _201\"/>r unit-linked con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts, th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue of the l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y is e<span class=\"__1 _201\"/>qual to the un<span class=\"__1 _201\"/>it<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws1b_1\" style=\"bottom:951.5574px;\">value obligation.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:926.8096px;\">The G<span class=\"__1 _201\"/>roup in<span class=\"__1 _201\"/>curs var<span class=\"__1 _201\"/>ious i<span class=\"__1 _201\"/>ncreme<span class=\"__1 _201\"/>ntal, d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tly attr<span class=\"__1 _201\"/>ibuta<span class=\"__1 _201\"/>ble acq<span class=\"__1 _201\"/>uisiti<span class=\"__1 _201\"/>on cos<span class=\"__1 _201\"/>ts relatin<span class=\"__1 _201\"/>g to the inves<span class=\"__1 _201\"/>tment ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment el<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t of<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:910.3111px;\">thes<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts w<span class=\"__1 _201\"/>hich are c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d and amo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tised i<span class=\"__1 _201\"/>n line wi<span class=\"__1 _201\"/>th the relate<span class=\"__1 _201\"/>d revenue. I<span class=\"__1 _201\"/>f the contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s involve u<span class=\"__1 _201\"/>pfront cha<span class=\"__1 _201\"/>rges<span class=\"__1 _201\"/>, this<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:893.8126px;\">inco<span class=\"__1 _201\"/>me is als<span class=\"__1 _201\"/>o defer<span class=\"__1 _201\"/>red an<span class=\"__1 _201\"/>d amor<span class=\"__1 _201\"/>tis<span class=\"__1 _201\"/>ed throu<span class=\"__1 _201\"/>gh the in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t, as the s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>e is provi<span class=\"__1 _201\"/>ded in a<span class=\"__1 _201\"/>ccorda<span class=\"__1 _201\"/>nce with I<span class=\"__1 _201\"/>FRS 15<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls28_1 ws6e_1\" style=\"bottom:869.0648px;\">1.5.3 Business acqui<span class=\"__1 _200\"/>sitions<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:848.43536px;\">Busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s acquis<span class=\"__1 _201\"/>itions a<span class=\"__1 _201\"/>re accou<span class=\"__1 _201\"/>nted for by ap<span class=\"__1 _201\"/>ply<span class=\"__1 _201\"/>ing the a<span class=\"__1 _201\"/>cquisit<span class=\"__1 _201\"/>ion meth<span class=\"__1 _201\"/>od of ac<span class=\"__1 _201\"/>countin<span class=\"__1 _201\"/>g, whe<span class=\"__1 _201\"/>re the ide<span class=\"__1 _201\"/>ntifia<span class=\"__1 _201\"/>ble as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:831.9368px;\">liabi<span class=\"__1 _201\"/>lities of th<span class=\"__1 _201\"/>e acqui<span class=\"__1 _201\"/>red bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s are reco<span class=\"__1 _201\"/>rded at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e on the date of a<span class=\"__1 _201\"/>cquisi<span class=\"__1 _201\"/>tion. T<span class=\"__1 _201\"/>he exces<span class=\"__1 _201\"/>s of the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of acquis<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:815.43835px;\">cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ation over th<span class=\"__1 _201\"/>e record<span class=\"__1 _201\"/>ed val<span class=\"__1 _201\"/>ue of the as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liab<span class=\"__1 _201\"/>ilities o<span class=\"__1 _201\"/>f the acqu<span class=\"__1 _201\"/>ired enti<span class=\"__1 _201\"/>ty is re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d on the s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:798.9398px;\">pos<span class=\"__1 _201\"/>ition as g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will. E<span class=\"__1 _201\"/>xp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>s related to ac<span class=\"__1 _201\"/>quirin<span class=\"__1 _201\"/>g a new bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s are charg<span class=\"__1 _201\"/>ed to the in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt in the year i<span class=\"__1 _201\"/>n which th<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:782.44135px;\">are incu<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>. Where th<span class=\"__1 _201\"/>ere is def<span class=\"__1 _201\"/>erred c<span class=\"__1 _201\"/>onsi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>on payabl<span class=\"__1 _201\"/>e to form<span class=\"__1 _201\"/>er share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers of a b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss acq<span class=\"__1 _201\"/>uired<span class=\"__1 _201\"/>, those i<span class=\"__1 _201\"/>ndiv<span class=\"__1 _201\"/>idual<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:765.9429px;\">be<span class=\"__1 _201\"/>come e<span class=\"__1 _201\"/>mploye<span class=\"__1 _201\"/>es, a<span class=\"__1 _201\"/>nd paym<span class=\"__1 _201\"/>ent is de<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>ent on th<span class=\"__1 _201\"/>ose in<span class=\"__1 _201\"/>divi<span class=\"__1 _201\"/>duals rem<span class=\"__1 _201\"/>aining i<span class=\"__1 _201\"/>n ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ce from th<span class=\"__1 _201\"/>e date of acqui<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>; this<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:749.44434px;\">defe<span class=\"__1 _201\"/>rred co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>eration d<span class=\"__1 _201\"/>oes n<span class=\"__1 _201\"/>ot form p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of the purc<span class=\"__1 _201\"/>hase co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>eration a<span class=\"__1 _201\"/>nd is acc<span class=\"__1 _201\"/>ounted fo<span class=\"__1 _201\"/>r as emp<span class=\"__1 _201\"/>loyme<span class=\"__1 _201\"/>nt cos<span class=\"__1 _201\"/>ts over the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:732.94586px;\">ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d. Inc<span class=\"__1 _201\"/>ome an<span class=\"__1 _201\"/>d expen<span class=\"__1 _201\"/>ses of ac<span class=\"__1 _201\"/>quired e<span class=\"__1 _201\"/>ntities a<span class=\"__1 _201\"/>re inclu<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent from t<span class=\"__1 _201\"/>he date of acqu<span class=\"__1 _201\"/>isitio<span class=\"__1 _201\"/>n.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:708.1981px;\">Acqui<span class=\"__1 _200\"/>sitions<span class=\"__1 _200\"/> of ent<span class=\"__1 _200\"/>ities u<span class=\"__1 _200\"/>nder common con<span class=\"__1 _200\"/>trol<span class=\"__1 _200\"/> are acc<span class=\"__1 _200\"/>ounted<span class=\"__1 _200\"/> for under mer<span class=\"__1 _200\"/>ger accoun<span class=\"__1 _200\"/>ting princ<span class=\"__1 _200\"/>iples. Under merger acc<span class=\"__1 _200\"/>ounting,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:691.6996px;\">the res<span class=\"__1 _201\"/>ults an<span class=\"__1 _201\"/>d statem<span class=\"__1 _201\"/>ent of fina<span class=\"__1 _201\"/>ncial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n for entiti<span class=\"__1 _201\"/>es acq<span class=\"__1 _201\"/>uired are p<span class=\"__1 _201\"/>resente<span class=\"__1 _201\"/>d as if they h<span class=\"__1 _201\"/>ad always b<span class=\"__1 _201\"/>een c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ed.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:675.2011px;\">As<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabil<span class=\"__1 _201\"/>ities of th<span class=\"__1 _201\"/>e entitie<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d are rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d at their c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng valu<span class=\"__1 _201\"/>es, a<span class=\"__1 _201\"/>nd a fair v<span class=\"__1 _201\"/>alue me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent is n<span class=\"__1 _201\"/>ot<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:658.7026px;\">und<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>taken. No n<span class=\"__1 _201\"/>ew goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d, an<span class=\"__1 _201\"/>d the diff<span class=\"__1 _201\"/>erence<span class=\"__1 _201\"/>s bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the cos<span class=\"__1 _201\"/>t of investm<span class=\"__1 _201\"/>ent, w<span class=\"__1 _201\"/>hich is it<span class=\"__1 _201\"/>s fair va<span class=\"__1 _201\"/>lue, an<span class=\"__1 _201\"/>d the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:642.2041px;\">car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying v<span class=\"__1 _201\"/>alue of as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d is reco<span class=\"__1 _201\"/>rded w<span class=\"__1 _201\"/>ithin eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:617.45636px;\">1.5.<span class=\"__1 _201\"/>4 Financ<span class=\"__1 _200\"/>ial assets<span class=\"__1 _200\"/> and liabilities<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:592.7086px;\">i Clas<span class=\"__1 _201\"/>sific<span class=\"__1 _201\"/>ation a<span class=\"__1 _201\"/>nd mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:576.2101px;\">The c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ation of fin<span class=\"__1 _201\"/>ancial a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s is deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d at initial re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>es der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve finan<span class=\"__1 _201\"/>cial </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:559.7116px;\">assets an<span class=\"__1 _201\"/>d financial liabilities as hel<span class=\"__1 _201\"/>d for trading. </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:534.96387px;\">Fina<span class=\"__1 _201\"/>ncial as<span class=\"__1 _201\"/>sets w<span class=\"__1 _201\"/>hich are m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>d and w<span class=\"__1 _201\"/>hose p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance is ev<span class=\"__1 _201\"/>aluated o<span class=\"__1 _201\"/>n a fair val<span class=\"__1 _201\"/>ue bas<span class=\"__1 _201\"/>is are des<span class=\"__1 _201\"/>ignated at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L<span class=\"__1 _201\"/>. </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:518.46533px;\">The v<span class=\"__1 _201\"/>ast ma<span class=\"__1 _201\"/>jorit<span class=\"__1 _201\"/>y of the G<span class=\"__1 _201\"/>roup\u2019s finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets fa<span class=\"__1 _201\"/>ll into this c<span class=\"__1 _201\"/>ategor<span class=\"__1 _201\"/>y, as the as<span class=\"__1 _201\"/>sets are h<span class=\"__1 _201\"/>eld to ba<span class=\"__1 _201\"/>ck poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>. </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:501.96686px;\">Mana<span class=\"__1 _201\"/>ging as<span class=\"__1 _201\"/>sets o<span class=\"__1 _201\"/>n a fair va<span class=\"__1 _201\"/>lue bas<span class=\"__1 _201\"/>is max<span class=\"__1 _201\"/>imise<span class=\"__1 _201\"/>s returns to po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>ders a<span class=\"__1 _201\"/>nd avoids a<span class=\"__1 _201\"/>ccounti<span class=\"__1 _201\"/>ng mism<span class=\"__1 _201\"/>atches in th<span class=\"__1 _201\"/>e </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:485.46832px;\">income stat<span class=\"__1 _200\"/>ement.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:460.72058px;\">The G<span class=\"__1 _201\"/>roup ac<span class=\"__1 _201\"/>count<span class=\"__1 _201\"/>s for the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y rele<span class=\"__1 _201\"/>ase out<span class=\"__1 _201\"/>stan<span class=\"__1 _201\"/>ding mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tgage lo<span class=\"__1 _201\"/>ans as fin<span class=\"__1 _201\"/>ancial a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s desi<span class=\"__1 _201\"/>gnated at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL o<span class=\"__1 _201\"/>n the st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:444.2221px;\">of finan<span class=\"__1 _201\"/>cial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n and the va<span class=\"__1 _201\"/>lue of the n<span class=\"__1 _201\"/>o neg<span class=\"__1 _201\"/>ative equ<span class=\"__1 _201\"/>ity g<span class=\"__1 _201\"/>uarante<span class=\"__1 _201\"/>e (NNEG) is in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed in dete<span class=\"__1 _201\"/>rminin<span class=\"__1 _201\"/>g the overa<span class=\"__1 _201\"/>ll fair v<span class=\"__1 _201\"/>alue of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:427.7236px;\">the lo<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>. The exis<span class=\"__1 _201\"/>tence o<span class=\"__1 _201\"/>f the NNEG i<span class=\"__1 _201\"/>s not suffi<span class=\"__1 _201\"/>cient f<span class=\"__1 _201\"/>or the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y relea<span class=\"__1 _201\"/>se mor<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ge loa<span class=\"__1 _201\"/>ns to trans<span class=\"__1 _201\"/>fer sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant insu<span class=\"__1 _201\"/>rance r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:411.2251px;\">to the Gro<span class=\"__1 _201\"/>up, and th<span class=\"__1 _201\"/>erefore th<span class=\"__1 _201\"/>e lifetime m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tgage<span class=\"__1 _201\"/>s are not co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ered an in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>. </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:386.47736px;\">Fina<span class=\"__1 _201\"/>ncial as<span class=\"__1 _201\"/>sets c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as hel<span class=\"__1 _201\"/>d for trad<span class=\"__1 _201\"/>ing or at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>, a<span class=\"__1 _201\"/>nd finan<span class=\"__1 _201\"/>cial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s clas<span class=\"__1 _201\"/>sifie<span class=\"__1 _201\"/>d as hel<span class=\"__1 _201\"/>d for tra<span class=\"__1 _201\"/>ding, a<span class=\"__1 _201\"/>re meas<span class=\"__1 _201\"/>ured at<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:369.97885px;\">fair v<span class=\"__1 _201\"/>alue wi<span class=\"__1 _201\"/>th all chan<span class=\"__1 _201\"/>ges the<span class=\"__1 _201\"/>reon b<span class=\"__1 _201\"/>eing re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised in i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent return i<span class=\"__1 _201\"/>n the inco<span class=\"__1 _201\"/>me st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>. </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:345.2311px;\">The G<span class=\"__1 _201\"/>roup\u2019s financ<span class=\"__1 _201\"/>ial ass<span class=\"__1 _201\"/>ets wh<span class=\"__1 _201\"/>ich are not d<span class=\"__1 _201\"/>eriv<span class=\"__1 _201\"/>atives o<span class=\"__1 _201\"/>r desig<span class=\"__1 _201\"/>nated at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL a<span class=\"__1 _201\"/>re class<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as loa<span class=\"__1 _201\"/>ns or rec<span class=\"__1 _201\"/>eivab<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>. </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:328.7326px;\">These instruments c<span class=\"__1 _200\"/>omprise non-quoted in<span class=\"__1 _200\"/>vestments<span class=\"__1 _200\"/> that<span class=\"__1 _200\"/> hav<span class=\"__1 _200\"/>e fixed<span class=\"__1 _200\"/> or det<span class=\"__1 _200\"/>erminable pa<span class=\"__1 _200\"/>yments and<span class=\"__1 _200\"/> include loans<span class=\"__1 _200\"/> collat<span class=\"__1 _200\"/>eralised </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:312.2341px;\">by mor<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ges<span class=\"__1 _201\"/>, depo<span class=\"__1 _201\"/>sits<span class=\"__1 _201\"/>, loan<span class=\"__1 _201\"/>s to polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs and oth<span class=\"__1 _201\"/>er unse<span class=\"__1 _201\"/>cured l<span class=\"__1 _201\"/>oans an<span class=\"__1 _201\"/>d recei<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>. Thes<span class=\"__1 _201\"/>e invest<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>re initiall<span class=\"__1 _201\"/>y </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:295.7356px;\">reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d at fair v<span class=\"__1 _201\"/>alue pl<span class=\"__1 _201\"/>us trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tion cos<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. Subse<span class=\"__1 _201\"/>quen<span class=\"__1 _201\"/>tly<span class=\"__1 _200\"/>, thes<span class=\"__1 _201\"/>e instr<span class=\"__1 _201\"/>ume<span class=\"__1 _201\"/>nts are ca<span class=\"__1 _201\"/>rrie<span class=\"__1 _201\"/>d at amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed co<span class=\"__1 _201\"/>st usi<span class=\"__1 _201\"/>ng the eff<span class=\"__1 _201\"/>ecti<span class=\"__1 _201\"/>ve </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:279.2371px;\">interes<span class=\"__1 _201\"/>t meth<span class=\"__1 _201\"/>od and are s<span class=\"__1 _201\"/>ubje<span class=\"__1 _201\"/>ct to imp<span class=\"__1 _201\"/>airm<span class=\"__1 _201\"/>ent review<span class=\"__1 _201\"/>s. Wh<span class=\"__1 _201\"/>ere there i<span class=\"__1 _201\"/>s obje<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve evide<span class=\"__1 _201\"/>nce that a l<span class=\"__1 _201\"/>oss even<span class=\"__1 _201\"/>t has occu<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>, the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:262.7386px;\">Gro<span class=\"__1 _201\"/>up meas<span class=\"__1 _201\"/>ures the am<span class=\"__1 _201\"/>ount of th<span class=\"__1 _201\"/>e impair<span class=\"__1 _201\"/>ment l<span class=\"__1 _201\"/>oss by co<span class=\"__1 _201\"/>mpar<span class=\"__1 _201\"/>ing the am<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cost w<span class=\"__1 _201\"/>ith the pre<span class=\"__1 _201\"/>sent v<span class=\"__1 _201\"/>alue of it<span class=\"__1 _201\"/>s estim<span class=\"__1 _201\"/>ated </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:246.24008px;\">future c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ows disc<span class=\"__1 _201\"/>ounted at th<span class=\"__1 _201\"/>e origi<span class=\"__1 _201\"/>nal effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve interes<span class=\"__1 _201\"/>t rate.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1081.6672px;\">1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls2e_1 ws6c_1\" style=\"bottom:2.0501442px;\">200<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1050.5483px;\">The G<span class=\"__1 _201\"/>roup us<span class=\"__1 _201\"/>es the tr<span class=\"__1 _201\"/>ade date meth<span class=\"__1 _201\"/>od to acc<span class=\"__1 _201\"/>ount for re<span class=\"__1 _201\"/>gular p<span class=\"__1 _201\"/>urchas<span class=\"__1 _201\"/>es and s<span class=\"__1 _201\"/>ales of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al ass<span class=\"__1 _201\"/>ets<span class=\"__1 _201\"/>. T<span class=\"__1 _f_1\"/>rans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tion cos<span class=\"__1 _201\"/>ts are<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1034.0498px;\">expe<span class=\"__1 _201\"/>nsed a<span class=\"__1 _201\"/>s incur<span class=\"__1 _201\"/>red.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1009.3021px;\">Fina<span class=\"__1 _201\"/>ncial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s other th<span class=\"__1 _201\"/>an der<span class=\"__1 _201\"/>ivative<span class=\"__1 _201\"/>s are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed acc<span class=\"__1 _201\"/>ording to th<span class=\"__1 _201\"/>e subst<span class=\"__1 _201\"/>ance of th<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>ctual a<span class=\"__1 _201\"/>rran<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nts. T<span class=\"__1 _201\"/>he G<span class=\"__1 _201\"/>roup<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:992.8036px;\">des<span class=\"__1 _201\"/>ignates fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l liabili<span class=\"__1 _201\"/>ties at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL i<span class=\"__1 _201\"/>f these i<span class=\"__1 _201\"/>nstr<span class=\"__1 _201\"/>ument<span class=\"__1 _201\"/>s are manag<span class=\"__1 _201\"/>ed an<span class=\"__1 _201\"/>d their p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance eva<span class=\"__1 _201\"/>luated on a f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e basi<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:976.3051px;\">Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s are desi<span class=\"__1 _201\"/>gnated at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L, w<span class=\"__1 _201\"/>ith chan<span class=\"__1 _201\"/>ges in f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:959.8066px;\">reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d withi<span class=\"__1 _201\"/>n bene<span class=\"__1 _201\"/>fits an<span class=\"__1 _201\"/>d claims in t<span class=\"__1 _201\"/>he cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d inco<span class=\"__1 _201\"/>me statem<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>he fai<span class=\"__1 _201\"/>r value li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y is e<span class=\"__1 _201\"/>qual to the tota<span class=\"__1 _201\"/>l value of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:943.3081px;\">units a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated to the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>s, bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e bid pr<span class=\"__1 _201\"/>ice of the u<span class=\"__1 _201\"/>nder<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g ass<span class=\"__1 _201\"/>ets.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:918.56036px;\">Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds w<span class=\"__1 _201\"/>hich are cl<span class=\"__1 _201\"/>assi<span class=\"__1 _201\"/>fied a<span class=\"__1 _201\"/>s financ<span class=\"__1 _201\"/>ial liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>re desi<span class=\"__1 _201\"/>gnated as F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L to match the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:902.0618px;\">treatme<span class=\"__1 _201\"/>nt of the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s in the fun<span class=\"__1 _201\"/>ds. Ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s in fair va<span class=\"__1 _201\"/>lue are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed in m<span class=\"__1 _201\"/>ovemen<span class=\"__1 _201\"/>ts in third pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y intere<span class=\"__1 _201\"/>st in<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:885.56335px;\">cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated fund<span class=\"__1 _201\"/>s in the con<span class=\"__1 _201\"/>solid<span class=\"__1 _201\"/>ated inc<span class=\"__1 _201\"/>ome st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:860.8156px;\">Fina<span class=\"__1 _201\"/>ncial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s whic<span class=\"__1 _201\"/>h are not de<span class=\"__1 _201\"/>signate<span class=\"__1 _201\"/>d at FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL are me<span class=\"__1 _201\"/>asured at a<span class=\"__1 _201\"/>mor<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cos<span class=\"__1 _201\"/>t using th<span class=\"__1 _201\"/>e effe<span class=\"__1 _201\"/>ctive in<span class=\"__1 _201\"/>terest m<span class=\"__1 _201\"/>ethod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:831.9368px;\">ii Dete<span class=\"__1 _201\"/>rminati<span class=\"__1 _201\"/>on of fair v<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:815.43835px;\">The G<span class=\"__1 _201\"/>roup us<span class=\"__1 _201\"/>es cur<span class=\"__1 _201\"/>rent bid p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s to value it<span class=\"__1 _201\"/>s investm<span class=\"__1 _201\"/>ents wi<span class=\"__1 _201\"/>th quoted p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s. Ac<span class=\"__1 _201\"/>tivel<span class=\"__1 _201\"/>y trade<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ents w<span class=\"__1 _201\"/>ithout q<span class=\"__1 _201\"/>uoted pr<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:798.9398px;\">are val<span class=\"__1 _201\"/>ued us<span class=\"__1 _201\"/>ing pri<span class=\"__1 _201\"/>ces prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d by third par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s. Fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l asse<span class=\"__1 _201\"/>ts meas<span class=\"__1 _201\"/>ured at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e are clas<span class=\"__1 _201\"/>sifie<span class=\"__1 _201\"/>d into a thre<span class=\"__1 _201\"/>e-l<span class=\"__1 _201\"/>evel hie<span class=\"__1 _201\"/>rarchy<span class=\"__1 _32b\"> </span>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:782.44135px;\">as de<span class=\"__1 _201\"/>scrib<span class=\"__1 _201\"/>ed in N<span class=\"__1 _201\"/>ote 32.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:757.6936px;\">If the m<span class=\"__1 _201\"/>arket for a fin<span class=\"__1 _201\"/>ancial i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent of the G<span class=\"__1 _201\"/>roup is no<span class=\"__1 _201\"/>t acti<span class=\"__1 _201\"/>ve, the fa<span class=\"__1 _201\"/>ir value i<span class=\"__1 _201\"/>s determ<span class=\"__1 _201\"/>ined us<span class=\"__1 _201\"/>ing val<span class=\"__1 _201\"/>uation tec<span class=\"__1 _201\"/>hniqu<span class=\"__1 _201\"/>es.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:741.19507px;\">The G<span class=\"__1 _201\"/>roup e<span class=\"__1 _201\"/>stab<span class=\"__1 _201\"/>lishe<span class=\"__1 _201\"/>s fair va<span class=\"__1 _201\"/>lue for th<span class=\"__1 _201\"/>ese fin<span class=\"__1 _201\"/>ancial i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents by usi<span class=\"__1 _201\"/>ng quotati<span class=\"__1 _201\"/>ons fro<span class=\"__1 _201\"/>m indep<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>ent third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>, such as<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:724.6966px;\">brokers o<span class=\"__1 _201\"/>r pric<span class=\"__1 _201\"/>ing ser<span class=\"__1 _250\"/>vice<span class=\"__1 _201\"/>s, or by u<span class=\"__1 _201\"/>sing inter<span class=\"__1 _201\"/>nall<span class=\"__1 _201\"/>y develo<span class=\"__1 _201\"/>ped p<span class=\"__1 _201\"/>ricin<span class=\"__1 _201\"/>g mode<span class=\"__1 _201\"/>ls. P<span class=\"__1 _201\"/>rior<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y is given to p<span class=\"__1 _201\"/>ublicl<span class=\"__1 _201\"/>y availab<span class=\"__1 _201\"/>le pri<span class=\"__1 _201\"/>ces fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:708.1981px;\">ind<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>dent s<span class=\"__1 _201\"/>ources w<span class=\"__1 _201\"/>hen avail<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>, but overa<span class=\"__1 _201\"/>ll the so<span class=\"__1 _201\"/>urce of pri<span class=\"__1 _201\"/>cing an<span class=\"__1 _201\"/>d/<span class=\"__1 _200\"/>or the val<span class=\"__1 _201\"/>uation tec<span class=\"__1 _201\"/>hniqu<span class=\"__1 _201\"/>e is chos<span class=\"__1 _201\"/>en with th<span class=\"__1 _201\"/>e obje<span class=\"__1 _201\"/>ctive<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:691.6996px;\">of arr<span class=\"__1 _201\"/>ivin<span class=\"__1 _201\"/>g at a fair va<span class=\"__1 _201\"/>lue me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent, w<span class=\"__1 _201\"/>hich refl<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/>s the pr<span class=\"__1 _201\"/>ice at whi<span class=\"__1 _201\"/>ch an orde<span class=\"__1 _201\"/>rly tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n would ta<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>e pla<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>ween m<span class=\"__1 _201\"/>arket<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:675.2011px;\">par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pants o<span class=\"__1 _201\"/>n the mea<span class=\"__1 _201\"/>surem<span class=\"__1 _201\"/>ent date.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:650.45337px;\">The v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n techni<span class=\"__1 _201\"/>ques in<span class=\"__1 _201\"/>clude t<span class=\"__1 _201\"/>he use of re<span class=\"__1 _201\"/>cent ar<span class=\"__1 _201\"/>m\u2019<span class=\"__1 _200\"/>s leng<span class=\"__1 _201\"/>th trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, referen<span class=\"__1 _201\"/>ce to other ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents th<span class=\"__1 _201\"/>at are<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:633.95483px;\">subs<span class=\"__1 _201\"/>tantial<span class=\"__1 _201\"/>ly the s<span class=\"__1 _201\"/>ame, di<span class=\"__1 _201\"/>scounte<span class=\"__1 _201\"/>d cas<span class=\"__1 _201\"/>h flow anal<span class=\"__1 _201\"/>ysis<span class=\"__1 _201\"/>, optio<span class=\"__1 _201\"/>n-ad<span class=\"__1 _201\"/>justed s<span class=\"__1 _201\"/>pread m<span class=\"__1 _201\"/>ode<span class=\"__1 _201\"/>ls and<span class=\"__1 _201\"/>, if appli<span class=\"__1 _201\"/>cab<span class=\"__1 _201\"/>le, enter<span class=\"__1 _201\"/>pris<span class=\"__1 _201\"/>e valuati<span class=\"__1 _201\"/>on,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:617.45636px;\">and may in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>e a numbe<span class=\"__1 _201\"/>r of ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s relating to v<span class=\"__1 _201\"/>ariab<span class=\"__1 _201\"/>les su<span class=\"__1 _201\"/>ch as credi<span class=\"__1 _201\"/>t risk an<span class=\"__1 _201\"/>d interes<span class=\"__1 _201\"/>t rates<span class=\"__1 _201\"/>. Chang<span class=\"__1 _201\"/>es in as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:600.9578px;\">relatin<span class=\"__1 _201\"/>g to these v<span class=\"__1 _201\"/>ariab<span class=\"__1 _201\"/>les co<span class=\"__1 _201\"/>uld po<span class=\"__1 _201\"/>sitivel<span class=\"__1 _201\"/>y or ne<span class=\"__1 _201\"/>gativel<span class=\"__1 _201\"/>y impa<span class=\"__1 _201\"/>ct the re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ted f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of thes<span class=\"__1 _201\"/>e finan<span class=\"__1 _201\"/>cial inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s. D<span class=\"__1 _201\"/>etails of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:584.45935px;\">the fin<span class=\"__1 _201\"/>ancial i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents cla<span class=\"__1 _201\"/>ssi<span class=\"__1 _201\"/>fied as \u201c<span class=\"__1 _201\"/>level 3<span class=\"__1 _201\"/>\u201d to which va<span class=\"__1 _201\"/>luation te<span class=\"__1 _201\"/>chniq<span class=\"__1 _201\"/>ues are ap<span class=\"__1 _201\"/>plie<span class=\"__1 _201\"/>d, and th<span class=\"__1 _201\"/>e sens<span class=\"__1 _201\"/>itivi<span class=\"__1 _201\"/>ty of p<span class=\"__1 _201\"/>rofit bef<span class=\"__1 _201\"/>ore tax<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:567.9608px;\">to a chang<span class=\"__1 _201\"/>e in thes<span class=\"__1 _201\"/>e items\u2019 valuat<span class=\"__1 _201\"/>ion, a<span class=\"__1 _201\"/>re prese<span class=\"__1 _201\"/>nted in Note 3<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:543.2131px;\">1.5.<span class=\"__1 _201\"/>5 Earned<span class=\"__1 _200\"/> premiums, policy<span class=\"__1 _200\"/> fees and<span class=\"__1 _200\"/> claims pa<span class=\"__1 _200\"/>id<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:522.5836px;\">Premi<span class=\"__1 _201\"/>ums and a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ations fo<span class=\"__1 _201\"/>r conventi<span class=\"__1 _201\"/>onal wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits p<span class=\"__1 _201\"/>olici<span class=\"__1 _201\"/>es and oth<span class=\"__1 _201\"/>er protec<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>-t<span class=\"__1 _201\"/>ype lif<span class=\"__1 _201\"/>e insura<span class=\"__1 _201\"/>nce and a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:506.08508px;\">pol<span class=\"__1 _201\"/>icies a<span class=\"__1 _201\"/>re accou<span class=\"__1 _201\"/>nted for w<span class=\"__1 _201\"/>hen due<span class=\"__1 _201\"/>. For unit-linked b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss and u<span class=\"__1 _201\"/>nitise<span class=\"__1 _201\"/>d with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts pol<span class=\"__1 _201\"/>icies<span class=\"__1 _201\"/>, prem<span class=\"__1 _201\"/>iums are ac<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d for<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:489.5866px;\">whe<span class=\"__1 _201\"/>n the liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s arisin<span class=\"__1 _201\"/>g from the p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>s are reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>ese am<span class=\"__1 _201\"/>ounts excl<span class=\"__1 _201\"/>ude pre<span class=\"__1 _201\"/>mium taxe<span class=\"__1 _201\"/>s and sim<span class=\"__1 _201\"/>ilar duti<span class=\"__1 _201\"/>es wh<span class=\"__1 _201\"/>ere<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:473.08807px;\">the G<span class=\"__1 _201\"/>roup col<span class=\"__1 _201\"/>lec<span class=\"__1 _201\"/>ts and s<span class=\"__1 _201\"/>ettl<span class=\"__1 _201\"/>es taxes b<span class=\"__1 _201\"/>orn<span class=\"__1 _201\"/>e by the clie<span class=\"__1 _201\"/>nt.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:448.34033px;\">Poli<span class=\"__1 _201\"/>cy fee<span class=\"__1 _201\"/>s charg<span class=\"__1 _201\"/>ed on lin<span class=\"__1 _201\"/>ked and uniti<span class=\"__1 _201\"/>sed w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits p<span class=\"__1 _201\"/>olici<span class=\"__1 _201\"/>es for m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, ass<span class=\"__1 _201\"/>et mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt and p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y admini<span class=\"__1 _201\"/>strati<span class=\"__1 _201\"/>on are<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:431.84186px;\">reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d as revenu<span class=\"__1 _201\"/>e as relate<span class=\"__1 _201\"/>d ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces are p<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:407.0941px;\">Claims p<span class=\"__1 _201\"/>aid inc<span class=\"__1 _201\"/>lude m<span class=\"__1 _201\"/>aturitie<span class=\"__1 _201\"/>s, ann<span class=\"__1 _201\"/>uities<span class=\"__1 _201\"/>, sur<span class=\"__1 _201\"/>rende<span class=\"__1 _201\"/>rs and d<span class=\"__1 _201\"/>eaths<span class=\"__1 _201\"/>. Maturit<span class=\"__1 _201\"/>y cla<span class=\"__1 _201\"/>ims are rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d as charge<span class=\"__1 _201\"/>s on the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y maturit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:390.59558px;\">date. Ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y claims a<span class=\"__1 _201\"/>re record<span class=\"__1 _201\"/>ed wh<span class=\"__1 _201\"/>en each a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y ins<span class=\"__1 _201\"/>talme<span class=\"__1 _201\"/>nt bec<span class=\"__1 _201\"/>omes d<span class=\"__1 _201\"/>ue for pay<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>. Surren<span class=\"__1 _201\"/>ders a<span class=\"__1 _201\"/>re charge<span class=\"__1 _201\"/>d to the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:374.0971px;\">inco<span class=\"__1 _201\"/>me st<span class=\"__1 _201\"/>atement w<span class=\"__1 _201\"/>hen pai<span class=\"__1 _201\"/>d and de<span class=\"__1 _201\"/>ath claims a<span class=\"__1 _201\"/>re record<span class=\"__1 _201\"/>ed wh<span class=\"__1 _201\"/>en notifi<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:349.34933px;\">1.5.6 Reinsurance<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:328.71985px;\">The b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss se<span class=\"__1 _201\"/>eks to red<span class=\"__1 _201\"/>uce los<span class=\"__1 _201\"/>s expo<span class=\"__1 _201\"/>sure by reins<span class=\"__1 _201\"/>uring c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain leve<span class=\"__1 _201\"/>ls of ris<span class=\"__1 _201\"/>k in vari<span class=\"__1 _201\"/>ous area<span class=\"__1 _201\"/>s of exposu<span class=\"__1 _201\"/>re with othe<span class=\"__1 _201\"/>r insur<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:312.22134px;\">comp<span class=\"__1 _201\"/>anie<span class=\"__1 _201\"/>s or reins<span class=\"__1 _201\"/>urers<span class=\"__1 _201\"/>. Where th<span class=\"__1 _201\"/>e reinsu<span class=\"__1 _201\"/>rance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>r signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt insur<span class=\"__1 _201\"/>ance ri<span class=\"__1 _201\"/>sk to the rein<span class=\"__1 _201\"/>surer<span class=\"__1 _200\"/>, the as<span class=\"__1 _201\"/>set ari<span class=\"__1 _201\"/>sing<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:295.72284px;\">from th<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>ct is cl<span class=\"__1 _201\"/>assi<span class=\"__1 _201\"/>fied a<span class=\"__1 _201\"/>s Reinsu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s. Re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce als<span class=\"__1 _201\"/>o inclu<span class=\"__1 _201\"/>des th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t of lon<span class=\"__1 _201\"/>gevit<span class=\"__1 _201\"/>y sw<span class=\"__1 _201\"/>aps<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:270.9751px;\">The m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>ment of re<span class=\"__1 _201\"/>insur<span class=\"__1 _201\"/>ance as<span class=\"__1 _201\"/>sets is c<span class=\"__1 _201\"/>onsis<span class=\"__1 _201\"/>tent with t<span class=\"__1 _201\"/>he meas<span class=\"__1 _201\"/>ureme<span class=\"__1 _201\"/>nt of the und<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>ying di<span class=\"__1 _201\"/>rect i<span class=\"__1 _201\"/>nsura<span class=\"__1 _201\"/>nce cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:254.4766px;\">Rein<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce premi<span class=\"__1 _201\"/>ums paid a<span class=\"__1 _201\"/>nd reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e recover<span class=\"__1 _201\"/>ies o<span class=\"__1 _201\"/>n claims p<span class=\"__1 _201\"/>aid are rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed wh<span class=\"__1 _201\"/>en the co<span class=\"__1 _201\"/>rresp<span class=\"__1 _201\"/>ondi<span class=\"__1 _201\"/>ng insur<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:237.97809px;\">prem<span class=\"__1 _201\"/>ium is rec<span class=\"__1 _201\"/>eived f<span class=\"__1 _201\"/>rom the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der an<span class=\"__1 _201\"/>d when th<span class=\"__1 _201\"/>e reinsu<span class=\"__1 _201\"/>red clai<span class=\"__1 _201\"/>ms are incu<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>, respe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>vely. </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:213.23035px;\">The<span class=\"__1 _201\"/>se items a<span class=\"__1 _201\"/>re discl<span class=\"__1 _201\"/>osed s<span class=\"__1 _201\"/>epar<span class=\"__1 _201\"/>ately on th<span class=\"__1 _201\"/>e face of th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent. A<span class=\"__1 _201\"/>ny gains or l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es aris<span class=\"__1 _201\"/>ing on th<span class=\"__1 _201\"/>e </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:196.73184px;\">purch<span class=\"__1 _201\"/>ase of rein<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s are imme<span class=\"__1 _201\"/>diately re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised i<span class=\"__1 _201\"/>n the cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:171.9841px;\">If a rein<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce ass<span class=\"__1 _201\"/>et is imp<span class=\"__1 _201\"/>aired, t<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p reduc<span class=\"__1 _201\"/>es the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng amo<span class=\"__1 _201\"/>unt acco<span class=\"__1 _201\"/>rdingl<span class=\"__1 _201\"/>y and rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>es that im<span class=\"__1 _201\"/>pairm<span class=\"__1 _201\"/>ent los<span class=\"__1 _201\"/>s in the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:155.4856px;\">inco<span class=\"__1 _201\"/>me st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>. A reinsur<span class=\"__1 _201\"/>ance as<span class=\"__1 _201\"/>set is i<span class=\"__1 _201\"/>mpaire<span class=\"__1 _201\"/>d if there is o<span class=\"__1 _201\"/>bje<span class=\"__1 _201\"/>ctive ev<span class=\"__1 _201\"/>iden<span class=\"__1 _201\"/>ce, as a re<span class=\"__1 _201\"/>sult of an eve<span class=\"__1 _201\"/>nt that occu<span class=\"__1 _201\"/>rred af<span class=\"__1 _201\"/>ter ini<span class=\"__1 _201\"/>tial </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:138.98709px;\">reco<span class=\"__1 _201\"/>gnitio<span class=\"__1 _201\"/>n of the rein<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce ass<span class=\"__1 _201\"/>et, that th<span class=\"__1 _201\"/>e Group m<span class=\"__1 _201\"/>ay not rece<span class=\"__1 _201\"/>ive all am<span class=\"__1 _201\"/>ounts d<span class=\"__1 _201\"/>ue to it unde<span class=\"__1 _201\"/>r the term<span class=\"__1 _201\"/>s of the con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>t, and th<span class=\"__1 _201\"/>e </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:122.4886px;\">event ha<span class=\"__1 _201\"/>s a reliabl<span class=\"__1 _201\"/>y meas<span class=\"__1 _201\"/>urabl<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct on th<span class=\"__1 _201\"/>e amoun<span class=\"__1 _201\"/>ts that the G<span class=\"__1 _201\"/>roup wi<span class=\"__1 _201\"/>ll recei<span class=\"__1 _201\"/>ve from th<span class=\"__1 _201\"/>e reinsure<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:97.740845px;\">Whe<span class=\"__1 _201\"/>re the reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>ct do<span class=\"__1 _201\"/>es not tr<span class=\"__1 _201\"/>ansf<span class=\"__1 _201\"/>er signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant insur<span class=\"__1 _201\"/>ance r<span class=\"__1 _201\"/>isk to the rein<span class=\"__1 _201\"/>surer<span class=\"__1 _200\"/>, the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t is clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as a<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:81.24235px;\">finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ent and i<span class=\"__1 _201\"/>s measu<span class=\"__1 _201\"/>red at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"left:0.010047913px; bottom:1081.6672px;\">1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m1_1 h9_1 ff1_1 fs1_1 fc3_1 sc0_1 ls35_1 ws36_1\" style=\"left:771.7404px; bottom:700.5532px;\">Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls1_1 ws1_1\" style=\"left:500.5692px; bottom:2.0501442px;\">M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls4f_1 ws55_1\">201<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 hd_1 ff2_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1166.7065px;\">Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:1050.5483px;\">1.5.7 Fee<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1029.9188px;\">Revenu<span class=\"__1 _201\"/>e aris<span class=\"__1 _201\"/>ing from c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wit<span class=\"__1 _201\"/>h client<span class=\"__1 _201\"/>s consi<span class=\"__1 _201\"/>sts of inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt and pe<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>forma<span class=\"__1 _201\"/>nce fe<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e from the G<span class=\"__1 _201\"/>roup\u2019s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1013.4203px;\">ass<span class=\"__1 _201\"/>et mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts w<span class=\"__1 _201\"/>ithout D<span class=\"__1 _201\"/>PF<span class=\"__1 _f_1\"/>, pl<span class=\"__1 _201\"/>atfor<span class=\"__1 _201\"/>m fee an<span class=\"__1 _201\"/>d other fe<span class=\"__1 _201\"/>es and c<span class=\"__1 _201\"/>ommis<span class=\"__1 _201\"/>sio<span class=\"__1 _201\"/>ns.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:988.6726px;\">Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent fee in<span class=\"__1 _201\"/>come i<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on inves<span class=\"__1 _201\"/>tment a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s unde<span class=\"__1 _201\"/>r manag<span class=\"__1 _201\"/>ement a<span class=\"__1 _201\"/>nd is on<span class=\"__1 _201\"/>ly reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d whe<span class=\"__1 _201\"/>n the Gro<span class=\"__1 _201\"/>up satis<span class=\"__1 _201\"/>fie<span class=\"__1 _201\"/>s its<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:972.1741px;\">per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce obli<span class=\"__1 _201\"/>gation to prov<span class=\"__1 _201\"/>ide th<span class=\"__1 _201\"/>e asset m<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces<span class=\"__1 _201\"/>. It is rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in the ye<span class=\"__1 _201\"/>ar in whi<span class=\"__1 _201\"/>ch the se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s are rend<span class=\"__1 _201\"/>ered<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:955.6756px;\">and is re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised n<span class=\"__1 _201\"/>et of rebate<span class=\"__1 _201\"/>s. Sin<span class=\"__1 _201\"/>ce the as<span class=\"__1 _201\"/>set ma<span class=\"__1 _201\"/>nagem<span class=\"__1 _201\"/>ent se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p provid<span class=\"__1 _201\"/>es is a con<span class=\"__1 _201\"/>tinuou<span class=\"__1 _201\"/>s ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ce, it s<span class=\"__1 _201\"/>atisfi<span class=\"__1 _201\"/>es its<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:939.1771px;\">per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce obli<span class=\"__1 _201\"/>gation ove<span class=\"__1 _201\"/>r time. Th<span class=\"__1 _201\"/>erefore<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up mee<span class=\"__1 _201\"/>ts the cr<span class=\"__1 _201\"/>iteria fo<span class=\"__1 _201\"/>r its revenu<span class=\"__1 _201\"/>e to be reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d over tim<span class=\"__1 _201\"/>e, as the cli<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:922.6786px;\">ben<span class=\"__1 _201\"/>efits f<span class=\"__1 _201\"/>rom the as<span class=\"__1 _201\"/>set ma<span class=\"__1 _201\"/>nagem<span class=\"__1 _201\"/>ent se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s recei<span class=\"__1 _201\"/>ved fro<span class=\"__1 _201\"/>m the Gro<span class=\"__1 _201\"/>up.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:897.93085px;\">Per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>manc<span class=\"__1 _201\"/>e fee inc<span class=\"__1 _201\"/>ome is b<span class=\"__1 _201\"/>ased o<span class=\"__1 _201\"/>n the ach<span class=\"__1 _201\"/>ieveme<span class=\"__1 _201\"/>nt of pres<span class=\"__1 _201\"/>cribe<span class=\"__1 _201\"/>d per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce hurdle<span class=\"__1 _201\"/>s. I<span class=\"__1 _201\"/>t is only re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nised w<span class=\"__1 _201\"/>hen th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:881.4324px;\">per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce obli<span class=\"__1 _201\"/>gations a<span class=\"__1 _201\"/>re satis<span class=\"__1 _201\"/>fied o<span class=\"__1 _201\"/>r upon th<span class=\"__1 _201\"/>e cr<span class=\"__1 _201\"/>ys<span class=\"__1 _201\"/>tallis<span class=\"__1 _201\"/>ation event o<span class=\"__1 _201\"/>ccurr<span class=\"__1 _201\"/>ing an<span class=\"__1 _201\"/>d when it i<span class=\"__1 _201\"/>s highl<span class=\"__1 _201\"/>y proba<span class=\"__1 _201\"/>ble that a si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:864.93384px;\">revers<span class=\"__1 _201\"/>al will n<span class=\"__1 _201\"/>ot occur.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:840.1861px;\">Fee<span class=\"__1 _201\"/>s from inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>thout D<span class=\"__1 _201\"/>PF are rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed over tim<span class=\"__1 _201\"/>e as the se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s are provi<span class=\"__1 _201\"/>ded<span class=\"__1 _201\"/>. Oth<span class=\"__1 _201\"/>er fee<span class=\"__1 _201\"/>s and com<span class=\"__1 _201\"/>miss<span class=\"__1 _201\"/>ions<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:823.6876px;\">such a<span class=\"__1 _201\"/>s from the p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>n of finan<span class=\"__1 _201\"/>cial ad<span class=\"__1 _201\"/>vice to cli<span class=\"__1 _201\"/>ents are re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nised w<span class=\"__1 _201\"/>hen p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>ons are sati<span class=\"__1 _201\"/>sfi<span class=\"__1 _201\"/>ed or up<span class=\"__1 _201\"/>on the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:807.1891px;\">cr<span class=\"__1 _201\"/>ys<span class=\"__1 _201\"/>tallis<span class=\"__1 _201\"/>ation of an eve<span class=\"__1 _201\"/>nt. Th<span class=\"__1 _201\"/>e pric<span class=\"__1 _201\"/>e is determ<span class=\"__1 _201\"/>ined b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on the agre<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/>itial or on<span class=\"__1 _201\"/>goin<span class=\"__1 _201\"/>g advi<span class=\"__1 _201\"/>ser cha<span class=\"__1 _201\"/>rge.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:782.44135px;\">Plat<span class=\"__1 _201\"/>form fe<span class=\"__1 _201\"/>es are re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised a<span class=\"__1 _201\"/>s the related s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces are prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d to the clie<span class=\"__1 _201\"/>nt.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:757.6936px;\">No si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant ju<span class=\"__1 _201\"/>dgem<span class=\"__1 _201\"/>ents are a<span class=\"__1 _201\"/>pplie<span class=\"__1 _201\"/>d on the tim<span class=\"__1 _201\"/>ing or tr<span class=\"__1 _201\"/>ansac<span class=\"__1 _201\"/>tion p<span class=\"__1 _201\"/>rice o<span class=\"__1 _201\"/>r the deter<span class=\"__1 _201\"/>minati<span class=\"__1 _201\"/>on of the cos<span class=\"__1 _201\"/>ts in<span class=\"__1 _201\"/>curred to o<span class=\"__1 _201\"/>btain or<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:741.19507px;\">fulfil a con<span class=\"__1 _200\"/>tract.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:716.4473px;\">1.<span class=\"__1 _201\"/>5.<span class=\"__1 _201\"/>8 Inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt retur<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:695.8179px;\">Inves<span class=\"__1 _201\"/>tment retu<span class=\"__1 _201\"/>rn incl<span class=\"__1 _201\"/>uded i<span class=\"__1 _201\"/>n the con<span class=\"__1 _201\"/>solid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me st<span class=\"__1 _201\"/>atement co<span class=\"__1 _201\"/>mpri<span class=\"__1 _201\"/>ses intere<span class=\"__1 _201\"/>st in<span class=\"__1 _201\"/>come, re<span class=\"__1 _201\"/>ntal inc<span class=\"__1 _201\"/>ome, d<span class=\"__1 _201\"/>ivid<span class=\"__1 _201\"/>ends<span class=\"__1 _201\"/>, forei<span class=\"__1 _201\"/>gn<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:679.31934px;\">exchang<span class=\"__1 _201\"/>e gains an<span class=\"__1 _201\"/>d los<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, realis<span class=\"__1 _201\"/>ed and u<span class=\"__1 _201\"/>nrealis<span class=\"__1 _201\"/>ed gai<span class=\"__1 _201\"/>ns and lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s on inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s desig<span class=\"__1 _201\"/>nated as F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L, a<span class=\"__1 _201\"/>nd reali<span class=\"__1 _201\"/>sed ga<span class=\"__1 _201\"/>ins<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:662.82086px;\">and l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s (incl<span class=\"__1 _201\"/>uding i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment) on ite<span class=\"__1 _201\"/>ms hel<span class=\"__1 _201\"/>d at amor<span class=\"__1 _201\"/>tis<span class=\"__1 _201\"/>ed cos<span class=\"__1 _201\"/>t. Intere<span class=\"__1 _201\"/>st in<span class=\"__1 _201\"/>come is re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nised a<span class=\"__1 _201\"/>s it accr<span class=\"__1 _201\"/>ues on a<span class=\"__1 _201\"/>n effec<span class=\"__1 _201\"/>tive<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:646.3223px;\">interes<span class=\"__1 _201\"/>t basi<span class=\"__1 _201\"/>s for ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents he<span class=\"__1 _201\"/>ld at amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed co<span class=\"__1 _201\"/>st. D<span class=\"__1 _201\"/>ivi<span class=\"__1 _201\"/>dend<span class=\"__1 _201\"/>s on equi<span class=\"__1 _201\"/>ty s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities are re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised o<span class=\"__1 _201\"/>n the ex-div<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>nd date and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:629.82385px;\">rental i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d on an ac<span class=\"__1 _201\"/>crual<span class=\"__1 _201\"/>s basis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:605.0761px;\">1.<span class=\"__1 _201\"/>5.<span class=\"__1 _201\"/>9 Defe<span class=\"__1 _201\"/>rred a<span class=\"__1 _201\"/>cqui<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on cos<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:584.4466px;\">The G<span class=\"__1 _201\"/>roup in<span class=\"__1 _201\"/>curs var<span class=\"__1 _201\"/>ious c<span class=\"__1 _201\"/>osts i<span class=\"__1 _201\"/>n acquir<span class=\"__1 _201\"/>ing new c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. For inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>thout D<span class=\"__1 _201\"/>PF<span class=\"__1 _f_1\"/>, inc<span class=\"__1 _201\"/>rement<span class=\"__1 _201\"/>al, dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:567.9481px;\">attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>n cost<span class=\"__1 _201\"/>s are cap<span class=\"__1 _201\"/>italis<span class=\"__1 _201\"/>ed an<span class=\"__1 _201\"/>d amor<span class=\"__1 _201\"/>tis<span class=\"__1 _201\"/>ed in lin<span class=\"__1 _201\"/>e with the re<span class=\"__1 _201\"/>lated revenu<span class=\"__1 _201\"/>e as requ<span class=\"__1 _201\"/>ired by IFR<span class=\"__1 _201\"/>S 15. For c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:551.4496px;\">insur<span class=\"__1 _201\"/>ance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, acqui<span class=\"__1 _201\"/>sition c<span class=\"__1 _201\"/>osts w<span class=\"__1 _201\"/>hich in<span class=\"__1 _201\"/>clude b<span class=\"__1 _201\"/>oth incre<span class=\"__1 _201\"/>mental a<span class=\"__1 _201\"/>cquis<span class=\"__1 _201\"/>ition co<span class=\"__1 _201\"/>sts an<span class=\"__1 _201\"/>d other co<span class=\"__1 _201\"/>sts of a<span class=\"__1 _201\"/>cquiri<span class=\"__1 _201\"/>ng and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:534.9511px;\">proc<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ing new b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss are al<span class=\"__1 _201\"/>so cap<span class=\"__1 _201\"/>italis<span class=\"__1 _201\"/>ed and a<span class=\"__1 _201\"/>mor<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d in line w<span class=\"__1 _201\"/>ith the em<span class=\"__1 _201\"/>erge<span class=\"__1 _201\"/>nce of proj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted margi<span class=\"__1 _201\"/>ns. T<span class=\"__1 _201\"/>hese c<span class=\"__1 _201\"/>osts<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:518.4526px;\">(<span class=\"__1 _200\"/>defe<span class=\"__1 _201\"/>rred ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on cos<span class=\"__1 _201\"/>ts) are recog<span class=\"__1 _201\"/>nised a<span class=\"__1 _201\"/>s an ass<span class=\"__1 _201\"/>et in the s<span class=\"__1 _201\"/>tatement o<span class=\"__1 _201\"/>f financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:493.70483px;\">The re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y of any def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d acquis<span class=\"__1 _201\"/>ition co<span class=\"__1 _201\"/>sts is rev<span class=\"__1 _201\"/>iewed at e<span class=\"__1 _201\"/>ach rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ting date, a<span class=\"__1 _201\"/>nd to the ex<span class=\"__1 _201\"/>tent that the<span class=\"__1 _201\"/>se are no l<span class=\"__1 _201\"/>onge<span class=\"__1 _201\"/>r </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:477.20636px;\">dee<span class=\"__1 _201\"/>med re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>ble fro<span class=\"__1 _201\"/>m future reven<span class=\"__1 _201\"/>ue or proj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted margi<span class=\"__1 _201\"/>ns, th<span class=\"__1 _201\"/>e carr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing va<span class=\"__1 _201\"/>lue is wr<span class=\"__1 _201\"/>itten d<span class=\"__1 _201\"/>own to the re<span class=\"__1 _201\"/>coverab<span class=\"__1 _201\"/>le amo<span class=\"__1 _201\"/>unt </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:460.70786px;\">and th<span class=\"__1 _201\"/>e related im<span class=\"__1 _201\"/>pairm<span class=\"__1 _201\"/>ent char<span class=\"__1 _201\"/>ge reco<span class=\"__1 _201\"/>rded in th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent. Fo<span class=\"__1 _201\"/>r insura<span class=\"__1 _201\"/>nce co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts wri<span class=\"__1 _201\"/>tten wi<span class=\"__1 _201\"/>thin the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:444.20935px;\">UK re<span class=\"__1 _201\"/>gulated W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund, in acc<span class=\"__1 _201\"/>ordan<span class=\"__1 _201\"/>ce with FR<span class=\"__1 _201\"/>S 27 there i<span class=\"__1 _201\"/>s no defe<span class=\"__1 _201\"/>rral of a<span class=\"__1 _201\"/>cquisi<span class=\"__1 _201\"/>tion cos<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d these c<span class=\"__1 _201\"/>osts a<span class=\"__1 _201\"/>re expen<span class=\"__1 _201\"/>sed<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:427.71085px;\">as incu<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>. Simila<span class=\"__1 _201\"/>rly, for insur<span class=\"__1 _201\"/>ance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wh<span class=\"__1 _201\"/>ere all of th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition co<span class=\"__1 _201\"/>sts are re<span class=\"__1 _201\"/>covere<span class=\"__1 _201\"/>d upfront<span class=\"__1 _201\"/>, such as a<span class=\"__1 _201\"/>nnuitie<span class=\"__1 _201\"/>s, n<span class=\"__1 _201\"/>o </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:411.21234px;\">acqu<span class=\"__1 _201\"/>isitio<span class=\"__1 _201\"/>n cost<span class=\"__1 _201\"/>s are defer<span class=\"__1 _201\"/>red.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:386.4646px;\">1.5.<span class=\"__1 _200\"/>10<span class=\"__1 _200\"/> Deriva<span class=\"__1 _200\"/>tiv<span class=\"__1 _200\"/>es and hedge<span class=\"__1 _200\"/> accoun<span class=\"__1 _200\"/>ting<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:365.83508px;\">The p<span class=\"__1 _201\"/>rimar<span class=\"__1 _250\"/>y areas of th<span class=\"__1 _201\"/>e Group\u2019s ope<span class=\"__1 _201\"/>rations w<span class=\"__1 _201\"/>here d<span class=\"__1 _201\"/>eriv<span class=\"__1 _201\"/>ative ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts are he<span class=\"__1 _201\"/>ld are in th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund and an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:349.3366px;\">busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s. Ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment de<span class=\"__1 _201\"/>signate<span class=\"__1 _201\"/>s deri<span class=\"__1 _201\"/>vatives o<span class=\"__1 _201\"/>n ince<span class=\"__1 _201\"/>ption<span class=\"__1 _201\"/>, and thos<span class=\"__1 _201\"/>e that are not d<span class=\"__1 _201\"/>esig<span class=\"__1 _201\"/>nated as he<span class=\"__1 _201\"/>dgin<span class=\"__1 _201\"/>g instr<span class=\"__1 _201\"/>ument<span class=\"__1 _201\"/>s are<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:332.8381px;\">clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as \u201ch<span class=\"__1 _201\"/>eld fo<span class=\"__1 _201\"/>r tradin<span class=\"__1 _201\"/>g\u201d and are me<span class=\"__1 _201\"/>asure<span class=\"__1 _201\"/>d at FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL<span class=\"__1 _201\"/>. Movem<span class=\"__1 _201\"/>ents in f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue are rec<span class=\"__1 _201\"/>orded w<span class=\"__1 _201\"/>ithin inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt return in th<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:316.3396px;\">cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:291.59186px;\">The G<span class=\"__1 _201\"/>roup d<span class=\"__1 _201\"/>oes not re<span class=\"__1 _201\"/>gula<span class=\"__1 _201\"/>rly se<span class=\"__1 _201\"/>ek to app<span class=\"__1 _201\"/>ly fai<span class=\"__1 _201\"/>r value o<span class=\"__1 _201\"/>r cash fl<span class=\"__1 _201\"/>ow hed<span class=\"__1 _201\"/>ging treatm<span class=\"__1 _201\"/>ent un<span class=\"__1 _201\"/>der IAS 3<span class=\"__1 _201\"/>9 and ha<span class=\"__1 _201\"/>s had no f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e or<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:275.09335px;\">cas<span class=\"__1 _201\"/>h flow he<span class=\"__1 _201\"/>dge<span class=\"__1 _201\"/>s for the yea<span class=\"__1 _201\"/>rs end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 and 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:250.34558px;\">1.5.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>1 Der<span class=\"__1 _200\"/>ecognition<span class=\"__1 _200\"/> of financial<span class=\"__1 _200\"/> assets and<span class=\"__1 _200\"/> liabilities<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:229.7161px;\">The G<span class=\"__1 _201\"/>roup\u2019s poli<span class=\"__1 _201\"/>cy is to de<span class=\"__1 _201\"/>recog<span class=\"__1 _201\"/>nise fin<span class=\"__1 _201\"/>ancial a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s when i<span class=\"__1 _201\"/>t is dee<span class=\"__1 _201\"/>med th<span class=\"__1 _201\"/>at subst<span class=\"__1 _201\"/>antiall<span class=\"__1 _201\"/>y all the ri<span class=\"__1 _201\"/>sks and rew<span class=\"__1 _201\"/>ards of own<span class=\"__1 _201\"/>ershi<span class=\"__1 _201\"/>p<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:213.21759px;\">have be<span class=\"__1 _201\"/>en trans<span class=\"__1 _201\"/>fer<span class=\"__1 _201\"/>red. G<span class=\"__1 _201\"/>ains an<span class=\"__1 _201\"/>d loss<span class=\"__1 _201\"/>es on di<span class=\"__1 _201\"/>spos<span class=\"__1 _201\"/>al are deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d as the di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the net dis<span class=\"__1 _201\"/>pos<span class=\"__1 _201\"/>al proc<span class=\"__1 _201\"/>eeds a<span class=\"__1 _201\"/>nd<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:196.7191px;\">the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng amo<span class=\"__1 _201\"/>unt of the as<span class=\"__1 _201\"/>set, a<span class=\"__1 _201\"/>nd are rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e stateme<span class=\"__1 _201\"/>nt.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:171.97134px;\">The G<span class=\"__1 _201\"/>roup d<span class=\"__1 _201\"/>ereco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>s finan<span class=\"__1 _201\"/>cial liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s only w<span class=\"__1 _201\"/>hen the o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>on spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>ed in the c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t is dis<span class=\"__1 _201\"/>charge<span class=\"__1 _201\"/>d or c<span class=\"__1 _201\"/>ancel<span class=\"__1 _201\"/>led<span class=\"__1 _201\"/>, or<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:155.47284px;\">has exp<span class=\"__1 _201\"/>ired.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1081.6672px;\">1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls2e_1 ws6c_1\" style=\"bottom:2.0501442px;\">202<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:1050.5483px;\">1.5.<span class=\"__1 _200\"/>12<span class=\"__1 _200\"/> Securities<span class=\"__1 _200\"/> lending and<span class=\"__1 _200\"/> re<span class=\"__1 _200\"/>ver<span class=\"__1 _200\"/>se r<span class=\"__1 _200\"/>epurchase<span class=\"__1 _200\"/> agreements<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1029.9188px;\">The G<span class=\"__1 _201\"/>roup is p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty to va<span class=\"__1 _201\"/>riou<span class=\"__1 _201\"/>s secur<span class=\"__1 _201\"/>ities l<span class=\"__1 _201\"/>endin<span class=\"__1 _201\"/>g agree<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s and rep<span class=\"__1 _201\"/>urchase a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ents un<span class=\"__1 _201\"/>der w<span class=\"__1 _201\"/>hich se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es are tran<span class=\"__1 _201\"/>sfer<span class=\"__1 _201\"/>red<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1013.4203px;\">to third par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es on a sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term bas<span class=\"__1 _201\"/>is. T<span class=\"__1 _201\"/>he tran<span class=\"__1 _201\"/>sfer<span class=\"__1 _201\"/>red se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es are not d<span class=\"__1 _201\"/>ereco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed; rath<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>, they contin<span class=\"__1 _201\"/>ue to be re<span class=\"__1 _201\"/>cognis<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:996.9219px;\">withi<span class=\"__1 _201\"/>n the app<span class=\"__1 _201\"/>ropriate inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>cation<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:972.1741px;\">The G<span class=\"__1 _201\"/>roup\u2019s poli<span class=\"__1 _201\"/>cy is that c<span class=\"__1 _201\"/>ollatera<span class=\"__1 _201\"/>l in excess o<span class=\"__1 _201\"/>f 100% of the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s loan<span class=\"__1 _201\"/>ed is req<span class=\"__1 _201\"/>uired fro<span class=\"__1 _201\"/>m all se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:955.6756px;\">bor<span class=\"__1 _201\"/>rowers a<span class=\"__1 _201\"/>nd t<span class=\"__1 _201\"/>ypic<span class=\"__1 _201\"/>ally co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>ts of ca<span class=\"__1 _201\"/>sh, de<span class=\"__1 _201\"/>bt sec<span class=\"__1 _201\"/>uritie<span class=\"__1 _201\"/>s, e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s or let<span class=\"__1 _201\"/>ters of cre<span class=\"__1 _201\"/>dit.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:930.92786px;\">In ca<span class=\"__1 _201\"/>ses wh<span class=\"__1 _201\"/>ere the G<span class=\"__1 _201\"/>roup takes p<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>essi<span class=\"__1 _201\"/>on of the co<span class=\"__1 _201\"/>llatera<span class=\"__1 _201\"/>l under i<span class=\"__1 _201\"/>ts se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s len<span class=\"__1 _201\"/>ding pro<span class=\"__1 _201\"/>gramm<span class=\"__1 _201\"/>e, incl<span class=\"__1 _201\"/>uding c<span class=\"__1 _201\"/>ash co<span class=\"__1 _201\"/>llateral<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:914.4293px;\">whic<span class=\"__1 _201\"/>h is not le<span class=\"__1 _201\"/>gall<span class=\"__1 _201\"/>y separ<span class=\"__1 _201\"/>ated from th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p, the coll<span class=\"__1 _201\"/>ateral an<span class=\"__1 _201\"/>d corre<span class=\"__1 _201\"/>spon<span class=\"__1 _201\"/>ding ob<span class=\"__1 _201\"/>ligatio<span class=\"__1 _201\"/>n to return su<span class=\"__1 _201\"/>ch collater<span class=\"__1 _201\"/>al is rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:897.93085px;\">as a fina<span class=\"__1 _201\"/>ncial li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y on th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:873.1831px;\">The G<span class=\"__1 _201\"/>roup is a<span class=\"__1 _201\"/>lso par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y to var<span class=\"__1 _201\"/>ious rever<span class=\"__1 _201\"/>se repu<span class=\"__1 _201\"/>rchase a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ents un<span class=\"__1 _201\"/>der wh<span class=\"__1 _201\"/>ich se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es are purch<span class=\"__1 _201\"/>ased f<span class=\"__1 _201\"/>rom third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ties wit<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:856.6846px;\">an ob<span class=\"__1 _201\"/>ligation to re<span class=\"__1 _201\"/>sell th<span class=\"__1 _201\"/>e secur<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e secu<span class=\"__1 _201\"/>rities a<span class=\"__1 _201\"/>re not rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed as inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts on the s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:840.1861px;\">The r<span class=\"__1 _201\"/>ight to rec<span class=\"__1 _201\"/>eive the re<span class=\"__1 _201\"/>turn of any c<span class=\"__1 _201\"/>ash pai<span class=\"__1 _201\"/>d as purcha<span class=\"__1 _201\"/>se cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ation pl<span class=\"__1 _201\"/>us interes<span class=\"__1 _201\"/>t is reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed as a fin<span class=\"__1 _201\"/>ancial a<span class=\"__1 _201\"/>sset o<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:823.6876px;\">statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:798.9398px;\">1.5.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>3 Subordina<span class=\"__1 _200\"/>ted<span class=\"__1 _200\"/> liabilities and<span class=\"__1 _200\"/> other borr<span class=\"__1 _200\"/>owing<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:778.31036px;\">Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties inc<span class=\"__1 _201\"/>lude l<span class=\"__1 _201\"/>oan notes i<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>ed by the G<span class=\"__1 _201\"/>roup whi<span class=\"__1 _201\"/>ch are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l liabili<span class=\"__1 _201\"/>ties as th<span class=\"__1 _201\"/>ey have a fixed<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:761.8118px;\">repay<span class=\"__1 _201\"/>ment date an<span class=\"__1 _201\"/>d do not rep<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nt a resid<span class=\"__1 _201\"/>ual interes<span class=\"__1 _201\"/>t in the n<span class=\"__1 _201\"/>et ass<span class=\"__1 _201\"/>ets of the C<span class=\"__1 _201\"/>ompany o<span class=\"__1 _201\"/>n liqui<span class=\"__1 _201\"/>dation<span class=\"__1 _201\"/>. The no<span class=\"__1 _201\"/>tes rank ju<span class=\"__1 _201\"/>nior to<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:745.31335px;\">all othe<span class=\"__1 _201\"/>r liabil<span class=\"__1 _201\"/>ities of th<span class=\"__1 _201\"/>e Group i<span class=\"__1 _201\"/>n the event of li<span class=\"__1 _201\"/>quidati<span class=\"__1 _201\"/>on, b<span class=\"__1 _201\"/>ut above sh<span class=\"__1 _201\"/>are cap<span class=\"__1 _201\"/>ital.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:720.5656px;\">Borrowings<span class=\"__1 _200\"/> include opera<span class=\"__1 _200\"/>tional borr<span class=\"__1 _200\"/>owings a<span class=\"__1 _200\"/>ttributable t<span class=\"__1 _200\"/>o sha<span class=\"__1 _200\"/>reholder<span class=\"__1 _f_1\"/>-financed operations<span class=\"__1 _200\"/> and ot<span class=\"__1 _200\"/>her borrowing<span class=\"__1 _200\"/>s attribut<span class=\"__1 _200\"/>able t<span class=\"__1 _200\"/>o<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:704.0671px;\">the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:679.31934px;\">Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs are initi<span class=\"__1 _201\"/>ally re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e, net of tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion c<span class=\"__1 _201\"/>osts<span class=\"__1 _201\"/>. Bor<span class=\"__1 _201\"/>rowing<span class=\"__1 _201\"/>s, exclu<span class=\"__1 _201\"/>ding<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:662.82086px;\">thos<span class=\"__1 _201\"/>e backi<span class=\"__1 _201\"/>ng buy-to<span class=\"__1 _201\"/>-let m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tgage<span class=\"__1 _201\"/>s, w<span class=\"__1 _201\"/>hich are ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>d on a fair v<span class=\"__1 _201\"/>alue b<span class=\"__1 _201\"/>asis and d<span class=\"__1 _201\"/>esig<span class=\"__1 _201\"/>nated at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>, are s<span class=\"__1 _201\"/>ubse<span class=\"__1 _201\"/>quentl<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:646.3223px;\">acco<span class=\"__1 _201\"/>unted fo<span class=\"__1 _201\"/>r on an amo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tised c<span class=\"__1 _201\"/>ost ba<span class=\"__1 _201\"/>sis usin<span class=\"__1 _201\"/>g the effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve interes<span class=\"__1 _201\"/>t metho<span class=\"__1 _201\"/>d. Un<span class=\"__1 _201\"/>der the e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>tive intere<span class=\"__1 _201\"/>st met<span class=\"__1 _201\"/>hod,<span class=\"__1 _201\"/> the diffe<span class=\"__1 _201\"/>rence<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:629.82385px;\">bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the red<span class=\"__1 _201\"/>emptio<span class=\"__1 _201\"/>n value of th<span class=\"__1 _201\"/>e bor<span class=\"__1 _201\"/>rowing an<span class=\"__1 _201\"/>d the init<span class=\"__1 _201\"/>ial proc<span class=\"__1 _201\"/>eed<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>net of rel<span class=\"__1 _201\"/>ated iss<span class=\"__1 _201\"/>ue cos<span class=\"__1 _201\"/>ts) is amor<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d throu<span class=\"__1 _201\"/>gh the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:613.3253px;\">inco<span class=\"__1 _201\"/>me st<span class=\"__1 _201\"/>atement to the d<span class=\"__1 _201\"/>ate of maturit<span class=\"__1 _201\"/>y, or for hybr<span class=\"__1 _201\"/>id debt<span class=\"__1 _201\"/>, over the exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted life of th<span class=\"__1 _201\"/>e instr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:588.5776px;\">Bor<span class=\"__1 _201\"/>rowing<span class=\"__1 _201\"/>s backin<span class=\"__1 _201\"/>g buy-to<span class=\"__1 _201\"/>-let m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tgage<span class=\"__1 _201\"/>s are des<span class=\"__1 _201\"/>ignated at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L in line w<span class=\"__1 _201\"/>ith the und<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>ying l<span class=\"__1 _201\"/>oan as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls28_1 ws6e_1\" style=\"left:0.010047913px; bottom:563.82983px;\">1.5.<span class=\"__1 _f_1\"/>14 In<span class=\"__1 _200\"/>vestm<span class=\"__1 _200\"/>ent pr<span class=\"__1 _200\"/>operty<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:543.2003px;\">Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in leas<span class=\"__1 _201\"/>ehol<span class=\"__1 _201\"/>d and fre<span class=\"__1 _201\"/>eho<span class=\"__1 _201\"/>ld prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties n<span class=\"__1 _201\"/>ot for oc<span class=\"__1 _201\"/>cupatio<span class=\"__1 _201\"/>n by the Grou<span class=\"__1 _201\"/>p, inclu<span class=\"__1 _201\"/>ding pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s unde<span class=\"__1 _201\"/>r develo<span class=\"__1 _201\"/>pment<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:526.70184px;\">for fu<span class=\"__1 _201\"/>ture use as inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty, are car<span class=\"__1 _201\"/>rie<span class=\"__1 _201\"/>d at fair va<span class=\"__1 _201\"/>lue, wi<span class=\"__1 _201\"/>th chang<span class=\"__1 _201\"/>es in fai<span class=\"__1 _201\"/>r value in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed in the in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:510.20337px;\">Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties are v<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/>d annual<span class=\"__1 _201\"/>ly eith<span class=\"__1 _201\"/>er by the Gro<span class=\"__1 _201\"/>up\u2019s qualifi<span class=\"__1 _201\"/>ed sur<span class=\"__1 _201\"/>veyo<span class=\"__1 _201\"/>rs or by taki<span class=\"__1 _201\"/>ng into cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ation the a<span class=\"__1 _201\"/>dvi<span class=\"__1 _201\"/>ce of profe<span class=\"__1 _201\"/>ssio<span class=\"__1 _201\"/>nal<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:493.70483px;\">exte<span class=\"__1 _201\"/>rnal va<span class=\"__1 _201\"/>luers u<span class=\"__1 _201\"/>sing th<span class=\"__1 _201\"/>e valuatio<span class=\"__1 _201\"/>n stan<span class=\"__1 _201\"/>dards of th<span class=\"__1 _201\"/>e Royal Ins<span class=\"__1 _201\"/>titutio<span class=\"__1 _201\"/>n of Char<span class=\"__1 _201\"/>tered S<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>veyors (R<span class=\"__1 _201\"/>IC<span class=\"__1 _201\"/>S). Each prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y is exter<span class=\"__1 _201\"/>nall<span class=\"__1 _201\"/>y </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:477.20636px;\">valu<span class=\"__1 _201\"/>ed at lea<span class=\"__1 _201\"/>st on<span class=\"__1 _201\"/>ce ever<span class=\"__1 _201\"/>y thre<span class=\"__1 _201\"/>e years<span class=\"__1 _201\"/>. On di<span class=\"__1 _201\"/>spos<span class=\"__1 _201\"/>al of an inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y, the diffe<span class=\"__1 _201\"/>rence b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the n<span class=\"__1 _201\"/>et proc<span class=\"__1 _201\"/>eeds re<span class=\"__1 _201\"/>cei<span class=\"__1 _201\"/>ved<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:460.70786px;\">and th<span class=\"__1 _201\"/>e carr<span class=\"__1 _250\"/>ying a<span class=\"__1 _201\"/>mount is re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nised i<span class=\"__1 _201\"/>n the inc<span class=\"__1 _201\"/>ome st<span class=\"__1 _201\"/>atement<span class=\"__1 _201\"/>. </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:435.96008px;\">1.5.<span class=\"__1 _200\"/>15<span class=\"__1 _200\"/> Defined benefit<span class=\"__1 _200\"/> pension schemes<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:415.3306px;\">For the G<span class=\"__1 _201\"/>roup\u2019s defin<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>nefit s<span class=\"__1 _201\"/>cheme<span class=\"__1 _201\"/>s, if th<span class=\"__1 _201\"/>e pres<span class=\"__1 _201\"/>ent valu<span class=\"__1 _201\"/>e of the defi<span class=\"__1 _201\"/>ned b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t obli<span class=\"__1 _201\"/>gation fo<span class=\"__1 _201\"/>r the relev<span class=\"__1 _201\"/>ant sch<span class=\"__1 _201\"/>eme excee<span class=\"__1 _201\"/>ds<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:398.8321px;\">the fa<span class=\"__1 _201\"/>ir value o<span class=\"__1 _201\"/>f the sch<span class=\"__1 _201\"/>eme as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>, then a l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y is re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d in the G<span class=\"__1 _201\"/>roup\u2019s statemen<span class=\"__1 _201\"/>t of finan<span class=\"__1 _201\"/>cial pos<span class=\"__1 _201\"/>ition in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of that<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:382.3336px;\">sch<span class=\"__1 _201\"/>eme. B<span class=\"__1 _201\"/>y contra<span class=\"__1 _201\"/>st, if th<span class=\"__1 _201\"/>e fair v<span class=\"__1 _201\"/>alue of the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s of the rel<span class=\"__1 _201\"/>evant sch<span class=\"__1 _201\"/>eme exce<span class=\"__1 _201\"/>eds the p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nt value of th<span class=\"__1 _201\"/>e defin<span class=\"__1 _201\"/>ed b<span class=\"__1 _201\"/>enefit<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:365.83508px;\">obli<span class=\"__1 _201\"/>gation<span class=\"__1 _201\"/>, then th<span class=\"__1 _201\"/>e surp<span class=\"__1 _201\"/>lus in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of that sch<span class=\"__1 _201\"/>eme wi<span class=\"__1 _201\"/>ll only b<span class=\"__1 _201\"/>e reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d if the n<span class=\"__1 _201\"/>ature of the arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s under th<span class=\"__1 _201\"/>e </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:349.3366px;\">trus<span class=\"__1 _201\"/>t dee<span class=\"__1 _201\"/>d, an<span class=\"__1 _201\"/>d fundi<span class=\"__1 _201\"/>ng arr<span class=\"__1 _201\"/>angem<span class=\"__1 _201\"/>ents b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the T<span class=\"__1 _200\"/>rus<span class=\"__1 _201\"/>tee and th<span class=\"__1 _201\"/>e empl<span class=\"__1 _201\"/>oying en<span class=\"__1 _201\"/>tity, supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t the availa<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y of refun<span class=\"__1 _201\"/>ds or<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:332.8381px;\">recove<span class=\"__1 _201\"/>rabil<span class=\"__1 _201\"/>ity th<span class=\"__1 _201\"/>rough ag<span class=\"__1 _201\"/>reed re<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tions in f<span class=\"__1 _201\"/>uture cont<span class=\"__1 _201\"/>ributi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>. In addi<span class=\"__1 _201\"/>tion, i<span class=\"__1 _201\"/>f there is a co<span class=\"__1 _201\"/>nstr<span class=\"__1 _201\"/>ucti<span class=\"__1 _201\"/>ve obli<span class=\"__1 _201\"/>gation fo<span class=\"__1 _201\"/>r the emp<span class=\"__1 _201\"/>loyin<span class=\"__1 _201\"/>g </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:316.3396px;\">entit<span class=\"__1 _201\"/>y to pay defi<span class=\"__1 _201\"/>cit fun<span class=\"__1 _201\"/>ding in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of sc<span class=\"__1 _201\"/>heme<span class=\"__1 _201\"/>s whe<span class=\"__1 _201\"/>re there is no u<span class=\"__1 _201\"/>ncon<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>al right to a ref<span class=\"__1 _201\"/>und to any sur<span class=\"__1 _201\"/>plus<span class=\"__1 _201\"/>, this is al<span class=\"__1 _201\"/>so </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:299.8411px;\">reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d such th<span class=\"__1 _201\"/>at the fina<span class=\"__1 _201\"/>ncial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n record<span class=\"__1 _201\"/>ed for th<span class=\"__1 _201\"/>e sche<span class=\"__1 _201\"/>me refl<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/>s the hig<span class=\"__1 _201\"/>her of any un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying I<span class=\"__1 _201\"/>AS 19 Empl<span class=\"__1 _201\"/>oyee<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:283.3426px;\">Benefits deficit a<span class=\"__1 _200\"/>nd the obl<span class=\"__1 _200\"/>igation<span class=\"__1 _200\"/> for defici<span class=\"__1 _200\"/>t funding.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:258.59485px;\">The G<span class=\"__1 _201\"/>roup uti<span class=\"__1 _201\"/>lises th<span class=\"__1 _201\"/>e proje<span class=\"__1 _201\"/>cted u<span class=\"__1 _201\"/>nit cred<span class=\"__1 _201\"/>it metho<span class=\"__1 _201\"/>d to calcu<span class=\"__1 _201\"/>late the defi<span class=\"__1 _201\"/>ned b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t obli<span class=\"__1 _201\"/>gation<span class=\"__1 _201\"/>. This m<span class=\"__1 _201\"/>ethod s<span class=\"__1 _201\"/>ees ea<span class=\"__1 _201\"/>ch year of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:242.09634px;\">ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice as gi<span class=\"__1 _201\"/>ving r<span class=\"__1 _201\"/>ise to an ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>al unit of b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t entitle<span class=\"__1 _201\"/>ment an<span class=\"__1 _201\"/>d meas<span class=\"__1 _201\"/>ures ea<span class=\"__1 _201\"/>ch unit se<span class=\"__1 _201\"/>paratel<span class=\"__1 _201\"/>y to build up th<span class=\"__1 _201\"/>e final o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>on.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:225.59784px;\">Es<span class=\"__1 _201\"/>timated f<span class=\"__1 _201\"/>uture cas<span class=\"__1 _201\"/>h flows are th<span class=\"__1 _201\"/>en dis<span class=\"__1 _201\"/>counted at a h<span class=\"__1 _201\"/>igh-<span class=\"__1 _201\"/>qual<span class=\"__1 _201\"/>ity c<span class=\"__1 _201\"/>orpo<span class=\"__1 _201\"/>rate bon<span class=\"__1 _201\"/>d rate, adju<span class=\"__1 _201\"/>sted to all<span class=\"__1 _201\"/>ow for the d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nce in<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:209.09935px;\">durati<span class=\"__1 _201\"/>on bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the bo<span class=\"__1 _201\"/>nd ind<span class=\"__1 _201\"/>ex and the p<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>n liabil<span class=\"__1 _201\"/>ities wh<span class=\"__1 _201\"/>ere app<span class=\"__1 _201\"/>ropri<span class=\"__1 _201\"/>ate, to determi<span class=\"__1 _201\"/>ne its pre<span class=\"__1 _201\"/>sent v<span class=\"__1 _201\"/>alue. T<span class=\"__1 _201\"/>hese c<span class=\"__1 _201\"/>alcu<span class=\"__1 _201\"/>lations<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:192.60085px;\">are performed by independent<span class=\"__1 _200\"/> actuaries.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:167.85309px;\">The p<span class=\"__1 _201\"/>lan as<span class=\"__1 _201\"/>sets of th<span class=\"__1 _201\"/>e Group\u2019s pen<span class=\"__1 _201\"/>sion s<span class=\"__1 _201\"/>cheme<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>de seve<span class=\"__1 _201\"/>ral insu<span class=\"__1 _201\"/>rance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts that h<span class=\"__1 _201\"/>ave been i<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>ed by the G<span class=\"__1 _201\"/>roup.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:151.3546px;\">The<span class=\"__1 _201\"/>se as<span class=\"__1 _201\"/>sets are excl<span class=\"__1 _201\"/>uded f<span class=\"__1 _201\"/>rom plan a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s in deter<span class=\"__1 _201\"/>mining th<span class=\"__1 _201\"/>e pens<span class=\"__1 _201\"/>ion sur<span class=\"__1 _201\"/>plus o<span class=\"__1 _201\"/>r defic<span class=\"__1 _201\"/>it reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d on the co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:134.8561px;\">statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on. T<span class=\"__1 _201\"/>he aggre<span class=\"__1 _201\"/>gate of the ac<span class=\"__1 _201\"/>tuar<span class=\"__1 _201\"/>ially d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice c<span class=\"__1 _201\"/>osts of th<span class=\"__1 _201\"/>e curre<span class=\"__1 _201\"/>ntly emp<span class=\"__1 _201\"/>loyed p<span class=\"__1 _201\"/>erso<span class=\"__1 _201\"/>nnel<span class=\"__1 _201\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:118.35759px;\">and th<span class=\"__1 _201\"/>e net intere<span class=\"__1 _201\"/>st on th<span class=\"__1 _201\"/>e net defi<span class=\"__1 _201\"/>ned b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t oblig<span class=\"__1 _201\"/>ation at the s<span class=\"__1 _201\"/>tar<span class=\"__1 _201\"/>t of the ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, i<span class=\"__1 _201\"/>s charge<span class=\"__1 _201\"/>d to the cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:101.8591px;\">statem<span class=\"__1 _201\"/>ent. Ac<span class=\"__1 _201\"/>tuari<span class=\"__1 _201\"/>al and oth<span class=\"__1 _201\"/>er gains a<span class=\"__1 _201\"/>nd los<span class=\"__1 _201\"/>ses as a re<span class=\"__1 _201\"/>sult of ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s in ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s or expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce vari<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>s are reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d as </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:85.360596px;\">other c<span class=\"__1 _200\"/>omprehensive<span class=\"__1 _200\"/> income. </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:60.612846px;\">Cont<span class=\"__1 _201\"/>ributi<span class=\"__1 _201\"/>ons to the G<span class=\"__1 _201\"/>roup\u2019s define<span class=\"__1 _201\"/>d contr<span class=\"__1 _201\"/>ibutio<span class=\"__1 _201\"/>n pens<span class=\"__1 _201\"/>ion sch<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>s are expe<span class=\"__1 _201\"/>nsed w<span class=\"__1 _201\"/>hen du<span class=\"__1 _201\"/>e.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"left:0.010047913px; bottom:1081.6672px;\">1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m1_1 h9_1 ff1_1 fs1_1 fc3_1 sc0_1 ls35_1 ws36_1\" style=\"left:771.7404px; bottom:700.5532px;\">Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls1_1 ws1_1\" style=\"left:500.5692px; bottom:2.0501442px;\">M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls14_1 ws13_1\">203<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 hd_1 ff2_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1166.7065px;\">Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls5f_1 ws72_1\" style=\"bottom:1050.5483px;\">1<span class=\"__1 _250\"/>.<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>.<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/> Ta<span class=\"__1 _250\"/>x<span class=\"__1 _250\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1029.9188px;\">The G<span class=\"__1 _201\"/>roup ap<span class=\"__1 _201\"/>plie<span class=\"__1 _201\"/>s IAS 12 Inco<span class=\"__1 _201\"/>me T<span class=\"__1 _f_1\"/>a<span class=\"__1 _201\"/>xes in acc<span class=\"__1 _201\"/>ounting f<span class=\"__1 _201\"/>or taxes o<span class=\"__1 _201\"/>n incom<span class=\"__1 _201\"/>e. Inc<span class=\"__1 _201\"/>ome ta<span class=\"__1 _201\"/>x compr<span class=\"__1 _201\"/>ises c<span class=\"__1 _201\"/>urrent ta<span class=\"__1 _201\"/>x and def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d tax<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1013.4203px;\">Inco<span class=\"__1 _201\"/>me tax i<span class=\"__1 _201\"/>s reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in the inc<span class=\"__1 _201\"/>ome s<span class=\"__1 _201\"/>tatement exce<span class=\"__1 _201\"/>pt to the ex<span class=\"__1 _201\"/>tent that it rel<span class=\"__1 _201\"/>ates to items rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in othe<span class=\"__1 _201\"/>r comp<span class=\"__1 _201\"/>rehen<span class=\"__1 _201\"/>sive<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:996.9219px;\">inco<span class=\"__1 _201\"/>me or dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y in equ<span class=\"__1 _201\"/>ity, in which c<span class=\"__1 _201\"/>ase th<span class=\"__1 _201\"/>e tax is re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed in th<span class=\"__1 _201\"/>e sam<span class=\"__1 _201\"/>e stateme<span class=\"__1 _201\"/>nt as the re<span class=\"__1 _201\"/>lated item ap<span class=\"__1 _201\"/>pear<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:972.1741px;\">Curre<span class=\"__1 _201\"/>nt tax exp<span class=\"__1 _201\"/>ense is c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/>d or cred<span class=\"__1 _201\"/>ited bas<span class=\"__1 _201\"/>ed upo<span class=\"__1 _201\"/>n amou<span class=\"__1 _201\"/>nts es<span class=\"__1 _201\"/>timated to be p<span class=\"__1 _201\"/>ayable o<span class=\"__1 _201\"/>r recover<span class=\"__1 _201\"/>able a<span class=\"__1 _201\"/>s a result of t<span class=\"__1 _201\"/>axabl<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:955.6756px;\">amo<span class=\"__1 _201\"/>unts for th<span class=\"__1 _201\"/>e curren<span class=\"__1 _201\"/>t year and a<span class=\"__1 _201\"/>djustm<span class=\"__1 _201\"/>ents m<span class=\"__1 _201\"/>ade in rel<span class=\"__1 _201\"/>ation to pr<span class=\"__1 _201\"/>ior year<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:930.92786px;\">Inco<span class=\"__1 _201\"/>me tax re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>ble on t<span class=\"__1 _201\"/>ax allow<span class=\"__1 _201\"/>able l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s is reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed as a cur<span class=\"__1 _201\"/>rent tax a<span class=\"__1 _201\"/>sset o<span class=\"__1 _201\"/>nly to the ex<span class=\"__1 _201\"/>tent that it i<span class=\"__1 _201\"/>s regard<span class=\"__1 _201\"/>ed as<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:914.4293px;\">recove<span class=\"__1 _201\"/>rabl<span class=\"__1 _201\"/>e by offs<span class=\"__1 _201\"/>ettin<span class=\"__1 _201\"/>g agains<span class=\"__1 _201\"/>t taxab<span class=\"__1 _201\"/>le profi<span class=\"__1 _201\"/>ts ari<span class=\"__1 _201\"/>sing in th<span class=\"__1 _201\"/>e current o<span class=\"__1 _201\"/>r prio<span class=\"__1 _201\"/>r per<span class=\"__1 _201\"/>iods<span class=\"__1 _201\"/>. Curre<span class=\"__1 _201\"/>nt tax is m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d using t<span class=\"__1 _201\"/>ax rates<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:897.93085px;\">and ta<span class=\"__1 _201\"/>x laws that have b<span class=\"__1 _201\"/>een e<span class=\"__1 _201\"/>nacte<span class=\"__1 _201\"/>d or subs<span class=\"__1 _201\"/>tanti<span class=\"__1 _201\"/>vely en<span class=\"__1 _201\"/>acte<span class=\"__1 _201\"/>d at the bal<span class=\"__1 _201\"/>ance sh<span class=\"__1 _201\"/>eet date.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:873.1831px;\">Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>xes are prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d under th<span class=\"__1 _201\"/>e liabi<span class=\"__1 _201\"/>lity m<span class=\"__1 _201\"/>etho<span class=\"__1 _201\"/>d for all rel<span class=\"__1 _201\"/>evant temp<span class=\"__1 _201\"/>orar<span class=\"__1 _250\"/>y diffe<span class=\"__1 _201\"/>rence<span class=\"__1 _201\"/>s. IA<span class=\"__1 _201\"/>S 12 Incom<span class=\"__1 _201\"/>e T<span class=\"__1 _f_1\"/>axes d<span class=\"__1 _201\"/>oes n<span class=\"__1 _201\"/>ot<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:856.6846px;\">requ<span class=\"__1 _201\"/>ire all temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y di<span class=\"__1 _201\"/>ffere<span class=\"__1 _201\"/>nces to be p<span class=\"__1 _201\"/>rovid<span class=\"__1 _201\"/>ed for<span class=\"__1 _200\"/>, in par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ular<span class=\"__1 _200\"/>, the Gro<span class=\"__1 _201\"/>up doe<span class=\"__1 _201\"/>s not prov<span class=\"__1 _201\"/>ide for d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax on u<span class=\"__1 _201\"/>ndis<span class=\"__1 _201\"/>tribute<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:840.1861px;\">ear<span class=\"__1 _201\"/>nings of su<span class=\"__1 _201\"/>bsidi<span class=\"__1 _201\"/>aries w<span class=\"__1 _201\"/>here th<span class=\"__1 _201\"/>e Group i<span class=\"__1 _201\"/>s able to co<span class=\"__1 _201\"/>ntrol the tim<span class=\"__1 _201\"/>ing of the di<span class=\"__1 _201\"/>strib<span class=\"__1 _201\"/>ution a<span class=\"__1 _201\"/>nd the temp<span class=\"__1 _201\"/>orar<span class=\"__1 _250\"/>y diffe<span class=\"__1 _201\"/>rence cre<span class=\"__1 _201\"/>ated is<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:823.6876px;\">not exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to revers<span class=\"__1 _201\"/>e in the fore<span class=\"__1 _201\"/>seea<span class=\"__1 _201\"/>ble fu<span class=\"__1 _201\"/>ture. Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x is als<span class=\"__1 _201\"/>o not reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed on temp<span class=\"__1 _201\"/>orar<span class=\"__1 _250\"/>y diffe<span class=\"__1 _201\"/>rence<span class=\"__1 _201\"/>s that aris<span class=\"__1 _201\"/>e from<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:807.1891px;\">initia<span class=\"__1 _201\"/>l recog<span class=\"__1 _201\"/>nition of a<span class=\"__1 _201\"/>n ass<span class=\"__1 _201\"/>et or a liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y in a trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>on (<span class=\"__1 _200\"/>othe<span class=\"__1 _201\"/>r than a bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s comb<span class=\"__1 _201\"/>ination) that at the ti<span class=\"__1 _201\"/>me of the tr<span class=\"__1 _201\"/>ansac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:790.6906px;\">affe<span class=\"__1 _201\"/>cts n<span class=\"__1 _201\"/>eithe<span class=\"__1 _201\"/>r accou<span class=\"__1 _201\"/>nting no<span class=\"__1 _201\"/>r taxabl<span class=\"__1 _201\"/>e profit o<span class=\"__1 _201\"/>r los<span class=\"__1 _201\"/>s. De<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d tax as<span class=\"__1 _201\"/>sets are re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised to th<span class=\"__1 _201\"/>e extent th<span class=\"__1 _201\"/>at it is prob<span class=\"__1 _201\"/>able th<span class=\"__1 _201\"/>at<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:774.1921px;\">suffi<span class=\"__1 _201\"/>cient ta<span class=\"__1 _201\"/>xabl<span class=\"__1 _201\"/>e profit w<span class=\"__1 _201\"/>ill be avail<span class=\"__1 _201\"/>able a<span class=\"__1 _201\"/>gains<span class=\"__1 _201\"/>t which th<span class=\"__1 _201\"/>e dedu<span class=\"__1 _201\"/>ctib<span class=\"__1 _201\"/>le temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y di<span class=\"__1 _201\"/>ffere<span class=\"__1 _201\"/>nces<span class=\"__1 _201\"/>, and th<span class=\"__1 _201\"/>e carr<span class=\"__1 _250\"/>y for<span class=\"__1 _201\"/>ward of u<span class=\"__1 _201\"/>nuse<span class=\"__1 _201\"/>d tax<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:757.6936px;\">credi<span class=\"__1 _201\"/>ts and un<span class=\"__1 _201\"/>used t<span class=\"__1 _201\"/>ax los<span class=\"__1 _201\"/>ses c<span class=\"__1 _201\"/>an be uti<span class=\"__1 _201\"/>lised<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:732.94586px;\">Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x is mea<span class=\"__1 _201\"/>sured at th<span class=\"__1 _201\"/>e tax rates th<span class=\"__1 _201\"/>at are expe<span class=\"__1 _201\"/>cted to ap<span class=\"__1 _201\"/>ply to the p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od wh<span class=\"__1 _201\"/>en the as<span class=\"__1 _201\"/>set is rea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d or the lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:716.4473px;\">set<span class=\"__1 _201\"/>tled<span class=\"__1 _201\"/>, base<span class=\"__1 _201\"/>d on tax r<span class=\"__1 _201\"/>ates (<span class=\"__1 _200\"/>and law<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) that have be<span class=\"__1 _201\"/>en ena<span class=\"__1 _201\"/>cted o<span class=\"__1 _201\"/>r are subs<span class=\"__1 _201\"/>tantive<span class=\"__1 _201\"/>ly ena<span class=\"__1 _201\"/>cted at th<span class=\"__1 _201\"/>e end of th<span class=\"__1 _201\"/>e repor<span class=\"__1 _201\"/>tin<span class=\"__1 _201\"/>g per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:699.94885px;\">Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>ets and l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es are on<span class=\"__1 _201\"/>ly off<span class=\"__1 _201\"/>set wh<span class=\"__1 _201\"/>en there is b<span class=\"__1 _201\"/>oth a le<span class=\"__1 _201\"/>gal rig<span class=\"__1 _201\"/>ht to set<span class=\"__1 _200\"/>-o<span class=\"__1 _201\"/>ff and an inte<span class=\"__1 _201\"/>ntion to set<span class=\"__1 _201\"/>tle on a n<span class=\"__1 _201\"/>et basi<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:675.2011px;\">The tota<span class=\"__1 _201\"/>l tax rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d in the con<span class=\"__1 _201\"/>solid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me st<span class=\"__1 _201\"/>atement in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>s tax at<span class=\"__1 _201\"/>tribu<span class=\"__1 _201\"/>table to b<span class=\"__1 _201\"/>oth poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs and s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:658.7026px;\">The t<span class=\"__1 _201\"/>ax attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers co<span class=\"__1 _201\"/>mpris<span class=\"__1 _201\"/>es the ta<span class=\"__1 _201\"/>x on the in<span class=\"__1 _201\"/>come o<span class=\"__1 _201\"/>f the cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts and un<span class=\"__1 _201\"/>it<span class=\"__1 _200\"/>-linked f<span class=\"__1 _201\"/>unds<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:633.95483px;\">In cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in juris<span class=\"__1 _201\"/>dic<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>, such a<span class=\"__1 _201\"/>s the UK<span class=\"__1 _201\"/>, life i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce com<span class=\"__1 _201\"/>panie<span class=\"__1 _201\"/>s are taxe<span class=\"__1 _201\"/>d on both th<span class=\"__1 _201\"/>eir share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 profi<span class=\"__1 _201\"/>ts and o<span class=\"__1 _201\"/>n their<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:617.45636px;\">pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers\u2019 inves<span class=\"__1 _201\"/>tment retur<span class=\"__1 _201\"/>ns on ce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ain insur<span class=\"__1 _201\"/>ance a<span class=\"__1 _201\"/>nd inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roduc<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. Altho<span class=\"__1 _201\"/>ugh both t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>es of tax a<span class=\"__1 _201\"/>re inclu<span class=\"__1 _201\"/>ded in<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:600.9578px;\">the total ta<span class=\"__1 _201\"/>x charg<span class=\"__1 _201\"/>e in the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment, t<span class=\"__1 _201\"/>hey are pres<span class=\"__1 _201\"/>ented s<span class=\"__1 _201\"/>epar<span class=\"__1 _201\"/>ately in the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated in<span class=\"__1 _201\"/>come<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:584.45935px;\">statem<span class=\"__1 _201\"/>ent to prov<span class=\"__1 _201\"/>ide the m<span class=\"__1 _201\"/>ost rel<span class=\"__1 _201\"/>evant info<span class=\"__1 _201\"/>rmati<span class=\"__1 _201\"/>on abo<span class=\"__1 _201\"/>ut tax that th<span class=\"__1 _201\"/>e Group p<span class=\"__1 _201\"/>ays on its p<span class=\"__1 _201\"/>rofits<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:559.7116px;\">The G<span class=\"__1 _201\"/>roup is s<span class=\"__1 _201\"/>ubje<span class=\"__1 _201\"/>ct to tax in n<span class=\"__1 _201\"/>umero<span class=\"__1 _201\"/>us juri<span class=\"__1 _201\"/>sdic<span class=\"__1 _201\"/>tions a<span class=\"__1 _201\"/>nd the c<span class=\"__1 _201\"/>alculati<span class=\"__1 _201\"/>on of the total t<span class=\"__1 _201\"/>ax charg<span class=\"__1 _201\"/>e inhere<span class=\"__1 _201\"/>ntly invol<span class=\"__1 _201\"/>ves a de<span class=\"__1 _201\"/>gree of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:543.2131px;\">es<span class=\"__1 _201\"/>timation a<span class=\"__1 _201\"/>nd judg<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt. Th<span class=\"__1 _201\"/>e positi<span class=\"__1 _201\"/>ons taken in ta<span class=\"__1 _201\"/>x returns<span class=\"__1 _201\"/>, whe<span class=\"__1 _201\"/>re appl<span class=\"__1 _201\"/>icab<span class=\"__1 _201\"/>le tax re<span class=\"__1 _201\"/>gulatio<span class=\"__1 _201\"/>n is subj<span class=\"__1 _201\"/>ect to in<span class=\"__1 _201\"/>terpretati<span class=\"__1 _201\"/>on, are<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:526.7146px;\">reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in full i<span class=\"__1 _201\"/>n the deter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n of the tax c<span class=\"__1 _201\"/>harge in th<span class=\"__1 _201\"/>e finan<span class=\"__1 _201\"/>cial state<span class=\"__1 _201\"/>ments i<span class=\"__1 _201\"/>f the Gro<span class=\"__1 _201\"/>up cons<span class=\"__1 _201\"/>iders t<span class=\"__1 _201\"/>hat it is prob<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:510.21613px;\">that the ta<span class=\"__1 _201\"/>xation au<span class=\"__1 _201\"/>thori<span class=\"__1 _201\"/>ty w<span class=\"__1 _201\"/>ill acce<span class=\"__1 _201\"/>pt those p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>. Othe<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>wise<span class=\"__1 _201\"/>, the Grou<span class=\"__1 _201\"/>p consi<span class=\"__1 _201\"/>ders a<span class=\"__1 _201\"/>n uncer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in tax po<span class=\"__1 _201\"/>sition to exi<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:493.7176px;\">and a p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>n is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d to refle<span class=\"__1 _201\"/>ct that a t<span class=\"__1 _201\"/>axation a<span class=\"__1 _201\"/>uthor<span class=\"__1 _201\"/>ity, upon rev<span class=\"__1 _201\"/>iew of the p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>ns, c<span class=\"__1 _201\"/>ould alte<span class=\"__1 _201\"/>r the tax retu<span class=\"__1 _201\"/>rns<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:477.21912px;\">From reco<span class=\"__1 _201\"/>gnitio<span class=\"__1 _201\"/>n, the prov<span class=\"__1 _201\"/>isio<span class=\"__1 _201\"/>n is meas<span class=\"__1 _201\"/>ured ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n manag<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>\u2019s judge<span class=\"__1 _201\"/>ment a<span class=\"__1 _201\"/>nd es<span class=\"__1 _201\"/>timate of the likel<span class=\"__1 _201\"/>y amount o<span class=\"__1 _201\"/>f the liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:460.72058px;\">or rec<span class=\"__1 _201\"/>over<span class=\"__1 _201\"/>y by prov<span class=\"__1 _201\"/>iding fo<span class=\"__1 _201\"/>r the sing<span class=\"__1 _201\"/>le be<span class=\"__1 _201\"/>st es<span class=\"__1 _201\"/>timate of the m<span class=\"__1 _201\"/>ost likel<span class=\"__1 _201\"/>y outcom<span class=\"__1 _201\"/>e or the wei<span class=\"__1 _201\"/>ghted avera<span class=\"__1 _201\"/>ge expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d value w<span class=\"__1 _201\"/>here<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:444.2221px;\">there a<span class=\"__1 _201\"/>re multipl<span class=\"__1 _201\"/>e pos<span class=\"__1 _201\"/>sibl<span class=\"__1 _201\"/>e outcom<span class=\"__1 _201\"/>es, ta<span class=\"__1 _201\"/>king into a<span class=\"__1 _201\"/>ccount ex<span class=\"__1 _201\"/>tern<span class=\"__1 _201\"/>al adv<span class=\"__1 _201\"/>ice wh<span class=\"__1 _201\"/>ere appro<span class=\"__1 _201\"/>priate. E<span class=\"__1 _201\"/>ach unc<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain ta<span class=\"__1 _201\"/>x treatment i<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:427.7236px;\">considered separa<span class=\"__1 _200\"/>tely<span class=\"__1 _200\"/> or toget<span class=\"__1 _200\"/>her as a<span class=\"__1 _200\"/> group<span class=\"__1 _200\"/>, depending<span class=\"__1 _200\"/> on management\u2019<span class=\"__1 _200\"/>s judgement<span class=\"__1 _200\"/> as t<span class=\"__1 _200\"/>o which<span class=\"__1 _200\"/> approach<span class=\"__1 _200\"/> better pr<span class=\"__1 _200\"/>edicts<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:411.2251px;\">the res<span class=\"__1 _201\"/>oluti<span class=\"__1 _201\"/>on of the un<span class=\"__1 _201\"/>cer<span class=\"__1 _201\"/>taint<span class=\"__1 _201\"/>y. It is assu<span class=\"__1 _201\"/>med th<span class=\"__1 _201\"/>at tax auth<span class=\"__1 _201\"/>oritie<span class=\"__1 _201\"/>s will exam<span class=\"__1 _201\"/>ine the un<span class=\"__1 _201\"/>cer<span class=\"__1 _201\"/>tain ta<span class=\"__1 _201\"/>x treatme<span class=\"__1 _201\"/>nts and th<span class=\"__1 _201\"/>ey have full<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:394.7266px;\">know<span class=\"__1 _201\"/>led<span class=\"__1 _201\"/>ge of all rel<span class=\"__1 _201\"/>ated infor<span class=\"__1 _201\"/>mation<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:369.97885px;\">The j<span class=\"__1 _201\"/>udge<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>nd es<span class=\"__1 _201\"/>timates ma<span class=\"__1 _201\"/>de to reco<span class=\"__1 _201\"/>gnise an<span class=\"__1 _201\"/>d meas<span class=\"__1 _201\"/>ure the eff<span class=\"__1 _201\"/>ect o<span class=\"__1 _201\"/>f uncer<span class=\"__1 _201\"/>tai<span class=\"__1 _201\"/>n tax po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>s are reas<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sed wh<span class=\"__1 _201\"/>eneve<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:353.48035px;\">circums<span class=\"__1 _201\"/>tanc<span class=\"__1 _201\"/>es chan<span class=\"__1 _201\"/>ge or wh<span class=\"__1 _201\"/>en the<span class=\"__1 _201\"/>re is new info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n that affe<span class=\"__1 _201\"/>cts th<span class=\"__1 _201\"/>ose jud<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:328.7326px;\">1.5.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>7 Goodwill<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:308.1031px;\">Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill aris<span class=\"__1 _201\"/>es wh<span class=\"__1 _201\"/>en the Gro<span class=\"__1 _201\"/>up acqu<span class=\"__1 _201\"/>ires a bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s and th<span class=\"__1 _201\"/>e fair val<span class=\"__1 _201\"/>ue cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ation pa<span class=\"__1 _201\"/>id excee<span class=\"__1 _201\"/>ds the fai<span class=\"__1 _201\"/>r value of th<span class=\"__1 _201\"/>e net<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:291.60458px;\">ass<span class=\"__1 _201\"/>ets acq<span class=\"__1 _201\"/>uired<span class=\"__1 _201\"/>. Goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l arisi<span class=\"__1 _201\"/>ng on acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>ns of subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>ies an<span class=\"__1 _201\"/>d busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es is ca<span class=\"__1 _201\"/>pitali<span class=\"__1 _201\"/>sed an<span class=\"__1 _201\"/>d car<span class=\"__1 _201\"/>ried o<span class=\"__1 _201\"/>n the con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dated<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:275.1061px;\">statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on at initia<span class=\"__1 _201\"/>l value l<span class=\"__1 _201\"/>ess any a<span class=\"__1 _201\"/>ccumul<span class=\"__1 _201\"/>ated impa<span class=\"__1 _201\"/>irmen<span class=\"__1 _201\"/>t loss<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>. Goo<span class=\"__1 _201\"/>dwill i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment tes<span class=\"__1 _201\"/>ting is c<span class=\"__1 _201\"/>ondu<span class=\"__1 _201\"/>cted<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:258.6076px;\">annu<span class=\"__1 _201\"/>ally an<span class=\"__1 _201\"/>d when th<span class=\"__1 _201\"/>ere is an in<span class=\"__1 _201\"/>dicati<span class=\"__1 _201\"/>on of imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt. For th<span class=\"__1 _201\"/>e purp<span class=\"__1 _201\"/>oses of i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment tes<span class=\"__1 _201\"/>ting<span class=\"__1 _201\"/>, goo<span class=\"__1 _201\"/>dwill is a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated to a cas<span class=\"__1 _201\"/>h-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:242.1091px;\">gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g unit or gro<span class=\"__1 _201\"/>up of cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating un<span class=\"__1 _201\"/>its. G<span class=\"__1 _201\"/>oo<span class=\"__1 _201\"/>dwill i<span class=\"__1 _201\"/>s alloc<span class=\"__1 _201\"/>ated to a group o<span class=\"__1 _201\"/>f cash<span class=\"__1 _201\"/>-g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ating unit<span class=\"__1 _201\"/>s when i<span class=\"__1 _201\"/>t cann<span class=\"__1 _201\"/>ot be<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:225.6106px;\">allo<span class=\"__1 _201\"/>cated o<span class=\"__1 _201\"/>n a non<span class=\"__1 _201\"/>-arbit<span class=\"__1 _201\"/>rar<span class=\"__1 _201\"/>y bas<span class=\"__1 _201\"/>is to indi<span class=\"__1 _201\"/>vidua<span class=\"__1 _201\"/>l cash<span class=\"__1 _201\"/>-g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ating unit<span class=\"__1 _201\"/>s. G<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will imp<span class=\"__1 _201\"/>airm<span class=\"__1 _201\"/>ent charg<span class=\"__1 _201\"/>es are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed im<span class=\"__1 _201\"/>medi<span class=\"__1 _201\"/>ately </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:209.11209px;\">in the in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1081.6672px;\">1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls2e_1 ws6c_1\" style=\"bottom:2.0501442px;\">204<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span></div>1.5.<span class=\"__1 _200\"/>18<span class=\"__1 _200\"/> Intangible<span class=\"__1 _200\"/> assets<span class=\"__1 _32b\"> </span>Intan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d throu<span class=\"__1 _201\"/>gh busin<span class=\"__1 _201\"/>ess c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ations are m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at fair v<span class=\"__1 _201\"/>alue on a<span class=\"__1 _201\"/>cquis<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>. Sepa<span class=\"__1 _201\"/>rately ac<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d intan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s such as li<span class=\"__1 _201\"/>cenc<span class=\"__1 _201\"/>es and s<span class=\"__1 _201\"/>oft<span class=\"__1 _201\"/>ware<span class=\"__1 _201\"/>, are reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d at the pr<span class=\"__1 _201\"/>ice pai<span class=\"__1 _201\"/>d to acquire th<span class=\"__1 _201\"/>em. In<span class=\"__1 _201\"/>tangib<span class=\"__1 _201\"/>les ar<span class=\"__1 _201\"/>ising f<span class=\"__1 _201\"/>rom devel<span class=\"__1 _201\"/>opme<span class=\"__1 _201\"/>nt cos<span class=\"__1 _201\"/>ts are ca<span class=\"__1 _201\"/>pitalis<span class=\"__1 _201\"/>ed wh<span class=\"__1 _201\"/>en it has b<span class=\"__1 _201\"/>een e<span class=\"__1 _201\"/>stab<span class=\"__1 _201\"/>lishe<span class=\"__1 _201\"/>d that the p<span class=\"__1 _201\"/>rojec<span class=\"__1 _201\"/>t is techn<span class=\"__1 _201\"/>ical<span class=\"__1 _201\"/>ly and fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>lly fea<span class=\"__1 _201\"/>sible a<span class=\"__1 _201\"/>nd the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up has both th<span class=\"__1 _201\"/>e intentio<span class=\"__1 _201\"/>n and abi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y to use the co<span class=\"__1 _201\"/>mplete<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>et.<span class=\"__1 _32b\"> </span>Intan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s are subs<span class=\"__1 _201\"/>eque<span class=\"__1 _201\"/>ntly c<span class=\"__1 _201\"/>arri<span class=\"__1 _201\"/>ed at cos<span class=\"__1 _201\"/>t les<span class=\"__1 _201\"/>s amor<span class=\"__1 _201\"/>tis<span class=\"__1 _201\"/>ation an<span class=\"__1 _201\"/>d any accu<span class=\"__1 _201\"/>mulated im<span class=\"__1 _201\"/>pairm<span class=\"__1 _201\"/>ent los<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> Intan<span class=\"__1 _201\"/>gible<span class=\"__1 _201\"/>s are amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n a basis to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t the pat<span class=\"__1 _201\"/>tern in w<span class=\"__1 _201\"/>hich the f<span class=\"__1 _201\"/>uture eco<span class=\"__1 _201\"/>nomi<span class=\"__1 _201\"/>c ben<span class=\"__1 _201\"/>efits are ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to be co<span class=\"__1 _201\"/>nsum<span class=\"__1 _201\"/>ed by referen<span class=\"__1 _201\"/>ce to new bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s pro<span class=\"__1 _201\"/>ducti<span class=\"__1 _201\"/>on level<span class=\"__1 _201\"/>s unle<span class=\"__1 _201\"/>ss the p<span class=\"__1 _201\"/>attern c<span class=\"__1 _201\"/>ann<span class=\"__1 _201\"/>ot be deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d reliab<span class=\"__1 _201\"/>ly<span class=\"__1 _200\"/>, in whi<span class=\"__1 _201\"/>ch cas<span class=\"__1 _201\"/>e a strai<span class=\"__1 _201\"/>ght<span class=\"__1 _200\"/>-<span class=\"__1 _32b\"> </span>line m<span class=\"__1 _201\"/>ethod i<span class=\"__1 _201\"/>s appli<span class=\"__1 _201\"/>ed. Im<span class=\"__1 _201\"/>pair<span class=\"__1 _201\"/>ment tes<span class=\"__1 _201\"/>ting is co<span class=\"__1 _201\"/>nduc<span class=\"__1 _201\"/>ted wh<span class=\"__1 _201\"/>en the<span class=\"__1 _201\"/>re is an indi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n of impair<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>. If an imp<span class=\"__1 _201\"/>airm<span class=\"__1 _201\"/>ent has<span class=\"__1 _201\"/> occu<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>, an impa<span class=\"__1 _201\"/>irmen<span class=\"__1 _201\"/>t charge is re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d for the di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the ca<span class=\"__1 _201\"/>rr<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g value a<span class=\"__1 _201\"/>nd recove<span class=\"__1 _201\"/>rabl<span class=\"__1 _201\"/>e amount o<span class=\"__1 _201\"/>f the ass<span class=\"__1 _201\"/>et. Th<span class=\"__1 _201\"/>e recove<span class=\"__1 _201\"/>rable a<span class=\"__1 _201\"/>mount i<span class=\"__1 _201\"/>s the greater of f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e les<span class=\"__1 _201\"/>s cost<span class=\"__1 _201\"/>s to sell an<span class=\"__1 _201\"/>d value i<span class=\"__1 _201\"/>n use. Value in us<span class=\"__1 _201\"/>e is cal<span class=\"__1 _201\"/>culated as t<span class=\"__1 _201\"/>he pres<span class=\"__1 _201\"/>ent valu<span class=\"__1 _201\"/>e of future exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted ca<span class=\"__1 _201\"/>sh flows f<span class=\"__1 _201\"/>rom the as<span class=\"__1 _201\"/>set, c<span class=\"__1 _201\"/>ash<span class=\"__1 _201\"/>-ge<span class=\"__1 _201\"/>nerat<span class=\"__1 _201\"/>ing unit o<span class=\"__1 _201\"/>r group of c<span class=\"__1 _201\"/>ash-<span class=\"__1 _201\"/>gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g units to wh<span class=\"__1 _201\"/>ich it<span class=\"__1 _201\"/> is all<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>Amo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>isatio<span class=\"__1 _201\"/>n and imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt of intan<span class=\"__1 _201\"/>gible as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s is charge<span class=\"__1 _201\"/>d to the inc<span class=\"__1 _201\"/>ome s<span class=\"__1 _201\"/>tatement<span class=\"__1 _201\"/>. 1.5.<span class=\"__1 _f_1\"/>19 Cash and<span class=\"__1 _200\"/> cash<span class=\"__1 _200\"/> equivalen<span class=\"__1 _200\"/>ts<span class=\"__1 _32b\"> </span>Cas<span class=\"__1 _201\"/>h and c<span class=\"__1 _201\"/>ash equ<span class=\"__1 _201\"/>ival<span class=\"__1 _201\"/>ents co<span class=\"__1 _201\"/>nsist o<span class=\"__1 _201\"/>f cash at b<span class=\"__1 _201\"/>ank and i<span class=\"__1 _201\"/>n hand, d<span class=\"__1 _201\"/>epo<span class=\"__1 _201\"/>sits he<span class=\"__1 _201\"/>ld at cal<span class=\"__1 _201\"/>l with ban<span class=\"__1 _201\"/>ks, mo<span class=\"__1 _201\"/>ney mar<span class=\"__1 _201\"/>ket funds an<span class=\"__1 _201\"/>d debt<span class=\"__1 _201\"/> se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s with le<span class=\"__1 _201\"/>ss tha<span class=\"__1 _201\"/>n 90 days\u2019 maturi<span class=\"__1 _201\"/>ty f<span class=\"__1 _201\"/>rom the date of ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _201\"/>20 Dividends<span class=\"__1 _32b\"> </span>Div<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>nds are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed wh<span class=\"__1 _201\"/>en the o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>on be<span class=\"__1 _201\"/>come<span class=\"__1 _201\"/>s cer<span class=\"__1 _201\"/>tain<span class=\"__1 _201\"/>, i.e. wh<span class=\"__1 _201\"/>en the di<span class=\"__1 _201\"/>vid<span class=\"__1 _201\"/>end is n<span class=\"__1 _201\"/>o long<span class=\"__1 _201\"/>er at the dis<span class=\"__1 _201\"/>cretion of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> Com<span class=\"__1 _201\"/>pany. In the cas<span class=\"__1 _201\"/>e of interim d<span class=\"__1 _201\"/>ivid<span class=\"__1 _201\"/>ends<span class=\"__1 _201\"/>, this o<span class=\"__1 _201\"/>ccurs w<span class=\"__1 _201\"/>hen the d<span class=\"__1 _201\"/>ivid<span class=\"__1 _201\"/>ends a<span class=\"__1 _201\"/>re paid. Fo<span class=\"__1 _201\"/>r final di<span class=\"__1 _201\"/>vid<span class=\"__1 _201\"/>ends<span class=\"__1 _201\"/>, this oc<span class=\"__1 _201\"/>curs wh<span class=\"__1 _201\"/>en they are<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/> reco<span class=\"__1 _201\"/>mmen<span class=\"__1 _201\"/>ded by th<span class=\"__1 _201\"/>e Board a<span class=\"__1 _201\"/>nd approve<span class=\"__1 _201\"/>d by share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _201\"/>21 Shar<span class=\"__1 _200\"/>e capit<span class=\"__1 _200\"/>al and<span class=\"__1 _200\"/> share<span class=\"__1 _200\"/> premium<span class=\"__1 _32b\"> </span>An eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y instr<span class=\"__1 _201\"/>ument i<span class=\"__1 _201\"/>s any contr<span class=\"__1 _201\"/>act th<span class=\"__1 _201\"/>at evide<span class=\"__1 _201\"/>nces a re<span class=\"__1 _201\"/>sidua<span class=\"__1 _201\"/>l interes<span class=\"__1 _201\"/>t in the as<span class=\"__1 _201\"/>sets of th<span class=\"__1 _201\"/>e Group, af<span class=\"__1 _201\"/>ter de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>ting al<span class=\"__1 _201\"/>l of its<span class=\"__1 _32b\"> </span> liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>. Sha<span class=\"__1 _201\"/>res are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y whe<span class=\"__1 _201\"/>n their ter<span class=\"__1 _201\"/>ms do no<span class=\"__1 _201\"/>t create an obl<span class=\"__1 _201\"/>igation to tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>r ass<span class=\"__1 _201\"/>ets. T<span class=\"__1 _201\"/>he no<span class=\"__1 _201\"/>minal va<span class=\"__1 _201\"/>lue of<span class=\"__1 _201\"/> share<span class=\"__1 _201\"/>s iss<span class=\"__1 _201\"/>ued is re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d in share c<span class=\"__1 _201\"/>apit<span class=\"__1 _201\"/>al.<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>re the cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ation re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d from the i<span class=\"__1 _201\"/>ssue o<span class=\"__1 _201\"/>r sal<span class=\"__1 _201\"/>e of existin<span class=\"__1 _201\"/>g share<span class=\"__1 _201\"/>s exceed<span class=\"__1 _201\"/>s the nom<span class=\"__1 _201\"/>inal val<span class=\"__1 _201\"/>ue reco<span class=\"__1 _201\"/>rded in s<span class=\"__1 _201\"/>hare ca<span class=\"__1 _201\"/>pital,<span class=\"__1 _201\"/> the di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ce is reco<span class=\"__1 _201\"/>rded i<span class=\"__1 _201\"/>n share pre<span class=\"__1 _201\"/>mium. S<span class=\"__1 _201\"/>hare pre<span class=\"__1 _201\"/>mium is re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d net of sha<span class=\"__1 _201\"/>re issu<span class=\"__1 _201\"/>e cost<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> 1.5.<span class=\"__1 _201\"/>22 T<span class=\"__1 _f_1\"/>r<span class=\"__1 _200\"/>easury shar<span class=\"__1 _200\"/>es<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>re any of the Gro<span class=\"__1 _201\"/>up entiti<span class=\"__1 _201\"/>es purch<span class=\"__1 _201\"/>ase the C<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ny\u2019s share c<span class=\"__1 _201\"/>apital<span class=\"__1 _201\"/>, the con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>ration pa<span class=\"__1 _201\"/>id, in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g any attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le<span class=\"__1 _201\"/> trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tion cos<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, is show<span class=\"__1 _201\"/>n as a ded<span class=\"__1 _201\"/>ucti<span class=\"__1 _201\"/>on from total s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 equit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _201\"/>23 Merger<span class=\"__1 _200\"/> reserve<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>erge<span class=\"__1 _201\"/>r reser<span class=\"__1 _201\"/>ve a<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>s from the a<span class=\"__1 _201\"/>pplic<span class=\"__1 _201\"/>ation of m<span class=\"__1 _201\"/>erger a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ting pr<span class=\"__1 _201\"/>incipl<span class=\"__1 _201\"/>es to acqu<span class=\"__1 _201\"/>isitio<span class=\"__1 _201\"/>ns of entitie<span class=\"__1 _201\"/>s unde<span class=\"__1 _201\"/>r comm<span class=\"__1 _201\"/>on contro<span class=\"__1 _201\"/>l.<span class=\"__1 _201\"/> It rep<span class=\"__1 _201\"/>resent<span class=\"__1 _201\"/>s the diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>e bet<span class=\"__1 _201\"/>ween th<span class=\"__1 _201\"/>e aggre<span class=\"__1 _201\"/>gate cap<span class=\"__1 _201\"/>ital res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves an<span class=\"__1 _201\"/>d value of th<span class=\"__1 _201\"/>e entitie<span class=\"__1 _201\"/>s acqui<span class=\"__1 _201\"/>red, w<span class=\"__1 _201\"/>hich is re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed<span class=\"__1 _201\"/> direc<span class=\"__1 _201\"/>tly in e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y. On disp<span class=\"__1 _201\"/>osal of th<span class=\"__1 _201\"/>e releva<span class=\"__1 _201\"/>nt entit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, the relate<span class=\"__1 _201\"/>d merg<span class=\"__1 _201\"/>er rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve is rele<span class=\"__1 _201\"/>ased d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tly to retaine<span class=\"__1 _201\"/>d ear<span class=\"__1 _201\"/>nings<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _201\"/>24 Capital<span class=\"__1 _200\"/> redemption<span class=\"__1 _200\"/> reserve<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>apit<span class=\"__1 _201\"/>al rede<span class=\"__1 _201\"/>mption re<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>ve ar<span class=\"__1 _201\"/>ises f<span class=\"__1 _201\"/>rom the c<span class=\"__1 _201\"/>ancel<span class=\"__1 _201\"/>lation of s<span class=\"__1 _201\"/>hares fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g the sha<span class=\"__1 _201\"/>re buy-b<span class=\"__1 _201\"/>ack pro<span class=\"__1 _201\"/>gramm<span class=\"__1 _201\"/>e. 1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2e_1 ws6c_1\">205<span class=\"__1 _32b\"> </span></span></span></span><div class=\"t_1 m0_1 hd_1 ff2_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1166.7065px;\">Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls15_1 ws68_1\" style=\"bottom:1050.5483px;\">1.5<span class=\"__1 _201\"/>.25 Share<span class=\"__1 _201\"/>-based payments<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1029.9188px;\">All sh<span class=\"__1 _201\"/>are-<span class=\"__1 _201\"/>base<span class=\"__1 _201\"/>d payme<span class=\"__1 _201\"/>nts mad<span class=\"__1 _201\"/>e to empl<span class=\"__1 _201\"/>oyees fo<span class=\"__1 _201\"/>r ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices ren<span class=\"__1 _201\"/>dere<span class=\"__1 _201\"/>d are meas<span class=\"__1 _201\"/>ured ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n the fair v<span class=\"__1 _201\"/>alue of th<span class=\"__1 _201\"/>e equit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1013.4203px;\">ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nt grante<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e fair val<span class=\"__1 _201\"/>ue takes into ac<span class=\"__1 _201\"/>count the i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>et-base<span class=\"__1 _201\"/>d vestin<span class=\"__1 _201\"/>g condi<span class=\"__1 _201\"/>tions an<span class=\"__1 _201\"/>d non<span class=\"__1 _201\"/>-vesti<span class=\"__1 _201\"/>ng cond<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:996.9219px;\">but exclu<span class=\"__1 _201\"/>des any im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of non<span class=\"__1 _201\"/>-mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>et<span class=\"__1 _200\"/>-ba<span class=\"__1 _201\"/>sed ve<span class=\"__1 _201\"/>sting c<span class=\"__1 _201\"/>onditi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>. The rel<span class=\"__1 _201\"/>ated share<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>ased p<span class=\"__1 _201\"/>ayment ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d over<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:980.42334px;\">the ves<span class=\"__1 _201\"/>ting p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue may be d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed us<span class=\"__1 _201\"/>ing an opti<span class=\"__1 _201\"/>on pri<span class=\"__1 _201\"/>cing mo<span class=\"__1 _201\"/>del su<span class=\"__1 _201\"/>ch as Bla<span class=\"__1 _201\"/>ck<span class=\"__1 _200\"/>-Sch<span class=\"__1 _201\"/>oles s<span class=\"__1 _201\"/>imulatio<span class=\"__1 _201\"/>n whe<span class=\"__1 _201\"/>re </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:963.92487px;\">appro<span class=\"__1 _201\"/>priate, t<span class=\"__1 _201\"/>aking into a<span class=\"__1 _201\"/>ccount th<span class=\"__1 _201\"/>e terms a<span class=\"__1 _201\"/>nd cond<span class=\"__1 _201\"/>itions of t<span class=\"__1 _201\"/>he award.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:939.1771px;\">For eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y-set<span class=\"__1 _201\"/>tled s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>-bas<span class=\"__1 _201\"/>ed paym<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, the fa<span class=\"__1 _201\"/>ir value o<span class=\"__1 _201\"/>f ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ce rend<span class=\"__1 _201\"/>ered is b<span class=\"__1 _201\"/>ased o<span class=\"__1 _201\"/>n the fa<span class=\"__1 _201\"/>ir value of th<span class=\"__1 _201\"/>e equi<span class=\"__1 _201\"/>ty in<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>ment at<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:922.6786px;\">grant d<span class=\"__1 _201\"/>ate, which i<span class=\"__1 _201\"/>s not reme<span class=\"__1 _201\"/>asure<span class=\"__1 _201\"/>d subse<span class=\"__1 _201\"/>quen<span class=\"__1 _201\"/>tly. The share<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>ased p<span class=\"__1 _201\"/>ayment ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d over the ve<span class=\"__1 _201\"/>sting p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:906.1801px;\">is bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e numb<span class=\"__1 _201\"/>er of equ<span class=\"__1 _201\"/>ity in<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>ments ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to ves<span class=\"__1 _201\"/>t, with th<span class=\"__1 _201\"/>e corre<span class=\"__1 _201\"/>spo<span class=\"__1 _201\"/>nding e<span class=\"__1 _201\"/>ntr<span class=\"__1 _201\"/>y to equi<span class=\"__1 _201\"/>ty.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:881.4324px;\">For c<span class=\"__1 _201\"/>ash-s<span class=\"__1 _201\"/>ettl<span class=\"__1 _201\"/>ed sha<span class=\"__1 _201\"/>re-b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d payme<span class=\"__1 _201\"/>nts, th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue of se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice re<span class=\"__1 _201\"/>ndere<span class=\"__1 _201\"/>d is bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue of the l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y rel<span class=\"__1 _201\"/>ated to </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:864.93384px;\">the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y instr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>t granted<span class=\"__1 _201\"/>. The f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e equi<span class=\"__1 _201\"/>ty in<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>ment gr<span class=\"__1 _201\"/>anted is rem<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at each re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ting d<span class=\"__1 _201\"/>ate with any cha<span class=\"__1 _201\"/>nges<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:848.43536px;\">reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in the s<span class=\"__1 _201\"/>hare-<span class=\"__1 _201\"/>base<span class=\"__1 _201\"/>d paym<span class=\"__1 _201\"/>ent expe<span class=\"__1 _201\"/>nse fo<span class=\"__1 _201\"/>r the per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:823.6876px;\">A can<span class=\"__1 _201\"/>cellati<span class=\"__1 _201\"/>on of an award w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t the gran<span class=\"__1 _201\"/>t of a replac<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t equit<span class=\"__1 _201\"/>y ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ent is ac<span class=\"__1 _201\"/>counted f<span class=\"__1 _201\"/>or as an ac<span class=\"__1 _201\"/>celer<span class=\"__1 _201\"/>ation of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:807.1891px;\">ves<span class=\"__1 _201\"/>ting. Acc<span class=\"__1 _201\"/>ordingl<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, any share<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>ased ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e that woul<span class=\"__1 _201\"/>d have bee<span class=\"__1 _201\"/>n recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d over the rem<span class=\"__1 _201\"/>aining ve<span class=\"__1 _201\"/>sting p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od is<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:790.6906px;\">reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d imm<span class=\"__1 _201\"/>ediatel<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:765.9429px;\">Whe<span class=\"__1 _201\"/>re repla<span class=\"__1 _201\"/>cemen<span class=\"__1 _201\"/>t equit<span class=\"__1 _201\"/>y ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents are g<span class=\"__1 _201\"/>ranted to em<span class=\"__1 _201\"/>ployee<span class=\"__1 _201\"/>s in pla<span class=\"__1 _201\"/>ce of the c<span class=\"__1 _201\"/>ancel<span class=\"__1 _201\"/>led e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y instr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>ts, th<span class=\"__1 _201\"/>e repla<span class=\"__1 _201\"/>ceme<span class=\"__1 _201\"/>nt </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:749.44434px;\">award is tre<span class=\"__1 _201\"/>ated as a mo<span class=\"__1 _201\"/>dific<span class=\"__1 _201\"/>ation of th<span class=\"__1 _201\"/>e orig<span class=\"__1 _201\"/>inal award<span class=\"__1 _201\"/>. At the point o<span class=\"__1 _201\"/>f replac<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t, the award<span class=\"__1 _201\"/>s are reme<span class=\"__1 _201\"/>asured to th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:732.94586px;\">at the date of rep<span class=\"__1 _201\"/>lace<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, which fo<span class=\"__1 _201\"/>rms the b<span class=\"__1 _201\"/>asis of re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ising th<span class=\"__1 _201\"/>e expens<span class=\"__1 _201\"/>e over the re<span class=\"__1 _201\"/>mainin<span class=\"__1 _201\"/>g vestin<span class=\"__1 _201\"/>g per<span class=\"__1 _201\"/>iod.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:708.1981px;\">On ves<span class=\"__1 _201\"/>ting o<span class=\"__1 _201\"/>r exercise, th<span class=\"__1 _201\"/>e diffe<span class=\"__1 _201\"/>rence b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e charge<span class=\"__1 _201\"/>d to the inc<span class=\"__1 _201\"/>ome s<span class=\"__1 _201\"/>tatement a<span class=\"__1 _201\"/>nd the ac<span class=\"__1 _201\"/>tual co<span class=\"__1 _201\"/>st to the G<span class=\"__1 _201\"/>roup is<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:691.6996px;\">trans<span class=\"__1 _201\"/>fer<span class=\"__1 _201\"/>red to retain<span class=\"__1 _201\"/>ed ear<span class=\"__1 _201\"/>nings<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:666.95184px;\">1.5.<span class=\"__1 _201\"/>26 Discon<span class=\"__1 _200\"/>tinued opera<span class=\"__1 _200\"/>tions<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:646.3223px;\">The G<span class=\"__1 _201\"/>roup cl<span class=\"__1 _201\"/>assi<span class=\"__1 _201\"/>fies an e<span class=\"__1 _201\"/>ntit<span class=\"__1 _201\"/>y (<span class=\"__1 _200\"/>or a com<span class=\"__1 _201\"/>pone<span class=\"__1 _201\"/>nt of an entit<span class=\"__1 _201\"/>y) within th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p as a disco<span class=\"__1 _201\"/>ntinue<span class=\"__1 _201\"/>d ope<span class=\"__1 _201\"/>ration if i<span class=\"__1 _201\"/>t has eith<span class=\"__1 _201\"/>er be<span class=\"__1 _201\"/>en<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:629.82385px;\">disp<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>d of, or is clas<span class=\"__1 _201\"/>sifie<span class=\"__1 _201\"/>d as hel<span class=\"__1 _201\"/>d for sa<span class=\"__1 _201\"/>le, and<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:605.0761px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">repre<span class=\"__1 _201\"/>sents a s<span class=\"__1 _201\"/>epar<span class=\"__1 _201\"/>ate major li<span class=\"__1 _201\"/>ne of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s or ge<span class=\"__1 _201\"/>ograp<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>al area of op<span class=\"__1 _201\"/>eratio<span class=\"__1 _201\"/>ns;<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:584.4466px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">is par<span class=\"__1 _201\"/>t of a s<span class=\"__1 _201\"/>ingle co<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>ordinate<span class=\"__1 _201\"/>d plan to dis<span class=\"__1 _201\"/>pose o<span class=\"__1 _201\"/>f a separ<span class=\"__1 _201\"/>ate major li<span class=\"__1 _201\"/>ne of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s or ge<span class=\"__1 _201\"/>ograp<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>al area of op<span class=\"__1 _201\"/>erati<span class=\"__1 _201\"/>ons; or<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:563.8171px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">is a sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>y a<span class=\"__1 _201\"/>cquire<span class=\"__1 _201\"/>d exclusi<span class=\"__1 _201\"/>vely with a v<span class=\"__1 _201\"/>iew to res<span class=\"__1 _201\"/>ale.<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:543.1876px;\">The a<span class=\"__1 _201\"/>nalys<span class=\"__1 _201\"/>is of the co<span class=\"__1 _201\"/>mpreh<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>ve incom<span class=\"__1 _201\"/>e and c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s relating to di<span class=\"__1 _201\"/>scontin<span class=\"__1 _201\"/>ued o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ons is dis<span class=\"__1 _201\"/>clos<span class=\"__1 _201\"/>ed se<span class=\"__1 _201\"/>paratel<span class=\"__1 _201\"/>y in the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:526.6891px;\">consolidat<span class=\"__1 _200\"/>ed financi<span class=\"__1 _200\"/>al stat<span class=\"__1 _200\"/>ements.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:501.94135px;\">1.5.<span class=\"__1 _201\"/>27 Earnings per<span class=\"__1 _200\"/> share<span class=\"__1 _200\"/> (EPS)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:481.31183px;\">Basi<span class=\"__1 _201\"/>c EPS is c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ated by div<span class=\"__1 _201\"/>iding th<span class=\"__1 _201\"/>e profit o<span class=\"__1 _201\"/>r loss f<span class=\"__1 _201\"/>or the yea<span class=\"__1 _201\"/>r attrib<span class=\"__1 _201\"/>utabl<span class=\"__1 _201\"/>e to ordinar<span class=\"__1 _250\"/>y shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers by the we<span class=\"__1 _201\"/>ighted aver<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:464.81335px;\">numb<span class=\"__1 _201\"/>er of ordi<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y sha<span class=\"__1 _201\"/>res outs<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ing, exclu<span class=\"__1 _201\"/>ding trea<span class=\"__1 _201\"/>sur<span class=\"__1 _201\"/>y sha<span class=\"__1 _201\"/>res.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:440.06558px;\">Dilu<span class=\"__1 _201\"/>ted EPS is c<span class=\"__1 _201\"/>alcu<span class=\"__1 _201\"/>lated by div<span class=\"__1 _201\"/>iding t<span class=\"__1 _201\"/>he profi<span class=\"__1 _201\"/>t or los<span class=\"__1 _201\"/>s for the ye<span class=\"__1 _201\"/>ar attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to ordina<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers by the we<span class=\"__1 _201\"/>ighted aver<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:423.5671px;\">numb<span class=\"__1 _201\"/>er of ordi<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y sha<span class=\"__1 _201\"/>res, exclu<span class=\"__1 _201\"/>ding tre<span class=\"__1 _201\"/>asur<span class=\"__1 _201\"/>y sh<span class=\"__1 _201\"/>ares, a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>ted to take into accou<span class=\"__1 _201\"/>nt the effe<span class=\"__1 _201\"/>ct of a<span class=\"__1 _201\"/>ny dilutive p<span class=\"__1 _201\"/>otential o<span class=\"__1 _201\"/>rdinar<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:407.0686px;\">share<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s onl<span class=\"__1 _201\"/>y class of p<span class=\"__1 _201\"/>otential<span class=\"__1 _201\"/>ly diluti<span class=\"__1 _201\"/>ve ordina<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y share<span class=\"__1 _201\"/>s are share o<span class=\"__1 _201\"/>ptions an<span class=\"__1 _201\"/>d awards gr<span class=\"__1 _201\"/>anted to emp<span class=\"__1 _201\"/>loyee<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:390.5701px;\">Potentia<span class=\"__1 _201\"/>l ordinar<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>hares are t<span class=\"__1 _201\"/>reated as dil<span class=\"__1 _201\"/>utive wh<span class=\"__1 _201\"/>en thei<span class=\"__1 _201\"/>r convers<span class=\"__1 _201\"/>ion to ordin<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y share<span class=\"__1 _201\"/>s resul<span class=\"__1 _201\"/>ts in a de<span class=\"__1 _201\"/>crease in E<span class=\"__1 _201\"/>PS.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1081.6672px;\">1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls2e_1 ws6c_1\" style=\"bottom:2.0501442px;\">206<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:1050.5483px;\">1.5.<span class=\"__1 _201\"/>28 F<span class=\"__1 _200\"/>oreign e<span class=\"__1 _200\"/>x<span class=\"__1 _200\"/>change<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1029.9188px;\">The G<span class=\"__1 _201\"/>roup\u2019s conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d financ<span class=\"__1 _201\"/>ial statem<span class=\"__1 _201\"/>ents are p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nted in mill<span class=\"__1 _201\"/>ion po<span class=\"__1 _201\"/>unds s<span class=\"__1 _201\"/>terlin<span class=\"__1 _201\"/>g, the G<span class=\"__1 _201\"/>roup\u2019s present<span class=\"__1 _201\"/>ation cur<span class=\"__1 _201\"/>renc<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1013.4203px;\">Accord<span class=\"__1 _201\"/>ingly, the resul<span class=\"__1 _201\"/>ts and fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l positi<span class=\"__1 _201\"/>on of fore<span class=\"__1 _201\"/>ign subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>ies are tr<span class=\"__1 _201\"/>anslate<span class=\"__1 _201\"/>d into the pres<span class=\"__1 _201\"/>entatio<span class=\"__1 _201\"/>n curren<span class=\"__1 _201\"/>cy of th<span class=\"__1 _201\"/>e Group<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:996.9219px;\">from th<span class=\"__1 _201\"/>eir fun<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>nal cur<span class=\"__1 _201\"/>rencie<span class=\"__1 _201\"/>s. Al<span class=\"__1 _201\"/>l asse<span class=\"__1 _201\"/>ts and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s of forei<span class=\"__1 _201\"/>gn subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es are co<span class=\"__1 _201\"/>nver<span class=\"__1 _201\"/>ted at year en<span class=\"__1 _201\"/>d exchang<span class=\"__1 _201\"/>e rates whil<span class=\"__1 _201\"/>e all<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:980.42334px;\">inco<span class=\"__1 _201\"/>me and ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es are co<span class=\"__1 _201\"/>nver<span class=\"__1 _201\"/>ted at averag<span class=\"__1 _201\"/>e exchange r<span class=\"__1 _201\"/>ates whe<span class=\"__1 _201\"/>re this is a rea<span class=\"__1 _201\"/>sonab<span class=\"__1 _201\"/>le app<span class=\"__1 _201\"/>roximatio<span class=\"__1 _201\"/>n of the rates p<span class=\"__1 _201\"/>revailin<span class=\"__1 _201\"/>g </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:963.92487px;\">on tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion date<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:939.1771px;\">Foreig<span class=\"__1 _201\"/>n curren<span class=\"__1 _201\"/>cy mo<span class=\"__1 _201\"/>netar<span class=\"__1 _201\"/>y a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s are trans<span class=\"__1 _201\"/>lated at the s<span class=\"__1 _201\"/>pot exchang<span class=\"__1 _201\"/>e rate for the f<span class=\"__1 _201\"/>unc<span class=\"__1 _201\"/>tiona<span class=\"__1 _201\"/>l curren<span class=\"__1 _201\"/>cy at the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:922.6786px;\">repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting date. Cha<span class=\"__1 _201\"/>nges re<span class=\"__1 _201\"/>sultin<span class=\"__1 _201\"/>g from exchang<span class=\"__1 _201\"/>e rates are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed in th<span class=\"__1 _201\"/>e inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:897.93085px;\">Foreig<span class=\"__1 _201\"/>n curren<span class=\"__1 _201\"/>cy tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tions a<span class=\"__1 _201\"/>re transl<span class=\"__1 _201\"/>ated into fun<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>nal cur<span class=\"__1 _201\"/>rencie<span class=\"__1 _201\"/>s at the sp<span class=\"__1 _201\"/>ot rate prevail<span class=\"__1 _201\"/>ing on the d<span class=\"__1 _201\"/>ate of trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>ons.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:881.4324px;\">Non<span class=\"__1 _201\"/>-mo<span class=\"__1 _201\"/>netar<span class=\"__1 _201\"/>y a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s that are mea<span class=\"__1 _201\"/>sured at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e in a forei<span class=\"__1 _201\"/>gn curren<span class=\"__1 _201\"/>cy are tr<span class=\"__1 _201\"/>anslate<span class=\"__1 _201\"/>d into the fun<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>nal<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:864.93384px;\">curre<span class=\"__1 _201\"/>ncy at th<span class=\"__1 _201\"/>e spot excha<span class=\"__1 _201\"/>nge rate at the d<span class=\"__1 _201\"/>ate on which t<span class=\"__1 _201\"/>he fair v<span class=\"__1 _201\"/>alue is d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:840.1861px;\">Non<span class=\"__1 _201\"/>-mo<span class=\"__1 _201\"/>netar<span class=\"__1 _201\"/>y ite<span class=\"__1 _201\"/>ms that are me<span class=\"__1 _201\"/>asure<span class=\"__1 _201\"/>d base<span class=\"__1 _201\"/>d on his<span class=\"__1 _201\"/>toric<span class=\"__1 _201\"/>al cos<span class=\"__1 _201\"/>t in a forei<span class=\"__1 _201\"/>gn curren<span class=\"__1 _201\"/>cy are tr<span class=\"__1 _201\"/>anslate<span class=\"__1 _201\"/>d using th<span class=\"__1 _201\"/>e spot excha<span class=\"__1 _201\"/>nge rate<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:823.6876px;\">at the date of th<span class=\"__1 _201\"/>e trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:798.9398px;\">Exc<span class=\"__1 _201\"/>hange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces ar<span class=\"__1 _201\"/>ising o<span class=\"__1 _201\"/>n the tran<span class=\"__1 _201\"/>slatio<span class=\"__1 _201\"/>n of foreig<span class=\"__1 _201\"/>n subsid<span class=\"__1 _201\"/>iarie<span class=\"__1 _201\"/>s are reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed in othe<span class=\"__1 _201\"/>r comp<span class=\"__1 _201\"/>rehens<span class=\"__1 _201\"/>ive inc<span class=\"__1 _201\"/>ome an<span class=\"__1 _201\"/>d taken </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:782.44135px;\">to other re<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>ves w<span class=\"__1 _201\"/>ithin e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. On dis<span class=\"__1 _201\"/>pos<span class=\"__1 _201\"/>al of the fore<span class=\"__1 _201\"/>ign subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>y, the relate<span class=\"__1 _201\"/>d exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces are t<span class=\"__1 _201\"/>rans<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d out of this<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:765.9429px;\">rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve and are re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised in t<span class=\"__1 _201\"/>he inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment as p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of the gain o<span class=\"__1 _201\"/>r los<span class=\"__1 _201\"/>s on disp<span class=\"__1 _201\"/>osal<span class=\"__1 _201\"/>. </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:741.19507px;\">The i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d cash fl<span class=\"__1 _201\"/>ows, a<span class=\"__1 _201\"/>nd state<span class=\"__1 _201\"/>ments of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al pos<span class=\"__1 _201\"/>ition of G<span class=\"__1 _201\"/>roup entit<span class=\"__1 _201\"/>ies that have a di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>t func<span class=\"__1 _201\"/>tiona<span class=\"__1 _201\"/>l </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:724.6966px;\">curre<span class=\"__1 _201\"/>ncy f<span class=\"__1 _201\"/>rom the Gro<span class=\"__1 _201\"/>up\u2019s presentati<span class=\"__1 _201\"/>on curre<span class=\"__1 _201\"/>ncy, have bee<span class=\"__1 _201\"/>n trans<span class=\"__1 _201\"/>lated usin<span class=\"__1 _201\"/>g the foll<span class=\"__1 _201\"/>owing p<span class=\"__1 _201\"/>rinc<span class=\"__1 _201\"/>ipal exchan<span class=\"__1 _201\"/>ge rates<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:314.17874px; bottom:694.0809px;\">2022<span class=\"__1 _b5_1\"> </span>2021<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:216.69675px; bottom:676.06287px;\">Income stat<span class=\"__1 _200\"/>ement and <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:204.87375px; bottom:664.06134px;\">cash flows<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>average<span class=\"__1 _200\"/> rate<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws58_1\" style=\"left:353.84836px; bottom:676.06287px;\">Statement of financial </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:355.31775px; bottom:664.06134px;\">position (<span class=\"__1 _f_1\"/>closing rate<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:492.98566px; bottom:676.06287px;\">Income stat<span class=\"__1 _200\"/>ement and <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:480.64697px; bottom:664.06134px;\">cash flows<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>average<span class=\"__1 _200\"/> rate<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws58_1\" style=\"left:630.83624px; bottom:676.06287px;\">Statement of financial </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:632.3418px; bottom:664.06134px;\">position (<span class=\"__1 _f_1\"/>closing rate<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:644.30634px;\">Euro (EU<span class=\"__1 _201\"/>R)<span class=\"__1 _b6_1\"> </span><span class=\"ff1_1 ls60_1 ws73_1\">1<span class=\"__1 _201\"/>.1<span class=\"__1 _250\"/>7<span class=\"__1 _b7_1\"> </span>1<span class=\"__1 _201\"/>.1<span class=\"__1 _250\"/>3<span class=\"__1 _b8_1\"> </span></span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>6<span class=\"__1 _b9_1\"> </span>1<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:624.5438px;\">Indi<span class=\"__1 _201\"/>an Rupe<span class=\"__1 _201\"/>e (IN<span class=\"__1 _201\"/>R)<span class=\"__1 _ba_1\"> </span><span class=\"ff1_1 ls61_1 ws74_1\">9<span class=\"__1 _201\"/>7.<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _bb_1\"> </span><span class=\"ls32_1 ws33_1\">99.5<span class=\"__1 _201\"/>3<span class=\"__1 _3c_1\"> </span></span></span><span class=\"ls4d_1 ws54_1\">101<span class=\"__1 _201\"/>.70<span class=\"__1 _bc_1\"> </span>100.<span class=\"__1 _201\"/>68<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:604.7814px;\">Poli<span class=\"__1 _201\"/>sh Z\u0142oty (<span class=\"__1 _201\"/>PLN)<span class=\"__1 _ac_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">5.<span class=\"__1 _201\"/>49<span class=\"__1 _bd_1\"> </span><span class=\"ls22_1 ws21_1\">5.<span class=\"__1 _201\"/>29<span class=\"__1 _be_1\"> </span></span></span><span class=\"lsc_1 wsa_1\">5.<span class=\"__1 _201\"/>31<span class=\"__1 _bf_1\"> </span><span class=\"ls1f_1 ws1e_1\">5.46<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:585.01886px;\">Sou<span class=\"__1 _201\"/>th Afric<span class=\"__1 _201\"/>an Ran<span class=\"__1 _201\"/>d (Z<span class=\"__1 _201\"/>AR)<span class=\"__1 _295\"> </span><span class=\"ff1_1 ls60_1 ws73_1\">2<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>7<span class=\"__1 _bb_1\"> </span><span class=\"ls38_1 ws38_1\">20.59<span class=\"__1 _b3_1\"> </span></span></span><span class=\"ls32_1 ws33_1\">20.<span class=\"__1 _201\"/>34<span class=\"__1 _c0_1\"> </span><span class=\"ls1c_1 ws43_1\">21.62<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:565.25635px;\">Swis<span class=\"__1 _201\"/>s Franc (CHF<span class=\"__1 _201\"/>)<span class=\"__1 _c1_1\"> </span><span class=\"ff1_1 ls60_1 ws73_1\">1<span class=\"__1 _201\"/>.1<span class=\"__1 _250\"/>8<span class=\"__1 _b7_1\"> </span>1<span class=\"__1 _250\"/>.1<span class=\"__1 _250\"/>2<span class=\"__1 _266\"> </span></span><span class=\"lsc_1 wsa_1\">1.26<span class=\"__1 _c2_1\"> </span>1.<span class=\"__1 _201\"/>23<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws1b_1\" style=\"left:0.010047913px; bottom:545.49384px;\">US Dollar (USD)<span class=\"__1 _c3_1\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">1.24<span class=\"__1 _c2_1\"> </span><span class=\"lsd_1 wsb_1\">1.21<span class=\"__1 _be_1\"> </span></span></span><span class=\"lsc_1 wsa_1\">1.<span class=\"__1 _201\"/>38<span class=\"__1 _c4_1\"> </span>1.3<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"left:0.010047913px; bottom:1081.6672px;\">1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m1_1 h9_1 ff1_1 fs1_1 fc3_1 sc0_1 ls35_1 ws36_1\" style=\"left:771.7404px; bottom:700.5532px;\">Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls1_1 ws1_1\" style=\"left:500.5692px; bottom:2.0501442px;\">M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls3e_1 ws40_1\">207<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 hd_1 ff2_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1166.7065px;\">Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls22_1 ws6b_1\" style=\"bottom:1050.5483px;\">1.5.<span class=\"__1 _201\"/>29 Leases </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1029.9188px;\">The G<span class=\"__1 _201\"/>roup l<span class=\"__1 _201\"/>eases o<span class=\"__1 _201\"/>ffice p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y to con<span class=\"__1 _201\"/>duct i<span class=\"__1 _201\"/>ts busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s. At the in<span class=\"__1 _201\"/>ceptio<span class=\"__1 _201\"/>n of a contra<span class=\"__1 _201\"/>ct, t<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p asse<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es wheth<span class=\"__1 _201\"/>er a cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>t </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1013.4203px;\">is<span class=\"__1 _201\"/>, or conta<span class=\"__1 _201\"/>ins, a l<span class=\"__1 _201\"/>ease. I<span class=\"__1 _201\"/>n simpl<span class=\"__1 _201\"/>e terms thi<span class=\"__1 _201\"/>s appli<span class=\"__1 _201\"/>es if the c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t conveys t<span class=\"__1 _201\"/>he righ<span class=\"__1 _201\"/>t to control the u<span class=\"__1 _201\"/>se of an id<span class=\"__1 _201\"/>entifi<span class=\"__1 _201\"/>ed as<span class=\"__1 _201\"/>set for<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:996.9219px;\">a per<span class=\"__1 _201\"/>iod of ti<span class=\"__1 _201\"/>me in exchang<span class=\"__1 _201\"/>e for co<span class=\"__1 _201\"/>nside<span class=\"__1 _201\"/>ration<span class=\"__1 _201\"/>. At incepti<span class=\"__1 _201\"/>on, th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ates the co<span class=\"__1 _201\"/>nside<span class=\"__1 _201\"/>ration i<span class=\"__1 _201\"/>n a contra<span class=\"__1 _201\"/>ct to eac<span class=\"__1 _201\"/>h lease<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:980.42334px;\">comp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nt. Howeve<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, f<span class=\"__1 _201\"/>or the le<span class=\"__1 _201\"/>ases of l<span class=\"__1 _201\"/>and and b<span class=\"__1 _201\"/>uildin<span class=\"__1 _201\"/>gs, i<span class=\"__1 _201\"/>n which th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>s les<span class=\"__1 _201\"/>see, th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p has ele<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to account<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:963.92487px;\">for the<span class=\"__1 _200\"/> lease and non-lease<span class=\"__1 _200\"/> components as<span class=\"__1 _200\"/> a single<span class=\"__1 _200\"/> lease component. </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:939.1771px;\">Whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up act<span class=\"__1 _201\"/>s as a les<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>e, it reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>s a \u201crig<span class=\"__1 _201\"/>ht of use\u201d ass<span class=\"__1 _201\"/>et and a co<span class=\"__1 _201\"/>rresp<span class=\"__1 _201\"/>ondi<span class=\"__1 _201\"/>ng lea<span class=\"__1 _201\"/>se liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, repres<span class=\"__1 _201\"/>enting th<span class=\"__1 _201\"/>e </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:922.6786px;\">obli<span class=\"__1 _201\"/>gation to ma<span class=\"__1 _201\"/>ke lease pay<span class=\"__1 _201\"/>ments at th<span class=\"__1 _201\"/>e leas<span class=\"__1 _201\"/>e comm<span class=\"__1 _201\"/>ence<span class=\"__1 _201\"/>ment date. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up appl<span class=\"__1 _201\"/>ies the c<span class=\"__1 _201\"/>ost mo<span class=\"__1 _201\"/>del to th<span class=\"__1 _201\"/>e right of us<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:906.1801px;\">except fo<span class=\"__1 _201\"/>r those th<span class=\"__1 _201\"/>at meet th<span class=\"__1 _201\"/>e defini<span class=\"__1 _201\"/>tion of an inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty, to which th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue mo<span class=\"__1 _201\"/>del is ap<span class=\"__1 _201\"/>plie<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:881.4324px;\">The a<span class=\"__1 _201\"/>sset i<span class=\"__1 _201\"/>s initiall<span class=\"__1 _201\"/>y meas<span class=\"__1 _201\"/>ured at cos<span class=\"__1 _201\"/>t whi<span class=\"__1 _201\"/>ch comp<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>s the amo<span class=\"__1 _201\"/>unt of the le<span class=\"__1 _201\"/>ase lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, and le<span class=\"__1 _201\"/>ase pay<span class=\"__1 _201\"/>ments m<span class=\"__1 _201\"/>ade at or b<span class=\"__1 _201\"/>efore<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:864.93384px;\">the co<span class=\"__1 _201\"/>mmen<span class=\"__1 _201\"/>ceme<span class=\"__1 _201\"/>nt date, any initi<span class=\"__1 _201\"/>al direc<span class=\"__1 _201\"/>t cos<span class=\"__1 _201\"/>ts incu<span class=\"__1 _201\"/>rred an<span class=\"__1 _201\"/>d an es<span class=\"__1 _201\"/>timate of the cos<span class=\"__1 _201\"/>ts rel<span class=\"__1 _201\"/>ated to the dila<span class=\"__1 _201\"/>pidatio<span class=\"__1 _201\"/>n of the as<span class=\"__1 _201\"/>set that<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:848.43536px;\">woul<span class=\"__1 _201\"/>d be incu<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>, les<span class=\"__1 _201\"/>s any leas<span class=\"__1 _201\"/>e incen<span class=\"__1 _201\"/>tives re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d. Sub<span class=\"__1 _201\"/>sequ<span class=\"__1 _201\"/>ently, the ass<span class=\"__1 _201\"/>et is dep<span class=\"__1 _201\"/>reciate<span class=\"__1 _201\"/>d using th<span class=\"__1 _201\"/>e strai<span class=\"__1 _201\"/>ght<span class=\"__1 _200\"/>-lin<span class=\"__1 _201\"/>e metho<span class=\"__1 _201\"/>d from<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:831.9368px;\">the co<span class=\"__1 _201\"/>mmen<span class=\"__1 _201\"/>ceme<span class=\"__1 _201\"/>nt date to the ear<span class=\"__1 _201\"/>lier of (i<span class=\"__1 _201\"/>) the end o<span class=\"__1 _201\"/>f the righ<span class=\"__1 _201\"/>t of use as<span class=\"__1 _201\"/>set\u2019s us<span class=\"__1 _201\"/>eful life a<span class=\"__1 _201\"/>nd (ii) th<span class=\"__1 _201\"/>e end of th<span class=\"__1 _201\"/>e lease te<span class=\"__1 _201\"/>rm.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:807.1891px;\">The l<span class=\"__1 _201\"/>ease li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y is in<span class=\"__1 _201\"/>itially m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at the pre<span class=\"__1 _201\"/>sent va<span class=\"__1 _201\"/>lue of le<span class=\"__1 _201\"/>ase paym<span class=\"__1 _201\"/>ents th<span class=\"__1 _201\"/>at are not yet pai<span class=\"__1 _201\"/>d at the com<span class=\"__1 _201\"/>menc<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t date, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:790.6906px;\">disc<span class=\"__1 _201\"/>ounted us<span class=\"__1 _201\"/>ing the in<span class=\"__1 _201\"/>terest r<span class=\"__1 _201\"/>ate implic<span class=\"__1 _201\"/>it in the le<span class=\"__1 _201\"/>ase or<span class=\"__1 _200\"/>, if that rate c<span class=\"__1 _201\"/>annot b<span class=\"__1 _201\"/>e readil<span class=\"__1 _201\"/>y determ<span class=\"__1 _201\"/>ined<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup\u2019s own increm<span class=\"__1 _201\"/>ental<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:774.1921px;\">bor<span class=\"__1 _201\"/>rowing r<span class=\"__1 _201\"/>ate. Subs<span class=\"__1 _201\"/>eque<span class=\"__1 _201\"/>ntly, the lease l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ty is m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at amor<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>sed co<span class=\"__1 _201\"/>st, us<span class=\"__1 _201\"/>ing the e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>tive intere<span class=\"__1 _201\"/>st meth<span class=\"__1 _201\"/>od. From tim<span class=\"__1 _201\"/>e </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:757.6936px;\">to time, th<span class=\"__1 _201\"/>e leas<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ty m<span class=\"__1 _201\"/>ay be re-<span class=\"__1 _201\"/>meas<span class=\"__1 _201\"/>ured wh<span class=\"__1 _201\"/>ere there i<span class=\"__1 _201\"/>s a chang<span class=\"__1 _201\"/>e in future le<span class=\"__1 _201\"/>ase pay<span class=\"__1 _201\"/>ments f<span class=\"__1 _201\"/>or exampl<span class=\"__1 _201\"/>e, whe<span class=\"__1 _201\"/>re the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:741.19507px;\">Gro<span class=\"__1 _201\"/>up reass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es wh<span class=\"__1 _201\"/>ether it w<span class=\"__1 _201\"/>ill exercis<span class=\"__1 _201\"/>e a purchas<span class=\"__1 _201\"/>e, exte<span class=\"__1 _201\"/>nsion o<span class=\"__1 _201\"/>r termin<span class=\"__1 _201\"/>ation opti<span class=\"__1 _201\"/>on. Wh<span class=\"__1 _201\"/>ere this h<span class=\"__1 _201\"/>appe<span class=\"__1 _201\"/>ns, a co<span class=\"__1 _201\"/>rresp<span class=\"__1 _201\"/>ondi<span class=\"__1 _201\"/>ng </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:724.6966px;\">adju<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt is made to th<span class=\"__1 _201\"/>e car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying am<span class=\"__1 _201\"/>ount of th<span class=\"__1 _201\"/>e right of u<span class=\"__1 _201\"/>se ass<span class=\"__1 _201\"/>et or an am<span class=\"__1 _201\"/>ount is re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised in th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:708.1981px;\">statem<span class=\"__1 _201\"/>ent if th<span class=\"__1 _201\"/>e carr<span class=\"__1 _250\"/>ying am<span class=\"__1 _201\"/>ount of th<span class=\"__1 _201\"/>e right of u<span class=\"__1 _201\"/>se ass<span class=\"__1 _201\"/>et has be<span class=\"__1 _201\"/>en red<span class=\"__1 _201\"/>uce<span class=\"__1 _201\"/>d to zero.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:683.4503px;\">The G<span class=\"__1 _201\"/>roup p<span class=\"__1 _201\"/>resent<span class=\"__1 _201\"/>s the rig<span class=\"__1 _201\"/>ht of use as<span class=\"__1 _201\"/>sets th<span class=\"__1 _201\"/>at do not me<span class=\"__1 _201\"/>et the d<span class=\"__1 _201\"/>efiniti<span class=\"__1 _201\"/>on of inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y in \u201cP<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y, plant<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:666.95184px;\">and e<span class=\"__1 _201\"/>quipm<span class=\"__1 _201\"/>ent\u201d o<span class=\"__1 _201\"/>n the con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dated state<span class=\"__1 _201\"/>ment of fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l positi<span class=\"__1 _201\"/>on. T<span class=\"__1 _201\"/>he cor<span class=\"__1 _201\"/>respo<span class=\"__1 _201\"/>ndin<span class=\"__1 _201\"/>g lease l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies are pre<span class=\"__1 _201\"/>sente<span class=\"__1 _201\"/>d in </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:650.45337px;\">\u201cLeas<span class=\"__1 _201\"/>e liabilities\u201d<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:625.70557px;\">Whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up act<span class=\"__1 _201\"/>s as les<span class=\"__1 _201\"/>sor, it classi<span class=\"__1 _201\"/>fies a<span class=\"__1 _201\"/>nd acco<span class=\"__1 _201\"/>unts for i<span class=\"__1 _201\"/>ts leas<span class=\"__1 _201\"/>es as op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g or fina<span class=\"__1 _201\"/>nce lea<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>. Where t<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p act<span class=\"__1 _201\"/>s as </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:609.2071px;\">an inter<span class=\"__1 _201\"/>medi<span class=\"__1 _201\"/>ate less<span class=\"__1 _201\"/>or<span class=\"__1 _200\"/>, as it doe<span class=\"__1 _201\"/>s with so<span class=\"__1 _201\"/>me of its p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y le<span class=\"__1 _201\"/>ases<span class=\"__1 _201\"/>, it acco<span class=\"__1 _201\"/>unts fo<span class=\"__1 _201\"/>r its interes<span class=\"__1 _201\"/>ts in th<span class=\"__1 _201\"/>e head l<span class=\"__1 _201\"/>ease an<span class=\"__1 _201\"/>d the sub<span class=\"__1 _201\"/>-l<span class=\"__1 _201\"/>ease<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:592.7086px;\">sep<span class=\"__1 _201\"/>arately. The G<span class=\"__1 _201\"/>roup as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>ses th<span class=\"__1 _201\"/>e leas<span class=\"__1 _201\"/>e class<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ation of a s<span class=\"__1 _201\"/>ub-<span class=\"__1 _201\"/>lease w<span class=\"__1 _201\"/>ith refere<span class=\"__1 _201\"/>nce to the r<span class=\"__1 _201\"/>ight of use a<span class=\"__1 _201\"/>sset a<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g from the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:576.2101px;\">hea<span class=\"__1 _201\"/>d leas<span class=\"__1 _201\"/>e, not with re<span class=\"__1 _201\"/>ferenc<span class=\"__1 _201\"/>e to the unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing as<span class=\"__1 _201\"/>set. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>s leas<span class=\"__1 _201\"/>e payme<span class=\"__1 _201\"/>nts rece<span class=\"__1 _201\"/>ived u<span class=\"__1 _201\"/>nder o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ng leas<span class=\"__1 _201\"/>es as<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:559.7116px;\">inco<span class=\"__1 _201\"/>me on a s<span class=\"__1 _201\"/>traight-line b<span class=\"__1 _201\"/>asis over t<span class=\"__1 _201\"/>he leas<span class=\"__1 _201\"/>e term as p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of \u201cInve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt return\u201d<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:534.96387px;\">1.5.<span class=\"__1 _201\"/>30 Pr<span class=\"__1 _200\"/>operty<span class=\"__1 _200\"/>, plant<span class=\"__1 _200\"/> and equipment<span class=\"__1 _200\"/> (PPE)<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:514.33435px;\">PPE includes<span class=\"__1 _200\"/> Group occu<span class=\"__1 _200\"/>pied properties and ot<span class=\"__1 _200\"/>her tangi<span class=\"__1 _200\"/>ble assets, such a<span class=\"__1 _200\"/>s comput<span class=\"__1 _200\"/>er equipment,<span class=\"__1 _200\"/> motor<span class=\"__1 _200\"/> vehicles, leasehold<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:497.83582px;\">improve<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s and fix<span class=\"__1 _201\"/>tures a<span class=\"__1 _201\"/>nd fit<span class=\"__1 _201\"/>tings<span class=\"__1 _201\"/>. PPE in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g owner-occ<span class=\"__1 _201\"/>upie<span class=\"__1 _201\"/>d prope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y is m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at cos<span class=\"__1 _201\"/>t, whic<span class=\"__1 _201\"/>h repres<span class=\"__1 _201\"/>ents th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:481.33734px;\">ori<span class=\"__1 _201\"/>ginal pu<span class=\"__1 _201\"/>rchase p<span class=\"__1 _201\"/>rice l<span class=\"__1 _201\"/>ess any ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es incu<span class=\"__1 _201\"/>rred in b<span class=\"__1 _201\"/>ringi<span class=\"__1 _201\"/>ng it to its wor<span class=\"__1 _201\"/>king co<span class=\"__1 _201\"/>nditi<span class=\"__1 _201\"/>ons, a<span class=\"__1 _201\"/>nd subs<span class=\"__1 _201\"/>equ<span class=\"__1 _201\"/>ently m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d using th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws1b_1\" style=\"bottom:464.83884px;\">cost model.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:440.0911px;\">Dep<span class=\"__1 _201\"/>reciati<span class=\"__1 _201\"/>on is char<span class=\"__1 _201\"/>ged to the c<span class=\"__1 _201\"/>onsol<span class=\"__1 _201\"/>idated in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt on a str<span class=\"__1 _201\"/>aight-line ba<span class=\"__1 _201\"/>sis over the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s esti<span class=\"__1 _201\"/>mated use<span class=\"__1 _201\"/>ful live<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:423.5926px;\">as follows:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:394.6969px;\">T<span class=\"__1 _200\"/>ype o<span class=\"__1 _201\"/>f ass<span class=\"__1 _201\"/>et<span class=\"__1 _c5_1\"> </span><span class=\"ls3_1 ws69_1\">Estimated useful life<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:463.0965px; bottom:398.1934px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:374.94055px;\">Gro<span class=\"__1 _201\"/>up occup<span class=\"__1 _201\"/>ied pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _c6_1\"> </span>20 \u2013 50 yea<span class=\"__1 _201\"/>rs<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:355.17804px;\">Righ<span class=\"__1 _201\"/>t of use as<span class=\"__1 _201\"/>set<span class=\"__1 _c7_1\"> </span>2 \u2013 50 year<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:335.41556px;\">Other tangible<span class=\"__1 _200\"/> assets<span class=\"__1 _c8_1\"> </span><span class=\"ls6_1 ws1_1\">2 \u2013 40 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:308.3989px;\">i <span class=\"__1 _2d_1\"> </span>Use<span class=\"__1 _201\"/>ful l<span class=\"__1 _201\"/>ives s<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d are in<span class=\"__1 _201\"/>clu<span class=\"__1 _201\"/>sive o<span class=\"__1 _201\"/>f PPE h<span class=\"__1 _201\"/>eld by c<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated i<span class=\"__1 _201\"/>nfra<span class=\"__1 _201\"/>str<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>ture p<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>ate eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y vehi<span class=\"__1 _201\"/>cle<span class=\"__1 _201\"/>s whi<span class=\"__1 _201\"/>ch t<span class=\"__1 _201\"/>ypi<span class=\"__1 _201\"/>cal<span class=\"__1 _201\"/>ly hav<span class=\"__1 _201\"/>e lon<span class=\"__1 _201\"/>ger us<span class=\"__1 _201\"/>efu<span class=\"__1 _201\"/>l live<span class=\"__1 _201\"/>s tha<span class=\"__1 _201\"/>n othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:295.6519px;\">as<span class=\"__1 _201\"/>sets o<span class=\"__1 _201\"/>f the G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:270.9001px;\">Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent deter<span class=\"__1 _201\"/>mines u<span class=\"__1 _201\"/>seful li<span class=\"__1 _201\"/>ves an<span class=\"__1 _201\"/>d residu<span class=\"__1 _201\"/>al valu<span class=\"__1 _201\"/>es for as<span class=\"__1 _201\"/>sets w<span class=\"__1 _201\"/>hen they a<span class=\"__1 _201\"/>re acqui<span class=\"__1 _201\"/>red. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es the us<span class=\"__1 _201\"/>eful life<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:254.40158px;\">resi<span class=\"__1 _201\"/>dual val<span class=\"__1 _201\"/>ue and d<span class=\"__1 _201\"/>eprec<span class=\"__1 _201\"/>iation me<span class=\"__1 _201\"/>thod fo<span class=\"__1 _201\"/>r PPE on an a<span class=\"__1 _201\"/>nnual b<span class=\"__1 _201\"/>asis and a<span class=\"__1 _201\"/>ny adjus<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s are made w<span class=\"__1 _201\"/>here re<span class=\"__1 _201\"/>quired<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:229.65384px;\">An imp<span class=\"__1 _201\"/>airm<span class=\"__1 _201\"/>ent review o<span class=\"__1 _201\"/>f PPE is c<span class=\"__1 _201\"/>arri<span class=\"__1 _201\"/>ed out w<span class=\"__1 _201\"/>heneve<span class=\"__1 _201\"/>r events or c<span class=\"__1 _201\"/>hange<span class=\"__1 _201\"/>s in circum<span class=\"__1 _201\"/>stanc<span class=\"__1 _201\"/>es indi<span class=\"__1 _201\"/>cate that th<span class=\"__1 _201\"/>e carr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing am<span class=\"__1 _201\"/>ount may<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:213.15535px;\">not b<span class=\"__1 _201\"/>e recover<span class=\"__1 _201\"/>able. M<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s impair<span class=\"__1 _201\"/>ment at th<span class=\"__1 _201\"/>e lowes<span class=\"__1 _201\"/>t level fo<span class=\"__1 _201\"/>r which th<span class=\"__1 _201\"/>ere are se<span class=\"__1 _201\"/>paratel<span class=\"__1 _201\"/>y ide<span class=\"__1 _201\"/>ntifiab<span class=\"__1 _201\"/>le cas<span class=\"__1 _201\"/>h flows<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:196.65685px;\">Whe<span class=\"__1 _201\"/>re the car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g amount o<span class=\"__1 _201\"/>f an ass<span class=\"__1 _201\"/>et is greater th<span class=\"__1 _201\"/>an its es<span class=\"__1 _201\"/>timated re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>ble am<span class=\"__1 _201\"/>ount, w<span class=\"__1 _201\"/>hich is th<span class=\"__1 _201\"/>e highe<span class=\"__1 _201\"/>r of the as<span class=\"__1 _201\"/>sets f<span class=\"__1 _201\"/>air<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:180.15834px;\">valu<span class=\"__1 _201\"/>e les<span class=\"__1 _201\"/>s cost<span class=\"__1 _201\"/>s of disp<span class=\"__1 _201\"/>osal an<span class=\"__1 _201\"/>d value i<span class=\"__1 _201\"/>n use, it is w<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>ten down im<span class=\"__1 _201\"/>med<span class=\"__1 _201\"/>iately to its re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>ble am<span class=\"__1 _201\"/>ount and a<span class=\"__1 _201\"/>n impair<span class=\"__1 _201\"/>ment l<span class=\"__1 _201\"/>oss is<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:163.65985px;\">reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in the co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1081.6672px;\">1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls2e_1 ws6c_1\" style=\"bottom:2.0501442px;\">208<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M<span class=\"__1 _201\"/>&amp;G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span></div>1.<span class=\"__1 _201\"/>5.<span class=\"__1 _201\"/>31 A<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and l<span class=\"__1 _201\"/>iab<span class=\"__1 _201\"/>ili<span class=\"__1 _201\"/>ties h<span class=\"__1 _201\"/>eld f<span class=\"__1 _201\"/>or sa<span class=\"__1 _201\"/>le The G<span class=\"__1 _201\"/>roup cl<span class=\"__1 _201\"/>assi<span class=\"__1 _201\"/>fies as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s as held f<span class=\"__1 _201\"/>or sal<span class=\"__1 _201\"/>e when th<span class=\"__1 _201\"/>e car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying a<span class=\"__1 _201\"/>mount is ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to be re<span class=\"__1 _201\"/>covere<span class=\"__1 _201\"/>d through a s<span class=\"__1 _201\"/>ale<span class=\"__1 _201\"/> trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tion, u<span class=\"__1 _201\"/>suall<span class=\"__1 _201\"/>y within o<span class=\"__1 _201\"/>ne year<span class=\"__1 _200\"/>, and ma<span class=\"__1 _201\"/>nagem<span class=\"__1 _201\"/>ent is co<span class=\"__1 _201\"/>mmit<span class=\"__1 _201\"/>ted to the s<span class=\"__1 _201\"/>ale.<span class=\"__1 _201\"/> As<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabil<span class=\"__1 _201\"/>ities h<span class=\"__1 _201\"/>eld for s<span class=\"__1 _201\"/>ale are s<span class=\"__1 _201\"/>hown se<span class=\"__1 _201\"/>paratel<span class=\"__1 _201\"/>y on the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t of financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition an<span class=\"__1 _201\"/>d are mea<span class=\"__1 _201\"/>sured at<span class=\"__1 _201\"/> the low<span class=\"__1 _201\"/>er of thei<span class=\"__1 _201\"/>r carr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing am<span class=\"__1 _201\"/>ount an<span class=\"__1 _201\"/>d their f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e les<span class=\"__1 _201\"/>s cost<span class=\"__1 _201\"/>s to sell. N<span class=\"__1 _201\"/>o depre<span class=\"__1 _201\"/>ciatio<span class=\"__1 _201\"/>n or amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sation i<span class=\"__1 _201\"/>s charge<span class=\"__1 _201\"/>d on an as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h is clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as he<span class=\"__1 _201\"/>ld for s<span class=\"__1 _201\"/>ale.<span class=\"__1 _201\"/> Whe<span class=\"__1 _201\"/>n the Gro<span class=\"__1 _201\"/>up is comm<span class=\"__1 _201\"/>itte<span class=\"__1 _201\"/>d to a sale of a su<span class=\"__1 _201\"/>bsidia<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, all of the as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liab<span class=\"__1 _201\"/>ilities o<span class=\"__1 _201\"/>f that subsi<span class=\"__1 _201\"/>diar<span class=\"__1 _201\"/>y are c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as held f<span class=\"__1 _201\"/>or<span class=\"__1 _32b\"> </span>sal<span class=\"__1 _201\"/>e when th<span class=\"__1 _201\"/>e criter<span class=\"__1 _201\"/>ia des<span class=\"__1 _201\"/>crib<span class=\"__1 _201\"/>ed above a<span class=\"__1 _201\"/>re met, re<span class=\"__1 _201\"/>gardle<span class=\"__1 _201\"/>ss of wh<span class=\"__1 _201\"/>ether th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p will retain a n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>cont<span class=\"__1 _201\"/>rolling i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n its for<span class=\"__1 _201\"/>me<span class=\"__1 _32b\"> </span>subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>y af<span class=\"__1 _201\"/>ter the s<span class=\"__1 _201\"/>ale.<span class=\"__1 _32b\"> </span>Inco<span class=\"__1 _201\"/>me and ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es of sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>ies s<span class=\"__1 _201\"/>old dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar are incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d in the inc<span class=\"__1 _201\"/>ome s<span class=\"__1 _201\"/>tatement up to th<span class=\"__1 _201\"/>e date of disp<span class=\"__1 _201\"/>osal<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The g<span class=\"__1 _201\"/>ain or lo<span class=\"__1 _201\"/>ss on di<span class=\"__1 _201\"/>spos<span class=\"__1 _201\"/>al is ca<span class=\"__1 _201\"/>lculated a<span class=\"__1 _201\"/>s the diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>e bet<span class=\"__1 _201\"/>ween s<span class=\"__1 _201\"/>ale pro<span class=\"__1 _201\"/>cee<span class=\"__1 _201\"/>ds net of s<span class=\"__1 _201\"/>elling c<span class=\"__1 _201\"/>osts<span class=\"__1 _201\"/>, les<span class=\"__1 _201\"/>s the n<span class=\"__1 _201\"/>et asse<span class=\"__1 _201\"/>ts of<span class=\"__1 _32b\"> </span>the ent<span class=\"__1 _201\"/>ity at th<span class=\"__1 _201\"/>e date of disp<span class=\"__1 _201\"/>osal<span class=\"__1 _201\"/>, adjus<span class=\"__1 _201\"/>ted for fo<span class=\"__1 _201\"/>reign exchan<span class=\"__1 _201\"/>ge move<span class=\"__1 _201\"/>ments at<span class=\"__1 _201\"/>tach<span class=\"__1 _201\"/>ing to the so<span class=\"__1 _201\"/>ld entit<span class=\"__1 _201\"/>y that are re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d to be<span class=\"__1 _32b\"> </span>rec<span class=\"__1 _201\"/>ycled to th<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent und<span class=\"__1 _201\"/>er IAS 21: T<span class=\"__1 _201\"/>he Effe<span class=\"__1 _201\"/>cts o<span class=\"__1 _201\"/>f Change<span class=\"__1 _201\"/>s in Foreig<span class=\"__1 _201\"/>n Exch<span class=\"__1 _201\"/>ange Rates<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>1.5.<span class=\"__1 _201\"/>32 Pr<span class=\"__1 _200\"/>o<span class=\"__1 _200\"/>visions and<span class=\"__1 _200\"/> contingent<span class=\"__1 _200\"/> assets and<span class=\"__1 _200\"/> liabilities<span class=\"__1 _32b\"> </span>Provis<span class=\"__1 _201\"/>ions a<span class=\"__1 _201\"/>re recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d in the st<span class=\"__1 _201\"/>atement of fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l positi<span class=\"__1 _201\"/>on wh<span class=\"__1 _201\"/>en the Gro<span class=\"__1 _201\"/>up has a pre<span class=\"__1 _201\"/>sent l<span class=\"__1 _201\"/>egal o<span class=\"__1 _201\"/>r cons<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>tive ob<span class=\"__1 _201\"/>ligatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>resul<span class=\"__1 _201\"/>ting from a p<span class=\"__1 _201\"/>ast eve<span class=\"__1 _201\"/>nt, it is m<span class=\"__1 _201\"/>ore prob<span class=\"__1 _201\"/>able tha<span class=\"__1 _201\"/>n not that a lo<span class=\"__1 _201\"/>ss wil<span class=\"__1 _201\"/>l be mad<span class=\"__1 _201\"/>e in set<span class=\"__1 _201\"/>tling the o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>on and th<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nts can b<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>es<span class=\"__1 _201\"/>timated rel<span class=\"__1 _201\"/>iably.<span class=\"__1 _32b\"> </span>Provis<span class=\"__1 _201\"/>ions a<span class=\"__1 _201\"/>re measu<span class=\"__1 _201\"/>red bas<span class=\"__1 _201\"/>ed on ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>\u2019s best e<span class=\"__1 _201\"/>stimate of th<span class=\"__1 _201\"/>e expen<span class=\"__1 _201\"/>diture re<span class=\"__1 _201\"/>quired to se<span class=\"__1 _201\"/>ttle th<span class=\"__1 _201\"/>e obli<span class=\"__1 _201\"/>gation at the<span class=\"__1 _201\"/> repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting date. Prov<span class=\"__1 _201\"/>ision<span class=\"__1 _201\"/>s are disc<span class=\"__1 _201\"/>ounted an<span class=\"__1 _201\"/>d repre<span class=\"__1 _201\"/>sent the p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nt value of th<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>cted ex<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>iture whe<span class=\"__1 _201\"/>re the effe<span class=\"__1 _201\"/>ct of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>time va<span class=\"__1 _201\"/>lue of mo<span class=\"__1 _201\"/>ney is mater<span class=\"__1 _201\"/>ial.<span class=\"__1 _201\"/> Cont<span class=\"__1 _201\"/>ingent l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies are p<span class=\"__1 _201\"/>ossib<span class=\"__1 _201\"/>le ob<span class=\"__1 _201\"/>ligation<span class=\"__1 _201\"/>s of the Gro<span class=\"__1 _201\"/>up whe<span class=\"__1 _201\"/>re the timin<span class=\"__1 _201\"/>g and am<span class=\"__1 _201\"/>ount are su<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>t to signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant unce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>aint<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>Cont<span class=\"__1 _201\"/>ingent l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies are no<span class=\"__1 _201\"/>t recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d in the con<span class=\"__1 _201\"/>solid<span class=\"__1 _201\"/>ated state<span class=\"__1 _201\"/>ment of fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l positi<span class=\"__1 _201\"/>on, un<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>s they are as<span class=\"__1 _201\"/>sume<span class=\"__1 _201\"/>d by the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up as par<span class=\"__1 _201\"/>t of a bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s com<span class=\"__1 _201\"/>binatio<span class=\"__1 _201\"/>n. Co<span class=\"__1 _201\"/>ntinge<span class=\"__1 _201\"/>nt liabili<span class=\"__1 _201\"/>ties are h<span class=\"__1 _201\"/>owever dis<span class=\"__1 _201\"/>close<span class=\"__1 _201\"/>d, unl<span class=\"__1 _201\"/>ess th<span class=\"__1 _201\"/>ey are con<span class=\"__1 _201\"/>sidere<span class=\"__1 _201\"/>d to be rem<span class=\"__1 _201\"/>ote.<span class=\"__1 _32b\"> </span>If a con<span class=\"__1 _201\"/>tingen<span class=\"__1 _201\"/>t liabili<span class=\"__1 _201\"/>ty b<span class=\"__1 _201\"/>ecom<span class=\"__1 _201\"/>es pro<span class=\"__1 _201\"/>bable a<span class=\"__1 _201\"/>nd the am<span class=\"__1 _201\"/>ount c<span class=\"__1 _201\"/>an be reli<span class=\"__1 _201\"/>ably m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d, it is n<span class=\"__1 _201\"/>o long<span class=\"__1 _201\"/>er treated a<span class=\"__1 _201\"/>s conting<span class=\"__1 _201\"/>ent an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>recognis<span class=\"__1 _201\"/>ed as a liability.<span class=\"__1 _32b\"> </span>Cont<span class=\"__1 _201\"/>ingent a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s which a<span class=\"__1 _201\"/>re pos<span class=\"__1 _201\"/>sible b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fits to the G<span class=\"__1 _201\"/>roup are on<span class=\"__1 _201\"/>ly dis<span class=\"__1 _201\"/>close<span class=\"__1 _201\"/>d if it is pro<span class=\"__1 _201\"/>babl<span class=\"__1 _201\"/>e that the G<span class=\"__1 _201\"/>roup will re<span class=\"__1 _201\"/>cei<span class=\"__1 _201\"/>ve the<span class=\"__1 _32b\"> </span>ben<span class=\"__1 _201\"/>efit. M<span class=\"__1 _201\"/>irror<span class=\"__1 _201\"/>ing the tre<span class=\"__1 _201\"/>atment of c<span class=\"__1 _201\"/>onting<span class=\"__1 _201\"/>ent liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>, if su<span class=\"__1 _201\"/>ch a ben<span class=\"__1 _201\"/>efit be<span class=\"__1 _201\"/>come<span class=\"__1 _201\"/>s vir<span class=\"__1 _201\"/>tuall<span class=\"__1 _201\"/>y cer<span class=\"__1 _201\"/>tain<span class=\"__1 _201\"/>, it is no l<span class=\"__1 _201\"/>onge<span class=\"__1 _201\"/>r consi<span class=\"__1 _201\"/>dere<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>contin<span class=\"__1 _201\"/>gent an<span class=\"__1 _201\"/>d is reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial po<span class=\"__1 _201\"/>sition a<span class=\"__1 _201\"/>s an ass<span class=\"__1 _201\"/>et.<span class=\"__1 _32b\"> </span>1 Basis of preparation and s<span class=\"__1 _201\"/>ignific<span class=\"__1 _201\"/>ant accounting polic<span class=\"__1 _201\"/>ies continued<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-579": {
   "value": "i Subsidiaries Subsidiaries are those investees that the Group controls. Where the Group is deemed to control an entity, the entity is treated  as a subsidiary and its results, assets and liabilities are consolidated. Where the Group holds a minority share in an entity but  does not have control, joint control or significant influence over the entity, the investments are carried at FVTPL within financial  investments in the consolidated statement of financial position. The Group performs a reassessment of consolidation whenever there is a change in the substance of the relationship between the Group and an investee ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-580": {
   "value": "ii Joint ventures and associates Joint ventures are joint arrangements arising from a contractual agreement whereby the Group and other investors have joint control of the net assets of the arrangement. In these arrangements, the Group\u2019s share of the underlying net assets may be lower or higher than 50% but the terms of the relevant agreement make it clear that control is jointly exercised between the Group and the third party, for example, where significant decisions required unanimous approval of all parties, or where all parties have equal voting rights. Associates are entities over which the Group has significant influence, but which it does not control. Generally, it is presumed that the Group has significant influence if it holds between 20% and 50% of the voting rights of the entity. Investments in associates and joint ventures held by the With-Profits Fund through investments, including venture capital business, mutual funds and unit trusts, are accounted for at FVTPL. All other investments in joint ventures and associates are accounted for using the equity method of accounting. Under the equity method, the Group\u2019s share of profit or loss of its joint ventures and associates is recognised in the income statement and its share of movements in other comprehensive income is recognised in other comprehensive income. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-525": {
   "value": "1.5.2 Insurance and investment contracts i Classification Contracts written by the Group\u2019s insurance operations are classified as either insurance contracts or investment contracts. Contracts that transfer significant insurance risk to the Group are classified as insurance contracts. Judgement is applied in assessing whether the features of a contract give rise to the transfer of significant insurance risk. This assessment is based on a readily identifiable scenario which is used to determine if there would be a significant difference in the contract\u2019s cash outflows if the insured event occurs. This judgement is made at inception and is not revisited. Contracts that transfer financial risk to the Group but not significant insurance risk are classified as investment contracts. Some contracts, both insurance and investment, contain discretionary participation features (DPF) representing the contractual right to receive additional benefits as a supplement to guaranteed benefits that: (i) are likely to be a significant portion of the total contract benefits; (ii) have amount or timing contractually at the discretion of the insurer; and (iii) are contractually based on asset or fund performance. These contracts are classified as insurance or investment contracts with DPF. Some contracts written by the Group allow policyholders to invest in both with-profits and unit-linked funds. The Group accounts for the components of these hybrid contracts as if they are separate contracts on the basis that the underlying investment options give different outcomes to the policyholder and place different obligations on the Group. The measurement of contracts depends on their classification. Those classified as either insurance contracts or investment contracts with DPF are accounted for as insurance contracts under IFRS 4. Investment contracts without DPF are accounted for as financial instruments under IAS 39. The classification of the Group\u2019s insurance operations\u2019 main contract types is shown below: Type of contract Classification With-profits Insurance contract/Investment contract with DPF Unit-linked with significant insurance risk Insurance contract Unit-linked without significant insurance risk Investment contract Annuities  Insurance contract ii Measurement: Insurance contracts and investment contracts with discretionary participation features Insurance contracts and investment contracts with DPF are accounted for under IFRS 4: Insurance Contracts, which permits the continued usage of previously applied Generally Accepted Accounting Practice (GAAP) that has been grandfathered by the Group. In particular, the Group uses a modified statutory basis, which is based on grandfathered regulatory requirements prior to the adoption of Solvency II, adjusted in accordance with the Statement of Recommended Practice issued by the Association of British Insurers (ABI SORP, issued in December 2005 (amended in December 2006 and withdrawn with effect for accounting periods beginning on or after 1 January 2015)). The Group\u2019s With-Profits Fund is measured on a realistic basis in accordance with FRS 27: Life Assurance. The measurement of the liabilities arising from the main types of contracts in scope of IFRS 4 is described further below. Valuation of the With-Profits Fund\u2019s liabilities The policyholder liabilities for the Group\u2019s With-Profits Fund are measured under FRS 27: Life Assurance, which requires the use of the realistic value of liabilities. In aggregate, this has the effect of placing a market-consistent value on the liabilities of with- profits contracts, which reflects the amounts expected to be paid based on the current value of investments held by the With- Profits Fund and current circumstances. The realistic basis requires the value of with-profits policyholder liabilities to be calculated as the sum of: (i) a with-profits benefits reserve (WPBR); and (ii) future policy-related liabilities (FPRL). The WPBR is primarily based on the retrospective calculation of accumulated asset shares with adjustments to reflect future policyholder benefits and other charges and expenses. Asset shares broadly reflect the policyholders\u2019 share of the With-Profits Fund assets attributable to their policies. For certain classes of business, the WPBR is instead calculated using a prospective bonus reserve valuation, valuing future claims and expenses using the expected future bonus rates. The FPRL must include a market-consistent valuation of costs of guarantees, options and smoothing, less any related charges, and this amount is determined using a stochastic approach. In line with FRS 27 requirements, the non-profit annuities business within the With-Profits Fund is valued on the statutory basis, i.e. including margins for adverse deviations (as set out in \u201cValuation of annuity contracts\u201d). The with-profits liabilities are valued on a realistic basis and therefore allow for future enhancements to the policyholders. Following this approach unadjusted would lead to an inconsistency in the net assets, as such, the present value of future profits from the relevant non-profit annuities is applied as an adjustment to the with-profits liabilities. Annually, when the enhancements to asset shares are committed to, the value of the enhancements is transferred from the Unallocated surplus of the With-Profits Fund to with-profits liabilities. The shareholders\u2019 share of future costs of bonuses is included within the liabilities for unallocated surplus. The shareholders\u2019 share of profit is recognised in line with the distribution of bonuses to policyholders. Unallocated surplus of the With-Profits Fund The unallocated surplus of the With-Profits Fund represents the excess of assets over policyholder liabilities that have yet to be appropriated between policyholders and shareholders. The unallocated surplus is recorded wholly as a liability with no allocation to equity. The annual excess/(shortfall) of income over expenditure of the With-Profits Fund, after declaration and attribution of the cost of bonuses to policyholders and shareholders, is transferred to/(from) the unallocated surplus each year through a charge/(credit) to the income statement. The balance retained in the unallocated surplus represents cumulative income arising on the with-profits business that has not been allocated to policyholders or shareholders. Valuation of unit-linked contracts For unit-linked contracts, the attaching liability reflects the unit value obligation (using actuarial funding where relevant) and, in the case of contracts with significant insurance risk which are therefore classified as insurance contracts, allowance for expense, persistency and mortality risk. The latter component, calculated using a discounted cash flow approach, is determined by applying mortality assumptions on a basis that is appropriate for the policyholder profile and including a margin for prudence in the mortality, persistency and expense assumptions. Valuation of annuity contracts The annuity liabilities are calculated as the expected value of future annuity payments and expenses, discounted by a valuation interest rate, having prudent regard to the assumptions used. The primary assumptions required are in respect of policyholder mortality, credit assumptions within the valuation interest rate and future expense levels. Liability adequacy test The Group performs adequacy testing on its liabilities in respect of insurance contracts and investment contracts with DPF to ensure that the carrying amounts (net of related deferred acquisition costs) are sufficient to cover current estimates of future cash flows. Any deficiency is immediately charged to the income statement. 1 Basis of preparation and significant accounting policies continued Financial in iii Investment contracts without discretionary participation features Investment contracts without DPF, such as unit-linked savings and similar contracts, are accounted for as financial instruments. This treatment reflects the deposit nature of the arrangement, with premiums and claims reflected as deposits and withdrawals and recognised directly on the statement of financial position as movements in the financial liability. These investment contracts are classified as financial instruments and designated as FVTPL because the resulting liabilities are managed, and their performance is evaluated on a fair value basis. For unit-linked contracts, the fair value of the liability is equal to the unit value obligation. The Group incurs various incremental, directly attributable acquisition costs relating to the investment management element of these contracts which are capitalised and amortised in line with the related revenue. If the contracts involve upfront charges, this income is also deferred and amortised through the income statement, as the service is provided in accordance with IFRS 15. 1 Basis of preparation and significant accounting policies continued ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-526": {
   "value": "1.5.3 Business acquisitions Business acquisitions are accounted for by applying the acquisition method of accounting, where the identifiable assets and liabilities of the acquired business are recorded at fair value on the date of acquisition. The excess of the fair value of acquisition consideration over the recorded value of the assets and liabilities of the acquired entity is recorded on the statement of financial position as goodwill. Expenses related to acquiring a new business are charged to the income statement in the year in which they are incurred. Where there is deferred consideration payable to former shareholders of a business acquired, those individuals become employees, and payment is dependent on those individuals remaining in service from the date of acquisition; this deferred consideration does not form part of the purchase consideration and is accounted for as employment costs over the service period. Income and expenses of acquired entities are included in the income statement from the date of acquisition. Acquisitions of entities under common control are accounted for under merger accounting principles. Under merger accounting, the results and statement of financial position for entities acquired are presented as if they had always been combined. Assets and liabilities of the entities acquired are recorded at their carrying values, and a fair value measurement is not undertaken. No new goodwill is recognised, and the differences between the cost of investment, which is its fair value, and the carrying value of assets and liabilities acquired is recorded within equity.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-581": {
   "value": "1.5.3 Business acquisitions Business acquisitions are accounted for by applying the acquisition method of accounting, where the identifiable assets and liabilities of the acquired business are recorded at fair value on the date of acquisition. The excess of the fair value of acquisition consideration over the recorded value of the assets and liabilities of the acquired entity is recorded on the statement of financial position as goodwill. Expenses related to acquiring a new business are charged to the income statement in the year in which they are incurred. Where there is deferred consideration payable to former shareholders of a business acquired, those individuals become employees, and payment is dependent on those individuals remaining in service from the date of acquisition; this deferred consideration does not form part of the purchase consideration and is accounted for as employment costs over the service period. Income and expenses of acquired entities are included in the income statement from the date of acquisition. Acquisitions of entities under common control are accounted for under merger accounting principles. Under merger accounting, the results and statement of financial position for entities acquired are presented as if they had always been combined. Assets and liabilities of the entities acquired are recorded at their carrying values, and a fair value measurement is not undertaken. No new goodwill is recognised, and the differences between the cost of investment, which is its fair value, and the carrying value of assets and liabilities acquired is recorded within equity.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-591": {
   "value": "1.5.4 Financial assets and liabilities i Classification and measurement The classification of financial assets and liabilities is determined at initial recognition. The Group classifies derivative financial assets and financial liabilities as held for trading. Financial assets which are managed and whose performance is evaluated on a fair value basis are designated at FVTPL. The vast majority of the Group\u2019s financial assets fall into this category, as the assets are held to back policyholder liabilities. Managing assets on a fair value basis maximises returns to policyholders and avoids accounting mismatches in the income statement. The Group accounts for the equity release outstanding mortgage loans as financial assets designated at FVTPL on the statement of financial position and the value of the no negative equity guarantee (NNEG) is included in determining the overall fair value of the loans. The existence of the NNEG is not sufficient for the equity release mortgage loans to transfer significant insurance risk to the Group, and therefore the lifetime mortgages are not considered an insurance contract. Financial assets classified as held for trading or at FVTPL, and financial liabilities classified as held for trading, are measured at fair value with all changes thereon being recognised in investment return in the income statement. The Group\u2019s financial assets which are not derivatives or designated at FVTPL are classified as loans or receivables. These instruments comprise non-quoted investments that have fixed or determinable payments and include loans collateralised by mortgages, deposits, loans to policyholders and other unsecured loans and receivables. These investments are initially recognised at fair value plus transaction costs. Subsequently, these instruments are carried at amortised cost using the effective interest method and are subject to impairment reviews. Where there is objective evidence that a loss event has occurred, the Group measures the amount of the impairment loss by comparing the amortised cost with the present value of its estimated future cash flows discounted at the original effective interest rate. The Group uses the trade date method to account for regular purchases and sales of financial assets. Transaction costs are expensed as incurred. Financial liabilities other than derivatives are classified according to the substance of the contractual arrangements. The Group designates financial liabilities at FVTPL if these instruments are managed and their performance evaluated on a fair value basis. Investment contract liabilities without discretionary participation features are designated at FVTPL, with changes in fair value recognised within benefits and claims in the consolidated income statement. The fair value liability is equal to the total value of units allocated to the policyholders, based on the bid price of the underlying assets. Third party interest in consolidated funds which are classified as financial liabilities are designated as FVTPL to match the treatment of the underlying assets in the funds. Changes in fair value are recognised in movements in third party interest in consolidated funds in the consolidated income statement. Financial liabilities which are not designated at FVTPL are measured at amortised cost using the effective interest method. ii Determination of fair value The Group uses current bid prices to value its investments with quoted prices. Actively traded investments without quoted prices are valued using prices provided by third parties. Financial assets measured at fair value are classified into a three-level hierarchy as described in Note 32. If the market for a financial investment of the Group is not active, the fair value is determined using valuation techniques. The Group establishes fair value for these financial investments by using quotations from independent third parties, such as brokers or pricing services, or by using internally developed pricing models. Priority is given to publicly available prices from independent sources when available, but overall the source of pricing and/or the valuation technique is chosen with the objective of arriving at a fair value measurement, which reflects the price at which an orderly transaction would take place between market participants on the measurement date. The valuation techniques include the use of recent arm\u2019s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, option-adjusted spread models and, if applicable, enterprise valuation, and may include a number of assumptions relating to variables such as credit risk and interest rates. Changes in assumptions relating to these variables could positively or negatively impact the reported fair value of these financial investments. Details of the financial investments classified as \u201clevel 3\u201d to which valuation techniques are applied, and the sensitivity of profit before tax to a change in these items\u2019 valuation, are presented in Note 32. 1 Basis of preparation and significant accounting policies continued ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-582": {
   "value": "1.5.4 Financial assets and liabilities i Classification and measurement The classification of financial assets and liabilities is determined at initial recognition. The Group classifies derivative financial assets and financial liabilities as held for trading. Financial assets which are managed and whose performance is evaluated on a fair value basis are designated at FVTPL. The vast majority of the Group\u2019s financial assets fall into this category, as the assets are held to back policyholder liabilities. Managing assets on a fair value basis maximises returns to policyholders and avoids accounting mismatches in the income statement. The Group accounts for the equity release outstanding mortgage loans as financial assets designated at FVTPL on the statement of financial position and the value of the no negative equity guarantee (NNEG) is included in determining the overall fair value of the loans. The existence of the NNEG is not sufficient for the equity release mortgage loans to transfer significant insurance risk to the Group, and therefore the lifetime mortgages are not considered an insurance contract. Financial assets classified as held for trading or at FVTPL, and financial liabilities classified as held for trading, are measured at fair value with all changes thereon being recognised in investment return in the income statement. The Group\u2019s financial assets which are not derivatives or designated at FVTPL are classified as loans or receivables. These instruments comprise non-quoted investments that have fixed or determinable payments and include loans collateralised by mortgages, deposits, loans to policyholders and other unsecured loans and receivables. These investments are initially recognised at fair value plus transaction costs. Subsequently, these instruments are carried at amortised cost using the effective interest method and are subject to impairment reviews. Where there is objective evidence that a loss event has occurred, the Group measures the amount of the impairment loss by comparing the amortised cost with the present value of its estimated future cash flows discounted at the original effective interest rate. The Group uses the trade date method to account for regular purchases and sales of financial assets. Transaction costs are expensed as incurred. Financial liabilities other than derivatives are classified according to the substance of the contractual arrangements. The Group designates financial liabilities at FVTPL if these instruments are managed and their performance evaluated on a fair value basis. Investment contract liabilities without discretionary participation features are designated at FVTPL, with changes in fair value recognised within benefits and claims in the consolidated income statement. The fair value liability is equal to the total value of units allocated to the policyholders, based on the bid price of the underlying assets. Third party interest in consolidated funds which are classified as financial liabilities are designated as FVTPL to match the treatment of the underlying assets in the funds. Changes in fair value are recognised in movements in third party interest in consolidated funds in the consolidated income statement. Financial liabilities which are not designated at FVTPL are measured at amortised cost using the effective interest method. ii Determination of fair value The Group uses current bid prices to value its investments with quoted prices. Actively traded investments without quoted prices are valued using prices provided by third parties. Financial assets measured at fair value are classified into a three-level hierarchy as described in Note 32. If the market for a financial investment of the Group is not active, the fair value is determined using valuation techniques. The Group establishes fair value for these financial investments by using quotations from independent third parties, such as brokers or pricing services, or by using internally developed pricing models. Priority is given to publicly available prices from independent sources when available, but overall the source of pricing and/or the valuation technique is chosen with the objective of arriving at a fair value measurement, which reflects the price at which an orderly transaction would take place between market participants on the measurement date. The valuation techniques include the use of recent arm\u2019s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, option-adjusted spread models and, if applicable, enterprise valuation, and may include a number of assumptions relating to variables such as credit risk and interest rates. Changes in assumptions relating to these variables could positively or negatively impact the reported fair value of these financial investments. Details of the financial investments classified as \u201clevel 3\u201d to which valuation techniques are applied, and the sensitivity of profit before tax to a change in these items\u2019 valuation, are presented in Note 32. 1 Basis of preparation and significant accounting policies continued ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-527": {
   "value": "1.5.4 Financial assets and liabilities i Classification and measurement The classification of financial assets and liabilities is determined at initial recognition. The Group classifies derivative financial assets and financial liabilities as held for trading. Financial assets which are managed and whose performance is evaluated on a fair value basis are designated at FVTPL. The vast majority of the Group\u2019s financial assets fall into this category, as the assets are held to back policyholder liabilities. Managing assets on a fair value basis maximises returns to policyholders and avoids accounting mismatches in the income statement. The Group accounts for the equity release outstanding mortgage loans as financial assets designated at FVTPL on the statement of financial position and the value of the no negative equity guarantee (NNEG) is included in determining the overall fair value of the loans. The existence of the NNEG is not sufficient for the equity release mortgage loans to transfer significant insurance risk to the Group, and therefore the lifetime mortgages are not considered an insurance contract. Financial assets classified as held for trading or at FVTPL, and financial liabilities classified as held for trading, are measured at fair value with all changes thereon being recognised in investment return in the income statement. The Group\u2019s financial assets which are not derivatives or designated at FVTPL are classified as loans or receivables. These instruments comprise non-quoted investments that have fixed or determinable payments and include loans collateralised by mortgages, deposits, loans to policyholders and other unsecured loans and receivables. These investments are initially recognised at fair value plus transaction costs. Subsequently, these instruments are carried at amortised cost using the effective interest method and are subject to impairment reviews. Where there is objective evidence that a loss event has occurred, the Group measures the amount of the impairment loss by comparing the amortised cost with the present value of its estimated future cash flows discounted at the original effective interest rate. The Group uses the trade date method to account for regular purchases and sales of financial assets. Transaction costs are expensed as incurred. Financial liabilities other than derivatives are classified according to the substance of the contractual arrangements. The Group designates financial liabilities at FVTPL if these instruments are managed and their performance evaluated on a fair value basis. Investment contract liabilities without discretionary participation features are designated at FVTPL, with changes in fair value recognised within benefits and claims in the consolidated income statement. The fair value liability is equal to the total value of units allocated to the policyholders, based on the bid price of the underlying assets. Third party interest in consolidated funds which are classified as financial liabilities are designated as FVTPL to match the treatment of the underlying assets in the funds. Changes in fair value are recognised in movements in third party interest in consolidated funds in the consolidated income statement. Financial liabilities which are not designated at FVTPL are measured at amortised cost using the effective interest method. ii Determination of fair value The Group uses current bid prices to value its investments with quoted prices. Actively traded investments without quoted prices are valued using prices provided by third parties. Financial assets measured at fair value are classified into a three-level hierarchy as described in Note 32. If the market for a financial investment of the Group is not active, the fair value is determined using valuation techniques. The Group establishes fair value for these financial investments by using quotations from independent third parties, such as brokers or pricing services, or by using internally developed pricing models. Priority is given to publicly available prices from independent sources when available, but overall the source of pricing and/or the valuation technique is chosen with the objective of arriving at a fair value measurement, which reflects the price at which an orderly transaction would take place between market participants on the measurement date. The valuation techniques include the use of recent arm\u2019s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, option-adjusted spread models and, if applicable, enterprise valuation, and may include a number of assumptions relating to variables such as credit risk and interest rates. Changes in assumptions relating to these variables could positively or negatively impact the reported fair value of these financial investments. Details of the financial investments classified as \u201clevel 3\u201d to which valuation techniques are applied, and the sensitivity of profit before tax to a change in these items\u2019 valuation, are presented in Note 32. 1 Basis of preparation and significant accounting policies continued ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-528": {
   "value": "1.5.5 Earned premiums, policy fees and claims paid Premiums and annuity considerations for conventional with-profits policies and other protection-type life insurance and annuity policies are accounted for when due. For unit-linked business and unitised with-profits policies, premiums are accounted for when the liabilities arising from the premiums are recognised. These amounts exclude premium taxes and similar duties where the Group collects and settles taxes borne by the client. Policy fees charged on linked and unitised with-profits policies for mortality, asset management and policy administration are recognised as revenue as related services are provided. Claims paid include maturities, annuities, surrenders and deaths. Maturity claims are recorded as charges on the policy maturity date. Annuity claims are recorded when each annuity instalment becomes due for payment. Surrenders are charged to the income statement when paid and death claims are recorded when notified. ",
   "dimensions": {
    "concept": "mgplc:DescriptionOfAccountingPolicyForEarnedPremiumsPolicyFeesAndClaimsPaid",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-529": {
   "value": "1.5.6 Reinsurance The business seeks to reduce loss exposure by reinsuring certain levels of risk in various areas of exposure with other insurance companies or reinsurers. Where the reinsurance contracts transfer significant insurance risk to the reinsurer, the asset arising from the contract is classified as Reinsurance assets. Reinsurance also includes the impact of longevity swaps. The measurement of reinsurance assets is consistent with the measurement of the underlying direct insurance contracts. Reinsurance premiums paid and reinsurance recoveries on claims paid are recognised when the corresponding insurance premium is received from the policyholder and when the reinsured claims are incurred, respectively. These items are disclosed separately on the face of the consolidated income statement. Any gains or losses arising on the purchase of reinsurance contracts are immediately recognised in the consolidated income statement. If a reinsurance asset is impaired, the Group reduces the carrying amount accordingly and recognises that impairment loss in the income statement. A reinsurance asset is impaired if there is objective evidence, as a result of an event that occurred after initial recognition of the reinsurance asset, that the Group may not receive all amounts due to it under the terms of the contract, and the event has a reliably measurable impact on the amounts that the Group will receive from the reinsurer. Where the reinsurance contract does not transfer significant insurance risk to the reinsurer, the contract is classified as a financial instrument and is measured at FVTPL. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-530": {
   "value": "1.5.7 Fee income Revenue arising from contracts with clients consists of investment management and performance fee income from the Group\u2019s asset management business, investment contracts without DPF, platform fee and other fees and commissions. Management fee income is based on investment assets under management and is only recognised when the Group satisfies its performance obligation to provide the asset management services. It is recognised in the year in which the services are rendered and is recognised net of rebates. Since the asset management service the Group provides is a continuous service, it satisfies its performance obligation over time. Therefore, the Group meets the criteria for its revenue to be recognised over time, as the client benefits from the asset management services received from the Group. Performance fee income is based on the achievement of prescribed performance hurdles. It is only recognised when the performance obligations are satisfied or upon the crystallisation event occurring and when it is highly probable that a significant reversal will not occur. Fees from investment contracts without DPF are recognised over time as the services are provided. Other fees and commissions such as from the provision of financial advice to clients are recognised when performance obligations are satisfied or upon the crystallisation of an event. The price is determined based on the agreed initial or ongoing adviser charge. Platform fees are recognised as the related services are provided to the client. No significant judgements are applied on the timing or transaction price or the determination of the costs incurred to obtain or fulfil a contract. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-531": {
   "value": "1.5.8 Investment return Investment return included in the consolidated income statement comprises interest income, rental income, dividends, foreign exchange gains and losses, realised and unrealised gains and losses on investments designated as FVTPL, and realised gains and losses (including impairment) on items held at amortised cost. Interest income is recognised as it accrues on an effective interest basis for instruments held at amortised cost. Dividends on equity securities are recognised on the ex-dividend date and rental income is recognised on an accruals basis. ",
   "dimensions": {
    "concept": "mgplc:DescriptionOfAccountingPolicyForInvestmentReturn",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-532": {
   "value": "1.5.9 Deferred acquisition costs The Group incurs various costs in acquiring new contracts. For investment contracts without DPF, incremental, directly attributable acquisition costs are capitalised and amortised in line with the related revenue as required by IFRS 15. For certain insurance contracts, acquisition costs which include both incremental acquisition costs and other costs of acquiring and processing new business are also capitalised and amortised in line with the emergence of projected margins. These costs (deferred acquisition costs) are recognised as an asset in the statement of financial position. The recoverability of any deferred acquisition costs is reviewed at each reporting date, and to the extent that these are no longer deemed recoverable from future revenue or projected margins, the carrying value is written down to the recoverable amount and the related impairment charge recorded in the consolidated income statement. For insurance contracts written within the UK regulated With-Profits Fund, in accordance with FRS 27 there is no deferral of acquisition costs and these costs are expensed as incurred. Similarly, for insurance contracts where all of the acquisition costs are recovered upfront, such as annuities, no acquisition costs are deferred. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-533": {
   "value": "1.5.10 Derivatives and hedge accounting The primary areas of the Group\u2019s operations where derivative instruments are held are in the With-Profits Fund and annuity business. Management designates derivatives on inception, and those that are not designated as hedging instruments are classified as \u201cheld for trading\u201d and are measured at FVTPL. Movements in fair value are recorded within investment return in th consolidated income statement. The Group does not regularly seek to apply fair value or cash flow hedging treatment under IAS 39 and has had no fair value or cash flow hedges for the years ended 31 December 2022 and 31 December 2021. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-583": {
   "value": "1.5.10 Derivatives and hedge accounting The primary areas of the Group\u2019s operations where derivative instruments are held are in the With-Profits Fund and annuity business. Management designates derivatives on inception, and those that are not designated as hedging instruments are classified as \u201cheld for trading\u201d and are measured at FVTPL. Movements in fair value are recorded within investment return in th e consolidated income statement. The Group does not regularly seek to apply fair value or cash flow hedging treatment under IAS 39 and has had no fair value or cash flow hedges for the years ended 31 December 2022 and 31 December 2021. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-592": {
   "value": "1.5.10 Derivatives and hedge accounting The primary areas of the Group\u2019s operations where derivative instruments are held are in the With-Profits Fund and annuity business. Management designates derivatives on inception, and those that are not designated as hedging instruments are classified as \u201cheld for trading\u201d and are measured at FVTPL. Movements in fair value are recorded within investment return in th e consolidated income statement. The Group does not regularly seek to apply fair value or cash flow hedging treatment under IAS 39 and has had no fair value or cash flow hedges for the years ended 31 December 2022 and 31 December 2021. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-534": {
   "value": "1.5.11 Derecognition of financial assets and liabilities The Group\u2019s policy is to derecognise financial assets when it is deemed that substantially all the risks and rewards of ownership have been transferred. Gains and losses on disposal are determined as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognised in the consolidated income statement. The Group derecognises financial liabilities only when the obligation specified in the contract is discharged or cancelled, or has expired. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-535": {
   "value": "1.5.12 Securities lending and reverse repurchase agreements The Group is party to various securities lending agreements and repurchase agreements under which securities are transferred to third parties on a short-term basis. The transferred securities are not derecognised; rather, they continue to be recognised within the appropriate investment classification. The Group\u2019s policy is that collateral in excess of 100% of the fair value of securities loaned is required from all securities borrowers and typically consists of cash, debt securities, equity securities or letters of credit. In cases where the Group takes possession of the collateral under its securities lending programme, including cash collateral which is not legally separated from the Group, the collateral and corresponding obligation to return such collateral is recognised as a financial liability on the consolidated statement of financial position. The Group is also party to various reverse repurchase agreements under which securities are purchased from third parties with an obligation to resell the securities. The securities are not recognised as investments on the statement of financial position. The right to receive the return of any cash paid as purchase consideration plus interest is recognised as a financial asset on the statement of financial position. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-536": {
   "value": "1.5.13 Subordinated liabilities and other borrowings Subordinated liabilities include loan notes issued by the Group which are classified as financial liabilities as they have a fixed repayment date and do not represent a residual interest in the net assets of the Company on liquidation. The notes rank junior to all other liabilities of the Group in the event of liquidation, but above share capital. Borrowings include operational borrowings attributable to shareholder-financed operations and other borrowings attributable to the With-Profits Fund. Subordinated liabilities and other borrowings are initially recognised at fair value, net of transaction costs. Borrowings, excluding those backing buy-to-let mortgages, which are managed on a fair value basis and designated at FVTPL, are subsequently accounted for on an amortised cost basis using the effective interest method. Under the effective interest method, the difference between the redemption value of the borrowing and the initial proceeds (net of related issue costs) is amortised through the income statement to the date of maturity, or for hybrid debt, over the expected life of the instrument. Borrowings backing buy-to-let mortgages are designated at FVTPL in line with the underlying loan assets. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-537": {
   "value": "1.5.14 Investment property Investments in leasehold and freehold properties not for occupation by the Group, including properties under development for future use as investment property, are carried at fair value, with changes in fair value included in the income statement. Properties are valued annually either by the Group\u2019s qualified surveyors or by taking into consideration the advice of professional external valuers using the valuation standards of the Royal Institution of Chartered Surveyors (RICS). Each property is externally valued at least once every three years. On disposal of an investment property, the difference between the net proceeds received and the carrying amount is recognised in the income statement. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-538": {
   "value": "1.5.15 Defined benefit pension schemes For the Group\u2019s defined benefit schemes, if the present value of the defined benefit obligation for the relevant scheme exceeds the fair value of the scheme assets, then a liability is recorded in the Group\u2019s statement of financial position in respect of that scheme. By contrast, if the fair value of the assets of the relevant scheme exceeds the present value of the defined benefit obligation, then the surplus in respect of that scheme will only be recognised if the nature of the arrangements under the trust deed, and funding arrangements between the Trustee and the employing entity, support the availability of refunds or recoverability through agreed reductions in future contributions. In addition, if there is a constructive obligation for the employing entity to pay deficit funding in respect of schemes where there is no unconditional right to a refund to any surplus, this is also recognised such that the financial position recorded for the scheme reflects the higher of any underlying IAS 19 Employee Benefits deficit and the obligation for deficit funding. The Group utilises the projected unit credit method to calculate the defined benefit obligation. This method sees each year of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Estimated future cash flows are then discounted at a high-quality corporate bond rate, adjusted to allow for the difference in duration between the bond index and the pension liabilities where appropriate, to determine its present value. These calculations are performed by independent actuaries. The plan assets of the Group\u2019s pension schemes include several insurance contracts that have been issued by the Group. These assets are excluded from plan assets in determining the pension surplus or deficit recognised on the consolidated statement of financial position. The aggregate of the actuarially determined service costs of the currently employed personnel, and the net interest on the net defined benefit obligation at the start of the year, is charged to the consolidated income statement. Actuarial and other gains and losses as a result of changes in assumptions or experience variances are recognised as other comprehensive income. Contributions to the Group\u2019s defined contribution pension schemes are expensed when due. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-539": {
   "value": "1.5.16 Tax The Group applies IAS 12 Income Taxes in accounting for taxes on income. Income tax comprises current tax and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case the tax is recognised in the same statement as the related item appears. Current tax expense is charged or credited based upon amounts estimated to be payable or recoverable as a result of taxable amounts for the current year and adjustments made in relation to prior years. Income tax recoverable on tax allowable losses is recognised as a current tax asset only to the extent that it is regarded as recoverable by offsetting against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Deferred taxes are provided under the liability method for all relevant temporary differences. IAS 12 Income Taxes does not require all temporary differences to be provided for, in particular, the Group does not provide for deferred tax on undistributed earnings of subsidiaries where the Group is able to control the timing of the distribution and the temporary difference created is not expected to reverse in the foreseeable future. Deferred tax is also not recognised on temporary differences that arise from initial recognition of an asset or a liability in a transaction (other than a business combination) that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax assets are recognised to the extent that it is probable that sufficient taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realised or the liability settled, based on tax rates (and laws) that have been enacted or are substantively enacted at the end of the reporting period. Deferred tax assets and liabilities are only offset when there is both a legal right to set-off and an intention to settle on a net basis. The total tax recorded in the consolidated income statement includes tax attributable to both policyholders and shareholders. The tax attributable to policyholders comprises the tax on the income of the consolidated with-profits and unit-linked funds. In certain jurisdictions, such as the UK, life insurance companies are taxed on both their shareholders\u2019 profits and on their policyholders\u2019 investment returns on certain insurance and investment products. Although both types of tax are included in the total tax charge in the Group\u2019s consolidated income statement, they are presented separately in the consolidated income statement to provide the most relevant information about tax that the Group pays on its profits. The Group is subject to tax in numerous jurisdictions and the calculation of the total tax charge inherently involves a degree of estimation and judgement. The positions taken in tax returns, where applicable tax regulation is subject to interpretation, are recognised in full in the determination of the tax charge in the financial statements if the Group considers that it is probable that the taxation authority will accept those positions. Otherwise, the Group considers an uncertain tax position to exist and a provision is recognised to reflect that a taxation authority, upon review of the positions, could alter the tax returns. From recognition, the provision is measured based on management\u2019s judgement and estimate of the likely amount of the liability, or recovery by providing for the single best estimate of the most likely outcome or the weighted average expected value where there are multiple possible outcomes, taking into account external advice where appropriate. Each uncertain tax treatment is considered separately or together as a group, depending on management\u2019s judgement as to which approach better predicts the resolution of the uncertainty. It is assumed that tax authorities will examine the uncertain tax treatments and they have full knowledge of all related information. The judgements and estimates made to recognise and measure the effect of uncertain tax positions are reassessed whenever circumstances change or when there is new information that affects those judgements. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-584": {
   "value": "1.5.16 Tax The Group applies IAS 12 Income Taxes in accounting for taxes on income. Income tax comprises current tax and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case the tax is recognised in the same statement as the related item appears. Current tax expense is charged or credited based upon amounts estimated to be payable or recoverable as a result of taxable amounts for the current year and adjustments made in relation to prior years. Income tax recoverable on tax allowable losses is recognised as a current tax asset only to the extent that it is regarded as recoverable by offsetting against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Deferred taxes are provided under the liability method for all relevant temporary differences. IAS 12 Income Taxes does not require all temporary differences to be provided for, in particular, the Group does not provide for deferred tax on undistributed earnings of subsidiaries where the Group is able to control the timing of the distribution and the temporary difference created is not expected to reverse in the foreseeable future. Deferred tax is also not recognised on temporary differences that arise from initial recognition of an asset or a liability in a transaction (other than a business combination) that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax assets are recognised to the extent that it is probable that sufficient taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realised or the liability settled, based on tax rates (and laws) that have been enacted or are substantively enacted at the end of the reporting period. Deferred tax assets and liabilities are only offset when there is both a legal right to set-off and an intention to settle on a net basis. The total tax recorded in the consolidated income statement includes tax attributable to both policyholders and shareholders. The tax attributable to policyholders comprises the tax on the income of the consolidated with-profits and unit-linked funds. In certain jurisdictions, such as the UK, life insurance companies are taxed on both their shareholders\u2019 profits and on their policyholders\u2019 investment returns on certain insurance and investment products. Although both types of tax are included in the total tax charge in the Group\u2019s consolidated income statement, they are presented separately in the consolidated income statement to provide the most relevant information about tax that the Group pays on its profits. The Group is subject to tax in numerous jurisdictions and the calculation of the total tax charge inherently involves a degree of estimation and judgement. The positions taken in tax returns, where applicable tax regulation is subject to interpretation, are recognised in full in the determination of the tax charge in the financial statements if the Group considers that it is probable that the taxation authority will accept those positions. Otherwise, the Group considers an uncertain tax position to exist and a provision is recognised to reflect that a taxation authority, upon review of the positions, could alter the tax returns. From recognition, the provision is measured based on management\u2019s judgement and estimate of the likely amount of the liability, or recovery by providing for the single best estimate of the most likely outcome or the weighted average expected value where there are multiple possible outcomes, taking into account external advice where appropriate. Each uncertain tax treatment is considered separately or together as a group, depending on management\u2019s judgement as to which approach better predicts the resolution of the uncertainty. It is assumed that tax authorities will examine the uncertain tax treatments and they have full knowledge of all related information. The judgements and estimates made to recognise and measure the effect of uncertain tax positions are reassessed whenever circumstances change or when there is new information that affects those judgements. 1 Basis of preparation and significant accounting policies continued ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-540": {
   "value": "1.5.17 Goodwill Goodwill arises when the Group acquires a business and the fair value consideration paid exceeds the fair value of the net assets acquired. Goodwill arising on acquisitions of subsidiaries and businesses is capitalised and carried on the consolidated statement of financial position at initial value less any accumulated impairment losses. Goodwill impairment testing is conducted annually and when there is an indication of impairment. For the purposes of impairment testing, goodwill is allocated to a cash- generating unit or group of cash-generating units. Goodwill is allocated to a group of cash-generating units when it cannot be allocated on a non-arbitrary basis to individual cash-generating units. Goodwill impairment charges are recognised immediately in the income statement. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-547": {
   "value": "1.5.18 Intangible assets Intangible assets acquired through business combinations are measured at fair value on acquisition. Separately acquired intangible assets such as licences and software, are recognised at the price paid to acquire them. Intangibles arising from development costs are capitalised when it has been established that the project is technically and financially feasible and the Group has both the intention and ability to use the completed asset. Intangible assets are subsequently carried at cost less amortisation and any accumulated impairment losses. Intangibles are amortised on a basis to reflect the pattern in which the future economic benefits are expected to be consumed by reference to new business production levels unless the pattern cannot be determined reliably, in which case a straight- line method is applied. Impairment testing is conducted when there is an indication of impairment. If an impairment has occurred, an impairment charge is recognised for the difference between the carrying value and recoverable amount of the asset. The recoverable amount is the greater of fair value less costs to sell and value in use. Value in use is calculated as the present value of future expected cash flows from the asset, cash-generating unit or group of cash-generating units to which it is allocated. Amortisation and impairment of intangible assets is charged to the income statement. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-541": {
   "value": "1.5.19 Cash and cash equivalents Cash and cash equivalents consist of cash at bank and in hand, deposits held at call with banks, money market funds and debt securities with less than 90 days\u2019 maturity from the date of acquisition. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-542": {
   "value": "1.5.20 Dividends Dividends are recognised when the obligation becomes certain, i.e. when the dividend is no longer at the discretion of the Company. In the case of interim dividends, this occurs when the dividends are paid. For final dividends, this occurs when they are recommended by the Board and approved by shareholders. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-543": {
   "value": "1.5.21 Share capital and share premium An equity instrument is any contract that evidences a residual interest in the assets of the Group, after deducting all of its liabilities. Shares are classified as equity when their terms do not create an obligation to transfer assets. The nominal value of shares issued is recorded in share capital. Where the consideration received from the issue or sale of existing shares exceeds the nominal value recorded in share capital, the difference is recorded in share premium. Share premium is recorded net of share issue costs. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-544": {
   "value": "1.5.22 Treasury shares Where any of the Group entities purchase the Company\u2019s share capital, the consideration paid, including any attributable transaction costs, is shown as a deduction from total shareholders\u2019 equity ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-545": {
   "value": "1.5.23 Merger reserve The merger reserve arises from the application of merger accounting principles to acquisitions of entities under common control. It represents the difference between the aggregate capital reserves and value of the entities acquired, which is recognised directly in equity. On disposal of the relevant entity, the related merger reserve is released directly to retained earnings. ",
   "dimensions": {
    "concept": "mgplc:DescriptionOfAccountingPolicyForMergerReserve",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-546": {
   "value": "1.5.24 Capital redemption reserve The capital redemption reserve arises from the cancellation of shares following the share buy-back programme. ",
   "dimensions": {
    "concept": "mgplc:AccountingPolicyForCapitalRedemptionReserve",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-548": {
   "value": "1.5.25 Share-based payments All share-based payments made to employees for services rendered are measured based on the fair value of the equity instrument granted. The fair value takes into account the impact of market-based vesting conditions and non-vesting conditions, but excludes any impact of non-market-based vesting conditions. The related share-based payment expense is recognised over the vesting period. The fair value may be determined using an option pricing model such as Black-Scholes simulation where appropriate, taking into account the terms and conditions of the award. For equity-settled share-based payments, the fair value of service rendered is based on the fair value of the equity instrument at grant date, which is not remeasured subsequently. The share-based payment expense is recognised over the vesting period and is based on the number of equity instruments expected to vest, with the corresponding entry to equity. For cash-settled share-based payments, the fair value of service rendered is based on the fair value of the liability related to the equity instrument granted. The fair value equity instrument granted is remeasured at each reporting date with any changes recognised in the share-based payment expense for the period. A cancellation of an award without the grant of a replacement equity instrument is accounted for as an acceleration of vesting. Accordingly, any share-based expense that would have been recognised over the remaining vesting period is recognised immediately. Where replacement equity instruments are granted to employees in place of the cancelled equity instruments, the replacement award is treated as a modification of the original award. At the point of replacement, the awards are remeasured to the fair value at the date of replacement, which forms the basis of recognising the expense over the remaining vesting period. On vesting or exercise, the difference between the expense charged to the income statement and the actual cost to the Group is transferred to retained earnings. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-585": {
   "value": "1.5.26 Discontinued operations The Group classifies an entity (or a component of an entity) within the Group as a discontinued operation if it has either been  disposed of, or is classified as held for sale, and \u2013  represents a separate major line of business or geographical area of operations; \u2013  is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2013  is a subsidiary acquired exclusively with a view to resale. The analysis of the comprehensive income and cash flows relating to discontinued operations is disclosed separately in the consolidated financial statements. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-549": {
   "value": "1.5.26 Discontinued operations The Group classifies an entity (or a component of an entity) within the Group as a discontinued operation if it has either been disposed of, or is classified as held for sale, and \u2013  represents a separate major line of business or geographical area of operations; \u2013  is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2013  is a subsidiary acquired exclusively with a view to resale. The analysis of the comprehensive income and cash flows relating to discontinued operations is disclosed separately in the consolidated financial statements. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-550": {
   "value": "1.5.27 Earnings per share (EPS) Basic EPS is calculated by dividing the profit or loss for the year attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding, excluding treasury shares. Diluted EPS is calculated by dividing the profit or loss for the year attributable to ordinary shareholders by the weighted average number of ordinary shares, excluding treasury shares, adjusted to take into account the effect of any dilutive potential ordinary shares. The Group\u2019s only class of potentially dilutive ordinary shares are share options and awards granted to employees. Potential ordinary shares are treated as dilutive when their conversion to ordinary shares results in a decrease in EPS. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-551": {
   "value": "1.5.28 Foreign exchange The Group\u2019s consolidated financial statements are presented in million pounds sterling, the Group\u2019s presentation currency. Accordingly, the results and financial position of foreign subsidiaries are translated into the presentation currency of the Group from their functional currencies. All assets and liabilities of foreign subsidiaries are converted at year end exchange rates while all income and expenses are converted at average exchange rates where this is a reasonable approximation of the rates prevailing on transaction dates. Foreign currency monetary assets and liabilities are translated at the spot exchange rate for the functional currency at the reporting date. Changes resulting from exchange rates are recognised in the income statement. Foreign currency transactions are translated into functional currencies at the spot rate prevailing on the date of transactions. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the spot exchange rate at the date on which the fair value is determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the spot exchange rate at the date of the transaction. Exchange differences arising on the translation of foreign subsidiaries are recognised in other comprehensive income and taken to other reserves within equity. On disposal of the foreign subsidiary, the related exchange differences are transferred out of this reserve and are recognised in the income statement as part of the gain or loss on disposal. The income statements and cash flows, and statements of financial position of Group entities that have a different functional currency from the Group\u2019s presentation currency, have been translated using the following principal exchange rates. 2022 2021 Income statement and  cash flows (average rate) Statement of financial position (closing rate) Income statement and  cash flows (average rate) Statement of financial position (closing rate) Euro (EUR) 1.17 1.13 1.16 1.19 Indian Rupee (INR) 97.05 99.53 101.70 100.68 Polish Z\u0142oty (PLN) 5.49 5.29 5.31 5.46 South African Rand (ZAR) 20.17 20.59 20.34 21.62 Swiss Franc (CHF) 1.18 1.12 1.26 1.23 US Dollar (USD) 1.24 1.21 1.38 1.35 ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-552": {
   "value": "1.5.29 Leases The Group leases office property to conduct its business. At the inception of a contract, the Group assesses whether a contract is, or contains, a lease. In simple terms this applies if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At inception, the Group allocates the consideration in a contract to each lease component. However, for the leases of land and buildings, in which the Group acts as lessee, the Group has elected to account for the lease and non-lease components as a single lease component. Where the Group acts as a lessee, it recognises a \u201cright of use\u201d asset and a corresponding lease liability, representing the obligation to make lease payments at the lease commencement date. The Group applies the cost model to the right of use assets, except for those that meet the definition of an investment property, to which the fair value model is applied. The asset is initially measured at cost which comprises the amount of the lease liability, and lease payments made at or before the commencement date, any initial direct costs incurred and an estimate of the costs related to the dilapidation of the asset that would be incurred, less any lease incentives received. Subsequently, the asset is depreciated using the straight-line method from the commencement date to the earlier of (i) the end of the right of use asset\u2019s useful life and (ii) the end of the lease term. The lease liability is initially measured at the present value of lease payments that are not yet paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s own incremental borrowing rate. Subsequently, the lease liability is measured at amortised cost, using the effective interest method. From time to time, the lease liability may be re-measured where there is a change in future lease payments for example, where the Group reassesses whether it will exercise a purchase, extension or termination option. Where this happens, a corresponding adjustment is made to the carrying amount of the right of use asset or an amount is recognised in the consolidated income statement if the carrying amount of the right of use asset has been reduced to zero. The Group presents the right of use assets that do not meet the definition of investment property in \u201cProperty, plant and equipment\u201d on the consolidated statement of financial position. The corresponding lease liabilities are presented in \u201cLease liabilities\u201d. Where the Group acts as lessor, it classifies and accounts for its leases as operating or finance leases. Where the Group acts as an intermediate lessor, as it does with some of its property leases, it accounts for its interests in the head lease and the sub-lease separately. The Group assesses the lease classification of a sub-lease with reference to the right of use asset arising from the head lease, not with reference to the underlying asset. The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of \u201cInvestment return\u201d. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-553": {
   "value": "1.5.30 Property, plant and equipment (PPE) PPE includes Group occupied properties and other tangible assets, such as computer equipment, motor vehicles, leasehold improvements and fixtures and fittings. PPE including owner-occupied property is measured at cost, which represents the original purchase price less any expenses incurred in bringing it to its working conditions, and subsequently measured using the cost model. Depreciation is charged to the consolidated income statement on a straight-line basis over the assets estimated useful lives as follows: Type of asset Estimated useful life i Group occupied property 20 \u2013 50 years Right of use asset 2 \u2013 50 years Other tangible assets 2 \u2013 40 years i  Useful lives stated are inclusive of PPE held by consolidated infrastructure private equity vehicles which typically have longer useful lives than other assets of the Group. Management determines useful lives and residual values for assets when they are acquired. The Group assesses the useful life, residual value and depreciation method for PPE on an annual basis and any adjustments are made where required. An impairment review of PPE is carried out whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Management assesses impairment at the lowest level for which there are separately identifiable cash flows. Where the carrying amount of an asset is greater than its estimated recoverable amount, which is the higher of the assets fair value less costs of disposal and value in use, it is written down immediately to its recoverable amount and an impairment loss is recognised in the consolidated income statement. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-554": {
   "value": "1.5.31 Assets and liabilities held for sale The Group classifies assets and liabilities as held for sale when the carrying amount is expected to be recovered through a sale transaction, usually within one year, and management is committed to the sale. Assets and liabilities held for sale are shown separately on the consolidated statement of financial position and are measured at the lower of their carrying amount and their fair value less costs to sell. No depreciation or amortisation is charged on an asset which is classified as held for sale. When the Group is committed to a sale of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for  sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its forme r subsidiary after the sale. Income and expenses of subsidiaries sold during the year are included in the income statement up to the date of disposal.  The gain or loss on disposal is calculated as the difference between sale proceeds net of selling costs, less the net assets of  the entity at the date of disposal, adjusted for foreign exchange movements attaching to the sold entity that are required to be  recycled to the income statement under IAS 21: The Effects of Changes in Foreign Exchange Rates. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-555": {
   "value": "1.5.32 Provisions and contingent assets and liabilities Provisions are recognised in the statement of financial position when the Group has a present legal or constructive obligation  resulting from a past event, it is more probable than not that a loss will be made in settling the obligation and the amounts can be  estimated reliably. Provisions are measured based on management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date. Provisions are discounted and represent the present value of the expected expenditure where the effect of the  time value of money is material. Contingent liabilities are possible obligations of the Group where the timing and amount are subject to significant uncertainty.  Contingent liabilities are not recognised in the consolidated statement of financial position, unless they are assumed by the Group as part of a business combination. Contingent liabilities are however disclosed, unless they are considered to be remote.  If a contingent liability becomes probable and the amount can be reliably measured, it is no longer treated as contingent and  recognised as a liability.  Contingent assets which are possible benefits to the Group are only disclosed if it is probable that the Group will receive the  benefit. Mirroring the treatment of contingent liabilities, if such a benefit becomes virtually certain, it is no longer considered  contingent and is recognised on the consolidated statement of financial position as an asset. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-586": {
   "value": "1.5.32 Provisions and contingent assets and liabilities Provisions are recognised in the statement of financial position when the Group has a present legal or constructive obligation resulting from a past event, it is more probable than not that a loss will be made in settling the obligation and the amounts can be estimated reliably. Provisions are measured based on management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date. Provisions are discounted and represent the present value of the expected expenditure where the effect of the time value of money is material. Contingent liabilities are possible obligations of the Group where the timing and amount are subject to significant uncertainty. Contingent liabilities are not recognised in the consolidated statement of financial position, unless they are assumed by the Group as part of a business combination. Contingent liabilities are however disclosed, unless they are considered to be remote. If a contingent liability becomes probable and the amount can be reliably measured, it is no longer treated as contingent and recognised as a liability. Contingent assets which are possible benefits to the Group are only disclosed if it is probable that the Group will receive the benefit. Mirroring the treatment of contingent liabilities, if such a benefit becomes virtually certain, it is no longer considered contingent and is recognised on the consolidated statement of financial position as an asset. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-487": {
   "value": "2 Group str<span class=\"__1 _201\"/>ucture and produc<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _200\"/>1 Gr<span class=\"__1 _200\"/>oup composition<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing diag<span class=\"__1 _201\"/>ram is an ex<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>t of the G<span class=\"__1 _201\"/>roup st<span class=\"__1 _201\"/>ruc<span class=\"__1 _201\"/>ture at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 and gi<span class=\"__1 _201\"/>ves an over<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>iew of the co<span class=\"__1 _201\"/>mpos<span class=\"__1 _201\"/>ition of t<span class=\"__1 _32b\"> </span>Gro<span class=\"__1 _201\"/>up. M&amp;G p<span class=\"__1 _201\"/>lc is the h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g compa<span class=\"__1 _201\"/>ny of the Gro<span class=\"__1 _201\"/>up.<span class=\"__1 _32b\"> </span>A comp<span class=\"__1 _201\"/>lete lis<span class=\"__1 _201\"/>t of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s relate<span class=\"__1 _201\"/>d under<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>kings c<span class=\"__1 _201\"/>ompr<span class=\"__1 _201\"/>ising su<span class=\"__1 _201\"/>bsidia<span class=\"__1 _201\"/>ries<span class=\"__1 _201\"/>, joi<span class=\"__1 _201\"/>nt ventures<span class=\"__1 _201\"/>, ass<span class=\"__1 _201\"/>ociates a<span class=\"__1 _201\"/>nd othe<span class=\"__1 _201\"/>r signi<span class=\"__1 _201\"/>fican<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>hol<span class=\"__1 _201\"/>dings is c<span class=\"__1 _201\"/>ontain<span class=\"__1 _201\"/>ed with<span class=\"__1 _201\"/>in Note 40<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Subsidiaries<span class=\"__1 _32b\"> </span>(including<span class=\"__1 _32b\"> </span>regulated<span class=\"__1 _32b\"> </span>subsidiaries<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>M&amp;G plc<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span>Property<span class=\"__1 _32b\"> </span>Services Limited<span class=\"__1 _32b\"> </span>Ke<span class=\"__1 _200\"/>y: Regulated<span class=\"__1 _32b\"> </span>subsidiaries<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Subsidiaries<span class=\"__1 _32b\"> </span>Investment <span class=\"__1 _f_1\"/> Funds Dir<span class=\"__1 _200\"/>ect<span class=\"__1 _32b\"> </span>Holdings Limited<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span>Lifetime<span class=\"__1 _32b\"> </span>Mortgages<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span>Pensions <span class=\"ls5_1 ws1_1\"> </span>Limited<span class=\"__1 _32b\"> </span>M&amp;G Group<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Wrap<span class=\"__1 _200\"/> IFA<span class=\"__1 _32b\"> </span>Services Limited<span class=\"__1 _32b\"> </span>Investment <span class=\"__1 _f_1\"/> Funds Dir<span class=\"__1 _200\"/>ect<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Investment <span class=\"__1 _f_1\"/> Funds Dir<span class=\"__1 _200\"/>ect<span class=\"__1 _32b\"> </span>Group <span class=\"__1 _200\"/> Limited<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Subsidiaries<span class=\"__1 _32b\"> </span>responsAbility<span class=\"ls5_1 ws1_1\"> </span>investmen<span class=\"__1 _200\"/>ts AG<span class=\"__1 _32b\"> </span>Prudential <span class=\"ls5_1 ws1_1\"> </span>Capital<span class=\"ls5_1 ws1_1\"> </span>(Singapore<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span>Pte. Limited<span class=\"__1 _200\"/> In<span class=\"__1 _32b\"> </span>Liquidation<span class=\"__1 _32b\"> </span>Sandringham<span class=\"__1 _32b\"> </span>Financial<span class=\"ls5_1 ws1_1\"> </span>Partners<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Subsidiaries<span class=\"__1 _32b\"> </span>M&amp;G Group<span class=\"__1 _32b\"> </span>Regulated<span class=\"__1 _32b\"> </span>Ent<span class=\"__1 _201\"/>ity H<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/> Company<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Prudential <span class=\"ls5_1 ws1_1\"> </span>Portfolio<span class=\"ls5_1 ws1_1\"> </span>Management<span class=\"__1 _32b\"> </span>Group Limited<span class=\"__1 _32b\"> </span>M&amp;G<span class=\"__1 _32b\"> </span>Corporate<span class=\"__1 _32b\"> </span>Holdings Limited<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Subsidiaries<span class=\"__1 _32b\"> </span>M&amp;G <span class=\"ls5_1 ws1_1\"> </span>Corporate<span class=\"__1 _32b\"> </span>Services Limited<span class=\"__1 _32b\"> </span>Prudential <span class=\"ls5_1 ws1_1\"> </span>UK Services<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span>Distribution<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span>Financial<span class=\"__1 _32b\"> </span>Services Limited<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Subsidiaries<span class=\"__1 _32b\"> </span>M&amp;G <span class=\"ls5_1 ws1_1\"> </span>Wealth<span class=\"__1 _32b\"> </span>Advice<span class=\"ls5_1 ws1_1\"> </span>Limited<span class=\"__1 _32b\"> </span>The<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span>Assurance<span class=\"__1 _32b\"> </span>Company<span class=\"ls5_1 ws1_1\"> </span> Limited<span class=\"__1 _32b\"> </span>Prudential <span class=\"ls5_1 ws1_1\"> </span>Capital<span class=\"__1 _32b\"> </span>Holding<span class=\"__1 _32b\"> </span>Company <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Limited<span class=\"__1 _32b\"> </span>M&amp;G W<span class=\"__1 _200\"/>ealth<span class=\"ls5_1 ws1_1\"> </span>Investments<span class=\"__1 _32b\"> </span>LLP<span class=\"__1 _32b\"> </span>Prudential <span class=\"ls5_1 ws1_1\"> </span>Capital Publi<span class=\"__1 _32b\"> </span>Limited <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Company<span class=\"__1 _32b\"> </span>M&amp;G W<span class=\"__1 _200\"/>ealth <span class=\"ls5_1 ws1_1\"> </span>Solutions<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Clear Vie<span class=\"__1 _200\"/>w<span class=\"ws1_1\"> </span>Assured<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>M&amp;G<span class=\"ls5_1 ws1_1\"> </span> Securities<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>M&amp;G <span class=\"ls5_1 ws1_1\"> </span>Financial<span class=\"__1 _32b\"> </span>Services Limited<span class=\"__1 _32b\"> </span>M&amp;G<span class=\"__1 _32b\"> </span>Alternative<span class=\"__1 _32b\"> </span>Investment<span class=\"__1 _32b\"> </span>Management<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>M&amp;G Real<span class=\"__1 _32b\"> </span>Estate<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>M&amp;G<span class=\"__1 _32b\"> </span>Investment<span class=\"__1 _32b\"> </span>Management<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>MandG Investments<span class=\"__1 _32b\"> </span>Southern<span class=\"__1 _32b\"> </span>Afric<span class=\"__1 _201\"/>a<span class=\"ls5_1 ws1_1\"> </span> (P<span class=\"__1 _201\"/>ty)<span class=\"__1 _201\"/> Ltd<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span>International<span class=\"__1 _32b\"> </span>Assurance <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Public Limited<span class=\"__1 _32b\"> </span>Company<span class=\"__1 _32b\"> </span>Ireland<span class=\"__1 _32b\"> </span>M&amp;G F<span class=\"__1 _200\"/>A <span class=\"ls5_1 ws1_1\"> </span>Limited<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>2 Corporate<span class=\"__1 _200\"/> transactions<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 Sandringham<span class=\"__1 _200\"/> Financial<span class=\"__1 _200\"/> Partners acquisition<span class=\"__1 _32b\"> </span>On 6 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up, via M&amp;<span class=\"__1 _201\"/>G Group R<span class=\"__1 _201\"/>egulate<span class=\"__1 _201\"/>d Entit<span class=\"__1 _201\"/>y Hol<span class=\"__1 _201\"/>ding Co<span class=\"__1 _201\"/>mpany Li<span class=\"__1 _201\"/>mited, (<span class=\"__1 _201\"/>M&amp;G R<span class=\"__1 _201\"/>EH), acqui<span class=\"__1 _201\"/>red a 100% h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span>in Clea<span class=\"__1 _201\"/>r View A<span class=\"__1 _201\"/>ssure<span class=\"__1 _201\"/>d Limite<span class=\"__1 _201\"/>d, the h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g comp<span class=\"__1 _201\"/>any for Sa<span class=\"__1 _201\"/>ndrin<span class=\"__1 _201\"/>gham Fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l Par<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>s Limite<span class=\"__1 _201\"/>d (Sandri<span class=\"__1 _201\"/>ngham) for a p<span class=\"__1 _201\"/>urchase<span class=\"__1 _201\"/> considerat<span class=\"__1 _200\"/>ion of \u00a373m.<span class=\"__1 _32b\"> </span>San<span class=\"__1 _201\"/>dring<span class=\"__1 _201\"/>ham is pa<span class=\"__1 _201\"/>rt of M<span class=\"__1 _201\"/>&amp;G Wealth with<span class=\"__1 _201\"/>in our Reta<span class=\"__1 _201\"/>il and S<span class=\"__1 _201\"/>avings s<span class=\"__1 _201\"/>egme<span class=\"__1 _201\"/>nt and at ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on brou<span class=\"__1 _201\"/>ght to M&amp;G a wel<span class=\"__1 _201\"/>l-e<span class=\"__1 _201\"/>stab<span class=\"__1 _201\"/>lishe<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>natio<span class=\"__1 _201\"/>nal finan<span class=\"__1 _201\"/>cial se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s adv<span class=\"__1 _201\"/>isor<span class=\"__1 _201\"/>y b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss wi<span class=\"__1 _201\"/>th around 18<span class=\"__1 _201\"/>0 adv<span class=\"__1 _201\"/>isor<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>s workin<span class=\"__1 _201\"/>g on be<span class=\"__1 _201\"/>half of over 10,0<span class=\"__1 _201\"/>00 cli<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>more th<span class=\"__1 _201\"/>an \u00a32<span class=\"__1 _201\"/>.4<span class=\"__1 _201\"/>bn of as<span class=\"__1 _201\"/>sets un<span class=\"__1 _201\"/>der ad<span class=\"__1 _201\"/>vice to co<span class=\"__1 _201\"/>mple<span class=\"__1 _201\"/>ment o<span class=\"__1 _201\"/>ur existi<span class=\"__1 _201\"/>ng adv<span class=\"__1 _201\"/>isor<span class=\"__1 _201\"/>y b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, The Ad<span class=\"__1 _201\"/>vice P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ship.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>re is a fur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r defer<span class=\"__1 _201\"/>red am<span class=\"__1 _201\"/>ount payab<span class=\"__1 _201\"/>le to for<span class=\"__1 _201\"/>mer sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders w<span class=\"__1 _201\"/>ho are in th<span class=\"__1 _201\"/>e empl<span class=\"__1 _201\"/>oymen<span class=\"__1 _201\"/>t of Sand<span class=\"__1 _201\"/>ringh<span class=\"__1 _201\"/>am of \u00a38<span class=\"__1 _201\"/>.6m<span class=\"__1 _201\"/> over 2 year<span class=\"__1 _201\"/>s from the d<span class=\"__1 _201\"/>ate of acquis<span class=\"__1 _201\"/>ition prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d the sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders re<span class=\"__1 _201\"/>main in s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>e. This d<span class=\"__1 _201\"/>oes n<span class=\"__1 _201\"/>ot form p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of the purch<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ation an<span class=\"__1 _201\"/>d will be a<span class=\"__1 _201\"/>ccounte<span class=\"__1 _201\"/>d for as em<span class=\"__1 _201\"/>ploy<span class=\"__1 _201\"/>ment cos<span class=\"__1 _201\"/>ts over th<span class=\"__1 _201\"/>e ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>As at th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition date th<span class=\"__1 _201\"/>e consi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>on, n<span class=\"__1 _201\"/>et asse<span class=\"__1 _201\"/>ts and int<span class=\"__1 _201\"/>angib<span class=\"__1 _201\"/>le ass<span class=\"__1 _201\"/>ets acq<span class=\"__1 _201\"/>uired an<span class=\"__1 _201\"/>d resulti<span class=\"__1 _201\"/>ng goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l were as fol<span class=\"__1 _201\"/>lows:<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> cash considera<span class=\"__1 _200\"/>tion<span class=\"__1 _c9_1\"> </span><span class=\"ls3f_1 ws41_1\">73<span class=\"__1 _32b\"> </span></span>F<span class=\"__1 _200\"/>air v<span class=\"__1 _200\"/>alue of<span class=\"__1 _200\"/> net asse<span class=\"__1 _200\"/>ts acquired:<span class=\"__1 _32b\"> </span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _ca_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _cb_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">4<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal asset<span class=\"__1 _201\"/>s<span class=\"__1 _cc_1\"> </span><span class=\"ls5_1 ws1_1\">5<span class=\"__1 _32b\"> </span></span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _cd_1\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3)<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities<span class=\"__1 _ce_1\"> </span><span class=\"ls26_1 ws26_1\">(3)<span class=\"__1 _32b\"> </span></span>Acquired intangible as<span class=\"__1 _201\"/>sets:<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _cf_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">7<span class=\"__1 _32b\"> </span></span>Cus<span class=\"__1 _201\"/>tom<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>-re<span class=\"__1 _201\"/>late<span class=\"__1 _201\"/>d<span class=\"__1 _d0_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">15<span class=\"__1 _32b\"> </span></span>Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x on as<span class=\"__1 _201\"/>sets no<span class=\"__1 _201\"/>t on bala<span class=\"__1 _201\"/>nce sh<span class=\"__1 _201\"/>eet<span class=\"__1 _d1_1\"> </span><span class=\"ff1_1 ls11_1 ws10_1\">(6)<span class=\"__1 _32b\"> </span></span>Goodwill<span class=\"__1 _d2_1\"> </span><span class=\"ls15_1 ws14_1\">55<span class=\"__1 _32b\"> </span></span>The g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will of \u00a35<span class=\"__1 _201\"/>5m rep<span class=\"__1 _201\"/>resent<span class=\"__1 _201\"/>s the sy<span class=\"__1 _201\"/>nergi<span class=\"__1 _201\"/>es to be ach<span class=\"__1 _201\"/>ieved thro<span class=\"__1 _201\"/>ugh the c<span class=\"__1 _201\"/>reation of a f<span class=\"__1 _201\"/>ully inte<span class=\"__1 _201\"/>grated M&amp;<span class=\"__1 _201\"/>G W<span class=\"__1 _200\"/>ealth b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss to<span class=\"__1 _201\"/> comp<span class=\"__1 _201\"/>lem<span class=\"__1 _201\"/>ent the G<span class=\"__1 _201\"/>roup\u2019s well est<span class=\"__1 _201\"/>ablis<span class=\"__1 _201\"/>hed as<span class=\"__1 _201\"/>set ma<span class=\"__1 _201\"/>nagem<span class=\"__1 _201\"/>ent off<span class=\"__1 _201\"/>ering<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The S<span class=\"__1 _201\"/>andr<span class=\"__1 _201\"/>ingha<span class=\"__1 _201\"/>m trade n<span class=\"__1 _201\"/>ame was re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised o<span class=\"__1 _201\"/>n acqui<span class=\"__1 _201\"/>sition at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of \u00a36.7m. The v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n was bas<span class=\"__1 _201\"/>ed on the re<span class=\"__1 _201\"/>lief fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span>royalt<span class=\"__1 _201\"/>y rates m<span class=\"__1 _201\"/>ethod a<span class=\"__1 _201\"/>nd the key ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s used i<span class=\"__1 _201\"/>n measu<span class=\"__1 _201\"/>ring th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue were di<span class=\"__1 _201\"/>scoun<span class=\"__1 _201\"/>t rate and royal<span class=\"__1 _201\"/>ty rate.<span class=\"__1 _32b\"> </span>A cus<span class=\"__1 _201\"/>tomer<span class=\"__1 _200\"/>-relate<span class=\"__1 _201\"/>d intang<span class=\"__1 _201\"/>ible wa<span class=\"__1 _201\"/>s also re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of \u00a314.6m<span class=\"__1 _201\"/>. The v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n was bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e multi-<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>iod exces<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>ear<span class=\"__1 _201\"/>ning meth<span class=\"__1 _201\"/>od an<span class=\"__1 _201\"/>d the key assum<span class=\"__1 _201\"/>ptions u<span class=\"__1 _201\"/>sed in m<span class=\"__1 _201\"/>easur<span class=\"__1 _201\"/>ing the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e were dis<span class=\"__1 _201\"/>count rate an<span class=\"__1 _201\"/>d net at<span class=\"__1 _201\"/>tritio<span class=\"__1 _201\"/>n.<span class=\"__1 _201\"/> San<span class=\"__1 _201\"/>dring<span class=\"__1 _201\"/>ham was a<span class=\"__1 _201\"/>cquire<span class=\"__1 _201\"/>d at the sta<span class=\"__1 _201\"/>rt of t<span class=\"__1 _201\"/>he repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting pe<span class=\"__1 _201\"/>riod<span class=\"__1 _201\"/>. The reve<span class=\"__1 _201\"/>nue and l<span class=\"__1 _201\"/>oss b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x inclu<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>inco<span class=\"__1 _201\"/>me st<span class=\"__1 _201\"/>atement in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of S<span class=\"__1 _201\"/>andri<span class=\"__1 _201\"/>ngham we<span class=\"__1 _201\"/>re \u00a326<span class=\"__1 _201\"/>.7<span class=\"__1 _200\"/>m and \u00a39.<span class=\"__1 _201\"/>9m re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ctive<span class=\"__1 _201\"/>ly. The los<span class=\"__1 _201\"/>s befo<span class=\"__1 _201\"/>re tax incl<span class=\"__1 _201\"/>udes th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of<span class=\"__1 _201\"/> deferred con<span class=\"__1 _200\"/>sideration<span class=\"__1 _200\"/> account<span class=\"__1 _200\"/>ed for a<span class=\"__1 _200\"/>s employment<span class=\"__1 _200\"/> costs.<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/>2 re<span class=\"__1 _200\"/>sponsAbility<span class=\"__1 _200\"/> acquisi<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span>On 3 M<span class=\"__1 _201\"/>ay 2022<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up, via M&amp;<span class=\"__1 _201\"/>G F<span class=\"__1 _200\"/>A Limite<span class=\"__1 _201\"/>d, acqu<span class=\"__1 _201\"/>ired a 94<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>8% hol<span class=\"__1 _201\"/>ding in res<span class=\"__1 _201\"/>pons<span class=\"__1 _201\"/>Abili<span class=\"__1 _201\"/>ty Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts AG (<span class=\"__1 _200\"/>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y).<span class=\"__1 _32b\"> </span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y is a Swi<span class=\"__1 _201\"/>ss pr<span class=\"__1 _201\"/>ivate ass<span class=\"__1 _201\"/>et mana<span class=\"__1 _201\"/>ger wh<span class=\"__1 _201\"/>ich is a le<span class=\"__1 _201\"/>ader in i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t inves<span class=\"__1 _201\"/>ting foc<span class=\"__1 _201\"/>used o<span class=\"__1 _201\"/>n priv<span class=\"__1 _201\"/>ate debt an<span class=\"__1 _201\"/>d priv<span class=\"__1 _201\"/>ate equit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> across emer<span class=\"__1 _200\"/>ging mark<span class=\"__1 _200\"/>ets, wit<span class=\"__1 _200\"/>h \u00a32.9bn of assets under<span class=\"__1 _200\"/> management. Fol<span class=\"__1 _200\"/>lowing com<span class=\"__1 _200\"/>pletion o<span class=\"__1 _200\"/>f the<span class=\"__1 _200\"/> acquisit<span class=\"__1 _200\"/>ion responsAbil<span class=\"__1 _200\"/>ity\u2019s<span class=\"__1 _32b\"> </span>200 e<span class=\"__1 _201\"/>mploye<span class=\"__1 _201\"/>es join<span class=\"__1 _201\"/>ed M&amp;<span class=\"__1 _201\"/>G, th<span class=\"__1 _201\"/>e busin<span class=\"__1 _201\"/>ess w<span class=\"__1 _201\"/>ill rema<span class=\"__1 _201\"/>in head<span class=\"__1 _201\"/>quar<span class=\"__1 _201\"/>tere<span class=\"__1 _201\"/>d in Zurich c<span class=\"__1 _201\"/>reating a ne<span class=\"__1 _201\"/>w investm<span class=\"__1 _201\"/>ent hub fo<span class=\"__1 _201\"/>r M&amp;G<span class=\"__1 _201\"/> Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s. res<span class=\"__1 _201\"/>pons<span class=\"__1 _201\"/>Abili<span class=\"__1 _201\"/>ty wi<span class=\"__1 _201\"/>ll sit with<span class=\"__1 _201\"/>in the As<span class=\"__1 _201\"/>set M<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment s<span class=\"__1 _201\"/>egme<span class=\"__1 _201\"/>nt of the bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> The p<span class=\"__1 _201\"/>urchas<span class=\"__1 _201\"/>e consi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>on was su<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>t to an adju<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt for net a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s bet<span class=\"__1 _201\"/>ween th<span class=\"__1 _201\"/>e date of the Sh<span class=\"__1 _201\"/>are Purcha<span class=\"__1 _201\"/>se Agreem<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/> and th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition date<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup retain<span class=\"__1 _201\"/>ed ca<span class=\"__1 _201\"/>ll optio<span class=\"__1 _201\"/>ns and the s<span class=\"__1 _201\"/>elle<span class=\"__1 _201\"/>r retaine<span class=\"__1 _201\"/>d put opti<span class=\"__1 _201\"/>ons over th<span class=\"__1 _201\"/>e remain<span class=\"__1 _201\"/>ing hol<span class=\"__1 _201\"/>ding w<span class=\"__1 _201\"/>here<span class=\"__1 _201\"/> the exercis<span class=\"__1 _201\"/>e pri<span class=\"__1 _201\"/>ce was fixe<span class=\"__1 _201\"/>d at ince<span class=\"__1 _201\"/>ption. Fo<span class=\"__1 _201\"/>r acco<span class=\"__1 _201\"/>unting pu<span class=\"__1 _201\"/>rpos<span class=\"__1 _201\"/>es, at t<span class=\"__1 _201\"/>he bala<span class=\"__1 _201\"/>nce sh<span class=\"__1 _201\"/>eet date, th<span class=\"__1 _201\"/>e Group h<span class=\"__1 _201\"/>as acco<span class=\"__1 _201\"/>unted for th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tion on th<span class=\"__1 _201\"/>e basis i<span class=\"__1 _201\"/>t controls 10<span class=\"__1 _201\"/>0% of resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y. A liabilit<span class=\"__1 _201\"/>y has b<span class=\"__1 _201\"/>een re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised i<span class=\"__1 _201\"/>n respe<span class=\"__1 _201\"/>ct of th<span class=\"__1 _201\"/>e Group\u2019s obli<span class=\"__1 _201\"/>gation<span class=\"__1 _201\"/> und<span class=\"__1 _201\"/>er the c<span class=\"__1 _201\"/>all optio<span class=\"__1 _201\"/>n arran<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent and in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed with<span class=\"__1 _201\"/>in Note 29. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up acqui<span class=\"__1 _201\"/>red the re<span class=\"__1 _201\"/>mainin<span class=\"__1 _201\"/>g shares o<span class=\"__1 _201\"/>n 21 Febr<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>3.<span class=\"__1 _201\"/> As at th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition date th<span class=\"__1 _201\"/>e consi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>on, n<span class=\"__1 _201\"/>et asse<span class=\"__1 _201\"/>ts and int<span class=\"__1 _201\"/>angib<span class=\"__1 _201\"/>le ass<span class=\"__1 _201\"/>ets acq<span class=\"__1 _201\"/>uired an<span class=\"__1 _201\"/>d resulti<span class=\"__1 _201\"/>ng goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l were as fol<span class=\"__1 _201\"/>lows: <span class=\"__1 _d3_1\"> </span><span class=\"ls4_1 ws4_1\">\u00a3m<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> cash considera<span class=\"__1 _200\"/>tion<span class=\"__1 _d4_1\"> </span><span class=\"ls23_1 ws22_1\">148<span class=\"__1 _32b\"> </span></span>F<span class=\"__1 _200\"/>air v<span class=\"__1 _200\"/>alue of<span class=\"__1 _200\"/> net asse<span class=\"__1 _200\"/>ts acquired:<span class=\"__1 _32b\"> </span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _d5_1\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">41<span class=\"__1 _32b\"> </span></span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _d6_1\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">13<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal asset<span class=\"__1 _201\"/>s<span class=\"__1 _d7_1\"> </span><span class=\"ls1f_1 ws1e_1\">54<span class=\"__1 _32b\"> </span></span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _d8_1\"> </span><span class=\"ff1_1 ls56_1 ws5f_1\">(22)<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities<span class=\"__1 _d9_1\"> </span><span class=\"ls56_1 ws5f_1\">(22)<span class=\"__1 _32b\"> </span></span>Acquired intangible as<span class=\"__1 _201\"/>sets:<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _da_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">9<span class=\"__1 _32b\"> </span></span>Cus<span class=\"__1 _201\"/>tom<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>-re<span class=\"__1 _201\"/>late<span class=\"__1 _201\"/>d<span class=\"__1 _db_1\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">36<span class=\"__1 _32b\"> </span></span>Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x on as<span class=\"__1 _201\"/>sets no<span class=\"__1 _201\"/>t on bala<span class=\"__1 _201\"/>nce sh<span class=\"__1 _201\"/>eet<span class=\"__1 _d1_1\"> </span><span class=\"ff1_1 ls12_1 ws11_1\">(8)<span class=\"__1 _32b\"> </span></span>Goodwill<span class=\"__1 _dc_1\"> </span><span class=\"lsf_1 wsd_1\">79<span class=\"__1 _32b\"> </span></span>The g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will of \u00a3<span class=\"__1 _201\"/>79<span class=\"__1 _201\"/>m repres<span class=\"__1 _201\"/>ents th<span class=\"__1 _201\"/>e bene<span class=\"__1 _201\"/>fits of th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition w<span class=\"__1 _201\"/>hich intro<span class=\"__1 _201\"/>duce<span class=\"__1 _201\"/>s vario<span class=\"__1 _201\"/>us revenu<span class=\"__1 _201\"/>e syne<span class=\"__1 _201\"/>rgies i<span class=\"__1 _201\"/>ncludi<span class=\"__1 _201\"/>ng lever<span class=\"__1 _201\"/>aging<span class=\"__1 _201\"/> from th<span class=\"__1 _201\"/>e Group\u2019s cap<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es to grow resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y\u2019s UK i<span class=\"__1 _201\"/>nstituti<span class=\"__1 _201\"/>onal p<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>ce and th<span class=\"__1 _201\"/>e EU bank di<span class=\"__1 _201\"/>strib<span class=\"__1 _201\"/>ution re<span class=\"__1 _201\"/>lations<span class=\"__1 _201\"/>hips<span class=\"__1 _201\"/> outs<span class=\"__1 _201\"/>ide Sw<span class=\"__1 _201\"/>itzerl<span class=\"__1 _201\"/>and. Ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>ally, the acqui<span class=\"__1 _201\"/>sition i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es revenu<span class=\"__1 _201\"/>e bene<span class=\"__1 _201\"/>fits fro<span class=\"__1 _201\"/>m launch<span class=\"__1 _201\"/>ing new th<span class=\"__1 _201\"/>ematic p<span class=\"__1 _201\"/>roduc<span class=\"__1 _201\"/>ts fro<span class=\"__1 _201\"/>m an<span class=\"__1 _32b\"> </span>ESG p<span class=\"__1 _201\"/>ersp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive.<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>spo<span class=\"__1 _201\"/>nsAbi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y trade na<span class=\"__1 _201\"/>me was re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n acquis<span class=\"__1 _201\"/>ition at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of \u00a39.<span class=\"__1 _201\"/>3m<span class=\"__1 _201\"/>. The va<span class=\"__1 _201\"/>luation w<span class=\"__1 _201\"/>as base<span class=\"__1 _201\"/>d on the re<span class=\"__1 _201\"/>lief from<span class=\"__1 _201\"/> royalt<span class=\"__1 _201\"/>y rates m<span class=\"__1 _201\"/>ethod a<span class=\"__1 _201\"/>nd the key ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s used i<span class=\"__1 _201\"/>n measu<span class=\"__1 _201\"/>ring th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue were di<span class=\"__1 _201\"/>scoun<span class=\"__1 _201\"/>t rate and royal<span class=\"__1 _201\"/>ty rate.<span class=\"__1 _32b\"> </span>A cus<span class=\"__1 _201\"/>tomer<span class=\"__1 _200\"/>-relate<span class=\"__1 _201\"/>d intang<span class=\"__1 _201\"/>ible wa<span class=\"__1 _201\"/>s also re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of \u00a336<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3m. T<span class=\"__1 _201\"/>he valu<span class=\"__1 _201\"/>ation was b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on the mul<span class=\"__1 _201\"/>ti-p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d excess<span class=\"__1 _201\"/> ear<span class=\"__1 _201\"/>ning meth<span class=\"__1 _201\"/>od an<span class=\"__1 _201\"/>d the key assum<span class=\"__1 _201\"/>ptions u<span class=\"__1 _201\"/>sed in m<span class=\"__1 _201\"/>easur<span class=\"__1 _201\"/>ing the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e were dis<span class=\"__1 _201\"/>count rate an<span class=\"__1 _201\"/>d net at<span class=\"__1 _201\"/>tritio<span class=\"__1 _201\"/>n.<span class=\"__1 _32b\"> </span>The reve<span class=\"__1 _201\"/>nue an<span class=\"__1 _201\"/>d profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x includ<span class=\"__1 _201\"/>ed in th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of comp<span class=\"__1 _201\"/>rehen<span class=\"__1 _201\"/>sive in<span class=\"__1 _201\"/>come si<span class=\"__1 _201\"/>nce the d<span class=\"__1 _201\"/>ate of acquis<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/> were \u00a3<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>.7<span class=\"__1 _200\"/>m and \u00a30.<span class=\"__1 _201\"/>4m resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tivel<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The reven<span class=\"__1 _201\"/>ue and p<span class=\"__1 _201\"/>rofit bef<span class=\"__1 _201\"/>ore tax fo<span class=\"__1 _201\"/>r the year e<span class=\"__1 _201\"/>nded 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 fo<span class=\"__1 _201\"/>r resp<span class=\"__1 _201\"/>onsAb<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>was \u00a3<span class=\"__1 _201\"/>35.<span class=\"__1 _201\"/>6m and \u00a3<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>m respe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>vely.<span class=\"__1 _32b\"> </span>2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/>3 TCF Fu<span class=\"__1 _201\"/>nd Ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>rs LLP a<span class=\"__1 _201\"/>cqu<span class=\"__1 _201\"/>isit<span class=\"__1 _201\"/>ion<span class=\"__1 _32b\"> </span>On 17 Feb<span class=\"__1 _201\"/>ruar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up acqui<span class=\"__1 _201\"/>red the tota<span class=\"__1 _201\"/>l memb<span class=\"__1 _201\"/>ersh<span class=\"__1 _201\"/>ip interes<span class=\"__1 _201\"/>t of TCF Fund Mana<span class=\"__1 _201\"/>gers L<span class=\"__1 _201\"/>LP (<span class=\"__1 _201\"/>TCF<span class=\"__1 _201\"/>), a provide<span class=\"__1 _201\"/>r of mod<span class=\"__1 _201\"/>el<span class=\"__1 _201\"/> por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>o ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces fo<span class=\"__1 _201\"/>r a purchas<span class=\"__1 _201\"/>e consi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>on of \u00a317m. The a<span class=\"__1 _201\"/>cquisi<span class=\"__1 _201\"/>tion of TCF<span class=\"__1 _f_1\"/>, ha<span class=\"__1 _201\"/>s enabl<span class=\"__1 _201\"/>ed us to lau<span class=\"__1 _201\"/>nch an M&amp;<span class=\"__1 _201\"/>G W<span class=\"__1 _200\"/>ealth b<span class=\"__1 _201\"/>rand<span class=\"__1 _201\"/>ed<span class=\"__1 _32b\"> </span>rang<span class=\"__1 _201\"/>e of mod<span class=\"__1 _201\"/>el po<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>os in Apr<span class=\"__1 _201\"/>il 202<span class=\"__1 _201\"/>2. From 5 S<span class=\"__1 _201\"/>eptemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 TCF has be<span class=\"__1 _201\"/>en renam<span class=\"__1 _201\"/>ed M&amp;<span class=\"__1 _201\"/>G W<span class=\"__1 _200\"/>ealth I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents LL<span class=\"__1 _201\"/>P<span class=\"__1 _f_1\"/>.<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>cquis<span class=\"__1 _201\"/>ition was s<span class=\"__1 _201\"/>tru<span class=\"__1 _201\"/>cture<span class=\"__1 _201\"/>d as foll<span class=\"__1 _201\"/>ows:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">99.<span class=\"__1 _201\"/>99<span class=\"__1 _201\"/>99% of th<span class=\"__1 _201\"/>e memb<span class=\"__1 _201\"/>ersh<span class=\"__1 _201\"/>ip interes<span class=\"__1 _201\"/>t was acq<span class=\"__1 _201\"/>uired by M&amp;<span class=\"__1 _201\"/>G W<span class=\"__1 _200\"/>ealth S<span class=\"__1 _201\"/>oluti<span class=\"__1 _201\"/>ons Lim<span class=\"__1 _201\"/>ited (M&amp;<span class=\"__1 _201\"/>G WSL), fo<span class=\"__1 _201\"/>rmer<span class=\"__1 _201\"/>ly ca<span class=\"__1 _201\"/>lled M<span class=\"__1 _201\"/>&amp;G<span class=\"__1 _32b\"> </span></span>Wealth Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s Limite<span class=\"__1 _201\"/>d, whi<span class=\"__1 _201\"/>ch is a who<span class=\"__1 _201\"/>lly own<span class=\"__1 _201\"/>ed sub<span class=\"__1 _201\"/>sidia<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y of M&amp;G R<span class=\"__1 _201\"/>EH;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">0.00<span class=\"__1 _201\"/>01<span class=\"__1 _200\"/>% of the m<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>rship in<span class=\"__1 _201\"/>terest w<span class=\"__1 _201\"/>as acqui<span class=\"__1 _201\"/>red by Pru L<span class=\"__1 _201\"/>imited<span class=\"__1 _201\"/>, a who<span class=\"__1 _201\"/>lly own<span class=\"__1 _201\"/>ed sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>y o<span class=\"__1 _201\"/>f M&amp;G Co<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate Hold<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/> </span>Limi<span class=\"__1 _201\"/>ted (M&amp;G C<span class=\"__1 _201\"/>HL).<span class=\"__1 _32b\"> </span>The p<span class=\"__1 _201\"/>urchas<span class=\"__1 _201\"/>e consi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>on comp<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>d of \u00a315m of c<span class=\"__1 _201\"/>ash con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>ration p<span class=\"__1 _201\"/>aid at com<span class=\"__1 _201\"/>pletio<span class=\"__1 _201\"/>n and a def<span class=\"__1 _201\"/>erred c<span class=\"__1 _201\"/>onsi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>on of<span class=\"__1 _32b\"> </span>\u00a32m p<span class=\"__1 _201\"/>aid on 7 N<span class=\"__1 _201\"/>ovembe<span class=\"__1 _201\"/>r 2022 o<span class=\"__1 _201\"/>n the satis<span class=\"__1 _201\"/>fac<span class=\"__1 _201\"/>tor<span class=\"__1 _201\"/>y co<span class=\"__1 _201\"/>mpleti<span class=\"__1 _201\"/>on of var<span class=\"__1 _201\"/>ious a<span class=\"__1 _201\"/>ctiv<span class=\"__1 _201\"/>ities li<span class=\"__1 _201\"/>nked to transi<span class=\"__1 _201\"/>tion by the p<span class=\"__1 _201\"/>reviou<span class=\"__1 _201\"/>s owner<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> The p<span class=\"__1 _201\"/>urpo<span class=\"__1 _201\"/>se of the d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>ation was to en<span class=\"__1 _201\"/>sure a sm<span class=\"__1 _201\"/>ooth tran<span class=\"__1 _201\"/>sition to M&amp;<span class=\"__1 _201\"/>G ope<span class=\"__1 _201\"/>rations a<span class=\"__1 _201\"/>nd not to retai<span class=\"__1 _201\"/>n ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>existing<span class=\"__1 _200\"/> members ov<span class=\"__1 _200\"/>er a longer<span class=\"__1 _200\"/> durati<span class=\"__1 _200\"/>on.<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>cquis<span class=\"__1 _201\"/>ition ha<span class=\"__1 _201\"/>s been a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ted for us<span class=\"__1 _201\"/>ing the ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on meth<span class=\"__1 _201\"/>od. O<span class=\"__1 _201\"/>n acqui<span class=\"__1 _201\"/>sition g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will of \u00a316<span class=\"__1 _201\"/>m and a cus<span class=\"__1 _201\"/>tomer<span class=\"__1 _200\"/>-rel<span class=\"__1 _201\"/>ated<span class=\"__1 _32b\"> </span>intan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset of \u00a31m we<span class=\"__1 _201\"/>re recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>Sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ities in re<span class=\"__1 _201\"/>gard to val<span class=\"__1 _201\"/>uation of int<span class=\"__1 _201\"/>angibl<span class=\"__1 _201\"/>es from t<span class=\"__1 _201\"/>he acqu<span class=\"__1 _201\"/>isition<span class=\"__1 _201\"/>s comp<span class=\"__1 _201\"/>leted in th<span class=\"__1 _201\"/>e year are prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d in Note 12.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>3 Insuranc<span class=\"__1 _200\"/>e and in<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>estment pr<span class=\"__1 _200\"/>oducts written<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> the Gr<span class=\"__1 _200\"/>oup\u2019<span class=\"__1 _200\"/>s insurance<span class=\"__1 _200\"/> entitie<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span>A des<span class=\"__1 _201\"/>cripti<span class=\"__1 _201\"/>on of the mai<span class=\"__1 _201\"/>n insura<span class=\"__1 _201\"/>nce an<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts writ<span class=\"__1 _201\"/>ten by the G<span class=\"__1 _201\"/>roup\u2019s insura<span class=\"__1 _201\"/>nce entit<span class=\"__1 _201\"/>ies is prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d belo<span class=\"__1 _201\"/>w<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s contra<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>re writ<span class=\"__1 _201\"/>ten in the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profits Fun<span class=\"__1 _201\"/>d in which p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s share in th<span class=\"__1 _201\"/>e profit o<span class=\"__1 _201\"/>f the<span class=\"__1 _32b\"> </span>fund<span class=\"__1 _201\"/>. Up until 1 A<span class=\"__1 _201\"/>pril 20<span class=\"__1 _201\"/>21 there we<span class=\"__1 _201\"/>re three w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits s<span class=\"__1 _201\"/>ub-f<span class=\"__1 _201\"/>unds: th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Sub<span class=\"__1 _201\"/>-Fund (<span class=\"__1 _201\"/>WP<span class=\"__1 _201\"/>SF<span class=\"__1 _201\"/>), the De<span class=\"__1 _201\"/>fine<span class=\"__1 _201\"/>d Charge<span class=\"__1 _201\"/> Par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ipating S<span class=\"__1 _201\"/>ub-<span class=\"__1 _201\"/>Fund (DCP<span class=\"__1 _201\"/>SF<span class=\"__1 _201\"/>) and th<span class=\"__1 _201\"/>e Scot<span class=\"__1 _201\"/>tish Am<span class=\"__1 _201\"/>icab<span class=\"__1 _201\"/>le Ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e Fund (SAIF<span class=\"__1 _201\"/>). On 1 Ap<span class=\"__1 _201\"/>ril 2021 S<span class=\"__1 _201\"/>AIF me<span class=\"__1 _201\"/>rged w<span class=\"__1 _201\"/>ith WPS<span class=\"__1 _201\"/>F and<span class=\"__1 _201\"/> the as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liabi<span class=\"__1 _201\"/>lities of S<span class=\"__1 _201\"/>AIF were c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ed with th<span class=\"__1 _201\"/>ose of th<span class=\"__1 _201\"/>e WPS<span class=\"__1 _201\"/>F<span class=\"__1 _f_1\"/>.<span class=\"__1 _32b\"> </span>Share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der<span class=\"__1 _200\"/>-bac<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed bu<span class=\"__1 _201\"/>sine<span class=\"__1 _201\"/>ss repre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s all insu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>nd inves<span class=\"__1 _201\"/>tment co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts in th<span class=\"__1 _201\"/>e Group oth<span class=\"__1 _201\"/>er than co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts wr<span class=\"__1 _201\"/>itten i<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span>With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund. T<span class=\"__1 _201\"/>he pro<span class=\"__1 _201\"/>fit on the<span class=\"__1 _201\"/>se contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s accr<span class=\"__1 _201\"/>ues dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y to the Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>2 Group structur<span class=\"__1 _200\"/>e and products continued<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>3.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/> With-p<span class=\"__1 _201\"/>rofits contr<span class=\"__1 _200\"/>acts<span class=\"__1 _201\"/> With<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s provid<span class=\"__1 _201\"/>e returns to p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s through b<span class=\"__1 _201\"/>onus<span class=\"__1 _201\"/>es that are sm<span class=\"__1 _201\"/>oothe<span class=\"__1 _201\"/>d to redu<span class=\"__1 _201\"/>ce the imp<span class=\"__1 _201\"/>act of vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> the inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>manc<span class=\"__1 _201\"/>e of the as<span class=\"__1 _201\"/>sets in th<span class=\"__1 _201\"/>e fund<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1.<span class=\"__1 _f_1\"/>1 C<span class=\"__1 _201\"/>onventio<span class=\"__1 _201\"/>nal and a<span class=\"__1 _201\"/>ccumul<span class=\"__1 _201\"/>ating with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts wri<span class=\"__1 _201\"/>tten in WP<span class=\"__1 _201\"/>SF an<span class=\"__1 _201\"/>d DCP<span class=\"__1 _201\"/>SF<span class=\"__1 _32b\"> </span>Conve<span class=\"__1 _201\"/>ntiona<span class=\"__1 _201\"/>l and accu<span class=\"__1 _201\"/>mulatin<span class=\"__1 _201\"/>g with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs rece<span class=\"__1 _201\"/>ive the<span class=\"__1 _201\"/>ir share of p<span class=\"__1 _201\"/>rofit by way of reg<span class=\"__1 _201\"/>ular an<span class=\"__1 _201\"/>d final b<span class=\"__1 _201\"/>onuse<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Reg<span class=\"__1 _201\"/>ular bo<span class=\"__1 _201\"/>nus rates a<span class=\"__1 _201\"/>re determi<span class=\"__1 _201\"/>ned fo<span class=\"__1 _201\"/>r each t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>e of poli<span class=\"__1 _201\"/>cy pr<span class=\"__1 _201\"/>imaril<span class=\"__1 _201\"/>y by targeti<span class=\"__1 _201\"/>ng the b<span class=\"__1 _201\"/>onus leve<span class=\"__1 _201\"/>l at a prud<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of the<span class=\"__1 _32b\"> </span>lon<span class=\"__1 _201\"/>g-term exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted future i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent return o<span class=\"__1 _201\"/>n unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>, reduc<span class=\"__1 _201\"/>ed as ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate for eac<span class=\"__1 _201\"/>h ty<span class=\"__1 _201\"/>pe of po<span class=\"__1 _201\"/>licy to al<span class=\"__1 _201\"/>low for<span class=\"__1 _201\"/> items<span class=\"__1 _200\"/> such as<span class=\"__1 _200\"/> expenses, char<span class=\"__1 _200\"/>ges, tax and sha<span class=\"__1 _200\"/>reholder tra<span class=\"__1 _200\"/>nsfers.<span class=\"__1 _32b\"> </span>In no<span class=\"__1 _201\"/>rmal inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt cond<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup exp<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/>s chang<span class=\"__1 _201\"/>es in reg<span class=\"__1 _201\"/>ular bo<span class=\"__1 _201\"/>nus rates to b<span class=\"__1 _201\"/>e gradu<span class=\"__1 _201\"/>al over time<span class=\"__1 _201\"/>. However<span class=\"__1 _200\"/>, the G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/> retains th<span class=\"__1 _201\"/>e discre<span class=\"__1 _201\"/>tion wh<span class=\"__1 _201\"/>ether or n<span class=\"__1 _201\"/>ot to decl<span class=\"__1 _201\"/>are a regu<span class=\"__1 _201\"/>lar bon<span class=\"__1 _201\"/>us each ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, a<span class=\"__1 _201\"/>nd there i<span class=\"__1 _201\"/>s no limit o<span class=\"__1 _201\"/>n the amo<span class=\"__1 _201\"/>unt by whi<span class=\"__1 _201\"/>ch regul<span class=\"__1 _201\"/>ar<span class=\"__1 _32b\"> </span>bon<span class=\"__1 _201\"/>us rates c<span class=\"__1 _201\"/>an chang<span class=\"__1 _201\"/>e.<span class=\"__1 _32b\"> </span>A final b<span class=\"__1 _201\"/>onus w<span class=\"__1 _201\"/>hich is n<span class=\"__1 _201\"/>orma<span class=\"__1 _201\"/>lly de<span class=\"__1 _201\"/>clared a<span class=\"__1 _201\"/>nnuall<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, may be ad<span class=\"__1 _201\"/>ded w<span class=\"__1 _201\"/>hen a cla<span class=\"__1 _201\"/>im is paid<span class=\"__1 _201\"/>. The r<span class=\"__1 _201\"/>ates of final b<span class=\"__1 _201\"/>onus us<span class=\"__1 _201\"/>ually v<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y by t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/> of po<span class=\"__1 _201\"/>licy an<span class=\"__1 _201\"/>d by referen<span class=\"__1 _201\"/>ce to the pe<span class=\"__1 _201\"/>riod<span class=\"__1 _201\"/>, usua<span class=\"__1 _201\"/>lly a year<span class=\"__1 _200\"/>, in whi<span class=\"__1 _201\"/>ch the po<span class=\"__1 _201\"/>licy c<span class=\"__1 _201\"/>omme<span class=\"__1 _201\"/>nces o<span class=\"__1 _201\"/>r each pre<span class=\"__1 _201\"/>mium is p<span class=\"__1 _201\"/>aid. T<span class=\"__1 _201\"/>hese r<span class=\"__1 _201\"/>ates are<span class=\"__1 _201\"/> deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d by referen<span class=\"__1 _201\"/>ce to the ass<span class=\"__1 _201\"/>et share<span class=\"__1 _201\"/>s of repre<span class=\"__1 _201\"/>sentati<span class=\"__1 _201\"/>ve samp<span class=\"__1 _201\"/>le pol<span class=\"__1 _201\"/>icies a<span class=\"__1 _201\"/>nd are sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to smo<span class=\"__1 _201\"/>othing.<span class=\"__1 _201\"/> Reg<span class=\"__1 _201\"/>ular bo<span class=\"__1 _201\"/>nuse<span class=\"__1 _201\"/>s are ty<span class=\"__1 _201\"/>pic<span class=\"__1 _201\"/>ally de<span class=\"__1 _201\"/>clare<span class=\"__1 _201\"/>d once a ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, a<span class=\"__1 _201\"/>nd onc<span class=\"__1 _201\"/>e credite<span class=\"__1 _201\"/>d are guar<span class=\"__1 _201\"/>anteed i<span class=\"__1 _201\"/>n accord<span class=\"__1 _201\"/>ance wi<span class=\"__1 _201\"/>th the term<span class=\"__1 _201\"/>s of the<span class=\"__1 _201\"/> par<span class=\"__1 _201\"/>ticu<span class=\"__1 _201\"/>lar pro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>t. Fina<span class=\"__1 _201\"/>l bonus r<span class=\"__1 _201\"/>ates are guar<span class=\"__1 _201\"/>antee<span class=\"__1 _201\"/>d only un<span class=\"__1 _201\"/>til the nex<span class=\"__1 _201\"/>t bo<span class=\"__1 _201\"/>nus de<span class=\"__1 _201\"/>claratio<span class=\"__1 _201\"/>n.<span class=\"__1 _201\"/> Cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts are pre<span class=\"__1 _201\"/>domin<span class=\"__1 _201\"/>antly wr<span class=\"__1 _201\"/>itten i<span class=\"__1 _201\"/>n the WP<span class=\"__1 _201\"/>SF<span class=\"__1 _f_1\"/>, wh<span class=\"__1 _201\"/>ere the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s are entitl<span class=\"__1 _201\"/>ed to an amo<span class=\"__1 _201\"/>unt up to one<span class=\"__1 _201\"/>-ni<span class=\"__1 _201\"/>nth of the bo<span class=\"__1 _201\"/>nus<span class=\"__1 _201\"/> dec<span class=\"__1 _201\"/>lared<span class=\"__1 _201\"/>, which i<span class=\"__1 _201\"/>s payabl<span class=\"__1 _201\"/>e as a cas<span class=\"__1 _201\"/>h trans<span class=\"__1 _201\"/>fer from th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund.<span class=\"__1 _201\"/> For the b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss wr<span class=\"__1 _201\"/>itten i<span class=\"__1 _201\"/>n the DCP<span class=\"__1 _201\"/>SF<span class=\"__1 _f_1\"/>, th<span class=\"__1 _201\"/>e charge<span class=\"__1 _201\"/>s accr<span class=\"__1 _201\"/>ue to share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers wh<span class=\"__1 _201\"/>o also m<span class=\"__1 _201\"/>eet the c<span class=\"__1 _201\"/>orres<span class=\"__1 _201\"/>pon<span class=\"__1 _201\"/>ding exp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Profi<span class=\"__1 _201\"/>ts aris<span class=\"__1 _201\"/>ing in the D<span class=\"__1 _201\"/>CPS<span class=\"__1 _201\"/>F are attr<span class=\"__1 _201\"/>ibuted w<span class=\"__1 _201\"/>holl<span class=\"__1 _201\"/>y to DCPS<span class=\"__1 _201\"/>F pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>. The sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 profit ar<span class=\"__1 _201\"/>ises as th<span class=\"__1 _201\"/>e diffe<span class=\"__1 _201\"/>rence<span class=\"__1 _201\"/> between charges a<span class=\"__1 _200\"/>nd expenses.<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>3.<span class=\"__1 _200\"/>1.2 With-profits<span class=\"__1 _200\"/> contracts wi<span class=\"__1 _200\"/>th a P<span class=\"__1 _200\"/>ruFund<span class=\"__1 _200\"/> inv<span class=\"__1 _200\"/>estment opt<span class=\"__1 _200\"/>ion (\u201cPruF<span class=\"__1 _200\"/>und con<span class=\"__1 _200\"/>tracts\u201d)<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>se are a ra<span class=\"__1 _201\"/>nge of wi<span class=\"__1 _201\"/>th-pro<span class=\"__1 _201\"/>fits co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts offe<span class=\"__1 _201\"/>ring p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s a choic<span class=\"__1 _201\"/>e of inves<span class=\"__1 _201\"/>tment pro<span class=\"__1 _201\"/>files (\u201c<span class=\"__1 _201\"/>Pru<span class=\"__1 _201\"/>Fund fund<span class=\"__1 _201\"/>s\u201d). Unlike the<span class=\"__1 _201\"/> with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s desc<span class=\"__1 _201\"/>ribe<span class=\"__1 _201\"/>d above, n<span class=\"__1 _201\"/>o regul<span class=\"__1 _201\"/>ar or fina<span class=\"__1 _201\"/>l bonu<span class=\"__1 _201\"/>ses are d<span class=\"__1 _201\"/>eclare<span class=\"__1 _201\"/>d. In<span class=\"__1 _201\"/>stead<span class=\"__1 _201\"/>, poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ipate in profi<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>by mea<span class=\"__1 _201\"/>ns of an incre<span class=\"__1 _201\"/>ase in th<span class=\"__1 _201\"/>eir inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>, which g<span class=\"__1 _201\"/>rows in line w<span class=\"__1 _201\"/>ith an E<span class=\"__1 _201\"/>xpe<span class=\"__1 _201\"/>cted G<span class=\"__1 _201\"/>row<span class=\"__1 _201\"/>th Rate (EGR). T<span class=\"__1 _201\"/>he EGR i<span class=\"__1 _201\"/>s adjus<span class=\"__1 _201\"/>ted for<span class=\"__1 _201\"/> sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>et movem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The EG<span class=\"__1 _201\"/>R may be ap<span class=\"__1 _201\"/>plie<span class=\"__1 _201\"/>d for eac<span class=\"__1 _201\"/>h of the diff<span class=\"__1 _201\"/>erent Pr<span class=\"__1 _201\"/>uFund fun<span class=\"__1 _201\"/>ds withi<span class=\"__1 _201\"/>n the ran<span class=\"__1 _201\"/>ge, var<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing de<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>ding on th<span class=\"__1 _201\"/>e indiv<span class=\"__1 _201\"/>idual a<span class=\"__1 _201\"/>sset m<span class=\"__1 _201\"/>ix<span class=\"__1 _32b\"> </span>of that fun<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e appl<span class=\"__1 _201\"/>icab<span class=\"__1 _201\"/>le EGR<span class=\"__1 _201\"/>, net of th<span class=\"__1 _201\"/>e releva<span class=\"__1 _201\"/>nt charge<span class=\"__1 _201\"/>s, is a<span class=\"__1 _201\"/>pplie<span class=\"__1 _201\"/>d to cal<span class=\"__1 _201\"/>culate the \u201csm<span class=\"__1 _201\"/>oothe<span class=\"__1 _201\"/>d unit va<span class=\"__1 _201\"/>lue\u201d of pol<span class=\"__1 _201\"/>icyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>fund<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he EGRs a<span class=\"__1 _201\"/>re reviewe<span class=\"__1 _201\"/>d and up<span class=\"__1 _201\"/>dated quar<span class=\"__1 _201\"/>ter<span class=\"__1 _201\"/>ly, with the sm<span class=\"__1 _201\"/>oothe<span class=\"__1 _201\"/>d unit val<span class=\"__1 _201\"/>ue cal<span class=\"__1 _201\"/>culated d<span class=\"__1 _201\"/>aily. In norm<span class=\"__1 _201\"/>al inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> con<span class=\"__1 _201\"/>ditions<span class=\"__1 _201\"/>, the EG<span class=\"__1 _201\"/>R is expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to reflec<span class=\"__1 _201\"/>t P<span class=\"__1 _200\"/>AC\u2019<span class=\"__1 _200\"/>s view o<span class=\"__1 _201\"/>f how the fu<span class=\"__1 _201\"/>nds will p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>m over the lo<span class=\"__1 _201\"/>nger te<span class=\"__1 _201\"/>rm.<span class=\"__1 _201\"/> Poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs are prote<span class=\"__1 _201\"/>cted f<span class=\"__1 _201\"/>rom som<span class=\"__1 _201\"/>e of the sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term ups a<span class=\"__1 _201\"/>nd down<span class=\"__1 _201\"/>s of direc<span class=\"__1 _201\"/>t inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s by using a<span class=\"__1 _201\"/>n esta<span class=\"__1 _201\"/>blish<span class=\"__1 _201\"/>ed sm<span class=\"__1 _201\"/>oothing<span class=\"__1 _201\"/> proc<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>. Pres<span class=\"__1 _201\"/>crib<span class=\"__1 _201\"/>ed adju<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts are ma<span class=\"__1 _201\"/>de to the smo<span class=\"__1 _201\"/>othe<span class=\"__1 _201\"/>d unit val<span class=\"__1 _201\"/>ue if it move<span class=\"__1 _201\"/>s outsi<span class=\"__1 _201\"/>de a sp<span class=\"__1 _201\"/>ecifi<span class=\"__1 _201\"/>ed ran<span class=\"__1 _201\"/>ge relati<span class=\"__1 _201\"/>ve to the valu<span class=\"__1 _201\"/>e of<span class=\"__1 _32b\"> </span>the underlying a<span class=\"__1 _200\"/>ssets.<span class=\"__1 _201\"/> Pru<span class=\"__1 _201\"/>Fund contra<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>re pred<span class=\"__1 _201\"/>ominan<span class=\"__1 _201\"/>tly wri<span class=\"__1 _201\"/>tten in th<span class=\"__1 _201\"/>e WPS<span class=\"__1 _201\"/>F<span class=\"__1 _f_1\"/>, whe<span class=\"__1 _201\"/>re the sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der is en<span class=\"__1 _201\"/>titled to an a<span class=\"__1 _201\"/>mount u<span class=\"__1 _201\"/>p to one<span class=\"__1 _201\"/>-ninth of<span class=\"__1 _201\"/> the di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the smo<span class=\"__1 _201\"/>othed u<span class=\"__1 _201\"/>nit valu<span class=\"__1 _201\"/>e on with<span class=\"__1 _201\"/>drawal an<span class=\"__1 _201\"/>d the init<span class=\"__1 _201\"/>ial inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>. The D<span class=\"__1 _201\"/>CPSF a<span class=\"__1 _201\"/>lso con<span class=\"__1 _201\"/>tains Pr<span class=\"__1 _201\"/>uFund<span class=\"__1 _201\"/> contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d for the<span class=\"__1 _201\"/>se contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s the share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders re<span class=\"__1 _201\"/>ceive p<span class=\"__1 _201\"/>rofits o<span class=\"__1 _201\"/>r los<span class=\"__1 _201\"/>ses ar<span class=\"__1 _201\"/>ising fro<span class=\"__1 _201\"/>m the diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>e bet<span class=\"__1 _201\"/>ween th<span class=\"__1 _201\"/>e charg<span class=\"__1 _201\"/>es and<span class=\"__1 _201\"/> expenses<span class=\"__1 _200\"/> on thi<span class=\"__1 _200\"/>s business.<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>3.<span class=\"__1 _200\"/>1.3 SAIF<span class=\"__1 _200\"/> with-profits<span class=\"__1 _200\"/> contracts<span class=\"__1 _32b\"> </span>SAIF w<span class=\"__1 _201\"/>as a ring<span class=\"__1 _201\"/>-fenc<span class=\"__1 _201\"/>ed with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits sub<span class=\"__1 _201\"/>-fun<span class=\"__1 _201\"/>d which m<span class=\"__1 _201\"/>erge<span class=\"__1 _201\"/>d with WP<span class=\"__1 _201\"/>SF on 1 A<span class=\"__1 _201\"/>pril 20<span class=\"__1 _201\"/>21. As SA<span class=\"__1 _201\"/>IF was a cl<span class=\"__1 _201\"/>osed s<span class=\"__1 _201\"/>ub-f<span class=\"__1 _201\"/>und, n<span class=\"__1 _201\"/>o new<span class=\"__1 _32b\"> </span>busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s was wr<span class=\"__1 _201\"/>itten in SA<span class=\"__1 _201\"/>IF<span class=\"__1 _f_1\"/>, alt<span class=\"__1 _201\"/>hough re<span class=\"__1 _201\"/>gular p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>s and top<span class=\"__1 _201\"/>-ups w<span class=\"__1 _201\"/>ere still b<span class=\"__1 _201\"/>eing c<span class=\"__1 _201\"/>olle<span class=\"__1 _201\"/>cted o<span class=\"__1 _201\"/>n in-forc<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cies<span class=\"__1 _201\"/>. The f<span class=\"__1 _201\"/>und was<span class=\"__1 _201\"/> sol<span class=\"__1 _201\"/>ely fo<span class=\"__1 _201\"/>r the ben<span class=\"__1 _201\"/>efit of p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s of SAIF<span class=\"__1 _f_1\"/>, a<span class=\"__1 _201\"/>nd at the date of th<span class=\"__1 _201\"/>e merge<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s asse<span class=\"__1 _201\"/>ts of the SA<span class=\"__1 _201\"/>IF fun<span class=\"__1 _201\"/>d were allo<span class=\"__1 _201\"/>cated to th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>SAIF p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs, w<span class=\"__1 _201\"/>ith the enh<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>ment du<span class=\"__1 _201\"/>e to be paid th<span class=\"__1 _201\"/>rough a ter<span class=\"__1 _201\"/>minal b<span class=\"__1 _201\"/>onus at th<span class=\"__1 _201\"/>e point of c<span class=\"__1 _201\"/>laim. S<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs have no<span class=\"__1 _201\"/> entit<span class=\"__1 _200\"/>lement t<span class=\"__1 _200\"/>o the<span class=\"__1 _200\"/> profits of<span class=\"__1 _200\"/> this<span class=\"__1 _200\"/> fund.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s main exp<span class=\"__1 _201\"/>osure to guar<span class=\"__1 _201\"/>antee<span class=\"__1 _201\"/>d annuit<span class=\"__1 _201\"/>y opti<span class=\"__1 _201\"/>ons ar<span class=\"__1 _201\"/>ises thro<span class=\"__1 _201\"/>ugh wit<span class=\"__1 _201\"/>h-pro<span class=\"__1 _201\"/>fits co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts ori<span class=\"__1 _201\"/>ginall<span class=\"__1 _201\"/>y writ<span class=\"__1 _201\"/>ten in SA<span class=\"__1 _201\"/>IF<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/> More d<span class=\"__1 _201\"/>etail on th<span class=\"__1 _201\"/>e provis<span class=\"__1 _201\"/>ions h<span class=\"__1 _201\"/>eld in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>d annuit<span class=\"__1 _201\"/>y opti<span class=\"__1 _201\"/>ons is p<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>d in Note 26<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>3.<span class=\"__1 _201\"/>2 Unit<span class=\"__1 _200\"/>-link<span class=\"__1 _200\"/>ed con<span class=\"__1 _200\"/>tracts<span class=\"__1 _32b\"> </span>Unit-linked co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts are co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts wh<span class=\"__1 _201\"/>ere the val<span class=\"__1 _201\"/>ue of the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y is linked to the v<span class=\"__1 _201\"/>alue of un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents (such as<span class=\"__1 _201\"/> coll<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive inves<span class=\"__1 _201\"/>tment s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>es, i<span class=\"__1 _201\"/>nternal inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt po<span class=\"__1 _201\"/>ols or oth<span class=\"__1 _201\"/>er prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty) or fl<span class=\"__1 _201\"/>uctu<span class=\"__1 _201\"/>ations in th<span class=\"__1 _201\"/>e value of u<span class=\"__1 _201\"/>nder<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g inves<span class=\"__1 _201\"/>tments<span class=\"__1 _201\"/> or ind<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/>. Inves<span class=\"__1 _201\"/>tment r<span class=\"__1 _201\"/>isk as<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ated with th<span class=\"__1 _201\"/>e produ<span class=\"__1 _201\"/>ct is pr<span class=\"__1 _201\"/>imar<span class=\"__1 _201\"/>ily bo<span class=\"__1 _201\"/>rne by th<span class=\"__1 _201\"/>e polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>. S<span class=\"__1 _201\"/>ome uni<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-linked co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/> an ele<span class=\"__1 _201\"/>ment of i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce cover<span class=\"__1 _201\"/>age, su<span class=\"__1 _201\"/>ch as a be<span class=\"__1 _201\"/>nefit p<span class=\"__1 _201\"/>ayable o<span class=\"__1 _201\"/>n death in exces<span class=\"__1 _201\"/>s of the va<span class=\"__1 _201\"/>lue of the u<span class=\"__1 _201\"/>nits<span class=\"__1 _201\"/>, and the<span class=\"__1 _201\"/>se contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s are<span class=\"__1 _32b\"> </span>clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e contra<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>nd acco<span class=\"__1 _201\"/>unted fo<span class=\"__1 _201\"/>r under I<span class=\"__1 _201\"/>FRS 4 (see N<span class=\"__1 _201\"/>ote 26).<span class=\"__1 _32b\"> </span>Charg<span class=\"__1 _201\"/>es are de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>ted from th<span class=\"__1 _201\"/>e unit-linked fun<span class=\"__1 _201\"/>ds for inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t and adm<span class=\"__1 _201\"/>inistr<span class=\"__1 _201\"/>ation se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d for ce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ain contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>covera<span class=\"__1 _201\"/>ge. Be<span class=\"__1 _201\"/>nefit<span class=\"__1 _201\"/>s payabl<span class=\"__1 _201\"/>e will de<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>d on the pr<span class=\"__1 _201\"/>ice of the u<span class=\"__1 _201\"/>nits prev<span class=\"__1 _201\"/>ailing at th<span class=\"__1 _201\"/>e time of sur<span class=\"__1 _201\"/>rend<span class=\"__1 _201\"/>er<span class=\"__1 _f_1\"/>, d<span class=\"__1 _201\"/>eath or th<span class=\"__1 _201\"/>e maturit<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> the pro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>t.<span class=\"__1 _201\"/> 2 Group structur<span class=\"__1 _200\"/>e and products continued<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>3.3 Annuities<span class=\"__1 _32b\"> </span>Annu<span class=\"__1 _201\"/>ities are c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wh<span class=\"__1 _201\"/>ich offe<span class=\"__1 _201\"/>r poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs a regu<span class=\"__1 _201\"/>lar inc<span class=\"__1 _201\"/>ome over th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r\u2019s life, in excha<span class=\"__1 _201\"/>nge fo<span class=\"__1 _201\"/>r an upfront<span class=\"__1 _201\"/> prem<span class=\"__1 _201\"/>ium, an<span class=\"__1 _201\"/>d may be imm<span class=\"__1 _201\"/>ediate or d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d. For i<span class=\"__1 _201\"/>mmed<span class=\"__1 _201\"/>iate annuiti<span class=\"__1 _201\"/>es, th<span class=\"__1 _201\"/>e regul<span class=\"__1 _201\"/>ar inco<span class=\"__1 _201\"/>me sta<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>s imme<span class=\"__1 _201\"/>diately af<span class=\"__1 _201\"/>ter th<span class=\"__1 _201\"/>e premiu<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span>paym<span class=\"__1 _201\"/>ent, bu<span class=\"__1 _201\"/>t for defe<span class=\"__1 _201\"/>rred a<span class=\"__1 _201\"/>nnuitie<span class=\"__1 _201\"/>s, th<span class=\"__1 _201\"/>e regula<span class=\"__1 _201\"/>r incom<span class=\"__1 _201\"/>e is del<span class=\"__1 _201\"/>ayed until a sp<span class=\"__1 _201\"/>eci<span class=\"__1 _201\"/>fied date in th<span class=\"__1 _201\"/>e future. T<span class=\"__1 _201\"/>here are v<span class=\"__1 _201\"/>ario<span class=\"__1 _201\"/>us ty<span class=\"__1 _201\"/>pes<span class=\"__1 _201\"/> of annu<span class=\"__1 _201\"/>ity c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wr<span class=\"__1 _201\"/>itten a<span class=\"__1 _201\"/>cross th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p: level, fi<span class=\"__1 _201\"/>xed inc<span class=\"__1 _201\"/>rease, in<span class=\"__1 _201\"/>flation<span class=\"__1 _201\"/>-lin<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed (refer<span class=\"__1 _201\"/>red to as \u201cno<span class=\"__1 _201\"/>n-p<span class=\"__1 _201\"/>rofit ann<span class=\"__1 _201\"/>uities\u201d) a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts annu<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>. Som<span class=\"__1 _201\"/>e non<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>t annuiti<span class=\"__1 _201\"/>es have be<span class=\"__1 _201\"/>en wr<span class=\"__1 _201\"/>itten in th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund, an<span class=\"__1 _201\"/>d profit<span class=\"__1 _201\"/>s relatin<span class=\"__1 _201\"/>g to this busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/> accr<span class=\"__1 _201\"/>ue to the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Level an<span class=\"__1 _201\"/>nuitie<span class=\"__1 _201\"/>s: provi<span class=\"__1 _201\"/>de a regu<span class=\"__1 _201\"/>lar (for exampl<span class=\"__1 _201\"/>e, month<span class=\"__1 _201\"/>ly) fixed an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y payme<span class=\"__1 _201\"/>nt over the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>\u2019s life.<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Fixe<span class=\"__1 _201\"/>d increas<span class=\"__1 _201\"/>e annui<span class=\"__1 _201\"/>ties: prov<span class=\"__1 _201\"/>ide a re<span class=\"__1 _201\"/>gular an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y paym<span class=\"__1 _201\"/>ent whi<span class=\"__1 _201\"/>ch incor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ates automati<span class=\"__1 _201\"/>c increa<span class=\"__1 _201\"/>ses in an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y payme<span class=\"__1 _201\"/>nts by<span class=\"__1 _201\"/> </span>fixed a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s over the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>\u2019s life.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Infl<span class=\"__1 _201\"/>ation-<span class=\"__1 _201\"/>linked ann<span class=\"__1 _201\"/>uities<span class=\"__1 _201\"/>: provid<span class=\"__1 _201\"/>e for a reg<span class=\"__1 _201\"/>ular ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y payme<span class=\"__1 _201\"/>nt to which an a<span class=\"__1 _201\"/>dditio<span class=\"__1 _201\"/>nal amo<span class=\"__1 _201\"/>unt is ad<span class=\"__1 _201\"/>ded p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>dic<span class=\"__1 _201\"/>ally ba<span class=\"__1 _201\"/>sed on<span class=\"__1 _201\"/> </span>the in<span class=\"__1 _201\"/>crease in a<span class=\"__1 _201\"/>n inflatio<span class=\"__1 _201\"/>n index<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">With<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts annu<span class=\"__1 _201\"/>ities: a<span class=\"__1 _201\"/>re writ<span class=\"__1 _201\"/>ten in the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profits Fun<span class=\"__1 _201\"/>d. The<span class=\"__1 _201\"/>se com<span class=\"__1 _201\"/>bine th<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e features o<span class=\"__1 _201\"/>f annuit<span class=\"__1 _201\"/>y con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts with th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span></span>inves<span class=\"__1 _201\"/>tment s<span class=\"__1 _201\"/>moothi<span class=\"__1 _201\"/>ng feature<span class=\"__1 _201\"/>s of with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s produ<span class=\"__1 _201\"/>cts a<span class=\"__1 _201\"/>nd enab<span class=\"__1 _201\"/>le po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders to obt<span class=\"__1 _201\"/>ain expos<span class=\"__1 _201\"/>ure to inves<span class=\"__1 _201\"/>tment retur<span class=\"__1 _201\"/>n on<span class=\"__1 _201\"/> the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>2.<span class=\"__1 _201\"/>4 Ch<span class=\"__1 _200\"/>anges in c<span class=\"__1 _200\"/>onsolidation<span class=\"__1 _200\"/> of collectiv<span class=\"__1 _200\"/>e<span class=\"__1 _200\"/> inv<span class=\"__1 _200\"/>estment and<span class=\"__1 _200\"/> other<span class=\"__1 _200\"/> vehicles<span class=\"__1 _32b\"> </span>As pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t of the nor<span class=\"__1 _201\"/>mal co<span class=\"__1 _201\"/>urse of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss the G<span class=\"__1 _201\"/>roup, pr<span class=\"__1 _201\"/>imar<span class=\"__1 _201\"/>ily via th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund, inve<span class=\"__1 _201\"/>sts an<span class=\"__1 _201\"/>d disinve<span class=\"__1 _201\"/>sts in a n<span class=\"__1 _201\"/>umbe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>of coll<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive inves<span class=\"__1 _201\"/>tment a<span class=\"__1 _201\"/>nd other i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent vehi<span class=\"__1 _201\"/>cles<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup co<span class=\"__1 _201\"/>ntinuall<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>ess w<span class=\"__1 _201\"/>hethe<span class=\"__1 _201\"/>r thes<span class=\"__1 _201\"/>e investm<span class=\"__1 _201\"/>ents me<span class=\"__1 _201\"/>et the<span class=\"__1 _201\"/> requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts of IFR<span class=\"__1 _201\"/>S10 \u2013 Conso<span class=\"__1 _201\"/>lidated F<span class=\"__1 _201\"/>inanc<span class=\"__1 _201\"/>ial Stateme<span class=\"__1 _201\"/>nts and a<span class=\"__1 _201\"/>pply th<span class=\"__1 _201\"/>e acco<span class=\"__1 _201\"/>unting p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y explain<span class=\"__1 _201\"/>ed in 1.<span class=\"__1 _201\"/>5.1 in those<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s. In any g<span class=\"__1 _201\"/>iven year t<span class=\"__1 _201\"/>he inves<span class=\"__1 _201\"/>tment veh<span class=\"__1 _201\"/>icle<span class=\"__1 _201\"/>s movin<span class=\"__1 _201\"/>g in and ou<span class=\"__1 _201\"/>t of the sco<span class=\"__1 _201\"/>pe of con<span class=\"__1 _201\"/>solid<span class=\"__1 _201\"/>ation have a lim<span class=\"__1 _201\"/>ited imp<span class=\"__1 _201\"/>act o<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>the G<span class=\"__1 _201\"/>roup\u2019s financia<span class=\"__1 _201\"/>l statem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>. However, during the ye<span class=\"__1 _201\"/>ar end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2 a numb<span class=\"__1 _201\"/>er of inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t vehicl<span class=\"__1 _201\"/>es have be<span class=\"__1 _201\"/>en<span class=\"__1 _32b\"> </span>dec<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated w<span class=\"__1 _201\"/>hich have ha<span class=\"__1 _201\"/>d more si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>ts.<span class=\"__1 _201\"/> The<span class=\"__1 _201\"/>re were fou<span class=\"__1 _201\"/>r vehicl<span class=\"__1 _201\"/>es whic<span class=\"__1 _201\"/>h were de<span class=\"__1 _201\"/>conso<span class=\"__1 _201\"/>lidated \u2013 M<span class=\"__1 _201\"/>&amp;G Europ<span class=\"__1 _201\"/>ean Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund (MEP), Sk<span class=\"__1 _201\"/>y Fund I LP<span class=\"__1 _f_1\"/>, S<span class=\"__1 _201\"/>ky Fund V O<span class=\"__1 _201\"/>nsho<span class=\"__1 _201\"/>re<span class=\"__1 _32b\"> </span>LP an<span class=\"__1 _201\"/>d Harb<span class=\"__1 _201\"/>en 2017<span class=\"__1 _200\"/>-<span class=\"__1 _f_1\"/>1 p<span class=\"__1 _201\"/>lc. S<span class=\"__1 _201\"/>ky Fund I L<span class=\"__1 _201\"/>P was dis<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d of by P<span class=\"__1 _200\"/>A<span class=\"__1 _200\"/>C and th<span class=\"__1 _201\"/>e other thre<span class=\"__1 _201\"/>e entiti<span class=\"__1 _201\"/>es were re<span class=\"__1 _201\"/>-as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sed fo<span class=\"__1 _201\"/>r control<span class=\"__1 _201\"/> foll<span class=\"__1 _201\"/>owing a di<span class=\"__1 _201\"/>lution of th<span class=\"__1 _201\"/>eir ho<span class=\"__1 _201\"/>lding<span class=\"__1 _201\"/>s and de<span class=\"__1 _201\"/>cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d. In the c<span class=\"__1 _201\"/>ase of M<span class=\"__1 _201\"/>EP and Sk<span class=\"__1 _201\"/>y Fund V L<span class=\"__1 _201\"/>P<span class=\"__1 _f_1\"/>, the Grou<span class=\"__1 _201\"/>p holdi<span class=\"__1 _201\"/>ngs are no<span class=\"__1 _201\"/>w<span class=\"__1 _32b\"> </span>treated as i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents in as<span class=\"__1 _201\"/>so<span class=\"__1 _201\"/>ciates at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL an<span class=\"__1 _201\"/>d discl<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>d in Note 14 \u2013 Inves<span class=\"__1 _201\"/>tments i<span class=\"__1 _201\"/>n joint ven<span class=\"__1 _201\"/>tures and a<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciates<span class=\"__1 _201\"/>. The mai<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>impa<span class=\"__1 _201\"/>cts of t<span class=\"__1 _201\"/>he dec<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidatio<span class=\"__1 _201\"/>n of thes<span class=\"__1 _201\"/>e entitie<span class=\"__1 _201\"/>s are show<span class=\"__1 _201\"/>n in the imp<span class=\"__1 _201\"/>acte<span class=\"__1 _201\"/>d notes whi<span class=\"__1 _201\"/>ch incl<span class=\"__1 _201\"/>ude \u2013 Note 15 \u2013 Pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, plant a<span class=\"__1 _201\"/>nd<span class=\"__1 _201\"/> equ<span class=\"__1 _201\"/>ipmen<span class=\"__1 _201\"/>t, Note 16 \u2013 Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty, Note 18 \u2013 Loan<span class=\"__1 _201\"/>s, N<span class=\"__1 _201\"/>ote 27 \u2013 Subo<span class=\"__1 _201\"/>rdinated l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es and oth<span class=\"__1 _201\"/>er bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs.<span class=\"__1 _201\"/> 2 Group structur<span class=\"__1 _200\"/>e and products continued<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "mgplc:DisclosureOfGroupStructureAndProducts",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-556": {
   "value": "2.<span class=\"__1 _200\"/>1 Gr<span class=\"__1 _200\"/>oup composition<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing diag<span class=\"__1 _201\"/>ram is an ex<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>t of the G<span class=\"__1 _201\"/>roup st<span class=\"__1 _201\"/>ruc<span class=\"__1 _201\"/>ture at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 and gi<span class=\"__1 _201\"/>ves an over<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>iew of the co<span class=\"__1 _201\"/>mpos<span class=\"__1 _201\"/>ition of t<span class=\"__1 _32b\"> </span>h<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>Gro<span class=\"__1 _201\"/>up. M&amp;G p<span class=\"__1 _201\"/>lc is the h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g compa<span class=\"__1 _201\"/>ny of the Gro<span class=\"__1 _201\"/>up.<span class=\"__1 _32b\"> </span>A comp<span class=\"__1 _201\"/>lete lis<span class=\"__1 _201\"/>t of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s relate<span class=\"__1 _201\"/>d under<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>kings c<span class=\"__1 _201\"/>ompr<span class=\"__1 _201\"/>ising su<span class=\"__1 _201\"/>bsidia<span class=\"__1 _201\"/>ries<span class=\"__1 _201\"/>, joi<span class=\"__1 _201\"/>nt ventures<span class=\"__1 _201\"/>, ass<span class=\"__1 _201\"/>ociates a<span class=\"__1 _201\"/>nd othe<span class=\"__1 _201\"/>r signi<span class=\"__1 _201\"/>fican<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>hol<span class=\"__1 _201\"/>dings is c<span class=\"__1 _201\"/>ontain<span class=\"__1 _201\"/>ed with<span class=\"__1 _201\"/>in Note 40<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Subsidiaries<span class=\"__1 _32b\"> </span>(including<span class=\"__1 _32b\"> </span>regulated<span class=\"__1 _32b\"> </span>subsidiaries<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>M&amp;G plc<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span>Property<span class=\"__1 _32b\"> </span>Services Limited<span class=\"__1 _32b\"> </span>Ke<span class=\"__1 _200\"/>y: Regulated<span class=\"__1 _32b\"> </span>subsidiaries<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Subsidiaries<span class=\"__1 _32b\"> </span>Investment <span class=\"__1 _f_1\"/> Funds Dir<span class=\"__1 _200\"/>ect<span class=\"__1 _32b\"> </span>Holdings Limited<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span>Lifetime<span class=\"__1 _32b\"> </span>Mortgages<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span>Pensions <span class=\"ls5_1 ws1_1\"> </span>Limited<span class=\"__1 _32b\"> </span>M&amp;G Group<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Wrap<span class=\"__1 _200\"/> IFA<span class=\"__1 _32b\"> </span>Services Limited<span class=\"__1 _32b\"> </span>Investment <span class=\"__1 _f_1\"/> Funds Dir<span class=\"__1 _200\"/>ect<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Investment <span class=\"__1 _f_1\"/> Funds Dir<span class=\"__1 _200\"/>ect<span class=\"__1 _32b\"> </span>Group <span class=\"__1 _200\"/> Limited<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Subsidiaries<span class=\"__1 _32b\"> </span>responsAbility<span class=\"ls5_1 ws1_1\"> </span>investmen<span class=\"__1 _200\"/>ts AG<span class=\"__1 _32b\"> </span>Prudential <span class=\"ls5_1 ws1_1\"> </span>Capital<span class=\"ls5_1 ws1_1\"> </span>(Singapore<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span>Pte. Limited<span class=\"__1 _200\"/> In<span class=\"__1 _32b\"> </span>Liquidation<span class=\"__1 _32b\"> </span>Sandringham<span class=\"__1 _32b\"> </span>Financial<span class=\"ls5_1 ws1_1\"> </span>Partners<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Subsidiaries<span class=\"__1 _32b\"> </span>M&amp;G Group<span class=\"__1 _32b\"> </span>Regulated<span class=\"__1 _32b\"> </span>Ent<span class=\"__1 _201\"/>ity H<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/> Company<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Prudential <span class=\"ls5_1 ws1_1\"> </span>Portfolio<span class=\"ls5_1 ws1_1\"> </span>Management<span class=\"__1 _32b\"> </span>Group Limited<span class=\"__1 _32b\"> </span>M&amp;G<span class=\"__1 _32b\"> </span>Corporate<span class=\"__1 _32b\"> </span>Holdings Limited<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Subsidiaries<span class=\"__1 _32b\"> </span>M&amp;G <span class=\"ls5_1 ws1_1\"> </span>Corporate<span class=\"__1 _32b\"> </span>Services Limited<span class=\"__1 _32b\"> </span>Prudential <span class=\"ls5_1 ws1_1\"> </span>UK Services<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span>Distribution<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span>Financial<span class=\"__1 _32b\"> </span>Services Limited<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Subsidiaries<span class=\"__1 _32b\"> </span>M&amp;G <span class=\"ls5_1 ws1_1\"> </span>Wealth<span class=\"__1 _32b\"> </span>Advice<span class=\"ls5_1 ws1_1\"> </span>Limited<span class=\"__1 _32b\"> </span>The<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span>Assurance<span class=\"__1 _32b\"> </span>Company<span class=\"ls5_1 ws1_1\"> </span> Limited<span class=\"__1 _32b\"> </span>Prudential <span class=\"ls5_1 ws1_1\"> </span>Capital<span class=\"__1 _32b\"> </span>Holding<span class=\"__1 _32b\"> </span>Company <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Limited<span class=\"__1 _32b\"> </span>M&amp;G W<span class=\"__1 _200\"/>ealth<span class=\"ls5_1 ws1_1\"> </span>Investments<span class=\"__1 _32b\"> </span>LLP<span class=\"__1 _32b\"> </span>Prudential <span class=\"ls5_1 ws1_1\"> </span>Capital Publi<span class=\"__1 _32b\"> </span>c<span class=\"__1 _32b\"> </span>Limited <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Company<span class=\"__1 _32b\"> </span>M&amp;G W<span class=\"__1 _200\"/>ealth <span class=\"ls5_1 ws1_1\"> </span>Solutions<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>Clear Vie<span class=\"__1 _200\"/>w<span class=\"ws1_1\"> </span>Assured<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>M&amp;G<span class=\"ls5_1 ws1_1\"> </span> Securities<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>M&amp;G <span class=\"ls5_1 ws1_1\"> </span>Financial<span class=\"__1 _32b\"> </span>Services Limited<span class=\"__1 _32b\"> </span>M&amp;G<span class=\"__1 _32b\"> </span>Alternative<span class=\"__1 _32b\"> </span>Investment<span class=\"__1 _32b\"> </span>Management<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>M&amp;G Real<span class=\"__1 _32b\"> </span>Estate<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>M&amp;G<span class=\"__1 _32b\"> </span>Investment<span class=\"__1 _32b\"> </span>Management<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _32b\"> </span>MandG Investments<span class=\"__1 _32b\"> </span>Southern<span class=\"__1 _32b\"> </span>Afric<span class=\"__1 _201\"/>a<span class=\"ls5_1 ws1_1\"> </span> (P<span class=\"__1 _201\"/>ty)<span class=\"__1 _201\"/> Ltd<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _32b\"> </span>International<span class=\"__1 _32b\"> </span>Assurance <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Public Limited<span class=\"__1 _32b\"> </span>Company<span class=\"__1 _32b\"> </span>Ireland<span class=\"__1 _32b\"> </span>M&amp;G F<span class=\"__1 _200\"/>A <span class=\"ls5_1 ws1_1\"> </span>Limited<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-488": {
   "value": "<div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls0_1 ws0_1\" style=\"bottom:336.4002px;\">3 Segment<span class=\"__1 _200\"/>al analy<span class=\"__1 _200\"/>sis<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:315.77582px;\">The G<span class=\"__1 _201\"/>roup\u2019s oper<span class=\"__1 _201\"/>ating se<span class=\"__1 _201\"/>gmen<span class=\"__1 _201\"/>ts are defi<span class=\"__1 _201\"/>ned an<span class=\"__1 _201\"/>d pres<span class=\"__1 _201\"/>ented in ac<span class=\"__1 _201\"/>cordan<span class=\"__1 _201\"/>ce with I<span class=\"__1 _201\"/>FRS 8: O<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ating Se<span class=\"__1 _201\"/>gmen<span class=\"__1 _201\"/>ts on the b<span class=\"__1 _201\"/>asis of the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:299.27728px;\">Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt repo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>ng str<span class=\"__1 _201\"/>ucture a<span class=\"__1 _201\"/>nd its fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t inform<span class=\"__1 _201\"/>ation. T<span class=\"__1 _201\"/>he G<span class=\"__1 _201\"/>roup\u2019s primar<span class=\"__1 _201\"/>y re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ting f<span class=\"__1 _201\"/>ormat i<span class=\"__1 _201\"/>s by </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:282.7788px;\">clie<span class=\"__1 _201\"/>nt ty<span class=\"__1 _201\"/>pe, wi<span class=\"__1 _201\"/>th supp<span class=\"__1 _201\"/>leme<span class=\"__1 _201\"/>ntar<span class=\"__1 _201\"/>y info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n bein<span class=\"__1 _201\"/>g given by pro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>t ty<span class=\"__1 _201\"/>pe. T<span class=\"__1 _201\"/>he Chief O<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ating De<span class=\"__1 _201\"/>cisio<span class=\"__1 _201\"/>n Maker for th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p is </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:266.2803px;\">the G<span class=\"__1 _201\"/>roup E<span class=\"__1 _201\"/>xecutive C<span class=\"__1 _201\"/>ommi<span class=\"__1 _201\"/>ttee.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:241.53253px;\">3.<span class=\"__1 _f_1\"/>1 Operating segments<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:220.90305px;\">The G<span class=\"__1 _201\"/>roup\u2019s oper<span class=\"__1 _201\"/>ating se<span class=\"__1 _201\"/>gmen<span class=\"__1 _201\"/>ts are:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:196.1553px;\">Asset Management<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:175.52579px;\">The G<span class=\"__1 _201\"/>roup\u2019s investm<span class=\"__1 _201\"/>ent man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent ca<span class=\"__1 _201\"/>pabili<span class=\"__1 _201\"/>ty is o<span class=\"__1 _201\"/>ffere<span class=\"__1 _201\"/>d to both who<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>ale and i<span class=\"__1 _201\"/>nstitut<span class=\"__1 _201\"/>ional cl<span class=\"__1 _201\"/>ients<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group\u2019s who<span class=\"__1 _201\"/>lesa<span class=\"__1 _201\"/>le<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:159.02728px;\">clie<span class=\"__1 _201\"/>nts inves<span class=\"__1 _201\"/>t throug<span class=\"__1 _201\"/>h either U<span class=\"__1 _201\"/>K dom<span class=\"__1 _201\"/>icile<span class=\"__1 _201\"/>d Ope<span class=\"__1 _201\"/>n Ende<span class=\"__1 _201\"/>d Investm<span class=\"__1 _201\"/>ent Co<span class=\"__1 _201\"/>mpani<span class=\"__1 _201\"/>es (OEICs) or Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg domi<span class=\"__1 _201\"/>cile<span class=\"__1 _201\"/>d Soci<span class=\"__1 _201\"/>\u00e9t\u00e9s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:142.52881px;\">d\u2019I<span class=\"__1 _201\"/>nvestis<span class=\"__1 _201\"/>sem<span class=\"__1 _201\"/>ent \u00e0 Ca<span class=\"__1 _201\"/>pital Variab<span class=\"__1 _201\"/>le (SICA<span class=\"__1 _200\"/>V<span class=\"__1 _200\"/>s<span class=\"__1 _200\"/>) and h<span class=\"__1 _201\"/>ave acces<span class=\"__1 _201\"/>s to a broad r<span class=\"__1 _201\"/>ange of a<span class=\"__1 _201\"/>ctive<span class=\"__1 _201\"/>ly mana<span class=\"__1 _201\"/>ged inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prod<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:126.030304px;\">incl<span class=\"__1 _201\"/>uding Equ<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>, Fixed I<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e, Mult<span class=\"__1 _201\"/>i-As<span class=\"__1 _201\"/>set and R<span class=\"__1 _201\"/>eal Es<span class=\"__1 _201\"/>tate. Th<span class=\"__1 _201\"/>e Group s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves th<span class=\"__1 _201\"/>ese cli<span class=\"__1 _201\"/>ents thro<span class=\"__1 _201\"/>ugh its m<span class=\"__1 _201\"/>any busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>-to-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:109.5318px;\">busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s relatio<span class=\"__1 _201\"/>nships b<span class=\"__1 _201\"/>oth in the U<span class=\"__1 _201\"/>K and over<span class=\"__1 _201\"/>seas<span class=\"__1 _201\"/>, whic<span class=\"__1 _201\"/>h includ<span class=\"__1 _201\"/>e inde<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>dent fin<span class=\"__1 _201\"/>ancial a<span class=\"__1 _201\"/>dvis<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>, high<span class=\"__1 _201\"/>-stre<span class=\"__1 _201\"/>et banks a<span class=\"__1 _201\"/>nd wealth<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:93.033295px;\">mana<span class=\"__1 _201\"/>gers<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group\u2019s insti<span class=\"__1 _201\"/>tutiona<span class=\"__1 _201\"/>l investor<span class=\"__1 _201\"/>s, in<span class=\"__1 _201\"/>clude p<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>on fun<span class=\"__1 _201\"/>ds, in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce comp<span class=\"__1 _201\"/>anies a<span class=\"__1 _201\"/>nd ban<span class=\"__1 _201\"/>ks from arou<span class=\"__1 _201\"/>nd the wor<span class=\"__1 _201\"/>ld,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:76.53479px;\">who i<span class=\"__1 _201\"/>nvest thro<span class=\"__1 _201\"/>ugh se<span class=\"__1 _201\"/>gregate<span class=\"__1 _201\"/>d mandate<span class=\"__1 _201\"/>s and po<span class=\"__1 _201\"/>ole<span class=\"__1 _201\"/>d funds i<span class=\"__1 _201\"/>nto a diver<span class=\"__1 _201\"/>se rang<span class=\"__1 _201\"/>e of Fixed I<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e and Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate investm<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:60.036285px;\">products and services<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:35.288544px;\">The A<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>et Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt segm<span class=\"__1 _201\"/>ent ge<span class=\"__1 _201\"/>nerate<span class=\"__1 _201\"/>s revenues by c<span class=\"__1 _201\"/>harging f<span class=\"__1 _201\"/>ees w<span class=\"__1 _201\"/>hich are t<span class=\"__1 _201\"/>ypi<span class=\"__1 _201\"/>call<span class=\"__1 _201\"/>y base<span class=\"__1 _201\"/>d on the l<span class=\"__1 _201\"/>evel of as<span class=\"__1 _201\"/>sets un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:18.79004px;\">mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt. Th<span class=\"__1 _201\"/>e As<span class=\"__1 _201\"/>set Man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent se<span class=\"__1 _201\"/>gment a<span class=\"__1 _201\"/>lso ear<span class=\"__1 _201\"/>ns inves<span class=\"__1 _201\"/>tment ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment reven<span class=\"__1 _201\"/>ues fro<span class=\"__1 _201\"/>m the sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant prop<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tion of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:2.2915497px;\">Retail a<span class=\"__1 _201\"/>nd Savi<span class=\"__1 _201\"/>ngs as<span class=\"__1 _201\"/>sets it m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div>Retail<span class=\"__1 _200\"/> and Sa<span class=\"__1 _200\"/>vings<span class=\"__1 _32b\"> </span>Our R<span class=\"__1 _201\"/>etail and S<span class=\"__1 _201\"/>aving<span class=\"__1 _201\"/>s oper<span class=\"__1 _201\"/>ating se<span class=\"__1 _201\"/>gment i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es M&amp;G Wealth<span class=\"__1 _201\"/>, our H<span class=\"__1 _201\"/>erita<span class=\"__1 _201\"/>ge bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s and O<span class=\"__1 _201\"/>ther Ret<span class=\"__1 _201\"/>ail and S<span class=\"__1 _201\"/>avings b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h prima<span class=\"__1 _201\"/>rily re<span class=\"__1 _201\"/>lates to our inte<span class=\"__1 _201\"/>rnatio<span class=\"__1 _201\"/>nal savi<span class=\"__1 _201\"/>ngs bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>W<span class=\"__1 _200\"/>ealth<span class=\"__1 _32b\"> </span>M&amp;G Wealth p<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>s a rang<span class=\"__1 _201\"/>e of retireme<span class=\"__1 _201\"/>nt, sav<span class=\"__1 _201\"/>ings an<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent so<span class=\"__1 _201\"/>lution<span class=\"__1 _201\"/>s to its clien<span class=\"__1 _201\"/>ts. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e produ<span class=\"__1 _201\"/>cts are<span class=\"__1 _201\"/> dis<span class=\"__1 _201\"/>tribute<span class=\"__1 _201\"/>d to client<span class=\"__1 _201\"/>s through th<span class=\"__1 _201\"/>e wrap p<span class=\"__1 _201\"/>latfo<span class=\"__1 _201\"/>rm, i<span class=\"__1 _201\"/>nterme<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es and a<span class=\"__1 _201\"/>dvis<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>, and in<span class=\"__1 _201\"/>clude th<span class=\"__1 _201\"/>e Retirem<span class=\"__1 _201\"/>ent Acco<span class=\"__1 _201\"/>unt (<span class=\"__1 _200\"/>a comb<span class=\"__1 _201\"/>ined<span class=\"__1 _201\"/> indi<span class=\"__1 _201\"/>vidu<span class=\"__1 _201\"/>al pen<span class=\"__1 _201\"/>sion an<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e drawdo<span class=\"__1 _201\"/>wn prod<span class=\"__1 _201\"/>uct), in<span class=\"__1 _201\"/>divi<span class=\"__1 _201\"/>dual p<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>ns, IS<span class=\"__1 _201\"/>As<span class=\"__1 _201\"/>, colle<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve investm<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d a rang<span class=\"__1 _201\"/>e of on-s<span class=\"__1 _201\"/>hore an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>off-s<span class=\"__1 _201\"/>hore bo<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>All of th<span class=\"__1 _201\"/>e Group\u2019s produ<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s that give ac<span class=\"__1 _201\"/>cess to th<span class=\"__1 _201\"/>e UK Pr<span class=\"__1 _201\"/>uFund inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>ropos<span class=\"__1 _201\"/>ition are i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ed in M&amp;<span class=\"__1 _201\"/>G W<span class=\"__1 _200\"/>ealth<span class=\"__1 _201\"/>. The U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>Fund invest<span class=\"__1 _201\"/>ment pro<span class=\"__1 _201\"/>posit<span class=\"__1 _201\"/>ion give<span class=\"__1 _201\"/>s clien<span class=\"__1 _201\"/>ts acce<span class=\"__1 _201\"/>ss to sav<span class=\"__1 _201\"/>ings con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts with sm<span class=\"__1 _201\"/>ooth<span class=\"__1 _201\"/>ed inves<span class=\"__1 _201\"/>tment retu<span class=\"__1 _201\"/>rns and a w<span class=\"__1 _201\"/>ide ch<span class=\"__1 _201\"/>oice<span class=\"__1 _201\"/> of inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>rofile<span class=\"__1 _201\"/>s. Un<span class=\"__1 _201\"/>like the convent<span class=\"__1 _201\"/>ional a<span class=\"__1 _201\"/>nd accum<span class=\"__1 _201\"/>ulating w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts in th<span class=\"__1 _201\"/>e Her<span class=\"__1 _201\"/>itage b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, no regu<span class=\"__1 _201\"/>lar or<span class=\"__1 _201\"/> final b<span class=\"__1 _201\"/>onus<span class=\"__1 _201\"/>es are de<span class=\"__1 _201\"/>clare<span class=\"__1 _201\"/>d. Ins<span class=\"__1 _201\"/>tead, p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ate in profit<span class=\"__1 _201\"/>s by means o<span class=\"__1 _201\"/>f an increa<span class=\"__1 _201\"/>se in the<span class=\"__1 _201\"/>ir investm<span class=\"__1 _201\"/>ent, w<span class=\"__1 _201\"/>hich grow<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>in line w<span class=\"__1 _201\"/>ith an EGR<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Herita<span class=\"__1 _201\"/>ge<span class=\"__1 _32b\"> </span>The H<span class=\"__1 _201\"/>erit<span class=\"__1 _201\"/>age bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s incl<span class=\"__1 _201\"/>udes in<span class=\"__1 _201\"/>div<span class=\"__1 _201\"/>idual an<span class=\"__1 _201\"/>d corp<span class=\"__1 _201\"/>orate pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>ns, an<span class=\"__1 _201\"/>nuitie<span class=\"__1 _201\"/>s, life<span class=\"__1 _201\"/>, savin<span class=\"__1 _201\"/>gs and inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt produ<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e major<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>of the pro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>ts in the H<span class=\"__1 _201\"/>erit<span class=\"__1 _201\"/>age bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s are clo<span class=\"__1 _201\"/>sed to new c<span class=\"__1 _201\"/>lients b<span class=\"__1 _201\"/>ut may acc<span class=\"__1 _201\"/>ept fur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r contr<span class=\"__1 _201\"/>ibutio<span class=\"__1 _201\"/>ns from exis<span class=\"__1 _201\"/>ting<span class=\"__1 _201\"/> policyholders<span class=\"__1 _32b\"> </span>1<span class=\"__1 _32b\"> </span>. The a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>de: level a<span class=\"__1 _201\"/>nnuitie<span class=\"__1 _201\"/>s, w<span class=\"__1 _201\"/>hich prov<span class=\"__1 _201\"/>ide a fixe<span class=\"__1 _201\"/>d annui<span class=\"__1 _201\"/>ty p<span class=\"__1 _201\"/>ayment<span class=\"__1 _201\"/>; fixed in<span class=\"__1 _201\"/>crease a<span class=\"__1 _201\"/>nnuitie<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h incor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ate a peri<span class=\"__1 _201\"/>odic au<span class=\"__1 _201\"/>tomatic fixe<span class=\"__1 _201\"/>d incre<span class=\"__1 _201\"/>ase in ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y payme<span class=\"__1 _201\"/>nts; and i<span class=\"__1 _201\"/>nflatio<span class=\"__1 _201\"/>n-lin<span class=\"__1 _201\"/>ked annuiti<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>, which in<span class=\"__1 _201\"/>corp<span class=\"__1 _201\"/>orate a<span class=\"__1 _201\"/> per<span class=\"__1 _201\"/>iodi<span class=\"__1 _201\"/>c increa<span class=\"__1 _201\"/>se bas<span class=\"__1 _201\"/>ed on a de<span class=\"__1 _201\"/>fine<span class=\"__1 _201\"/>d inflatio<span class=\"__1 _201\"/>n index<span class=\"__1 _201\"/>. Som<span class=\"__1 _201\"/>e inflati<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>linked annu<span class=\"__1 _201\"/>ities have m<span class=\"__1 _201\"/>inimum an<span class=\"__1 _201\"/>d/<span class=\"__1 _200\"/>or max<span class=\"__1 _201\"/>imum inc<span class=\"__1 _201\"/>reases<span class=\"__1 _201\"/> relati<span class=\"__1 _201\"/>ve to the cor<span class=\"__1 _201\"/>respo<span class=\"__1 _201\"/>nding i<span class=\"__1 _201\"/>nflatio<span class=\"__1 _201\"/>n index<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The l<span class=\"__1 _201\"/>ife prod<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>s in Her<span class=\"__1 _201\"/>itage are p<span class=\"__1 _201\"/>rima<span class=\"__1 _201\"/>rily w<span class=\"__1 _201\"/>hole of l<span class=\"__1 _201\"/>ife ass<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e, end<span class=\"__1 _201\"/>owmen<span class=\"__1 _201\"/>t assu<span class=\"__1 _201\"/>rance<span class=\"__1 _201\"/>s, ter<span class=\"__1 _201\"/>m assu<span class=\"__1 _201\"/>rance c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, lifetim<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>mor<span class=\"__1 _201\"/>tg<span class=\"__1 _200\"/>ages, income pro<span class=\"__1 _200\"/>tection, and c<span class=\"__1 _200\"/>ritical il<span class=\"__1 _200\"/>lness products. Investment<span class=\"__1 _200\"/> products include<span class=\"__1 _200\"/> unit<span class=\"__1 _f_1\"/>-linked c<span class=\"__1 _200\"/>ontracts and<span class=\"__1 _200\"/> the Prudent<span class=\"__1 _200\"/>ial<span class=\"__1 _32b\"> </span>bon<span class=\"__1 _201\"/>d offer<span class=\"__1 _201\"/>ing, w<span class=\"__1 _201\"/>hich ma<span class=\"__1 _201\"/>inly co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>ts of sing<span class=\"__1 _201\"/>le-<span class=\"__1 _201\"/>premi<span class=\"__1 _201\"/>um-inve<span class=\"__1 _201\"/>sted w<span class=\"__1 _201\"/>hole o<span class=\"__1 _201\"/>f life pol<span class=\"__1 _201\"/>icies<span class=\"__1 _201\"/>, wh<span class=\"__1 _201\"/>ere the cli<span class=\"__1 _201\"/>ent has th<span class=\"__1 _201\"/>e option of t<span class=\"__1 _201\"/>aking<span class=\"__1 _201\"/> ad-<span class=\"__1 _201\"/>hoc w<span class=\"__1 _201\"/>ithdraw<span class=\"__1 _201\"/>als, re<span class=\"__1 _201\"/>gular i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e or the opti<span class=\"__1 _201\"/>on of ful<span class=\"__1 _201\"/>ly surre<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>ring th<span class=\"__1 _201\"/>eir bon<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>Som<span class=\"__1 _201\"/>e of the G<span class=\"__1 _201\"/>roup\u2019s Herita<span class=\"__1 _201\"/>ge pro<span class=\"__1 _201\"/>duct<span class=\"__1 _201\"/>s writ<span class=\"__1 _201\"/>ten thro<span class=\"__1 _201\"/>ugh conve<span class=\"__1 _201\"/>ntional a<span class=\"__1 _201\"/>nd accu<span class=\"__1 _201\"/>mulating w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profits c<span class=\"__1 _201\"/>ontra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>, in the wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits<span class=\"__1 _201\"/> sub<span class=\"__1 _201\"/>-fund<span class=\"__1 _201\"/>, provi<span class=\"__1 _201\"/>de returns to p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s through \u201c<span class=\"__1 _201\"/>regul<span class=\"__1 _201\"/>ar\u201d an<span class=\"__1 _201\"/>d \u201cfin<span class=\"__1 _201\"/>al\u201d bon<span class=\"__1 _201\"/>uses th<span class=\"__1 _201\"/>at reflec<span class=\"__1 _201\"/>t a sm<span class=\"__1 _201\"/>oothe<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent retur<span class=\"__1 _201\"/>n.<span class=\"__1 _32b\"> </span>The H<span class=\"__1 _201\"/>erit<span class=\"__1 _201\"/>age bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s incl<span class=\"__1 _201\"/>udes th<span class=\"__1 _201\"/>e clos<span class=\"__1 _201\"/>ed SAI<span class=\"__1 _201\"/>F busin<span class=\"__1 _201\"/>ess w<span class=\"__1 _201\"/>hich pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cipates in p<span class=\"__1 _201\"/>rofits o<span class=\"__1 _201\"/>n a 100:0 b<span class=\"__1 _201\"/>asis wi<span class=\"__1 _201\"/>th no share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der pro<span class=\"__1 _201\"/>fit<span class=\"__1 _32b\"> </span>trans<span class=\"__1 _201\"/>fers<span class=\"__1 _201\"/>. Sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders a<span class=\"__1 _201\"/>re entitle<span class=\"__1 _201\"/>d to ass<span class=\"__1 _201\"/>et manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t fees<span class=\"__1 _201\"/>. This b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess is n<span class=\"__1 _201\"/>ow inclu<span class=\"__1 _201\"/>ded in PA<span class=\"__1 _200\"/>C\u2019s main wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits su<span class=\"__1 _201\"/>b fund<span class=\"__1 _201\"/> foll<span class=\"__1 _201\"/>owing th<span class=\"__1 _201\"/>e merge<span class=\"__1 _201\"/>r with the S<span class=\"__1 _201\"/>AIF wi<span class=\"__1 _201\"/>th-pro<span class=\"__1 _201\"/>fits su<span class=\"__1 _201\"/>b fund on 1 A<span class=\"__1 _201\"/>pril 20<span class=\"__1 _201\"/>21 as dis<span class=\"__1 _201\"/>cuss<span class=\"__1 _201\"/>ed in Note 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3.<span class=\"__1 _200\"/>1.<span class=\"__1 _201\"/>3.<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er Retai<span class=\"__1 _201\"/>l and Sav<span class=\"__1 _201\"/>ings<span class=\"__1 _32b\"> </span>Our s<span class=\"__1 _201\"/>avings b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es base<span class=\"__1 _201\"/>d in Irel<span class=\"__1 _201\"/>and (Pr<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>ntial Inter<span class=\"__1 _201\"/>nationa<span class=\"__1 _201\"/>l Ass<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce plc) and Pol<span class=\"__1 _201\"/>and are in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>d withi<span class=\"__1 _201\"/>n Othe<span class=\"__1 _201\"/>r Retail<span class=\"__1 _201\"/> and Savings.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s other rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tabl<span class=\"__1 _201\"/>e seg<span class=\"__1 _201\"/>ment is:<span class=\"__1 _32b\"> </span>Corporat<span class=\"__1 _200\"/>e Centr<span class=\"__1 _200\"/>e<span class=\"__1 _32b\"> </span>Corporate Cen<span class=\"__1 _200\"/>tre<span class=\"__1 _200\"/> includes cen<span class=\"__1 _200\"/>tral corpora<span class=\"__1 _200\"/>te co<span class=\"__1 _200\"/>sts and debt<span class=\"__1 _200\"/> costs.<span class=\"__1 _32b\"> </span>3.<span class=\"__1 _201\"/>2 A<span class=\"__1 _200\"/>djusted oper<span class=\"__1 _200\"/>ating pr<span class=\"__1 _200\"/>ofit bef<span class=\"__1 _200\"/>ore t<span class=\"__1 _200\"/>ax met<span class=\"__1 _200\"/>hodology<span class=\"__1 _32b\"> </span>Adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>erating p<span class=\"__1 _201\"/>rofit be<span class=\"__1 _201\"/>fore tax is th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s non<span class=\"__1 _201\"/>-G<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>AP alter<span class=\"__1 _201\"/>native p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance me<span class=\"__1 _201\"/>asure, w<span class=\"__1 _201\"/>hich co<span class=\"__1 _201\"/>mple<span class=\"__1 _201\"/>ments I<span class=\"__1 _201\"/>FRS G<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>AP<span class=\"__1 _32b\"> </span>mea<span class=\"__1 _201\"/>sures an<span class=\"__1 _201\"/>d is key to decisi<span class=\"__1 _201\"/>on-m<span class=\"__1 _201\"/>aking a<span class=\"__1 _201\"/>nd the inter<span class=\"__1 _201\"/>nal pe<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>forma<span class=\"__1 _201\"/>nce man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent of op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g segm<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>For the G<span class=\"__1 _201\"/>roup\u2019s fee<span class=\"__1 _201\"/>-bas<span class=\"__1 _201\"/>ed bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s, a<span class=\"__1 _201\"/>djuste<span class=\"__1 _201\"/>d oper<span class=\"__1 _201\"/>ating pro<span class=\"__1 _201\"/>fit befo<span class=\"__1 _201\"/>re tax inc<span class=\"__1 _201\"/>lude<span class=\"__1 _201\"/>s fees re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d from cl<span class=\"__1 _201\"/>ients an<span class=\"__1 _201\"/>d ope<span class=\"__1 _201\"/>rating co<span class=\"__1 _201\"/>sts<span class=\"__1 _201\"/> for th<span class=\"__1 _201\"/>e busin<span class=\"__1 _201\"/>ess in<span class=\"__1 _201\"/>cludi<span class=\"__1 _201\"/>ng overh<span class=\"__1 _201\"/>eads<span class=\"__1 _201\"/>, expen<span class=\"__1 _201\"/>ses re<span class=\"__1 _201\"/>quired to m<span class=\"__1 _201\"/>eet reg<span class=\"__1 _201\"/>ulator<span class=\"__1 _201\"/>y re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d regula<span class=\"__1 _201\"/>r busin<span class=\"__1 _201\"/>ess d<span class=\"__1 _201\"/>evelop<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>/<span class=\"__1 _32b\"> </span>res<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>turin<span class=\"__1 _201\"/>g and othe<span class=\"__1 _201\"/>r cost<span class=\"__1 _201\"/>s. Co<span class=\"__1 _201\"/>sts as<span class=\"__1 _201\"/>so<span class=\"__1 _201\"/>ciated with f<span class=\"__1 _201\"/>undam<span class=\"__1 _201\"/>ental G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/>-wid<span class=\"__1 _201\"/>e restr<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>turing a<span class=\"__1 _201\"/>nd trans<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ation are n<span class=\"__1 _201\"/>ot inclu<span class=\"__1 _201\"/>ded<span class=\"__1 _201\"/> in adju<span class=\"__1 _201\"/>sted o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ng profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x.<span class=\"__1 _32b\"> </span>For the G<span class=\"__1 _201\"/>roup\u2019s busin<span class=\"__1 _201\"/>ess w<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>ten in the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund<span class=\"__1 _201\"/>, adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>erating p<span class=\"__1 _201\"/>rofit b<span class=\"__1 _201\"/>efore tax in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es the s<span class=\"__1 _201\"/>tatutor<span class=\"__1 _201\"/>y tran<span class=\"__1 _201\"/>sfer<span class=\"__1 _201\"/> to share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers gros<span class=\"__1 _201\"/>s of attr<span class=\"__1 _201\"/>ibuta<span class=\"__1 _201\"/>ble sh<span class=\"__1 _201\"/>arehol<span class=\"__1 _201\"/>der ta<span class=\"__1 _201\"/>x. D<span class=\"__1 _201\"/>eriv<span class=\"__1 _201\"/>ative ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents are h<span class=\"__1 _201\"/>eld to mitig<span class=\"__1 _201\"/>ate the risk to th<span class=\"__1 _201\"/>e shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er of<span class=\"__1 _32b\"> </span>lower f<span class=\"__1 _201\"/>uture sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der tra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs, an<span class=\"__1 _201\"/>d can b<span class=\"__1 _201\"/>e sepa<span class=\"__1 _201\"/>rated into t<span class=\"__1 _201\"/>wo t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span>(i) C<span class=\"__1 _201\"/>ash flow h<span class=\"__1 _201\"/>edg<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>2<span class=\"__1 _32b\"> </span>: thos<span class=\"__1 _201\"/>e instr<span class=\"__1 _201\"/>ument<span class=\"__1 _201\"/>s that are he<span class=\"__1 _201\"/>ld to mitigate vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y in the G<span class=\"__1 _201\"/>roup\u2019s IFRS res<span class=\"__1 _201\"/>ults by b<span class=\"__1 _201\"/>eing exp<span class=\"__1 _201\"/>licitly m<span class=\"__1 _201\"/>atched<span class=\"__1 _32b\"> </span>to t<span class=\"__1 _200\"/>he expected fu<span class=\"__1 _200\"/>ture<span class=\"__1 _200\"/> shareholder<span class=\"__1 _200\"/> transfers.<span class=\"__1 _32b\"> </span>(ii) C<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l hedg<span class=\"__1 _201\"/>es: ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents that h<span class=\"__1 _201\"/>edg<span class=\"__1 _201\"/>e the ec<span class=\"__1 _201\"/>onomi<span class=\"__1 _201\"/>c pres<span class=\"__1 _201\"/>ent valu<span class=\"__1 _201\"/>e of shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er trans<span class=\"__1 _201\"/>fers o<span class=\"__1 _201\"/>n a Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II bas<span class=\"__1 _201\"/>is, to<span class=\"__1 _32b\"> </span>optimise the capita<span class=\"__1 _201\"/>l position.<span class=\"__1 _201\"/> 1  <span class=\"__1 _5a_1\"> </span>T<span class=\"__1 _201\"/>he Gr<span class=\"__1 _201\"/>oup ac<span class=\"__1 _201\"/>cep<span class=\"__1 _201\"/>ts new m<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>s to exis<span class=\"__1 _201\"/>ting C<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ate Pen<span class=\"__1 _201\"/>sio<span class=\"__1 _201\"/>n sch<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>s and w<span class=\"__1 _201\"/>rite<span class=\"__1 _201\"/>s a sma<span class=\"__1 _201\"/>ll num<span class=\"__1 _201\"/>ber o<span class=\"__1 _201\"/>f new an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>cies w<span class=\"__1 _201\"/>ith cl<span class=\"__1 _201\"/>ien<span class=\"__1 _201\"/>ts wh<span class=\"__1 _201\"/>o have a<span class=\"__1 _201\"/> pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>n is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d by PA<span class=\"__1 _200\"/>C.<span class=\"__1 _32b\"> </span>2  <span class=\"__1 _dd_1\"> </span>These cash flow<span class=\"__1 _200\"/> hedges do no<span class=\"__1 _200\"/>t constit<span class=\"__1 _200\"/>ute<span class=\"__1 _200\"/> hedge accounti<span class=\"__1 _200\"/>ng arrangements<span class=\"__1 _200\"/> under IAS<span class=\"__1 _200\"/> 39.<span class=\"__1 _32b\"> </span>3 Segment<span class=\"__1 _200\"/>al analy<span class=\"__1 _200\"/>sis co<span class=\"__1 _200\"/>ntinued<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d gains o<span class=\"__1 _201\"/>r los<span class=\"__1 _201\"/>ses on th<span class=\"__1 _201\"/>e cash fl<span class=\"__1 _201\"/>ow he<span class=\"__1 _201\"/>dges are a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated to adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x in line w<span class=\"__1 _201\"/>ith eme<span class=\"__1 _201\"/>rgenc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>of the co<span class=\"__1 _201\"/>rresp<span class=\"__1 _201\"/>ondi<span class=\"__1 _201\"/>ng share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er tran<span class=\"__1 _201\"/>sfer w<span class=\"__1 _201\"/>ithin IF<span class=\"__1 _201\"/>RS profi<span class=\"__1 _201\"/>t. Any sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y m<span class=\"__1 _201\"/>oveme<span class=\"__1 _201\"/>nts in the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of thes<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts, n<span class=\"__1 _201\"/>ot relatin<span class=\"__1 _201\"/>g to the curre<span class=\"__1 _201\"/>nt year\u2019s sh<span class=\"__1 _201\"/>arehol<span class=\"__1 _201\"/>der tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>r are exclude<span class=\"__1 _201\"/>d from ad<span class=\"__1 _201\"/>juste<span class=\"__1 _201\"/>d oper<span class=\"__1 _201\"/>ating pro<span class=\"__1 _201\"/>fit befo<span class=\"__1 _201\"/>re tax<span class=\"__1 _201\"/>. As the<span class=\"__1 _201\"/> cap<span class=\"__1 _201\"/>ital he<span class=\"__1 _201\"/>dges d<span class=\"__1 _201\"/>o not exp<span class=\"__1 _201\"/>licitly h<span class=\"__1 _201\"/>edg<span class=\"__1 _201\"/>e future IF<span class=\"__1 _201\"/>RS profi<span class=\"__1 _201\"/>ts, a<span class=\"__1 _201\"/>ll movem<span class=\"__1 _201\"/>ents in th<span class=\"__1 _201\"/>e fair val<span class=\"__1 _201\"/>ue of the<span class=\"__1 _201\"/>se ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts are exclud<span class=\"__1 _201\"/>ed fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span>adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x.<span class=\"__1 _32b\"> </span>For the G<span class=\"__1 _201\"/>roup\u2019s shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r annuit<span class=\"__1 _201\"/>y pro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>ts wr<span class=\"__1 _201\"/>itten by th<span class=\"__1 _201\"/>e Retail an<span class=\"__1 _201\"/>d Savin<span class=\"__1 _201\"/>gs seg<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, adjus<span class=\"__1 _201\"/>ted ope<span class=\"__1 _201\"/>rating p<span class=\"__1 _201\"/>rofit bef<span class=\"__1 _201\"/>ore tax<span class=\"__1 _201\"/> exclude<span class=\"__1 _201\"/>s the imp<span class=\"__1 _201\"/>act of s<span class=\"__1 _201\"/>hor<span class=\"__1 _201\"/>t-t<span class=\"__1 _200\"/>erm c<span class=\"__1 _201\"/>ompo<span class=\"__1 _201\"/>nent<span class=\"__1 _201\"/>s of credit r<span class=\"__1 _201\"/>isk prov<span class=\"__1 _201\"/>ision<span class=\"__1 _201\"/>ing, th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t of cred<span class=\"__1 _201\"/>it risk ex<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ience v<span class=\"__1 _201\"/>arian<span class=\"__1 _201\"/>ces over<span class=\"__1 _201\"/> the pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d, and tota<span class=\"__1 _201\"/>l fair va<span class=\"__1 _201\"/>lue movem<span class=\"__1 _201\"/>ent on s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s asse<span class=\"__1 _201\"/>ts back<span class=\"__1 _201\"/>ing the s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y ca<span class=\"__1 _201\"/>pital, th<span class=\"__1 _201\"/>at are not refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive of the<span class=\"__1 _201\"/> longer<span class=\"__1 _f_1\"/>-term performance of t<span class=\"__1 _200\"/>he business.<span class=\"__1 _32b\"> </span>Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in adjus<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s that are con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>red to be no<span class=\"__1 _201\"/>n-re<span class=\"__1 _201\"/>curr<span class=\"__1 _201\"/>ing or s<span class=\"__1 _201\"/>trategic<span class=\"__1 _201\"/>, or du<span class=\"__1 _201\"/>e to shor<span class=\"__1 _201\"/>t-term movem<span class=\"__1 _201\"/>ents no<span class=\"__1 _201\"/>t reflec<span class=\"__1 _201\"/>tive of<span class=\"__1 _201\"/> lon<span class=\"__1 _201\"/>ger<span class=\"__1 _200\"/>-term pe<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>forma<span class=\"__1 _201\"/>nce are ma<span class=\"__1 _201\"/>de to IFR<span class=\"__1 _201\"/>S profit b<span class=\"__1 _201\"/>efore tax<span class=\"__1 _201\"/>. Adjus<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts are in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term fluc<span class=\"__1 _201\"/>tuatio<span class=\"__1 _201\"/>ns in inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> return<span class=\"__1 _201\"/>s, cos<span class=\"__1 _201\"/>ts as<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ated with fu<span class=\"__1 _201\"/>ndam<span class=\"__1 _201\"/>ental G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/>-wide re<span class=\"__1 _201\"/>str<span class=\"__1 _201\"/>uctur<span class=\"__1 _201\"/>ing an<span class=\"__1 _201\"/>d trans<span class=\"__1 _201\"/>format<span class=\"__1 _201\"/>ion, p<span class=\"__1 _201\"/>rofits o<span class=\"__1 _201\"/>r loss<span class=\"__1 _201\"/>es ari<span class=\"__1 _201\"/>sing on c<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>orate<span class=\"__1 _32b\"> </span>trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions an<span class=\"__1 _201\"/>d profit<span class=\"__1 _201\"/>/(los<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) before ta<span class=\"__1 _201\"/>x from any di<span class=\"__1 _201\"/>sconti<span class=\"__1 _201\"/>nued o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, and imp<span class=\"__1 _201\"/>airm<span class=\"__1 _201\"/>ent and am<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tisati<span class=\"__1 _201\"/>on in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of<span class=\"__1 _32b\"> </span>acquired intangib<span class=\"__1 _201\"/>les.<span class=\"__1 _201\"/> The key adj<span class=\"__1 _201\"/>ustin<span class=\"__1 _201\"/>g items bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n IFRS p<span class=\"__1 _201\"/>rofit b<span class=\"__1 _201\"/>efore tax a<span class=\"__1 _201\"/>nd adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x are:<span class=\"__1 _32b\"> </span>Short-t<span class=\"__1 _200\"/>erm fluctua<span class=\"__1 _200\"/>tions in<span class=\"__1 _200\"/> inv<span class=\"__1 _200\"/>estment r<span class=\"__1 _200\"/>eturn<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>tment fo<span class=\"__1 _201\"/>r shor<span class=\"__1 _201\"/>t-term fluc<span class=\"__1 _201\"/>tuatio<span class=\"__1 _201\"/>ns in inves<span class=\"__1 _201\"/>tment retur<span class=\"__1 _201\"/>ns repre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span>(i) Sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term tem<span class=\"__1 _201\"/>pora<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y moveme<span class=\"__1 _201\"/>nts in the f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue of ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts hel<span class=\"__1 _201\"/>d to mitigate e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y risk i<span class=\"__1 _201\"/>n the with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der<span class=\"__1 _32b\"> </span>trans<span class=\"__1 _201\"/>fer<span class=\"__1 _200\"/>, inclu<span class=\"__1 _201\"/>ding b<span class=\"__1 _201\"/>oth cash fl<span class=\"__1 _201\"/>ow and c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l hedg<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>(ii) T<span class=\"__1 _200\"/>otal fair v<span class=\"__1 _201\"/>alue m<span class=\"__1 _201\"/>ovement<span class=\"__1 _201\"/>s on othe<span class=\"__1 _201\"/>r capit<span class=\"__1 _201\"/>al hed<span class=\"__1 _201\"/>ges<span class=\"__1 _201\"/>, which a<span class=\"__1 _201\"/>re sole<span class=\"__1 _201\"/>ly he<span class=\"__1 _201\"/>ld to optimis<span class=\"__1 _201\"/>e the So<span class=\"__1 _201\"/>lven<span class=\"__1 _201\"/>cy II c<span class=\"__1 _201\"/>apital p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>(iii) T<span class=\"__1 _200\"/>otal fai<span class=\"__1 _201\"/>r value m<span class=\"__1 _201\"/>ovemen<span class=\"__1 _201\"/>ts on sur<span class=\"__1 _201\"/>plus as<span class=\"__1 _201\"/>sets b<span class=\"__1 _201\"/>ackin<span class=\"__1 _201\"/>g the share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y capit<span class=\"__1 _201\"/>al, an<span class=\"__1 _201\"/>d the impa<span class=\"__1 _201\"/>ct of sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k<span class=\"__1 _32b\"> </span>provi<span class=\"__1 _201\"/>sioni<span class=\"__1 _201\"/>ng and exp<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ence va<span class=\"__1 _201\"/>rianc<span class=\"__1 _201\"/>es over the p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od whi<span class=\"__1 _201\"/>ch are not refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive of the l<span class=\"__1 _201\"/>onge<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>-ter<span class=\"__1 _201\"/>m per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce of the bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> speci<span class=\"__1 _201\"/>fically<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of credi<span class=\"__1 _201\"/>t risk p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>ning fo<span class=\"__1 _201\"/>r shor<span class=\"__1 _201\"/>t-term adve<span class=\"__1 _201\"/>rse cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k exper<span class=\"__1 _201\"/>ienc<span class=\"__1 _201\"/>e;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of credi<span class=\"__1 _201\"/>t risk p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>ning fo<span class=\"__1 _201\"/>r actu<span class=\"__1 _201\"/>al upgr<span class=\"__1 _201\"/>ades an<span class=\"__1 _201\"/>d down<span class=\"__1 _201\"/>grade<span class=\"__1 _201\"/>s relati<span class=\"__1 _201\"/>ve to best e<span class=\"__1 _201\"/>stimate as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>. This i<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span>cal<span class=\"__1 _201\"/>culated by ref<span class=\"__1 _201\"/>erence to cu<span class=\"__1 _201\"/>rrent inte<span class=\"__1 _201\"/>rest rate<span class=\"__1 _201\"/>s;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Credi<span class=\"__1 _201\"/>t exper<span class=\"__1 _201\"/>ienc<span class=\"__1 _201\"/>e reflec<span class=\"__1 _201\"/>ting th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of def<span class=\"__1 _201\"/>aults a<span class=\"__1 _201\"/>nd othe<span class=\"__1 _201\"/>r simila<span class=\"__1 _201\"/>r exper<span class=\"__1 _201\"/>ienc<span class=\"__1 _201\"/>e, such as a<span class=\"__1 _201\"/>sset exch<span class=\"__1 _201\"/>anges a<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g from<span class=\"__1 _32b\"> </span></span>debt re<span class=\"__1 _201\"/>str<span class=\"__1 _201\"/>uctur<span class=\"__1 _201\"/>ing;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>et movem<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>n bond p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tf<span class=\"__1 _201\"/>olio wei<span class=\"__1 _201\"/>ghtings a<span class=\"__1 _201\"/>nd the su<span class=\"__1 _201\"/>bseq<span class=\"__1 _201\"/>uent imp<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>t on credi<span class=\"__1 _201\"/>t provisi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>Items re<span class=\"__1 _201\"/>lating to inves<span class=\"__1 _201\"/>tment re<span class=\"__1 _201\"/>turns wh<span class=\"__1 _201\"/>ich are in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>d in adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x are:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The n<span class=\"__1 _201\"/>et impa<span class=\"__1 _201\"/>ct of m<span class=\"__1 _201\"/>ovement<span class=\"__1 _201\"/>s in the val<span class=\"__1 _201\"/>ue of pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>nd fair v<span class=\"__1 _201\"/>alue of th<span class=\"__1 _201\"/>e asse<span class=\"__1 _201\"/>ts back<span class=\"__1 _201\"/>ing the<span class=\"__1 _201\"/>se liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span></span>excludin<span class=\"__1 _201\"/>g the items i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ed in sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term flu<span class=\"__1 _201\"/>ctuati<span class=\"__1 _201\"/>ons ab<span class=\"__1 _201\"/>ove. The f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e movem<span class=\"__1 _201\"/>ents of the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s backi<span class=\"__1 _201\"/>ng the lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s are<span class=\"__1 _32b\"> </span>clos<span class=\"__1 _201\"/>ely co<span class=\"__1 _201\"/>rrelate<span class=\"__1 _201\"/>d with the re<span class=\"__1 _201\"/>lated cha<span class=\"__1 _201\"/>nge in lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The u<span class=\"__1 _201\"/>nwind of th<span class=\"__1 _201\"/>e credit r<span class=\"__1 _201\"/>isk pre<span class=\"__1 _201\"/>mium, w<span class=\"__1 _201\"/>hich is th<span class=\"__1 _201\"/>e ope<span class=\"__1 _201\"/>ning val<span class=\"__1 _201\"/>ue of the as<span class=\"__1 _201\"/>sets m<span class=\"__1 _201\"/>ultipli<span class=\"__1 _201\"/>ed by the cre<span class=\"__1 _201\"/>dit ri<span class=\"__1 _201\"/>sk premi<span class=\"__1 _201\"/>um<span class=\"__1 _32b\"> </span></span>ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>n, with a<span class=\"__1 _201\"/>n adjus<span class=\"__1 _201\"/>tment fo<span class=\"__1 _201\"/>r claims p<span class=\"__1 _201\"/>aid over th<span class=\"__1 _201\"/>e year<span class=\"__1 _200\"/>. The cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k premium a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ption is th<span class=\"__1 _201\"/>e diffe<span class=\"__1 _201\"/>rence b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en<span class=\"__1 _201\"/> the total l<span class=\"__1 _201\"/>onge<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>-ter<span class=\"__1 _201\"/>m credit a<span class=\"__1 _201\"/>llowan<span class=\"__1 _201\"/>ce and a b<span class=\"__1 _201\"/>est e<span class=\"__1 _201\"/>stimate cre<span class=\"__1 _201\"/>dit all<span class=\"__1 _201\"/>owance (<span class=\"__1 _201\"/>both of whi<span class=\"__1 _201\"/>ch allow f<span class=\"__1 _201\"/>or the co<span class=\"__1 _201\"/>mbinati<span class=\"__1 _201\"/>on of def<span class=\"__1 _201\"/>aults<span class=\"__1 _32b\"> </span>and downgrades<span class=\"__1 _f_1\"/>);<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Actua<span class=\"__1 _201\"/>l incom<span class=\"__1 _201\"/>e rece<span class=\"__1 _201\"/>ived in th<span class=\"__1 _201\"/>e year<span class=\"__1 _200\"/>, such as co<span class=\"__1 _201\"/>upon p<span class=\"__1 _201\"/>aymen<span class=\"__1 _201\"/>ts, re<span class=\"__1 _201\"/>dempt<span class=\"__1 _201\"/>ion paym<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d rental in<span class=\"__1 _201\"/>come<span class=\"__1 _201\"/>, on sur<span class=\"__1 _201\"/>plus as<span class=\"__1 _201\"/>sets<span class=\"__1 _32b\"> </span></span>back<span class=\"__1 _201\"/>ing the s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y ca<span class=\"__1 _201\"/>pital, l<span class=\"__1 _201\"/>ess a<span class=\"__1 _201\"/>n allowa<span class=\"__1 _201\"/>nce for ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The n<span class=\"__1 _201\"/>et effe<span class=\"__1 _201\"/>ct of ch<span class=\"__1 _201\"/>anges to th<span class=\"__1 _201\"/>e valuati<span class=\"__1 _201\"/>on rate of intere<span class=\"__1 _201\"/>st due to as<span class=\"__1 _201\"/>set tr<span class=\"__1 _201\"/>ading an<span class=\"__1 _201\"/>d por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>folio re<span class=\"__1 _201\"/>balan<span class=\"__1 _201\"/>cing;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of chan<span class=\"__1 _201\"/>ges in th<span class=\"__1 _201\"/>e long<span class=\"__1 _201\"/>-term com<span class=\"__1 _201\"/>pon<span class=\"__1 _201\"/>ent of cred<span class=\"__1 _201\"/>it provis<span class=\"__1 _201\"/>ionin<span class=\"__1 _201\"/>g.<span class=\"__1 _32b\"> </span></span>Profit/<span class=\"__1 _f_1\"/>(loss<span class=\"__1 _200\"/>) on<span class=\"__1 _200\"/> disposal<span class=\"__1 _200\"/> of busine<span class=\"__1 _200\"/>sses and c<span class=\"__1 _200\"/>orpora<span class=\"__1 _200\"/>te t<span class=\"__1 _200\"/>ransactions Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in additi<span class=\"__1 _201\"/>onal item<span class=\"__1 _201\"/>s are exclude<span class=\"__1 _201\"/>d from a<span class=\"__1 _201\"/>djuste<span class=\"__1 _201\"/>d oper<span class=\"__1 _201\"/>ating pro<span class=\"__1 _201\"/>fit befo<span class=\"__1 _201\"/>re tax wh<span class=\"__1 _201\"/>ere thos<span class=\"__1 _201\"/>e items are co<span class=\"__1 _201\"/>nside<span class=\"__1 _201\"/>red to be n<span class=\"__1 _201\"/>on-<span class=\"__1 _32b\"> </span>recur<span class=\"__1 _201\"/>ring o<span class=\"__1 _201\"/>r strate<span class=\"__1 _201\"/>gic, o<span class=\"__1 _201\"/>r cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d to be one<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>off, due to their s<span class=\"__1 _201\"/>ize or nature, an<span class=\"__1 _201\"/>d therefo<span class=\"__1 _201\"/>re not indi<span class=\"__1 _201\"/>cative of t<span class=\"__1 _201\"/>he lon<span class=\"__1 _201\"/>g term<span class=\"__1 _201\"/> ope<span class=\"__1 _201\"/>rating p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance of th<span class=\"__1 _201\"/>e Group, i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ing profi<span class=\"__1 _201\"/>ts or lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s arisi<span class=\"__1 _201\"/>ng on cor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ate transa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns and p<span class=\"__1 _201\"/>rofits o<span class=\"__1 _201\"/>r loss<span class=\"__1 _201\"/>es on<span class=\"__1 _201\"/> disconti<span class=\"__1 _200\"/>nued operation<span class=\"__1 _200\"/>s.<span class=\"__1 _32b\"> </span>Restructuring and<span class=\"__1 _200\"/> other c<span class=\"__1 _200\"/>osts<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>turin<span class=\"__1 _201\"/>g and othe<span class=\"__1 _201\"/>r cos<span class=\"__1 _201\"/>ts prim<span class=\"__1 _201\"/>aril<span class=\"__1 _201\"/>y refle<span class=\"__1 _201\"/>ct the s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r alloc<span class=\"__1 _201\"/>ation of c<span class=\"__1 _201\"/>osts a<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciated wi<span class=\"__1 _201\"/>th the trans<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>mation of o<span class=\"__1 _201\"/>ur<span class=\"__1 _32b\"> </span>busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>ese co<span class=\"__1 _201\"/>sts re<span class=\"__1 _201\"/>prese<span class=\"__1 _201\"/>nt fund<span class=\"__1 _201\"/>amenta<span class=\"__1 _201\"/>l Group<span class=\"__1 _201\"/>-wi<span class=\"__1 _201\"/>de res<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>turin<span class=\"__1 _201\"/>g and tra<span class=\"__1 _201\"/>nsfor<span class=\"__1 _201\"/>mation a<span class=\"__1 _201\"/>nd are the<span class=\"__1 _201\"/>refore exclud<span class=\"__1 _201\"/>ed fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span>adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x.<span class=\"__1 _32b\"> </span>Amortisation and<span class=\"__1 _200\"/> impairment o<span class=\"__1 _200\"/>f int<span class=\"__1 _200\"/>angible assets<span class=\"__1 _200\"/> acquired<span class=\"__1 _200\"/> in business combina<span class=\"__1 _200\"/>tions<span class=\"__1 _32b\"> </span>Amo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>isatio<span class=\"__1 _201\"/>n and imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt of intan<span class=\"__1 _201\"/>gible as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s (inclu<span class=\"__1 _201\"/>ding G<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will) a<span class=\"__1 _201\"/>cquire<span class=\"__1 _201\"/>d in busin<span class=\"__1 _201\"/>ess c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ations are excl<span class=\"__1 _201\"/>uded f<span class=\"__1 _201\"/>rom<span class=\"__1 _32b\"> </span>adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x.<span class=\"__1 _32b\"> </span>3 Segment<span class=\"__1 _200\"/>al analy<span class=\"__1 _200\"/>sis co<span class=\"__1 _200\"/>ntinued<span class=\"__1 _32b\"> </span>3.3 Analysis o<span class=\"__1 _200\"/>f Group<span class=\"__1 _200\"/> adjusted oper<span class=\"__1 _200\"/>ating pr<span class=\"__1 _200\"/>ofit bef<span class=\"__1 _200\"/>ore t<span class=\"__1 _200\"/>ax b<span class=\"__1 _200\"/>y segment <span class=\"__1 _de_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Ass<span class=\"__1 _201\"/>et <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Management<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Retail and<span class=\"__1 _32b\"> </span>Sav<span class=\"__1 _201\"/>ings<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Corporate <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Centre<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Fee ba<span class=\"__1 _201\"/>sed reve<span class=\"__1 _201\"/>nues<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>51<span class=\"__1 _c_1\"> </span><span class=\"lsd_1 wsb_1\">295<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>1,346<span class=\"__1 _32b\"> </span>Annuit<span class=\"__1 _201\"/>y margin<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>227<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>227<span class=\"__1 _32b\"> </span>With-profits<span class=\"__1 _200\"/> shareholder t<span class=\"__1 _200\"/>ransfer net<span class=\"__1 _200\"/> of hedging<span class=\"__1 _200\"/> and ot<span class=\"__1 _200\"/>her gains<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>(losses<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>354<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>354<span class=\"__1 _32b\"> </span>Adjusted<span class=\"__1 _200\"/> operating<span class=\"__1 _200\"/> income<span class=\"__1 _df_1\"> </span><span class=\"ls3c_1 ws3d_1\">1<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>51<span class=\"__1 _253\"> </span><span class=\"ls7_1 ws5_1\">876<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>1,927<span class=\"__1 _32b\"> </span>Adjust<span class=\"__1 _200\"/>ed operati<span class=\"__1 _200\"/>ng expenses<span class=\"__1 _e0_1\"> </span><span class=\"ff1_1 ls8_1 ws6_1\">(<span class=\"__1 _201\"/>76<span class=\"__1 _201\"/>3)<span class=\"__1 _208\"> </span><span class=\"ls21_1 ws20_1\">(2<span class=\"__1 _201\"/>95)<span class=\"__1 _7d_1\"> </span><span class=\"ls1d_1 ws1c_1\">(10<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _217\"> </span><span class=\"ls24_1 ws23_1\">(<span class=\"__1 _201\"/>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>Other shareholder<span class=\"__1 _200\"/> loss<span class=\"__1 _e1_1\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">(5)<span class=\"__1 _219\"> </span><span class=\"ls3c_1 ws3d_1\">(9)<span class=\"__1 _204\"> </span>(<span class=\"__1 _201\"/>20<span class=\"__1 _201\"/>0)<span class=\"__1 _3f_1\"> </span><span class=\"ls17_1 ws16_1\">(21<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span></span></span>Share o<span class=\"__1 _201\"/>f profit fro<span class=\"__1 _201\"/>m joint ve<span class=\"__1 _201\"/>ntures an<span class=\"__1 _201\"/>d asso<span class=\"__1 _201\"/>ciates<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>erating p<span class=\"__1 _201\"/>rofit at<span class=\"__1 _201\"/>tribut<span class=\"__1 _201\"/>able to no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>control<span class=\"__1 _201\"/>ling intere<span class=\"__1 _201\"/>sts<span class=\"__1 _e2_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span>Adjusted<span class=\"__1 _200\"/> operating<span class=\"__1 _200\"/> profit/<span class=\"__1 _f_1\"/>(loss<span class=\"__1 _200\"/>) bef<span class=\"__1 _200\"/>ore t<span class=\"__1 _200\"/>ax<span class=\"__1 _e3_1\"> </span><span class=\"ls30_1 ws30_1\">264<span class=\"__1 _253\"> </span><span class=\"ls32_1 ws33_1\">57<span class=\"__1 _201\"/>2<span class=\"__1 _5d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _272\"> </span><span class=\"ls40_1 ws44_1\">52<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span>Sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term fluc<span class=\"__1 _201\"/>tuatio<span class=\"__1 _201\"/>ns in inves<span class=\"__1 _201\"/>tment retu<span class=\"__1 _201\"/>rns<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>Amo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>isatio<span class=\"__1 _201\"/>n and imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt of intan<span class=\"__1 _201\"/>gible as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d in bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>combinations<span class=\"__1 _e4_1\"> </span><span class=\"ff1_1 ls12_1 ws11_1\">(8)<span class=\"__1 _223\"> </span><span class=\"ls21_1 ws20_1\">(2<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>turin<span class=\"__1 _201\"/>g and othe<span class=\"__1 _201\"/>r cos<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>(<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>)<span class=\"__1 _237\"> </span><span class=\"ls1f_1 ws1e_1\">(77)<span class=\"__1 _288\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _6b_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span>IFRS pro<span class=\"__1 _200\"/>fit/<span class=\"__1 _200\"/>(loss<span class=\"__1 _f_1\"/>) before<span class=\"__1 _200\"/> tax and<span class=\"__1 _200\"/> non-controlling in<span class=\"__1 _200\"/>terests<span class=\"__1 _200\"/> attribut<span class=\"__1 _200\"/>able to<span class=\"__1 _200\"/> equity<span class=\"__1 _32b\"> </span>holders bef<span class=\"__1 _200\"/>ore t<span class=\"__1 _200\"/>ax<span class=\"__1 _e5_1\"> </span><span class=\"ls38_1 ws38_1\">182<span class=\"__1 _210\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>16)<span class=\"__1 _208\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>3)<span class=\"__1 _4c_1\"> </span><span class=\"ls24_1 ws23_1\">(<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>IFR<span class=\"__1 _201\"/>S profit b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x attrib<span class=\"__1 _201\"/>utabl<span class=\"__1 _201\"/>e to non-<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>trolling i<span class=\"__1 _201\"/>nterest<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>19<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>19<span class=\"__1 _32b\"> </span>Profit/<span class=\"__1 _f_1\"/>(loss<span class=\"__1 _200\"/>) befor<span class=\"__1 _200\"/>e ta<span class=\"__1 _200\"/>x attr<span class=\"__1 _200\"/>ibutable t<span class=\"__1 _200\"/>o equity holder<span class=\"__1 _200\"/>s<span class=\"__1 _e6_1\"> </span><span class=\"ls40_1 ws44_1\">201<span class=\"__1 _210\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>16)<span class=\"__1 _208\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>3)<span class=\"__1 _210\"> </span><span class=\"ls24_1 ws23_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _e7_1\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>i <span class=\"__1 _2d_1\"> </span>Of t<span class=\"__1 _201\"/>he fe<span class=\"__1 _201\"/>e-<span class=\"__1 _201\"/>bas<span class=\"__1 _201\"/>ed reve<span class=\"__1 _201\"/>nue<span class=\"__1 _201\"/>s, \u00a3<span class=\"__1 _201\"/>30<span class=\"__1 _201\"/>6m (2<span class=\"__1 _201\"/>021: \u00a3<span class=\"__1 _201\"/>303<span class=\"__1 _201\"/>m) rela<span class=\"__1 _201\"/>tes to reve<span class=\"__1 _201\"/>nue<span class=\"__1 _201\"/>s that A<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>et Ma<span class=\"__1 _201\"/>nag<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt ear<span class=\"__1 _201\"/>ne<span class=\"__1 _201\"/>d from th<span class=\"__1 _201\"/>e Ret<span class=\"__1 _201\"/>ail an<span class=\"__1 _201\"/>d Sav<span class=\"__1 _201\"/>ings s<span class=\"__1 _201\"/>egm<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Ot<span class=\"__1 _201\"/>her p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>ntat<span class=\"__1 _201\"/>iona<span class=\"__1 _201\"/>l diff<span class=\"__1 _201\"/>ere<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/>s whe<span class=\"__1 _201\"/>n com<span class=\"__1 _201\"/>pare<span class=\"__1 _201\"/>d to the f<span class=\"__1 _201\"/>ee in<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e in Note 5 i<span class=\"__1 _201\"/>ncl<span class=\"__1 _201\"/>ude th<span class=\"__1 _201\"/>e net<span class=\"__1 _201\"/>tin<span class=\"__1 _201\"/>g of cer<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>ain ite<span class=\"__1 _201\"/>ms that h<span class=\"__1 _201\"/>ave a nil p<span class=\"__1 _201\"/>rofi<span class=\"__1 _201\"/>t imp<span class=\"__1 _201\"/>act i<span class=\"__1 _201\"/>n adju<span class=\"__1 _201\"/>ste<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>operating<span class=\"__1 _200\"/> profit, and<span class=\"__1 _200\"/> the inc<span class=\"__1 _200\"/>lusion of<span class=\"__1 _200\"/> certain re<span class=\"__1 _200\"/>venue pr<span class=\"__1 _200\"/>esented el<span class=\"__1 _200\"/>sewhere wit<span class=\"__1 _200\"/>hin t<span class=\"__1 _200\"/>he IFRS inc<span class=\"__1 _200\"/>ome stat<span class=\"__1 _200\"/>ement.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Th<span class=\"__1 _201\"/>e with<span class=\"__1 _201\"/>-p<span class=\"__1 _201\"/>rofit<span class=\"__1 _201\"/>s sha<span class=\"__1 _201\"/>reho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r tra<span class=\"__1 _201\"/>nsf<span class=\"__1 _201\"/>er is pa<span class=\"__1 _201\"/>id to th<span class=\"__1 _201\"/>e sha<span class=\"__1 _201\"/>reho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r net of t<span class=\"__1 _201\"/>ax<span class=\"__1 _201\"/>. The s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>ho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r tran<span class=\"__1 _201\"/>sfe<span class=\"__1 _201\"/>r amo<span class=\"__1 _201\"/>unt is g<span class=\"__1 _201\"/>ros<span class=\"__1 _201\"/>sed u<span class=\"__1 _201\"/>p for ta<span class=\"__1 _201\"/>x pur<span class=\"__1 _201\"/>pos<span class=\"__1 _201\"/>es w<span class=\"__1 _201\"/>ith re<span class=\"__1 _201\"/>gard<span class=\"__1 _201\"/> to ad<span class=\"__1 _200\"/>justed operat<span class=\"__1 _200\"/>ing pr<span class=\"__1 _200\"/>ofit.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _285\"> </span>Excludes ad<span class=\"__1 _200\"/>justed operat<span class=\"__1 _200\"/>ing pr<span class=\"__1 _200\"/>ofit from<span class=\"__1 _200\"/> joint<span class=\"__1 _200\"/> ventur<span class=\"__1 _200\"/>es in<span class=\"__1 _200\"/> the Wit<span class=\"__1 _200\"/>h-Profits F<span class=\"__1 _200\"/>und.<span class=\"__1 _32b\"> </span>iv <span class=\"__1 _285\"> </span>Mar<span class=\"__1 _201\"/>ket con<span class=\"__1 _201\"/>diti<span class=\"__1 _201\"/>ons h<span class=\"__1 _201\"/>ave le<span class=\"__1 _201\"/>d to sig<span class=\"__1 _201\"/>nifi<span class=\"__1 _201\"/>can<span class=\"__1 _201\"/>t los<span class=\"__1 _201\"/>ses f<span class=\"__1 _201\"/>rom s<span class=\"__1 _201\"/>hor<span class=\"__1 _201\"/>t-term fl<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>tuati<span class=\"__1 _201\"/>ons i<span class=\"__1 _201\"/>n inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt retu<span class=\"__1 _201\"/>rns f<span class=\"__1 _201\"/>or the y<span class=\"__1 _201\"/>ear e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e los<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>pr<span class=\"__1 _201\"/>imar<span class=\"__1 _201\"/>ily c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>ris<span class=\"__1 _201\"/>e a \u00a31,<span class=\"__1 _201\"/>301m l<span class=\"__1 _201\"/>oss (<span class=\"__1 _201\"/>2021: \u00a3<span class=\"__1 _201\"/>99<span class=\"__1 _201\"/>m los<span class=\"__1 _201\"/>s) from f<span class=\"__1 _201\"/>air v<span class=\"__1 _201\"/>alue m<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s on su<span class=\"__1 _201\"/>rpl<span class=\"__1 _201\"/>us as<span class=\"__1 _201\"/>sets i<span class=\"__1 _201\"/>n the a<span class=\"__1 _201\"/>nnui<span class=\"__1 _201\"/>ty p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tf<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>o and a \u00a3<span class=\"__1 _201\"/>98<span class=\"__1 _201\"/>9m lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/> (20<span class=\"__1 _201\"/>21: \u00a310<span class=\"__1 _201\"/>3m lo<span class=\"__1 _201\"/>ss) on int<span class=\"__1 _201\"/>eres<span class=\"__1 _201\"/>t rate s<span class=\"__1 _201\"/>wap<span class=\"__1 _201\"/>s purc<span class=\"__1 _201\"/>hase<span class=\"__1 _201\"/>d to pro<span class=\"__1 _201\"/>tec<span class=\"__1 _201\"/>t P<span class=\"__1 _200\"/>AC\u2019s So<span class=\"__1 _201\"/>lven<span class=\"__1 _201\"/>cy I<span class=\"__1 _201\"/>I cap<span class=\"__1 _201\"/>ital p<span class=\"__1 _201\"/>osi<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n agai<span class=\"__1 _201\"/>nst f<span class=\"__1 _201\"/>all<span class=\"__1 _201\"/>s in inte<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>t rates<span class=\"__1 _201\"/>, bo<span class=\"__1 _201\"/>th due to s<span class=\"__1 _201\"/>ign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant<span class=\"__1 _201\"/> ris<span class=\"__1 _201\"/>ing y<span class=\"__1 _201\"/>iel<span class=\"__1 _201\"/>ds in th<span class=\"__1 _201\"/>e pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d. Ad<span class=\"__1 _201\"/>diti<span class=\"__1 _201\"/>onal<span class=\"__1 _201\"/>ly lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es of \u00a3<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>3m (20<span class=\"__1 _201\"/>21: \u00a3<span class=\"__1 _201\"/>39m) a<span class=\"__1 _201\"/>rose o<span class=\"__1 _201\"/>n gilt<span class=\"__1 _201\"/>s ple<span class=\"__1 _201\"/>dg<span class=\"__1 _201\"/>ed as c<span class=\"__1 _201\"/>olla<span class=\"__1 _201\"/>tera<span class=\"__1 _201\"/>l. Th<span class=\"__1 _201\"/>ese l<span class=\"__1 _201\"/>os<span class=\"__1 _201\"/>ses we<span class=\"__1 _201\"/>re pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ly off<span class=\"__1 _201\"/>set b<span class=\"__1 _201\"/>y a pos<span class=\"__1 _201\"/>itive<span class=\"__1 _201\"/> move<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>nt on th<span class=\"__1 _201\"/>e hed<span class=\"__1 _201\"/>gin<span class=\"__1 _201\"/>g ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s hel<span class=\"__1 _201\"/>d to prote<span class=\"__1 _201\"/>ct t<span class=\"__1 _201\"/>he fu<span class=\"__1 _201\"/>ture sh<span class=\"__1 _201\"/>areh<span class=\"__1 _201\"/>ol<span class=\"__1 _201\"/>der tr<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>fer<span class=\"__1 _201\"/>s from f<span class=\"__1 _201\"/>all<span class=\"__1 _201\"/>ing e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y ma<span class=\"__1 _201\"/>rkets w<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>h move<span class=\"__1 _201\"/>d to a \u00a3104<span class=\"__1 _201\"/>m gai<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>(20<span class=\"__1 _201\"/>21: \u00a32<span class=\"__1 _201\"/>48<span class=\"__1 _201\"/>m los<span class=\"__1 _201\"/>s) as a resu<span class=\"__1 _201\"/>lt of f<span class=\"__1 _201\"/>alls i<span class=\"__1 _201\"/>n the US a<span class=\"__1 _201\"/>nd Eur<span class=\"__1 _201\"/>ope<span class=\"__1 _201\"/>an eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y mar<span class=\"__1 _201\"/>kets<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>v <span class=\"__1 _6c_1\"> </span>Res<span class=\"__1 _201\"/>tr<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>urin<span class=\"__1 _201\"/>g and o<span class=\"__1 _201\"/>ther c<span class=\"__1 _201\"/>os<span class=\"__1 _201\"/>ts excl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d from a<span class=\"__1 _201\"/>dju<span class=\"__1 _201\"/>sted o<span class=\"__1 _201\"/>pe<span class=\"__1 _201\"/>ratin<span class=\"__1 _201\"/>g pro<span class=\"__1 _201\"/>fit in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es co<span class=\"__1 _201\"/>sts t<span class=\"__1 _201\"/>hat re<span class=\"__1 _201\"/>late to th<span class=\"__1 _201\"/>e tran<span class=\"__1 _201\"/>sfo<span class=\"__1 _201\"/>rmat<span class=\"__1 _201\"/>ion of o<span class=\"__1 _201\"/>ur bu<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>ess w<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>h are<span class=\"__1 _201\"/> all<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ated to th<span class=\"__1 _201\"/>e sha<span class=\"__1 _201\"/>reh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>. Th<span class=\"__1 _201\"/>ese d<span class=\"__1 _201\"/>iffe<span class=\"__1 _201\"/>r to Res<span class=\"__1 _201\"/>tru<span class=\"__1 _201\"/>ctu<span class=\"__1 _201\"/>rin<span class=\"__1 _201\"/>g cos<span class=\"__1 _201\"/>ts in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed in t<span class=\"__1 _201\"/>he an<span class=\"__1 _201\"/>aly<span class=\"__1 _201\"/>sis of a<span class=\"__1 _201\"/>dmin<span class=\"__1 _201\"/>ist<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>ve and o<span class=\"__1 _201\"/>ther ex<span class=\"__1 _201\"/>pe<span class=\"__1 _201\"/>nse<span class=\"__1 _201\"/>s in Note 6 w<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>h incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/> cos<span class=\"__1 _201\"/>ts al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ate<span class=\"__1 _201\"/>d to the Po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>. In th<span class=\"__1 _201\"/>e year to 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, res<span class=\"__1 _201\"/>tru<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>urin<span class=\"__1 _201\"/>g and o<span class=\"__1 _201\"/>ther c<span class=\"__1 _201\"/>ost<span class=\"__1 _201\"/>s inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es \u00a317m (20<span class=\"__1 _201\"/>21: \u00a34<span class=\"__1 _201\"/>8m) in re<span class=\"__1 _201\"/>sp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of our f<span class=\"__1 _201\"/>uture<span class=\"__1 _201\"/> ways o<span class=\"__1 _201\"/>f wor<span class=\"__1 _201\"/>king a<span class=\"__1 _201\"/>nd as<span class=\"__1 _201\"/>so<span class=\"__1 _201\"/>ciate<span class=\"__1 _201\"/>d chan<span class=\"__1 _201\"/>ges t<span class=\"__1 _201\"/>o our offi<span class=\"__1 _201\"/>ce s<span class=\"__1 _201\"/>pace<span class=\"__1 _201\"/>, and \u00a3<span class=\"__1 _201\"/>32m (<span class=\"__1 _201\"/>2021<span class=\"__1 _201\"/>: \u00a345<span class=\"__1 _201\"/>m) of cos<span class=\"__1 _201\"/>ts in re<span class=\"__1 _201\"/>lati<span class=\"__1 _201\"/>on to th<span class=\"__1 _201\"/>e integ<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>on of M&amp;<span class=\"__1 _201\"/>G Wealt<span class=\"__1 _201\"/>h plat<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span>bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. Inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>ed in t<span class=\"__1 _201\"/>he Co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>rate C<span class=\"__1 _201\"/>entr<span class=\"__1 _201\"/>e is a reve<span class=\"__1 _201\"/>rsa<span class=\"__1 _201\"/>l of imp<span class=\"__1 _201\"/>air<span class=\"__1 _201\"/>ment r<span class=\"__1 _201\"/>eco<span class=\"__1 _201\"/>gni<span class=\"__1 _201\"/>sed i<span class=\"__1 _201\"/>n resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of ou<span class=\"__1 _201\"/>r futu<span class=\"__1 _201\"/>re ways of w<span class=\"__1 _201\"/>ork<span class=\"__1 _201\"/>ing of \u00a3<span class=\"__1 _201\"/>6m (20<span class=\"__1 _201\"/>21: \u00a3<span class=\"__1 _201\"/>29m<span class=\"__1 _201\"/> rec<span class=\"__1 _201\"/>ogn<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n of imp<span class=\"__1 _201\"/>air<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>t) whi<span class=\"__1 _201\"/>ch is pr<span class=\"__1 _201\"/>ese<span class=\"__1 _201\"/>nted i<span class=\"__1 _201\"/>n impa<span class=\"__1 _201\"/>irm<span class=\"__1 _201\"/>ent of p<span class=\"__1 _201\"/>rop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, pla<span class=\"__1 _201\"/>nt an<span class=\"__1 _201\"/>d equ<span class=\"__1 _201\"/>ipm<span class=\"__1 _201\"/>ent in th<span class=\"__1 _201\"/>e ana<span class=\"__1 _201\"/>lys<span class=\"__1 _201\"/>is of ad<span class=\"__1 _201\"/>mini<span class=\"__1 _201\"/>str<span class=\"__1 _201\"/>ativ<span class=\"__1 _201\"/>e and oth<span class=\"__1 _201\"/>er ex<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>ses i<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>Note 6<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>vi <span class=\"__1 _285\"> </span>Exc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>trol<span class=\"__1 _201\"/>ling i<span class=\"__1 _201\"/>ntere<span class=\"__1 _201\"/>sts i<span class=\"__1 _201\"/>n rela<span class=\"__1 _201\"/>tion to a<span class=\"__1 _201\"/>mor<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>sati<span class=\"__1 _201\"/>on of i<span class=\"__1 _201\"/>ntan<span class=\"__1 _201\"/>gibl<span class=\"__1 _201\"/>e as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>cqu<span class=\"__1 _201\"/>ired i<span class=\"__1 _201\"/>n bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss co<span class=\"__1 _201\"/>mbin<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>ns wh<span class=\"__1 _201\"/>ich is p<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>ente<span class=\"__1 _201\"/>d net w<span class=\"__1 _201\"/>ithi<span class=\"__1 _201\"/>n the<span class=\"__1 _201\"/> non-operating line<span class=\"__1 _200\"/> item.<span class=\"__1 _32b\"> </span>3 Segment<span class=\"__1 _200\"/>al analy<span class=\"__1 _200\"/>sis co<span class=\"__1 _200\"/>ntinued<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Ass<span class=\"__1 _201\"/>et <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Management<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Retail and<span class=\"__1 _32b\"> </span>Sav<span class=\"__1 _201\"/>ings<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Corporate <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Centre<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Fee ba<span class=\"__1 _201\"/>sed reve<span class=\"__1 _201\"/>nues<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>976<span class=\"__1 _2c_1\"> </span><span class=\"lsd_1 wsb_1\">278<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>1,<span class=\"__1 _201\"/>254<span class=\"__1 _32b\"> </span>Annuit<span class=\"__1 _201\"/>y margin<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>369<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>369<span class=\"__1 _32b\"> </span>With-profits<span class=\"__1 _200\"/> shareholder t<span class=\"__1 _200\"/>ransfer net<span class=\"__1 _200\"/> of hedging<span class=\"__1 _200\"/> and ot<span class=\"__1 _200\"/>her gains<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>(losses<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>268<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>268<span class=\"__1 _32b\"> </span>Adjusted<span class=\"__1 _200\"/> operating<span class=\"__1 _200\"/> income<span class=\"__1 _e8_1\"> </span><span class=\"ff2_1 ls23_1 ws22_1\">976<span class=\"__1 _231\"> </span><span class=\"ls4d_1 ws54_1\">915<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>1,8<span class=\"__1 _201\"/>91<span class=\"__1 _32b\"> </span>Adjust<span class=\"__1 _200\"/>ed operati<span class=\"__1 _200\"/>ng expenses<span class=\"__1 _e9_1\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>2)<span class=\"__1 _7d_1\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>96)<span class=\"__1 _253\"> </span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>5)<span class=\"__1 _245\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span></span></span></span></span>Other shareholder<span class=\"__1 _200\"/> profit/(<span class=\"__1 _200\"/>loss<span class=\"__1 _200\"/>)<span class=\"__1 _ea_1\"> </span><span class=\"ls56_1 ws5f_1\">17<span class=\"__1 _230\"> </span><span class=\"ls4a_1 ws50_1\">41<span class=\"__1 _237\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>9)<span class=\"__1 _6b_1\"> </span><span class=\"ls4d_1 ws54_1\">(101<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>Share o<span class=\"__1 _201\"/>f profit fro<span class=\"__1 _201\"/>m joint ve<span class=\"__1 _201\"/>ntures an<span class=\"__1 _201\"/>d asso<span class=\"__1 _201\"/>ciates<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>6<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>6<span class=\"__1 _32b\"> </span>Adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>erating p<span class=\"__1 _201\"/>rofit at<span class=\"__1 _201\"/>tribut<span class=\"__1 _201\"/>able to no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>control<span class=\"__1 _201\"/>ling intere<span class=\"__1 _201\"/>sts<span class=\"__1 _eb_1\"> </span><span class=\"lsa_1 ws8_1\">(12<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(12<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>Adjusted<span class=\"__1 _200\"/> operating<span class=\"__1 _200\"/> profit/<span class=\"__1 _f_1\"/>(loss<span class=\"__1 _200\"/>) bef<span class=\"__1 _200\"/>ore t<span class=\"__1 _200\"/>ax<span class=\"__1 _ec_1\"> </span><span class=\"ff2_1 ls4d_1 ws54_1\">315<span class=\"__1 _237\"> </span><span class=\"ls3f_1 ws41_1\">660<span class=\"__1 _272\"> </span><span class=\"ls17_1 ws16_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>4)<span class=\"__1 _237\"> </span><span class=\"ls40_1 ws44_1\">721<span class=\"__1 _32b\"> </span></span></span></span></span>Sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term fluc<span class=\"__1 _201\"/>tuatio<span class=\"__1 _201\"/>ns in inves<span class=\"__1 _201\"/>tment retu<span class=\"__1 _201\"/>rns<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>5<span class=\"__1 _272\"> </span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(5<span class=\"__1 _201\"/>37<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>Profi<span class=\"__1 _201\"/>t on disp<span class=\"__1 _201\"/>osal of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s and co<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>ons<span class=\"__1 _ed_1\"> </span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _219\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>3<span class=\"__1 _32b\"> </span>Amo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>isatio<span class=\"__1 _201\"/>n and imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt of intan<span class=\"__1 _201\"/>gible as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d in bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>combinations<span class=\"__1 _ee_1\"> </span><span class=\"ls57_1 ws61_1\">(4)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(4<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>turin<span class=\"__1 _201\"/>g and othe<span class=\"__1 _201\"/>r cos<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>(51<span class=\"__1 _201\"/>)<span class=\"__1 _253\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _253\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>8)<span class=\"__1 _1a_1\"> </span><span class=\"lsa_1 ws8_1\">(14<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span></span></span></span>IFRS pro<span class=\"__1 _200\"/>fit/<span class=\"__1 _200\"/>(loss<span class=\"__1 _f_1\"/>) before<span class=\"__1 _200\"/> tax and<span class=\"__1 _200\"/> non-controlling in<span class=\"__1 _200\"/>terests<span class=\"__1 _200\"/> attribut<span class=\"__1 _200\"/>able to<span class=\"__1 _200\"/> equity<span class=\"__1 _32b\"> </span>holders bef<span class=\"__1 _200\"/>ore t<span class=\"__1 _200\"/>ax<span class=\"__1 _207\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">316<span class=\"__1 _232\"> </span><span class=\"ls1f_1 ws1e_1\">35<span class=\"__1 _212\"> </span><span class=\"ls33_1 ws34_1\">(28<span class=\"__1 _201\"/>2)<span class=\"__1 _228\"> </span><span class=\"ls22_1 ws21_1\">69<span class=\"__1 _32b\"> </span></span></span></span></span>IFR<span class=\"__1 _201\"/>S profit at<span class=\"__1 _201\"/>trib<span class=\"__1 _201\"/>utable to n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>contro<span class=\"__1 _201\"/>lling inte<span class=\"__1 _201\"/>rest<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>12<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>12<span class=\"__1 _32b\"> </span>Profit/<span class=\"__1 _f_1\"/>(loss<span class=\"__1 _200\"/>) befor<span class=\"__1 _200\"/>e ta<span class=\"__1 _200\"/>x attr<span class=\"__1 _200\"/>ibutable t<span class=\"__1 _200\"/>o equity holder<span class=\"__1 _200\"/>s<span class=\"__1 _e6_1\"> </span><span class=\"ff2_1 ls1c_1 ws43_1\">328<span class=\"__1 _232\"> </span><span class=\"ls1f_1 ws1e_1\">35<span class=\"__1 _272\"> </span><span class=\"ls33_1 ws34_1\">(2<span class=\"__1 _201\"/>82)<span class=\"__1 _256\"> </span><span class=\"lsc_1 wsa_1\">81<span class=\"__1 _32b\"> </span></span></span></span></span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s a wide<span class=\"__1 _201\"/>ly dive<span class=\"__1 _201\"/>rsifi<span class=\"__1 _201\"/>ed cli<span class=\"__1 _201\"/>ent bas<span class=\"__1 _201\"/>e. The<span class=\"__1 _201\"/>re are no cli<span class=\"__1 _201\"/>ents wh<span class=\"__1 _201\"/>ose reven<span class=\"__1 _201\"/>ue repre<span class=\"__1 _201\"/>sents g<span class=\"__1 _201\"/>reater than 10% of f<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>-<span class=\"__1 _32b\"> </span>bas<span class=\"__1 _201\"/>ed revenu<span class=\"__1 _201\"/>es.<span class=\"__1 _32b\"> </span>Each re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tab<span class=\"__1 _201\"/>le se<span class=\"__1 _201\"/>gment re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ts a<span class=\"__1 _201\"/>djuste<span class=\"__1 _201\"/>d ope<span class=\"__1 _201\"/>rating in<span class=\"__1 _201\"/>come as i<span class=\"__1 _201\"/>ts mea<span class=\"__1 _201\"/>sure of revenu<span class=\"__1 _201\"/>e. Fee<span class=\"__1 _201\"/>-ba<span class=\"__1 _201\"/>sed reven<span class=\"__1 _201\"/>ues rep<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>ts ass<span class=\"__1 _201\"/>et<span class=\"__1 _32b\"> </span>management charges<span class=\"__1 _201\"/>, transactional charges and annual management charges on unit<span class=\"__1 _200\"/>-linked business<span class=\"__1 _201\"/>. The annuity margin<span class=\"__1 _32b\"> </span>refle<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s the margi<span class=\"__1 _201\"/>n earn<span class=\"__1 _201\"/>ed on an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y busin<span class=\"__1 _201\"/>ess a<span class=\"__1 _201\"/>nd incl<span class=\"__1 _201\"/>udes n<span class=\"__1 _201\"/>et earn<span class=\"__1 _201\"/>ed pre<span class=\"__1 _201\"/>miums<span class=\"__1 _201\"/>, claim<span class=\"__1 _201\"/>s and be<span class=\"__1 _201\"/>nefit<span class=\"__1 _201\"/>s paid<span class=\"__1 _201\"/>, net inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> return fo<span class=\"__1 _201\"/>r ass<span class=\"__1 _201\"/>ets bac<span class=\"__1 _201\"/>king the l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es, n<span class=\"__1 _201\"/>et inves<span class=\"__1 _201\"/>tment in<span class=\"__1 _201\"/>come f<span class=\"__1 _201\"/>or surp<span class=\"__1 _201\"/>lus as<span class=\"__1 _201\"/>sets ba<span class=\"__1 _201\"/>cking th<span class=\"__1 _201\"/>e annuit<span class=\"__1 _201\"/>y c<span class=\"__1 _201\"/>apital<span class=\"__1 _201\"/>, actu<span class=\"__1 _201\"/>arial re<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ing<span class=\"__1 _32b\"> </span>changes, inv<span class=\"__1 _200\"/>estment mana<span class=\"__1 _200\"/>gement expenses<span class=\"__1 _200\"/> and admin<span class=\"__1 _200\"/>istrativ<span class=\"__1 _200\"/>e expenses. The wi<span class=\"__1 _200\"/>th-profits sha<span class=\"__1 _200\"/>reholder tra<span class=\"__1 _200\"/>nsfer reflects the<span class=\"__1 _32b\"> </span>statuto<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y trans<span class=\"__1 _201\"/>fer gros<span class=\"__1 _201\"/>s of attr<span class=\"__1 _201\"/>ibuta<span class=\"__1 _201\"/>ble tax n<span class=\"__1 _201\"/>et of he<span class=\"__1 _201\"/>dging ga<span class=\"__1 _201\"/>ins or lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s on cas<span class=\"__1 _201\"/>h flow he<span class=\"__1 _201\"/>dge<span class=\"__1 _201\"/>s held to match th<span class=\"__1 _201\"/>ose tra<span class=\"__1 _201\"/>nsfer<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>Adjust<span class=\"__1 _200\"/>ed operati<span class=\"__1 _200\"/>ng expenses i<span class=\"__1 _200\"/>ncludes shar<span class=\"__1 _200\"/>eholders operati<span class=\"__1 _200\"/>ng expenses<span class=\"__1 _200\"/> incurred ou<span class=\"__1 _200\"/>tside of<span class=\"__1 _200\"/> the annu<span class=\"__1 _200\"/>ity and with-profits<span class=\"__1 _32b\"> </span>por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>os. O<span class=\"__1 _201\"/>ther s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder p<span class=\"__1 _201\"/>rofit<span class=\"__1 _201\"/>/(loss) inclu<span class=\"__1 _201\"/>des no<span class=\"__1 _201\"/>n-re<span class=\"__1 _201\"/>curr<span class=\"__1 _201\"/>ing cos<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, moveme<span class=\"__1 _201\"/>nts in prov<span class=\"__1 _201\"/>ision<span class=\"__1 _201\"/>s that are an exp<span class=\"__1 _201\"/>ense to th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er and s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r investm<span class=\"__1 _201\"/>ent retur<span class=\"__1 _201\"/>n earn<span class=\"__1 _201\"/>ed out<span class=\"__1 _201\"/>side of th<span class=\"__1 _201\"/>e annuit<span class=\"__1 _201\"/>y po<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio.<span class=\"__1 _201\"/> 3.4 Reconciliation<span class=\"__1 _200\"/> of adjusted<span class=\"__1 _200\"/> operat<span class=\"__1 _200\"/>ing income<span class=\"__1 _200\"/> and adjusted<span class=\"__1 _200\"/> operating<span class=\"__1 _200\"/> expenses<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> tot<span class=\"__1 _200\"/>al re<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>enues and<span class=\"__1 _200\"/> expenses<span class=\"__1 _200\"/> as<span class=\"__1 _32b\"> </span>present<span class=\"__1 _200\"/>ed in t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>ted inc<span class=\"__1 _200\"/>ome sta<span class=\"__1 _200\"/>tement<span class=\"__1 _32b\"> </span>Adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>erating i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e and adju<span class=\"__1 _201\"/>sted o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ng expe<span class=\"__1 _201\"/>nses are c<span class=\"__1 _201\"/>ompo<span class=\"__1 _201\"/>nent p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ts of the G<span class=\"__1 _201\"/>roup\u2019s k<span class=\"__1 _200\"/>ey altern<span class=\"__1 _201\"/>ative pe<span class=\"__1 _201\"/>rf<span class=\"__1 _201\"/>orman<span class=\"__1 _201\"/>ce<span class=\"__1 _32b\"> </span>mea<span class=\"__1 _201\"/>sures (A<span class=\"__1 _201\"/>PM) of adj<span class=\"__1 _201\"/>usted o<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ating profi<span class=\"__1 _201\"/>t before t<span class=\"__1 _201\"/>ax and as a re<span class=\"__1 _201\"/>sult they a<span class=\"__1 _201\"/>re also co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ered AP<span class=\"__1 _201\"/>Ms. T<span class=\"__1 _201\"/>hey di<span class=\"__1 _201\"/>ffer sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>antly<span class=\"__1 _201\"/> from I<span class=\"__1 _201\"/>FRS total in<span class=\"__1 _201\"/>come a<span class=\"__1 _201\"/>nd total exp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>s as they exclud<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r items wh<span class=\"__1 _201\"/>ich have an eq<span class=\"__1 _201\"/>ual and o<span class=\"__1 _201\"/>ppos<span class=\"__1 _201\"/>ite effec<span class=\"__1 _201\"/>t on<span class=\"__1 _201\"/> IFR<span class=\"__1 _201\"/>S revenue an<span class=\"__1 _201\"/>d charg<span class=\"__1 _201\"/>es incl<span class=\"__1 _201\"/>uded w<span class=\"__1 _201\"/>ithin the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt, su<span class=\"__1 _201\"/>ch as premi<span class=\"__1 _201\"/>ums, p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent<span class=\"__1 _32b\"> </span>return<span class=\"__1 _201\"/>s, be<span class=\"__1 _201\"/>nefit<span class=\"__1 _201\"/>s and cla<span class=\"__1 _201\"/>ims, m<span class=\"__1 _201\"/>ovemen<span class=\"__1 _201\"/>t in unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surpl<span class=\"__1 _201\"/>us of the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund a<span class=\"__1 _201\"/>nd movem<span class=\"__1 _201\"/>ents in th<span class=\"__1 _201\"/>ird par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y interes<span class=\"__1 _201\"/>t in<span class=\"__1 _32b\"> </span>cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated fund<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e mos<span class=\"__1 _201\"/>t signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt diffe<span class=\"__1 _201\"/>rence b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en adj<span class=\"__1 _201\"/>usted o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ng inco<span class=\"__1 _201\"/>me and a<span class=\"__1 _201\"/>djuste<span class=\"__1 _201\"/>d ope<span class=\"__1 _201\"/>rating exp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>s and<span class=\"__1 _201\"/> IFR<span class=\"__1 _201\"/>S total inco<span class=\"__1 _201\"/>me and tota<span class=\"__1 _201\"/>l expen<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, relates to the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t that mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>et move<span class=\"__1 _201\"/>ments h<span class=\"__1 _201\"/>ave on insur<span class=\"__1 _201\"/>ance an<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>liabi<span class=\"__1 _201\"/>lities i<span class=\"__1 _201\"/>ncludi<span class=\"__1 _201\"/>ng the una<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund whi<span class=\"__1 _201\"/>ch has no ove<span class=\"__1 _201\"/>rall imp<span class=\"__1 _201\"/>act o<span class=\"__1 _201\"/>n IFRS p<span class=\"__1 _201\"/>rofit bu<span class=\"__1 _201\"/>t is inclu<span class=\"__1 _201\"/>ded in<span class=\"__1 _201\"/> deter<span class=\"__1 _201\"/>mining b<span class=\"__1 _201\"/>oth IFR<span class=\"__1 _201\"/>S total inco<span class=\"__1 _201\"/>me and I<span class=\"__1 _201\"/>FRS total ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es.<span class=\"__1 _201\"/> Oth<span class=\"__1 _201\"/>er diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es incl<span class=\"__1 _201\"/>ude pre<span class=\"__1 _201\"/>sentati<span class=\"__1 _201\"/>onal di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ces bet<span class=\"__1 _201\"/>we<span class=\"__1 _201\"/>en repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting req<span class=\"__1 _201\"/>uireme<span class=\"__1 _201\"/>nts and th<span class=\"__1 _201\"/>e determ<span class=\"__1 _201\"/>ination of a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>ted<span class=\"__1 _32b\"> </span>ope<span class=\"__1 _201\"/>rating in<span class=\"__1 _201\"/>come a<span class=\"__1 _201\"/>nd adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g expen<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, as set o<span class=\"__1 _201\"/>ut in the de<span class=\"__1 _201\"/>finitio<span class=\"__1 _201\"/>ns in se<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n 1.<span class=\"__1 _f_1\"/>1 o<span class=\"__1 _201\"/>f the supp<span class=\"__1 _201\"/>leme<span class=\"__1 _201\"/>ntar<span class=\"__1 _201\"/>y info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n,<span class=\"__1 _201\"/> including:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Admini<span class=\"__1 _201\"/>strati<span class=\"__1 _201\"/>ve expen<span class=\"__1 _201\"/>ses in th<span class=\"__1 _201\"/>e annuit<span class=\"__1 _201\"/>y and w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s por<span class=\"__1 _201\"/>tf<span class=\"__1 _201\"/>olio, w<span class=\"__1 _201\"/>hich are n<span class=\"__1 _201\"/>etted a<span class=\"__1 _201\"/>gains<span class=\"__1 _201\"/>t adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>erating i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e in the<span class=\"__1 _32b\"> </span></span>anal<span class=\"__1 _201\"/>ysis of G<span class=\"__1 _201\"/>roup adj<span class=\"__1 _201\"/>usted o<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ating profi<span class=\"__1 _201\"/>t before t<span class=\"__1 _201\"/>ax by seg<span class=\"__1 _201\"/>ment;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Revenu<span class=\"__1 _201\"/>es whi<span class=\"__1 _201\"/>ch are requ<span class=\"__1 _201\"/>ired to me<span class=\"__1 _201\"/>et the tax c<span class=\"__1 _201\"/>harge o<span class=\"__1 _201\"/>r credit at<span class=\"__1 _201\"/>tribu<span class=\"__1 _201\"/>table to p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder retu<span class=\"__1 _201\"/>rns<span class=\"__1 _201\"/>, which are n<span class=\"__1 _201\"/>ot incl<span class=\"__1 _201\"/>uded i<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span></span>anal<span class=\"__1 _201\"/>ysis of G<span class=\"__1 _201\"/>roup adj<span class=\"__1 _201\"/>usted o<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ating profi<span class=\"__1 _201\"/>t before t<span class=\"__1 _201\"/>ax by seg<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>As a re<span class=\"__1 _201\"/>sult of the<span class=\"__1 _201\"/>se diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es we do no<span class=\"__1 _201\"/>t use IFR<span class=\"__1 _201\"/>S total inco<span class=\"__1 _201\"/>me and I<span class=\"__1 _201\"/>FRS total ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es to expla<span class=\"__1 _201\"/>in our res<span class=\"__1 _201\"/>ults an<span class=\"__1 _201\"/>d we do not<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>ider th<span class=\"__1 _201\"/>em to be co<span class=\"__1 _201\"/>mpara<span class=\"__1 _201\"/>ble to adj<span class=\"__1 _201\"/>usted o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ng inco<span class=\"__1 _201\"/>me and a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>ted ope<span class=\"__1 _201\"/>rating exp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>s which a<span class=\"__1 _201\"/>re comp<span class=\"__1 _201\"/>onen<span class=\"__1 _201\"/>ts of the<span class=\"__1 _201\"/> adju<span class=\"__1 _201\"/>sted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g profit m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>3 Segment<span class=\"__1 _200\"/>al analy<span class=\"__1 _200\"/>sis co<span class=\"__1 _200\"/>ntinued<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e is provi<span class=\"__1 _201\"/>ded to re<span class=\"__1 _201\"/>conci<span class=\"__1 _201\"/>le adjus<span class=\"__1 _201\"/>ted op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g incom<span class=\"__1 _201\"/>e and ad<span class=\"__1 _201\"/>juste<span class=\"__1 _201\"/>d oper<span class=\"__1 _201\"/>ating exp<span class=\"__1 _201\"/>enses<span class=\"__1 _201\"/>, pre<span class=\"__1 _201\"/>sented i<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span>tabl<span class=\"__1 _201\"/>es above<span class=\"__1 _201\"/>, to total IFRS reve<span class=\"__1 _201\"/>nue net o<span class=\"__1 _201\"/>f reinsur<span class=\"__1 _201\"/>ance an<span class=\"__1 _201\"/>d total IFR<span class=\"__1 _201\"/>S charge<span class=\"__1 _201\"/>s net of rei<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tivel<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, as prese<span class=\"__1 _201\"/>nted in the<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment: <span class=\"__1 _8d_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Income<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Expense<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Income<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Expense<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Adjusted<span class=\"__1 _200\"/> operating<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> operating<span class=\"__1 _200\"/> ex<span class=\"__1 _200\"/>penses<span class=\"__1 _ef_1\"> </span><span class=\"ls15_1 ws14_1\">1,927<span class=\"__1 _242\"> </span><span class=\"ls24_1 ws23_1\">(<span class=\"__1 _201\"/>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _223\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">1,<span class=\"__1 _201\"/>891<span class=\"__1 _242\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>Items<span class=\"__1 _200\"/> present<span class=\"__1 _200\"/>ed as ot<span class=\"__1 _200\"/>her shar<span class=\"__1 _200\"/>eholder profit/<span class=\"__1 _200\"/>(loss<span class=\"__1 _200\"/>)<span class=\"__1 _f0_1\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>6)<span class=\"__1 _7d_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>8)<span class=\"__1 _9e_1\"> </span></span></span><span class=\"ls28_1 ws28_1\">89<span class=\"__1 _222\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd claim<span class=\"__1 _201\"/>s and move<span class=\"__1 _201\"/>ment in un<span class=\"__1 _201\"/>allo<span class=\"__1 _201\"/>cated su<span class=\"__1 _201\"/>rplus of t<span class=\"__1 _201\"/>he With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund,<span class=\"__1 _201\"/> net of rei<span class=\"__1 _201\"/>nsura<span class=\"__1 _201\"/>nce<span class=\"__1 _f1_1\"> </span><span class=\"ff1_1 ls1a_1 ws19_1\">(<span class=\"__1 _200\"/>8,435<span class=\"__1 _f_1\"/>)<span class=\"__1 _217\"> </span>8,435<span class=\"__1 _240\"> </span><span class=\"ff2_1 lse_1 wsc_1\">13<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>83<span class=\"__1 _290\"> </span><span class=\"lsa_1 ws8_1\">(13<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span>Movem<span class=\"__1 _201\"/>ents in th<span class=\"__1 _201\"/>ird par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y interes<span class=\"__1 _201\"/>ts in co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated fun<span class=\"__1 _201\"/>ds<span class=\"__1 _f2_1\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>47<span class=\"__1 _201\"/>)<span class=\"__1 _6b_1\"> </span><span class=\"ls1b_1 ws1a_1\">5<span class=\"__1 _201\"/>47<span class=\"__1 _239\"> </span></span></span><span class=\"ls4d_1 ws54_1\">1<span class=\"__1 _201\"/>,019<span class=\"__1 _214\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>19<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Annuities<span class=\"__1 _200\"/> and Wit<span class=\"__1 _200\"/>h-Profits F<span class=\"__1 _200\"/>und admi<span class=\"__1 _200\"/>nistrat<span class=\"__1 _200\"/>ion expenses<span class=\"__1 _f3_1\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">1,056<span class=\"__1 _286\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _271\"> </span></span></span><span class=\"ls56_1 ws5f_1\">617<span class=\"__1 _223\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>17<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Renewal commission<span class=\"__1 _251\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">152<span class=\"__1 _212\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _f4_1\"> </span></span></span><span class=\"ls2a_1 ws2a_1\">163<span class=\"__1 _223\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Share o<span class=\"__1 _201\"/>f profit fro<span class=\"__1 _201\"/>m joint ve<span class=\"__1 _201\"/>ntures an<span class=\"__1 _201\"/>d asso<span class=\"__1 _201\"/>ciates<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>6<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ax (credit)/<span class=\"__1 _200\"/>charg<span class=\"__1 _201\"/>e attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r returns<span class=\"__1 _f5_1\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>707<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term fluc<span class=\"__1 _201\"/>tuatio<span class=\"__1 _201\"/>ns in inves<span class=\"__1 _201\"/>tment retu<span class=\"__1 _201\"/>rns<span class=\"__1 _f6_1\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(2<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(5<span class=\"__1 _201\"/>37<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Profi<span class=\"__1 _201\"/>t on disp<span class=\"__1 _201\"/>osal of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss an<span class=\"__1 _201\"/>d corp<span class=\"__1 _201\"/>orate tran<span class=\"__1 _201\"/>sac<span class=\"__1 _201\"/>tions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>35<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>turin<span class=\"__1 _201\"/>g and othe<span class=\"__1 _201\"/>r cos<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>47<span class=\"__1 _250\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(14<span class=\"__1 _250\"/>6)<span class=\"__1 _32b\"> </span>Amo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>isatio<span class=\"__1 _201\"/>n and imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt of intan<span class=\"__1 _201\"/>gible as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d in bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>combinations<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(4)<span class=\"__1 _32b\"> </span>Other presenta<span class=\"__1 _200\"/>tional<span class=\"__1 _200\"/> items<span class=\"__1 _e8_1\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">211<span class=\"__1 _1a_1\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>9)<span class=\"__1 _f7_1\"> </span></span></span><span class=\"ls22_1 ws21_1\">699<span class=\"__1 _220\"> </span><span class=\"ls18_1 ws17_1\">(<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span>IFR<span class=\"__1 _201\"/>S total i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e and (total ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es)<span class=\"__1 _e3_1\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _210\"> </span><span class=\"lsc_1 wsa_1\">6<span class=\"__1 _201\"/>,010<span class=\"__1 _212\"> </span><span class=\"ff2_1 ls13_1 ws12_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>7<span class=\"__1 _250\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _249\"> </span>(1<span class=\"__1 _250\"/>7,<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span>i <span class=\"__1 _2d_1\"> </span>Fol<span class=\"__1 _201\"/>lowi<span class=\"__1 _201\"/>ng a rev<span class=\"__1 _201\"/>iew of t<span class=\"__1 _201\"/>he Gr<span class=\"__1 _201\"/>oup\u2019s pre<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>tatio<span class=\"__1 _201\"/>n of ta<span class=\"__1 _201\"/>x pos<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>ns wi<span class=\"__1 _201\"/>thin c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lid<span class=\"__1 _201\"/>ated i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt fun<span class=\"__1 _201\"/>ds, c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>ara<span class=\"__1 _201\"/>tive am<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>ts have b<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>n res<span class=\"__1 _201\"/>tated f<span class=\"__1 _201\"/>rom<span class=\"__1 _201\"/> tho<span class=\"__1 _201\"/>se pre<span class=\"__1 _201\"/>vio<span class=\"__1 _201\"/>usl<span class=\"__1 _201\"/>y rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/>. The r<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/>atem<span class=\"__1 _201\"/>ent ha<span class=\"__1 _201\"/>s had n<span class=\"__1 _201\"/>o impa<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>n pro<span class=\"__1 _201\"/>fit for t<span class=\"__1 _201\"/>he yea<span class=\"__1 _201\"/>r or ne<span class=\"__1 _201\"/>t ass<span class=\"__1 _201\"/>ets<span class=\"__1 _201\"/>. Se<span class=\"__1 _201\"/>e Note 1<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1 for fu<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ther i<span class=\"__1 _201\"/>nfor<span class=\"__1 _201\"/>mati<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>3.5 T<span class=\"__1 _f_1\"/>otal e<span class=\"__1 _200\"/>xternal<span class=\"__1 _200\"/> re<span class=\"__1 _200\"/>venue<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> geograph<span class=\"__1 _200\"/>y<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e provi<span class=\"__1 _201\"/>des a ge<span class=\"__1 _201\"/>ogra<span class=\"__1 _201\"/>phic<span class=\"__1 _201\"/>al se<span class=\"__1 _201\"/>gmentati<span class=\"__1 _201\"/>on of total ea<span class=\"__1 _201\"/>rned p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>s, ne<span class=\"__1 _201\"/>t of reinsur<span class=\"__1 _201\"/>ance an<span class=\"__1 _201\"/>d other in<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>(inc<span class=\"__1 _201\"/>lude<span class=\"__1 _201\"/>s Fee inc<span class=\"__1 _201\"/>ome and <span class=\"__1 _201\"/>Othe<span class=\"__1 _201\"/>r incom<span class=\"__1 _201\"/>e<span class=\"__1 _200\"/>), as pres<span class=\"__1 _201\"/>ented in th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>United Kingdom:<span class=\"__1 _32b\"> </span>Ear<span class=\"__1 _201\"/>ned p<span class=\"__1 _201\"/>remiums<span class=\"__1 _201\"/>, net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce<span class=\"__1 _f8_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">5<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>9<span class=\"__1 _7d_1\"> </span></span><span class=\"lse_1 wsc_1\">3,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>13<span class=\"__1 _32b\"> </span></span>Other income<span class=\"__1 _f9_1\"> </span><span class=\"ff1_1 wsb_1\">504<span class=\"__1 _252\"> </span></span><span class=\"ls23_1 ws22_1\">571<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> United Kingdom<span class=\"__1 _fa_1\"> </span><span class=\"ls33_1 ws34_1\">5,7<span class=\"__1 _201\"/>03<span class=\"__1 _204\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">3<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>Res<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e world<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Ear<span class=\"__1 _201\"/>ned p<span class=\"__1 _201\"/>remiums<span class=\"__1 _201\"/>, net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce<span class=\"__1 _fb_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">829<span class=\"__1 _253\"> </span></span><span class=\"ls32_1 ws33_1\">552<span class=\"__1 _32b\"> </span></span>Other income<span class=\"__1 _fc_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">579<span class=\"__1 _239\"> </span><span class=\"ff2_1\">527<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l Res<span class=\"__1 _201\"/>t of the wo<span class=\"__1 _201\"/>rld<span class=\"__1 _255\"> </span><span class=\"lsd_1 wsb_1\">1,408<span class=\"__1 _4a_1\"> </span><span class=\"ff2_1 ls23_1 ws22_1\">1,<span class=\"__1 _201\"/>079<span class=\"__1 _32b\"> </span></span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _250\"/>:<span class=\"__1 _32b\"> </span>Ear<span class=\"__1 _201\"/>ned p<span class=\"__1 _201\"/>remiums<span class=\"__1 _201\"/>, net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce<span class=\"__1 _fd_1\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">6,02<span class=\"__1 _201\"/>8<span class=\"__1 _208\"> </span></span><span class=\"ls8_1 ws6_1\">3<span class=\"__1 _201\"/>,76<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span>Other income<span class=\"__1 _fe_1\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">1,08<span class=\"__1 _201\"/>3<span class=\"__1 _204\"> </span></span><span class=\"ls42_1 ws46_1\">1,0<span class=\"__1 _201\"/>98<span class=\"__1 _32b\"> </span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _2f_1\"> </span><span class=\"ls45_1 ws49_1\">7,<span class=\"__1 _f_1\"/>111<span class=\"__1 _214\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">4,863<span class=\"__1 _32b\"> </span></span></span>The g<span class=\"__1 _201\"/>eog<span class=\"__1 _201\"/>raphi<span class=\"__1 _201\"/>cal an<span class=\"__1 _201\"/>alys<span class=\"__1 _201\"/>es of revenu<span class=\"__1 _201\"/>es from l<span class=\"__1 _201\"/>ong-ter<span class=\"__1 _201\"/>m busin<span class=\"__1 _201\"/>ess a<span class=\"__1 _201\"/>re base<span class=\"__1 _201\"/>d on the ter<span class=\"__1 _201\"/>ritor<span class=\"__1 _201\"/>y of th<span class=\"__1 _201\"/>e ope<span class=\"__1 _201\"/>rating uni<span class=\"__1 _201\"/>t assu<span class=\"__1 _201\"/>ming the<span class=\"__1 _201\"/> ris<span class=\"__1 _201\"/>k. O<span class=\"__1 _201\"/>ther inc<span class=\"__1 _201\"/>ome fro<span class=\"__1 _201\"/>m exter<span class=\"__1 _201\"/>nal cus<span class=\"__1 _201\"/>tomer<span class=\"__1 _201\"/>s and cli<span class=\"__1 _201\"/>ents in th<span class=\"__1 _201\"/>e Ass<span class=\"__1 _201\"/>et Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s has be<span class=\"__1 _201\"/>en upd<span class=\"__1 _201\"/>ated in the yea<span class=\"__1 _201\"/>r to<span class=\"__1 _32b\"> </span>refle<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e domi<span class=\"__1 _201\"/>cile of wh<span class=\"__1 _201\"/>ere revenu<span class=\"__1 _201\"/>es are ge<span class=\"__1 _201\"/>nerate<span class=\"__1 _201\"/>d rather th<span class=\"__1 _201\"/>an the do<span class=\"__1 _201\"/>micile o<span class=\"__1 _201\"/>f the clie<span class=\"__1 _201\"/>nt.<span class=\"__1 _32b\"> </span>3 Segment<span class=\"__1 _200\"/>al analy<span class=\"__1 _200\"/>sis co<span class=\"__1 _200\"/>ntinued<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> non-current, non-financial assets<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> geographical loca<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e provi<span class=\"__1 _201\"/>des a ge<span class=\"__1 _201\"/>ogra<span class=\"__1 _201\"/>phic<span class=\"__1 _201\"/>al se<span class=\"__1 _201\"/>gmentati<span class=\"__1 _201\"/>on of non<span class=\"__1 _201\"/>-c<span class=\"__1 _201\"/>urrent<span class=\"__1 _201\"/>, non<span class=\"__1 _201\"/>-finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets as p<span class=\"__1 _201\"/>resente<span class=\"__1 _201\"/>d in the co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated<span class=\"__1 _201\"/> statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _ff_1\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">14<span class=\"__1 _201\"/>,4<span class=\"__1 _201\"/>60<span class=\"__1 _217\"> </span></span><span class=\"ls1f_1 ws1e_1\">15,435<span class=\"__1 _32b\"> </span></span>Res<span class=\"__1 _201\"/>t of the wor<span class=\"__1 _201\"/>ld<span class=\"__1 _300\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">6,3<span class=\"__1 _201\"/>82<span class=\"__1 _204\"> </span></span><span class=\"ls7_1 ws5_1\">8,<span class=\"__1 _201\"/>977<span class=\"__1 _32b\"> </span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _301\"> </span><span class=\"ls19_1 ws18_1\">20,8<span class=\"__1 _201\"/>42<span class=\"__1 _286\"> </span><span class=\"ff2_1 ls4a_1 ws50_1\">2<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>412<span class=\"__1 _32b\"> </span></span></span>Non<span class=\"__1 _201\"/>-cu<span class=\"__1 _201\"/>rrent<span class=\"__1 _201\"/>, non-<span class=\"__1 _201\"/>financ<span class=\"__1 _201\"/>ial as<span class=\"__1 _201\"/>sets for t<span class=\"__1 _201\"/>his pur<span class=\"__1 _201\"/>pose c<span class=\"__1 _201\"/>onsis<span class=\"__1 _201\"/>t of goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l and intan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s, de<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d acquis<span class=\"__1 _201\"/>ition co<span class=\"__1 _201\"/>sts<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span>prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, plant an<span class=\"__1 _201\"/>d equip<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, investm<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, and inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t in joint ve<span class=\"__1 _201\"/>ntures an<span class=\"__1 _201\"/>d asso<span class=\"__1 _201\"/>ciates ac<span class=\"__1 _201\"/>counted f<span class=\"__1 _201\"/>or usin<span class=\"__1 _201\"/>g the<span class=\"__1 _32b\"> </span>equ<span class=\"__1 _201\"/>ity m<span class=\"__1 _201\"/>ethod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>3 Segment<span class=\"__1 _200\"/>al analy<span class=\"__1 _200\"/>sis co<span class=\"__1 _200\"/>ntinued<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "mgplc:DisclosureOfSegmentalAnalysis",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-557": {
   "value": "3.1 Operating segments The Group\u2019s operating segments are: Asset Management The Group\u2019s investment management capability is offered to both wholesale and institutional clients. The Group\u2019s wholesale clients invest through either UK domiciled Open Ended Investment Companies (OEICs) or Luxembourg domiciled Soci\u00e9t\u00e9s d\u2019Investissement \u00e0 Capital Variable (SICAVs) and have access to a broad range of actively managed investment products, including Equities, Fixed Income, Multi-Asset and Real Estate. The Group serves these clients through its many business-to- business relationships both in the UK and overseas, which include independent financial advisers, high-street banks and wealth managers. The Group\u2019s institutional investors, include pension funds, insurance companies and banks from around the world, who invest through segregated mandates and pooled funds into a diverse range of Fixed Income and Real Estate investment products and services. The Asset Management segment generates revenues by charging fees which are typically based on the level of assets under management. The Asset Management segment also earns investment management revenues from the significant proportion of Retail and Savings assets it manages. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-596": {
   "value": "UK ",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-489": {
   "value": "4 Investment return For the year ended 31 December  Note 2022 \u00a3m 2021 \u00a3m Interest income arising from: Cash and cash equivalents 25 4 Deposits with credit institutions 192 5 Loans i 193 208 Debt securities 2,010 1,967 2,420 2,184 Dividend income 2,234 2,072 Income from investment property: Rental income 16 884 973 Net (losses)/gains on investment property 16 (1,477) 1,258 (593) 2,231 (Losses)/gains on financial instruments at fair value through profit and loss arising from: Equity securities and pooled investment funds (2,876) 9,298 Loans (771) 10 Debt securities (12,637) (2,732) Derivatives (3,983) (56 (20,267) 6,520 Net (impairment)/reversal of impairment on loans held at amortised cost (12) 22 Foreign exchange gains/(losses) 562 (120) Total investment return (15,656) 12,909 i  Total interest arising on loans of \u00a3193m for the year ended 31 December 2022 (2021: \u00a3208m) comprises \u00a391m (2021: \u00a3109m) arising on loans held at fair value through profit or loss and \u00a3102m (2021: \u00a399m) arising on loans held at amortised cost.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-490": {
   "value": "5 Fee income The following table disaggregates fee revenue by segment: For the year ended 31 December 2022 \u00a3m 2021 \u00a3m Management fees 870 860 Rebates (24) (28) Performance fees and carried interest 41 18 Total Asset Management fee income 887 850 Investment contracts without discretionary participation features 42 50 Platform fees 31 34 Advice fees 77 49 Total Retail and Savings fee income 150 133 Total fee income 1,037 983 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-491": {
   "value": "6 Administrative and other expenses For the year ended 31 December  Note 2022 \u00a3m Restated i 2021 \u00a3m Staff and employment costs 791 731 Acquisition costs incurred: Insurance contracts and investment contracts with DPF 132 119 Other contracts 15 23 Acquisition costs deferred: Insurance contracts and investment contracts with DPF 13 (10) (8) Other contracts 13 (6) (6) Amortisation of deferred acquisition costs: Insurance contracts and investment contracts with DPF 13 6 6 Other contracts 13 10 7 Impairment of deferred acquisition costs 13 1 4 Depreciation of property, plant and equipment 15 142 123 Impairment of property, plant and equipment ii 15 3 102 Amortisation of intangible assets 12 34 25 Impairment of goodwill and intangible assets 12 25 \u2014 Restructuring costs 228 193 Interest expense 136 161 Commission expense 190 200 Investment management fees 134 165 Property-related costs 165 192 Other expenses 814 766 Total administrative and other expenses 2,810 2,803 i  Following a review of the Group\u2019s presentation of tax positions within consolidated investment funds, comparative amounts have been restated from those previously reported. The restatement has had no impact on profit for the year or net assets. See Note 1.1 for further information. ii  Includes impairment of certain property, plant and equipment held by the Group\u2019s infrastructure capital private equity vehicles of \u00a311m (2021: \u00a373m). Includes reversal of impairment recognised in respect of our future ways of working of \u00a36m (2021: \u00a329m recognition of impairment) included in \u2018restructuring and other costs\u2019 within the Segmental Analysis in Note 3. In addition to the interest expense shown above of \u00a3136m (2021: \u00a3161m), the interest expense incurred in respect of subordinate liabilities for the year ended 31 December 2022 was \u00a3162m (2021: \u00a3160m). This is shown as finance costs in the consolidated income statement. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-492": {
   "value": "7 Staff and employment costs The average number of staff employed by the Group during the year was: For the year ended 31 December  2022 2021 Average staff headcount 7,637 6,993 The following table shows the staff costs and other employee-related costs: For the year ended 31 December Note 2022 \u00a3m 202 \u00a3 Wages and salaries 746 665 Social security costs 91 79 Share-based payments 38 34 40 Pension costs: Defined benefit schemes 17 25 36 Defined contribution schemes 59 52 Total staff and employment costs 955 872 Information in respect of Directors\u2019 remuneration is provided in the Directors\u2019 remuneration report on pages 119 to 159. The table below provides a breakdown of staff and employment costs charged within administrative and other expenses: For the year ended 31 December 2022 \u00a3m 202 \u00a3 Staff and employment costs 791 731 Acquisition costs 65 77 Restructuring costs 82 59 Other expenses 17 5 Total staff and employment costs 955 872 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-493": {
   "value": "8 Fees payable to the auditor The following table shows the auditor remuneration, excluding VAT. For the year ended 31 December 2022 total fees payable are in relation to those payable to PwC with the comparative period information relating to fees payable to KPMG. For the year ended 31 December 2022 \u00a3m 2021 \u00a3m Fees payable to the Company\u2019s auditor and its associates for audit and assurance services: Fees payable to the Company\u2019s auditors for the audit of the Company\u2019s individual and consolidated financial statements  4.1 2.1 Audit of subsidiaries pursuant to legislation 10.1 6.5 Audit-related assurance services 2.0 2.7 Other assurance services 0.5 0.6 Total fees payable to the auditor 16.7 11.9 The increase in fees payable to the auditor is primarily driven by audit fees relating to IFRS 17 and the change in scope as a result of change in auditors for the audit of subsidiaries. For more information on non-audit services, refer to the Audit Committee Report and page 115. Additional fees payable to the auditor Fees payable to the auditor disclosed above exclude audit and non-audit fees payable to the Group\u2019s principal auditor by funds managed by the Group, but which are not controlled by the Group, and therefore are not consolidated in the consolidated financial statements. For the year ended 31 December 2021, fees of \u00a30.3m were paid to KPMG in relation to their audit of the Group\u2019s defined benefit pension schemes. For the year ended 31 December 2022 these schemes were not audited by the Group\u2019s auditor. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-494": {
   "value": "9<span class=\"__1 _250\"/> Ta<span class=\"__1 _e7_1\"/>x<span class=\"__1 _32b\"> </span>9.<span class=\"__1 _f_1\"/>1 T<span class=\"__1 _f_1\"/>ax<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>cr<span class=\"__1 _200\"/>edited)<span class=\"__1 _f_1\"/>/<span class=\"__1 _200\"/>charged<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> the consolida<span class=\"__1 _200\"/>ted<span class=\"__1 _200\"/> income sta<span class=\"__1 _200\"/>tement<span class=\"__1 _32b\"> </span>Follo<span class=\"__1 _201\"/>wing a rev<span class=\"__1 _201\"/>iew of the G<span class=\"__1 _201\"/>roup\u2019s present<span class=\"__1 _201\"/>ation of ta<span class=\"__1 _201\"/>x positi<span class=\"__1 _201\"/>ons with<span class=\"__1 _201\"/>in cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent fun<span class=\"__1 _201\"/>ds, c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>rative am<span class=\"__1 _201\"/>ounts have<span class=\"__1 _201\"/> be<span class=\"__1 _201\"/>en res<span class=\"__1 _201\"/>tated from th<span class=\"__1 _201\"/>ose prev<span class=\"__1 _201\"/>ious<span class=\"__1 _201\"/>ly repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ted throu<span class=\"__1 _201\"/>ghout th<span class=\"__1 _201\"/>is tax note. T<span class=\"__1 _201\"/>he res<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt has had n<span class=\"__1 _201\"/>o impac<span class=\"__1 _201\"/>t on p<span class=\"__1 _201\"/>rofit for th<span class=\"__1 _201\"/>e year<span class=\"__1 _201\"/> or net a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s. S<span class=\"__1 _201\"/>ee Note 1.1 for fur<span class=\"__1 _201\"/>ther i<span class=\"__1 _201\"/>nform<span class=\"__1 _201\"/>ation.<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>The tota<span class=\"__1 _201\"/>l tax (credit)/<span class=\"__1 _200\"/>charge co<span class=\"__1 _201\"/>mpri<span class=\"__1 _201\"/>ses:<span class=\"__1 _32b\"> </span>Current tax:<span class=\"__1 _32b\"> </span>Curre<span class=\"__1 _201\"/>nt year<span class=\"__1 _321\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">158<span class=\"__1 _239\"> </span><span class=\"ff2_1\">427<span class=\"__1 _32b\"> </span></span></span>Adjus<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in resp<span class=\"__1 _201\"/>ect o<span class=\"__1 _201\"/>f prio<span class=\"__1 _201\"/>r years<span class=\"__1 _201\"/> <span class=\"__1 _322\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>9)<span class=\"__1 _224\"> </span></span><span class=\"ls5_1\">4<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l curre<span class=\"__1 _201\"/>nt tax<span class=\"__1 _201\"/> <span class=\"__1 _323\"> </span><span class=\"ls2a_1 ws2a_1\">139<span class=\"__1 _231\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">43<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span></span></span>Deferr<span class=\"__1 _200\"/>ed tax:<span class=\"__1 _32b\"> </span>Or<span class=\"__1 _201\"/>iginatio<span class=\"__1 _201\"/>n and rever<span class=\"__1 _201\"/>sal of tem<span class=\"__1 _201\"/>pora<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y differe<span class=\"__1 _201\"/>nces i<span class=\"__1 _201\"/>n the year<span class=\"__1 _324\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _6b_1\"> </span></span><span class=\"ls1c_1 ws43_1\">288<span class=\"__1 _32b\"> </span></span>Adjus<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in resp<span class=\"__1 _201\"/>ect o<span class=\"__1 _201\"/>f prio<span class=\"__1 _201\"/>r years<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> deferr<span class=\"__1 _200\"/>ed tax<span class=\"__1 _254\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _222\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">265<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>otal tax<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>credit<span class=\"__1 _200\"/>)<span class=\"__1 _200\"/>/<span class=\"__1 _f_1\"/>charge<span class=\"__1 _203\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8)<span class=\"__1 _272\"> </span><span class=\"ff2_1 ls22_1 ws21_1\">696<span class=\"__1 _32b\"> </span></span></span>The t<span class=\"__1 _201\"/>ax (<span class=\"__1 _200\"/>credi<span class=\"__1 _201\"/>t)/<span class=\"__1 _f_1\"/>cha<span class=\"__1 _201\"/>rge above<span class=\"__1 _201\"/>, comp<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g current a<span class=\"__1 _201\"/>nd defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x, c<span class=\"__1 _201\"/>an be an<span class=\"__1 _201\"/>alyse<span class=\"__1 _201\"/>d as foll<span class=\"__1 _201\"/>ows:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>UK ta<span class=\"__1 _201\"/>x<span class=\"__1 _325\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _222\"> </span></span><span class=\"ls32_1 ws33_1\">528<span class=\"__1 _32b\"> </span></span>Ove<span class=\"__1 _201\"/>rsea<span class=\"__1 _201\"/>s tax<span class=\"__1 _c9_1\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">184<span class=\"__1 _239\"> </span></span><span class=\"ls2a_1 ws2a_1\">16<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal tax<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>credit<span class=\"__1 _200\"/>)<span class=\"__1 _200\"/>/<span class=\"__1 _f_1\"/>charge<span class=\"__1 _203\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8)<span class=\"__1 _272\"> </span><span class=\"ff2_1 ls22_1 ws21_1\">696<span class=\"__1 _32b\"> </span></span></span>9.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _f_1\"/>1 Allocation o<span class=\"__1 _200\"/>f (loss<span class=\"__1 _f_1\"/>)/<span class=\"__1 _f_1\"/>profit befor<span class=\"__1 _200\"/>e tax<span class=\"__1 _200\"/> and t<span class=\"__1 _200\"/>ax char<span class=\"__1 _200\"/>ge betw<span class=\"__1 _200\"/>een equity holders<span class=\"__1 _200\"/> and policy<span class=\"__1 _200\"/>holders<span class=\"__1 _32b\"> </span>The l<span class=\"__1 _201\"/>oss b<span class=\"__1 _201\"/>efore ta<span class=\"__1 _201\"/>x reflec<span class=\"__1 _201\"/>ted in th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent for th<span class=\"__1 _201\"/>e year en<span class=\"__1 _201\"/>ded 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 of \u00a3(2<span class=\"__1 _201\"/>,4<span class=\"__1 _201\"/>97)<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span>(2021: p<span class=\"__1 _201\"/>rofit bef<span class=\"__1 _201\"/>ore tax of \u00a3<span class=\"__1 _201\"/>78<span class=\"__1 _201\"/>8m (restate<span class=\"__1 _201\"/>d)) compr<span class=\"__1 _201\"/>ises p<span class=\"__1 _201\"/>rofit at<span class=\"__1 _201\"/>tribut<span class=\"__1 _201\"/>able to e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y hol<span class=\"__1 _201\"/>ders an<span class=\"__1 _201\"/>d pre<span class=\"__1 _201\"/>-tax profi<span class=\"__1 _201\"/>t attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to<span class=\"__1 _32b\"> </span>pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers of uni<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-linked an<span class=\"__1 _201\"/>d with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s fund<span class=\"__1 _201\"/>s and unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>. This i<span class=\"__1 _201\"/>s the for<span class=\"__1 _201\"/>mal mea<span class=\"__1 _201\"/>sure of<span class=\"__1 _201\"/> profi<span class=\"__1 _201\"/>t before ta<span class=\"__1 _201\"/>x unde<span class=\"__1 _201\"/>r IFRS b<span class=\"__1 _201\"/>ut it is not th<span class=\"__1 _201\"/>e resul<span class=\"__1 _201\"/>t attrib<span class=\"__1 _201\"/>utabl<span class=\"__1 _201\"/>e to equit<span class=\"__1 _201\"/>y ho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> This i<span class=\"__1 _201\"/>s prin<span class=\"__1 _201\"/>cipall<span class=\"__1 _201\"/>y bec<span class=\"__1 _201\"/>ause th<span class=\"__1 _201\"/>e corp<span class=\"__1 _201\"/>orate ta<span class=\"__1 _201\"/>xes of the G<span class=\"__1 _201\"/>roup inc<span class=\"__1 _201\"/>lude tho<span class=\"__1 _201\"/>se on th<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e of cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s and uni<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-<span class=\"__1 _32b\"> </span>linked fu<span class=\"__1 _201\"/>nds that<span class=\"__1 _201\"/>, through a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>tments to b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts, a<span class=\"__1 _201\"/>re born<span class=\"__1 _201\"/>e by poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>. Thes<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nts are req<span class=\"__1 _201\"/>uired to b<span class=\"__1 _201\"/>e includ<span class=\"__1 _201\"/>ed in th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>tax ch<span class=\"__1 _201\"/>arge of the C<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ny under I<span class=\"__1 _201\"/>AS 12. C<span class=\"__1 _201\"/>onse<span class=\"__1 _201\"/>quen<span class=\"__1 _201\"/>tly<span class=\"__1 _200\"/>, this me<span class=\"__1 _201\"/>asure of p<span class=\"__1 _201\"/>rofit bef<span class=\"__1 _201\"/>ore all taxe<span class=\"__1 _201\"/>s is not rep<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>tative of pre<span class=\"__1 _201\"/>-tax<span class=\"__1 _201\"/> profi<span class=\"__1 _201\"/>ts of the G<span class=\"__1 _201\"/>roup att<span class=\"__1 _201\"/>ributa<span class=\"__1 _201\"/>ble to eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y hold<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>ax charg<span class=\"__1 _201\"/>e attri<span class=\"__1 _201\"/>butab<span class=\"__1 _201\"/>le to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r returns i<span class=\"__1 _201\"/>s removed f<span class=\"__1 _201\"/>rom the G<span class=\"__1 _201\"/>roup\u2019s total profit b<span class=\"__1 _201\"/>efore tax i<span class=\"__1 _201\"/>n arri<span class=\"__1 _201\"/>ving at th<span class=\"__1 _201\"/>e Group\u2019s<span class=\"__1 _32b\"> </span>profi<span class=\"__1 _201\"/>t before ta<span class=\"__1 _201\"/>x attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to equ<span class=\"__1 _201\"/>ity h<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs. A<span class=\"__1 _201\"/>s the ne<span class=\"__1 _201\"/>t of tax profi<span class=\"__1 _201\"/>ts attr<span class=\"__1 _201\"/>ibuta<span class=\"__1 _201\"/>ble to po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers is zero<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s pre<span class=\"__1 _201\"/>-tax<span class=\"__1 _201\"/> profi<span class=\"__1 _201\"/>t attri<span class=\"__1 _201\"/>butabl<span class=\"__1 _201\"/>e to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs is an am<span class=\"__1 _201\"/>ount e<span class=\"__1 _201\"/>qual and o<span class=\"__1 _201\"/>ppos<span class=\"__1 _201\"/>ite to the tax ch<span class=\"__1 _201\"/>arge at<span class=\"__1 _201\"/>tribut<span class=\"__1 _201\"/>able to po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed in the<span class=\"__1 _201\"/> total tax (<span class=\"__1 _200\"/>credit)<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>charge. <span class=\"__1 _bc_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y <span class=\"ls5_1 ws1_1\"> </span>holders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Policyholders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y <span class=\"ls5_1 ws1_1\"> </span>holders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Policyholders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>(Los<span class=\"__1 _201\"/>s)<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>profi<span class=\"__1 _201\"/>t before ta<span class=\"__1 _201\"/>x<span class=\"__1 _326\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _1d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _327\"> </span><span class=\"ls21_1 ws20_1\">(2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>497<span class=\"__1 _201\"/>)<span class=\"__1 _8d_1\"> </span></span></span></span><span class=\"lsc_1 wsa_1\">81<span class=\"__1 _311\"> </span><span class=\"ls23_1 ws22_1\">707<span class=\"__1 _253\"> </span><span class=\"lsd_1 wsb_1\">788<span class=\"__1 _32b\"> </span></span></span></span>T<span class=\"__1 _f_1\"/>ax credit<span class=\"__1 _201\"/>/(<span class=\"__1 _f_1\"/>charge)<span class=\"__1 _328\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">499<span class=\"__1 _8d_1\"> </span><span class=\"ls22_1 ws21_1\">379<span class=\"__1 _c_1\"> </span></span>878<span class=\"__1 _329\"> </span></span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _224\"> </span><span class=\"ls23_1 ws22_1\">(<span class=\"__1 _201\"/>707<span class=\"__1 _201\"/>)<span class=\"__1 _240\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span></span>(Lo<span class=\"__1 _201\"/>ss)<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>profi<span class=\"__1 _201\"/>t afte<span class=\"__1 _201\"/>r tax for t<span class=\"__1 _201\"/>he year<span class=\"__1 _12a_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>9)<span class=\"__1 _8a_1\"> </span><span class=\"ff2_1 ls27_1 ws27_1\">92<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>92<span class=\"__1 _32b\"> </span>9.<span class=\"__1 _f_1\"/>1.2 T<span class=\"__1 _f_1\"/>ax reconcili<span class=\"__1 _200\"/>ation<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"ls5_1 ws1_1\"> </span>2021<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y <span class=\"ls5_1 ws1_1\"> </span>holders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Policyholders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y <span class=\"ls5_1 ws1_1\"> </span>holders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Policyholders<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>(Lo<span class=\"__1 _201\"/>ss)<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>profi<span class=\"__1 _201\"/>t befo<span class=\"__1 _201\"/>re tax<span class=\"__1 _12b_1\"> </span><span class=\"ls24_1 ws23_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _1d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _327\"> </span><span class=\"ls21_1 ws20_1\">(2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>497<span class=\"__1 _201\"/>)<span class=\"__1 _8d_1\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">81<span class=\"__1 _311\"> </span><span class=\"ls23_1 ws22_1\">707<span class=\"__1 _253\"> </span><span class=\"lsd_1 wsb_1\">788<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>T<span class=\"__1 _f_1\"/>ax (credit)/<span class=\"__1 _200\"/>charg<span class=\"__1 _201\"/>e base<span class=\"__1 _201\"/>d on the s<span class=\"__1 _201\"/>tanda<span class=\"__1 _201\"/>rd UK<span class=\"__1 _201\"/> cor<span class=\"__1 _201\"/>porati<span class=\"__1 _201\"/>on tax r<span class=\"__1 _201\"/>ate of 19% (2021: 19%)<span class=\"__1 _12c_1\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _8a_1\"> </span><span class=\"ls56_1 ws5f_1\">(<span class=\"__1 _201\"/>72)<span class=\"__1 _7d_1\"> </span></span>(47<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _2b_1\"> </span></span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _12d_1\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>4<span class=\"__1 _239\"> </span><span class=\"ls45_1 ws49_1\">14<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span>Imp<span class=\"__1 _201\"/>act of p<span class=\"__1 _201\"/>rofits e<span class=\"__1 _201\"/>arne<span class=\"__1 _201\"/>d in juris<span class=\"__1 _201\"/>dic<span class=\"__1 _201\"/>tions w<span class=\"__1 _201\"/>ith diffe<span class=\"__1 _201\"/>rent<span class=\"__1 _201\"/> statuto<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y rates to the U<span class=\"__1 _201\"/>K<span class=\"__1 _12e_1\"> </span><span class=\"ff1_1 ls5_1\">3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>3<span class=\"__1 _12f_1\"> </span><span class=\"ff2_1\">2<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _32b\"> </span>(weig<span class=\"__1 _201\"/>hted av<span class=\"__1 _201\"/>erag<span class=\"__1 _201\"/>e rate f<span class=\"__1 _201\"/>or eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y ho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs is 19<span class=\"__1 _201\"/>% (202<span class=\"__1 _201\"/>1: 19%))<span class=\"__1 _32b\"> </span>Recurring<span class=\"__1 _200\"/> items<span class=\"__1 _32b\"> </span>Diff<span class=\"__1 _201\"/>erent b<span class=\"__1 _201\"/>asis of tax<span class=\"__1 _201\"/>ation \u2013 po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>3)<span class=\"__1 _208\"> </span>(<span class=\"__1 _201\"/>28<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>586<span class=\"__1 _237\"> </span>586<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tions n<span class=\"__1 _201\"/>ot allowa<span class=\"__1 _201\"/>ble for t<span class=\"__1 _201\"/>ax pur<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>30<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>30<span class=\"__1 _330\"> </span><span class=\"ff2_1 ls4d_1 ws54_1\">15<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>15<span class=\"__1 _32b\"> </span>Inco<span class=\"__1 _201\"/>me and g<span class=\"__1 _201\"/>ains not t<span class=\"__1 _201\"/>axabl<span class=\"__1 _201\"/>e or taxab<span class=\"__1 _201\"/>le at<span class=\"__1 _201\"/> concessio<span class=\"__1 _201\"/>nary rates<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>(8)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(8)<span class=\"__1 _288\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>Effec<span class=\"__1 _201\"/>ts of re<span class=\"__1 _201\"/>sults of j<span class=\"__1 _201\"/>oint ventu<span class=\"__1 _201\"/>res and as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iates<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _331\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _32b\"> </span>Chang<span class=\"__1 _201\"/>es in re<span class=\"__1 _201\"/>cogniti<span class=\"__1 _201\"/>on of defe<span class=\"__1 _201\"/>rred t<span class=\"__1 _201\"/>ax and eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of<span class=\"__1 _32b\"> </span>unre<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed ta<span class=\"__1 _201\"/>x loss<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>(7)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(7)<span class=\"__1 _288\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _332\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _12f_1\"> </span><span class=\"ff2_1\">3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>3<span class=\"__1 _32b\"> </span>Non recur<span class=\"__1 _200\"/>ring it<span class=\"__1 _200\"/>ems<span class=\"__1 _32b\"> </span>Adjus<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in relatio<span class=\"__1 _201\"/>n to prio<span class=\"__1 _201\"/>r peri<span class=\"__1 _201\"/>ods<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>5<span class=\"__1 _12d_1\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>4)<span class=\"__1 _253\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _12d_1\"> </span><span class=\"ff2_1 ls25_1 ws25_1\">(6)<span class=\"__1 _333\"> </span><span class=\"lsa_1 ws8_1\">(13<span class=\"__1 _201\"/>)<span class=\"__1 _252\"> </span>(1<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span>Chang<span class=\"__1 _201\"/>es in lo<span class=\"__1 _201\"/>cal s<span class=\"__1 _201\"/>tatutor<span class=\"__1 _201\"/>y ta<span class=\"__1 _201\"/>x rates or law<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _331\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _32b\"> </span>Impairm<span class=\"__1 _201\"/>ent of goodwill<span class=\"__1 _334\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">5<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _331\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Imp<span class=\"__1 _201\"/>act of d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed at 25% on cu<span class=\"__1 _201\"/>rrent<span class=\"__1 _201\"/> year m<span class=\"__1 _201\"/>ovement<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>vii<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _331\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Non<span class=\"__1 _201\"/>-taxab<span class=\"__1 _201\"/>le inc<span class=\"__1 _201\"/>ome \u2013 MG<span class=\"__1 _201\"/>SA acqu<span class=\"__1 _201\"/>isitio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>viii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _331\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ax (<span class=\"__1 _f_1\"/>credit)/<span class=\"__1 _f_1\"/>charge<span class=\"__1 _335\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>9)<span class=\"__1 _1d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>9)<span class=\"__1 _240\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8)<span class=\"__1 _8a_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(11)<span class=\"__1 _9e_1\"> </span><span class=\"ls23_1 ws22_1\">707<span class=\"__1 _c_1\"> </span><span class=\"ls22_1 ws21_1\">696<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>i <span class=\"__1 _2d_1\"> </span>Of t<span class=\"__1 _201\"/>he \u00a33<span class=\"__1 _201\"/>0m<span class=\"__1 _201\"/>, \u00a32<span class=\"__1 _201\"/>2m (20<span class=\"__1 _201\"/>21: \u00a3<span class=\"__1 _201\"/>3m) rel<span class=\"__1 _201\"/>ates to th<span class=\"__1 _201\"/>e non<span class=\"__1 _201\"/>-ta<span class=\"__1 _201\"/>xabl<span class=\"__1 _201\"/>e adj<span class=\"__1 _201\"/>ustm<span class=\"__1 _201\"/>ent i<span class=\"__1 _201\"/>n relat<span class=\"__1 _201\"/>ion to a h<span class=\"__1 _201\"/>isto<span class=\"__1 _201\"/>ric j<span class=\"__1 _201\"/>oint v<span class=\"__1 _201\"/>entu<span class=\"__1 _201\"/>re agre<span class=\"__1 _201\"/>em<span class=\"__1 _201\"/>ent in re<span class=\"__1 _201\"/>sp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of lon<span class=\"__1 _201\"/>g ter<span class=\"__1 _201\"/>m ass<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce<span class=\"__1 _201\"/> bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e rema<span class=\"__1 _201\"/>inin<span class=\"__1 _201\"/>g amo<span class=\"__1 _201\"/>unt re<span class=\"__1 _201\"/>lates to e<span class=\"__1 _201\"/>xpe<span class=\"__1 _201\"/>nse<span class=\"__1 _201\"/>s that ar<span class=\"__1 _201\"/>e not d<span class=\"__1 _201\"/>edu<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ble fo<span class=\"__1 _201\"/>r tax p<span class=\"__1 _201\"/>urp<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>s, p<span class=\"__1 _201\"/>rim<span class=\"__1 _201\"/>ari<span class=\"__1 _201\"/>ly in th<span class=\"__1 _201\"/>e UK<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Of t<span class=\"__1 _201\"/>he 202<span class=\"__1 _201\"/>2 am<span class=\"__1 _201\"/>ount o<span class=\"__1 _201\"/>f (\u00a38<span class=\"__1 _201\"/>m), (\u00a37m) rel<span class=\"__1 _201\"/>ates to n<span class=\"__1 _201\"/>on-t<span class=\"__1 _201\"/>axa<span class=\"__1 _201\"/>ble di<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>den<span class=\"__1 _201\"/>d inc<span class=\"__1 _201\"/>ome in t<span class=\"__1 _201\"/>he UK (<span class=\"__1 _201\"/>2021<span class=\"__1 _201\"/>: \u00a3nil)<span class=\"__1 _201\"/>. For 20<span class=\"__1 _201\"/>21, th<span class=\"__1 _201\"/>e bal<span class=\"__1 _201\"/>ance p<span class=\"__1 _201\"/>rim<span class=\"__1 _201\"/>ari<span class=\"__1 _201\"/>ly re<span class=\"__1 _201\"/>lates to a n<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/>-taxa<span class=\"__1 _201\"/>bl<span class=\"__1 _32b\"> </span>inc<span class=\"__1 _201\"/>ome a<span class=\"__1 _201\"/>ris<span class=\"__1 _201\"/>ing o<span class=\"__1 _201\"/>n the rev<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>al of pr<span class=\"__1 _201\"/>ovis<span class=\"__1 _201\"/>ion th<span class=\"__1 _201\"/>at was n<span class=\"__1 _201\"/>ot ta<span class=\"__1 _201\"/>x ded<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>tibl<span class=\"__1 _201\"/>e in pre<span class=\"__1 _201\"/>vio<span class=\"__1 _201\"/>us pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>ds<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Pro<span class=\"__1 _201\"/>fit be<span class=\"__1 _201\"/>fore ta<span class=\"__1 _201\"/>x inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019s shar<span class=\"__1 _201\"/>e of pro<span class=\"__1 _201\"/>fits af<span class=\"__1 _201\"/>ter t<span class=\"__1 _201\"/>ax fro<span class=\"__1 _201\"/>m the j<span class=\"__1 _201\"/>oint v<span class=\"__1 _201\"/>entur<span class=\"__1 _201\"/>es an<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>oci<span class=\"__1 _201\"/>ates<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>erefo<span class=\"__1 _201\"/>re, th<span class=\"__1 _201\"/>e ac<span class=\"__1 _201\"/>tual t<span class=\"__1 _201\"/>ax cha<span class=\"__1 _201\"/>rge d<span class=\"__1 _201\"/>oes n<span class=\"__1 _201\"/>ot inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>tax a<span class=\"__1 _201\"/>ris<span class=\"__1 _201\"/>ing f<span class=\"__1 _201\"/>rom pro<span class=\"__1 _201\"/>fit or l<span class=\"__1 _201\"/>os<span class=\"__1 _201\"/>s of joi<span class=\"__1 _201\"/>nt ven<span class=\"__1 _201\"/>tures a<span class=\"__1 _201\"/>nd as<span class=\"__1 _201\"/>so<span class=\"__1 _201\"/>ciate<span class=\"__1 _201\"/>s and i<span class=\"__1 _201\"/>s refle<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d as a re<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>cili<span class=\"__1 _201\"/>ng ite<span class=\"__1 _201\"/>m.<span class=\"__1 _32b\"> </span>iv <span class=\"__1 _285\"> </span>Th<span class=\"__1 _201\"/>e total a<span class=\"__1 _201\"/>moun<span class=\"__1 _201\"/>t of \u00a3(<span class=\"__1 _201\"/>7)<span class=\"__1 _201\"/>m rel<span class=\"__1 _201\"/>ated to th<span class=\"__1 _201\"/>e rem<span class=\"__1 _201\"/>easu<span class=\"__1 _201\"/>rem<span class=\"__1 _201\"/>ent of DT<span class=\"__1 _200\"/>A on c<span class=\"__1 _201\"/>api<span class=\"__1 _201\"/>tal lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es ca<span class=\"__1 _201\"/>rri<span class=\"__1 _201\"/>ed fo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ward (<span class=\"__1 _201\"/>2021: \u00a3<span class=\"__1 _201\"/>(3)m). Th<span class=\"__1 _201\"/>e rema<span class=\"__1 _201\"/>inin<span class=\"__1 _201\"/>g tax b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit in 2<span class=\"__1 _201\"/>021 of<span class=\"__1 _201\"/> (\u00a313<span class=\"__1 _201\"/>m) relate<span class=\"__1 _201\"/>d to the u<span class=\"__1 _201\"/>tilis<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n of c<span class=\"__1 _201\"/>apit<span class=\"__1 _201\"/>al los<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>s on wh<span class=\"__1 _201\"/>ich n<span class=\"__1 _201\"/>o defe<span class=\"__1 _201\"/>rre<span class=\"__1 _201\"/>d tax a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>t was re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nis<span class=\"__1 _201\"/>ed.<span class=\"__1 _32b\"> </span>v <span class=\"__1 _6c_1\"> </span>Th<span class=\"__1 _201\"/>e equ<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y hol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>s imp<span class=\"__1 _201\"/>act o<span class=\"__1 _201\"/>f \u00a35m (2<span class=\"__1 _201\"/>021: (\u00a3<span class=\"__1 _201\"/>6m)) rela<span class=\"__1 _201\"/>tes to ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s in es<span class=\"__1 _201\"/>tim<span class=\"__1 _201\"/>ates of p<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>r year p<span class=\"__1 _201\"/>osi<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>ns. T<span class=\"__1 _201\"/>he p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit of (\u00a3<span class=\"__1 _201\"/>24m) pr<span class=\"__1 _201\"/>ima<span class=\"__1 _201\"/>ril<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>rel<span class=\"__1 _201\"/>ates to an a<span class=\"__1 _201\"/>gre<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt rea<span class=\"__1 _201\"/>che<span class=\"__1 _201\"/>d with H<span class=\"__1 _201\"/>MR<span class=\"__1 _201\"/>C to ame<span class=\"__1 _201\"/>nd th<span class=\"__1 _201\"/>e app<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n of inc<span class=\"__1 _201\"/>ome a<span class=\"__1 _201\"/>llo<span class=\"__1 _201\"/>cati<span class=\"__1 _201\"/>on me<span class=\"__1 _201\"/>tho<span class=\"__1 _201\"/>dol<span class=\"__1 _201\"/>ogy w<span class=\"__1 _201\"/>ithi<span class=\"__1 _201\"/>n the l<span class=\"__1 _201\"/>ife ins<span class=\"__1 _201\"/>ura<span class=\"__1 _201\"/>nce b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>s (202<span class=\"__1 _201\"/>1:<span class=\"__1 _32b\"> </span>(\u00a313<span class=\"__1 _201\"/>m) prim<span class=\"__1 _201\"/>ari<span class=\"__1 _201\"/>ly du<span class=\"__1 _201\"/>e to chan<span class=\"__1 _201\"/>ges i<span class=\"__1 _201\"/>n es<span class=\"__1 _201\"/>timate<span class=\"__1 _201\"/>s to def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d tax a<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>ets).<span class=\"__1 _32b\"> </span>vi <span class=\"__1 _285\"> </span>In Ju<span class=\"__1 _201\"/>ne 20<span class=\"__1 _201\"/>21, th<span class=\"__1 _201\"/>e sta<span class=\"__1 _201\"/>nda<span class=\"__1 _201\"/>rd rate of C<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ation Tax in th<span class=\"__1 _201\"/>e UK wa<span class=\"__1 _201\"/>s chan<span class=\"__1 _201\"/>ged f<span class=\"__1 _201\"/>rom 19<span class=\"__1 _201\"/>% to 25% wi<span class=\"__1 _201\"/>th effe<span class=\"__1 _201\"/>ct f<span class=\"__1 _201\"/>rom 1 Ap<span class=\"__1 _201\"/>ril 2<span class=\"__1 _201\"/>023<span class=\"__1 _201\"/>. Acc<span class=\"__1 _201\"/>ordi<span class=\"__1 _201\"/>ngl<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, the U<span class=\"__1 _201\"/>K def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>tax b<span class=\"__1 _201\"/>ala<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/>s were re<span class=\"__1 _201\"/>valu<span class=\"__1 _201\"/>ed to re<span class=\"__1 _201\"/>fle<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e chan<span class=\"__1 _201\"/>ge in r<span class=\"__1 _201\"/>ate.<span class=\"__1 _32b\"> </span>vii <span class=\"__1 _284\"> </span>Ben<span class=\"__1 _201\"/>efit a<span class=\"__1 _201\"/>ris<span class=\"__1 _201\"/>ing o<span class=\"__1 _201\"/>n defe<span class=\"__1 _201\"/>rre<span class=\"__1 _201\"/>d tax m<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s in the p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od b<span class=\"__1 _201\"/>ooke<span class=\"__1 _201\"/>d at the f<span class=\"__1 _201\"/>uture r<span class=\"__1 _201\"/>ate of co<span class=\"__1 _201\"/>rp<span class=\"__1 _201\"/>orati<span class=\"__1 _201\"/>on ta<span class=\"__1 _201\"/>x in the U<span class=\"__1 _201\"/>K of 25% c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>are<span class=\"__1 _201\"/>d to the cu<span class=\"__1 _201\"/>rren<span class=\"__1 _201\"/>t per<span class=\"__1 _201\"/>io<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>rate o<span class=\"__1 _201\"/>f 19%<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>vii<span class=\"__1 _201\"/>i <span class=\"__1 _336\"> </span>No<span class=\"__1 _201\"/>n-ta<span class=\"__1 _201\"/>xab<span class=\"__1 _201\"/>le in<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e relate<span class=\"__1 _201\"/>s to the \u00a3<span class=\"__1 _201\"/>51m incom<span class=\"__1 _201\"/>e rec<span class=\"__1 _201\"/>ogn<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d on th<span class=\"__1 _201\"/>e acqu<span class=\"__1 _201\"/>isi<span class=\"__1 _201\"/>tion o<span class=\"__1 _201\"/>f the ad<span class=\"__1 _201\"/>diti<span class=\"__1 _201\"/>ona<span class=\"__1 _201\"/>l 0.<span class=\"__1 _200\"/>13% sh<span class=\"__1 _201\"/>areh<span class=\"__1 _201\"/>ol<span class=\"__1 _201\"/>ding i<span class=\"__1 _201\"/>n MGS<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s profit<span class=\"__1 _201\"/>s are taxed at d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nt rates de<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>ing on the c<span class=\"__1 _201\"/>ountr<span class=\"__1 _201\"/>y or te<span class=\"__1 _201\"/>rritor<span class=\"__1 _250\"/>y in whic<span class=\"__1 _201\"/>h the profi<span class=\"__1 _201\"/>ts aris<span class=\"__1 _201\"/>e. The key ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/> tax rate fo<span class=\"__1 _201\"/>r 2022 i<span class=\"__1 _201\"/>s the UK C<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>oratio<span class=\"__1 _201\"/>n tax rate of 19% as th<span class=\"__1 _201\"/>e major<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s profi<span class=\"__1 _201\"/>ts are ear<span class=\"__1 _201\"/>ned a<span class=\"__1 _201\"/>nd taxed i<span class=\"__1 _201\"/>n the UK<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>9.<span class=\"__1 _200\"/>1.3 Fac<span class=\"__1 _201\"/>tors th<span class=\"__1 _201\"/>at may imp<span class=\"__1 _201\"/>act t<span class=\"__1 _201\"/>he futu<span class=\"__1 _201\"/>re tax rate<span class=\"__1 _32b\"> </span>Chang<span class=\"__1 _201\"/>es in ta<span class=\"__1 _201\"/>x laws and r<span class=\"__1 _201\"/>ates may affe<span class=\"__1 _201\"/>ct rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red tax as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>nd our e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>tive tax r<span class=\"__1 _201\"/>ate in the future<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>On 10 Ju<span class=\"__1 _201\"/>ne 2021, th<span class=\"__1 _201\"/>e UK G<span class=\"__1 _201\"/>overnm<span class=\"__1 _201\"/>ent\u2019s pro<span class=\"__1 _201\"/>posa<span class=\"__1 _201\"/>l to increas<span class=\"__1 _201\"/>e the rate of UK c<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>oratio<span class=\"__1 _201\"/>n tax from 19<span class=\"__1 _201\"/>% to 25% with effe<span class=\"__1 _201\"/>ct fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span>1 Apr<span class=\"__1 _201\"/>il 2023 w<span class=\"__1 _201\"/>as enac<span class=\"__1 _201\"/>ted into U<span class=\"__1 _201\"/>K law. In line with th<span class=\"__1 _201\"/>e rate incre<span class=\"__1 _201\"/>ase, th<span class=\"__1 _201\"/>ere will b<span class=\"__1 _201\"/>e an incre<span class=\"__1 _201\"/>ase to our eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive tax r<span class=\"__1 _201\"/>ate for per<span class=\"__1 _201\"/>iods<span class=\"__1 _201\"/> from 20<span class=\"__1 _201\"/>23 onward<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e majo<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>y of the Gro<span class=\"__1 _201\"/>up\u2019s profits are g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ated in the U<span class=\"__1 _201\"/>K<span class=\"__1 _201\"/>. T<span class=\"__1 _f_1\"/>akin<span class=\"__1 _201\"/>g into acco<span class=\"__1 _201\"/>unt recur<span class=\"__1 _201\"/>ring ta<span class=\"__1 _201\"/>x adjus<span class=\"__1 _201\"/>ting<span class=\"__1 _201\"/> items<span class=\"__1 _201\"/>, the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>tive tax r<span class=\"__1 _201\"/>ate for equ<span class=\"__1 _201\"/>ity h<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers\u2019 por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of profit<span class=\"__1 _201\"/>s is expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to be margin<span class=\"__1 _201\"/>ally hi<span class=\"__1 _201\"/>gher tha<span class=\"__1 _201\"/>n the statu<span class=\"__1 _201\"/>tor<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>rate in the U<span class=\"__1 _201\"/>K<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>9 T<span class=\"__1 _337\"/>ax cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s unuse<span class=\"__1 _201\"/>d tax lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s carr<span class=\"__1 _201\"/>ied f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ward of \u00a34<span class=\"__1 _201\"/>81m, pr<span class=\"__1 _201\"/>imari<span class=\"__1 _201\"/>ly UK c<span class=\"__1 _201\"/>apital l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es, o<span class=\"__1 _201\"/>n which n<span class=\"__1 _201\"/>o defer<span class=\"__1 _201\"/>red ta<span class=\"__1 _201\"/>x is reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d.<span class=\"__1 _201\"/> Sho<span class=\"__1 _201\"/>uld app<span class=\"__1 _201\"/>ropr<span class=\"__1 _201\"/>iate capit<span class=\"__1 _201\"/>al gains ar<span class=\"__1 _201\"/>ise in f<span class=\"__1 _201\"/>uture per<span class=\"__1 _201\"/>iods i<span class=\"__1 _201\"/>t will res<span class=\"__1 _201\"/>ult in tax b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fits the<span class=\"__1 _201\"/>reby redu<span class=\"__1 _201\"/>cing the f<span class=\"__1 _201\"/>uture effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve tax rate in<span class=\"__1 _201\"/> the rel<span class=\"__1 _201\"/>evant pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>ds.<span class=\"__1 _32b\"> </span>Dur<span class=\"__1 _201\"/>ing late 2021<span class=\"__1 _201\"/>, the Org<span class=\"__1 _201\"/>anisati<span class=\"__1 _201\"/>on for Eco<span class=\"__1 _201\"/>nomi<span class=\"__1 _201\"/>c Co-<span class=\"__1 _201\"/>op<span class=\"__1 _201\"/>eratio<span class=\"__1 _201\"/>n and Deve<span class=\"__1 _201\"/>lopm<span class=\"__1 _201\"/>ent (OECD) announ<span class=\"__1 _201\"/>ced a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ent had b<span class=\"__1 _201\"/>een<span class=\"__1 _201\"/> reach<span class=\"__1 _201\"/>ed on a s<span class=\"__1 _201\"/>weep<span class=\"__1 _201\"/>ing overh<span class=\"__1 _201\"/>aul of the in<span class=\"__1 _201\"/>ternatio<span class=\"__1 _201\"/>nal tax s<span class=\"__1 _201\"/>ystem a<span class=\"__1 _201\"/>nd the G<span class=\"__1 _201\"/>-20 leade<span class=\"__1 _201\"/>rs end<span class=\"__1 _201\"/>ors<span class=\"__1 _201\"/>ed the pl<span class=\"__1 _201\"/>an duri<span class=\"__1 _201\"/>ng the Le<span class=\"__1 _201\"/>ader<span class=\"__1 _201\"/>s\u2019<span class=\"__1 _32b\"> </span>Summ<span class=\"__1 _201\"/>it. Th<span class=\"__1 _201\"/>e plan fo<span class=\"__1 _201\"/>llows a T<span class=\"__1 _200\"/>wo-<span class=\"__1 _201\"/>Pillar f<span class=\"__1 _201\"/>ramewo<span class=\"__1 _201\"/>rk whi<span class=\"__1 _201\"/>ch sets o<span class=\"__1 _201\"/>ut the pr<span class=\"__1 _201\"/>incip<span class=\"__1 _201\"/>les of a so<span class=\"__1 _201\"/>lution to ta<span class=\"__1 _201\"/>ckle th<span class=\"__1 _201\"/>e tax chal<span class=\"__1 _201\"/>leng<span class=\"__1 _201\"/>es aris<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/> from an i<span class=\"__1 _201\"/>ncreas<span class=\"__1 _201\"/>ingly g<span class=\"__1 _201\"/>lobal<span class=\"__1 _201\"/>ised a<span class=\"__1 _201\"/>nd digit<span class=\"__1 _201\"/>al glob<span class=\"__1 _201\"/>al eco<span class=\"__1 _201\"/>nomy. Pillar O<span class=\"__1 _201\"/>ne addre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s taxi<span class=\"__1 _201\"/>ng right<span class=\"__1 _201\"/>s and dis<span class=\"__1 _201\"/>trib<span class=\"__1 _201\"/>ution of p<span class=\"__1 _201\"/>rofits<span class=\"__1 _201\"/>, and Pi<span class=\"__1 _201\"/>llar<span class=\"__1 _201\"/> T<span class=\"__1 _f_1\"/>wo th<span class=\"__1 _201\"/>e impos<span class=\"__1 _201\"/>ition of a gl<span class=\"__1 _201\"/>obal m<span class=\"__1 _201\"/>inimum ta<span class=\"__1 _201\"/>x rate of 15% on large c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>nies<span class=\"__1 _201\"/>. For Pill<span class=\"__1 _201\"/>ar One p<span class=\"__1 _201\"/>urp<span class=\"__1 _201\"/>oses<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup is not ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/> to be with<span class=\"__1 _201\"/>in the sc<span class=\"__1 _201\"/>ope of th<span class=\"__1 _201\"/>e rule<span class=\"__1 _201\"/>s due to the exclus<span class=\"__1 _201\"/>ion fo<span class=\"__1 _201\"/>r regulate<span class=\"__1 _201\"/>d finan<span class=\"__1 _201\"/>cial ser<span class=\"__1 _250\"/>vice<span class=\"__1 _201\"/>s and/<span class=\"__1 _200\"/>or be<span class=\"__1 _201\"/>neath th<span class=\"__1 _201\"/>e scop<span class=\"__1 _201\"/>ing thres<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> For Pil<span class=\"__1 _201\"/>lar T<span class=\"__1 _f_1\"/>wo, th<span class=\"__1 _201\"/>ere is no fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices exem<span class=\"__1 _201\"/>ption an<span class=\"__1 _201\"/>d the Gro<span class=\"__1 _201\"/>up is above th<span class=\"__1 _201\"/>e size thresh<span class=\"__1 _201\"/>old (\u20ac750<span class=\"__1 _201\"/>m of revenue) and wi<span class=\"__1 _201\"/>ll<span class=\"__1 _32b\"> </span>be in s<span class=\"__1 _201\"/>cope<span class=\"__1 _201\"/>. It was or<span class=\"__1 _201\"/>iginal<span class=\"__1 _201\"/>ly ann<span class=\"__1 _201\"/>ounce<span class=\"__1 _201\"/>d the Pil<span class=\"__1 _201\"/>lar T<span class=\"__1 _f_1\"/>wo r<span class=\"__1 _201\"/>ules to b<span class=\"__1 _201\"/>e effec<span class=\"__1 _201\"/>tive fo<span class=\"__1 _201\"/>r 2023<span class=\"__1 _201\"/>, however, this has be<span class=\"__1 _201\"/>en defe<span class=\"__1 _201\"/>rred un<span class=\"__1 _201\"/>til 2024.<span class=\"__1 _201\"/> The G<span class=\"__1 _201\"/>roup g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ates its pro<span class=\"__1 _201\"/>fits pre<span class=\"__1 _201\"/>domin<span class=\"__1 _201\"/>antly in th<span class=\"__1 _201\"/>e UK an<span class=\"__1 _201\"/>d the remai<span class=\"__1 _201\"/>nder m<span class=\"__1 _201\"/>ainly in j<span class=\"__1 _201\"/>urisd<span class=\"__1 _201\"/>icti<span class=\"__1 _201\"/>ons with a t<span class=\"__1 _201\"/>ax rate high<span class=\"__1 _201\"/>er than<span class=\"__1 _201\"/> 15%. Whi<span class=\"__1 _201\"/>lst th<span class=\"__1 _201\"/>e T<span class=\"__1 _f_1\"/>wo<span class=\"__1 _201\"/>-pill<span class=\"__1 _201\"/>ar fram<span class=\"__1 _201\"/>ework is n<span class=\"__1 _201\"/>ot expe<span class=\"__1 _201\"/>cted to have a s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on the fu<span class=\"__1 _201\"/>ture effe<span class=\"__1 _201\"/>ctive t<span class=\"__1 _201\"/>ax rate, mu<span class=\"__1 _201\"/>ch will<span class=\"__1 _201\"/> dep<span class=\"__1 _201\"/>end up<span class=\"__1 _201\"/>on the fr<span class=\"__1 _201\"/>amewo<span class=\"__1 _201\"/>rk to be fin<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d by the OECD, the e<span class=\"__1 _201\"/>nac<span class=\"__1 _201\"/>ted le<span class=\"__1 _201\"/>gislati<span class=\"__1 _201\"/>on, an<span class=\"__1 _201\"/>d the impa<span class=\"__1 _201\"/>ct on t<span class=\"__1 _201\"/>he insur<span class=\"__1 _201\"/>ance an<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>et<span class=\"__1 _32b\"> </span>mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt indu<span class=\"__1 _201\"/>strie<span class=\"__1 _201\"/>s, in p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticula<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, treatm<span class=\"__1 _201\"/>ent of inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt in fund s<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>tures a<span class=\"__1 _201\"/>nd pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er attr<span class=\"__1 _201\"/>ibutes<span class=\"__1 _201\"/>. Dur<span class=\"__1 _201\"/>ing the p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od,<span class=\"__1 _201\"/> the G<span class=\"__1 _201\"/>roup were h<span class=\"__1 _201\"/>eavily e<span class=\"__1 _201\"/>ngag<span class=\"__1 _201\"/>ed in the c<span class=\"__1 _201\"/>onsul<span class=\"__1 _201\"/>tations w<span class=\"__1 _201\"/>ith the UK G<span class=\"__1 _201\"/>overn<span class=\"__1 _201\"/>ment thro<span class=\"__1 _201\"/>ugh In<span class=\"__1 _201\"/>dustr<span class=\"__1 _201\"/>y b<span class=\"__1 _201\"/>odie<span class=\"__1 _201\"/>s and thi<span class=\"__1 _201\"/>s work is exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/> to contin<span class=\"__1 _201\"/>ue in 202<span class=\"__1 _201\"/>3. Th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p is review<span class=\"__1 _201\"/>ing the cur<span class=\"__1 _201\"/>rent set o<span class=\"__1 _201\"/>f OECD rul<span class=\"__1 _201\"/>es, d<span class=\"__1 _201\"/>raf<span class=\"__1 _201\"/>t UK le<span class=\"__1 _201\"/>gislati<span class=\"__1 _201\"/>on, up<span class=\"__1 _201\"/>dates to the fr<span class=\"__1 _201\"/>amewor<span class=\"__1 _201\"/>k<span class=\"__1 _32b\"> </span>and awa<span class=\"__1 _201\"/>iting the O<span class=\"__1 _201\"/>ECD\u2019s anticip<span class=\"__1 _201\"/>ated rele<span class=\"__1 _201\"/>ase of the fi<span class=\"__1 _201\"/>nal fra<span class=\"__1 _201\"/>mewor<span class=\"__1 _201\"/>k, as wel<span class=\"__1 _201\"/>l as new le<span class=\"__1 _201\"/>gislati<span class=\"__1 _201\"/>on expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to be relea<span class=\"__1 _201\"/>sed by<span class=\"__1 _201\"/> gover<span class=\"__1 _201\"/>nment<span class=\"__1 _201\"/>s impl<span class=\"__1 _201\"/>ementi<span class=\"__1 _201\"/>ng this ne<span class=\"__1 _201\"/>w tax regi<span class=\"__1 _201\"/>me and w<span class=\"__1 _201\"/>ill ass<span class=\"__1 _201\"/>ess th<span class=\"__1 _201\"/>e potentia<span class=\"__1 _201\"/>l impac<span class=\"__1 _201\"/>t of new l<span class=\"__1 _201\"/>egis<span class=\"__1 _201\"/>lation du<span class=\"__1 _201\"/>ring 202<span class=\"__1 _201\"/>3.<span class=\"__1 _32b\"> </span>9.<span class=\"__1 _f_1\"/>1.4 Use of<span class=\"__1 _200\"/> accounting<span class=\"__1 _200\"/> estimat<span class=\"__1 _200\"/>es and judgemen<span class=\"__1 _200\"/>ts<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>alcu<span class=\"__1 _201\"/>lation of th<span class=\"__1 _201\"/>e Group\u2019s tax cha<span class=\"__1 _201\"/>rge invol<span class=\"__1 _201\"/>ves a de<span class=\"__1 _201\"/>gree of es<span class=\"__1 _201\"/>timatio<span class=\"__1 _201\"/>n and jud<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent. Th<span class=\"__1 _201\"/>e reco<span class=\"__1 _201\"/>gnitio<span class=\"__1 _201\"/>n of a defer<span class=\"__1 _201\"/>red tax a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/> is a key judge<span class=\"__1 _201\"/>ment in a<span class=\"__1 _201\"/>pply<span class=\"__1 _201\"/>ing the G<span class=\"__1 _201\"/>roup\u2019s accou<span class=\"__1 _201\"/>nting po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s and reli<span class=\"__1 _201\"/>es on an a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent of the pro<span class=\"__1 _201\"/>babi<span class=\"__1 _201\"/>lity o<span class=\"__1 _201\"/>f future tax<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/> profi<span class=\"__1 _201\"/>ts, f<span class=\"__1 _201\"/>uture revers<span class=\"__1 _201\"/>als of exis<span class=\"__1 _201\"/>ting ta<span class=\"__1 _201\"/>xable te<span class=\"__1 _201\"/>mpor<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y diffe<span class=\"__1 _201\"/>rence<span class=\"__1 _201\"/>s and on<span class=\"__1 _201\"/>goin<span class=\"__1 _201\"/>g tax pla<span class=\"__1 _201\"/>nning s<span class=\"__1 _201\"/>trategi<span class=\"__1 _201\"/>es.<span class=\"__1 _201\"/> Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>ets are revi<span class=\"__1 _201\"/>ewed at ea<span class=\"__1 _201\"/>ch repo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>ng date. In co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ering t<span class=\"__1 _201\"/>heir re<span class=\"__1 _201\"/>coverab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, the Gro<span class=\"__1 _201\"/>up ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es the likeli<span class=\"__1 _201\"/>hoo<span class=\"__1 _201\"/>d of<span class=\"__1 _32b\"> </span>their b<span class=\"__1 _201\"/>eing re<span class=\"__1 _201\"/>covere<span class=\"__1 _201\"/>d within th<span class=\"__1 _201\"/>e expir<span class=\"__1 _201\"/>y of l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s and/or while o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ng as a goi<span class=\"__1 _201\"/>ng con<span class=\"__1 _201\"/>cern<span class=\"__1 _201\"/>. This ta<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>es into ac<span class=\"__1 _201\"/>count th<span class=\"__1 _201\"/>e future<span class=\"__1 _201\"/> expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d profit pro<span class=\"__1 _201\"/>file an<span class=\"__1 _201\"/>d busin<span class=\"__1 _201\"/>ess m<span class=\"__1 _201\"/>ode<span class=\"__1 _201\"/>l of each rel<span class=\"__1 _201\"/>evant co<span class=\"__1 _201\"/>mpany or c<span class=\"__1 _201\"/>ountr<span class=\"__1 _201\"/>y, and any poten<span class=\"__1 _201\"/>tial leg<span class=\"__1 _201\"/>islati<span class=\"__1 _201\"/>ve restr<span class=\"__1 _201\"/>icti<span class=\"__1 _201\"/>ons on<span class=\"__1 _201\"/> use. S<span class=\"__1 _201\"/>hor<span class=\"__1 _201\"/>t-t<span class=\"__1 _200\"/>erm ti<span class=\"__1 _201\"/>ming di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ces are ge<span class=\"__1 _201\"/>ner<span class=\"__1 _201\"/>ally rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed ah<span class=\"__1 _201\"/>ead of lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s and othe<span class=\"__1 _201\"/>r tax at<span class=\"__1 _201\"/>tribute<span class=\"__1 _201\"/>s as bein<span class=\"__1 _201\"/>g likely to revers<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>more q<span class=\"__1 _201\"/>uickl<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>re is also j<span class=\"__1 _201\"/>udge<span class=\"__1 _201\"/>ment invo<span class=\"__1 _201\"/>lved in th<span class=\"__1 _201\"/>e level of p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>ning fo<span class=\"__1 _201\"/>r uncer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in tax po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>ese p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>ns cover a w<span class=\"__1 _201\"/>ide ran<span class=\"__1 _201\"/>ge of<span class=\"__1 _201\"/> iss<span class=\"__1 _201\"/>ues<span class=\"__1 _201\"/>, only a f<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>tion of wh<span class=\"__1 _201\"/>ich are exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to challe<span class=\"__1 _201\"/>nge by a ta<span class=\"__1 _201\"/>x author<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y at any point i<span class=\"__1 _201\"/>n time. T<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p enga<span class=\"__1 _201\"/>ges<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>tru<span class=\"__1 _201\"/>ctive<span class=\"__1 _201\"/>ly and tr<span class=\"__1 _201\"/>anspa<span class=\"__1 _201\"/>rently w<span class=\"__1 _201\"/>ith tax auth<span class=\"__1 _201\"/>oriti<span class=\"__1 _201\"/>es with a v<span class=\"__1 _201\"/>iew to ear<span class=\"__1 _201\"/>ly reso<span class=\"__1 _201\"/>lution o<span class=\"__1 _201\"/>f uncer<span class=\"__1 _201\"/>tai<span class=\"__1 _201\"/>n tax mat<span class=\"__1 _201\"/>ters<span class=\"__1 _201\"/>. Es<span class=\"__1 _201\"/>timated po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>are bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e proba<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y of poten<span class=\"__1 _201\"/>tial chall<span class=\"__1 _201\"/>enge w<span class=\"__1 _201\"/>ithin ce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ain juri<span class=\"__1 _201\"/>sdic<span class=\"__1 _201\"/>tions a<span class=\"__1 _201\"/>nd the po<span class=\"__1 _201\"/>ssib<span class=\"__1 _201\"/>le outco<span class=\"__1 _201\"/>me bas<span class=\"__1 _201\"/>ed on re<span class=\"__1 _201\"/>levant f<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>and ci<span class=\"__1 _201\"/>rcumsta<span class=\"__1 _201\"/>nces<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e judge<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s and es<span class=\"__1 _201\"/>timates ma<span class=\"__1 _201\"/>de to reco<span class=\"__1 _201\"/>gnise a<span class=\"__1 _201\"/>nd mea<span class=\"__1 _201\"/>sure the eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of uncer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in tax po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>s are<span class=\"__1 _32b\"> </span>reas<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sed w<span class=\"__1 _201\"/>heneve<span class=\"__1 _201\"/>r circums<span class=\"__1 _201\"/>tanc<span class=\"__1 _201\"/>es chan<span class=\"__1 _201\"/>ge or wh<span class=\"__1 _201\"/>en there i<span class=\"__1 _201\"/>s new infor<span class=\"__1 _201\"/>mation th<span class=\"__1 _201\"/>at affec<span class=\"__1 _201\"/>ts tho<span class=\"__1 _201\"/>se jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nts.<span class=\"__1 _32b\"> </span>Not w<span class=\"__1 _201\"/>ithsta<span class=\"__1 _201\"/>nding any o<span class=\"__1 _201\"/>rigin<span class=\"__1 _201\"/>ation an<span class=\"__1 _201\"/>d reversa<span class=\"__1 _201\"/>l of tempo<span class=\"__1 _201\"/>rar<span class=\"__1 _201\"/>y diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es in the ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p does n<span class=\"__1 _201\"/>ot cons<span class=\"__1 _201\"/>ider th<span class=\"__1 _201\"/>ere to be a<span class=\"__1 _201\"/> sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant ris<span class=\"__1 _201\"/>k of a material a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>tment in th<span class=\"__1 _201\"/>e nex<span class=\"__1 _201\"/>t financ<span class=\"__1 _201\"/>ial year to the d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d and cur<span class=\"__1 _201\"/>rent ta<span class=\"__1 _201\"/>x balan<span class=\"__1 _201\"/>ces from e<span class=\"__1 _201\"/>ither re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/> and m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>ment of d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax as<span class=\"__1 _201\"/>sets or t<span class=\"__1 _201\"/>he level of p<span class=\"__1 _201\"/>rovisi<span class=\"__1 _201\"/>oning fo<span class=\"__1 _201\"/>r unce<span class=\"__1 _201\"/>rta<span class=\"__1 _201\"/>in tax po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>9.<span class=\"__1 _f_1\"/>1.5 T<span class=\"__1 _f_1\"/>ax char<span class=\"__1 _200\"/>ged to<span class=\"__1 _200\"/> other c<span class=\"__1 _200\"/>omprehensiv<span class=\"__1 _200\"/>e income<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>The ta<span class=\"__1 _200\"/>x charge<span class=\"__1 _200\"/> book<span class=\"__1 _200\"/>ed to<span class=\"__1 _200\"/> other<span class=\"__1 _200\"/> comprehensiv<span class=\"__1 _200\"/>e income,<span class=\"__1 _200\"/> curr<span class=\"__1 _200\"/>ent and<span class=\"__1 _200\"/> deferr<span class=\"__1 _200\"/>ed tax,<span class=\"__1 _200\"/> comprises:<span class=\"__1 _32b\"> </span>Actuarial<span class=\"__1 _200\"/> gains<span class=\"__1 _200\"/> on defined benefit pension<span class=\"__1 _200\"/> schemes<span class=\"__1 _338\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">7<span class=\"__1 _1e_1\"> </span></span><span class=\"ls2a_1 ws2a_1\">19<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> tax ch<span class=\"__1 _200\"/>arge t<span class=\"__1 _200\"/>o other<span class=\"__1 _200\"/> comprehensiv<span class=\"__1 _200\"/>e<span class=\"__1 _200\"/> income<span class=\"__1 _339\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _1e_1\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">19<span class=\"__1 _32b\"> </span></span></span>9.<span class=\"__1 _200\"/>1.6 T<span class=\"__1 _f_1\"/>ax c<span class=\"__1 _201\"/>redi<span class=\"__1 _201\"/>ted to eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>The ta<span class=\"__1 _200\"/>x credi<span class=\"__1 _200\"/>t book<span class=\"__1 _200\"/>ed t<span class=\"__1 _200\"/>o shareholder<span class=\"__1 _200\"/>s\u2019<span class=\"__1 _200\"/> equity<span class=\"__1 _200\"/>,<span class=\"__1 _200\"/> curren<span class=\"__1 _200\"/>t and de<span class=\"__1 _200\"/>ferred<span class=\"__1 _200\"/> tax, comprise<span class=\"__1 _200\"/>s:<span class=\"__1 _32b\"> </span>Subordinated liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span>Share-based pa<span class=\"__1 _200\"/>yments<span class=\"__1 _13a_1\"> </span><span class=\"ff1_1 ls11_1 ws10_1\">(6)<span class=\"__1 _232\"> </span></span><span class=\"ls57_1 ws61_1\">(4)<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l tax cre<span class=\"__1 _201\"/>dit to e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y<span class=\"__1 _13b_1\"> </span><span class=\"ls11_1 ws10_1\">(6)<span class=\"__1 _253\"> </span><span class=\"ff2_1 ls21_1 ws20_1\">(2<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span></span></span>9 T<span class=\"__1 _337\"/>ax cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>9.<span class=\"__1 _201\"/>2 Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x<span class=\"__1 _32b\"> </span>Deferre<span class=\"__1 _201\"/>d tax assets and liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er IAS12<span class=\"__1 _201\"/>, defer<span class=\"__1 _201\"/>red tax i<span class=\"__1 _201\"/>s measu<span class=\"__1 _201\"/>red at the ta<span class=\"__1 _201\"/>x rates that are ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to app<span class=\"__1 _201\"/>ly to the p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d when th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>et is reali<span class=\"__1 _201\"/>sed or th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y settl<span class=\"__1 _201\"/>ed, b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on tax rate<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>and laws) that have be<span class=\"__1 _201\"/>en ena<span class=\"__1 _201\"/>cted o<span class=\"__1 _201\"/>r are subs<span class=\"__1 _201\"/>tantive<span class=\"__1 _201\"/>ly ena<span class=\"__1 _201\"/>cted at th<span class=\"__1 _201\"/>e end of th<span class=\"__1 _201\"/>e repor<span class=\"__1 _201\"/>tin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span>per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>. Defer<span class=\"__1 _201\"/>red ta<span class=\"__1 _201\"/>x asse<span class=\"__1 _201\"/>ts are reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed as re<span class=\"__1 _201\"/>coverab<span class=\"__1 _201\"/>le to the ex<span class=\"__1 _201\"/>tent that, o<span class=\"__1 _201\"/>n the bas<span class=\"__1 _201\"/>is of all avail<span class=\"__1 _201\"/>able ev<span class=\"__1 _201\"/>iden<span class=\"__1 _201\"/>ce, it is re<span class=\"__1 _201\"/>garde<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>as prob<span class=\"__1 _201\"/>able th<span class=\"__1 _201\"/>ere wil<span class=\"__1 _201\"/>l be suita<span class=\"__1 _201\"/>ble ta<span class=\"__1 _201\"/>xable p<span class=\"__1 _201\"/>rofits fro<span class=\"__1 _201\"/>m which t<span class=\"__1 _201\"/>he future reve<span class=\"__1 _201\"/>rsal of th<span class=\"__1 _201\"/>e unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y di<span class=\"__1 _201\"/>ffere<span class=\"__1 _201\"/>nces c<span class=\"__1 _201\"/>an be<span class=\"__1 _201\"/> ded<span class=\"__1 _201\"/>ucte<span class=\"__1 _201\"/>d or tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es utilis<span class=\"__1 _201\"/>ed. D<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>re only o<span class=\"__1 _201\"/>ffset w<span class=\"__1 _201\"/>hen th<span class=\"__1 _201\"/>ere is both a l<span class=\"__1 _201\"/>egal r<span class=\"__1 _201\"/>ight to set-off a<span class=\"__1 _201\"/>nd an<span class=\"__1 _201\"/> intentio<span class=\"__1 _201\"/>n to settl<span class=\"__1 _201\"/>e on a net b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x in the s<span class=\"__1 _201\"/>tatement o<span class=\"__1 _201\"/>f financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>able b<span class=\"__1 _201\"/>elow sh<span class=\"__1 _201\"/>ows movem<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>n defer<span class=\"__1 _201\"/>red tax a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s durin<span class=\"__1 _201\"/>g the year<span class=\"__1 _200\"/>. The a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s are diffe<span class=\"__1 _201\"/>rent from th<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/> disc<span class=\"__1 _201\"/>lose<span class=\"__1 _201\"/>d on the co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated s<span class=\"__1 _201\"/>tatement of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al posi<span class=\"__1 _201\"/>tion as th<span class=\"__1 _201\"/>e below a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s are pres<span class=\"__1 _201\"/>ented b<span class=\"__1 _201\"/>efore off<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>ting as<span class=\"__1 _201\"/>set and<span class=\"__1 _201\"/> liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y balan<span class=\"__1 _201\"/>ces wh<span class=\"__1 _201\"/>ere there i<span class=\"__1 _201\"/>s a lega<span class=\"__1 _201\"/>l right to se<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-off an<span class=\"__1 _201\"/>d an intenti<span class=\"__1 _201\"/>on to set<span class=\"__1 _201\"/>tle on a net b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Chang<span class=\"__1 _201\"/>es in ta<span class=\"__1 _201\"/>x laws and r<span class=\"__1 _201\"/>ates may affe<span class=\"__1 _201\"/>ct rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red tax as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _201\"/>. On 10 J<span class=\"__1 _201\"/>une 202<span class=\"__1 _201\"/>1, the UK G<span class=\"__1 _201\"/>overn<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>\u2019s<span class=\"__1 _32b\"> </span>prop<span class=\"__1 _201\"/>osal to in<span class=\"__1 _201\"/>crease th<span class=\"__1 _201\"/>e rate of UK co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>ration ta<span class=\"__1 _201\"/>x from 19% to 25% wi<span class=\"__1 _201\"/>th effec<span class=\"__1 _201\"/>t from 1 A<span class=\"__1 _201\"/>pril 20<span class=\"__1 _201\"/>23 was en<span class=\"__1 _201\"/>acte<span class=\"__1 _201\"/>d into UK law. In lin<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>with th<span class=\"__1 _201\"/>e chang<span class=\"__1 _201\"/>es to the UK r<span class=\"__1 _201\"/>ate of corp<span class=\"__1 _201\"/>oratio<span class=\"__1 _201\"/>n tax<span class=\"__1 _201\"/>, the ca<span class=\"__1 _201\"/>rr<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g value<span class=\"__1 _201\"/>s of our def<span class=\"__1 _201\"/>erred t<span class=\"__1 _201\"/>ax ass<span class=\"__1 _201\"/>ets an<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties were rev<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of whi<span class=\"__1 _201\"/>ch was limite<span class=\"__1 _201\"/>d prim<span class=\"__1 _201\"/>aril<span class=\"__1 _201\"/>y due to the maj<span class=\"__1 _201\"/>orit<span class=\"__1 _201\"/>y of the U<span class=\"__1 _201\"/>K defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x balan<span class=\"__1 _201\"/>ces b<span class=\"__1 _201\"/>eing me<span class=\"__1 _201\"/>asure<span class=\"__1 _201\"/>d at a polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>rate of tax w<span class=\"__1 _201\"/>hich rem<span class=\"__1 _201\"/>ains una<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>ted. <span class=\"__1 _13c_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Unrealised<span class=\"__1 _32b\"> </span>gains/<span class=\"__1 _201\"/> (losses)<span class=\"__1 _200\"/> on<span class=\"__1 _32b\"> </span>investments<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Life tax<span class=\"__1 _32b\"> </span>transiti<span class=\"__1 _201\"/>onal<span class=\"__1 _32b\"> </span>adjustments<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>short-t<span class=\"__1 _200\"/>erm<span class=\"__1 _32b\"> </span>timing<span class=\"__1 _32b\"> </span>differences<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Defer<span class=\"__1 _200\"/>red<span class=\"__1 _32b\"> </span>acquisition<span class=\"__1 _32b\"> </span>costs<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Defined <span class=\"__1 _f_1\"/> benefit <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>pensions<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Capit<span class=\"__1 _200\"/>al <span class=\"__1 _f_1\"/> allowances<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ax losses<span class=\"__1 _32b\"> </span>carried<span class=\"__1 _32b\"> </span>for<span class=\"__1 _201\"/>ward<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Share-bas<span class=\"__1 _201\"/>ed <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>payments <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>and deferr<span class=\"__1 _200\"/>ed <span class=\"ls5_1 ws1_1\"> </span>compensation<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>As<span class=\"__1 _201\"/>sets<span class=\"__1 _9c_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>162<span class=\"__1 _e_1\"> </span><span class=\"ls77_1 ws8c_1\">42<span class=\"__1 _256\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _219\"> </span><span class=\"ls3f_1 ws41_1\">25<span class=\"__1 _2c_1\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _13d_1\"> </span><span class=\"ls30_1 ws30_1\">20<span class=\"__1 _253\"> </span></span></span>273<span class=\"__1 _32b\"> </span></span></span></span>Liabilities<span class=\"__1 _13e_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>41<span class=\"__1 _201\"/>0)<span class=\"__1 _271\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _231\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _228\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>)<span class=\"__1 _208\"> </span></span>(4<span class=\"__1 _250\"/>8)<span class=\"__1 _270\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span>As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2022<span class=\"__1 _340\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _271\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _252\"> </span><span class=\"ls45_1 ws49_1\">113<span class=\"__1 _e_1\"> </span><span class=\"ls22_1 ws21_1\">39<span class=\"__1 _3f_1\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>0)<span class=\"__1 _c_1\"> </span></span></span></span></span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _222\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _13d_1\"> </span><span class=\"ls30_1 ws30_1\">20<span class=\"__1 _245\"> </span></span></span>(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>0)<span class=\"__1 _32b\"> </span></span>Income stat<span class=\"__1 _200\"/>ement<span class=\"__1 _bb_1\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">414<span class=\"__1 _12d_1\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _224\"> </span><span class=\"ls3f_1 ws41_1\">27<span class=\"__1 _219\"> </span><span class=\"ls56_1 ws5f_1\">(2)<span class=\"__1 _228\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _256\"> </span><span class=\"lsb_1 ws32_1\">28<span class=\"__1 _3f_1\"> </span><span class=\"ls3c_1 ws3d_1\">515<span class=\"__1 _341\"> </span></span></span>1<span class=\"__1 _4a_1\"> </span><span class=\"ls4d_1 ws54_1\">1,<span class=\"__1 _201\"/>017<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>Equit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/> comprehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _342\"> </span>\u2014<span class=\"__1 _266\"> </span>\u2014<span class=\"__1 _343\"> </span>\u2014<span class=\"__1 _32b\"> </span>(7)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _261\"> </span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _230\"> </span><span class=\"ls56_1 ws5f_1\">(2)<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er movem<span class=\"__1 _201\"/>ents/fo<span class=\"__1 _201\"/>reign<span class=\"__1 _201\"/> excha<span class=\"__1 _201\"/>nge<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>173<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _261\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>156<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _9e_1\"> </span><span class=\"ls3c_1 ws3d_1\">(8<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>126<span class=\"__1 _226\"> </span><span class=\"ls22_1 ws21_1\">37<span class=\"__1 _5d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>9)<span class=\"__1 _e_1\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _240\"> </span><span class=\"ls40_1 ws44_1\">52<span class=\"__1 _201\"/>8<span class=\"__1 _344\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _212\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>As<span class=\"__1 _201\"/>sets<span class=\"__1 _9c_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">5<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>163<span class=\"__1 _345\"> </span><span class=\"ls1f_1 ws1e_1\">38<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>28<span class=\"__1 _240\"> </span><span class=\"ls40_1 ws44_1\">528<span class=\"__1 _344\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _c_1\"> </span><span class=\"ls27_1 ws27_1\">788<span class=\"__1 _32b\"> </span></span></span></span>Liabilities<span class=\"__1 _346\"> </span><span class=\"ff1_1 ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>25<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _226\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>)<span class=\"__1 _4a_1\"> </span></span>(3<span class=\"__1 _201\"/>9)<span class=\"__1 _237\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(9<span class=\"__1 _201\"/>17<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _9e_1\"> </span><span class=\"ls3c_1 ws3d_1\">(8<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>126<span class=\"__1 _226\"> </span><span class=\"ls22_1 ws21_1\">37<span class=\"__1 _5d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>9)<span class=\"__1 _e_1\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _240\"> </span><span class=\"ls40_1 ws44_1\">52<span class=\"__1 _201\"/>8<span class=\"__1 _344\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _212\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>i<span class=\"__1 _32b\"> </span>Def<span class=\"__1 _201\"/>err<span class=\"__1 _201\"/>ed ta<span class=\"__1 _201\"/>x on unr<span class=\"__1 _201\"/>eali<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d gain<span class=\"__1 _201\"/>s/lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es on i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts pr<span class=\"__1 _201\"/>ima<span class=\"__1 _201\"/>ril<span class=\"__1 _201\"/>y aris<span class=\"__1 _201\"/>e on t<span class=\"__1 _201\"/>wo key co<span class=\"__1 _201\"/>mpo<span class=\"__1 _201\"/>nen<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. The l<span class=\"__1 _201\"/>arge<span class=\"__1 _201\"/>st co<span class=\"__1 _201\"/>mp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nt rel<span class=\"__1 _201\"/>ates to ga<span class=\"__1 _201\"/>ins/(l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es)<span class=\"__1 _32b\"> </span>on ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts wh<span class=\"__1 _201\"/>ich a<span class=\"__1 _201\"/>re onl<span class=\"__1 _201\"/>y taxe<span class=\"__1 _201\"/>d wh<span class=\"__1 _201\"/>en rea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d, i<span class=\"__1 _201\"/>.e. w<span class=\"__1 _201\"/>hen a<span class=\"__1 _201\"/>n ass<span class=\"__1 _201\"/>et is s<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>. The s<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ond c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nt rel<span class=\"__1 _201\"/>ates to ga<span class=\"__1 _201\"/>ins/(l<span class=\"__1 _201\"/>os<span class=\"__1 _201\"/>ses) on ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain<span class=\"__1 _201\"/> inve<span class=\"__1 _201\"/>stm<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s hel<span class=\"__1 _201\"/>d by life i<span class=\"__1 _201\"/>nsu<span class=\"__1 _201\"/>ranc<span class=\"__1 _201\"/>e com<span class=\"__1 _201\"/>pan<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch fo<span class=\"__1 _201\"/>r UK co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>on ta<span class=\"__1 _201\"/>x pur<span class=\"__1 _201\"/>pos<span class=\"__1 _201\"/>es are d<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>med t<span class=\"__1 _201\"/>o have be<span class=\"__1 _201\"/>en di<span class=\"__1 _201\"/>spo<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d of and i<span class=\"__1 _201\"/>mme<span class=\"__1 _201\"/>diate<span class=\"__1 _201\"/>ly<span class=\"__1 _201\"/> rea<span class=\"__1 _201\"/>cqui<span class=\"__1 _201\"/>red at m<span class=\"__1 _201\"/>arket v<span class=\"__1 _201\"/>alu<span class=\"__1 _201\"/>e at the e<span class=\"__1 _201\"/>nd of ea<span class=\"__1 _201\"/>ch ac<span class=\"__1 _201\"/>coun<span class=\"__1 _201\"/>ting p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>. Any ga<span class=\"__1 _201\"/>in/(l<span class=\"__1 _201\"/>oss) ar<span class=\"__1 _201\"/>isin<span class=\"__1 _201\"/>g on th<span class=\"__1 _201\"/>e dee<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>d disp<span class=\"__1 _201\"/>os<span class=\"__1 _201\"/>al is re<span class=\"__1 _201\"/>quir<span class=\"__1 _201\"/>ed to be s<span class=\"__1 _201\"/>pre<span class=\"__1 _201\"/>ad ove<span class=\"__1 _201\"/>r a seve<span class=\"__1 _201\"/>n-<span class=\"__1 _32b\"> </span>year period.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Th<span class=\"__1 _201\"/>e UK G<span class=\"__1 _201\"/>over<span class=\"__1 _201\"/>nme<span class=\"__1 _201\"/>nt mad<span class=\"__1 _201\"/>e sub<span class=\"__1 _201\"/>sta<span class=\"__1 _201\"/>ntial c<span class=\"__1 _201\"/>han<span class=\"__1 _201\"/>ges to th<span class=\"__1 _201\"/>e ru<span class=\"__1 _201\"/>les re<span class=\"__1 _201\"/>lati<span class=\"__1 _201\"/>ng to the t<span class=\"__1 _201\"/>axat<span class=\"__1 _201\"/>ion of l<span class=\"__1 _201\"/>ife in<span class=\"__1 _201\"/>sura<span class=\"__1 _201\"/>nce c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>ani<span class=\"__1 _201\"/>es wh<span class=\"__1 _201\"/>ich ap<span class=\"__1 _201\"/>pli<span class=\"__1 _201\"/>ed fro<span class=\"__1 _201\"/>m 1 Jan<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>13. A n<span class=\"__1 _201\"/>et<span class=\"__1 _32b\"> </span>def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d ta<span class=\"__1 _201\"/>x liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y wa<span class=\"__1 _201\"/>s reco<span class=\"__1 _201\"/>gni<span class=\"__1 _201\"/>sed f<span class=\"__1 _201\"/>or th<span class=\"__1 _201\"/>e temp<span class=\"__1 _201\"/>ora<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y diff<span class=\"__1 _201\"/>eren<span class=\"__1 _201\"/>ce tha<span class=\"__1 _201\"/>t aros<span class=\"__1 _201\"/>e on th<span class=\"__1 _201\"/>e tran<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on to the n<span class=\"__1 _201\"/>ew re<span class=\"__1 _201\"/>gim<span class=\"__1 _201\"/>e. Th<span class=\"__1 _201\"/>e defe<span class=\"__1 _201\"/>rre<span class=\"__1 _201\"/>d tax b<span class=\"__1 _201\"/>alan<span class=\"__1 _201\"/>ces a<span class=\"__1 _201\"/>re now f<span class=\"__1 _201\"/>ull<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>reve<span class=\"__1 _201\"/>rse<span class=\"__1 _201\"/>d at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2.<span class=\"__1 _32b\"> </span>iii  <span class=\"__1 _347\"> </span>Th<span class=\"__1 _201\"/>e clos<span class=\"__1 _201\"/>ing b<span class=\"__1 _201\"/>ala<span class=\"__1 _201\"/>nce at 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 p<span class=\"__1 _201\"/>rima<span class=\"__1 _201\"/>ril<span class=\"__1 _201\"/>y com<span class=\"__1 _201\"/>pri<span class=\"__1 _201\"/>ses \u00a3<span class=\"__1 _201\"/>83<span class=\"__1 _201\"/>m (20<span class=\"__1 _201\"/>21: \u00a38<span class=\"__1 _201\"/>8m) of d<span class=\"__1 _201\"/>efer<span class=\"__1 _201\"/>red t<span class=\"__1 _201\"/>ax as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s on su<span class=\"__1 _201\"/>bord<span class=\"__1 _201\"/>inate<span class=\"__1 _201\"/>d de<span class=\"__1 _201\"/>bt tog<span class=\"__1 _201\"/>ethe<span class=\"__1 _201\"/>r with a \u00a3<span class=\"__1 _201\"/>33<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span>(20<span class=\"__1 _201\"/>21: \u00a32<span class=\"__1 _201\"/>2m: M<span class=\"__1 _201\"/>GS<span class=\"__1 _201\"/>A) def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d ta<span class=\"__1 _201\"/>x liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y on c<span class=\"__1 _201\"/>usto<span class=\"__1 _201\"/>mer-rel<span class=\"__1 _201\"/>ated i<span class=\"__1 _201\"/>ntan<span class=\"__1 _201\"/>gib<span class=\"__1 _201\"/>le as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s aris<span class=\"__1 _201\"/>ing o<span class=\"__1 _201\"/>n the a<span class=\"__1 _201\"/>cqui<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>ons of M<span class=\"__1 _201\"/>GSA<span class=\"__1 _201\"/>, S<span class=\"__1 _201\"/>and<span class=\"__1 _201\"/>rin<span class=\"__1 _201\"/>gham &amp; r<span class=\"__1 _201\"/>esp<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>Abi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span>Th<span class=\"__1 _201\"/>e rema<span class=\"__1 _201\"/>inin<span class=\"__1 _201\"/>g bal<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e pri<span class=\"__1 _201\"/>mari<span class=\"__1 _201\"/>ly re<span class=\"__1 _201\"/>lates to d<span class=\"__1 _201\"/>efe<span class=\"__1 _201\"/>rre<span class=\"__1 _201\"/>d tax as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s on em<span class=\"__1 _201\"/>plo<span class=\"__1 _201\"/>yee re<span class=\"__1 _201\"/>late<span class=\"__1 _201\"/>d comp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>ati<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>iv <span class=\"__1 _285\"> </span>Th<span class=\"__1 _201\"/>e Gro<span class=\"__1 _201\"/>up inc<span class=\"__1 _201\"/>urs va<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>us in<span class=\"__1 _201\"/>crem<span class=\"__1 _201\"/>enta<span class=\"__1 _201\"/>l, di<span class=\"__1 _201\"/>rec<span class=\"__1 _201\"/>tly at<span class=\"__1 _201\"/>tr<span class=\"__1 _201\"/>ibut<span class=\"__1 _201\"/>abl<span class=\"__1 _201\"/>e acq<span class=\"__1 _201\"/>uisi<span class=\"__1 _201\"/>tion c<span class=\"__1 _201\"/>ost<span class=\"__1 _201\"/>s in ob<span class=\"__1 _201\"/>taini<span class=\"__1 _201\"/>ng ne<span class=\"__1 _201\"/>w cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. For U<span class=\"__1 _201\"/>K cor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n tax p<span class=\"__1 _201\"/>urp<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>s, a<span class=\"__1 _201\"/>cqui<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/> exp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>es in<span class=\"__1 _201\"/>curr<span class=\"__1 _201\"/>ed un<span class=\"__1 _201\"/>til 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tai<span class=\"__1 _201\"/>n life i<span class=\"__1 _201\"/>nsur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss we<span class=\"__1 _201\"/>re req<span class=\"__1 _201\"/>uire<span class=\"__1 _201\"/>d to be sp<span class=\"__1 _201\"/>rea<span class=\"__1 _201\"/>d over a s<span class=\"__1 _201\"/>even<span class=\"__1 _201\"/>-year p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>. A def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>tax a<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>et was re<span class=\"__1 _201\"/>co<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed fo<span class=\"__1 _201\"/>r the ex<span class=\"__1 _201\"/>pe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d futu<span class=\"__1 _201\"/>re tax d<span class=\"__1 _201\"/>edu<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>v <span class=\"__1 _6c_1\"> </span>Th<span class=\"__1 _201\"/>e tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>ied f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>war<span class=\"__1 _201\"/>d at 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 relate t<span class=\"__1 _201\"/>o \u00a382m (<span class=\"__1 _201\"/>2021<span class=\"__1 _201\"/>: \u00a366<span class=\"__1 _201\"/>m) of UK ca<span class=\"__1 _201\"/>pit<span class=\"__1 _201\"/>al los<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>s and \u00a3<span class=\"__1 _201\"/>2,<span class=\"__1 _201\"/>024m (<span class=\"__1 _201\"/>2021<span class=\"__1 _201\"/>: \u00a3nil) o<span class=\"__1 _201\"/>f trad<span class=\"__1 _201\"/>ing l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Un<span class=\"__1 _201\"/>der U<span class=\"__1 _201\"/>K law, bo<span class=\"__1 _201\"/>th trad<span class=\"__1 _201\"/>ing c<span class=\"__1 _201\"/>api<span class=\"__1 _201\"/>tal lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es ca<span class=\"__1 _201\"/>n be c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>ied f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>wa<span class=\"__1 _201\"/>rd ind<span class=\"__1 _201\"/>efin<span class=\"__1 _201\"/>itel<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. A def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>et has b<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>n rec<span class=\"__1 _201\"/>ogni<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d in ful<span class=\"__1 _201\"/>l on the t<span class=\"__1 _201\"/>rad<span class=\"__1 _201\"/>ing lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>and a p<span class=\"__1 _201\"/>rop<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of the<span class=\"__1 _201\"/>se c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>ied f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>war<span class=\"__1 _201\"/>d los<span class=\"__1 _201\"/>ses a<span class=\"__1 _201\"/>s the G<span class=\"__1 _201\"/>rou<span class=\"__1 _201\"/>p cons<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>rs it i<span class=\"__1 _201\"/>s prob<span class=\"__1 _201\"/>abl<span class=\"__1 _201\"/>e that s<span class=\"__1 _201\"/>uffic<span class=\"__1 _201\"/>ien<span class=\"__1 _201\"/>t futur<span class=\"__1 _201\"/>e UK ta<span class=\"__1 _201\"/>xabl<span class=\"__1 _201\"/>e pro<span class=\"__1 _201\"/>fit an<span class=\"__1 _201\"/>d cap<span class=\"__1 _201\"/>ital g<span class=\"__1 _201\"/>ains w<span class=\"__1 _201\"/>ill b<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>avai<span class=\"__1 _201\"/>lab<span class=\"__1 _201\"/>le ag<span class=\"__1 _201\"/>ains<span class=\"__1 _201\"/>t whi<span class=\"__1 _201\"/>ch the<span class=\"__1 _201\"/>se l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es c<span class=\"__1 _201\"/>an be ut<span class=\"__1 _201\"/>ilis<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>vi <span class=\"__1 _285\"> </span>Oth<span class=\"__1 _201\"/>er m<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>f \u00a3173<span class=\"__1 _201\"/>m incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d wit<span class=\"__1 _201\"/>hin U<span class=\"__1 _201\"/>nrea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d gai<span class=\"__1 _201\"/>ns/l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es o<span class=\"__1 _201\"/>n inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>, \u00a318<span class=\"__1 _201\"/>7m is ass<span class=\"__1 _201\"/>oci<span class=\"__1 _201\"/>ated w<span class=\"__1 _201\"/>ith the d<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n of the M<span class=\"__1 _201\"/>&amp;G<span class=\"__1 _201\"/> Euro<span class=\"__1 _201\"/>pea<span class=\"__1 _201\"/>n Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund in t<span class=\"__1 _201\"/>he pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d an<span class=\"__1 _201\"/>d \u00a314m re<span class=\"__1 _201\"/>lates to f<span class=\"__1 _201\"/>orei<span class=\"__1 _201\"/>gn exch<span class=\"__1 _201\"/>ang<span class=\"__1 _201\"/>e move<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s. S<span class=\"__1 _201\"/>hor<span class=\"__1 _201\"/>t-ter<span class=\"__1 _201\"/>m timi<span class=\"__1 _201\"/>ng di<span class=\"__1 _201\"/>ffere<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/>s of \u00a314m r<span class=\"__1 _201\"/>elate<span class=\"__1 _201\"/>s to def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>tax l<span class=\"__1 _201\"/>iab<span class=\"__1 _201\"/>iliti<span class=\"__1 _201\"/>es on i<span class=\"__1 _201\"/>ntan<span class=\"__1 _201\"/>gib<span class=\"__1 _201\"/>le as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s reco<span class=\"__1 _201\"/>gni<span class=\"__1 _201\"/>sed a<span class=\"__1 _201\"/>s par<span class=\"__1 _201\"/>t of t<span class=\"__1 _201\"/>he acq<span class=\"__1 _201\"/>uis<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n of Sa<span class=\"__1 _201\"/>ndr<span class=\"__1 _201\"/>ingh<span class=\"__1 _201\"/>am Fin<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>ial P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>s Lim<span class=\"__1 _201\"/>ited a<span class=\"__1 _201\"/>nd re<span class=\"__1 _201\"/>spo<span class=\"__1 _201\"/>nsA<span class=\"__1 _201\"/>bili<span class=\"__1 _201\"/>ty I<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts AG;<span class=\"__1 _201\"/> (20<span class=\"__1 _201\"/>21: \u00a32<span class=\"__1 _201\"/>2m \u2013 a<span class=\"__1 _201\"/>cqui<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on of M<span class=\"__1 _201\"/>GSA<span class=\"__1 _201\"/>).<span class=\"__1 _32b\"> </span>9 T<span class=\"__1 _337\"/>ax cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"ls5_1 ws1_1\"> </span>2021<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Unrealised<span class=\"__1 _32b\"> </span>gains/<span class=\"__1 _201\"/> (losses)<span class=\"__1 _200\"/> on<span class=\"__1 _32b\"> </span>investments<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Life tax<span class=\"__1 _32b\"> </span>transiti<span class=\"__1 _201\"/>onal<span class=\"__1 _32b\"> </span>adjustments<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>short-t<span class=\"__1 _200\"/>erm <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>timing <span class=\"ls5_1 ws1_1\"> </span>differences<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Defer<span class=\"__1 _200\"/>red<span class=\"__1 _32b\"> </span>acquisition<span class=\"__1 _32b\"> </span>costs<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Defined <span class=\"__1 _f_1\"/> benefit <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>pensions<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Capit<span class=\"__1 _200\"/>al <span class=\"__1 _f_1\"/> allowances<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ax losses<span class=\"__1 _32b\"> </span>carried<span class=\"__1 _32b\"> </span>for<span class=\"__1 _201\"/>ward<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Share-bas<span class=\"__1 _201\"/>ed <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>payments <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>and deferr<span class=\"__1 _200\"/>ed <span class=\"ls5_1 ws1_1\"> </span>compensation<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>As<span class=\"__1 _201\"/>sets<span class=\"__1 _348\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _12f_1\"> </span>2<span class=\"__1 _256\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>5<span class=\"__1 _1d_1\"> </span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _231\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _264\"> </span>13<span class=\"__1 _2c_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _a3_1\"> </span>15<span class=\"__1 _253\"> </span></span></span></span></span></span>226<span class=\"__1 _32b\"> </span>Liabilities<span class=\"__1 _349\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3)<span class=\"__1 _230\"> </span><span class=\"ls18_1 ws17_1\">(<span class=\"__1 _201\"/>70)<span class=\"__1 _1d_1\"> </span></span>(1<span class=\"__1 _201\"/>1)<span class=\"__1 _226\"> </span><span class=\"ls25_1 ws25_1\">(6)<span class=\"__1 _240\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _253\"> </span>(3<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>4<span class=\"__1 _32b\"> </span>As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2021<span class=\"__1 _14a_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>6)<span class=\"__1 _230\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>8)<span class=\"__1 _c_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>4<span class=\"__1 _345\"> </span><span class=\"ls47_1 ws4d_1\">45<span class=\"__1 _270\"> </span></span></span></span>(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _252\"> </span><span class=\"ls52_1 ws5a_1\">(<span class=\"__1 _201\"/>21)<span class=\"__1 _222\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _ab_1\"> </span>15<span class=\"__1 _214\"> </span><span class=\"ls42_1 ws46_1\">(1,018<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>Income stat<span class=\"__1 _200\"/>ement<span class=\"__1 _14b_1\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>21)<span class=\"__1 _8a_1\"> </span><span class=\"ls32_1 ws33_1\">42<span class=\"__1 _8a_1\"> </span></span>11<span class=\"__1 _232\"> </span><span class=\"ls25_1 ws25_1\">(6)<span class=\"__1 _253\"> </span><span class=\"ls57_1 ws61_1\">(4)<span class=\"__1 _224\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _1d_1\"> </span>3<span class=\"__1 _341\"> </span>1<span class=\"__1 _272\"> </span><span class=\"ls21_1 ws20_1\">(26<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span></span>Equit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/> comprehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _342\"> </span>\u2014<span class=\"__1 _32b\"> </span>20<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _261\"> </span>\u2014<span class=\"__1 _32b\"> </span>4<span class=\"__1 _8d_1\"> </span>5<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er movem<span class=\"__1 _201\"/>ents/fo<span class=\"__1 _201\"/>reign<span class=\"__1 _201\"/> excha<span class=\"__1 _201\"/>nge<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _342\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _261\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _261\"> </span>\u2014<span class=\"__1 _349\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _f4_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _264\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _252\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>3<span class=\"__1 _e_1\"> </span><span class=\"ls28_1 ws28_1\">39<span class=\"__1 _220\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>0)<span class=\"__1 _228\"> </span></span></span></span></span>(1<span class=\"__1 _201\"/>2)<span class=\"__1 _223\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _344\"> </span><span class=\"ls32_1 ws33_1\">20<span class=\"__1 _206\"> </span><span class=\"ls28_1 ws28_1\">(1<span class=\"__1 _200\"/>,300<span class=\"__1 _32b\"> </span></span></span></span></span>As<span class=\"__1 _201\"/>sets<span class=\"__1 _af_1\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>162<span class=\"__1 _226\"> </span><span class=\"ls32_1 ws33_1\">42<span class=\"__1 _1d_1\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _f4_1\"> </span><span class=\"ls15_1 ws14_1\">25<span class=\"__1 _231\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _344\"> </span></span></span></span>20<span class=\"__1 _239\"> </span><span class=\"lsb_1 ws32_1\">273<span class=\"__1 _32b\"> </span></span></span>Liabilities<span class=\"__1 _14c_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>0)<span class=\"__1 _264\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _252\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>9)<span class=\"__1 _226\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>)<span class=\"__1 _240\"> </span></span>(4<span class=\"__1 _250\"/>8)<span class=\"__1 _2c_1\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _f4_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _264\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _252\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>3<span class=\"__1 _e_1\"> </span><span class=\"ls28_1 ws28_1\">39<span class=\"__1 _220\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>0)<span class=\"__1 _228\"> </span></span></span></span></span>(1<span class=\"__1 _201\"/>2)<span class=\"__1 _223\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _344\"> </span><span class=\"ls32_1 ws33_1\">20<span class=\"__1 _206\"> </span><span class=\"ls28_1 ws28_1\">(1<span class=\"__1 _200\"/>,300<span class=\"__1 _32b\"> </span></span></span></span></span>The G<span class=\"__1 _201\"/>roup\u2019s net defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x liabi<span class=\"__1 _201\"/>lity at 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 of \u00a312<span class=\"__1 _201\"/>9m chan<span class=\"__1 _201\"/>ged si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cantl<span class=\"__1 _201\"/>y from the d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y at<span class=\"__1 _32b\"> </span>31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021 of \u00a31<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>00m<span class=\"__1 _201\"/>, repres<span class=\"__1 _201\"/>enting a<span class=\"__1 _201\"/>n overall n<span class=\"__1 _201\"/>et movem<span class=\"__1 _201\"/>ent of \u00a31,<span class=\"__1 _200\"/>171m. The si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant m<span class=\"__1 _201\"/>ovement i<span class=\"__1 _201\"/>s pred<span class=\"__1 _201\"/>ominant<span class=\"__1 _201\"/>ly due<span class=\"__1 _32b\"> </span>to a decre<span class=\"__1 _201\"/>ase of de<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d tax liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y (DTL) ar<span class=\"__1 _201\"/>ising o<span class=\"__1 _201\"/>n unreali<span class=\"__1 _201\"/>sed l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s in the pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d togethe<span class=\"__1 _201\"/>r with an in<span class=\"__1 _201\"/>crease i<span class=\"__1 _201\"/>n the rec<span class=\"__1 _201\"/>ogniti<span class=\"__1 _201\"/>on<span class=\"__1 _32b\"> </span>of defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>ets (DT<span class=\"__1 _f_1\"/>A) o<span class=\"__1 _201\"/>n carr<span class=\"__1 _201\"/>y f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ward U<span class=\"__1 _201\"/>K tax los<span class=\"__1 _201\"/>ses of \u00a3<span class=\"__1 _201\"/>5<span class=\"__1 _200\"/>15m, of w<span class=\"__1 _201\"/>hich \u00a35<span class=\"__1 _201\"/>08m re<span class=\"__1 _201\"/>lates UK in<span class=\"__1 _201\"/>come ta<span class=\"__1 _201\"/>x los<span class=\"__1 _201\"/>ses ar<span class=\"__1 _201\"/>ising i<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span>per<span class=\"__1 _201\"/>iod of \u00a3<span class=\"__1 _201\"/>2,0<span class=\"__1 _201\"/>24m.<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nition of a DT<span class=\"__1 _f_1\"/>A re<span class=\"__1 _201\"/>lies o<span class=\"__1 _201\"/>n an ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment of th<span class=\"__1 _201\"/>e probab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y of future ta<span class=\"__1 _201\"/>xabl<span class=\"__1 _201\"/>e profits<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group\u2019s expe<span class=\"__1 _201\"/>ctati<span class=\"__1 _201\"/>ons of futu<span class=\"__1 _201\"/>re<span class=\"__1 _32b\"> </span>UK ta<span class=\"__1 _201\"/>xable p<span class=\"__1 _201\"/>rofits re<span class=\"__1 _201\"/>quire ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment ju<span class=\"__1 _201\"/>dgem<span class=\"__1 _201\"/>ent, an<span class=\"__1 _201\"/>d take into accou<span class=\"__1 _201\"/>nt the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s lon<span class=\"__1 _201\"/>g-term fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l and st<span class=\"__1 _201\"/>rategic p<span class=\"__1 _201\"/>lans an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>projected fut<span class=\"__1 _200\"/>ure<span class=\"__1 _200\"/> shareholder t<span class=\"__1 _200\"/>ransfers.<span class=\"__1 _32b\"> </span>The DT<span class=\"__1 _200\"/>A on tax los<span class=\"__1 _201\"/>ses c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>ied fo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ward at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 of \u00a3528<span class=\"__1 _201\"/>m (2021: \u00a313m) com<span class=\"__1 _201\"/>pris<span class=\"__1 _201\"/>es of \u00a350<span class=\"__1 _201\"/>8m in re<span class=\"__1 _201\"/>lation to UK<span class=\"__1 _201\"/> inco<span class=\"__1 _201\"/>me tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es (2021: \u00a3ni<span class=\"__1 _201\"/>l) and \u00a3<span class=\"__1 _201\"/>20m in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of UK c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l loss<span class=\"__1 _201\"/>es (202<span class=\"__1 _201\"/>1: \u00a313m). The DT<span class=\"__1 _f_1\"/>A on U<span class=\"__1 _201\"/>K inco<span class=\"__1 _201\"/>me tax lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s has be<span class=\"__1 _201\"/>en<span class=\"__1 _201\"/> reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in full b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d upon s<span class=\"__1 _201\"/>uffici<span class=\"__1 _201\"/>ent future ta<span class=\"__1 _201\"/>xabl<span class=\"__1 _201\"/>e profit<span class=\"__1 _201\"/>s arisin<span class=\"__1 _201\"/>g from sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>rs. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e trans<span class=\"__1 _201\"/>fers are c<span class=\"__1 _201\"/>onsid<span class=\"__1 _201\"/>ered<span class=\"__1 _201\"/> a reliab<span class=\"__1 _201\"/>le so<span class=\"__1 _201\"/>urce of profi<span class=\"__1 _201\"/>t and are a co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent mea<span class=\"__1 _201\"/>sure use<span class=\"__1 _201\"/>d in the G<span class=\"__1 _201\"/>roup\u2019s Busine<span class=\"__1 _201\"/>ss Pla<span class=\"__1 _201\"/>ns and S<span class=\"__1 _201\"/>olven<span class=\"__1 _201\"/>cy II c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ations<span class=\"__1 _201\"/>. The DT<span class=\"__1 _200\"/>A<span class=\"__1 _32b\"> </span>on UK c<span class=\"__1 _201\"/>apit<span class=\"__1 _201\"/>al los<span class=\"__1 _201\"/>ses has b<span class=\"__1 _201\"/>een p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tiall<span class=\"__1 _201\"/>y recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d and is ba<span class=\"__1 _201\"/>sed up<span class=\"__1 _201\"/>on exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d revers<span class=\"__1 _201\"/>al of the tax<span class=\"__1 _201\"/>able tem<span class=\"__1 _201\"/>pora<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y diffe<span class=\"__1 _201\"/>rence<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d on unre<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d gains o<span class=\"__1 _201\"/>n investm<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, onl<span class=\"__1 _201\"/>y a propo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tion of wh<span class=\"__1 _201\"/>ich are exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be availa<span class=\"__1 _201\"/>ble fo<span class=\"__1 _201\"/>r offs<span class=\"__1 _201\"/>et agains<span class=\"__1 _201\"/>t the U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>capital los<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Mo<span class=\"__1 _201\"/>dellin<span class=\"__1 _201\"/>g was und<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>taken to review th<span class=\"__1 _201\"/>e recove<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y per<span class=\"__1 _201\"/>iod of the DT<span class=\"__1 _200\"/>A on both the i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e and ca<span class=\"__1 _201\"/>pital lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s. Un<span class=\"__1 _201\"/>der cur<span class=\"__1 _201\"/>rent UK t<span class=\"__1 _201\"/>ax<span class=\"__1 _32b\"> </span>leg<span class=\"__1 _201\"/>islatio<span class=\"__1 _201\"/>n, the<span class=\"__1 _201\"/>re is no tim<span class=\"__1 _201\"/>e limit on uti<span class=\"__1 _201\"/>lisatio<span class=\"__1 _201\"/>n of both th<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e and c<span class=\"__1 _201\"/>apital l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s, h<span class=\"__1 _201\"/>owever<span class=\"__1 _200\"/>, these ta<span class=\"__1 _201\"/>x los<span class=\"__1 _201\"/>ses c<span class=\"__1 _201\"/>an onl<span class=\"__1 _201\"/>y be use<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>again<span class=\"__1 _201\"/>st 50% o<span class=\"__1 _201\"/>f taxabl<span class=\"__1 _201\"/>e inco<span class=\"__1 _201\"/>me profi<span class=\"__1 _201\"/>ts and c<span class=\"__1 _201\"/>apital g<span class=\"__1 _201\"/>ains in fu<span class=\"__1 _201\"/>ture per<span class=\"__1 _201\"/>iods<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>se res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>tions i<span class=\"__1 _201\"/>n utilis<span class=\"__1 _201\"/>ation me<span class=\"__1 _201\"/>an that the va<span class=\"__1 _201\"/>lue of<span class=\"__1 _201\"/> the DT<span class=\"__1 _f_1\"/>A in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of in<span class=\"__1 _201\"/>come ta<span class=\"__1 _201\"/>x los<span class=\"__1 _201\"/>ses is o<span class=\"__1 _201\"/>nly exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be full<span class=\"__1 _201\"/>y recove<span class=\"__1 _201\"/>red by 203<span class=\"__1 _201\"/>5 in the ba<span class=\"__1 _201\"/>se cas<span class=\"__1 _201\"/>e forec<span class=\"__1 _201\"/>ast<span class=\"__1 _201\"/>. An imp<span class=\"__1 _201\"/>aired<span class=\"__1 _201\"/> sce<span class=\"__1 _201\"/>nario w<span class=\"__1 _201\"/>as also m<span class=\"__1 _201\"/>ode<span class=\"__1 _201\"/>lled w<span class=\"__1 _201\"/>hich refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted a 10% redu<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n of forec<span class=\"__1 _201\"/>as<span class=\"__1 _201\"/>t shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r trans<span class=\"__1 _201\"/>fer in ea<span class=\"__1 _201\"/>ch per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>, this exte<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d the<span class=\"__1 _32b\"> </span>recove<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y to 2037<span class=\"__1 _200\"/>. The inc<span class=\"__1 _201\"/>ome ta<span class=\"__1 _201\"/>x los<span class=\"__1 _201\"/>ses ar<span class=\"__1 _201\"/>ising in 20<span class=\"__1 _201\"/>22 are n<span class=\"__1 _201\"/>ot expe<span class=\"__1 _201\"/>cted to b<span class=\"__1 _201\"/>e recurr<span class=\"__1 _201\"/>ing in f<span class=\"__1 _201\"/>uture per<span class=\"__1 _201\"/>iods<span class=\"__1 _201\"/>, and g<span class=\"__1 _201\"/>iven the f<span class=\"__1 _201\"/>orec<span class=\"__1 _201\"/>ast<span class=\"__1 _201\"/> of future p<span class=\"__1 _201\"/>rofitab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y and the G<span class=\"__1 _201\"/>roup\u2019s commi<span class=\"__1 _201\"/>tment to the U<span class=\"__1 _201\"/>K market, i<span class=\"__1 _201\"/>n manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t\u2019s judg<span class=\"__1 _201\"/>ement i<span class=\"__1 _201\"/>t is proba<span class=\"__1 _201\"/>ble that th<span class=\"__1 _201\"/>e value of<span class=\"__1 _201\"/> the DT<span class=\"__1 _f_1\"/>A on l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es will b<span class=\"__1 _201\"/>e recove<span class=\"__1 _201\"/>red by the G<span class=\"__1 _201\"/>roup wh<span class=\"__1 _201\"/>ile stil<span class=\"__1 _201\"/>l oper<span class=\"__1 _201\"/>ating as a go<span class=\"__1 _201\"/>ing co<span class=\"__1 _201\"/>ncer<span class=\"__1 _201\"/>n. Th<span class=\"__1 _201\"/>e mode<span class=\"__1 _201\"/>lling of f<span class=\"__1 _201\"/>uture cap<span class=\"__1 _201\"/>ital gain<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>aris<span class=\"__1 _201\"/>ing on inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts sho<span class=\"__1 _201\"/>w that the rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed DT<span class=\"__1 _f_1\"/>A on c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l los<span class=\"__1 _201\"/>ses is exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be re<span class=\"__1 _201\"/>covered by 20<span class=\"__1 _201\"/>28.<span class=\"__1 _32b\"> </span>It is p<span class=\"__1 _201\"/>ossi<span class=\"__1 _201\"/>ble that f<span class=\"__1 _201\"/>uture tax law ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s could m<span class=\"__1 _201\"/>ateriall<span class=\"__1 _201\"/>y affe<span class=\"__1 _201\"/>ct the ti<span class=\"__1 _201\"/>ming of re<span class=\"__1 _201\"/>cover<span class=\"__1 _201\"/>y and th<span class=\"__1 _201\"/>e valu<span class=\"__1 _201\"/>e of these l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es ultim<span class=\"__1 _201\"/>ately<span class=\"__1 _201\"/> realis<span class=\"__1 _201\"/>ed by the G<span class=\"__1 _201\"/>roup.<span class=\"__1 _201\"/> The d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax ba<span class=\"__1 _201\"/>lance<span class=\"__1 _201\"/>s, af<span class=\"__1 _201\"/>ter net<span class=\"__1 _201\"/>ting<span class=\"__1 _201\"/>, aris<span class=\"__1 _201\"/>e in the fol<span class=\"__1 _201\"/>lowin<span class=\"__1 _201\"/>g par<span class=\"__1 _201\"/>ts of the G<span class=\"__1 _201\"/>roup: <span class=\"__1 _b_1\"> </span><span class=\"ls1_1\">D<span class=\"__1 _201\"/>efe<span class=\"__1 _201\"/>rre<span class=\"__1 _201\"/>d tax a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ts<span class=\"__1 _1a_1\"> </span><span class=\"ls3_1 ws69_1\">D<span class=\"__1 _201\"/>eferred tax liabilities<span class=\"__1 _32b\"> </span></span></span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _3e_1\"> </span><span class=\"ff1_1 ls1c_1 ws43_1\">594<span class=\"__1 _f4_1\"> </span></span><span class=\"ls1f_1 ws1e_1\">68<span class=\"__1 _228\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _14d_1\"> </span></span><span class=\"ls18_1 ws17_1\">(9<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span>Overseas<span class=\"__1 _205\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">57<span class=\"__1 _264\"> </span></span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _256\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>5)<span class=\"__1 _3f_1\"> </span></span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>59<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _280\"> </span><span class=\"ls3c_1 ws3d_1\">6<span class=\"__1 _201\"/>51<span class=\"__1 _226\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">11<span class=\"__1 _201\"/>9<span class=\"__1 _228\"> </span></span>(<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>0)<span class=\"__1 _282\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span></span>9 T<span class=\"__1 _337\"/>ax cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>9.2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 Unrecognised<span class=\"__1 _200\"/> deferr<span class=\"__1 _200\"/>ed ta<span class=\"__1 _200\"/>x<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ax losses and t<span class=\"__1 _200\"/>emporar<span class=\"__1 _201\"/>y differ<span class=\"__1 _200\"/>ences<span class=\"__1 _32b\"> </span>At the end of t<span class=\"__1 _201\"/>he repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting pe<span class=\"__1 _201\"/>riod<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up have unus<span class=\"__1 _201\"/>ed tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es of \u00a34<span class=\"__1 _201\"/>81m (2021: \u00a3512m<span class=\"__1 _200\"/>) and temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces of \u00a3n<span class=\"__1 _201\"/>il<span class=\"__1 _32b\"> </span>(2021: \u00a3<span class=\"__1 _201\"/>2m) for whic<span class=\"__1 _201\"/>h no defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>et is bein<span class=\"__1 _201\"/>g reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e Group\u2019s unus<span class=\"__1 _201\"/>ed tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es prim<span class=\"__1 _201\"/>aril<span class=\"__1 _201\"/>y relate to cap<span class=\"__1 _201\"/>ital los<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/> in the U<span class=\"__1 _201\"/>K of \u00a3472m (2021: \u00a3<span class=\"__1 _201\"/>502m). No def<span class=\"__1 _201\"/>erred t<span class=\"__1 _201\"/>ax ass<span class=\"__1 _201\"/>et is rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e unuse<span class=\"__1 _201\"/>d tax lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of \u00a3481m as it i<span class=\"__1 _201\"/>s not cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>prob<span class=\"__1 _201\"/>able th<span class=\"__1 _201\"/>at future taxa<span class=\"__1 _201\"/>ble U<span class=\"__1 _201\"/>K capi<span class=\"__1 _201\"/>tal gains o<span class=\"__1 _201\"/>r other ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate profit<span class=\"__1 _201\"/>s will b<span class=\"__1 _201\"/>e availabl<span class=\"__1 _201\"/>e again<span class=\"__1 _201\"/>st whi<span class=\"__1 _201\"/>ch they ca<span class=\"__1 _201\"/>n be utili<span class=\"__1 _201\"/>sed<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er UK law, ca<span class=\"__1 _201\"/>pital l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s can b<span class=\"__1 _201\"/>e car<span class=\"__1 _201\"/>ried f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ward in<span class=\"__1 _201\"/>defini<span class=\"__1 _201\"/>tely.<span class=\"__1 _32b\"> </span>Gro<span class=\"__1 _201\"/>up investm<span class=\"__1 _201\"/>ents in s<span class=\"__1 _201\"/>ubsid<span class=\"__1 _201\"/>iarie<span class=\"__1 _201\"/>s, br<span class=\"__1 _201\"/>anch<span class=\"__1 _201\"/>es and inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts<span class=\"__1 _32b\"> </span>Retain<span class=\"__1 _201\"/>ed ear<span class=\"__1 _201\"/>nings o<span class=\"__1 _201\"/>f overse<span class=\"__1 _201\"/>as subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es are exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be reinve<span class=\"__1 _201\"/>sted in<span class=\"__1 _201\"/>defini<span class=\"__1 _201\"/>tely or re<span class=\"__1 _201\"/>mitte<span class=\"__1 _201\"/>d to the UK fre<span class=\"__1 _201\"/>e from<span class=\"__1 _201\"/> fur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r taxatio<span class=\"__1 _201\"/>n by vir<span class=\"__1 _201\"/>tue of pa<span class=\"__1 _201\"/>rent com<span class=\"__1 _201\"/>pany exempti<span class=\"__1 _201\"/>ons on di<span class=\"__1 _201\"/>vide<span class=\"__1 _201\"/>nds fro<span class=\"__1 _201\"/>m subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es and o<span class=\"__1 _201\"/>n capit<span class=\"__1 _201\"/>al gains o<span class=\"__1 _201\"/>n dispo<span class=\"__1 _201\"/>sal.<span class=\"__1 _201\"/> Con<span class=\"__1 _201\"/>sequ<span class=\"__1 _201\"/>entiall<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, the Gro<span class=\"__1 _201\"/>up doe<span class=\"__1 _201\"/>s not con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>r there to be a<span class=\"__1 _201\"/>ny signifi<span class=\"__1 _201\"/>cant t<span class=\"__1 _201\"/>axabl<span class=\"__1 _201\"/>e tempo<span class=\"__1 _201\"/>rar<span class=\"__1 _201\"/>y diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es as<span class=\"__1 _201\"/>sociate<span class=\"__1 _201\"/>d with<span class=\"__1 _201\"/> inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es, b<span class=\"__1 _201\"/>ranch<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>, asso<span class=\"__1 _201\"/>ciates an<span class=\"__1 _201\"/>d joint ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>9.<span class=\"__1 _201\"/>3 Curre<span class=\"__1 _201\"/>nt tax an<span class=\"__1 _201\"/>d othe<span class=\"__1 _201\"/>r tax as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and li<span class=\"__1 _201\"/>abi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es <span class=\"__1 _249\"> </span><span class=\"ls14_1 ws92_1\">Current tax asset<span class=\"__1 _201\"/>s<span class=\"__1 _2c_1\"> </span><span class=\"ls3_1 ws69_1\">Current tax liabilities<span class=\"__1 _32b\"> </span></span></span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Corporation tax<span class=\"__1 _fd_1\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">254<span class=\"__1 _2c_1\"> </span></span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>47<span class=\"__1 _224\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(5<span class=\"__1 _201\"/>8)<span class=\"__1 _240\"> </span></span><span class=\"ls28_1 ws28_1\">(<span class=\"__1 _f_1\"/>300<span class=\"__1 _32b\"> </span></span></span>Other tax<span class=\"__1 _200\"/>es<span class=\"__1 _14e_1\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">35<span class=\"__1 _f4_1\"> </span></span><span class=\"ls1c_1 ws43_1\">28<span class=\"__1 _288\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>5)<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1\">(59<span class=\"__1 _32b\"> </span></span></span></span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _14f_1\"> </span><span class=\"ls15_1 ws14_1\">289<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1 ls32_1 ws33_1\">375<span class=\"__1 _f4_1\"> </span></span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>3)<span class=\"__1 _3f_1\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>59<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span>Movem<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>n corp<span class=\"__1 _201\"/>oratio<span class=\"__1 _201\"/>n tax cur<span class=\"__1 _201\"/>rent tax as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ere as foll<span class=\"__1 _201\"/>ows:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net c<span class=\"__1 _201\"/>orpo<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>on tax as<span class=\"__1 _201\"/>set as a<span class=\"__1 _201\"/>t 1 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y<span class=\"__1 _350\"> </span><span class=\"ls1b_1 ws1a_1\">47<span class=\"__1 _231\"> </span><span class=\"ff2_1 ls45_1 ws49_1\">146<span class=\"__1 _32b\"> </span></span></span>Income stat<span class=\"__1 _200\"/>ement<span class=\"__1 _351\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>9)<span class=\"__1 _220\"> </span></span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span></span>Res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves move<span class=\"__1 _201\"/>ment fo<span class=\"__1 _201\"/>r the pe<span class=\"__1 _201\"/>riod<span class=\"__1 _352\"> </span><span class=\"ff1_1 ls5_1\">1<span class=\"__1 _353\"> </span><span class=\"ff2_1\">1<span class=\"__1 _32b\"> </span></span></span>Corporation tax<span class=\"__1 _200\"/> paid<span class=\"__1 _354\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">268<span class=\"__1 _253\"> </span></span><span class=\"ls22_1 ws21_1\">3<span class=\"__1 _201\"/>32<span class=\"__1 _32b\"> </span></span>Other movemen<span class=\"__1 _200\"/>ts<span class=\"__1 _310\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">19<span class=\"__1 _8a_1\"> </span></span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _32b\"> </span></span>Foreig<span class=\"__1 _201\"/>n exchange<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span><span class=\"ff2_1\">\u2014<span class=\"__1 _32b\"> </span></span>Net c<span class=\"__1 _201\"/>orpo<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>on tax as<span class=\"__1 _201\"/>set as a<span class=\"__1 _201\"/>t 31 Dec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er<span class=\"__1 _355\"> </span><span class=\"ls40_1 ws44_1\">196<span class=\"__1 _271\"> </span><span class=\"ff2_1 ls45_1 ws49_1\">47<span class=\"__1 _32b\"> </span></span></span>Corporation t<span class=\"__1 _200\"/>ax assets<span class=\"__1 _4e_1\"> </span><span class=\"ls3f_1 ws41_1\">254<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1 ls45_1 ws49_1\">3<span class=\"__1 _201\"/>47<span class=\"__1 _32b\"> </span></span></span>UK<span class=\"__1 _356\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">213<span class=\"__1 _231\"> </span><span class=\"ff2_1\">316<span class=\"__1 _32b\"> </span></span></span>Overseas<span class=\"__1 _357\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">41<span class=\"__1 _230\"> </span></span><span class=\"lsc_1 wsa_1\">31<span class=\"__1 _32b\"> </span></span>Corporation<span class=\"__1 _200\"/> tax<span class=\"__1 _200\"/> liabilities<span class=\"__1 _274\"> </span><span class=\"ls17_1 ws16_1\">(5<span class=\"__1 _201\"/>8)<span class=\"__1 _240\"> </span><span class=\"ff2_1 ls28_1 ws28_1\">(<span class=\"__1 _200\"/>300<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></span></span>UK<span class=\"__1 _358\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>4)<span class=\"__1 _220\"> </span></span><span class=\"ls74_1 ws89_1\">(2<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Overseas<span class=\"__1 _359\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>4)<span class=\"__1 _253\"> </span></span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span>Net c<span class=\"__1 _201\"/>orpo<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>on tax as<span class=\"__1 _201\"/>set as a<span class=\"__1 _201\"/>t 31 Dec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er<span class=\"__1 _355\"> </span><span class=\"ls40_1 ws44_1\">196<span class=\"__1 _271\"> </span><span class=\"ff2_1 ls45_1 ws49_1\">47<span class=\"__1 _32b\"> </span></span></span>All co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>ration ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>ets and li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es are exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be set<span class=\"__1 _201\"/>tled w<span class=\"__1 _201\"/>ithin 12 mo<span class=\"__1 _201\"/>nths.<span class=\"__1 _32b\"> </span>On<span class=\"__1 _201\"/>e of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es, T<span class=\"__1 _201\"/>he Pr<span class=\"__1 _201\"/>udent<span class=\"__1 _201\"/>ial As<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce Com<span class=\"__1 _201\"/>pany Lim<span class=\"__1 _201\"/>ited, is th<span class=\"__1 _201\"/>e lead l<span class=\"__1 _201\"/>itigant in a c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ed gro<span class=\"__1 _201\"/>up acti<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/> again<span class=\"__1 _201\"/>st HM R<span class=\"__1 _201\"/>evenue an<span class=\"__1 _201\"/>d Custom<span class=\"__1 _201\"/>s (HMR<span class=\"__1 _201\"/>C) concer<span class=\"__1 _201\"/>ning th<span class=\"__1 _201\"/>e corre<span class=\"__1 _201\"/>ct hi<span class=\"__1 _201\"/>stori<span class=\"__1 _201\"/>cal ta<span class=\"__1 _201\"/>x treatmen<span class=\"__1 _201\"/>t appl<span class=\"__1 _201\"/>ying to di<span class=\"__1 _201\"/>vide<span class=\"__1 _201\"/>nds rec<span class=\"__1 _201\"/>eive<span class=\"__1 _201\"/>d from<span class=\"__1 _201\"/> overs<span class=\"__1 _201\"/>eas po<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>o invest<span class=\"__1 _201\"/>ments of i<span class=\"__1 _201\"/>ts With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund.<span class=\"__1 _201\"/> In Feb<span class=\"__1 _201\"/>ruar<span class=\"__1 _201\"/>y 2018<span class=\"__1 _201\"/>, the Su<span class=\"__1 _201\"/>preme C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t he<span class=\"__1 _201\"/>ard HMR<span class=\"__1 _201\"/>C\u2019s appe<span class=\"__1 _201\"/>al again<span class=\"__1 _201\"/>st the ea<span class=\"__1 _201\"/>rlie<span class=\"__1 _201\"/>r Cour<span class=\"__1 _201\"/>t of Ap<span class=\"__1 _201\"/>peal d<span class=\"__1 _201\"/>ecis<span class=\"__1 _201\"/>ion in PA<span class=\"__1 _200\"/>C\u2019s favour<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>The d<span class=\"__1 _201\"/>ecis<span class=\"__1 _201\"/>ion of the S<span class=\"__1 _201\"/>uprem<span class=\"__1 _201\"/>e Cour<span class=\"__1 _201\"/>t, re<span class=\"__1 _201\"/>leas<span class=\"__1 _201\"/>ed in Ju<span class=\"__1 _201\"/>ly 2018<span class=\"__1 _201\"/>, uphel<span class=\"__1 _201\"/>d the mai<span class=\"__1 _201\"/>n point of di<span class=\"__1 _201\"/>spute in PA<span class=\"__1 _200\"/>C\u2019s favour bu<span class=\"__1 _201\"/>t reverse<span class=\"__1 _201\"/>d the<span class=\"__1 _201\"/> dec<span class=\"__1 _201\"/>ision<span class=\"__1 _201\"/>s of the lowe<span class=\"__1 _201\"/>r cour<span class=\"__1 _201\"/>ts o<span class=\"__1 _201\"/>n some p<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>tical p<span class=\"__1 _201\"/>oints o<span class=\"__1 _201\"/>f how to appl<span class=\"__1 _201\"/>y that pr<span class=\"__1 _201\"/>incipl<span class=\"__1 _201\"/>e. The S<span class=\"__1 _201\"/>uprem<span class=\"__1 _201\"/>e Cour<span class=\"__1 _201\"/>t is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d its ord<span class=\"__1 _201\"/>er giv<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/> effe<span class=\"__1 _201\"/>ct to its d<span class=\"__1 _201\"/>ecis<span class=\"__1 _201\"/>ion in O<span class=\"__1 _201\"/>ctob<span class=\"__1 _201\"/>er 2019, stati<span class=\"__1 _201\"/>ng any remai<span class=\"__1 _201\"/>ning is<span class=\"__1 _201\"/>sues o<span class=\"__1 _201\"/>f compu<span class=\"__1 _201\"/>tation b<span class=\"__1 _201\"/>e remit<span class=\"__1 _201\"/>ted back to th<span class=\"__1 _201\"/>e High C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t. P<span class=\"__1 _200\"/>AC and<span class=\"__1 _32b\"> </span>HM<span class=\"__1 _201\"/>RC are wor<span class=\"__1 _201\"/>king thro<span class=\"__1 _201\"/>ugh the m<span class=\"__1 _201\"/>echan<span class=\"__1 _201\"/>ics of i<span class=\"__1 _201\"/>mple<span class=\"__1 _201\"/>mentin<span class=\"__1 _201\"/>g the Sup<span class=\"__1 _201\"/>reme Co<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>t deci<span class=\"__1 _201\"/>sions<span class=\"__1 _201\"/>. T<span class=\"__1 _f_1\"/>o date<span class=\"__1 _201\"/>, this wor<span class=\"__1 _201\"/>k has le<span class=\"__1 _201\"/>d to a<span class=\"__1 _32b\"> </span>redu<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n in the es<span class=\"__1 _201\"/>timate for p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder t<span class=\"__1 _201\"/>ax credi<span class=\"__1 _201\"/>t recover<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>, and the as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iated es<span class=\"__1 _201\"/>timate of intere<span class=\"__1 _201\"/>st rec<span class=\"__1 _201\"/>eivab<span class=\"__1 _201\"/>le.<span class=\"__1 _201\"/> As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, P<span class=\"__1 _200\"/>A<span class=\"__1 _200\"/>C has re<span class=\"__1 _201\"/>cognis<span class=\"__1 _201\"/>ed a total p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder t<span class=\"__1 _201\"/>ax credi<span class=\"__1 _201\"/>t of \u00a31<span class=\"__1 _200\"/>14m (2021: \u00a3114m) in respe<span class=\"__1 _201\"/>ct of i<span class=\"__1 _201\"/>ts claim a<span class=\"__1 _201\"/>gains<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>HM<span class=\"__1 _201\"/>RC. O<span class=\"__1 _201\"/>f this amo<span class=\"__1 _201\"/>unt, \u00a34<span class=\"__1 _201\"/>0m (202<span class=\"__1 _201\"/>1: \u00a340m) has b<span class=\"__1 _201\"/>een p<span class=\"__1 _201\"/>aid by HM<span class=\"__1 _201\"/>RC leav<span class=\"__1 _201\"/>ing a tax re<span class=\"__1 _201\"/>coverab<span class=\"__1 _201\"/>le bal<span class=\"__1 _201\"/>ance of \u00a3<span class=\"__1 _201\"/>7<span class=\"__1 _200\"/>4m (2021: \u00a3<span class=\"__1 _201\"/>7<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>m)<span class=\"__1 _32b\"> </span>reco<span class=\"__1 _201\"/>rded as a<span class=\"__1 _201\"/>n amoun<span class=\"__1 _201\"/>t of tax due f<span class=\"__1 _201\"/>rom HM<span class=\"__1 _201\"/>RC. PA<span class=\"__1 _200\"/>C will be e<span class=\"__1 _201\"/>ntitle<span class=\"__1 _201\"/>d to interes<span class=\"__1 _201\"/>t on the tax re<span class=\"__1 _201\"/>paid<span class=\"__1 _201\"/>. As a res<span class=\"__1 _201\"/>ult of the COVI<span class=\"__1 _201\"/>D<span class=\"__1 _32b\"> </span>pan<span class=\"__1 _201\"/>demic th<span class=\"__1 _201\"/>e timing to fi<span class=\"__1 _201\"/>nalis<span class=\"__1 _201\"/>e the iss<span class=\"__1 _201\"/>ue has b<span class=\"__1 _201\"/>een fu<span class=\"__1 _201\"/>rth<span class=\"__1 _201\"/>er de<span class=\"__1 _201\"/>layed. It i<span class=\"__1 _201\"/>s now expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to be final<span class=\"__1 _201\"/>ised d<span class=\"__1 _201\"/>uring 2<span class=\"__1 _201\"/>023 at whi<span class=\"__1 _201\"/>ch poin<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>P<span class=\"__1 _200\"/>AC should re<span class=\"__1 _201\"/>cei<span class=\"__1 _201\"/>ve full and fi<span class=\"__1 _201\"/>nal pay<span class=\"__1 _201\"/>ment.<span class=\"__1 _32b\"> </span>9 T<span class=\"__1 _337\"/>ax cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>9.4 Change<span class=\"__1 _200\"/> in corpor<span class=\"__1 _200\"/>ation<span class=\"__1 _200\"/> tax r<span class=\"__1 _200\"/>ate<span class=\"__1 _32b\"> </span>On 10 Ju<span class=\"__1 _201\"/>ne 2021, th<span class=\"__1 _201\"/>e UK G<span class=\"__1 _201\"/>overnm<span class=\"__1 _201\"/>ent\u2019s pro<span class=\"__1 _201\"/>posa<span class=\"__1 _201\"/>l to increas<span class=\"__1 _201\"/>e the rate of UK c<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>oratio<span class=\"__1 _201\"/>n tax from 19<span class=\"__1 _201\"/>% to 25% with effe<span class=\"__1 _201\"/>ct fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span>1 Apr<span class=\"__1 _201\"/>il 2023 w<span class=\"__1 _201\"/>as enac<span class=\"__1 _201\"/>ted into U<span class=\"__1 _201\"/>K law. Changes i<span class=\"__1 _201\"/>n tax laws an<span class=\"__1 _201\"/>d rates may aff<span class=\"__1 _201\"/>ect re<span class=\"__1 _201\"/>cord<span class=\"__1 _201\"/>ed defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>ets and l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/> and o<span class=\"__1 _201\"/>ur effe<span class=\"__1 _201\"/>ctive ta<span class=\"__1 _201\"/>x rate in the f<span class=\"__1 _201\"/>uture. We expec<span class=\"__1 _201\"/>t that, i<span class=\"__1 _201\"/>n line wit<span class=\"__1 _201\"/>h the rate incre<span class=\"__1 _201\"/>ase, p<span class=\"__1 _201\"/>ropos<span class=\"__1 _201\"/>ed, th<span class=\"__1 _201\"/>ere will b<span class=\"__1 _201\"/>e an incre<span class=\"__1 _201\"/>ase to our<span class=\"__1 _201\"/> effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve tax rate for p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ods from 2<span class=\"__1 _201\"/>023 onwa<span class=\"__1 _201\"/>rds.<span class=\"__1 _201\"/> 9 T<span class=\"__1 _337\"/>ax cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-558": {
   "value": "<div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:932.48584px;\">9.<span class=\"__1 _201\"/>2 Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:907.73804px;\">Deferre<span class=\"__1 _201\"/>d tax assets and liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:891.2396px;\">Und<span class=\"__1 _201\"/>er IAS12<span class=\"__1 _201\"/>, defer<span class=\"__1 _201\"/>red tax i<span class=\"__1 _201\"/>s measu<span class=\"__1 _201\"/>red at the ta<span class=\"__1 _201\"/>x rates that are ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to app<span class=\"__1 _201\"/>ly to the p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d when th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>et is reali<span class=\"__1 _201\"/>sed or th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:874.7411px;\">liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y settl<span class=\"__1 _201\"/>ed, b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on tax rate<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>and laws) that have be<span class=\"__1 _201\"/>en ena<span class=\"__1 _201\"/>cted o<span class=\"__1 _201\"/>r are subs<span class=\"__1 _201\"/>tantive<span class=\"__1 _201\"/>ly ena<span class=\"__1 _201\"/>cted at th<span class=\"__1 _201\"/>e end of th<span class=\"__1 _201\"/>e repor<span class=\"__1 _201\"/>tin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:858.2426px;\">per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>. Defer<span class=\"__1 _201\"/>red ta<span class=\"__1 _201\"/>x asse<span class=\"__1 _201\"/>ts are reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed as re<span class=\"__1 _201\"/>coverab<span class=\"__1 _201\"/>le to the ex<span class=\"__1 _201\"/>tent that, o<span class=\"__1 _201\"/>n the bas<span class=\"__1 _201\"/>is of all avail<span class=\"__1 _201\"/>able ev<span class=\"__1 _201\"/>iden<span class=\"__1 _201\"/>ce, it is re<span class=\"__1 _201\"/>garde<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:841.7441px;\">as prob<span class=\"__1 _201\"/>able th<span class=\"__1 _201\"/>ere wil<span class=\"__1 _201\"/>l be suita<span class=\"__1 _201\"/>ble ta<span class=\"__1 _201\"/>xable p<span class=\"__1 _201\"/>rofits fro<span class=\"__1 _201\"/>m which t<span class=\"__1 _201\"/>he future reve<span class=\"__1 _201\"/>rsal of th<span class=\"__1 _201\"/>e unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y di<span class=\"__1 _201\"/>ffere<span class=\"__1 _201\"/>nces c<span class=\"__1 _201\"/>an be<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:825.2456px;\">ded<span class=\"__1 _201\"/>ucte<span class=\"__1 _201\"/>d or tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es utilis<span class=\"__1 _201\"/>ed. D<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>re only o<span class=\"__1 _201\"/>ffset w<span class=\"__1 _201\"/>hen th<span class=\"__1 _201\"/>ere is both a l<span class=\"__1 _201\"/>egal r<span class=\"__1 _201\"/>ight to set-off a<span class=\"__1 _201\"/>nd an<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:808.7471px;\">intentio<span class=\"__1 _201\"/>n to settl<span class=\"__1 _201\"/>e on a net b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:779.86835px;\">Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x in the s<span class=\"__1 _201\"/>tatement o<span class=\"__1 _201\"/>f financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:763.3699px;\">The t<span class=\"__1 _201\"/>able b<span class=\"__1 _201\"/>elow sh<span class=\"__1 _201\"/>ows movem<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>n defer<span class=\"__1 _201\"/>red tax a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s durin<span class=\"__1 _201\"/>g the year<span class=\"__1 _200\"/>. The a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s are diffe<span class=\"__1 _201\"/>rent from th<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:746.87134px;\">disc<span class=\"__1 _201\"/>lose<span class=\"__1 _201\"/>d on the co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated s<span class=\"__1 _201\"/>tatement of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al posi<span class=\"__1 _201\"/>tion as th<span class=\"__1 _201\"/>e below a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s are pres<span class=\"__1 _201\"/>ented b<span class=\"__1 _201\"/>efore off<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>ting as<span class=\"__1 _201\"/>set and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:730.37286px;\">liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y balan<span class=\"__1 _201\"/>ces wh<span class=\"__1 _201\"/>ere there i<span class=\"__1 _201\"/>s a lega<span class=\"__1 _201\"/>l right to se<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-off an<span class=\"__1 _201\"/>d an intenti<span class=\"__1 _201\"/>on to set<span class=\"__1 _201\"/>tle on a net b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:705.6251px;\">Chang<span class=\"__1 _201\"/>es in ta<span class=\"__1 _201\"/>x laws and r<span class=\"__1 _201\"/>ates may affe<span class=\"__1 _201\"/>ct rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red tax as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _201\"/>. On 10 J<span class=\"__1 _201\"/>une 202<span class=\"__1 _201\"/>1, the UK G<span class=\"__1 _201\"/>overn<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>\u2019s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:689.1266px;\">prop<span class=\"__1 _201\"/>osal to in<span class=\"__1 _201\"/>crease th<span class=\"__1 _201\"/>e rate of UK co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>ration ta<span class=\"__1 _201\"/>x from 19% to 25% wi<span class=\"__1 _201\"/>th effec<span class=\"__1 _201\"/>t from 1 A<span class=\"__1 _201\"/>pril 20<span class=\"__1 _201\"/>23 was en<span class=\"__1 _201\"/>acte<span class=\"__1 _201\"/>d into UK law. In lin<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:672.6281px;\">with th<span class=\"__1 _201\"/>e chang<span class=\"__1 _201\"/>es to the UK r<span class=\"__1 _201\"/>ate of corp<span class=\"__1 _201\"/>oratio<span class=\"__1 _201\"/>n tax<span class=\"__1 _201\"/>, the ca<span class=\"__1 _201\"/>rr<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g value<span class=\"__1 _201\"/>s of our def<span class=\"__1 _201\"/>erred t<span class=\"__1 _201\"/>ax ass<span class=\"__1 _201\"/>ets an<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties were rev<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:656.1296px;\">The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of whi<span class=\"__1 _201\"/>ch was limite<span class=\"__1 _201\"/>d prim<span class=\"__1 _201\"/>aril<span class=\"__1 _201\"/>y due to the maj<span class=\"__1 _201\"/>orit<span class=\"__1 _201\"/>y of the U<span class=\"__1 _201\"/>K defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x balan<span class=\"__1 _201\"/>ces b<span class=\"__1 _201\"/>eing me<span class=\"__1 _201\"/>asure<span class=\"__1 _201\"/>d at a polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:639.6311px;\">rate of tax w<span class=\"__1 _201\"/>hich rem<span class=\"__1 _201\"/>ains una<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>ted.</div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:155.89905px; bottom:610.7528px;\"> <span class=\"__1 _13c_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:544.7393px;\">For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:174.91455px; bottom:592.7348px;\">Unrealised<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5c_1 ws6a_1\" style=\"left:196.30304px; bottom:580.7333px;\">gains/<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:174.91455px; bottom:568.7318px;\">(losses)<span class=\"__1 _200\"/> on<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:166.32555px; bottom:556.7303px;\">investments<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:224.9607px; bottom:560.23114px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:211.57214px; bottom:544.7346px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws69_1\" style=\"left:264.14386px; bottom:580.73914px;\">Life tax<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3e_1 ws40_1\" style=\"left:245.2836px; bottom:568.7377px;\">transiti<span class=\"__1 _201\"/>onal<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws55_1\" style=\"left:236.76556px; bottom:556.73615px;\">adjustments<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls7d_1 ws90_1\" style=\"left:295.2861px; bottom:560.23114px;\">ii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:283.46536px; bottom:544.7346px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3e_1 ws40_1\" style=\"left:337.48065px; bottom:592.73016px;\">Othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:313.15936px; bottom:580.72864px;\">short-t<span class=\"__1 _200\"/>erm<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:335.0076px; bottom:568.7272px;\">timing<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:306.16635px; bottom:556.72565px;\">differences<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls7d_1 ws90_1\" style=\"left:360.7944px; bottom:560.23114px;\">iii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:349.4379px; bottom:544.7346px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:381.44534px; bottom:580.73914px;\">Defer<span class=\"__1 _200\"/>red<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:371.3796px; bottom:568.7377px;\">acquisition<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:394.01385px; bottom:556.73615px;\">costs<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls7e_1 ws91_1\" style=\"left:419.28px; bottom:560.23114px;\">iv<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:409.46536px; bottom:544.7346px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:441.64786px; bottom:580.73914px;\">Defined <span class=\"__1 _f_1\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:444.61713px; bottom:568.7377px;\">benefit <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:436.9731px; bottom:556.73615px;\">pensions<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:464.59033px; bottom:544.7346px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:507.62762px; bottom:568.7377px;\">Capit<span class=\"__1 _200\"/>al <span class=\"__1 _f_1\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:487.563px; bottom:556.73615px;\">allowances<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:525.981px; bottom:544.7346px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls35_1 ws36_1\" style=\"left:546.80927px; bottom:580.73914px;\">T<span class=\"__1 _f_1\"/>ax losses<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 ws8e_1\" style=\"left:563.1791px; bottom:568.7377px;\">carried<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 lsd_1 wsb_1\" style=\"left:555.35236px; bottom:556.73615px;\">for<span class=\"__1 _201\"/>ward<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:593.87085px; bottom:560.23114px;\">v<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:582.2124px; bottom:544.7346px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:609.063px; bottom:592.73016px;\">Share-bas<span class=\"__1 _201\"/>ed <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:624.3489px; bottom:580.72864px;\">payments <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:609.063px; bottom:568.7272px;\">and deferr<span class=\"__1 _200\"/>ed <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:603.46906px; bottom:556.72565px;\">compensation<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:657.3345px; bottom:544.7241px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:712.6517px; bottom:556.72565px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:544.7241px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsc_1 wsa_1\" style=\"bottom:524.9783px;\">As<span class=\"__1 _201\"/>sets<span class=\"__1 _9c_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">3<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:293.5803px; bottom:524.97797px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:343.9797px; bottom:524.97797px;\">162<span class=\"__1 _e_1\"> </span><span class=\"ls77_1 ws8c_1\">42<span class=\"__1 _256\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _219\"> </span><span class=\"ls3f_1 ws41_1\">25<span class=\"__1 _2c_1\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _13d_1\"> </span><span class=\"ls30_1 ws30_1\">20<span class=\"__1 _253\"> </span></span></span>273<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"bottom:505.2155px;\">Liabilities<span class=\"__1 _13e_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>41<span class=\"__1 _201\"/>0)<span class=\"__1 _271\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _231\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _228\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>)<span class=\"__1 _208\"> </span></span>(4<span class=\"__1 _250\"/>8)<span class=\"__1 _270\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:589.9686px; bottom:505.2209px;\">\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls1d_1 ws1c_1\" style=\"left:699.057px; bottom:505.2209px;\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:485.45837px;\">As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2022<span class=\"__1 _340\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _271\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _252\"> </span><span class=\"ls45_1 ws49_1\">113<span class=\"__1 _e_1\"> </span><span class=\"ls22_1 ws21_1\">39<span class=\"__1 _3f_1\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>0)<span class=\"__1 _c_1\"> </span></span></span></span></span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _222\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _13d_1\"> </span><span class=\"ls30_1 ws30_1\">20<span class=\"__1 _245\"> </span></span></span>(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>0)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:465.69592px;\">Income stat<span class=\"__1 _200\"/>ement<span class=\"__1 _bb_1\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">414<span class=\"__1 _12d_1\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _224\"> </span><span class=\"ls3f_1 ws41_1\">27<span class=\"__1 _219\"> </span><span class=\"ls56_1 ws5f_1\">(2)<span class=\"__1 _228\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _256\"> </span><span class=\"lsb_1 ws32_1\">28<span class=\"__1 _3f_1\"> </span><span class=\"ls3c_1 ws3d_1\">515<span class=\"__1 _341\"> </span></span></span>1<span class=\"__1 _4a_1\"> </span><span class=\"ls4d_1 ws54_1\">1,<span class=\"__1 _201\"/>017<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:445.9334px;\">Equit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:430.9394px;\">comprehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:220.66336px; bottom:430.95184px;\">\u2014<span class=\"__1 _342\"> </span>\u2014<span class=\"__1 _266\"> </span>\u2014<span class=\"__1 _343\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls1f_1 ws1e_1\" style=\"left:467.5227px; bottom:430.95184px;\">(7)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:535.4399px; bottom:430.95184px;\">\u2014<span class=\"__1 _261\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:665.00024px; bottom:430.95184px;\">5<span class=\"__1 _230\"> </span><span class=\"ls56_1 ws5f_1\">(2)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:411.18933px;\">Oth<span class=\"__1 _201\"/>er movem<span class=\"__1 _201\"/>ents/fo<span class=\"__1 _201\"/>reign<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls33_1 ws34_1\" style=\"bottom:396.19537px;\">excha<span class=\"__1 _201\"/>nge<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls59_1 ws63_1\" style=\"left:56.44815px; bottom:400.44122px;\">vi<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls4d_1 ws54_1\" style=\"left:206.27399px; bottom:396.1955px;\">173<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:293.5803px; bottom:396.1955px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls1d_1 ws1c_1\" style=\"left:347.0721px; bottom:396.1955px;\">(1<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:419.28px; bottom:396.1955px;\">\u2014<span class=\"__1 _261\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls26_1 ws26_1\" style=\"left:528.9135px; bottom:396.1955px;\">(3)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:589.9686px; bottom:396.1955px;\">\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:714.1575px; bottom:396.1955px;\">156<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:376.43298px;\">As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _9e_1\"> </span><span class=\"ls3c_1 ws3d_1\">(8<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:293.5803px; bottom:376.43915px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:343.9797px; bottom:376.43915px;\">126<span class=\"__1 _226\"> </span><span class=\"ls22_1 ws21_1\">37<span class=\"__1 _5d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>9)<span class=\"__1 _e_1\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _240\"> </span><span class=\"ls40_1 ws44_1\">52<span class=\"__1 _201\"/>8<span class=\"__1 _344\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _212\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsc_1 wsa_1\" style=\"bottom:356.67664px;\">As<span class=\"__1 _201\"/>sets<span class=\"__1 _9c_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">5<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:293.5803px; bottom:356.6828px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:343.9797px; bottom:356.6828px;\">163<span class=\"__1 _345\"> </span><span class=\"ls1f_1 ws1e_1\">38<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:473.78833px; bottom:356.6828px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:525.981px; bottom:356.6828px;\">28<span class=\"__1 _240\"> </span><span class=\"ls40_1 ws44_1\">528<span class=\"__1 _344\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _c_1\"> </span><span class=\"ls27_1 ws27_1\">788<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"bottom:336.9203px;\">Liabilities<span class=\"__1 _346\"> </span><span class=\"ff1_1 ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>25<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:293.5803px; bottom:336.92645px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls26_1 ws26_1\" style=\"left:345.7911px; bottom:336.92645px;\">(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _226\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>)<span class=\"__1 _4a_1\"> </span></span>(3<span class=\"__1 _201\"/>9)<span class=\"__1 _237\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:589.9686px; bottom:336.92645px;\">\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls52_1 ws5a_1\" style=\"left:708.6688px; bottom:336.92645px;\">(9<span class=\"__1 _201\"/>17<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:317.16394px;\">As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _9e_1\"> </span><span class=\"ls3c_1 ws3d_1\">(8<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:293.5803px; bottom:317.1701px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:343.9797px; bottom:317.1701px;\">126<span class=\"__1 _226\"> </span><span class=\"ls22_1 ws21_1\">37<span class=\"__1 _5d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>9)<span class=\"__1 _e_1\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _240\"> </span><span class=\"ls40_1 ws44_1\">52<span class=\"__1 _201\"/>8<span class=\"__1 _344\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _212\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"bottom:290.14114px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:290.14114px;\">Def<span class=\"__1 _201\"/>err<span class=\"__1 _201\"/>ed ta<span class=\"__1 _201\"/>x on unr<span class=\"__1 _201\"/>eali<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d gain<span class=\"__1 _201\"/>s/lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es on i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts pr<span class=\"__1 _201\"/>ima<span class=\"__1 _201\"/>ril<span class=\"__1 _201\"/>y aris<span class=\"__1 _201\"/>e on t<span class=\"__1 _201\"/>wo key co<span class=\"__1 _201\"/>mpo<span class=\"__1 _201\"/>nen<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. The l<span class=\"__1 _201\"/>arge<span class=\"__1 _201\"/>st co<span class=\"__1 _201\"/>mp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nt rel<span class=\"__1 _201\"/>ates to ga<span class=\"__1 _201\"/>ins/(l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es)<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:277.39413px;\">on ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts wh<span class=\"__1 _201\"/>ich a<span class=\"__1 _201\"/>re onl<span class=\"__1 _201\"/>y taxe<span class=\"__1 _201\"/>d wh<span class=\"__1 _201\"/>en rea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d, i<span class=\"__1 _201\"/>.e. w<span class=\"__1 _201\"/>hen a<span class=\"__1 _201\"/>n ass<span class=\"__1 _201\"/>et is s<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>. The s<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ond c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nt rel<span class=\"__1 _201\"/>ates to ga<span class=\"__1 _201\"/>ins/(l<span class=\"__1 _201\"/>os<span class=\"__1 _201\"/>ses) on ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:264.64716px;\">inve<span class=\"__1 _201\"/>stm<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s hel<span class=\"__1 _201\"/>d by life i<span class=\"__1 _201\"/>nsu<span class=\"__1 _201\"/>ranc<span class=\"__1 _201\"/>e com<span class=\"__1 _201\"/>pan<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch fo<span class=\"__1 _201\"/>r UK co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>rati<span class=\"__1 _201\"/>on ta<span class=\"__1 _201\"/>x pur<span class=\"__1 _201\"/>pos<span class=\"__1 _201\"/>es are d<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>med t<span class=\"__1 _201\"/>o have be<span class=\"__1 _201\"/>en di<span class=\"__1 _201\"/>spo<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d of and i<span class=\"__1 _201\"/>mme<span class=\"__1 _201\"/>diate<span class=\"__1 _201\"/>ly<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:251.90015px;\">rea<span class=\"__1 _201\"/>cqui<span class=\"__1 _201\"/>red at m<span class=\"__1 _201\"/>arket v<span class=\"__1 _201\"/>alu<span class=\"__1 _201\"/>e at the e<span class=\"__1 _201\"/>nd of ea<span class=\"__1 _201\"/>ch ac<span class=\"__1 _201\"/>coun<span class=\"__1 _201\"/>ting p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>. Any ga<span class=\"__1 _201\"/>in/(l<span class=\"__1 _201\"/>oss) ar<span class=\"__1 _201\"/>isin<span class=\"__1 _201\"/>g on th<span class=\"__1 _201\"/>e dee<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>d disp<span class=\"__1 _201\"/>os<span class=\"__1 _201\"/>al is re<span class=\"__1 _201\"/>quir<span class=\"__1 _201\"/>ed to be s<span class=\"__1 _201\"/>pre<span class=\"__1 _201\"/>ad ove<span class=\"__1 _201\"/>r a seve<span class=\"__1 _201\"/>n-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls2f_1 ws9_1\" style=\"left:17.541298px; bottom:239.15314px;\">year period.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:222.27963px;\">ii <span class=\"__1 _2e_1\"> </span>Th<span class=\"__1 _201\"/>e UK G<span class=\"__1 _201\"/>over<span class=\"__1 _201\"/>nme<span class=\"__1 _201\"/>nt mad<span class=\"__1 _201\"/>e sub<span class=\"__1 _201\"/>sta<span class=\"__1 _201\"/>ntial c<span class=\"__1 _201\"/>han<span class=\"__1 _201\"/>ges to th<span class=\"__1 _201\"/>e ru<span class=\"__1 _201\"/>les re<span class=\"__1 _201\"/>lati<span class=\"__1 _201\"/>ng to the t<span class=\"__1 _201\"/>axat<span class=\"__1 _201\"/>ion of l<span class=\"__1 _201\"/>ife in<span class=\"__1 _201\"/>sura<span class=\"__1 _201\"/>nce c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>ani<span class=\"__1 _201\"/>es wh<span class=\"__1 _201\"/>ich ap<span class=\"__1 _201\"/>pli<span class=\"__1 _201\"/>ed fro<span class=\"__1 _201\"/>m 1 Jan<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>13. A n<span class=\"__1 _201\"/>et<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:209.53265px;\">def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d ta<span class=\"__1 _201\"/>x liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y wa<span class=\"__1 _201\"/>s reco<span class=\"__1 _201\"/>gni<span class=\"__1 _201\"/>sed f<span class=\"__1 _201\"/>or th<span class=\"__1 _201\"/>e temp<span class=\"__1 _201\"/>ora<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y diff<span class=\"__1 _201\"/>eren<span class=\"__1 _201\"/>ce tha<span class=\"__1 _201\"/>t aros<span class=\"__1 _201\"/>e on th<span class=\"__1 _201\"/>e tran<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on to the n<span class=\"__1 _201\"/>ew re<span class=\"__1 _201\"/>gim<span class=\"__1 _201\"/>e. Th<span class=\"__1 _201\"/>e defe<span class=\"__1 _201\"/>rre<span class=\"__1 _201\"/>d tax b<span class=\"__1 _201\"/>alan<span class=\"__1 _201\"/>ces a<span class=\"__1 _201\"/>re now f<span class=\"__1 _201\"/>ull<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:196.78564px;\">reve<span class=\"__1 _201\"/>rse<span class=\"__1 _201\"/>d at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:179.91214px;\">iii  <span class=\"__1 _347\"> </span>Th<span class=\"__1 _201\"/>e clos<span class=\"__1 _201\"/>ing b<span class=\"__1 _201\"/>ala<span class=\"__1 _201\"/>nce at 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 p<span class=\"__1 _201\"/>rima<span class=\"__1 _201\"/>ril<span class=\"__1 _201\"/>y com<span class=\"__1 _201\"/>pri<span class=\"__1 _201\"/>ses \u00a3<span class=\"__1 _201\"/>83<span class=\"__1 _201\"/>m (20<span class=\"__1 _201\"/>21: \u00a38<span class=\"__1 _201\"/>8m) of d<span class=\"__1 _201\"/>efer<span class=\"__1 _201\"/>red t<span class=\"__1 _201\"/>ax as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s on su<span class=\"__1 _201\"/>bord<span class=\"__1 _201\"/>inate<span class=\"__1 _201\"/>d de<span class=\"__1 _201\"/>bt tog<span class=\"__1 _201\"/>ethe<span class=\"__1 _201\"/>r with a \u00a3<span class=\"__1 _201\"/>33<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:167.16513px;\">(20<span class=\"__1 _201\"/>21: \u00a32<span class=\"__1 _201\"/>2m: M<span class=\"__1 _201\"/>GS<span class=\"__1 _201\"/>A) def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d ta<span class=\"__1 _201\"/>x liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y on c<span class=\"__1 _201\"/>usto<span class=\"__1 _201\"/>mer-rel<span class=\"__1 _201\"/>ated i<span class=\"__1 _201\"/>ntan<span class=\"__1 _201\"/>gib<span class=\"__1 _201\"/>le as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s aris<span class=\"__1 _201\"/>ing o<span class=\"__1 _201\"/>n the a<span class=\"__1 _201\"/>cqui<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>ons of M<span class=\"__1 _201\"/>GSA<span class=\"__1 _201\"/>, S<span class=\"__1 _201\"/>and<span class=\"__1 _201\"/>rin<span class=\"__1 _201\"/>gham &amp; r<span class=\"__1 _201\"/>esp<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>Abi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:154.41815px;\">Th<span class=\"__1 _201\"/>e rema<span class=\"__1 _201\"/>inin<span class=\"__1 _201\"/>g bal<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e pri<span class=\"__1 _201\"/>mari<span class=\"__1 _201\"/>ly re<span class=\"__1 _201\"/>lates to d<span class=\"__1 _201\"/>efe<span class=\"__1 _201\"/>rre<span class=\"__1 _201\"/>d tax as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s on em<span class=\"__1 _201\"/>plo<span class=\"__1 _201\"/>yee re<span class=\"__1 _201\"/>late<span class=\"__1 _201\"/>d comp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>ati<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:137.54465px;\">iv <span class=\"__1 _285\"> </span>Th<span class=\"__1 _201\"/>e Gro<span class=\"__1 _201\"/>up inc<span class=\"__1 _201\"/>urs va<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>us in<span class=\"__1 _201\"/>crem<span class=\"__1 _201\"/>enta<span class=\"__1 _201\"/>l, di<span class=\"__1 _201\"/>rec<span class=\"__1 _201\"/>tly at<span class=\"__1 _201\"/>tr<span class=\"__1 _201\"/>ibut<span class=\"__1 _201\"/>abl<span class=\"__1 _201\"/>e acq<span class=\"__1 _201\"/>uisi<span class=\"__1 _201\"/>tion c<span class=\"__1 _201\"/>ost<span class=\"__1 _201\"/>s in ob<span class=\"__1 _201\"/>taini<span class=\"__1 _201\"/>ng ne<span class=\"__1 _201\"/>w cont<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. For U<span class=\"__1 _201\"/>K cor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n tax p<span class=\"__1 _201\"/>urp<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>s, a<span class=\"__1 _201\"/>cqui<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:124.79764px;\">exp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>es in<span class=\"__1 _201\"/>curr<span class=\"__1 _201\"/>ed un<span class=\"__1 _201\"/>til 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tai<span class=\"__1 _201\"/>n life i<span class=\"__1 _201\"/>nsur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss we<span class=\"__1 _201\"/>re req<span class=\"__1 _201\"/>uire<span class=\"__1 _201\"/>d to be sp<span class=\"__1 _201\"/>rea<span class=\"__1 _201\"/>d over a s<span class=\"__1 _201\"/>even<span class=\"__1 _201\"/>-year p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>. A def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:112.05066px;\">tax a<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>et was re<span class=\"__1 _201\"/>co<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed fo<span class=\"__1 _201\"/>r the ex<span class=\"__1 _201\"/>pe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d futu<span class=\"__1 _201\"/>re tax d<span class=\"__1 _201\"/>edu<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:95.17714px;\">v <span class=\"__1 _6c_1\"> </span>Th<span class=\"__1 _201\"/>e tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>ied f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>war<span class=\"__1 _201\"/>d at 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 relate t<span class=\"__1 _201\"/>o \u00a382m (<span class=\"__1 _201\"/>2021<span class=\"__1 _201\"/>: \u00a366<span class=\"__1 _201\"/>m) of UK ca<span class=\"__1 _201\"/>pit<span class=\"__1 _201\"/>al los<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>s and \u00a3<span class=\"__1 _201\"/>2,<span class=\"__1 _201\"/>024m (<span class=\"__1 _201\"/>2021<span class=\"__1 _201\"/>: \u00a3nil) o<span class=\"__1 _201\"/>f trad<span class=\"__1 _201\"/>ing l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:82.430145px;\">Un<span class=\"__1 _201\"/>der U<span class=\"__1 _201\"/>K law, bo<span class=\"__1 _201\"/>th trad<span class=\"__1 _201\"/>ing c<span class=\"__1 _201\"/>api<span class=\"__1 _201\"/>tal lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es ca<span class=\"__1 _201\"/>n be c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>ied f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>wa<span class=\"__1 _201\"/>rd ind<span class=\"__1 _201\"/>efin<span class=\"__1 _201\"/>itel<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. A def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>et has b<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>n rec<span class=\"__1 _201\"/>ogni<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d in ful<span class=\"__1 _201\"/>l on the t<span class=\"__1 _201\"/>rad<span class=\"__1 _201\"/>ing lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:69.68315px;\">and a p<span class=\"__1 _201\"/>rop<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of the<span class=\"__1 _201\"/>se c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>ied f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>war<span class=\"__1 _201\"/>d los<span class=\"__1 _201\"/>ses a<span class=\"__1 _201\"/>s the G<span class=\"__1 _201\"/>rou<span class=\"__1 _201\"/>p cons<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>rs it i<span class=\"__1 _201\"/>s prob<span class=\"__1 _201\"/>abl<span class=\"__1 _201\"/>e that s<span class=\"__1 _201\"/>uffic<span class=\"__1 _201\"/>ien<span class=\"__1 _201\"/>t futur<span class=\"__1 _201\"/>e UK ta<span class=\"__1 _201\"/>xabl<span class=\"__1 _201\"/>e pro<span class=\"__1 _201\"/>fit an<span class=\"__1 _201\"/>d cap<span class=\"__1 _201\"/>ital g<span class=\"__1 _201\"/>ains w<span class=\"__1 _201\"/>ill b<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:56.936142px;\">avai<span class=\"__1 _201\"/>lab<span class=\"__1 _201\"/>le ag<span class=\"__1 _201\"/>ains<span class=\"__1 _201\"/>t whi<span class=\"__1 _201\"/>ch the<span class=\"__1 _201\"/>se l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es c<span class=\"__1 _201\"/>an be ut<span class=\"__1 _201\"/>ilis<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:40.062653px;\">vi <span class=\"__1 _285\"> </span>Oth<span class=\"__1 _201\"/>er m<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>f \u00a3173<span class=\"__1 _201\"/>m incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d wit<span class=\"__1 _201\"/>hin U<span class=\"__1 _201\"/>nrea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d gai<span class=\"__1 _201\"/>ns/l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es o<span class=\"__1 _201\"/>n inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>, \u00a318<span class=\"__1 _201\"/>7m is ass<span class=\"__1 _201\"/>oci<span class=\"__1 _201\"/>ated w<span class=\"__1 _201\"/>ith the d<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n of the M<span class=\"__1 _201\"/>&amp;G<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:27.315643px;\">Euro<span class=\"__1 _201\"/>pea<span class=\"__1 _201\"/>n Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund in t<span class=\"__1 _201\"/>he pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d an<span class=\"__1 _201\"/>d \u00a314m re<span class=\"__1 _201\"/>lates to f<span class=\"__1 _201\"/>orei<span class=\"__1 _201\"/>gn exch<span class=\"__1 _201\"/>ang<span class=\"__1 _201\"/>e move<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s. S<span class=\"__1 _201\"/>hor<span class=\"__1 _201\"/>t-ter<span class=\"__1 _201\"/>m timi<span class=\"__1 _201\"/>ng di<span class=\"__1 _201\"/>ffere<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/>s of \u00a314m r<span class=\"__1 _201\"/>elate<span class=\"__1 _201\"/>s to def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:14.568649px;\">tax l<span class=\"__1 _201\"/>iab<span class=\"__1 _201\"/>iliti<span class=\"__1 _201\"/>es on i<span class=\"__1 _201\"/>ntan<span class=\"__1 _201\"/>gib<span class=\"__1 _201\"/>le as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s reco<span class=\"__1 _201\"/>gni<span class=\"__1 _201\"/>sed a<span class=\"__1 _201\"/>s par<span class=\"__1 _201\"/>t of t<span class=\"__1 _201\"/>he acq<span class=\"__1 _201\"/>uis<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n of Sa<span class=\"__1 _201\"/>ndr<span class=\"__1 _201\"/>ingh<span class=\"__1 _201\"/>am Fin<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>ial P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>s Lim<span class=\"__1 _201\"/>ited a<span class=\"__1 _201\"/>nd re<span class=\"__1 _201\"/>spo<span class=\"__1 _201\"/>nsA<span class=\"__1 _201\"/>bili<span class=\"__1 _201\"/>ty I<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts AG;<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:1.82164px;\">(20<span class=\"__1 _201\"/>21: \u00a32<span class=\"__1 _201\"/>2m \u2013 a<span class=\"__1 _201\"/>cqui<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on of M<span class=\"__1 _201\"/>GSA<span class=\"__1 _201\"/>).<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2_1 ws2_1\" style=\"left:427.08588px; bottom:949.24695px;\">Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:438.8277px; bottom:937.2455px;\">2021<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:871.23193px;\">For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:175.08105px; bottom:919.2274px;\">Unrealised<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5c_1 ws6a_1\" style=\"left:195.7797px; bottom:907.22595px;\">gains/<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:175.08105px; bottom:895.2245px;\">(losses)<span class=\"__1 _200\"/> on<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:165.8022px; bottom:883.22296px;\">investments<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:224.70886px; bottom:886.72375px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:210.94199px; bottom:871.2273px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws69_1\" style=\"left:262.71194px; bottom:907.2318px;\">Life tax<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3e_1 ws40_1\" style=\"left:244.3215px; bottom:895.2302px;\">transiti<span class=\"__1 _201\"/>onal<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws55_1\" style=\"left:235.06995px; bottom:883.22876px;\">adjustments<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls7d_1 ws90_1\" style=\"left:295.6281px; bottom:886.72375px;\">ii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:282.942px; bottom:871.2273px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3e_1 ws40_1\" style=\"left:335.0118px; bottom:919.2228px;\">Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:311.5125px; bottom:907.2213px;\">short-t<span class=\"__1 _200\"/>erm <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:333.1875px; bottom:895.2197px;\">timing <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:309.3969px; bottom:883.21826px;\">differences<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:348.189px; bottom:871.2168px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:379.794px; bottom:907.2213px;\">Defer<span class=\"__1 _200\"/>red<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:370.701px; bottom:895.2197px;\">acquisition<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:391.9341px; bottom:883.21826px;\">costs<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls7e_1 ws91_1\" style=\"left:419.44186px; bottom:886.72375px;\">iv<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:407.817px; bottom:871.2273px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:439.9995px; bottom:907.2318px;\">Defined <span class=\"__1 _f_1\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:443.34644px; bottom:895.2302px;\">benefit <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:434.445px; bottom:883.22876px;\">pensions<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:462.94202px; bottom:871.2273px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:507.24152px; bottom:895.2302px;\">Capit<span class=\"__1 _200\"/>al <span class=\"__1 _f_1\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:487.18005px; bottom:883.22876px;\">allowances<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:525.97723px; bottom:871.2273px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls35_1 ws36_1\" style=\"left:546.65985px; bottom:907.2318px;\">T<span class=\"__1 _f_1\"/>ax losses<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 ws8e_1\" style=\"left:562.8294px; bottom:895.2302px;\">carried<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 lsd_1 wsb_1\" style=\"left:554.7636px; bottom:883.22876px;\">for<span class=\"__1 _201\"/>ward<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:593.3196px; bottom:886.72375px;\">v<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:580.1283px; bottom:871.2273px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:608.193px; bottom:919.2228px;\">Share-bas<span class=\"__1 _201\"/>ed <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:623.3877px; bottom:907.2213px;\">payments <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:610.2771px; bottom:895.2197px;\">and deferr<span class=\"__1 _200\"/>ed <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:602.55493px; bottom:883.21826px;\">compensation<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.436px; bottom:871.2168px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:710.7465px; bottom:883.21826px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:871.2168px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsc_1 wsa_1\" style=\"left:0.010047913px; bottom:851.47095px;\">As<span class=\"__1 _201\"/>sets<span class=\"__1 _348\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _12f_1\"> </span>2<span class=\"__1 _256\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>5<span class=\"__1 _1d_1\"> </span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _231\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _264\"> </span>13<span class=\"__1 _2c_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _a3_1\"> </span>15<span class=\"__1 _253\"> </span></span></span></span></span></span>226<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:0.010047913px; bottom:831.70844px;\">Liabilities<span class=\"__1 _349\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3)<span class=\"__1 _230\"> </span><span class=\"ls18_1 ws17_1\">(<span class=\"__1 _201\"/>70)<span class=\"__1 _1d_1\"> </span></span>(1<span class=\"__1 _201\"/>1)<span class=\"__1 _226\"> </span><span class=\"ls25_1 ws25_1\">(6)<span class=\"__1 _240\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _253\"> </span>(3<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:590.2714px; bottom:831.7146px;\">\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsa_1 ws8_1\" style=\"left:701.1303px; bottom:831.7146px;\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>4<span class=\"__1 _32b\"> </span>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:811.9521px;\">As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2021<span class=\"__1 _14a_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>6)<span class=\"__1 _230\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>8)<span class=\"__1 _c_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>4<span class=\"__1 _345\"> </span><span class=\"ls47_1 ws4d_1\">45<span class=\"__1 _270\"> </span></span></span></span>(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _252\"> </span><span class=\"ls52_1 ws5a_1\">(<span class=\"__1 _201\"/>21)<span class=\"__1 _222\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _ab_1\"> </span>15<span class=\"__1 _214\"> </span><span class=\"ls42_1 ws46_1\">(1,018<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:792.1896px;\">Income stat<span class=\"__1 _200\"/>ement<span class=\"__1 _14b_1\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>21)<span class=\"__1 _8a_1\"> </span><span class=\"ls32_1 ws33_1\">42<span class=\"__1 _8a_1\"> </span></span>11<span class=\"__1 _232\"> </span><span class=\"ls25_1 ws25_1\">(6)<span class=\"__1 _253\"> </span><span class=\"ls57_1 ws61_1\">(4)<span class=\"__1 _224\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _1d_1\"> </span>3<span class=\"__1 _341\"> </span>1<span class=\"__1 _272\"> </span><span class=\"ls21_1 ws20_1\">(26<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span></span><span class=\"ls11_1 ws10_1\"><span class=\"ls25_1 ws25_1\"><span class=\"ls57_1 ws61_1\"><span class=\"ls5_1 ws1_1\"><span class=\"ls21_1 ws20_1\">)<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:772.42706px;\">Equit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:757.4331px;\">comprehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:219.23431px; bottom:757.44556px;\">\u2014<span class=\"__1 _342\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:348.189px; bottom:757.44556px;\">20<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:416.76675px; bottom:757.44556px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsa_1 ws8_1\" style=\"left:461.90686px; bottom:757.44556px;\">(1<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:535.04987px; bottom:757.44556px;\">\u2014<span class=\"__1 _261\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:663.6226px; bottom:757.44556px;\">4<span class=\"__1 _8d_1\"> </span>5<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:737.68304px;\">Oth<span class=\"__1 _201\"/>er movem<span class=\"__1 _201\"/>ents/fo<span class=\"__1 _201\"/>reign<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls33_1 ws34_1\" style=\"left:0.010047913px; bottom:722.689px;\">excha<span class=\"__1 _201\"/>nge<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:219.23431px; bottom:722.6892px;\">\u2014<span class=\"__1 _342\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls33_1 ws34_1\" style=\"left:345.3069px; bottom:722.6892px;\">(2<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:416.76675px; bottom:722.6892px;\">\u2014<span class=\"__1 _261\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _261\"> </span>\u2014<span class=\"__1 _349\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls33_1 ws34_1\" style=\"left:715.6503px; bottom:722.6892px;\">(2<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:702.9267px;\">As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _f4_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _264\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _252\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>3<span class=\"__1 _e_1\"> </span><span class=\"ls28_1 ws28_1\">39<span class=\"__1 _220\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>0)<span class=\"__1 _228\"> </span></span></span></span></span>(1<span class=\"__1 _201\"/>2)<span class=\"__1 _223\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _344\"> </span><span class=\"ls32_1 ws33_1\">20<span class=\"__1 _206\"> </span><span class=\"ls28_1 ws28_1\">(1<span class=\"__1 _200\"/>,300<span class=\"__1 _32b\"> </span></span></span></span></span><span class=\"ff2_1 lsa_1 ws8_1\"><span class=\"lse_1 wsc_1\"><span class=\"ls32_1 ws33_1\"><span class=\"ls28_1 ws28_1\">)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsc_1 wsa_1\" style=\"left:0.010047913px; bottom:683.1642px;\">As<span class=\"__1 _201\"/>sets<span class=\"__1 _af_1\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:292.14645px; bottom:683.17645px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws2a_1\" style=\"left:343.26315px; bottom:683.17645px;\">162<span class=\"__1 _226\"> </span><span class=\"ls32_1 ws33_1\">42<span class=\"__1 _1d_1\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _f4_1\"> </span><span class=\"ls15_1 ws14_1\">25<span class=\"__1 _231\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _344\"> </span></span></span></span>20<span class=\"__1 _239\"> </span><span class=\"lsb_1 ws32_1\">273<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:0.010047913px; bottom:663.414px;\">Liabilities<span class=\"__1 _14c_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>0)<span class=\"__1 _264\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _252\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>9)<span class=\"__1 _226\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>)<span class=\"__1 _240\"> </span></span>(4<span class=\"__1 _250\"/>8)<span class=\"__1 _2c_1\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:590.2714px; bottom:663.4201px;\">\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsa_1 ws8_1\" style=\"left:701.1303px; bottom:663.4201px;\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:643.65765px;\">As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _f4_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _264\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>6)<span class=\"__1 _252\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>3<span class=\"__1 _e_1\"> </span><span class=\"ls28_1 ws28_1\">39<span class=\"__1 _220\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>0)<span class=\"__1 _228\"> </span></span></span></span></span>(1<span class=\"__1 _201\"/>2)<span class=\"__1 _223\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _344\"> </span><span class=\"ls32_1 ws33_1\">20<span class=\"__1 _206\"> </span><span class=\"ls28_1 ws28_1\">(1<span class=\"__1 _200\"/>,300<span class=\"__1 _32b\"> </span></span></span></span></span><span class=\"ff2_1 lsa_1 ws8_1\"><span class=\"lse_1 wsc_1\"><span class=\"ls32_1 ws33_1\"><span class=\"ls28_1 ws28_1\">)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:604.6299px;\">The G<span class=\"__1 _201\"/>roup\u2019s net defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x liabi<span class=\"__1 _201\"/>lity at 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 of \u00a312<span class=\"__1 _201\"/>9m chan<span class=\"__1 _201\"/>ged si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cantl<span class=\"__1 _201\"/>y from the d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y at<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:588.1314px;\">31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021 of \u00a31<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>00m<span class=\"__1 _201\"/>, repres<span class=\"__1 _201\"/>enting a<span class=\"__1 _201\"/>n overall n<span class=\"__1 _201\"/>et movem<span class=\"__1 _201\"/>ent of \u00a31,<span class=\"__1 _200\"/>171m. The si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant m<span class=\"__1 _201\"/>ovement i<span class=\"__1 _201\"/>s pred<span class=\"__1 _201\"/>ominant<span class=\"__1 _201\"/>ly due<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:571.6329px;\">to a decre<span class=\"__1 _201\"/>ase of de<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d tax liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y (DTL) ar<span class=\"__1 _201\"/>ising o<span class=\"__1 _201\"/>n unreali<span class=\"__1 _201\"/>sed l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s in the pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d togethe<span class=\"__1 _201\"/>r with an in<span class=\"__1 _201\"/>crease i<span class=\"__1 _201\"/>n the rec<span class=\"__1 _201\"/>ogniti<span class=\"__1 _201\"/>on<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:555.1344px;\">of defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>ets (DT<span class=\"__1 _f_1\"/>A) o<span class=\"__1 _201\"/>n carr<span class=\"__1 _201\"/>y f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ward U<span class=\"__1 _201\"/>K tax los<span class=\"__1 _201\"/>ses of \u00a3<span class=\"__1 _201\"/>5<span class=\"__1 _200\"/>15m, of w<span class=\"__1 _201\"/>hich \u00a35<span class=\"__1 _201\"/>08m re<span class=\"__1 _201\"/>lates UK in<span class=\"__1 _201\"/>come ta<span class=\"__1 _201\"/>x los<span class=\"__1 _201\"/>ses ar<span class=\"__1 _201\"/>ising i<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:538.63586px;\">per<span class=\"__1 _201\"/>iod of \u00a3<span class=\"__1 _201\"/>2,0<span class=\"__1 _201\"/>24m.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:513.8881px;\">The re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nition of a DT<span class=\"__1 _f_1\"/>A re<span class=\"__1 _201\"/>lies o<span class=\"__1 _201\"/>n an ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment of th<span class=\"__1 _201\"/>e probab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y of future ta<span class=\"__1 _201\"/>xabl<span class=\"__1 _201\"/>e profits<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group\u2019s expe<span class=\"__1 _201\"/>ctati<span class=\"__1 _201\"/>ons of futu<span class=\"__1 _201\"/>re<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:497.38965px;\">UK ta<span class=\"__1 _201\"/>xable p<span class=\"__1 _201\"/>rofits re<span class=\"__1 _201\"/>quire ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment ju<span class=\"__1 _201\"/>dgem<span class=\"__1 _201\"/>ent, an<span class=\"__1 _201\"/>d take into accou<span class=\"__1 _201\"/>nt the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s lon<span class=\"__1 _201\"/>g-term fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l and st<span class=\"__1 _201\"/>rategic p<span class=\"__1 _201\"/>lans an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:480.8911px;\">projected fut<span class=\"__1 _200\"/>ure<span class=\"__1 _200\"/> shareholder t<span class=\"__1 _200\"/>ransfers.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:456.14337px;\">The DT<span class=\"__1 _200\"/>A on tax los<span class=\"__1 _201\"/>ses c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>ied fo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ward at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 of \u00a3528<span class=\"__1 _201\"/>m (2021: \u00a313m) com<span class=\"__1 _201\"/>pris<span class=\"__1 _201\"/>es of \u00a350<span class=\"__1 _201\"/>8m in re<span class=\"__1 _201\"/>lation to UK<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:439.6449px;\">inco<span class=\"__1 _201\"/>me tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es (2021: \u00a3ni<span class=\"__1 _201\"/>l) and \u00a3<span class=\"__1 _201\"/>20m in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of UK c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l loss<span class=\"__1 _201\"/>es (202<span class=\"__1 _201\"/>1: \u00a313m). The DT<span class=\"__1 _f_1\"/>A on U<span class=\"__1 _201\"/>K inco<span class=\"__1 _201\"/>me tax lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s has be<span class=\"__1 _201\"/>en<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:423.14636px;\">reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in full b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d upon s<span class=\"__1 _201\"/>uffici<span class=\"__1 _201\"/>ent future ta<span class=\"__1 _201\"/>xabl<span class=\"__1 _201\"/>e profit<span class=\"__1 _201\"/>s arisin<span class=\"__1 _201\"/>g from sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>rs. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e trans<span class=\"__1 _201\"/>fers are c<span class=\"__1 _201\"/>onsid<span class=\"__1 _201\"/>ered<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:406.6479px;\">a reliab<span class=\"__1 _201\"/>le so<span class=\"__1 _201\"/>urce of profi<span class=\"__1 _201\"/>t and are a co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent mea<span class=\"__1 _201\"/>sure use<span class=\"__1 _201\"/>d in the G<span class=\"__1 _201\"/>roup\u2019s Busine<span class=\"__1 _201\"/>ss Pla<span class=\"__1 _201\"/>ns and S<span class=\"__1 _201\"/>olven<span class=\"__1 _201\"/>cy II c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ations<span class=\"__1 _201\"/>. The DT<span class=\"__1 _200\"/>A<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:390.14935px;\">on UK c<span class=\"__1 _201\"/>apit<span class=\"__1 _201\"/>al los<span class=\"__1 _201\"/>ses has b<span class=\"__1 _201\"/>een p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tiall<span class=\"__1 _201\"/>y recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d and is ba<span class=\"__1 _201\"/>sed up<span class=\"__1 _201\"/>on exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d revers<span class=\"__1 _201\"/>al of the tax<span class=\"__1 _201\"/>able tem<span class=\"__1 _201\"/>pora<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y diffe<span class=\"__1 _201\"/>rence<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:373.65088px;\">reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d on unre<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d gains o<span class=\"__1 _201\"/>n investm<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, onl<span class=\"__1 _201\"/>y a propo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tion of wh<span class=\"__1 _201\"/>ich are exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be availa<span class=\"__1 _201\"/>ble fo<span class=\"__1 _201\"/>r offs<span class=\"__1 _201\"/>et agains<span class=\"__1 _201\"/>t the U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:357.15237px;\">capital los<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:332.40463px;\">Mo<span class=\"__1 _201\"/>dellin<span class=\"__1 _201\"/>g was und<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>taken to review th<span class=\"__1 _201\"/>e recove<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y per<span class=\"__1 _201\"/>iod of the DT<span class=\"__1 _200\"/>A on both the i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e and ca<span class=\"__1 _201\"/>pital lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s. Un<span class=\"__1 _201\"/>der cur<span class=\"__1 _201\"/>rent UK t<span class=\"__1 _201\"/>ax<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:315.90613px;\">leg<span class=\"__1 _201\"/>islatio<span class=\"__1 _201\"/>n, the<span class=\"__1 _201\"/>re is no tim<span class=\"__1 _201\"/>e limit on uti<span class=\"__1 _201\"/>lisatio<span class=\"__1 _201\"/>n of both th<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e and c<span class=\"__1 _201\"/>apital l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s, h<span class=\"__1 _201\"/>owever<span class=\"__1 _200\"/>, these ta<span class=\"__1 _201\"/>x los<span class=\"__1 _201\"/>ses c<span class=\"__1 _201\"/>an onl<span class=\"__1 _201\"/>y be use<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:299.40762px;\">again<span class=\"__1 _201\"/>st 50% o<span class=\"__1 _201\"/>f taxabl<span class=\"__1 _201\"/>e inco<span class=\"__1 _201\"/>me profi<span class=\"__1 _201\"/>ts and c<span class=\"__1 _201\"/>apital g<span class=\"__1 _201\"/>ains in fu<span class=\"__1 _201\"/>ture per<span class=\"__1 _201\"/>iods<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>se res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>tions i<span class=\"__1 _201\"/>n utilis<span class=\"__1 _201\"/>ation me<span class=\"__1 _201\"/>an that the va<span class=\"__1 _201\"/>lue of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:282.90912px;\">the DT<span class=\"__1 _f_1\"/>A in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of in<span class=\"__1 _201\"/>come ta<span class=\"__1 _201\"/>x los<span class=\"__1 _201\"/>ses is o<span class=\"__1 _201\"/>nly exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be full<span class=\"__1 _201\"/>y recove<span class=\"__1 _201\"/>red by 203<span class=\"__1 _201\"/>5 in the ba<span class=\"__1 _201\"/>se cas<span class=\"__1 _201\"/>e forec<span class=\"__1 _201\"/>ast<span class=\"__1 _201\"/>. An imp<span class=\"__1 _201\"/>aired<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:266.41064px;\">sce<span class=\"__1 _201\"/>nario w<span class=\"__1 _201\"/>as also m<span class=\"__1 _201\"/>ode<span class=\"__1 _201\"/>lled w<span class=\"__1 _201\"/>hich refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted a 10% redu<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n of forec<span class=\"__1 _201\"/>as<span class=\"__1 _201\"/>t shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r trans<span class=\"__1 _201\"/>fer in ea<span class=\"__1 _201\"/>ch per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>, this exte<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d the<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:249.91214px;\">recove<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y to 2037<span class=\"__1 _200\"/>. The inc<span class=\"__1 _201\"/>ome ta<span class=\"__1 _201\"/>x los<span class=\"__1 _201\"/>ses ar<span class=\"__1 _201\"/>ising in 20<span class=\"__1 _201\"/>22 are n<span class=\"__1 _201\"/>ot expe<span class=\"__1 _201\"/>cted to b<span class=\"__1 _201\"/>e recurr<span class=\"__1 _201\"/>ing in f<span class=\"__1 _201\"/>uture per<span class=\"__1 _201\"/>iods<span class=\"__1 _201\"/>, and g<span class=\"__1 _201\"/>iven the f<span class=\"__1 _201\"/>orec<span class=\"__1 _201\"/>ast<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:233.41364px;\">of future p<span class=\"__1 _201\"/>rofitab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y and the G<span class=\"__1 _201\"/>roup\u2019s commi<span class=\"__1 _201\"/>tment to the U<span class=\"__1 _201\"/>K market, i<span class=\"__1 _201\"/>n manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t\u2019s judg<span class=\"__1 _201\"/>ement i<span class=\"__1 _201\"/>t is proba<span class=\"__1 _201\"/>ble that th<span class=\"__1 _201\"/>e value of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:216.91513px;\">the DT<span class=\"__1 _f_1\"/>A on l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es will b<span class=\"__1 _201\"/>e recove<span class=\"__1 _201\"/>red by the G<span class=\"__1 _201\"/>roup wh<span class=\"__1 _201\"/>ile stil<span class=\"__1 _201\"/>l oper<span class=\"__1 _201\"/>ating as a go<span class=\"__1 _201\"/>ing co<span class=\"__1 _201\"/>ncer<span class=\"__1 _201\"/>n. Th<span class=\"__1 _201\"/>e mode<span class=\"__1 _201\"/>lling of f<span class=\"__1 _201\"/>uture cap<span class=\"__1 _201\"/>ital gain<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:200.41663px;\">aris<span class=\"__1 _201\"/>ing on inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts sho<span class=\"__1 _201\"/>w that the rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed DT<span class=\"__1 _f_1\"/>A on c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l los<span class=\"__1 _201\"/>ses is exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be re<span class=\"__1 _201\"/>covered by 20<span class=\"__1 _201\"/>28.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:175.66888px;\">It is p<span class=\"__1 _201\"/>ossi<span class=\"__1 _201\"/>ble that f<span class=\"__1 _201\"/>uture tax law ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s could m<span class=\"__1 _201\"/>ateriall<span class=\"__1 _201\"/>y affe<span class=\"__1 _201\"/>ct the ti<span class=\"__1 _201\"/>ming of re<span class=\"__1 _201\"/>cover<span class=\"__1 _201\"/>y and th<span class=\"__1 _201\"/>e valu<span class=\"__1 _201\"/>e of these l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es ultim<span class=\"__1 _201\"/>ately<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:159.17038px;\">realis<span class=\"__1 _201\"/>ed by the G<span class=\"__1 _201\"/>roup.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:134.42264px;\">The d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax ba<span class=\"__1 _201\"/>lance<span class=\"__1 _201\"/>s, af<span class=\"__1 _201\"/>ter net<span class=\"__1 _201\"/>ting<span class=\"__1 _201\"/>, aris<span class=\"__1 _201\"/>e in the fol<span class=\"__1 _201\"/>lowin<span class=\"__1 _201\"/>g par<span class=\"__1 _201\"/>ts of the G<span class=\"__1 _201\"/>roup:</div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:463.95135px; bottom:103.793076px;\"> <span class=\"__1 _b_1\"> </span><span class=\"ls1_1\">D<span class=\"__1 _201\"/>efe<span class=\"__1 _201\"/>rre<span class=\"__1 _201\"/>d tax a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ts<span class=\"__1 _1a_1\"> </span><span class=\"ls3_1 ws69_1\">D<span class=\"__1 _201\"/>eferred tax liabilities<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:507.24152px; bottom:73.77359px;\">2022<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:517.9086px; bottom:61.77208px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:572.4374px; bottom:73.77359px;\">2021<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:579.0036px; bottom:61.77208px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:643.23883px; bottom:73.77359px;\">2022<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:651.5727px; bottom:61.77208px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2_1 ws2_1\" style=\"left:687.7842px; bottom:85.775085px;\">Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:706.9809px; bottom:73.77359px;\">2021<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:714.3696px; bottom:61.77208px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws3b_1\" style=\"left:0.010047913px; bottom:42.018433px;\">UK<span class=\"__1 _3e_1\"> </span><span class=\"ff1_1 ls1c_1 ws43_1\">594<span class=\"__1 _f4_1\"> </span></span><span class=\"ls1f_1 ws1e_1\">68<span class=\"__1 _228\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _14d_1\"> </span></span><span class=\"ls18_1 ws17_1\">(9<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:0.010047913px; bottom:22.255936px;\">Overseas<span class=\"__1 _205\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">57<span class=\"__1 _264\"> </span></span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _256\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>5)<span class=\"__1 _3f_1\"> </span></span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>59<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:2.4934387px;\">As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _280\"> </span><span class=\"ls3c_1 ws3d_1\">6<span class=\"__1 _201\"/>51<span class=\"__1 _226\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">11<span class=\"__1 _201\"/>9<span class=\"__1 _228\"> </span></span>(<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>0)<span class=\"__1 _282\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:982.8782px;\">9 T<span class=\"__1 _337\"/>ax cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div>9.2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 Unrecognised<span class=\"__1 _200\"/> deferr<span class=\"__1 _200\"/>ed ta<span class=\"__1 _200\"/>x<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ax losses and t<span class=\"__1 _200\"/>emporar<span class=\"__1 _201\"/>y differ<span class=\"__1 _200\"/>ences<span class=\"__1 _32b\"> </span>At the end of t<span class=\"__1 _201\"/>he repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting pe<span class=\"__1 _201\"/>riod<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up have unus<span class=\"__1 _201\"/>ed tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es of \u00a34<span class=\"__1 _201\"/>81m (2021: \u00a3512m<span class=\"__1 _200\"/>) and temp<span class=\"__1 _201\"/>orar<span class=\"__1 _201\"/>y d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces of \u00a3n<span class=\"__1 _201\"/>il<span class=\"__1 _32b\"> </span>(2021: \u00a3<span class=\"__1 _201\"/>2m) for whic<span class=\"__1 _201\"/>h no defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>et is bein<span class=\"__1 _201\"/>g reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e Group\u2019s unus<span class=\"__1 _201\"/>ed tax l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es prim<span class=\"__1 _201\"/>aril<span class=\"__1 _201\"/>y relate to cap<span class=\"__1 _201\"/>ital los<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/> in the U<span class=\"__1 _201\"/>K of \u00a3472m (2021: \u00a3<span class=\"__1 _201\"/>502m). No def<span class=\"__1 _201\"/>erred t<span class=\"__1 _201\"/>ax ass<span class=\"__1 _201\"/>et is rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e unuse<span class=\"__1 _201\"/>d tax lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of \u00a3481m as it i<span class=\"__1 _201\"/>s not cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>prob<span class=\"__1 _201\"/>able th<span class=\"__1 _201\"/>at future taxa<span class=\"__1 _201\"/>ble U<span class=\"__1 _201\"/>K capi<span class=\"__1 _201\"/>tal gains o<span class=\"__1 _201\"/>r other ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate profit<span class=\"__1 _201\"/>s will b<span class=\"__1 _201\"/>e availabl<span class=\"__1 _201\"/>e again<span class=\"__1 _201\"/>st whi<span class=\"__1 _201\"/>ch they ca<span class=\"__1 _201\"/>n be utili<span class=\"__1 _201\"/>sed<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er UK law, ca<span class=\"__1 _201\"/>pital l<span class=\"__1 _201\"/>osse<span class=\"__1 _201\"/>s can b<span class=\"__1 _201\"/>e car<span class=\"__1 _201\"/>ried f<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ward in<span class=\"__1 _201\"/>defini<span class=\"__1 _201\"/>tely.<span class=\"__1 _32b\"> </span>Gro<span class=\"__1 _201\"/>up investm<span class=\"__1 _201\"/>ents in s<span class=\"__1 _201\"/>ubsid<span class=\"__1 _201\"/>iarie<span class=\"__1 _201\"/>s, br<span class=\"__1 _201\"/>anch<span class=\"__1 _201\"/>es and inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts<span class=\"__1 _32b\"> </span>Retain<span class=\"__1 _201\"/>ed ear<span class=\"__1 _201\"/>nings o<span class=\"__1 _201\"/>f overse<span class=\"__1 _201\"/>as subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es are exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be reinve<span class=\"__1 _201\"/>sted in<span class=\"__1 _201\"/>defini<span class=\"__1 _201\"/>tely or re<span class=\"__1 _201\"/>mitte<span class=\"__1 _201\"/>d to the UK fre<span class=\"__1 _201\"/>e from<span class=\"__1 _201\"/> fur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r taxatio<span class=\"__1 _201\"/>n by vir<span class=\"__1 _201\"/>tue of pa<span class=\"__1 _201\"/>rent com<span class=\"__1 _201\"/>pany exempti<span class=\"__1 _201\"/>ons on di<span class=\"__1 _201\"/>vide<span class=\"__1 _201\"/>nds fro<span class=\"__1 _201\"/>m subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es and o<span class=\"__1 _201\"/>n capit<span class=\"__1 _201\"/>al gains o<span class=\"__1 _201\"/>n dispo<span class=\"__1 _201\"/>sal.<span class=\"__1 _201\"/> Con<span class=\"__1 _201\"/>sequ<span class=\"__1 _201\"/>entiall<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, the Gro<span class=\"__1 _201\"/>up doe<span class=\"__1 _201\"/>s not con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>r there to be a<span class=\"__1 _201\"/>ny signifi<span class=\"__1 _201\"/>cant t<span class=\"__1 _201\"/>axabl<span class=\"__1 _201\"/>e tempo<span class=\"__1 _201\"/>rar<span class=\"__1 _201\"/>y diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es as<span class=\"__1 _201\"/>sociate<span class=\"__1 _201\"/>d with<span class=\"__1 _201\"/> inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es, b<span class=\"__1 _201\"/>ranch<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>, asso<span class=\"__1 _201\"/>ciates an<span class=\"__1 _201\"/>d joint ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>9 T<span class=\"__1 _337\"/>ax cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-495": {
   "value": "10 Earnings per share Basic earnings per share for the year ended 31 December 2022 was (66.0)p (2021: 3.3p) and diluted earnings per share was (66.0)p (2021: 3.2p). Basic earnings per share is based on the weighted average ordinary shares in issue after deducting treasury shares and shares held by the employee benefit trust. Diluted EPS is based on the potential future shares in issue resulting from exercise of options under the various share-based payment schemes in addition to the weighted average ordinary shares in issue. The weighted average ordinary shares in issue reflects the impact of the share buy-back during the year. The following table shows details of basic and diluted earnings per share: For the year ended 31 December 2022 \u00a3m 2021 \u00a3m (Loss)/profit attributable to equity holders of the Company (1,632) 83 For the year ended 31 December 2022 Millions 2021 Millions Weighted average number of ordinary shares outstanding 2,474 2,542 Dilutive effect of share options and awards \u2014 33 Weighted average number of diluted ordinary shares outstanding 2,474 2,575 For the year ended 31 December 2022 Pence per share 2021 Pence per share Basic (loss)/earnings per share (66.0) 3.3 Diluted (loss)/earnings per share (66.0) 3.2 As the Group has made a loss attributable to equity holders of the Company for the year ended 31 December 2022, the diluted earnings per share is the same as the basic earnings per share as it is not permissible for the diluted earnings per share to be greater than the basic earnings per share. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-496": {
   "value": "11 Dividends  2022 2021 For the year ended 31 December Pence  per share \u00a3m Pence  per share \u00a3m Dividends relating to reporting period: First interim dividend \u2013 Ordinary 6.2 154 6.1 156 Second interim dividend \u2013 Ordinary 13.4 310 12.2 311 Total 19.6 464 18.3 467 Dividends paid in reporting period: Prior year\u2019s second interim dividend \u2013 Ordinary 12.2 311 12.2 310 First interim dividend \u2013 Ordinary 6.2 154 6.1 156 Total 465 466 Subsequent to 31 December 2022, the Board has declared a second interim dividend for 2022 of 13.4 pence per ordinary share and, an estimated \u00a3310m in total. The dividend is expected to be paid on 27 April 2023 and will be recorded as an appropriation of retained earnings in the financial statements at the time that it is paid. The final dividend amount per ordinary share is impacted by the share buy-back programme, see Note 22 for further details. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-559": {
   "value": "<div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:755.4624px;\">12 Goodwill and in<span class=\"__1 _200\"/>tangible asse<span class=\"__1 _200\"/>ts</div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:167.65276px; bottom:728.9896px;\"> <span class=\"__1 _364\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _5b_1\"> </span>2021<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:686.9686px;\">For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:359.0865px; bottom:698.9702px;\">Goo<span class=\"__1 _201\"/>dwill<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:386.96625px; bottom:686.9686px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3e_1 ws40_1\" style=\"left:440.60025px; bottom:710.9717px;\">Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws55_1\" style=\"left:415.33725px; bottom:698.9702px;\">Intangibles<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:453.9411px; bottom:686.9686px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:507.62762px; bottom:698.9702px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:516.6918px; bottom:686.9686px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:561.0142px; bottom:698.9702px;\">Goo<span class=\"__1 _201\"/>dwill<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:588.1575px; bottom:686.9686px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3e_1 ws40_1\" style=\"left:639.60046px; bottom:710.9717px;\">Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws55_1\" style=\"left:613.34625px; bottom:698.9702px;\">Intangibles<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:650.8767px; bottom:686.9686px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:705.3154px; bottom:698.9702px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:714.1575px; bottom:686.9686px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls40_1 ws44_1\" style=\"bottom:667.2152px;\">Cost<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls3f_1 ws4c_1\" style=\"bottom:647.4527px;\">At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _365\"> </span><span class=\"ls17_1 ws16_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>411<span class=\"__1 _252\"> </span><span class=\"ls1f_1 ws1e_1\">338<span class=\"__1 _4a_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>9<span class=\"__1 _231\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>375<span class=\"__1 _253\"> </span><span class=\"ls15_1 ws14_1\">255<span class=\"__1 _208\"> </span></span>1,6<span class=\"__1 _201\"/>30<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls4d_1 ws54_1\" style=\"bottom:627.6902px;\">Add<span class=\"__1 _201\"/>iti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"left:13.281448px; bottom:607.9277px;\">Arising on acquisitio<span class=\"__1 _201\"/>ns<span class=\"__1 _366\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">166<span class=\"__1 _264\"> </span><span class=\"ls40_1 ws44_1\">69<span class=\"__1 _c_1\"> </span><span class=\"lsb_1 ws32_1\">235<span class=\"__1 _353\"> </span></span></span></span><span class=\"ls5_1 ws1_1\">38<span class=\"__1 _232\"> </span><span class=\"ls15_1 ws14_1\">87<span class=\"__1 _252\"> </span><span class=\"lse_1 wsc_1\">125<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:13.281448px; bottom:588.16516px;\">Interna<span class=\"__1 _200\"/>lly generat<span class=\"__1 _200\"/>ed<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:395.6346px; bottom:588.18994px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:460.8777px; bottom:588.18994px;\">7<span class=\"__1 _2b_1\"> </span>7<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:597.65955px; bottom:588.18994px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:660.7701px; bottom:588.18994px;\">7<span class=\"__1 _367\"> </span>7<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws5d_1\" style=\"left:13.281448px; bottom:568.4274px;\">Other pur<span class=\"__1 _200\"/>chases<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:395.6346px; bottom:568.4334px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls7_1 ws5_1\" style=\"left:453.9411px; bottom:568.4334px;\">76<span class=\"__1 _f4_1\"> </span>76<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:597.65955px; bottom:568.4334px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls45_1 ws49_1\" style=\"left:652.0251px; bottom:568.4334px;\">47<span class=\"__1 _271\"> </span>47<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"bottom:548.6709px;\">Disposals and trans<span class=\"__1 _201\"/>fers<span class=\"__1 _368\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4)<span class=\"__1 _229\"> </span>(4<span class=\"__1 _201\"/>)<span class=\"__1 _219\"> </span><span class=\"ls12_1 ws11_1\">(8)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:597.65955px; bottom:548.67706px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls17_1 ws16_1\" style=\"left:648.3675px; bottom:548.67706px;\">(5<span class=\"__1 _201\"/>4)<span class=\"__1 _253\"> </span>(5<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:528.91455px;\">Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _369\"> </span><span class=\"ff1_1 ls5_1\">7<span class=\"__1 _333\"> </span>4<span class=\"__1 _264\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _329\"> </span></span></span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _232\"> </span><span class=\"ls57_1 ws61_1\">(4)<span class=\"__1 _232\"> </span><span class=\"ls25_1 ws25_1\">(6)<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:509.1521px;\">At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _16a_1\"> </span><span class=\"ls15_1 ws14_1\">1,580<span class=\"__1 _231\"> </span><span class=\"ls27_1 ws27_1\">490<span class=\"__1 _243\"> </span><span class=\"lsc_1 wsa_1\">2<span class=\"__1 _201\"/>,070<span class=\"__1 _226\"> </span><span class=\"ff2_1 ls4a_1 ws50_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>411<span class=\"__1 _253\"> </span><span class=\"ls5_1 ws1_1\">338<span class=\"__1 _7d_1\"> </span><span class=\"ls3d_1 ws3f_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:489.3896px;\">Acc<span class=\"__1 _200\"/>umulated<span class=\"__1 _200\"/> amortisation and<span class=\"__1 _200\"/> impairment<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls3f_1 ws4c_1\" style=\"bottom:469.62708px;\">At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _16b_1\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _201\"/>0)<span class=\"__1 _270\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>14<span class=\"__1 _201\"/>)<span class=\"__1 _7d_1\"> </span>(1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4)<span class=\"__1 _230\"> </span><span class=\"ff2_1 ls18_1 ws17_1\">(2<span class=\"__1 _201\"/>0)<span class=\"__1 _222\"> </span><span class=\"lsa_1 ws8_1\">(115<span class=\"__1 _201\"/>)<span class=\"__1 _220\"> </span>(13<span class=\"__1 _250\"/>5)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"bottom:449.86456px;\">Amor<span class=\"__1 _201\"/>tisa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:395.6346px; bottom:449.89514px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls26_1 ws26_1\" style=\"left:448.76703px; bottom:449.89514px;\">(3<span class=\"__1 _201\"/>4)<span class=\"__1 _237\"> </span>(3<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:597.65955px; bottom:449.89514px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls21_1 ws20_1\" style=\"left:648.3675px; bottom:449.89514px;\">(25)<span class=\"__1 _253\"> </span>(2<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"bottom:430.1327px;\">Impairment<span class=\"__1 _16c_1\"> </span><span class=\"ff1_1 ls21_1 ws20_1\">(25)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:463.0965px; bottom:430.1388px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls21_1 ws20_1\" style=\"left:511.6593px; bottom:430.1388px;\">(25)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:597.65955px; bottom:430.1388px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"bottom:410.38245px;\">Disposals and trans<span class=\"__1 _201\"/>fers<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:395.6346px; bottom:410.38245px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:460.8777px; bottom:410.38245px;\">4<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:597.65955px; bottom:410.38245px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsc_1 wsa_1\" style=\"left:652.0251px; bottom:410.38245px;\">26<span class=\"__1 _f4_1\"> </span>26<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:390.62px;\">Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:395.6346px; bottom:390.6261px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls9_1 ws7_1\" style=\"left:456.35895px; bottom:390.6261px;\">(4)<span class=\"__1 _1d_1\"> </span>(4<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:597.65955px; bottom:390.6261px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:370.86975px;\">At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _16d_1\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _212\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _7d_1\"> </span>(1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _1e_1\"> </span><span class=\"ff2_1 ls18_1 ws17_1\">(2<span class=\"__1 _201\"/>0)<span class=\"__1 _222\"> </span><span class=\"lsa_1 ws8_1\">(11<span class=\"__1 _201\"/>4)<span class=\"__1 _220\"> </span>(13<span class=\"__1 _250\"/>4)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:351.1073px;\">Net book amoun<span class=\"__1 _200\"/>t<span class=\"__1 _15c_1\"> </span><span class=\"ws32_1\">1,<span class=\"__1 _201\"/>535<span class=\"__1 _252\"> </span><span class=\"ls53_1 ws5b_1\">342<span class=\"__1 _208\"> </span><span class=\"ls15_1 ws14_1\">1,<span class=\"__1 _201\"/>877<span class=\"__1 _231\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">1,<span class=\"__1 _201\"/>391<span class=\"__1 _2c_1\"> </span><span class=\"ls2a_1 ws2a_1\">22<span class=\"__1 _201\"/>4<span class=\"__1 _3f_1\"> </span><span class=\"lse_1 wsc_1\">1,615<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:304.22253px;\">For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _16e_1\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:648.3675px; bottom:316.224px;\">2022<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:657.3345px; bottom:304.22253px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:712.6517px; bottom:316.224px;\">202<span class=\"__1 _32b\"> </span>1<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:304.22253px;\">\u00a3<span class=\"__1 _32b\"> </span>m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:284.4662px;\">Goodwill is<span class=\"__1 _200\"/> allocated<span class=\"__1 _200\"/> to t<span class=\"__1 _200\"/>he follo<span class=\"__1 _200\"/>wing cash-generating uni<span class=\"__1 _200\"/>ts:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:264.70367px;\">Asset Management<span class=\"__1 _16f_1\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">1,<span class=\"__1 _201\"/>287<span class=\"__1 _220\"> </span></span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:244.94116px;\">M&amp;G Wealth P<span class=\"__1 _201\"/>latfo<span class=\"__1 _201\"/>rm<span class=\"__1 _370\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">13<span class=\"__1 _230\"> </span></span><span class=\"ls40_1 ws44_1\">21<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls42_1 ws46_1\" style=\"bottom:225.17865px;\">Oth<span class=\"__1 _201\"/>er<span class=\"__1 _371\"> </span><span class=\"ff1_1 ls77_1 ws8c_1\">42<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:728.2778px; bottom:225.19714px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:205.4408px;\">Subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>ies he<span class=\"__1 _201\"/>ld by the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _372\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">193<span class=\"__1 _252\"> </span></span><span class=\"ls56_1 ws5f_1\">179<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:639.60046px; bottom:185.67828px;\">1,535<span class=\"__1 _7d_1\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">1,<span class=\"__1 _201\"/>39<span class=\"__1 _32b\"> </span></span><span class=\"ff2_1 ls42_1 ws46_1\">1<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:146.65051px;\">12.<span class=\"__1 _f_1\"/>1 Impairment assessment<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:126.02103px;\">Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill doe<span class=\"__1 _201\"/>s not ge<span class=\"__1 _201\"/>nerate c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s indep<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>ently of oth<span class=\"__1 _201\"/>er grou<span class=\"__1 _201\"/>ps of ass<span class=\"__1 _201\"/>ets and th<span class=\"__1 _201\"/>us is as<span class=\"__1 _201\"/>signe<span class=\"__1 _201\"/>d to a group of c<span class=\"__1 _201\"/>ash-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:109.52252px;\">gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g units fo<span class=\"__1 _201\"/>r the pur<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>s of impai<span class=\"__1 _201\"/>rment te<span class=\"__1 _201\"/>sting<span class=\"__1 _201\"/>. </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:84.77478px;\">The g<span class=\"__1 _201\"/>roup of ca<span class=\"__1 _201\"/>sh-<span class=\"__1 _201\"/>gen<span class=\"__1 _201\"/>erating u<span class=\"__1 _201\"/>nits are b<span class=\"__1 _201\"/>ased u<span class=\"__1 _201\"/>pon how m<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement m<span class=\"__1 _201\"/>onitor<span class=\"__1 _201\"/>s the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s and rep<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>t the lowes<span class=\"__1 _201\"/>t level to<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:68.276276px;\">whic<span class=\"__1 _201\"/>h goo<span class=\"__1 _201\"/>dwill c<span class=\"__1 _201\"/>an be al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated on a reas<span class=\"__1 _201\"/>onab<span class=\"__1 _201\"/>le bas<span class=\"__1 _201\"/>is.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:43.528534px;\">Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill is teste<span class=\"__1 _201\"/>d annua<span class=\"__1 _201\"/>lly for i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment, a<span class=\"__1 _201\"/>nd wh<span class=\"__1 _201\"/>ere there is a<span class=\"__1 _201\"/>n indic<span class=\"__1 _201\"/>ation of i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment, by c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ring the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing am<span class=\"__1 _201\"/>ount of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:27.03003px;\">the gro<span class=\"__1 _201\"/>up of cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating uni<span class=\"__1 _201\"/>ts, i<span class=\"__1 _201\"/>ncludi<span class=\"__1 _201\"/>ng any go<span class=\"__1 _201\"/>odwi<span class=\"__1 _201\"/>ll, with i<span class=\"__1 _201\"/>ts recove<span class=\"__1 _201\"/>rabl<span class=\"__1 _201\"/>e amount<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:2.282257px;\">Non<span class=\"__1 _201\"/>e of the go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d is exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tible fo<span class=\"__1 _201\"/>r incom<span class=\"__1 _201\"/>e tax pu<span class=\"__1 _201\"/>rpos<span class=\"__1 _201\"/>es.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:777.75146px;\">Asset Management<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:757.12195px;\">The c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing val<span class=\"__1 _201\"/>ue of As<span class=\"__1 _201\"/>set Ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill pre<span class=\"__1 _201\"/>domin<span class=\"__1 _201\"/>antly rel<span class=\"__1 _201\"/>ates to that aris<span class=\"__1 _201\"/>ing on th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition of M&amp;<span class=\"__1 _201\"/>G Grou<span class=\"__1 _201\"/>p Limite<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:740.6234px;\">and is s<span class=\"__1 _201\"/>plit b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the Wh<span class=\"__1 _201\"/>ole<span class=\"__1 _201\"/>sale A<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>t Manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t, Ins<span class=\"__1 _201\"/>titution<span class=\"__1 _201\"/>al As<span class=\"__1 _201\"/>set Man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent and I<span class=\"__1 _201\"/>nterna<span class=\"__1 _201\"/>l Ass<span class=\"__1 _201\"/>et Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt cas<span class=\"__1 _201\"/>h-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:724.125px;\">gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g units<span class=\"__1 _201\"/>. An imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment wa<span class=\"__1 _201\"/>s under<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>ken as at 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 w<span class=\"__1 _201\"/>hich re<span class=\"__1 _201\"/>sulted in n<span class=\"__1 _201\"/>o impai<span class=\"__1 _201\"/>rment c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:707.62646px;\">bei<span class=\"__1 _201\"/>ng reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:682.8787px;\">The re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>ble am<span class=\"__1 _201\"/>ount of the g<span class=\"__1 _201\"/>roup of c<span class=\"__1 _201\"/>ash-<span class=\"__1 _201\"/>gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g units wa<span class=\"__1 _201\"/>s determi<span class=\"__1 _201\"/>ned by c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ating the va<span class=\"__1 _201\"/>lue in us<span class=\"__1 _201\"/>e. The v<span class=\"__1 _201\"/>alue in us<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:666.38025px;\">repre<span class=\"__1 _201\"/>sents t<span class=\"__1 _201\"/>he pres<span class=\"__1 _201\"/>ent valu<span class=\"__1 _201\"/>e of future c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on the b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss pl<span class=\"__1 _201\"/>an to 2025 app<span class=\"__1 _201\"/>roved by man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent, a<span class=\"__1 _201\"/>nd relev<span class=\"__1 _201\"/>ant<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:649.8817px;\">ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns for c<span class=\"__1 _201\"/>ash flows f<span class=\"__1 _201\"/>or later yea<span class=\"__1 _201\"/>rs.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:625.134px;\">The f<span class=\"__1 _201\"/>uture ca<span class=\"__1 _201\"/>sh flows u<span class=\"__1 _201\"/>sed in th<span class=\"__1 _201\"/>e value i<span class=\"__1 _201\"/>n use ca<span class=\"__1 _201\"/>lculatio<span class=\"__1 _201\"/>n are bas<span class=\"__1 _201\"/>ed on a s<span class=\"__1 _201\"/>et of econ<span class=\"__1 _201\"/>omic<span class=\"__1 _201\"/>, mar<span class=\"__1 _201\"/>ket and busin<span class=\"__1 _201\"/>ess a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:608.6355px;\">The<span class=\"__1 _201\"/>se inc<span class=\"__1 _201\"/>lude th<span class=\"__1 _201\"/>e direc<span class=\"__1 _201\"/>t and se<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>dar<span class=\"__1 _201\"/>y effe<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s of recen<span class=\"__1 _201\"/>t develo<span class=\"__1 _201\"/>pment<span class=\"__1 _201\"/>s, su<span class=\"__1 _201\"/>ch as chan<span class=\"__1 _201\"/>ges in gl<span class=\"__1 _201\"/>obal e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y mar<span class=\"__1 _201\"/>kets and tren<span class=\"__1 _201\"/>ds in<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:592.13696px;\">fund fl<span class=\"__1 _201\"/>ows<span class=\"__1 _201\"/>, which a<span class=\"__1 _201\"/>re consi<span class=\"__1 _201\"/>dered by m<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement i<span class=\"__1 _201\"/>n arri<span class=\"__1 _201\"/>ving at th<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>ctatio<span class=\"__1 _201\"/>ns for the fi<span class=\"__1 _201\"/>nal proj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tions fo<span class=\"__1 _201\"/>r the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s plan<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:575.6385px;\">The b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss pl<span class=\"__1 _201\"/>an cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>s the grow<span class=\"__1 _201\"/>th in cli<span class=\"__1 _201\"/>ent prefe<span class=\"__1 _201\"/>rence fo<span class=\"__1 _201\"/>r sust<span class=\"__1 _201\"/>ainabi<span class=\"__1 _201\"/>lity <span class=\"__1 _201\"/>and imp<span class=\"__1 _201\"/>act-focuse<span class=\"__1 _201\"/>d prod<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>s, in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g those<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:559.13995px;\">aime<span class=\"__1 _201\"/>d at mana<span class=\"__1 _201\"/>ging an<span class=\"__1 _201\"/>d addres<span class=\"__1 _201\"/>sing c<span class=\"__1 _201\"/>limate ris<span class=\"__1 _201\"/>k, an<span class=\"__1 _201\"/>d its impa<span class=\"__1 _201\"/>ct on p<span class=\"__1 _201\"/>rojec<span class=\"__1 _201\"/>ted AUM<span class=\"__1 _201\"/>A flows ba<span class=\"__1 _201\"/>sed on o<span class=\"__1 _201\"/>ur str<span class=\"__1 _201\"/>ategy. M&amp;G Gro<span class=\"__1 _201\"/>up<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:542.6415px;\">Limi<span class=\"__1 _201\"/>ted bei<span class=\"__1 _201\"/>ng an as<span class=\"__1 _201\"/>set mana<span class=\"__1 _201\"/>ger do<span class=\"__1 _201\"/>es not h<span class=\"__1 _201\"/>old mate<span class=\"__1 _201\"/>rial inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts on its b<span class=\"__1 _201\"/>alanc<span class=\"__1 _201\"/>e she<span class=\"__1 _201\"/>et which wo<span class=\"__1 _201\"/>uld dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y be imp<span class=\"__1 _201\"/>acte<span class=\"__1 _201\"/>d by<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:526.14294px;\">climate r<span class=\"__1 _201\"/>isk. G<span class=\"__1 _201\"/>iven th<span class=\"__1 _201\"/>is is an em<span class=\"__1 _201\"/>erging a<span class=\"__1 _201\"/>rea, an<span class=\"__1 _201\"/>d given th<span class=\"__1 _201\"/>e curren<span class=\"__1 _201\"/>t availabl<span class=\"__1 _201\"/>e data and th<span class=\"__1 _201\"/>e sop<span class=\"__1 _201\"/>histi<span class=\"__1 _201\"/>cation of t<span class=\"__1 _201\"/>he mod<span class=\"__1 _201\"/>els<span class=\"__1 _201\"/>, forec<span class=\"__1 _201\"/>ast<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:509.64447px;\">cas<span class=\"__1 _201\"/>h flows may n<span class=\"__1 _201\"/>ot fully re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t the p<span class=\"__1 _201\"/>otential im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of climate ris<span class=\"__1 _201\"/>k.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:484.89673px;\">Bas<span class=\"__1 _201\"/>ed on the a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent, th<span class=\"__1 _201\"/>e value in u<span class=\"__1 _201\"/>se of the gro<span class=\"__1 _201\"/>up of cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating un<span class=\"__1 _201\"/>its was hi<span class=\"__1 _201\"/>gher th<span class=\"__1 _201\"/>an the ca<span class=\"__1 _201\"/>rr<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g value a<span class=\"__1 _201\"/>nd no<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:468.3982px;\">impa<span class=\"__1 _201\"/>irme<span class=\"__1 _201\"/>nt has be<span class=\"__1 _201\"/>en rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of go<span class=\"__1 _201\"/>odwi<span class=\"__1 _201\"/>ll aris<span class=\"__1 _201\"/>ing on the A<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>et Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt group of c<span class=\"__1 _201\"/>as<span class=\"__1 _32b\"> </span>h<span class=\"__1 _32b\"> </span>-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:451.89972px;\">generating<span class=\"__1 _200\"/> units.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:427.15198px;\">The v<span class=\"__1 _201\"/>alue in us<span class=\"__1 _201\"/>e is par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ularl<span class=\"__1 _201\"/>y sens<span class=\"__1 _201\"/>itive to a numb<span class=\"__1 _201\"/>er of key assu<span class=\"__1 _201\"/>mption<span class=\"__1 _201\"/>s as follo<span class=\"__1 _201\"/>ws:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:402.40424px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ow forec<span class=\"__1 _201\"/>ast h<span class=\"__1 _201\"/>as be<span class=\"__1 _201\"/>en extr<span class=\"__1 _201\"/>apol<span class=\"__1 _201\"/>ated beyon<span class=\"__1 _201\"/>d the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s plan p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od to inco<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate a five<span class=\"__1 _201\"/>-year valu<span class=\"__1 _201\"/>e in use<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:385.9057px;\">ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, estim<span class=\"__1 _201\"/>ating grow<span class=\"__1 _201\"/>th rate<span class=\"__1 _201\"/>s for 2026 an<span class=\"__1 _201\"/>d 2027<span class=\"__1 _200\"/>, tape<span class=\"__1 _201\"/>ring th<span class=\"__1 _201\"/>e grow<span class=\"__1 _201\"/>th expec<span class=\"__1 _201\"/>ted in 20<span class=\"__1 _201\"/>25 dow<span class=\"__1 _201\"/>n over the t<span class=\"__1 _201\"/>wo-ye<span class=\"__1 _201\"/>ar per<span class=\"__1 _201\"/>io<span class=\"__1 _32b\"> </span>d<span class=\"__1 _201\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:369.40723px;\">to the lo<span class=\"__1 _201\"/>ng-term g<span class=\"__1 _201\"/>rowt<span class=\"__1 _201\"/>h rate (base<span class=\"__1 _201\"/>d on lo<span class=\"__1 _201\"/>ng-ter<span class=\"__1 _201\"/>m inflatio<span class=\"__1 _201\"/>n and no<span class=\"__1 _201\"/>minal gro<span class=\"__1 _201\"/>ss do<span class=\"__1 _201\"/>mes<span class=\"__1 _201\"/>tic prod<span class=\"__1 _201\"/>uct r<span class=\"__1 _201\"/>ates for the U<span class=\"__1 _201\"/>K<span class=\"__1 _201\"/>).<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:348.7777px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The p<span class=\"__1 _201\"/>re-ta<span class=\"__1 _201\"/>x disco<span class=\"__1 _201\"/>unt rate as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 was 11% (2021: 14<span class=\"__1 _200\"/>%<span class=\"__1 _200\"/>) and is ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n the cos<span class=\"__1 _201\"/>t of equi<span class=\"__1 _201\"/>ty fo<span class=\"__1 _201\"/>r the As<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:332.27924px;\">Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s deri<span class=\"__1 _201\"/>ved usi<span class=\"__1 _201\"/>ng the c<span class=\"__1 _201\"/>apital a<span class=\"__1 _201\"/>sset p<span class=\"__1 _201\"/>ricin<span class=\"__1 _201\"/>g mod<span class=\"__1 _201\"/>el. A 50<span class=\"__1 _201\"/>bps in<span class=\"__1 _201\"/>crease in th<span class=\"__1 _201\"/>e disco<span class=\"__1 _201\"/>unt rate wou<span class=\"__1 _201\"/>ld resul<span class=\"__1 _201\"/>t in the<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:315.7807px;\">valu<span class=\"__1 _201\"/>e in use de<span class=\"__1 _201\"/>creas<span class=\"__1 _201\"/>ing by \u00a3187m. Th<span class=\"__1 _201\"/>is would n<span class=\"__1 _201\"/>ot resul<span class=\"__1 _201\"/>t in any impai<span class=\"__1 _201\"/>rmen<span class=\"__1 _201\"/>t charge b<span class=\"__1 _201\"/>eing re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d for go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:295.15125px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The te<span class=\"__1 _201\"/>rmina<span class=\"__1 _201\"/>l value wa<span class=\"__1 _201\"/>s calc<span class=\"__1 _201\"/>ulated usi<span class=\"__1 _201\"/>ng a sta<span class=\"__1 _201\"/>ndard grow<span class=\"__1 _201\"/>th m<span class=\"__1 _201\"/>odel<span class=\"__1 _201\"/>, using a d<span class=\"__1 _201\"/>iscou<span class=\"__1 _201\"/>nt rate of 11<span class=\"__1 _200\"/>% as stated a<span class=\"__1 _201\"/>bove and a l<span class=\"__1 _201\"/>ong-<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:278.6527px;\">term grow<span class=\"__1 _201\"/>th r<span class=\"__1 _201\"/>ate of 2%. A 5<span class=\"__1 _201\"/>0bps d<span class=\"__1 _201\"/>ecreas<span class=\"__1 _201\"/>e in the lo<span class=\"__1 _201\"/>ng-ter<span class=\"__1 _201\"/>m grow<span class=\"__1 _201\"/>th rate woul<span class=\"__1 _201\"/>d result in th<span class=\"__1 _201\"/>e value i<span class=\"__1 _201\"/>n use de<span class=\"__1 _201\"/>creasi<span class=\"__1 _201\"/>ng by \u00a3122m<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:262.15424px;\">This w<span class=\"__1 _201\"/>ould no<span class=\"__1 _201\"/>t result in a<span class=\"__1 _201\"/>ny impair<span class=\"__1 _201\"/>ment ch<span class=\"__1 _201\"/>arge be<span class=\"__1 _201\"/>ing rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d for goo<span class=\"__1 _201\"/>dwi<span class=\"__1 _201\"/>ll.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:241.52472px;\">In the p<span class=\"__1 _201\"/>reviou<span class=\"__1 _201\"/>s year<span class=\"__1 _200\"/>, a termina<span class=\"__1 _201\"/>l multipl<span class=\"__1 _201\"/>ier of 13x w<span class=\"__1 _201\"/>as appli<span class=\"__1 _201\"/>ed to the c<span class=\"__1 _201\"/>ashfl<span class=\"__1 _201\"/>ows fore<span class=\"__1 _201\"/>cas<span class=\"__1 _201\"/>ted for th<span class=\"__1 _201\"/>e final yea<span class=\"__1 _201\"/>r of the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s plan<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:225.02625px;\">to determ<span class=\"__1 _201\"/>ine the c<span class=\"__1 _201\"/>ashfl<span class=\"__1 _201\"/>ows beyo<span class=\"__1 _201\"/>nd the pro<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>tion p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d, bas<span class=\"__1 _201\"/>ed on exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted pr<span class=\"__1 _201\"/>ice/<span class=\"__1 _200\"/>earni<span class=\"__1 _201\"/>ngs ratio i<span class=\"__1 _201\"/>n the se<span class=\"__1 _201\"/>ctor<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:200.27844px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">That asset<span class=\"__1 _200\"/> management con<span class=\"__1 _200\"/>tracts cont<span class=\"__1 _200\"/>inue on<span class=\"__1 _200\"/> similar<span class=\"__1 _200\"/> terms.<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:179.64896px;\">No rea<span class=\"__1 _201\"/>sonab<span class=\"__1 _201\"/>le chan<span class=\"__1 _201\"/>ge in as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons st<span class=\"__1 _201\"/>ated above wo<span class=\"__1 _201\"/>uld resu<span class=\"__1 _201\"/>lt in any imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt bein<span class=\"__1 _201\"/>g reco<span class=\"__1 _201\"/>rded<span class=\"__1 _201\"/>. Furth<span class=\"__1 _201\"/>ermo<span class=\"__1 _201\"/>re, there wo<span class=\"__1 _201\"/>uld<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:163.15048px;\">be no i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d even if the i<span class=\"__1 _201\"/>ndiv<span class=\"__1 _201\"/>idual s<span class=\"__1 _201\"/>tres<span class=\"__1 _201\"/>ses to as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns state<span class=\"__1 _201\"/>d above were to ap<span class=\"__1 _201\"/>ply co<span class=\"__1 _201\"/>ncur<span class=\"__1 _201\"/>rently w<span class=\"__1 _201\"/>hich<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:146.65198px;\">dem<span class=\"__1 _201\"/>onst<span class=\"__1 _201\"/>rates the si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant he<span class=\"__1 _201\"/>adroo<span class=\"__1 _201\"/>m availab<span class=\"__1 _201\"/>le on the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing val<span class=\"__1 _201\"/>ue.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls27_1 ws5d_1\" style=\"left:0.010047913px; bottom:121.904205px;\">M&amp;G W<span class=\"__1 _200\"/>ealth<span class=\"__1 _200\"/> Platform<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:101.27472px;\">Dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar to 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 a<span class=\"__1 _201\"/>n impair<span class=\"__1 _201\"/>ment of \u00a3<span class=\"__1 _201\"/>25m h<span class=\"__1 _201\"/>as bee<span class=\"__1 _201\"/>n reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of the M&amp;G Wealt<span class=\"__1 _201\"/>h Platf<span class=\"__1 _201\"/>orm<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:84.776215px;\">cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating un<span class=\"__1 _201\"/>it to bring t<span class=\"__1 _201\"/>he car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying v<span class=\"__1 _201\"/>alue do<span class=\"__1 _201\"/>wn to its rec<span class=\"__1 _201\"/>overab<span class=\"__1 _201\"/>le amo<span class=\"__1 _201\"/>unt whic<span class=\"__1 _201\"/>h is its val<span class=\"__1 _201\"/>ue in use of \u00a310<span class=\"__1 _201\"/>6m. T<span class=\"__1 _201\"/>he M&amp;<span class=\"__1 _201\"/>G<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:68.27771px;\">Wealth plat<span class=\"__1 _201\"/>form c<span class=\"__1 _201\"/>ash g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ating unit c<span class=\"__1 _201\"/>onsis<span class=\"__1 _201\"/>ts of the n<span class=\"__1 _201\"/>et ass<span class=\"__1 _201\"/>ets and g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will an<span class=\"__1 _201\"/>d other int<span class=\"__1 _201\"/>angibl<span class=\"__1 _201\"/>es ari<span class=\"__1 _201\"/>sing fro<span class=\"__1 _201\"/>m the acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:51.779205px;\">of Wrap IFA Ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces Lim<span class=\"__1 _201\"/>ited, as w<span class=\"__1 _201\"/>ell as an all<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ation of \u00a316m of g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g the acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>n of San<span class=\"__1 _201\"/>dringh<span class=\"__1 _201\"/>am Fina<span class=\"__1 _201\"/>ncial<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:35.28073px;\">Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rs Lim<span class=\"__1 _201\"/>ited, di<span class=\"__1 _201\"/>scus<span class=\"__1 _201\"/>sed in N<span class=\"__1 _201\"/>ote 2. Al<span class=\"__1 _201\"/>l of the imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt has be<span class=\"__1 _201\"/>en all<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d agains<span class=\"__1 _201\"/>t goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l with the ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e record<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:18.782227px;\">admi<span class=\"__1 _201\"/>nistr<span class=\"__1 _201\"/>ative expe<span class=\"__1 _201\"/>nses in t<span class=\"__1 _201\"/>he cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d inco<span class=\"__1 _201\"/>me statem<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>he key assu<span class=\"__1 _201\"/>mptions i<span class=\"__1 _201\"/>n determ<span class=\"__1 _201\"/>ining th<span class=\"__1 _201\"/>e value in u<span class=\"__1 _201\"/>se were a<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:2.283722px;\">disc<span class=\"__1 _201\"/>ount rate of 11%, a lon<span class=\"__1 _201\"/>g-term grow<span class=\"__1 _201\"/>th rate of 2<span class=\"__1 _201\"/>% and a term<span class=\"__1 _201\"/>inal val<span class=\"__1 _201\"/>ue EBI<span class=\"__1 _201\"/>TDA margin of 3<span class=\"__1 _201\"/>3%<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:808.87036px;\">12 Goodwill and in<span class=\"__1 _200\"/>tangible asse<span class=\"__1 _200\"/>ts continued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws32_1\" style=\"bottom:798.5952px;\">Other<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:777.9657px;\">Note 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Cor<span class=\"__1 _201\"/>porate tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s provid<span class=\"__1 _201\"/>es detai<span class=\"__1 _201\"/>l on goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l arisi<span class=\"__1 _201\"/>ng on sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>ies ac<span class=\"__1 _201\"/>quired d<span class=\"__1 _201\"/>uring 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>. Non<span class=\"__1 _201\"/>e of the go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:761.46716px;\">allo<span class=\"__1 _201\"/>cated to re<span class=\"__1 _201\"/>mainin<span class=\"__1 _201\"/>g cash<span class=\"__1 _201\"/>-g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ating unit<span class=\"__1 _201\"/>s is signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant in com<span class=\"__1 _201\"/>paris<span class=\"__1 _201\"/>on to the G<span class=\"__1 _201\"/>roup\u2019s t<span class=\"__1 _200\"/>otal c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng amo<span class=\"__1 _201\"/>unt of goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:736.7195px;\">Subsidiaries held<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> the Wi<span class=\"__1 _200\"/>th-Profits Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:716.08997px;\">Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill aris<span class=\"__1 _201\"/>ing on ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>ies he<span class=\"__1 _201\"/>ld relate<span class=\"__1 _201\"/>s to acquisi<span class=\"__1 _201\"/>tions ma<span class=\"__1 _201\"/>de with<span class=\"__1 _201\"/>in cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d infras<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>ture pr<span class=\"__1 _201\"/>ivate eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:699.5915px;\">vehic<span class=\"__1 _201\"/>les wh<span class=\"__1 _201\"/>ich are he<span class=\"__1 _201\"/>ld by the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>. Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt have unde<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>taken an impa<span class=\"__1 _201\"/>irme<span class=\"__1 _201\"/>nt ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment by co<span class=\"__1 _201\"/>mpari<span class=\"__1 _201\"/>ng the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:683.09296px;\">fair v<span class=\"__1 _201\"/>alue of th<span class=\"__1 _201\"/>e subsi<span class=\"__1 _201\"/>diarie<span class=\"__1 _201\"/>s with the<span class=\"__1 _201\"/>ir car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying v<span class=\"__1 _201\"/>alue. A<span class=\"__1 _201\"/>s a resul<span class=\"__1 _201\"/>t of the as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sment<span class=\"__1 _201\"/>, no imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt was re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed fo<span class=\"__1 _201\"/>r the year<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:666.5945px;\">end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2 (2021: \u00a3ni<span class=\"__1 _201\"/>l).<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:641.84674px;\">12.<span class=\"__1 _201\"/>2 Int<span class=\"__1 _200\"/>angible assets<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:621.2172px;\">Intan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s comp<span class=\"__1 _201\"/>rise in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s and clie<span class=\"__1 _201\"/>nt relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d throug<span class=\"__1 _201\"/>h busin<span class=\"__1 _201\"/>ess c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ations<span class=\"__1 _201\"/>, sof<span class=\"__1 _201\"/>tw<span class=\"__1 _201\"/>are,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws1b_1\" style=\"bottom:604.71875px;\">ser<span class=\"__1 _201\"/>vice concessi<span class=\"__1 _201\"/>ons, royalt<span class=\"__1 _200\"/>ies and licences.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:579.97095px;\">Customer<span class=\"__1 _200\"/> relation<span class=\"__1 _200\"/>ships and tr<span class=\"__1 _200\"/>ade name<span class=\"__1 _200\"/> arising on<span class=\"__1 _200\"/> acquisitions<span class=\"__1 _200\"/> during the<span class=\"__1 _200\"/> ye<span class=\"__1 _200\"/>ar<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:559.3415px;\">Dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, cu<span class=\"__1 _201\"/>stome<span class=\"__1 _201\"/>r relatio<span class=\"__1 _201\"/>nships w<span class=\"__1 _201\"/>hich have b<span class=\"__1 _201\"/>een re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised by th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>s par<span class=\"__1 _201\"/>t of the ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of Sa<span class=\"__1 _201\"/>ndrin<span class=\"__1 _201\"/>gham<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:542.84296px;\">Fina<span class=\"__1 _201\"/>ncial Pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tners L<span class=\"__1 _201\"/>imited<span class=\"__1 _201\"/>, M&amp;G Wealth Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts LL<span class=\"__1 _201\"/>P (<span class=\"__1 _200\"/>form<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>y TCF F<span class=\"__1 _200\"/>und M<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>rs LL<span class=\"__1 _201\"/>P) and resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s AG.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:526.3445px;\">In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, two tr<span class=\"__1 _201\"/>ade nam<span class=\"__1 _201\"/>es have be<span class=\"__1 _201\"/>en re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed by the G<span class=\"__1 _201\"/>roup as p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of the ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of San<span class=\"__1 _201\"/>drin<span class=\"__1 _201\"/>gham Fin<span class=\"__1 _201\"/>ancial P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:509.84595px;\">Limi<span class=\"__1 _201\"/>ted and re<span class=\"__1 _201\"/>spon<span class=\"__1 _201\"/>sAbili<span class=\"__1 _201\"/>ty I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents AG.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:485.0982px;\">The d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>iption of th<span class=\"__1 _201\"/>e sep<span class=\"__1 _201\"/>arate intan<span class=\"__1 _201\"/>gible as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d, in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g their e<span class=\"__1 _201\"/>stimate<span class=\"__1 _201\"/>d useful l<span class=\"__1 _201\"/>ife, is as fo<span class=\"__1 _201\"/>llows:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:5.1585007px; bottom:432.2414px;\">Customer r<span class=\"__1 _200\"/>elated<span class=\"__1 _200\"/> intangi<span class=\"__1 _200\"/>ble<span class=\"__1 _373\"> </span><span class=\"ls1_1 ws1_1\">Int<span class=\"__1 _201\"/>angi<span class=\"__1 _201\"/>ble a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>t ty<span class=\"__1 _201\"/>pe<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:374.079px; bottom:444.24286px;\">Av<span class=\"__1 _200\"/>erage useful<span class=\"__1 _200\"/> life<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:374.079px; bottom:432.2414px;\">at acquisition<span class=\"__1 _200\"/> date<span class=\"__1 _14d_1\"> </span>Acquisition date<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:595.3398px; bottom:456.2444px;\">Fair va<span class=\"__1 _201\"/>lue o<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:580.36066px; bottom:444.24286px;\">acquisition dat<span class=\"__1 _200\"/>e<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:640.91895px; bottom:432.2414px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws66_1\" style=\"left:666.1635px; bottom:444.24286px;\">Carr<span class=\"__1 _201\"/>ying value<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:432.2414px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:395.10675px;\">Sandr<span class=\"__1 _201\"/>ingham Financial Par<span class=\"__1 _201\"/>tners L<span class=\"__1 _201\"/>imited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:259.5612px; bottom:412.48505px;\">T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _268\"> </span><span class=\"ls4d_1 ws8c_1\">10 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _249\"> </span><span class=\"ls6_1 ws1_1\">6 Janua<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y 2022<span class=\"__1 _374\"> </span><span class=\"ls5_1\">7<span class=\"__1 _375\"> </span><span class=\"ff1_1\">6<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:259.5612px; bottom:392.72253px;\">Customer<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:259.5612px; bottom:377.72852px;\">relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lse_1 ws3b_1\" style=\"left:415.33725px; bottom:385.22552px;\">13 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _249\"> </span><span class=\"ls6_1 ws1_1\">6 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2<span class=\"__1 _14a_1\"> </span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _376\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">14<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:357.966px;\">M&amp;G Wealth I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents LL<span class=\"__1 _201\"/>P (Form<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:342.97205px;\">TCF Fund Mana<span class=\"__1 _201\"/>gers L<span class=\"__1 _201\"/>LP)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:259.5612px; bottom:357.966px;\">Customer<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:259.5612px; bottom:342.97205px;\">relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls54_1 ws15_1\" style=\"left:415.33725px; bottom:350.469px;\">18 year<span class=\"__1 _201\"/>s<span class=\"__1 _6e_1\"> </span><span class=\"ls6_1 ws1_1\">17 Febr<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _6a_1\"> </span><span class=\"ls5_1\">1<span class=\"__1 _a4_1\"> </span><span class=\"ff1_1\">1<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:305.8313px;\">responsAbility In<span class=\"__1 _200\"/>vestments A<span class=\"__1 _f_1\"/>G<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:259.5612px; bottom:323.20953px;\">T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _268\"> </span><span class=\"ls4d_1 ws8c_1\">10 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _f7_1\"> </span><span class=\"ls6_1 ws1_1\">3 May 2022<span class=\"__1 _377\"> </span><span class=\"ls5_1\">9<span class=\"__1 _375\"> </span><span class=\"ff1_1\">9<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:259.5612px; bottom:303.44702px;\">Customer<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:259.5612px; bottom:288.453px;\">relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls4d_1 ws8c_1\" style=\"left:415.33725px; bottom:295.95px;\">10 year<span class=\"__1 _201\"/>s<span class=\"__1 _226\"> </span><span class=\"ls6_1 ws1_1\">3 M<span class=\"__1 _201\"/>ay 2022<span class=\"__1 _9d_1\"> </span><span class=\"lsf_1 wsd_1\">36<span class=\"__1 _12f_1\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">37<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:249.4253px;\">All int<span class=\"__1 _201\"/>angibl<span class=\"__1 _201\"/>es wil<span class=\"__1 _201\"/>l be amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n a strai<span class=\"__1 _201\"/>ght line b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:224.67749px;\">In arr<span class=\"__1 _201\"/>ivi<span class=\"__1 _201\"/>ng at the fa<span class=\"__1 _201\"/>ir value o<span class=\"__1 _201\"/>f intangi<span class=\"__1 _201\"/>ble as<span class=\"__1 _201\"/>sets ac<span class=\"__1 _201\"/>quired i<span class=\"__1 _201\"/>n busin<span class=\"__1 _201\"/>ess c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ations<span class=\"__1 _201\"/>, a numb<span class=\"__1 _201\"/>er of as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns and ju<span class=\"__1 _201\"/>dgem<span class=\"__1 _201\"/>ents are<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:208.17902px;\">app<span class=\"__1 _201\"/>lied<span class=\"__1 _201\"/>. The de<span class=\"__1 _201\"/>tails in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of mater<span class=\"__1 _201\"/>ial acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>ns duri<span class=\"__1 _201\"/>ng the fin<span class=\"__1 _201\"/>ancial ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, w<span class=\"__1 _201\"/>ith rega<span class=\"__1 _201\"/>rd to assum<span class=\"__1 _201\"/>ptions a<span class=\"__1 _201\"/>nd sens<span class=\"__1 _201\"/>itivi<span class=\"__1 _201\"/>ties to<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:191.68051px;\">thos<span class=\"__1 _201\"/>e assu<span class=\"__1 _201\"/>mptions<span class=\"__1 _201\"/>, are pre<span class=\"__1 _201\"/>sente<span class=\"__1 _201\"/>d below.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:313.15936px; bottom:161.0841px;\">responsAbility<span class=\"__1 _378\"> </span><span class=\"ls4f_1 ws55_1\">Sandringha<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws55_1\" style=\"left:5.1585007px; bottom:131.0646px;\">Intangible<span class=\"__1 _256\"> </span>Inp<span class=\"__1 _201\"/>ut<span class=\"__1 _342\"> </span><span class=\"ls2f_1 ws2f_1\">Assumption<span class=\"__1 _1d_1\"> </span><span class=\"ls3_1 ws3_1\">Sensiti<span class=\"__1 _201\"/>vity<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4b_1 ws94_1\" style=\"left:444.61713px; bottom:143.06613px;\">Impact on<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:425.34824px; bottom:131.0646px;\">valuation (\u00a3<span class=\"__1 _200\"/>m)<span class=\"__1 _290\"> </span><span class=\"ls2f_1 ws2f_1\">Assumption<span class=\"__1 _4a_1\"> </span><span class=\"ls3_1 ws3_1\">Sensitivit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4b_1 ws94_1\" style=\"left:687.9546px; bottom:143.06613px;\">Impact on<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:667.2948px; bottom:131.0646px;\">valuation (\u00a3<span class=\"__1 _200\"/>m)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:101.43121px;\">T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:99.5352px; bottom:111.31247px;\">Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _b9_1\"> </span><span class=\"lse_1 wsc_1\">12%<span class=\"__1 _f4_1\"> </span><span class=\"ls28_1 ws28_1\">+<span class=\"__1 _f_1\"/>100bps<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:486.534px; bottom:111.30948px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls4d_1 ws54_1\" style=\"left:546.80927px; bottom:111.30948px;\">10%<span class=\"__1 _240\"> </span><span class=\"ls28_1 ws28_1\">+<span class=\"__1 _337\"/>100bps<span class=\"__1 _379\"> </span><span class=\"ls5_1 ws1_1\">\u2013<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:99.5352px; bottom:91.54697px;\">Royalty rate<span class=\"__1 _17a_1\"> </span><span class=\"ls40_1 ws44_1\">3%<span class=\"__1 _2b_1\"> </span><span class=\"ls1c_1 ws43_1\">-50<span class=\"__1 _201\"/>bps<span class=\"__1 _341\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _353\"> </span><span class=\"ls30_1 ws30_1\">2%<span class=\"__1 _237\"> </span></span></span>-50bps<span class=\"__1 _14a_1\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"bottom:44.53772px;\">Customer<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:29.543732px;\">relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:99.5352px; bottom:71.79721px;\">Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _17b_1\"> </span><span class=\"ls11_1 ws10_1\">11%<span class=\"__1 _f4_1\"> </span><span class=\"ls28_1 ws28_1\">+<span class=\"__1 _f_1\"/>100bps<span class=\"__1 _341\"> </span><span class=\"ls11_1 ws10_1\">(3)<span class=\"__1 _229\"> </span><span class=\"ls4d_1 ws54_1\">10%<span class=\"__1 _240\"> </span></span></span>+<span class=\"__1 _f_1\"/>100bp<span class=\"__1 _200\"/>s<span class=\"__1 _b0_1\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:99.5352px; bottom:52.03473px;\">Customer<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls42_1 ws46_1\" style=\"left:99.5352px; bottom:37.04071px;\">attr<span class=\"__1 _201\"/>ition<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws5d_1\" style=\"left:209.6322px; bottom:52.03473px;\">12.5% wholesale<span class=\"__1 _200\"/> /<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:218.40466px; bottom:37.04071px;\">8.<span class=\"__1 _201\"/>5% inst<span class=\"__1 _201\"/>itutions<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls28_1 ws28_1\" style=\"left:362.83813px; bottom:44.53772px;\">+<span class=\"__1 _f_1\"/>100bp<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:486.534px; bottom:44.540405px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:553.89px; bottom:44.540405px;\">2%<span class=\"__1 _270\"> </span><span class=\"ls24_1 ws23_1\">+7<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>b<span class=\"__1 _250\"/>p<span class=\"__1 _250\"/>s<span class=\"__1 _341\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:99.5352px; bottom:17.280914px;\">Clien<span class=\"__1 _201\"/>t and mar<span class=\"__1 _201\"/>ket<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:99.5352px; bottom:2.2869263px;\">grow<span class=\"__1 _201\"/>th<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:295.2861px; bottom:9.783936px;\">2%<span class=\"__1 _230\"> </span><span class=\"ls28_1 ws28_1\">-<span class=\"__1 _f_1\"/>100bps<span class=\"__1 _375\"> </span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _224\"> </span><span class=\"ls45_1 ws49_1\">15%<span class=\"__1 _5d_1\"> </span></span></span>-<span class=\"__1 _f_1\"/>100bp<span class=\"__1 _200\"/>s<span class=\"__1 _17c_1\"> </span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:829.7141px;\">12 Goodwill and in<span class=\"__1 _200\"/>tangible asse<span class=\"__1 _200\"/>ts continued<span class=\"__1 _32b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-497": {
   "value": "12 Goodwill and in<span class=\"__1 _200\"/>tangible asse<span class=\"__1 _200\"/>ts <span class=\"__1 _364\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _5b_1\"> </span>2021<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Goo<span class=\"__1 _201\"/>dwill<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Intangibles<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Goo<span class=\"__1 _201\"/>dwill<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Intangibles<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Cost<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _365\"> </span><span class=\"ls17_1 ws16_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>411<span class=\"__1 _252\"> </span><span class=\"ls1f_1 ws1e_1\">338<span class=\"__1 _4a_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>9<span class=\"__1 _231\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>375<span class=\"__1 _253\"> </span><span class=\"ls15_1 ws14_1\">255<span class=\"__1 _208\"> </span></span>1,6<span class=\"__1 _201\"/>30<span class=\"__1 _32b\"> </span></span></span></span></span>Add<span class=\"__1 _201\"/>iti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Arising on acquisitio<span class=\"__1 _201\"/>ns<span class=\"__1 _366\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">166<span class=\"__1 _264\"> </span><span class=\"ls40_1 ws44_1\">69<span class=\"__1 _c_1\"> </span><span class=\"lsb_1 ws32_1\">235<span class=\"__1 _353\"> </span></span></span></span><span class=\"ls5_1 ws1_1\">38<span class=\"__1 _232\"> </span><span class=\"ls15_1 ws14_1\">87<span class=\"__1 _252\"> </span><span class=\"lse_1 wsc_1\">125<span class=\"__1 _32b\"> </span></span></span></span>Interna<span class=\"__1 _200\"/>lly generat<span class=\"__1 _200\"/>ed<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>7<span class=\"__1 _2b_1\"> </span>7<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>7<span class=\"__1 _367\"> </span>7<span class=\"__1 _32b\"> </span>Other pur<span class=\"__1 _200\"/>chases<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>76<span class=\"__1 _f4_1\"> </span>76<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>47<span class=\"__1 _271\"> </span>47<span class=\"__1 _32b\"> </span>Disposals and trans<span class=\"__1 _201\"/>fers<span class=\"__1 _368\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4)<span class=\"__1 _229\"> </span>(4<span class=\"__1 _201\"/>)<span class=\"__1 _219\"> </span><span class=\"ls12_1 ws11_1\">(8)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>(5<span class=\"__1 _201\"/>4)<span class=\"__1 _253\"> </span>(5<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _369\"> </span><span class=\"ff1_1 ls5_1\">7<span class=\"__1 _333\"> </span>4<span class=\"__1 _264\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _329\"> </span></span></span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _232\"> </span><span class=\"ls57_1 ws61_1\">(4)<span class=\"__1 _232\"> </span><span class=\"ls25_1 ws25_1\">(6)<span class=\"__1 _32b\"> </span></span></span></span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _16a_1\"> </span><span class=\"ls15_1 ws14_1\">1,580<span class=\"__1 _231\"> </span><span class=\"ls27_1 ws27_1\">490<span class=\"__1 _243\"> </span><span class=\"lsc_1 wsa_1\">2<span class=\"__1 _201\"/>,070<span class=\"__1 _226\"> </span><span class=\"ff2_1 ls4a_1 ws50_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>411<span class=\"__1 _253\"> </span><span class=\"ls5_1 ws1_1\">338<span class=\"__1 _7d_1\"> </span><span class=\"ls3d_1 ws3f_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>Acc<span class=\"__1 _200\"/>umulated<span class=\"__1 _200\"/> amortisation and<span class=\"__1 _200\"/> impairment<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _16b_1\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _201\"/>0)<span class=\"__1 _270\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>14<span class=\"__1 _201\"/>)<span class=\"__1 _7d_1\"> </span>(1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4)<span class=\"__1 _230\"> </span><span class=\"ff2_1 ls18_1 ws17_1\">(2<span class=\"__1 _201\"/>0)<span class=\"__1 _222\"> </span><span class=\"lsa_1 ws8_1\">(115<span class=\"__1 _201\"/>)<span class=\"__1 _220\"> </span>(13<span class=\"__1 _250\"/>5)<span class=\"__1 _32b\"> </span></span></span></span></span>Amor<span class=\"__1 _201\"/>tisa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>4)<span class=\"__1 _237\"> </span>(3<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(25)<span class=\"__1 _253\"> </span>(2<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span>Impairment<span class=\"__1 _16c_1\"> </span><span class=\"ff1_1 ls21_1 ws20_1\">(25)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(25)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Disposals and trans<span class=\"__1 _201\"/>fers<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>4<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>26<span class=\"__1 _f4_1\"> </span>26<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(4)<span class=\"__1 _1d_1\"> </span>(4<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _16d_1\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _212\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _7d_1\"> </span>(1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _1e_1\"> </span><span class=\"ff2_1 ls18_1 ws17_1\">(2<span class=\"__1 _201\"/>0)<span class=\"__1 _222\"> </span><span class=\"lsa_1 ws8_1\">(11<span class=\"__1 _201\"/>4)<span class=\"__1 _220\"> </span>(13<span class=\"__1 _250\"/>4)<span class=\"__1 _32b\"> </span></span></span></span></span>Net book amoun<span class=\"__1 _200\"/>t<span class=\"__1 _15c_1\"> </span><span class=\"ws32_1\">1,<span class=\"__1 _201\"/>535<span class=\"__1 _252\"> </span><span class=\"ls53_1 ws5b_1\">342<span class=\"__1 _208\"> </span><span class=\"ls15_1 ws14_1\">1,<span class=\"__1 _201\"/>877<span class=\"__1 _231\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">1,<span class=\"__1 _201\"/>391<span class=\"__1 _2c_1\"> </span><span class=\"ls2a_1 ws2a_1\">22<span class=\"__1 _201\"/>4<span class=\"__1 _3f_1\"> </span><span class=\"lse_1 wsc_1\">1,615<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _16e_1\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>202<span class=\"__1 _32b\"> </span>\u00a3<span class=\"__1 _32b\"> </span>Goodwill is<span class=\"__1 _200\"/> allocated<span class=\"__1 _200\"/> to t<span class=\"__1 _200\"/>he follo<span class=\"__1 _200\"/>wing cash-generating uni<span class=\"__1 _200\"/>ts:<span class=\"__1 _32b\"> </span>Asset Management<span class=\"__1 _16f_1\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">1,<span class=\"__1 _201\"/>287<span class=\"__1 _220\"> </span></span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span></span>M&amp;G Wealth P<span class=\"__1 _201\"/>latfo<span class=\"__1 _201\"/>rm<span class=\"__1 _370\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">13<span class=\"__1 _230\"> </span></span><span class=\"ls40_1 ws44_1\">21<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _371\"> </span><span class=\"ff1_1 ls77_1 ws8c_1\">42<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>ies he<span class=\"__1 _201\"/>ld by the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _372\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">193<span class=\"__1 _252\"> </span></span><span class=\"ls56_1 ws5f_1\">179<span class=\"__1 _32b\"> </span></span>1,535<span class=\"__1 _7d_1\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">1,<span class=\"__1 _201\"/>39<span class=\"__1 _32b\"> </span></span>12.<span class=\"__1 _f_1\"/>1 Impairment assessment<span class=\"__1 _32b\"> </span>Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill doe<span class=\"__1 _201\"/>s not ge<span class=\"__1 _201\"/>nerate c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s indep<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>ently of oth<span class=\"__1 _201\"/>er grou<span class=\"__1 _201\"/>ps of ass<span class=\"__1 _201\"/>ets and th<span class=\"__1 _201\"/>us is as<span class=\"__1 _201\"/>signe<span class=\"__1 _201\"/>d to a group of c<span class=\"__1 _201\"/>ash-<span class=\"__1 _32b\"> </span>gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g units fo<span class=\"__1 _201\"/>r the pur<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>s of impai<span class=\"__1 _201\"/>rment te<span class=\"__1 _201\"/>sting<span class=\"__1 _201\"/>. The g<span class=\"__1 _201\"/>roup of ca<span class=\"__1 _201\"/>sh-<span class=\"__1 _201\"/>gen<span class=\"__1 _201\"/>erating u<span class=\"__1 _201\"/>nits are b<span class=\"__1 _201\"/>ased u<span class=\"__1 _201\"/>pon how m<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement m<span class=\"__1 _201\"/>onitor<span class=\"__1 _201\"/>s the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s and rep<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>t the lowes<span class=\"__1 _201\"/>t level to<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h goo<span class=\"__1 _201\"/>dwill c<span class=\"__1 _201\"/>an be al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated on a reas<span class=\"__1 _201\"/>onab<span class=\"__1 _201\"/>le bas<span class=\"__1 _201\"/>is.<span class=\"__1 _201\"/> Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill is teste<span class=\"__1 _201\"/>d annua<span class=\"__1 _201\"/>lly for i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment, a<span class=\"__1 _201\"/>nd wh<span class=\"__1 _201\"/>ere there is a<span class=\"__1 _201\"/>n indic<span class=\"__1 _201\"/>ation of i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment, by c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ring the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing am<span class=\"__1 _201\"/>ount of<span class=\"__1 _201\"/> the gro<span class=\"__1 _201\"/>up of cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating uni<span class=\"__1 _201\"/>ts, i<span class=\"__1 _201\"/>ncludi<span class=\"__1 _201\"/>ng any go<span class=\"__1 _201\"/>odwi<span class=\"__1 _201\"/>ll, with i<span class=\"__1 _201\"/>ts recove<span class=\"__1 _201\"/>rabl<span class=\"__1 _201\"/>e amount<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Non<span class=\"__1 _201\"/>e of the go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d is exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tible fo<span class=\"__1 _201\"/>r incom<span class=\"__1 _201\"/>e tax pu<span class=\"__1 _201\"/>rpos<span class=\"__1 _201\"/>es.<span class=\"__1 _32b\"> </span>Asset Management<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing val<span class=\"__1 _201\"/>ue of As<span class=\"__1 _201\"/>set Ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill pre<span class=\"__1 _201\"/>domin<span class=\"__1 _201\"/>antly rel<span class=\"__1 _201\"/>ates to that aris<span class=\"__1 _201\"/>ing on th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition of M&amp;<span class=\"__1 _201\"/>G Grou<span class=\"__1 _201\"/>p Limite<span class=\"__1 _32b\"> </span>and is s<span class=\"__1 _201\"/>plit b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the Wh<span class=\"__1 _201\"/>ole<span class=\"__1 _201\"/>sale A<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>t Manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t, Ins<span class=\"__1 _201\"/>titution<span class=\"__1 _201\"/>al As<span class=\"__1 _201\"/>set Man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent and I<span class=\"__1 _201\"/>nterna<span class=\"__1 _201\"/>l Ass<span class=\"__1 _201\"/>et Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt cas<span class=\"__1 _201\"/>h-<span class=\"__1 _32b\"> </span>gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g units<span class=\"__1 _201\"/>. An imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment wa<span class=\"__1 _201\"/>s under<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>ken as at 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 w<span class=\"__1 _201\"/>hich re<span class=\"__1 _201\"/>sulted in n<span class=\"__1 _201\"/>o impai<span class=\"__1 _201\"/>rment c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/> bei<span class=\"__1 _201\"/>ng reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>ble am<span class=\"__1 _201\"/>ount of the g<span class=\"__1 _201\"/>roup of c<span class=\"__1 _201\"/>ash-<span class=\"__1 _201\"/>gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g units wa<span class=\"__1 _201\"/>s determi<span class=\"__1 _201\"/>ned by c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ating the va<span class=\"__1 _201\"/>lue in us<span class=\"__1 _201\"/>e. The v<span class=\"__1 _201\"/>alue in us<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>repre<span class=\"__1 _201\"/>sents t<span class=\"__1 _201\"/>he pres<span class=\"__1 _201\"/>ent valu<span class=\"__1 _201\"/>e of future c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on the b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss pl<span class=\"__1 _201\"/>an to 2025 app<span class=\"__1 _201\"/>roved by man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent, a<span class=\"__1 _201\"/>nd relev<span class=\"__1 _201\"/>ant<span class=\"__1 _32b\"> </span>ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns for c<span class=\"__1 _201\"/>ash flows f<span class=\"__1 _201\"/>or later yea<span class=\"__1 _201\"/>rs.<span class=\"__1 _201\"/> The f<span class=\"__1 _201\"/>uture ca<span class=\"__1 _201\"/>sh flows u<span class=\"__1 _201\"/>sed in th<span class=\"__1 _201\"/>e value i<span class=\"__1 _201\"/>n use ca<span class=\"__1 _201\"/>lculatio<span class=\"__1 _201\"/>n are bas<span class=\"__1 _201\"/>ed on a s<span class=\"__1 _201\"/>et of econ<span class=\"__1 _201\"/>omic<span class=\"__1 _201\"/>, mar<span class=\"__1 _201\"/>ket and busin<span class=\"__1 _201\"/>ess a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>se inc<span class=\"__1 _201\"/>lude th<span class=\"__1 _201\"/>e direc<span class=\"__1 _201\"/>t and se<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>dar<span class=\"__1 _201\"/>y effe<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s of recen<span class=\"__1 _201\"/>t develo<span class=\"__1 _201\"/>pment<span class=\"__1 _201\"/>s, su<span class=\"__1 _201\"/>ch as chan<span class=\"__1 _201\"/>ges in gl<span class=\"__1 _201\"/>obal e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y mar<span class=\"__1 _201\"/>kets and tren<span class=\"__1 _201\"/>ds in<span class=\"__1 _32b\"> </span>fund fl<span class=\"__1 _201\"/>ows<span class=\"__1 _201\"/>, which a<span class=\"__1 _201\"/>re consi<span class=\"__1 _201\"/>dered by m<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement i<span class=\"__1 _201\"/>n arri<span class=\"__1 _201\"/>ving at th<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>ctatio<span class=\"__1 _201\"/>ns for the fi<span class=\"__1 _201\"/>nal proj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tions fo<span class=\"__1 _201\"/>r the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s plan<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss pl<span class=\"__1 _201\"/>an cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>s the grow<span class=\"__1 _201\"/>th in cli<span class=\"__1 _201\"/>ent prefe<span class=\"__1 _201\"/>rence fo<span class=\"__1 _201\"/>r sust<span class=\"__1 _201\"/>ainabi<span class=\"__1 _201\"/>lity <span class=\"__1 _201\"/>and imp<span class=\"__1 _201\"/>act-focuse<span class=\"__1 _201\"/>d prod<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>s, in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g those<span class=\"__1 _201\"/> aime<span class=\"__1 _201\"/>d at mana<span class=\"__1 _201\"/>ging an<span class=\"__1 _201\"/>d addres<span class=\"__1 _201\"/>sing c<span class=\"__1 _201\"/>limate ris<span class=\"__1 _201\"/>k, an<span class=\"__1 _201\"/>d its impa<span class=\"__1 _201\"/>ct on p<span class=\"__1 _201\"/>rojec<span class=\"__1 _201\"/>ted AUM<span class=\"__1 _201\"/>A flows ba<span class=\"__1 _201\"/>sed on o<span class=\"__1 _201\"/>ur str<span class=\"__1 _201\"/>ategy. M&amp;G Gro<span class=\"__1 _201\"/>up<span class=\"__1 _32b\"> </span>Limi<span class=\"__1 _201\"/>ted bei<span class=\"__1 _201\"/>ng an as<span class=\"__1 _201\"/>set mana<span class=\"__1 _201\"/>ger do<span class=\"__1 _201\"/>es not h<span class=\"__1 _201\"/>old mate<span class=\"__1 _201\"/>rial inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts on its b<span class=\"__1 _201\"/>alanc<span class=\"__1 _201\"/>e she<span class=\"__1 _201\"/>et which wo<span class=\"__1 _201\"/>uld dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y be imp<span class=\"__1 _201\"/>acte<span class=\"__1 _201\"/>d by<span class=\"__1 _32b\"> </span>climate r<span class=\"__1 _201\"/>isk. G<span class=\"__1 _201\"/>iven th<span class=\"__1 _201\"/>is is an em<span class=\"__1 _201\"/>erging a<span class=\"__1 _201\"/>rea, an<span class=\"__1 _201\"/>d given th<span class=\"__1 _201\"/>e curren<span class=\"__1 _201\"/>t availabl<span class=\"__1 _201\"/>e data and th<span class=\"__1 _201\"/>e sop<span class=\"__1 _201\"/>histi<span class=\"__1 _201\"/>cation of t<span class=\"__1 _201\"/>he mod<span class=\"__1 _201\"/>els<span class=\"__1 _201\"/>, forec<span class=\"__1 _201\"/>ast<span class=\"__1 _201\"/> cas<span class=\"__1 _201\"/>h flows may n<span class=\"__1 _201\"/>ot fully re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t the p<span class=\"__1 _201\"/>otential im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of climate ris<span class=\"__1 _201\"/>k.<span class=\"__1 _32b\"> </span>Bas<span class=\"__1 _201\"/>ed on the a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent, th<span class=\"__1 _201\"/>e value in u<span class=\"__1 _201\"/>se of the gro<span class=\"__1 _201\"/>up of cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating un<span class=\"__1 _201\"/>its was hi<span class=\"__1 _201\"/>gher th<span class=\"__1 _201\"/>an the ca<span class=\"__1 _201\"/>rr<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g value a<span class=\"__1 _201\"/>nd no<span class=\"__1 _201\"/> impa<span class=\"__1 _201\"/>irme<span class=\"__1 _201\"/>nt has be<span class=\"__1 _201\"/>en rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of go<span class=\"__1 _201\"/>odwi<span class=\"__1 _201\"/>ll aris<span class=\"__1 _201\"/>ing on the A<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>et Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt group of c<span class=\"__1 _201\"/>as<span class=\"__1 _32b\"> </span>generating<span class=\"__1 _200\"/> units.<span class=\"__1 _32b\"> </span>The v<span class=\"__1 _201\"/>alue in us<span class=\"__1 _201\"/>e is par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ularl<span class=\"__1 _201\"/>y sens<span class=\"__1 _201\"/>itive to a numb<span class=\"__1 _201\"/>er of key assu<span class=\"__1 _201\"/>mption<span class=\"__1 _201\"/>s as follo<span class=\"__1 _201\"/>ws:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ow forec<span class=\"__1 _201\"/>ast h<span class=\"__1 _201\"/>as be<span class=\"__1 _201\"/>en extr<span class=\"__1 _201\"/>apol<span class=\"__1 _201\"/>ated beyon<span class=\"__1 _201\"/>d the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s plan p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od to inco<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate a five<span class=\"__1 _201\"/>-year valu<span class=\"__1 _201\"/>e in use<span class=\"__1 _201\"/> </span>ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, estim<span class=\"__1 _201\"/>ating grow<span class=\"__1 _201\"/>th rate<span class=\"__1 _201\"/>s for 2026 an<span class=\"__1 _201\"/>d 2027<span class=\"__1 _200\"/>, tape<span class=\"__1 _201\"/>ring th<span class=\"__1 _201\"/>e grow<span class=\"__1 _201\"/>th expec<span class=\"__1 _201\"/>ted in 20<span class=\"__1 _201\"/>25 dow<span class=\"__1 _201\"/>n over the t<span class=\"__1 _201\"/>wo-ye<span class=\"__1 _201\"/>ar per<span class=\"__1 _201\"/>io<span class=\"__1 _32b\"> </span>to the lo<span class=\"__1 _201\"/>ng-term g<span class=\"__1 _201\"/>rowt<span class=\"__1 _201\"/>h rate (base<span class=\"__1 _201\"/>d on lo<span class=\"__1 _201\"/>ng-ter<span class=\"__1 _201\"/>m inflatio<span class=\"__1 _201\"/>n and no<span class=\"__1 _201\"/>minal gro<span class=\"__1 _201\"/>ss do<span class=\"__1 _201\"/>mes<span class=\"__1 _201\"/>tic prod<span class=\"__1 _201\"/>uct r<span class=\"__1 _201\"/>ates for the U<span class=\"__1 _201\"/>K<span class=\"__1 _201\"/>).<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The p<span class=\"__1 _201\"/>re-ta<span class=\"__1 _201\"/>x disco<span class=\"__1 _201\"/>unt rate as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 was 11% (2021: 14<span class=\"__1 _200\"/>%<span class=\"__1 _200\"/>) and is ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n the cos<span class=\"__1 _201\"/>t of equi<span class=\"__1 _201\"/>ty fo<span class=\"__1 _201\"/>r the As<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/> </span>Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s deri<span class=\"__1 _201\"/>ved usi<span class=\"__1 _201\"/>ng the c<span class=\"__1 _201\"/>apital a<span class=\"__1 _201\"/>sset p<span class=\"__1 _201\"/>ricin<span class=\"__1 _201\"/>g mod<span class=\"__1 _201\"/>el. A 50<span class=\"__1 _201\"/>bps in<span class=\"__1 _201\"/>crease in th<span class=\"__1 _201\"/>e disco<span class=\"__1 _201\"/>unt rate wou<span class=\"__1 _201\"/>ld resul<span class=\"__1 _201\"/>t in the<span class=\"__1 _32b\"> </span>valu<span class=\"__1 _201\"/>e in use de<span class=\"__1 _201\"/>creas<span class=\"__1 _201\"/>ing by \u00a3187m. Th<span class=\"__1 _201\"/>is would n<span class=\"__1 _201\"/>ot resul<span class=\"__1 _201\"/>t in any impai<span class=\"__1 _201\"/>rmen<span class=\"__1 _201\"/>t charge b<span class=\"__1 _201\"/>eing re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d for go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The te<span class=\"__1 _201\"/>rmina<span class=\"__1 _201\"/>l value wa<span class=\"__1 _201\"/>s calc<span class=\"__1 _201\"/>ulated usi<span class=\"__1 _201\"/>ng a sta<span class=\"__1 _201\"/>ndard grow<span class=\"__1 _201\"/>th m<span class=\"__1 _201\"/>odel<span class=\"__1 _201\"/>, using a d<span class=\"__1 _201\"/>iscou<span class=\"__1 _201\"/>nt rate of 11<span class=\"__1 _200\"/>% as stated a<span class=\"__1 _201\"/>bove and a l<span class=\"__1 _201\"/>ong-<span class=\"__1 _32b\"> </span></span>term grow<span class=\"__1 _201\"/>th r<span class=\"__1 _201\"/>ate of 2%. A 5<span class=\"__1 _201\"/>0bps d<span class=\"__1 _201\"/>ecreas<span class=\"__1 _201\"/>e in the lo<span class=\"__1 _201\"/>ng-ter<span class=\"__1 _201\"/>m grow<span class=\"__1 _201\"/>th rate woul<span class=\"__1 _201\"/>d result in th<span class=\"__1 _201\"/>e value i<span class=\"__1 _201\"/>n use de<span class=\"__1 _201\"/>creasi<span class=\"__1 _201\"/>ng by \u00a3122m<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>This w<span class=\"__1 _201\"/>ould no<span class=\"__1 _201\"/>t result in a<span class=\"__1 _201\"/>ny impair<span class=\"__1 _201\"/>ment ch<span class=\"__1 _201\"/>arge be<span class=\"__1 _201\"/>ing rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d for goo<span class=\"__1 _201\"/>dwi<span class=\"__1 _201\"/>ll.<span class=\"__1 _32b\"> </span>In the p<span class=\"__1 _201\"/>reviou<span class=\"__1 _201\"/>s year<span class=\"__1 _200\"/>, a termina<span class=\"__1 _201\"/>l multipl<span class=\"__1 _201\"/>ier of 13x w<span class=\"__1 _201\"/>as appli<span class=\"__1 _201\"/>ed to the c<span class=\"__1 _201\"/>ashfl<span class=\"__1 _201\"/>ows fore<span class=\"__1 _201\"/>cas<span class=\"__1 _201\"/>ted for th<span class=\"__1 _201\"/>e final yea<span class=\"__1 _201\"/>r of the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s plan<span class=\"__1 _201\"/> to determ<span class=\"__1 _201\"/>ine the c<span class=\"__1 _201\"/>ashfl<span class=\"__1 _201\"/>ows beyo<span class=\"__1 _201\"/>nd the pro<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>tion p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d, bas<span class=\"__1 _201\"/>ed on exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted pr<span class=\"__1 _201\"/>ice/<span class=\"__1 _200\"/>earni<span class=\"__1 _201\"/>ngs ratio i<span class=\"__1 _201\"/>n the se<span class=\"__1 _201\"/>ctor<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">That asset<span class=\"__1 _200\"/> management con<span class=\"__1 _200\"/>tracts cont<span class=\"__1 _200\"/>inue on<span class=\"__1 _200\"/> similar<span class=\"__1 _200\"/> terms.<span class=\"__1 _32b\"> </span></span>No rea<span class=\"__1 _201\"/>sonab<span class=\"__1 _201\"/>le chan<span class=\"__1 _201\"/>ge in as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons st<span class=\"__1 _201\"/>ated above wo<span class=\"__1 _201\"/>uld resu<span class=\"__1 _201\"/>lt in any imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt bein<span class=\"__1 _201\"/>g reco<span class=\"__1 _201\"/>rded<span class=\"__1 _201\"/>. Furth<span class=\"__1 _201\"/>ermo<span class=\"__1 _201\"/>re, there wo<span class=\"__1 _201\"/>uld<span class=\"__1 _201\"/> be no i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d even if the i<span class=\"__1 _201\"/>ndiv<span class=\"__1 _201\"/>idual s<span class=\"__1 _201\"/>tres<span class=\"__1 _201\"/>ses to as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns state<span class=\"__1 _201\"/>d above were to ap<span class=\"__1 _201\"/>ply co<span class=\"__1 _201\"/>ncur<span class=\"__1 _201\"/>rently w<span class=\"__1 _201\"/>hich<span class=\"__1 _201\"/> dem<span class=\"__1 _201\"/>onst<span class=\"__1 _201\"/>rates the si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant he<span class=\"__1 _201\"/>adroo<span class=\"__1 _201\"/>m availab<span class=\"__1 _201\"/>le on the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing val<span class=\"__1 _201\"/>ue.<span class=\"__1 _201\"/> M&amp;G W<span class=\"__1 _200\"/>ealth<span class=\"__1 _200\"/> Platform<span class=\"__1 _32b\"> </span>Dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar to 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 a<span class=\"__1 _201\"/>n impair<span class=\"__1 _201\"/>ment of \u00a3<span class=\"__1 _201\"/>25m h<span class=\"__1 _201\"/>as bee<span class=\"__1 _201\"/>n reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of the M&amp;G Wealt<span class=\"__1 _201\"/>h Platf<span class=\"__1 _201\"/>orm<span class=\"__1 _201\"/> cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating un<span class=\"__1 _201\"/>it to bring t<span class=\"__1 _201\"/>he car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying v<span class=\"__1 _201\"/>alue do<span class=\"__1 _201\"/>wn to its rec<span class=\"__1 _201\"/>overab<span class=\"__1 _201\"/>le amo<span class=\"__1 _201\"/>unt whic<span class=\"__1 _201\"/>h is its val<span class=\"__1 _201\"/>ue in use of \u00a310<span class=\"__1 _201\"/>6m. T<span class=\"__1 _201\"/>he M&amp;<span class=\"__1 _201\"/>G<span class=\"__1 _32b\"> </span>Wealth plat<span class=\"__1 _201\"/>form c<span class=\"__1 _201\"/>ash g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ating unit c<span class=\"__1 _201\"/>onsis<span class=\"__1 _201\"/>ts of the n<span class=\"__1 _201\"/>et ass<span class=\"__1 _201\"/>ets and g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will an<span class=\"__1 _201\"/>d other int<span class=\"__1 _201\"/>angibl<span class=\"__1 _201\"/>es ari<span class=\"__1 _201\"/>sing fro<span class=\"__1 _201\"/>m the acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>of Wrap IFA Ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces Lim<span class=\"__1 _201\"/>ited, as w<span class=\"__1 _201\"/>ell as an all<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ation of \u00a316m of g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g the acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>n of San<span class=\"__1 _201\"/>dringh<span class=\"__1 _201\"/>am Fina<span class=\"__1 _201\"/>ncial<span class=\"__1 _201\"/> Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rs Lim<span class=\"__1 _201\"/>ited, di<span class=\"__1 _201\"/>scus<span class=\"__1 _201\"/>sed in N<span class=\"__1 _201\"/>ote 2. Al<span class=\"__1 _201\"/>l of the imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt has be<span class=\"__1 _201\"/>en all<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d agains<span class=\"__1 _201\"/>t goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l with the ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e record<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/> admi<span class=\"__1 _201\"/>nistr<span class=\"__1 _201\"/>ative expe<span class=\"__1 _201\"/>nses in t<span class=\"__1 _201\"/>he cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d inco<span class=\"__1 _201\"/>me statem<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>he key assu<span class=\"__1 _201\"/>mptions i<span class=\"__1 _201\"/>n determ<span class=\"__1 _201\"/>ining th<span class=\"__1 _201\"/>e value in u<span class=\"__1 _201\"/>se were a<span class=\"__1 _201\"/> disc<span class=\"__1 _201\"/>ount rate of 11%, a lon<span class=\"__1 _201\"/>g-term grow<span class=\"__1 _201\"/>th rate of 2<span class=\"__1 _201\"/>% and a term<span class=\"__1 _201\"/>inal val<span class=\"__1 _201\"/>ue EBI<span class=\"__1 _201\"/>TDA margin of 3<span class=\"__1 _201\"/>3%<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>12 Goodwill and in<span class=\"__1 _200\"/>tangible asse<span class=\"__1 _200\"/>ts continued<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Note 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Cor<span class=\"__1 _201\"/>porate tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s provid<span class=\"__1 _201\"/>es detai<span class=\"__1 _201\"/>l on goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l arisi<span class=\"__1 _201\"/>ng on sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>ies ac<span class=\"__1 _201\"/>quired d<span class=\"__1 _201\"/>uring 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>. Non<span class=\"__1 _201\"/>e of the go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill<span class=\"__1 _32b\"> </span>allo<span class=\"__1 _201\"/>cated to re<span class=\"__1 _201\"/>mainin<span class=\"__1 _201\"/>g cash<span class=\"__1 _201\"/>-g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ating unit<span class=\"__1 _201\"/>s is signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant in com<span class=\"__1 _201\"/>paris<span class=\"__1 _201\"/>on to the G<span class=\"__1 _201\"/>roup\u2019s t<span class=\"__1 _200\"/>otal c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng amo<span class=\"__1 _201\"/>unt of goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l.<span class=\"__1 _32b\"> </span>Subsidiaries held<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> the Wi<span class=\"__1 _200\"/>th-Profits Fund<span class=\"__1 _32b\"> </span>Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill aris<span class=\"__1 _201\"/>ing on ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>ies he<span class=\"__1 _201\"/>ld relate<span class=\"__1 _201\"/>s to acquisi<span class=\"__1 _201\"/>tions ma<span class=\"__1 _201\"/>de with<span class=\"__1 _201\"/>in cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d infras<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>ture pr<span class=\"__1 _201\"/>ivate eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>vehic<span class=\"__1 _201\"/>les wh<span class=\"__1 _201\"/>ich are he<span class=\"__1 _201\"/>ld by the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>. Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt have unde<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>taken an impa<span class=\"__1 _201\"/>irme<span class=\"__1 _201\"/>nt ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment by co<span class=\"__1 _201\"/>mpari<span class=\"__1 _201\"/>ng the<span class=\"__1 _201\"/> fair v<span class=\"__1 _201\"/>alue of th<span class=\"__1 _201\"/>e subsi<span class=\"__1 _201\"/>diarie<span class=\"__1 _201\"/>s with the<span class=\"__1 _201\"/>ir car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying v<span class=\"__1 _201\"/>alue. A<span class=\"__1 _201\"/>s a resul<span class=\"__1 _201\"/>t of the as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sment<span class=\"__1 _201\"/>, no imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt was re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed fo<span class=\"__1 _201\"/>r the year<span class=\"__1 _201\"/> end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2 (2021: \u00a3ni<span class=\"__1 _201\"/>l).<span class=\"__1 _32b\"> </span>12.<span class=\"__1 _201\"/>2 Int<span class=\"__1 _200\"/>angible assets<span class=\"__1 _32b\"> </span>Intan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s comp<span class=\"__1 _201\"/>rise in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s and clie<span class=\"__1 _201\"/>nt relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d throug<span class=\"__1 _201\"/>h busin<span class=\"__1 _201\"/>ess c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ations<span class=\"__1 _201\"/>, sof<span class=\"__1 _201\"/>tw<span class=\"__1 _201\"/>are,<span class=\"__1 _201\"/> ser<span class=\"__1 _201\"/>vice concessi<span class=\"__1 _201\"/>ons, royalt<span class=\"__1 _200\"/>ies and licences.<span class=\"__1 _201\"/> Customer<span class=\"__1 _200\"/> relation<span class=\"__1 _200\"/>ships and tr<span class=\"__1 _200\"/>ade name<span class=\"__1 _200\"/> arising on<span class=\"__1 _200\"/> acquisitions<span class=\"__1 _200\"/> during the<span class=\"__1 _200\"/> ye<span class=\"__1 _200\"/>ar<span class=\"__1 _32b\"> </span>Dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, cu<span class=\"__1 _201\"/>stome<span class=\"__1 _201\"/>r relatio<span class=\"__1 _201\"/>nships w<span class=\"__1 _201\"/>hich have b<span class=\"__1 _201\"/>een re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised by th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>s par<span class=\"__1 _201\"/>t of the ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of Sa<span class=\"__1 _201\"/>ndrin<span class=\"__1 _201\"/>gham<span class=\"__1 _201\"/> Fina<span class=\"__1 _201\"/>ncial Pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tners L<span class=\"__1 _201\"/>imited<span class=\"__1 _201\"/>, M&amp;G Wealth Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts LL<span class=\"__1 _201\"/>P (<span class=\"__1 _200\"/>form<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>y TCF F<span class=\"__1 _200\"/>und M<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>rs LL<span class=\"__1 _201\"/>P) and resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s AG.<span class=\"__1 _201\"/> In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, two tr<span class=\"__1 _201\"/>ade nam<span class=\"__1 _201\"/>es have be<span class=\"__1 _201\"/>en re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed by the G<span class=\"__1 _201\"/>roup as p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of the ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of San<span class=\"__1 _201\"/>drin<span class=\"__1 _201\"/>gham Fin<span class=\"__1 _201\"/>ancial P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners<span class=\"__1 _201\"/> Limi<span class=\"__1 _201\"/>ted and re<span class=\"__1 _201\"/>spon<span class=\"__1 _201\"/>sAbili<span class=\"__1 _201\"/>ty I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents AG.<span class=\"__1 _201\"/> The d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>iption of th<span class=\"__1 _201\"/>e sep<span class=\"__1 _201\"/>arate intan<span class=\"__1 _201\"/>gible as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d, in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g their e<span class=\"__1 _201\"/>stimate<span class=\"__1 _201\"/>d useful l<span class=\"__1 _201\"/>ife, is as fo<span class=\"__1 _201\"/>llows:<span class=\"__1 _32b\"> </span>Customer r<span class=\"__1 _200\"/>elated<span class=\"__1 _200\"/> intangi<span class=\"__1 _200\"/>ble<span class=\"__1 _373\"> </span><span class=\"ls1_1 ws1_1\">Int<span class=\"__1 _201\"/>angi<span class=\"__1 _201\"/>ble a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>t ty<span class=\"__1 _201\"/>pe<span class=\"__1 _32b\"> </span></span>Av<span class=\"__1 _200\"/>erage useful<span class=\"__1 _200\"/> life<span class=\"__1 _32b\"> </span>at acquisition<span class=\"__1 _200\"/> date<span class=\"__1 _14d_1\"> </span>Acquisition date<span class=\"__1 _32b\"> </span>Fair va<span class=\"__1 _201\"/>lue o<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>acquisition dat<span class=\"__1 _200\"/>e<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Carr<span class=\"__1 _201\"/>ying value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Sandr<span class=\"__1 _201\"/>ingham Financial Par<span class=\"__1 _201\"/>tners L<span class=\"__1 _201\"/>imited<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _268\"> </span><span class=\"ls4d_1 ws8c_1\">10 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _249\"> </span><span class=\"ls6_1 ws1_1\">6 Janua<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y 2022<span class=\"__1 _374\"> </span><span class=\"ls5_1\">7<span class=\"__1 _375\"> </span><span class=\"ff1_1\">6<span class=\"__1 _32b\"> </span></span></span></span></span>Customer<span class=\"__1 _32b\"> </span>relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>13 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _249\"> </span><span class=\"ls6_1 ws1_1\">6 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2<span class=\"__1 _14a_1\"> </span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _376\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">14<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G Wealth I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents LL<span class=\"__1 _201\"/>P (Form<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>TCF Fund Mana<span class=\"__1 _201\"/>gers L<span class=\"__1 _201\"/>LP)<span class=\"__1 _32b\"> </span>Customer<span class=\"__1 _32b\"> </span>relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>18 year<span class=\"__1 _201\"/>s<span class=\"__1 _6e_1\"> </span><span class=\"ls6_1 ws1_1\">17 Febr<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _6a_1\"> </span><span class=\"ls5_1\">1<span class=\"__1 _a4_1\"> </span><span class=\"ff1_1\">1<span class=\"__1 _32b\"> </span></span></span></span>responsAbility In<span class=\"__1 _200\"/>vestments A<span class=\"__1 _f_1\"/>G<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _268\"> </span><span class=\"ls4d_1 ws8c_1\">10 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _f7_1\"> </span><span class=\"ls6_1 ws1_1\">3 May 2022<span class=\"__1 _377\"> </span><span class=\"ls5_1\">9<span class=\"__1 _375\"> </span><span class=\"ff1_1\">9<span class=\"__1 _32b\"> </span></span></span></span></span>Customer<span class=\"__1 _32b\"> </span>relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>10 year<span class=\"__1 _201\"/>s<span class=\"__1 _226\"> </span><span class=\"ls6_1 ws1_1\">3 M<span class=\"__1 _201\"/>ay 2022<span class=\"__1 _9d_1\"> </span><span class=\"lsf_1 wsd_1\">36<span class=\"__1 _12f_1\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">37<span class=\"__1 _32b\"> </span></span></span></span>All int<span class=\"__1 _201\"/>angibl<span class=\"__1 _201\"/>es wil<span class=\"__1 _201\"/>l be amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n a strai<span class=\"__1 _201\"/>ght line b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>In arr<span class=\"__1 _201\"/>ivi<span class=\"__1 _201\"/>ng at the fa<span class=\"__1 _201\"/>ir value o<span class=\"__1 _201\"/>f intangi<span class=\"__1 _201\"/>ble as<span class=\"__1 _201\"/>sets ac<span class=\"__1 _201\"/>quired i<span class=\"__1 _201\"/>n busin<span class=\"__1 _201\"/>ess c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ations<span class=\"__1 _201\"/>, a numb<span class=\"__1 _201\"/>er of as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns and ju<span class=\"__1 _201\"/>dgem<span class=\"__1 _201\"/>ents are<span class=\"__1 _201\"/> app<span class=\"__1 _201\"/>lied<span class=\"__1 _201\"/>. The de<span class=\"__1 _201\"/>tails in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of mater<span class=\"__1 _201\"/>ial acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>ns duri<span class=\"__1 _201\"/>ng the fin<span class=\"__1 _201\"/>ancial ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, w<span class=\"__1 _201\"/>ith rega<span class=\"__1 _201\"/>rd to assum<span class=\"__1 _201\"/>ptions a<span class=\"__1 _201\"/>nd sens<span class=\"__1 _201\"/>itivi<span class=\"__1 _201\"/>ties to<span class=\"__1 _201\"/> thos<span class=\"__1 _201\"/>e assu<span class=\"__1 _201\"/>mptions<span class=\"__1 _201\"/>, are pre<span class=\"__1 _201\"/>sente<span class=\"__1 _201\"/>d below.<span class=\"__1 _32b\"> </span>responsAbility<span class=\"__1 _378\"> </span><span class=\"ls4f_1 ws55_1\">Sandringha<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span></span>Intangible<span class=\"__1 _256\"> </span>Inp<span class=\"__1 _201\"/>ut<span class=\"__1 _342\"> </span><span class=\"ls2f_1 ws2f_1\">Assumption<span class=\"__1 _1d_1\"> </span><span class=\"ls3_1 ws3_1\">Sensiti<span class=\"__1 _201\"/>vity<span class=\"__1 _32b\"> </span></span></span>Impact on<span class=\"__1 _32b\"> </span>valuation (\u00a3<span class=\"__1 _200\"/>m)<span class=\"__1 _290\"> </span><span class=\"ls2f_1 ws2f_1\">Assumption<span class=\"__1 _4a_1\"> </span><span class=\"ls3_1 ws3_1\">Sensitivit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></span></span>Impact on<span class=\"__1 _32b\"> </span>valuation (\u00a3<span class=\"__1 _200\"/>m)<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _b9_1\"> </span><span class=\"lse_1 wsc_1\">12%<span class=\"__1 _f4_1\"> </span><span class=\"ls28_1 ws28_1\">+<span class=\"__1 _f_1\"/>100bps<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>10%<span class=\"__1 _240\"> </span><span class=\"ls28_1 ws28_1\">+<span class=\"__1 _337\"/>100bps<span class=\"__1 _379\"> </span><span class=\"ls5_1 ws1_1\">\u2013<span class=\"__1 _32b\"> </span></span></span>Royalty rate<span class=\"__1 _17a_1\"> </span><span class=\"ls40_1 ws44_1\">3%<span class=\"__1 _2b_1\"> </span><span class=\"ls1c_1 ws43_1\">-50<span class=\"__1 _201\"/>bps<span class=\"__1 _341\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _353\"> </span><span class=\"ls30_1 ws30_1\">2%<span class=\"__1 _237\"> </span></span></span>-50bps<span class=\"__1 _14a_1\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _32b\"> </span></span></span></span>Customer<span class=\"__1 _32b\"> </span>relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _17b_1\"> </span><span class=\"ls11_1 ws10_1\">11%<span class=\"__1 _f4_1\"> </span><span class=\"ls28_1 ws28_1\">+<span class=\"__1 _f_1\"/>100bps<span class=\"__1 _341\"> </span><span class=\"ls11_1 ws10_1\">(3)<span class=\"__1 _229\"> </span><span class=\"ls4d_1 ws54_1\">10%<span class=\"__1 _240\"> </span></span></span>+<span class=\"__1 _f_1\"/>100bp<span class=\"__1 _200\"/>s<span class=\"__1 _b0_1\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _32b\"> </span></span></span></span>Customer<span class=\"__1 _32b\"> </span>attr<span class=\"__1 _201\"/>ition<span class=\"__1 _32b\"> </span>12.5% wholesale<span class=\"__1 _200\"/> /<span class=\"__1 _32b\"> </span>8.<span class=\"__1 _201\"/>5% inst<span class=\"__1 _201\"/>itutions<span class=\"__1 _32b\"> </span>+<span class=\"__1 _f_1\"/>100bp<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2%<span class=\"__1 _270\"> </span><span class=\"ls24_1 ws23_1\">+7<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>b<span class=\"__1 _250\"/>p<span class=\"__1 _250\"/>s<span class=\"__1 _341\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _32b\"> </span></span></span>Clien<span class=\"__1 _201\"/>t and mar<span class=\"__1 _201\"/>ket<span class=\"__1 _32b\"> </span>grow<span class=\"__1 _201\"/>th<span class=\"__1 _32b\"> </span>2%<span class=\"__1 _230\"> </span><span class=\"ls28_1 ws28_1\">-<span class=\"__1 _f_1\"/>100bps<span class=\"__1 _375\"> </span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _224\"> </span><span class=\"ls45_1 ws49_1\">15%<span class=\"__1 _5d_1\"> </span></span></span>-<span class=\"__1 _f_1\"/>100bp<span class=\"__1 _200\"/>s<span class=\"__1 _17c_1\"> </span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _32b\"> </span></span></span>12 Goodwill and in<span class=\"__1 _200\"/>tangible asse<span class=\"__1 _200\"/>ts continued<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-587": {
   "value": "12 Goodwill and in<span class=\"__1 _200\"/>tangible asse<span class=\"__1 _200\"/>ts <span class=\"__1 _364\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _5b_1\"> </span>2021<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Goo<span class=\"__1 _201\"/>dwill<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Intangibles<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Goo<span class=\"__1 _201\"/>dwill<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Intangibles<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Cost<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _365\"> </span><span class=\"ls17_1 ws16_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>411<span class=\"__1 _252\"> </span><span class=\"ls1f_1 ws1e_1\">338<span class=\"__1 _4a_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>9<span class=\"__1 _231\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>375<span class=\"__1 _253\"> </span><span class=\"ls15_1 ws14_1\">255<span class=\"__1 _208\"> </span></span>1,6<span class=\"__1 _201\"/>30<span class=\"__1 _32b\"> </span></span></span></span></span>Add<span class=\"__1 _201\"/>iti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Arising on acquisitio<span class=\"__1 _201\"/>ns<span class=\"__1 _366\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">166<span class=\"__1 _264\"> </span><span class=\"ls40_1 ws44_1\">69<span class=\"__1 _c_1\"> </span><span class=\"lsb_1 ws32_1\">235<span class=\"__1 _353\"> </span></span></span></span><span class=\"ls5_1 ws1_1\">38<span class=\"__1 _232\"> </span><span class=\"ls15_1 ws14_1\">87<span class=\"__1 _252\"> </span><span class=\"lse_1 wsc_1\">125<span class=\"__1 _32b\"> </span></span></span></span>Interna<span class=\"__1 _200\"/>lly generat<span class=\"__1 _200\"/>ed<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>7<span class=\"__1 _2b_1\"> </span>7<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>7<span class=\"__1 _367\"> </span>7<span class=\"__1 _32b\"> </span>Other pur<span class=\"__1 _200\"/>chases<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>76<span class=\"__1 _f4_1\"> </span>76<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>47<span class=\"__1 _271\"> </span>47<span class=\"__1 _32b\"> </span>Disposals and trans<span class=\"__1 _201\"/>fers<span class=\"__1 _368\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4)<span class=\"__1 _229\"> </span>(4<span class=\"__1 _201\"/>)<span class=\"__1 _219\"> </span><span class=\"ls12_1 ws11_1\">(8)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>(5<span class=\"__1 _201\"/>4)<span class=\"__1 _253\"> </span>(5<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _369\"> </span><span class=\"ff1_1 ls5_1\">7<span class=\"__1 _333\"> </span>4<span class=\"__1 _264\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _329\"> </span></span></span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _232\"> </span><span class=\"ls57_1 ws61_1\">(4)<span class=\"__1 _232\"> </span><span class=\"ls25_1 ws25_1\">(6)<span class=\"__1 _32b\"> </span></span></span></span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _16a_1\"> </span><span class=\"ls15_1 ws14_1\">1,580<span class=\"__1 _231\"> </span><span class=\"ls27_1 ws27_1\">490<span class=\"__1 _243\"> </span><span class=\"lsc_1 wsa_1\">2<span class=\"__1 _201\"/>,070<span class=\"__1 _226\"> </span><span class=\"ff2_1 ls4a_1 ws50_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>411<span class=\"__1 _253\"> </span><span class=\"ls5_1 ws1_1\">338<span class=\"__1 _7d_1\"> </span><span class=\"ls3d_1 ws3f_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>Acc<span class=\"__1 _200\"/>umulated<span class=\"__1 _200\"/> amortisation and<span class=\"__1 _200\"/> impairment<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _16b_1\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _201\"/>0)<span class=\"__1 _270\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>14<span class=\"__1 _201\"/>)<span class=\"__1 _7d_1\"> </span>(1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4)<span class=\"__1 _230\"> </span><span class=\"ff2_1 ls18_1 ws17_1\">(2<span class=\"__1 _201\"/>0)<span class=\"__1 _222\"> </span><span class=\"lsa_1 ws8_1\">(115<span class=\"__1 _201\"/>)<span class=\"__1 _220\"> </span>(13<span class=\"__1 _250\"/>5)<span class=\"__1 _32b\"> </span></span></span></span></span>Amor<span class=\"__1 _201\"/>tisa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>4)<span class=\"__1 _237\"> </span>(3<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(25)<span class=\"__1 _253\"> </span>(2<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span>Impairment<span class=\"__1 _16c_1\"> </span><span class=\"ff1_1 ls21_1 ws20_1\">(25)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(25)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Disposals and trans<span class=\"__1 _201\"/>fers<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>4<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>26<span class=\"__1 _f4_1\"> </span>26<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(4)<span class=\"__1 _1d_1\"> </span>(4<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _16d_1\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _212\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _7d_1\"> </span>(1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _1e_1\"> </span><span class=\"ff2_1 ls18_1 ws17_1\">(2<span class=\"__1 _201\"/>0)<span class=\"__1 _222\"> </span><span class=\"lsa_1 ws8_1\">(11<span class=\"__1 _201\"/>4)<span class=\"__1 _220\"> </span>(13<span class=\"__1 _250\"/>4)<span class=\"__1 _32b\"> </span></span></span></span></span>Net book amoun<span class=\"__1 _200\"/>t<span class=\"__1 _15c_1\"> </span><span class=\"ws32_1\">1,<span class=\"__1 _201\"/>535<span class=\"__1 _252\"> </span><span class=\"ls53_1 ws5b_1\">342<span class=\"__1 _208\"> </span><span class=\"ls15_1 ws14_1\">1,<span class=\"__1 _201\"/>877<span class=\"__1 _231\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">1,<span class=\"__1 _201\"/>391<span class=\"__1 _2c_1\"> </span><span class=\"ls2a_1 ws2a_1\">22<span class=\"__1 _201\"/>4<span class=\"__1 _3f_1\"> </span><span class=\"lse_1 wsc_1\">1,615<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _16e_1\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>202<span class=\"__1 _32b\"> </span>\u00a3<span class=\"__1 _32b\"> </span>Goodwill is<span class=\"__1 _200\"/> allocated<span class=\"__1 _200\"/> to t<span class=\"__1 _200\"/>he follo<span class=\"__1 _200\"/>wing cash-generating uni<span class=\"__1 _200\"/>ts:<span class=\"__1 _32b\"> </span>Asset Management<span class=\"__1 _16f_1\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">1,<span class=\"__1 _201\"/>287<span class=\"__1 _220\"> </span></span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span></span>M&amp;G Wealth P<span class=\"__1 _201\"/>latfo<span class=\"__1 _201\"/>rm<span class=\"__1 _370\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">13<span class=\"__1 _230\"> </span></span><span class=\"ls40_1 ws44_1\">21<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _371\"> </span><span class=\"ff1_1 ls77_1 ws8c_1\">42<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>ies he<span class=\"__1 _201\"/>ld by the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _372\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">193<span class=\"__1 _252\"> </span></span><span class=\"ls56_1 ws5f_1\">179<span class=\"__1 _32b\"> </span></span>1,535<span class=\"__1 _7d_1\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">1,<span class=\"__1 _201\"/>39<span class=\"__1 _32b\"> </span></span>12.<span class=\"__1 _f_1\"/>1 Impairment assessment<span class=\"__1 _32b\"> </span>Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill doe<span class=\"__1 _201\"/>s not ge<span class=\"__1 _201\"/>nerate c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s indep<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>ently of oth<span class=\"__1 _201\"/>er grou<span class=\"__1 _201\"/>ps of ass<span class=\"__1 _201\"/>ets and th<span class=\"__1 _201\"/>us is as<span class=\"__1 _201\"/>signe<span class=\"__1 _201\"/>d to a group of c<span class=\"__1 _201\"/>ash-<span class=\"__1 _32b\"> </span>gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g units fo<span class=\"__1 _201\"/>r the pur<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>s of impai<span class=\"__1 _201\"/>rment te<span class=\"__1 _201\"/>sting<span class=\"__1 _201\"/>. The g<span class=\"__1 _201\"/>roup of ca<span class=\"__1 _201\"/>sh-<span class=\"__1 _201\"/>gen<span class=\"__1 _201\"/>erating u<span class=\"__1 _201\"/>nits are b<span class=\"__1 _201\"/>ased u<span class=\"__1 _201\"/>pon how m<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement m<span class=\"__1 _201\"/>onitor<span class=\"__1 _201\"/>s the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s and rep<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>t the lowes<span class=\"__1 _201\"/>t level to<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h goo<span class=\"__1 _201\"/>dwill c<span class=\"__1 _201\"/>an be al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated on a reas<span class=\"__1 _201\"/>onab<span class=\"__1 _201\"/>le bas<span class=\"__1 _201\"/>is.<span class=\"__1 _201\"/> Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill is teste<span class=\"__1 _201\"/>d annua<span class=\"__1 _201\"/>lly for i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment, a<span class=\"__1 _201\"/>nd wh<span class=\"__1 _201\"/>ere there is a<span class=\"__1 _201\"/>n indic<span class=\"__1 _201\"/>ation of i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment, by c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ring the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing am<span class=\"__1 _201\"/>ount of<span class=\"__1 _201\"/> the gro<span class=\"__1 _201\"/>up of cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating uni<span class=\"__1 _201\"/>ts, i<span class=\"__1 _201\"/>ncludi<span class=\"__1 _201\"/>ng any go<span class=\"__1 _201\"/>odwi<span class=\"__1 _201\"/>ll, with i<span class=\"__1 _201\"/>ts recove<span class=\"__1 _201\"/>rabl<span class=\"__1 _201\"/>e amount<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Non<span class=\"__1 _201\"/>e of the go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d is exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tible fo<span class=\"__1 _201\"/>r incom<span class=\"__1 _201\"/>e tax pu<span class=\"__1 _201\"/>rpos<span class=\"__1 _201\"/>es.<span class=\"__1 _32b\"> </span>Asset Management<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing val<span class=\"__1 _201\"/>ue of As<span class=\"__1 _201\"/>set Ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill pre<span class=\"__1 _201\"/>domin<span class=\"__1 _201\"/>antly rel<span class=\"__1 _201\"/>ates to that aris<span class=\"__1 _201\"/>ing on th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition of M&amp;<span class=\"__1 _201\"/>G Grou<span class=\"__1 _201\"/>p Limite<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>and is s<span class=\"__1 _201\"/>plit b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the Wh<span class=\"__1 _201\"/>ole<span class=\"__1 _201\"/>sale A<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>t Manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t, Ins<span class=\"__1 _201\"/>titution<span class=\"__1 _201\"/>al As<span class=\"__1 _201\"/>set Man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent and I<span class=\"__1 _201\"/>nterna<span class=\"__1 _201\"/>l Ass<span class=\"__1 _201\"/>et Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt cas<span class=\"__1 _201\"/>h-<span class=\"__1 _32b\"> </span>gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g units<span class=\"__1 _201\"/>. An imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment wa<span class=\"__1 _201\"/>s under<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>ken as at 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 w<span class=\"__1 _201\"/>hich re<span class=\"__1 _201\"/>sulted in n<span class=\"__1 _201\"/>o impai<span class=\"__1 _201\"/>rment c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/> bei<span class=\"__1 _201\"/>ng reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>covera<span class=\"__1 _201\"/>ble am<span class=\"__1 _201\"/>ount of the g<span class=\"__1 _201\"/>roup of c<span class=\"__1 _201\"/>ash-<span class=\"__1 _201\"/>gen<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g units wa<span class=\"__1 _201\"/>s determi<span class=\"__1 _201\"/>ned by c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ating the va<span class=\"__1 _201\"/>lue in us<span class=\"__1 _201\"/>e. The v<span class=\"__1 _201\"/>alue in us<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>repre<span class=\"__1 _201\"/>sents t<span class=\"__1 _201\"/>he pres<span class=\"__1 _201\"/>ent valu<span class=\"__1 _201\"/>e of future c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on the b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss pl<span class=\"__1 _201\"/>an to 2025 app<span class=\"__1 _201\"/>roved by man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent, a<span class=\"__1 _201\"/>nd relev<span class=\"__1 _201\"/>ant<span class=\"__1 _32b\"> </span>ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns for c<span class=\"__1 _201\"/>ash flows f<span class=\"__1 _201\"/>or later yea<span class=\"__1 _201\"/>rs.<span class=\"__1 _201\"/> The f<span class=\"__1 _201\"/>uture ca<span class=\"__1 _201\"/>sh flows u<span class=\"__1 _201\"/>sed in th<span class=\"__1 _201\"/>e value i<span class=\"__1 _201\"/>n use ca<span class=\"__1 _201\"/>lculatio<span class=\"__1 _201\"/>n are bas<span class=\"__1 _201\"/>ed on a s<span class=\"__1 _201\"/>et of econ<span class=\"__1 _201\"/>omic<span class=\"__1 _201\"/>, mar<span class=\"__1 _201\"/>ket and busin<span class=\"__1 _201\"/>ess a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>se inc<span class=\"__1 _201\"/>lude th<span class=\"__1 _201\"/>e direc<span class=\"__1 _201\"/>t and se<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>dar<span class=\"__1 _201\"/>y effe<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s of recen<span class=\"__1 _201\"/>t develo<span class=\"__1 _201\"/>pment<span class=\"__1 _201\"/>s, su<span class=\"__1 _201\"/>ch as chan<span class=\"__1 _201\"/>ges in gl<span class=\"__1 _201\"/>obal e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y mar<span class=\"__1 _201\"/>kets and tren<span class=\"__1 _201\"/>ds in<span class=\"__1 _32b\"> </span>fund fl<span class=\"__1 _201\"/>ows<span class=\"__1 _201\"/>, which a<span class=\"__1 _201\"/>re consi<span class=\"__1 _201\"/>dered by m<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement i<span class=\"__1 _201\"/>n arri<span class=\"__1 _201\"/>ving at th<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>ctatio<span class=\"__1 _201\"/>ns for the fi<span class=\"__1 _201\"/>nal proj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tions fo<span class=\"__1 _201\"/>r the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s plan<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss pl<span class=\"__1 _201\"/>an cons<span class=\"__1 _201\"/>ider<span class=\"__1 _201\"/>s the grow<span class=\"__1 _201\"/>th in cli<span class=\"__1 _201\"/>ent prefe<span class=\"__1 _201\"/>rence fo<span class=\"__1 _201\"/>r sust<span class=\"__1 _201\"/>ainabi<span class=\"__1 _201\"/>lity <span class=\"__1 _201\"/>and imp<span class=\"__1 _201\"/>act-focuse<span class=\"__1 _201\"/>d prod<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>s, in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g those<span class=\"__1 _201\"/> aime<span class=\"__1 _201\"/>d at mana<span class=\"__1 _201\"/>ging an<span class=\"__1 _201\"/>d addres<span class=\"__1 _201\"/>sing c<span class=\"__1 _201\"/>limate ris<span class=\"__1 _201\"/>k, an<span class=\"__1 _201\"/>d its impa<span class=\"__1 _201\"/>ct on p<span class=\"__1 _201\"/>rojec<span class=\"__1 _201\"/>ted AUM<span class=\"__1 _201\"/>A flows ba<span class=\"__1 _201\"/>sed on o<span class=\"__1 _201\"/>ur str<span class=\"__1 _201\"/>ategy. M&amp;G Gro<span class=\"__1 _201\"/>up<span class=\"__1 _32b\"> </span>Limi<span class=\"__1 _201\"/>ted bei<span class=\"__1 _201\"/>ng an as<span class=\"__1 _201\"/>set mana<span class=\"__1 _201\"/>ger do<span class=\"__1 _201\"/>es not h<span class=\"__1 _201\"/>old mate<span class=\"__1 _201\"/>rial inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts on its b<span class=\"__1 _201\"/>alanc<span class=\"__1 _201\"/>e she<span class=\"__1 _201\"/>et which wo<span class=\"__1 _201\"/>uld dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y be imp<span class=\"__1 _201\"/>acte<span class=\"__1 _201\"/>d by<span class=\"__1 _32b\"> </span>climate r<span class=\"__1 _201\"/>isk. G<span class=\"__1 _201\"/>iven th<span class=\"__1 _201\"/>is is an em<span class=\"__1 _201\"/>erging a<span class=\"__1 _201\"/>rea, an<span class=\"__1 _201\"/>d given th<span class=\"__1 _201\"/>e curren<span class=\"__1 _201\"/>t availabl<span class=\"__1 _201\"/>e data and th<span class=\"__1 _201\"/>e sop<span class=\"__1 _201\"/>histi<span class=\"__1 _201\"/>cation of t<span class=\"__1 _201\"/>he mod<span class=\"__1 _201\"/>els<span class=\"__1 _201\"/>, forec<span class=\"__1 _201\"/>ast<span class=\"__1 _201\"/> cas<span class=\"__1 _201\"/>h flows may n<span class=\"__1 _201\"/>ot fully re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t the p<span class=\"__1 _201\"/>otential im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of climate ris<span class=\"__1 _201\"/>k.<span class=\"__1 _32b\"> </span>Bas<span class=\"__1 _201\"/>ed on the a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent, th<span class=\"__1 _201\"/>e value in u<span class=\"__1 _201\"/>se of the gro<span class=\"__1 _201\"/>up of cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating un<span class=\"__1 _201\"/>its was hi<span class=\"__1 _201\"/>gher th<span class=\"__1 _201\"/>an the ca<span class=\"__1 _201\"/>rr<span class=\"__1 _201\"/>yin<span class=\"__1 _201\"/>g value a<span class=\"__1 _201\"/>nd no<span class=\"__1 _201\"/> impa<span class=\"__1 _201\"/>irme<span class=\"__1 _201\"/>nt has be<span class=\"__1 _201\"/>en rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of go<span class=\"__1 _201\"/>odwi<span class=\"__1 _201\"/>ll aris<span class=\"__1 _201\"/>ing on the A<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>et Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt group of c<span class=\"__1 _201\"/>as<span class=\"__1 _32b\"> </span>h<span class=\"__1 _32b\"> </span>generating<span class=\"__1 _200\"/> units.<span class=\"__1 _32b\"> </span>The v<span class=\"__1 _201\"/>alue in us<span class=\"__1 _201\"/>e is par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ularl<span class=\"__1 _201\"/>y sens<span class=\"__1 _201\"/>itive to a numb<span class=\"__1 _201\"/>er of key assu<span class=\"__1 _201\"/>mption<span class=\"__1 _201\"/>s as follo<span class=\"__1 _201\"/>ws:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ow forec<span class=\"__1 _201\"/>ast h<span class=\"__1 _201\"/>as be<span class=\"__1 _201\"/>en extr<span class=\"__1 _201\"/>apol<span class=\"__1 _201\"/>ated beyon<span class=\"__1 _201\"/>d the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s plan p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od to inco<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate a five<span class=\"__1 _201\"/>-year valu<span class=\"__1 _201\"/>e in use<span class=\"__1 _201\"/> </span>ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, estim<span class=\"__1 _201\"/>ating grow<span class=\"__1 _201\"/>th rate<span class=\"__1 _201\"/>s for 2026 an<span class=\"__1 _201\"/>d 2027<span class=\"__1 _200\"/>, tape<span class=\"__1 _201\"/>ring th<span class=\"__1 _201\"/>e grow<span class=\"__1 _201\"/>th expec<span class=\"__1 _201\"/>ted in 20<span class=\"__1 _201\"/>25 dow<span class=\"__1 _201\"/>n over the t<span class=\"__1 _201\"/>wo-ye<span class=\"__1 _201\"/>ar per<span class=\"__1 _201\"/>io<span class=\"__1 _32b\"> </span>to the lo<span class=\"__1 _201\"/>ng-term g<span class=\"__1 _201\"/>rowt<span class=\"__1 _201\"/>h rate (base<span class=\"__1 _201\"/>d on lo<span class=\"__1 _201\"/>ng-ter<span class=\"__1 _201\"/>m inflatio<span class=\"__1 _201\"/>n and no<span class=\"__1 _201\"/>minal gro<span class=\"__1 _201\"/>ss do<span class=\"__1 _201\"/>mes<span class=\"__1 _201\"/>tic prod<span class=\"__1 _201\"/>uct r<span class=\"__1 _201\"/>ates for the U<span class=\"__1 _201\"/>K<span class=\"__1 _201\"/>).<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The p<span class=\"__1 _201\"/>re-ta<span class=\"__1 _201\"/>x disco<span class=\"__1 _201\"/>unt rate as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 was 11% (2021: 14<span class=\"__1 _200\"/>%<span class=\"__1 _200\"/>) and is ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n the cos<span class=\"__1 _201\"/>t of equi<span class=\"__1 _201\"/>ty fo<span class=\"__1 _201\"/>r the As<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/> </span>Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s deri<span class=\"__1 _201\"/>ved usi<span class=\"__1 _201\"/>ng the c<span class=\"__1 _201\"/>apital a<span class=\"__1 _201\"/>sset p<span class=\"__1 _201\"/>ricin<span class=\"__1 _201\"/>g mod<span class=\"__1 _201\"/>el. A 50<span class=\"__1 _201\"/>bps in<span class=\"__1 _201\"/>crease in th<span class=\"__1 _201\"/>e disco<span class=\"__1 _201\"/>unt rate wou<span class=\"__1 _201\"/>ld resul<span class=\"__1 _201\"/>t in the<span class=\"__1 _32b\"> </span><span class=\"__1 _201\"/> valu<span class=\"__1 _201\"/>e in use de<span class=\"__1 _201\"/>creas<span class=\"__1 _201\"/>ing by \u00a3187m. Th<span class=\"__1 _201\"/>is would n<span class=\"__1 _201\"/>ot resul<span class=\"__1 _201\"/>t in any impai<span class=\"__1 _201\"/>rmen<span class=\"__1 _201\"/>t charge b<span class=\"__1 _201\"/>eing re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d for go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The te<span class=\"__1 _201\"/>rmina<span class=\"__1 _201\"/>l value wa<span class=\"__1 _201\"/>s calc<span class=\"__1 _201\"/>ulated usi<span class=\"__1 _201\"/>ng a sta<span class=\"__1 _201\"/>ndard grow<span class=\"__1 _201\"/>th m<span class=\"__1 _201\"/>odel<span class=\"__1 _201\"/>, using a d<span class=\"__1 _201\"/>iscou<span class=\"__1 _201\"/>nt rate of 11<span class=\"__1 _200\"/>% as stated a<span class=\"__1 _201\"/>bove and a l<span class=\"__1 _201\"/>ong-<span class=\"__1 _32b\"> </span></span>term grow<span class=\"__1 _201\"/>th r<span class=\"__1 _201\"/>ate of 2%. A 5<span class=\"__1 _201\"/>0bps d<span class=\"__1 _201\"/>ecreas<span class=\"__1 _201\"/>e in the lo<span class=\"__1 _201\"/>ng-ter<span class=\"__1 _201\"/>m grow<span class=\"__1 _201\"/>th rate woul<span class=\"__1 _201\"/>d result in th<span class=\"__1 _201\"/>e value i<span class=\"__1 _201\"/>n use de<span class=\"__1 _201\"/>creasi<span class=\"__1 _201\"/>ng by \u00a3122m<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>This w<span class=\"__1 _201\"/>ould no<span class=\"__1 _201\"/>t result in a<span class=\"__1 _201\"/>ny impair<span class=\"__1 _201\"/>ment ch<span class=\"__1 _201\"/>arge be<span class=\"__1 _201\"/>ing rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d for goo<span class=\"__1 _201\"/>dwi<span class=\"__1 _201\"/>ll.<span class=\"__1 _32b\"> </span>In the p<span class=\"__1 _201\"/>reviou<span class=\"__1 _201\"/>s year<span class=\"__1 _200\"/>, a termina<span class=\"__1 _201\"/>l multipl<span class=\"__1 _201\"/>ier of 13x w<span class=\"__1 _201\"/>as appli<span class=\"__1 _201\"/>ed to the c<span class=\"__1 _201\"/>ashfl<span class=\"__1 _201\"/>ows fore<span class=\"__1 _201\"/>cas<span class=\"__1 _201\"/>ted for th<span class=\"__1 _201\"/>e final yea<span class=\"__1 _201\"/>r of the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s plan<span class=\"__1 _201\"/> to determ<span class=\"__1 _201\"/>ine the c<span class=\"__1 _201\"/>ashfl<span class=\"__1 _201\"/>ows beyo<span class=\"__1 _201\"/>nd the pro<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>tion p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d, bas<span class=\"__1 _201\"/>ed on exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted pr<span class=\"__1 _201\"/>ice/<span class=\"__1 _200\"/>earni<span class=\"__1 _201\"/>ngs ratio i<span class=\"__1 _201\"/>n the se<span class=\"__1 _201\"/>ctor<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">That asset<span class=\"__1 _200\"/> management con<span class=\"__1 _200\"/>tracts cont<span class=\"__1 _200\"/>inue on<span class=\"__1 _200\"/> similar<span class=\"__1 _200\"/> terms.<span class=\"__1 _32b\"> </span></span>No rea<span class=\"__1 _201\"/>sonab<span class=\"__1 _201\"/>le chan<span class=\"__1 _201\"/>ge in as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons st<span class=\"__1 _201\"/>ated above wo<span class=\"__1 _201\"/>uld resu<span class=\"__1 _201\"/>lt in any imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt bein<span class=\"__1 _201\"/>g reco<span class=\"__1 _201\"/>rded<span class=\"__1 _201\"/>. Furth<span class=\"__1 _201\"/>ermo<span class=\"__1 _201\"/>re, there wo<span class=\"__1 _201\"/>uld<span class=\"__1 _201\"/> be no i<span class=\"__1 _201\"/>mpair<span class=\"__1 _201\"/>ment re<span class=\"__1 _201\"/>corde<span class=\"__1 _201\"/>d even if the i<span class=\"__1 _201\"/>ndiv<span class=\"__1 _201\"/>idual s<span class=\"__1 _201\"/>tres<span class=\"__1 _201\"/>ses to as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns state<span class=\"__1 _201\"/>d above were to ap<span class=\"__1 _201\"/>ply co<span class=\"__1 _201\"/>ncur<span class=\"__1 _201\"/>rently w<span class=\"__1 _201\"/>hich<span class=\"__1 _201\"/> dem<span class=\"__1 _201\"/>onst<span class=\"__1 _201\"/>rates the si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant he<span class=\"__1 _201\"/>adroo<span class=\"__1 _201\"/>m availab<span class=\"__1 _201\"/>le on the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing val<span class=\"__1 _201\"/>ue.<span class=\"__1 _201\"/> M&amp;G W<span class=\"__1 _200\"/>ealth<span class=\"__1 _200\"/> Platform<span class=\"__1 _32b\"> </span>Dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar to 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 a<span class=\"__1 _201\"/>n impair<span class=\"__1 _201\"/>ment of \u00a3<span class=\"__1 _201\"/>25m h<span class=\"__1 _201\"/>as bee<span class=\"__1 _201\"/>n reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of the M&amp;G Wealt<span class=\"__1 _201\"/>h Platf<span class=\"__1 _201\"/>orm<span class=\"__1 _201\"/> cas<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>gene<span class=\"__1 _201\"/>rating un<span class=\"__1 _201\"/>it to bring t<span class=\"__1 _201\"/>he car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying v<span class=\"__1 _201\"/>alue do<span class=\"__1 _201\"/>wn to its rec<span class=\"__1 _201\"/>overab<span class=\"__1 _201\"/>le amo<span class=\"__1 _201\"/>unt whic<span class=\"__1 _201\"/>h is its val<span class=\"__1 _201\"/>ue in use of \u00a310<span class=\"__1 _201\"/>6m. T<span class=\"__1 _201\"/>he M&amp;<span class=\"__1 _201\"/>G<span class=\"__1 _32b\"> </span>Wealth plat<span class=\"__1 _201\"/>form c<span class=\"__1 _201\"/>ash g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ating unit c<span class=\"__1 _201\"/>onsis<span class=\"__1 _201\"/>ts of the n<span class=\"__1 _201\"/>et ass<span class=\"__1 _201\"/>ets and g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will an<span class=\"__1 _201\"/>d other int<span class=\"__1 _201\"/>angibl<span class=\"__1 _201\"/>es ari<span class=\"__1 _201\"/>sing fro<span class=\"__1 _201\"/>m the acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>of Wrap IFA Ser<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces Lim<span class=\"__1 _201\"/>ited, as w<span class=\"__1 _201\"/>ell as an all<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ation of \u00a316m of g<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>will fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g the acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>n of San<span class=\"__1 _201\"/>dringh<span class=\"__1 _201\"/>am Fina<span class=\"__1 _201\"/>ncial<span class=\"__1 _201\"/> Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rs Lim<span class=\"__1 _201\"/>ited, di<span class=\"__1 _201\"/>scus<span class=\"__1 _201\"/>sed in N<span class=\"__1 _201\"/>ote 2. Al<span class=\"__1 _201\"/>l of the imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt has be<span class=\"__1 _201\"/>en all<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d agains<span class=\"__1 _201\"/>t goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l with the ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e record<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/> admi<span class=\"__1 _201\"/>nistr<span class=\"__1 _201\"/>ative expe<span class=\"__1 _201\"/>nses in t<span class=\"__1 _201\"/>he cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d inco<span class=\"__1 _201\"/>me statem<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>he key assu<span class=\"__1 _201\"/>mptions i<span class=\"__1 _201\"/>n determ<span class=\"__1 _201\"/>ining th<span class=\"__1 _201\"/>e value in u<span class=\"__1 _201\"/>se were a<span class=\"__1 _201\"/> disc<span class=\"__1 _201\"/>ount rate of 11%, a lon<span class=\"__1 _201\"/>g-term grow<span class=\"__1 _201\"/>th rate of 2<span class=\"__1 _201\"/>% and a term<span class=\"__1 _201\"/>inal val<span class=\"__1 _201\"/>ue EBI<span class=\"__1 _201\"/>TDA margin of 3<span class=\"__1 _201\"/>3%<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>12 Goodwill and in<span class=\"__1 _200\"/>tangible asse<span class=\"__1 _200\"/>ts continued<span class=\"__1 _32b\"> </span>Other<span class=\"__1 _32b\"> </span>Note 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Cor<span class=\"__1 _201\"/>porate tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s provid<span class=\"__1 _201\"/>es detai<span class=\"__1 _201\"/>l on goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l arisi<span class=\"__1 _201\"/>ng on sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>ies ac<span class=\"__1 _201\"/>quired d<span class=\"__1 _201\"/>uring 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>. Non<span class=\"__1 _201\"/>e of the go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill<span class=\"__1 _32b\"> </span>allo<span class=\"__1 _201\"/>cated to re<span class=\"__1 _201\"/>mainin<span class=\"__1 _201\"/>g cash<span class=\"__1 _201\"/>-g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>ating unit<span class=\"__1 _201\"/>s is signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant in com<span class=\"__1 _201\"/>paris<span class=\"__1 _201\"/>on to the G<span class=\"__1 _201\"/>roup\u2019s t<span class=\"__1 _200\"/>otal c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng amo<span class=\"__1 _201\"/>unt of goo<span class=\"__1 _201\"/>dwil<span class=\"__1 _201\"/>l.<span class=\"__1 _32b\"> </span>Subsidiaries held<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> the Wi<span class=\"__1 _200\"/>th-Profits Fund<span class=\"__1 _32b\"> </span>Go<span class=\"__1 _201\"/>odw<span class=\"__1 _201\"/>ill aris<span class=\"__1 _201\"/>ing on ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of sub<span class=\"__1 _201\"/>sidiar<span class=\"__1 _201\"/>ies he<span class=\"__1 _201\"/>ld relate<span class=\"__1 _201\"/>s to acquisi<span class=\"__1 _201\"/>tions ma<span class=\"__1 _201\"/>de with<span class=\"__1 _201\"/>in cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d infras<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>ture pr<span class=\"__1 _201\"/>ivate eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>vehic<span class=\"__1 _201\"/>les wh<span class=\"__1 _201\"/>ich are he<span class=\"__1 _201\"/>ld by the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>. Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt have unde<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>taken an impa<span class=\"__1 _201\"/>irme<span class=\"__1 _201\"/>nt ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment by co<span class=\"__1 _201\"/>mpari<span class=\"__1 _201\"/>ng the<span class=\"__1 _201\"/> fair v<span class=\"__1 _201\"/>alue of th<span class=\"__1 _201\"/>e subsi<span class=\"__1 _201\"/>diarie<span class=\"__1 _201\"/>s with the<span class=\"__1 _201\"/>ir car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying v<span class=\"__1 _201\"/>alue. A<span class=\"__1 _201\"/>s a resul<span class=\"__1 _201\"/>t of the as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sment<span class=\"__1 _201\"/>, no imp<span class=\"__1 _201\"/>airme<span class=\"__1 _201\"/>nt was re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed fo<span class=\"__1 _201\"/>r the year<span class=\"__1 _201\"/> end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2 (2021: \u00a3ni<span class=\"__1 _201\"/>l).<span class=\"__1 _32b\"> </span>12.<span class=\"__1 _201\"/>2 Int<span class=\"__1 _200\"/>angible assets<span class=\"__1 _32b\"> </span>Intan<span class=\"__1 _201\"/>gible a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s comp<span class=\"__1 _201\"/>rise in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s and clie<span class=\"__1 _201\"/>nt relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d throug<span class=\"__1 _201\"/>h busin<span class=\"__1 _201\"/>ess c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ations<span class=\"__1 _201\"/>, sof<span class=\"__1 _201\"/>tw<span class=\"__1 _201\"/>are,<span class=\"__1 _201\"/> ser<span class=\"__1 _201\"/>vice concessi<span class=\"__1 _201\"/>ons, royalt<span class=\"__1 _200\"/>ies and licences.<span class=\"__1 _201\"/> Customer<span class=\"__1 _200\"/> relation<span class=\"__1 _200\"/>ships and tr<span class=\"__1 _200\"/>ade name<span class=\"__1 _200\"/> arising on<span class=\"__1 _200\"/> acquisitions<span class=\"__1 _200\"/> during the<span class=\"__1 _200\"/> ye<span class=\"__1 _200\"/>ar<span class=\"__1 _32b\"> </span>Dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, cu<span class=\"__1 _201\"/>stome<span class=\"__1 _201\"/>r relatio<span class=\"__1 _201\"/>nships w<span class=\"__1 _201\"/>hich have b<span class=\"__1 _201\"/>een re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised by th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>s par<span class=\"__1 _201\"/>t of the ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of Sa<span class=\"__1 _201\"/>ndrin<span class=\"__1 _201\"/>gham<span class=\"__1 _201\"/> Fina<span class=\"__1 _201\"/>ncial Pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tners L<span class=\"__1 _201\"/>imited<span class=\"__1 _201\"/>, M&amp;G Wealth Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts LL<span class=\"__1 _201\"/>P (<span class=\"__1 _200\"/>form<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>y TCF F<span class=\"__1 _200\"/>und M<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>rs LL<span class=\"__1 _201\"/>P) and resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s AG.<span class=\"__1 _201\"/> In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, two tr<span class=\"__1 _201\"/>ade nam<span class=\"__1 _201\"/>es have be<span class=\"__1 _201\"/>en re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed by the G<span class=\"__1 _201\"/>roup as p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of the ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of San<span class=\"__1 _201\"/>drin<span class=\"__1 _201\"/>gham Fin<span class=\"__1 _201\"/>ancial P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners<span class=\"__1 _201\"/> Limi<span class=\"__1 _201\"/>ted and re<span class=\"__1 _201\"/>spon<span class=\"__1 _201\"/>sAbili<span class=\"__1 _201\"/>ty I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents AG.<span class=\"__1 _201\"/> The d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>iption of th<span class=\"__1 _201\"/>e sep<span class=\"__1 _201\"/>arate intan<span class=\"__1 _201\"/>gible as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s acquire<span class=\"__1 _201\"/>d, in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g their e<span class=\"__1 _201\"/>stimate<span class=\"__1 _201\"/>d useful l<span class=\"__1 _201\"/>ife, is as fo<span class=\"__1 _201\"/>llows:<span class=\"__1 _32b\"> </span>Customer r<span class=\"__1 _200\"/>elated<span class=\"__1 _200\"/> intangi<span class=\"__1 _200\"/>ble<span class=\"__1 _373\"> </span><span class=\"ls1_1 ws1_1\">Int<span class=\"__1 _201\"/>angi<span class=\"__1 _201\"/>ble a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>t ty<span class=\"__1 _201\"/>pe<span class=\"__1 _32b\"> </span></span>Av<span class=\"__1 _200\"/>erage useful<span class=\"__1 _200\"/> life<span class=\"__1 _32b\"> </span>at acquisition<span class=\"__1 _200\"/> date<span class=\"__1 _14d_1\"> </span>Acquisition date<span class=\"__1 _32b\"> </span>Fair va<span class=\"__1 _201\"/>lue o<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>acquisition dat<span class=\"__1 _200\"/>e<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Carr<span class=\"__1 _201\"/>ying value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Sandr<span class=\"__1 _201\"/>ingham Financial Par<span class=\"__1 _201\"/>tners L<span class=\"__1 _201\"/>imited<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _268\"> </span><span class=\"ls4d_1 ws8c_1\">10 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _249\"> </span><span class=\"ls6_1 ws1_1\">6 Janua<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y 2022<span class=\"__1 _374\"> </span><span class=\"ls5_1\">7<span class=\"__1 _375\"> </span><span class=\"ff1_1\">6<span class=\"__1 _32b\"> </span></span></span></span></span>Customer<span class=\"__1 _32b\"> </span>relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>13 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _249\"> </span><span class=\"ls6_1 ws1_1\">6 Janu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 202<span class=\"__1 _201\"/>2<span class=\"__1 _14a_1\"> </span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _376\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">14<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G Wealth I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents LL<span class=\"__1 _201\"/>P (Form<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>TCF Fund Mana<span class=\"__1 _201\"/>gers L<span class=\"__1 _201\"/>LP)<span class=\"__1 _32b\"> </span>Customer<span class=\"__1 _32b\"> </span>relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>18 year<span class=\"__1 _201\"/>s<span class=\"__1 _6e_1\"> </span><span class=\"ls6_1 ws1_1\">17 Febr<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _6a_1\"> </span><span class=\"ls5_1\">1<span class=\"__1 _a4_1\"> </span><span class=\"ff1_1\">1<span class=\"__1 _32b\"> </span></span></span></span>responsAbility In<span class=\"__1 _200\"/>vestments A<span class=\"__1 _f_1\"/>G<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _268\"> </span><span class=\"ls4d_1 ws8c_1\">10 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _f7_1\"> </span><span class=\"ls6_1 ws1_1\">3 May 2022<span class=\"__1 _377\"> </span><span class=\"ls5_1\">9<span class=\"__1 _375\"> </span><span class=\"ff1_1\">9<span class=\"__1 _32b\"> </span></span></span></span></span>Customer<span class=\"__1 _32b\"> </span>relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>10 year<span class=\"__1 _201\"/>s<span class=\"__1 _226\"> </span><span class=\"ls6_1 ws1_1\">3 M<span class=\"__1 _201\"/>ay 2022<span class=\"__1 _9d_1\"> </span><span class=\"lsf_1 wsd_1\">36<span class=\"__1 _12f_1\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">37<span class=\"__1 _32b\"> </span></span></span></span>All int<span class=\"__1 _201\"/>angibl<span class=\"__1 _201\"/>es wil<span class=\"__1 _201\"/>l be amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n a strai<span class=\"__1 _201\"/>ght line b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>In arr<span class=\"__1 _201\"/>ivi<span class=\"__1 _201\"/>ng at the fa<span class=\"__1 _201\"/>ir value o<span class=\"__1 _201\"/>f intangi<span class=\"__1 _201\"/>ble as<span class=\"__1 _201\"/>sets ac<span class=\"__1 _201\"/>quired i<span class=\"__1 _201\"/>n busin<span class=\"__1 _201\"/>ess c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ations<span class=\"__1 _201\"/>, a numb<span class=\"__1 _201\"/>er of as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns and ju<span class=\"__1 _201\"/>dgem<span class=\"__1 _201\"/>ents are<span class=\"__1 _201\"/> app<span class=\"__1 _201\"/>lied<span class=\"__1 _201\"/>. The de<span class=\"__1 _201\"/>tails in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of mater<span class=\"__1 _201\"/>ial acq<span class=\"__1 _201\"/>uisitio<span class=\"__1 _201\"/>ns duri<span class=\"__1 _201\"/>ng the fin<span class=\"__1 _201\"/>ancial ye<span class=\"__1 _201\"/>ar<span class=\"__1 _f_1\"/>, w<span class=\"__1 _201\"/>ith rega<span class=\"__1 _201\"/>rd to assum<span class=\"__1 _201\"/>ptions a<span class=\"__1 _201\"/>nd sens<span class=\"__1 _201\"/>itivi<span class=\"__1 _201\"/>ties to<span class=\"__1 _201\"/> thos<span class=\"__1 _201\"/>e assu<span class=\"__1 _201\"/>mptions<span class=\"__1 _201\"/>, are pre<span class=\"__1 _201\"/>sente<span class=\"__1 _201\"/>d below.<span class=\"__1 _32b\"> </span>responsAbility<span class=\"__1 _378\"> </span><span class=\"ls4f_1 ws55_1\">Sandringha<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span></span>Intangible<span class=\"__1 _256\"> </span>Inp<span class=\"__1 _201\"/>ut<span class=\"__1 _342\"> </span><span class=\"ls2f_1 ws2f_1\">Assumption<span class=\"__1 _1d_1\"> </span><span class=\"ls3_1 ws3_1\">Sensiti<span class=\"__1 _201\"/>vity<span class=\"__1 _32b\"> </span></span></span>Impact on<span class=\"__1 _32b\"> </span>valuation (\u00a3<span class=\"__1 _200\"/>m)<span class=\"__1 _290\"> </span><span class=\"ls2f_1 ws2f_1\">Assumption<span class=\"__1 _4a_1\"> </span><span class=\"ls3_1 ws3_1\">Sensitivit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></span></span>Impact on<span class=\"__1 _32b\"> </span>valuation (\u00a3<span class=\"__1 _200\"/>m)<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rade name<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _b9_1\"> </span><span class=\"lse_1 wsc_1\">12%<span class=\"__1 _f4_1\"> </span><span class=\"ls28_1 ws28_1\">+<span class=\"__1 _f_1\"/>100bps<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>10%<span class=\"__1 _240\"> </span><span class=\"ls28_1 ws28_1\">+<span class=\"__1 _337\"/>100bps<span class=\"__1 _379\"> </span><span class=\"ls5_1 ws1_1\">\u2013<span class=\"__1 _32b\"> </span></span></span>Royalty rate<span class=\"__1 _17a_1\"> </span><span class=\"ls40_1 ws44_1\">3%<span class=\"__1 _2b_1\"> </span><span class=\"ls1c_1 ws43_1\">-50<span class=\"__1 _201\"/>bps<span class=\"__1 _341\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _353\"> </span><span class=\"ls30_1 ws30_1\">2%<span class=\"__1 _237\"> </span></span></span>-50bps<span class=\"__1 _14a_1\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _32b\"> </span></span></span></span>Customer<span class=\"__1 _32b\"> </span>relatio<span class=\"__1 _201\"/>nship<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _17b_1\"> </span><span class=\"ls11_1 ws10_1\">11%<span class=\"__1 _f4_1\"> </span><span class=\"ls28_1 ws28_1\">+<span class=\"__1 _f_1\"/>100bps<span class=\"__1 _341\"> </span><span class=\"ls11_1 ws10_1\">(3)<span class=\"__1 _229\"> </span><span class=\"ls4d_1 ws54_1\">10%<span class=\"__1 _240\"> </span></span></span>+<span class=\"__1 _f_1\"/>100bp<span class=\"__1 _200\"/>s<span class=\"__1 _b0_1\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _32b\"> </span></span></span></span>Customer<span class=\"__1 _32b\"> </span>attr<span class=\"__1 _201\"/>ition<span class=\"__1 _32b\"> </span>12.5% wholesale<span class=\"__1 _200\"/> /<span class=\"__1 _32b\"> </span>8.<span class=\"__1 _201\"/>5% inst<span class=\"__1 _201\"/>itutions<span class=\"__1 _32b\"> </span>+<span class=\"__1 _f_1\"/>100bp<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2%<span class=\"__1 _270\"> </span><span class=\"ls24_1 ws23_1\">+7<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>b<span class=\"__1 _250\"/>p<span class=\"__1 _250\"/>s<span class=\"__1 _341\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _32b\"> </span></span></span>Clien<span class=\"__1 _201\"/>t and mar<span class=\"__1 _201\"/>ket<span class=\"__1 _32b\"> </span>grow<span class=\"__1 _201\"/>th<span class=\"__1 _32b\"> </span>2%<span class=\"__1 _230\"> </span><span class=\"ls28_1 ws28_1\">-<span class=\"__1 _f_1\"/>100bps<span class=\"__1 _375\"> </span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _224\"> </span><span class=\"ls45_1 ws49_1\">15%<span class=\"__1 _5d_1\"> </span></span></span>-<span class=\"__1 _f_1\"/>100bp<span class=\"__1 _200\"/>s<span class=\"__1 _17c_1\"> </span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _32b\"> </span></span></span>12 Goodwill and in<span class=\"__1 _200\"/>tangible asse<span class=\"__1 _200\"/>ts continued<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-498": {
   "value": "13 Deferred acquisition costs  2022 2021 For the year ended 31 December Insurance  contracts and investment contracts with DPF \u00a3m Other  contracts \u00a3m Total \u00a3m Insurance  contracts and investment contracts with DPF \u00a3m Other  contracts \u00a3m Total \u00a3m At 1 January 58 36 94 59 39 98 Additions 10 6 16 8 6 14 Amortisation to the income statement (6) (10) (16) (6) (7) (13 Impairment \u2014 (1) (1) (2) (2) (4) Foreign exchange differences \u2014 1 1 (1) \u2014 (1 At 31 December 62 32 94 58 36 94 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-560": {
   "value": "<div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"left:0.010047913px; bottom:751.21924px;\">14 In<span class=\"__1 _200\"/>vestments in joint ventures and associates<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:730.59485px;\">14.<span class=\"__1 _f_1\"/>1 Inv<span class=\"__1 _200\"/>estments in<span class=\"__1 _200\"/> joint v<span class=\"__1 _200\"/>ent<span class=\"__1 _200\"/>ures and<span class=\"__1 _200\"/> associat<span class=\"__1 _200\"/>es ac<span class=\"__1 _200\"/>counted<span class=\"__1 _200\"/> for u<span class=\"__1 _200\"/>sing the equity<span class=\"__1 _200\"/> method<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:693.85846px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:647.469px; bottom:705.86px;\">2022<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.436px; bottom:693.85846px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:711.75px; bottom:705.86px;\">2021<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:693.85846px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:674.1023px;\">Inves<span class=\"__1 _201\"/>tment in j<span class=\"__1 _201\"/>oint ventu<span class=\"__1 _201\"/>res<span class=\"__1 _382\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">413<span class=\"__1 _c_1\"> </span></span><span class=\"ls22_1 ws21_1\">4<span class=\"__1 _201\"/>69<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:654.3398px;\">Inves<span class=\"__1 _201\"/>tment in a<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciates<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:665.6466px; bottom:654.34595px;\">\u2014<span class=\"__1 _b9_1\"> </span><span class=\"ff2_1\">\u2014<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:634.5896px;\">Inv<span class=\"__1 _200\"/>estments in<span class=\"__1 _200\"/> join v<span class=\"__1 _200\"/>entur<span class=\"__1 _200\"/>es and<span class=\"__1 _200\"/> associat<span class=\"__1 _200\"/>es accoun<span class=\"__1 _200\"/>ted<span class=\"__1 _200\"/> for using<span class=\"__1 _200\"/> the equity me<span class=\"__1 _200\"/>thod<span class=\"__1 _383\"> </span><span class=\"ls17_1 ws16_1\">413<span class=\"__1 _c_1\"> </span><span class=\"ff2_1 ls22_1 ws21_1\">4<span class=\"__1 _201\"/>69<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:587.69855px;\">For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:647.469px; bottom:599.7px;\">2022<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.436px; bottom:587.69855px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:711.75px; bottom:599.7px;\">2021<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:587.69855px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:567.9422px;\">Share o<span class=\"__1 _201\"/>f profit fro<span class=\"__1 _201\"/>m joint ve<span class=\"__1 _201\"/>ntures<span class=\"__1 _384\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">38<span class=\"__1 _232\"> </span></span><span class=\"ls32_1 ws33_1\">75<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:548.1797px;\">Share o<span class=\"__1 _201\"/>f profit fro<span class=\"__1 _201\"/>m ass<span class=\"__1 _201\"/>ociates<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:176.30551px; bottom:552.4316px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:665.6466px; bottom:548.1858px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:727.35046px; bottom:548.1858px;\">6<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:528.42334px;\">Share<span class=\"__1 _200\"/> of pr<span class=\"__1 _200\"/>ofit fr<span class=\"__1 _200\"/>om joint<span class=\"__1 _200\"/> ven<span class=\"__1 _200\"/>tures<span class=\"__1 _200\"/> and associa<span class=\"__1 _200\"/>tes<span class=\"__1 _200\"/> account<span class=\"__1 _200\"/>ed for<span class=\"__1 _200\"/> using the<span class=\"__1 _200\"/> equity method<span class=\"__1 _6d_1\"> </span><span class=\"ls1f_1 ws1e_1\">38<span class=\"__1 _271\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">81<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:0.010047913px; bottom:501.4005px;\">i <span class=\"__1 _2d_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed w<span class=\"__1 _201\"/>ithin t<span class=\"__1 _201\"/>he yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21 sha<span class=\"__1 _201\"/>re of pro<span class=\"__1 _201\"/>fit fr<span class=\"__1 _201\"/>om as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iates i<span class=\"__1 _201\"/>s \u00a36m f<span class=\"__1 _201\"/>rom MG<span class=\"__1 _201\"/>SA up to t<span class=\"__1 _201\"/>he ac<span class=\"__1 _201\"/>quis<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n date.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:476.65173px;\">The<span class=\"__1 _201\"/>re is no sh<span class=\"__1 _201\"/>are of other c<span class=\"__1 _201\"/>ompre<span class=\"__1 _201\"/>hensi<span class=\"__1 _201\"/>ve inco<span class=\"__1 _201\"/>me from j<span class=\"__1 _201\"/>oint venture<span class=\"__1 _201\"/>s or as<span class=\"__1 _201\"/>sociate<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:451.904px;\">14.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _f_1\"/>1 Investmen<span class=\"__1 _200\"/>t in join<span class=\"__1 _200\"/>t v<span class=\"__1 _200\"/>entur<span class=\"__1 _200\"/>es acc<span class=\"__1 _200\"/>ounted<span class=\"__1 _200\"/> for using<span class=\"__1 _200\"/> the equity<span class=\"__1 _200\"/> method<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:431.27448px;\">All of th<span class=\"__1 _201\"/>e Group\u2019s inves<span class=\"__1 _201\"/>tments i<span class=\"__1 _201\"/>n joint ventu<span class=\"__1 _201\"/>res whi<span class=\"__1 _201\"/>ch are acco<span class=\"__1 _201\"/>unted fo<span class=\"__1 _201\"/>r using th<span class=\"__1 _201\"/>e equit<span class=\"__1 _201\"/>y met<span class=\"__1 _201\"/>hod are p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y vehi<span class=\"__1 _201\"/>cles h<span class=\"__1 _201\"/>eld in<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:414.77597px;\">the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>. The re<span class=\"__1 _201\"/>sults of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s joint ven<span class=\"__1 _201\"/>tures are refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted in the m<span class=\"__1 _201\"/>ovement i<span class=\"__1 _201\"/>n the unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated surp<span class=\"__1 _201\"/>lus of the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:398.27747px;\">With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund an<span class=\"__1 _201\"/>d therefo<span class=\"__1 _201\"/>re do not affe<span class=\"__1 _201\"/>ct s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 result<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:373.52972px;\">Joi<span class=\"__1 _201\"/>nt ventures a<span class=\"__1 _201\"/>re not cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d to be mater<span class=\"__1 _201\"/>ial indi<span class=\"__1 _201\"/>vid<span class=\"__1 _201\"/>ually o<span class=\"__1 _201\"/>r in aggre<span class=\"__1 _201\"/>gate to the Gro<span class=\"__1 _201\"/>up for the ye<span class=\"__1 _201\"/>ars end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:357.03122px;\">and 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21. No<span class=\"__1 _201\"/>ne of the G<span class=\"__1 _201\"/>roup\u2019s joint venture<span class=\"__1 _201\"/>s are lis<span class=\"__1 _201\"/>ted and fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l inform<span class=\"__1 _201\"/>ation of the<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s coveri<span class=\"__1 _201\"/>ng the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:340.5327px;\">sam<span class=\"__1 _201\"/>e repo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>ng per<span class=\"__1 _201\"/>iod as th<span class=\"__1 _201\"/>at of the Gro<span class=\"__1 _201\"/>up has b<span class=\"__1 _201\"/>een us<span class=\"__1 _201\"/>ed for a<span class=\"__1 _201\"/>ccounti<span class=\"__1 _201\"/>ng for the<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s using th<span class=\"__1 _201\"/>e equi<span class=\"__1 _201\"/>ty m<span class=\"__1 _201\"/>ethod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:315.78497px;\">14.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _201\"/>2 In<span class=\"__1 _200\"/>vestmen<span class=\"__1 _200\"/>t in a<span class=\"__1 _200\"/>ssociates<span class=\"__1 _200\"/> accoun<span class=\"__1 _200\"/>ted f<span class=\"__1 _200\"/>or using t<span class=\"__1 _200\"/>he equity met<span class=\"__1 _200\"/>hod<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:295.15546px;\">On 4 J<span class=\"__1 _201\"/>uly 2021<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up acqui<span class=\"__1 _201\"/>red a contro<span class=\"__1 _201\"/>lling s<span class=\"__1 _201\"/>take in MGS<span class=\"__1 _201\"/>A. U<span class=\"__1 _201\"/>ntil this date M<span class=\"__1 _201\"/>GSA was re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nised a<span class=\"__1 _201\"/>s an ass<span class=\"__1 _201\"/>ociate ac<span class=\"__1 _201\"/>counted<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:278.65698px;\">for us<span class=\"__1 _201\"/>ing the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y metho<span class=\"__1 _201\"/>d.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:253.90921px;\">14.2 Interests in<span class=\"__1 _200\"/> associat<span class=\"__1 _200\"/>es ac<span class=\"__1 _200\"/>counted<span class=\"__1 _200\"/> for a<span class=\"__1 _200\"/>t fai<span class=\"__1 _200\"/>r value<span class=\"__1 _200\"/> through<span class=\"__1 _200\"/> profit or<span class=\"__1 _200\"/> loss (FVTPL)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:233.27972px;\">The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s investm<span class=\"__1 _201\"/>ents in O<span class=\"__1 _201\"/>EICs<span class=\"__1 _201\"/>, unit tr<span class=\"__1 _201\"/>ust<span class=\"__1 _201\"/>s, pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y unit tr<span class=\"__1 _201\"/>usts a<span class=\"__1 _201\"/>nd venture c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l investm<span class=\"__1 _201\"/>ents of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:216.78122px;\">whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up has si<span class=\"__1 _201\"/>gnific<span class=\"__1 _201\"/>ant infl<span class=\"__1 _201\"/>uen<span class=\"__1 _201\"/>ce or joi<span class=\"__1 _201\"/>nt control<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s are acco<span class=\"__1 _201\"/>unted for o<span class=\"__1 _201\"/>n a FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL bas<span class=\"__1 _201\"/>is and are<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:200.28271px;\">incl<span class=\"__1 _201\"/>uded w<span class=\"__1 _201\"/>ithin e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s and po<span class=\"__1 _201\"/>ole<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent fun<span class=\"__1 _201\"/>ds in the c<span class=\"__1 _201\"/>onsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t of financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:175.53497px;\">14.2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 Associates a<span class=\"__1 _200\"/>ccount<span class=\"__1 _200\"/>ed for<span class=\"__1 _200\"/> at FVTPL<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:154.90547px;\">Dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar ende<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, M&amp;<span class=\"__1 _201\"/>G Europe<span class=\"__1 _201\"/>an Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty Fun<span class=\"__1 _201\"/>d (MEP) was de<span class=\"__1 _201\"/>cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated from th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>nd is<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:138.40697px;\">now ac<span class=\"__1 _201\"/>counted f<span class=\"__1 _201\"/>or as an as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iate on a F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL ba<span class=\"__1 _201\"/>sis. A<span class=\"__1 _201\"/>s at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, th<span class=\"__1 _201\"/>e Group h<span class=\"__1 _201\"/>eld 29<span class=\"__1 _201\"/>.8% of M<span class=\"__1 _201\"/>EP with a fa<span class=\"__1 _201\"/>ir value<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:121.90848px;\">of \u00a31,<span class=\"__1 _200\"/>143<span class=\"__1 _201\"/>m. No oth<span class=\"__1 _201\"/>er as<span class=\"__1 _201\"/>sociate<span class=\"__1 _201\"/>s accou<span class=\"__1 _201\"/>nted for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L are cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d indi<span class=\"__1 _201\"/>vidua<span class=\"__1 _201\"/>lly mater<span class=\"__1 _201\"/>ial to the G<span class=\"__1 _201\"/>roup for th<span class=\"__1 _201\"/>e years en<span class=\"__1 _201\"/>ded<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:105.40997px;\">31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 and 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>21.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:80.66222px;\">The a<span class=\"__1 _201\"/>ggreg<span class=\"__1 _201\"/>ate fair val<span class=\"__1 _201\"/>ue of ass<span class=\"__1 _201\"/>ociates a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ted for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>, i<span class=\"__1 _201\"/>ncludi<span class=\"__1 _201\"/>ng MEP<span class=\"__1 _f_1\"/>, at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 was \u00a31,<span class=\"__1 _201\"/>85<span class=\"__1 _201\"/>0m (202<span class=\"__1 _201\"/>1: \u00a335<span class=\"__1 _201\"/>8m).<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:55.914474px;\">14.2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Join<span class=\"__1 _200\"/>t v<span class=\"__1 _200\"/>entur<span class=\"__1 _200\"/>es accoun<span class=\"__1 _200\"/>ted f<span class=\"__1 _200\"/>or at<span class=\"__1 _200\"/> FV<span class=\"__1 _201\"/>TPL<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:35.284973px;\">The a<span class=\"__1 _201\"/>ggreg<span class=\"__1 _201\"/>ate fair val<span class=\"__1 _201\"/>ue of join<span class=\"__1 _201\"/>t ventures ac<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 was \u00a319<span class=\"__1 _201\"/>0m (20<span class=\"__1 _201\"/>21: \u00a37<span class=\"__1 _201\"/>7m). None of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:18.786469px;\">joint ve<span class=\"__1 _201\"/>ntures ac<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL are c<span class=\"__1 _201\"/>onsid<span class=\"__1 _201\"/>ered in<span class=\"__1 _201\"/>div<span class=\"__1 _201\"/>iduall<span class=\"__1 _201\"/>y materia<span class=\"__1 _201\"/>l to the Grou<span class=\"__1 _201\"/>p for the yea<span class=\"__1 _201\"/>rs end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:2.2879715px;\">and 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21.<span class=\"__1 _32b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-499": {
   "value": "14 In<span class=\"__1 _200\"/>vestments in joint ventures and associates<span class=\"__1 _32b\"> </span>14.<span class=\"__1 _f_1\"/>1 Inv<span class=\"__1 _200\"/>estments in<span class=\"__1 _200\"/> joint v<span class=\"__1 _200\"/>ent<span class=\"__1 _200\"/>ures and<span class=\"__1 _200\"/> associat<span class=\"__1 _200\"/>es ac<span class=\"__1 _200\"/>counted<span class=\"__1 _200\"/> for u<span class=\"__1 _200\"/>sing the equity<span class=\"__1 _200\"/> method<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment in j<span class=\"__1 _201\"/>oint ventu<span class=\"__1 _201\"/>res<span class=\"__1 _382\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">413<span class=\"__1 _c_1\"> </span></span><span class=\"ls22_1 ws21_1\">4<span class=\"__1 _201\"/>69<span class=\"__1 _32b\"> </span></span>Inves<span class=\"__1 _201\"/>tment in a<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciates<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span><span class=\"ff2_1\">\u2014<span class=\"__1 _32b\"> </span></span>Inv<span class=\"__1 _200\"/>estments in<span class=\"__1 _200\"/> join v<span class=\"__1 _200\"/>entur<span class=\"__1 _200\"/>es and<span class=\"__1 _200\"/> associat<span class=\"__1 _200\"/>es accoun<span class=\"__1 _200\"/>ted<span class=\"__1 _200\"/> for using<span class=\"__1 _200\"/> the equity me<span class=\"__1 _200\"/>thod<span class=\"__1 _383\"> </span><span class=\"ls17_1 ws16_1\">413<span class=\"__1 _c_1\"> </span><span class=\"ff2_1 ls22_1 ws21_1\">4<span class=\"__1 _201\"/>69<span class=\"__1 _32b\"> </span></span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Share o<span class=\"__1 _201\"/>f profit fro<span class=\"__1 _201\"/>m joint ve<span class=\"__1 _201\"/>ntures<span class=\"__1 _384\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">38<span class=\"__1 _232\"> </span></span><span class=\"ls32_1 ws33_1\">75<span class=\"__1 _32b\"> </span></span>Share o<span class=\"__1 _201\"/>f profit fro<span class=\"__1 _201\"/>m ass<span class=\"__1 _201\"/>ociates<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>6<span class=\"__1 _32b\"> </span>Share<span class=\"__1 _200\"/> of pr<span class=\"__1 _200\"/>ofit fr<span class=\"__1 _200\"/>om joint<span class=\"__1 _200\"/> ven<span class=\"__1 _200\"/>tures<span class=\"__1 _200\"/> and associa<span class=\"__1 _200\"/>tes<span class=\"__1 _200\"/> account<span class=\"__1 _200\"/>ed for<span class=\"__1 _200\"/> using the<span class=\"__1 _200\"/> equity method<span class=\"__1 _6d_1\"> </span><span class=\"ls1f_1 ws1e_1\">38<span class=\"__1 _271\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">81<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed w<span class=\"__1 _201\"/>ithin t<span class=\"__1 _201\"/>he yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21 sha<span class=\"__1 _201\"/>re of pro<span class=\"__1 _201\"/>fit fr<span class=\"__1 _201\"/>om as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iates i<span class=\"__1 _201\"/>s \u00a36m f<span class=\"__1 _201\"/>rom MG<span class=\"__1 _201\"/>SA up to t<span class=\"__1 _201\"/>he ac<span class=\"__1 _201\"/>quis<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n date.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>re is no sh<span class=\"__1 _201\"/>are of other c<span class=\"__1 _201\"/>ompre<span class=\"__1 _201\"/>hensi<span class=\"__1 _201\"/>ve inco<span class=\"__1 _201\"/>me from j<span class=\"__1 _201\"/>oint venture<span class=\"__1 _201\"/>s or as<span class=\"__1 _201\"/>sociate<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>14.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _f_1\"/>1 Investmen<span class=\"__1 _200\"/>t in join<span class=\"__1 _200\"/>t v<span class=\"__1 _200\"/>entur<span class=\"__1 _200\"/>es acc<span class=\"__1 _200\"/>ounted<span class=\"__1 _200\"/> for using<span class=\"__1 _200\"/> the equity<span class=\"__1 _200\"/> method<span class=\"__1 _32b\"> </span>All of th<span class=\"__1 _201\"/>e Group\u2019s inves<span class=\"__1 _201\"/>tments i<span class=\"__1 _201\"/>n joint ventu<span class=\"__1 _201\"/>res whi<span class=\"__1 _201\"/>ch are acco<span class=\"__1 _201\"/>unted fo<span class=\"__1 _201\"/>r using th<span class=\"__1 _201\"/>e equit<span class=\"__1 _201\"/>y met<span class=\"__1 _201\"/>hod are p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y vehi<span class=\"__1 _201\"/>cles h<span class=\"__1 _201\"/>eld in<span class=\"__1 _201\"/> the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>. The re<span class=\"__1 _201\"/>sults of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s joint ven<span class=\"__1 _201\"/>tures are refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted in the m<span class=\"__1 _201\"/>ovement i<span class=\"__1 _201\"/>n the unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated surp<span class=\"__1 _201\"/>lus of the<span class=\"__1 _201\"/> With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund an<span class=\"__1 _201\"/>d therefo<span class=\"__1 _201\"/>re do not affe<span class=\"__1 _201\"/>ct s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 result<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>Joi<span class=\"__1 _201\"/>nt ventures a<span class=\"__1 _201\"/>re not cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d to be mater<span class=\"__1 _201\"/>ial indi<span class=\"__1 _201\"/>vid<span class=\"__1 _201\"/>ually o<span class=\"__1 _201\"/>r in aggre<span class=\"__1 _201\"/>gate to the Gro<span class=\"__1 _201\"/>up for the ye<span class=\"__1 _201\"/>ars end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/> and 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21. No<span class=\"__1 _201\"/>ne of the G<span class=\"__1 _201\"/>roup\u2019s joint venture<span class=\"__1 _201\"/>s are lis<span class=\"__1 _201\"/>ted and fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l inform<span class=\"__1 _201\"/>ation of the<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s coveri<span class=\"__1 _201\"/>ng the<span class=\"__1 _201\"/> sam<span class=\"__1 _201\"/>e repo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>ng per<span class=\"__1 _201\"/>iod as th<span class=\"__1 _201\"/>at of the Gro<span class=\"__1 _201\"/>up has b<span class=\"__1 _201\"/>een us<span class=\"__1 _201\"/>ed for a<span class=\"__1 _201\"/>ccounti<span class=\"__1 _201\"/>ng for the<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s using th<span class=\"__1 _201\"/>e equi<span class=\"__1 _201\"/>ty m<span class=\"__1 _201\"/>ethod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>14.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _201\"/>2 In<span class=\"__1 _200\"/>vestmen<span class=\"__1 _200\"/>t in a<span class=\"__1 _200\"/>ssociates<span class=\"__1 _200\"/> accoun<span class=\"__1 _200\"/>ted f<span class=\"__1 _200\"/>or using t<span class=\"__1 _200\"/>he equity met<span class=\"__1 _200\"/>hod<span class=\"__1 _32b\"> </span>On 4 J<span class=\"__1 _201\"/>uly 2021<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up acqui<span class=\"__1 _201\"/>red a contro<span class=\"__1 _201\"/>lling s<span class=\"__1 _201\"/>take in MGS<span class=\"__1 _201\"/>A. U<span class=\"__1 _201\"/>ntil this date M<span class=\"__1 _201\"/>GSA was re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nised a<span class=\"__1 _201\"/>s an ass<span class=\"__1 _201\"/>ociate ac<span class=\"__1 _201\"/>counted<span class=\"__1 _201\"/> for us<span class=\"__1 _201\"/>ing the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y metho<span class=\"__1 _201\"/>d.<span class=\"__1 _201\"/> 14.2 Interests in<span class=\"__1 _200\"/> associat<span class=\"__1 _200\"/>es ac<span class=\"__1 _200\"/>counted<span class=\"__1 _200\"/> for a<span class=\"__1 _200\"/>t fai<span class=\"__1 _200\"/>r value<span class=\"__1 _200\"/> through<span class=\"__1 _200\"/> profit or<span class=\"__1 _200\"/> loss (FVTPL)<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s investm<span class=\"__1 _201\"/>ents in O<span class=\"__1 _201\"/>EICs<span class=\"__1 _201\"/>, unit tr<span class=\"__1 _201\"/>ust<span class=\"__1 _201\"/>s, pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y unit tr<span class=\"__1 _201\"/>usts a<span class=\"__1 _201\"/>nd venture c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l investm<span class=\"__1 _201\"/>ents of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _32b\"> </span>whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up has si<span class=\"__1 _201\"/>gnific<span class=\"__1 _201\"/>ant infl<span class=\"__1 _201\"/>uen<span class=\"__1 _201\"/>ce or joi<span class=\"__1 _201\"/>nt control<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s are acco<span class=\"__1 _201\"/>unted for o<span class=\"__1 _201\"/>n a FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL bas<span class=\"__1 _201\"/>is and are<span class=\"__1 _201\"/> incl<span class=\"__1 _201\"/>uded w<span class=\"__1 _201\"/>ithin e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s and po<span class=\"__1 _201\"/>ole<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent fun<span class=\"__1 _201\"/>ds in the c<span class=\"__1 _201\"/>onsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t of financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>14.2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 Associates a<span class=\"__1 _200\"/>ccount<span class=\"__1 _200\"/>ed for<span class=\"__1 _200\"/> at FVTPL<span class=\"__1 _32b\"> </span>Dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar ende<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, M&amp;<span class=\"__1 _201\"/>G Europe<span class=\"__1 _201\"/>an Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty Fun<span class=\"__1 _201\"/>d (MEP) was de<span class=\"__1 _201\"/>cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated from th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>nd is<span class=\"__1 _201\"/> now ac<span class=\"__1 _201\"/>counted f<span class=\"__1 _201\"/>or as an as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iate on a F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL ba<span class=\"__1 _201\"/>sis. A<span class=\"__1 _201\"/>s at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, th<span class=\"__1 _201\"/>e Group h<span class=\"__1 _201\"/>eld 29<span class=\"__1 _201\"/>.8% of M<span class=\"__1 _201\"/>EP with a fa<span class=\"__1 _201\"/>ir value<span class=\"__1 _201\"/> of \u00a31,<span class=\"__1 _200\"/>143<span class=\"__1 _201\"/>m. No oth<span class=\"__1 _201\"/>er as<span class=\"__1 _201\"/>sociate<span class=\"__1 _201\"/>s accou<span class=\"__1 _201\"/>nted for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L are cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d indi<span class=\"__1 _201\"/>vidua<span class=\"__1 _201\"/>lly mater<span class=\"__1 _201\"/>ial to the G<span class=\"__1 _201\"/>roup for th<span class=\"__1 _201\"/>e years en<span class=\"__1 _201\"/>ded<span class=\"__1 _201\"/> 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 and 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>21.<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>ggreg<span class=\"__1 _201\"/>ate fair val<span class=\"__1 _201\"/>ue of ass<span class=\"__1 _201\"/>ociates a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ted for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>, i<span class=\"__1 _201\"/>ncludi<span class=\"__1 _201\"/>ng MEP<span class=\"__1 _f_1\"/>, at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 was \u00a31,<span class=\"__1 _201\"/>85<span class=\"__1 _201\"/>0m (202<span class=\"__1 _201\"/>1: \u00a335<span class=\"__1 _201\"/>8m).<span class=\"__1 _32b\"> </span>14.2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Join<span class=\"__1 _200\"/>t v<span class=\"__1 _200\"/>entur<span class=\"__1 _200\"/>es accoun<span class=\"__1 _200\"/>ted f<span class=\"__1 _200\"/>or at<span class=\"__1 _200\"/> FV<span class=\"__1 _201\"/>TPL<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>ggreg<span class=\"__1 _201\"/>ate fair val<span class=\"__1 _201\"/>ue of join<span class=\"__1 _201\"/>t ventures ac<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 was \u00a319<span class=\"__1 _201\"/>0m (20<span class=\"__1 _201\"/>21: \u00a37<span class=\"__1 _201\"/>7m). None of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>joint ve<span class=\"__1 _201\"/>ntures ac<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL are c<span class=\"__1 _201\"/>onsid<span class=\"__1 _201\"/>ered in<span class=\"__1 _201\"/>div<span class=\"__1 _201\"/>iduall<span class=\"__1 _201\"/>y materia<span class=\"__1 _201\"/>l to the Grou<span class=\"__1 _201\"/>p for the yea<span class=\"__1 _201\"/>rs end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>and 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21.<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-588": {
   "value": "14 In<span class=\"__1 _200\"/>vestments in joint ventures and associates<span class=\"__1 _32b\"> </span>14.<span class=\"__1 _f_1\"/>1 Inv<span class=\"__1 _200\"/>estments in<span class=\"__1 _200\"/> joint v<span class=\"__1 _200\"/>ent<span class=\"__1 _200\"/>ures and<span class=\"__1 _200\"/> associat<span class=\"__1 _200\"/>es ac<span class=\"__1 _200\"/>counted<span class=\"__1 _200\"/> for u<span class=\"__1 _200\"/>sing the equity<span class=\"__1 _200\"/> method<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment in j<span class=\"__1 _201\"/>oint ventu<span class=\"__1 _201\"/>res<span class=\"__1 _382\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">413<span class=\"__1 _c_1\"> </span></span><span class=\"ls22_1 ws21_1\">4<span class=\"__1 _201\"/>69<span class=\"__1 _32b\"> </span></span>Inves<span class=\"__1 _201\"/>tment in a<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciates<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span><span class=\"ff2_1\">\u2014<span class=\"__1 _32b\"> </span></span>Inv<span class=\"__1 _200\"/>estments in<span class=\"__1 _200\"/> join v<span class=\"__1 _200\"/>entur<span class=\"__1 _200\"/>es and<span class=\"__1 _200\"/> associat<span class=\"__1 _200\"/>es accoun<span class=\"__1 _200\"/>ted<span class=\"__1 _200\"/> for using<span class=\"__1 _200\"/> the equity me<span class=\"__1 _200\"/>thod<span class=\"__1 _383\"> </span><span class=\"ls17_1 ws16_1\">413<span class=\"__1 _c_1\"> </span><span class=\"ff2_1 ls22_1 ws21_1\">4<span class=\"__1 _201\"/>69<span class=\"__1 _32b\"> </span></span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Share o<span class=\"__1 _201\"/>f profit fro<span class=\"__1 _201\"/>m joint ve<span class=\"__1 _201\"/>ntures<span class=\"__1 _384\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">38<span class=\"__1 _232\"> </span></span><span class=\"ls32_1 ws33_1\">75<span class=\"__1 _32b\"> </span></span>Share o<span class=\"__1 _201\"/>f profit fro<span class=\"__1 _201\"/>m ass<span class=\"__1 _201\"/>ociates<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>6<span class=\"__1 _32b\"> </span>Share<span class=\"__1 _200\"/> of pr<span class=\"__1 _200\"/>ofit fr<span class=\"__1 _200\"/>om joint<span class=\"__1 _200\"/> ven<span class=\"__1 _200\"/>tures<span class=\"__1 _200\"/> and associa<span class=\"__1 _200\"/>tes<span class=\"__1 _200\"/> account<span class=\"__1 _200\"/>ed for<span class=\"__1 _200\"/> using the<span class=\"__1 _200\"/> equity method<span class=\"__1 _6d_1\"> </span><span class=\"ls1f_1 ws1e_1\">38<span class=\"__1 _271\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">81<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed w<span class=\"__1 _201\"/>ithin t<span class=\"__1 _201\"/>he yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21 sha<span class=\"__1 _201\"/>re of pro<span class=\"__1 _201\"/>fit fr<span class=\"__1 _201\"/>om as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iates i<span class=\"__1 _201\"/>s \u00a36m f<span class=\"__1 _201\"/>rom MG<span class=\"__1 _201\"/>SA up to t<span class=\"__1 _201\"/>he ac<span class=\"__1 _201\"/>quis<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n date.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>re is no sh<span class=\"__1 _201\"/>are of other c<span class=\"__1 _201\"/>ompre<span class=\"__1 _201\"/>hensi<span class=\"__1 _201\"/>ve inco<span class=\"__1 _201\"/>me from j<span class=\"__1 _201\"/>oint venture<span class=\"__1 _201\"/>s or as<span class=\"__1 _201\"/>sociate<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>14.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _f_1\"/>1 Investmen<span class=\"__1 _200\"/>t in join<span class=\"__1 _200\"/>t v<span class=\"__1 _200\"/>entur<span class=\"__1 _200\"/>es acc<span class=\"__1 _200\"/>ounted<span class=\"__1 _200\"/> for using<span class=\"__1 _200\"/> the equity<span class=\"__1 _200\"/> method<span class=\"__1 _32b\"> </span>All of th<span class=\"__1 _201\"/>e Group\u2019s inves<span class=\"__1 _201\"/>tments i<span class=\"__1 _201\"/>n joint ventu<span class=\"__1 _201\"/>res whi<span class=\"__1 _201\"/>ch are acco<span class=\"__1 _201\"/>unted fo<span class=\"__1 _201\"/>r using th<span class=\"__1 _201\"/>e equit<span class=\"__1 _201\"/>y met<span class=\"__1 _201\"/>hod are p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y vehi<span class=\"__1 _201\"/>cles h<span class=\"__1 _201\"/>eld in<span class=\"__1 _201\"/> the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>. The re<span class=\"__1 _201\"/>sults of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s joint ven<span class=\"__1 _201\"/>tures are refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted in the m<span class=\"__1 _201\"/>ovement i<span class=\"__1 _201\"/>n the unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated surp<span class=\"__1 _201\"/>lus of the<span class=\"__1 _201\"/> With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund an<span class=\"__1 _201\"/>d therefo<span class=\"__1 _201\"/>re do not affe<span class=\"__1 _201\"/>ct s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 result<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>Joi<span class=\"__1 _201\"/>nt ventures a<span class=\"__1 _201\"/>re not cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d to be mater<span class=\"__1 _201\"/>ial indi<span class=\"__1 _201\"/>vid<span class=\"__1 _201\"/>ually o<span class=\"__1 _201\"/>r in aggre<span class=\"__1 _201\"/>gate to the Gro<span class=\"__1 _201\"/>up for the ye<span class=\"__1 _201\"/>ars end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/> and 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21. No<span class=\"__1 _201\"/>ne of the G<span class=\"__1 _201\"/>roup\u2019s joint venture<span class=\"__1 _201\"/>s are lis<span class=\"__1 _201\"/>ted and fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l inform<span class=\"__1 _201\"/>ation of the<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s coveri<span class=\"__1 _201\"/>ng the<span class=\"__1 _201\"/> sam<span class=\"__1 _201\"/>e repo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>ng per<span class=\"__1 _201\"/>iod as th<span class=\"__1 _201\"/>at of the Gro<span class=\"__1 _201\"/>up has b<span class=\"__1 _201\"/>een us<span class=\"__1 _201\"/>ed for a<span class=\"__1 _201\"/>ccounti<span class=\"__1 _201\"/>ng for the<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s using th<span class=\"__1 _201\"/>e equi<span class=\"__1 _201\"/>ty m<span class=\"__1 _201\"/>ethod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>14.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _201\"/>2 In<span class=\"__1 _200\"/>vestmen<span class=\"__1 _200\"/>t in a<span class=\"__1 _200\"/>ssociates<span class=\"__1 _200\"/> accoun<span class=\"__1 _200\"/>ted f<span class=\"__1 _200\"/>or using t<span class=\"__1 _200\"/>he equity met<span class=\"__1 _200\"/>hod<span class=\"__1 _32b\"> </span>On 4 J<span class=\"__1 _201\"/>uly 2021<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up acqui<span class=\"__1 _201\"/>red a contro<span class=\"__1 _201\"/>lling s<span class=\"__1 _201\"/>take in MGS<span class=\"__1 _201\"/>A. U<span class=\"__1 _201\"/>ntil this date M<span class=\"__1 _201\"/>GSA was re<span class=\"__1 _201\"/>cog<span class=\"__1 _201\"/>nised a<span class=\"__1 _201\"/>s an ass<span class=\"__1 _201\"/>ociate ac<span class=\"__1 _201\"/>counted<span class=\"__1 _201\"/> for us<span class=\"__1 _201\"/>ing the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y metho<span class=\"__1 _201\"/>d.<span class=\"__1 _201\"/> 14.2 Interests in<span class=\"__1 _200\"/> associat<span class=\"__1 _200\"/>es ac<span class=\"__1 _200\"/>counted<span class=\"__1 _200\"/> for a<span class=\"__1 _200\"/>t fai<span class=\"__1 _200\"/>r value<span class=\"__1 _200\"/> through<span class=\"__1 _200\"/> profit or<span class=\"__1 _200\"/> loss (FVTPL)<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s investm<span class=\"__1 _201\"/>ents in O<span class=\"__1 _201\"/>EICs<span class=\"__1 _201\"/>, unit tr<span class=\"__1 _201\"/>ust<span class=\"__1 _201\"/>s, pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y unit tr<span class=\"__1 _201\"/>usts a<span class=\"__1 _201\"/>nd venture c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l investm<span class=\"__1 _201\"/>ents of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _32b\"> </span>whe<span class=\"__1 _201\"/>re the Gro<span class=\"__1 _201\"/>up has si<span class=\"__1 _201\"/>gnific<span class=\"__1 _201\"/>ant infl<span class=\"__1 _201\"/>uen<span class=\"__1 _201\"/>ce or joi<span class=\"__1 _201\"/>nt control<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s are acco<span class=\"__1 _201\"/>unted for o<span class=\"__1 _201\"/>n a FV<span class=\"__1 _201\"/>T<span class=\"__1 _201\"/>PL bas<span class=\"__1 _201\"/>is and are<span class=\"__1 _201\"/> incl<span class=\"__1 _201\"/>uded w<span class=\"__1 _201\"/>ithin e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s and po<span class=\"__1 _201\"/>ole<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent fun<span class=\"__1 _201\"/>ds in the c<span class=\"__1 _201\"/>onsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t of financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>14.2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 Associates a<span class=\"__1 _200\"/>ccount<span class=\"__1 _200\"/>ed for<span class=\"__1 _200\"/> at FVTPL<span class=\"__1 _32b\"> </span>Dur<span class=\"__1 _201\"/>ing the ye<span class=\"__1 _201\"/>ar ende<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, M&amp;<span class=\"__1 _201\"/>G Europe<span class=\"__1 _201\"/>an Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty Fun<span class=\"__1 _201\"/>d (MEP) was de<span class=\"__1 _201\"/>cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated from th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>nd is<span class=\"__1 _201\"/> now ac<span class=\"__1 _201\"/>counted f<span class=\"__1 _201\"/>or as an as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iate on a F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL ba<span class=\"__1 _201\"/>sis. A<span class=\"__1 _201\"/>s at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, th<span class=\"__1 _201\"/>e Group h<span class=\"__1 _201\"/>eld 29<span class=\"__1 _201\"/>.8% of M<span class=\"__1 _201\"/>EP with a fa<span class=\"__1 _201\"/>ir value<span class=\"__1 _201\"/> of \u00a31,<span class=\"__1 _200\"/>143<span class=\"__1 _201\"/>m. No oth<span class=\"__1 _201\"/>er as<span class=\"__1 _201\"/>sociate<span class=\"__1 _201\"/>s accou<span class=\"__1 _201\"/>nted for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L are cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d indi<span class=\"__1 _201\"/>vidua<span class=\"__1 _201\"/>lly mater<span class=\"__1 _201\"/>ial to the G<span class=\"__1 _201\"/>roup for th<span class=\"__1 _201\"/>e years en<span class=\"__1 _201\"/>ded<span class=\"__1 _201\"/> 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 and 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>21.<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>ggreg<span class=\"__1 _201\"/>ate fair val<span class=\"__1 _201\"/>ue of ass<span class=\"__1 _201\"/>ociates a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ted for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL<span class=\"__1 _201\"/>, i<span class=\"__1 _201\"/>ncludi<span class=\"__1 _201\"/>ng MEP<span class=\"__1 _f_1\"/>, at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 was \u00a31,<span class=\"__1 _201\"/>85<span class=\"__1 _201\"/>0m (202<span class=\"__1 _201\"/>1: \u00a335<span class=\"__1 _201\"/>8m).<span class=\"__1 _32b\"> </span>14.2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Join<span class=\"__1 _200\"/>t v<span class=\"__1 _200\"/>entur<span class=\"__1 _200\"/>es accoun<span class=\"__1 _200\"/>ted f<span class=\"__1 _200\"/>or at<span class=\"__1 _200\"/> FV<span class=\"__1 _201\"/>TPL<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>ggreg<span class=\"__1 _201\"/>ate fair val<span class=\"__1 _201\"/>ue of join<span class=\"__1 _201\"/>t ventures ac<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 was \u00a319<span class=\"__1 _201\"/>0m (20<span class=\"__1 _201\"/>21: \u00a37<span class=\"__1 _201\"/>7m). None of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>joint ve<span class=\"__1 _201\"/>ntures ac<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d for at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TPL are c<span class=\"__1 _201\"/>onsid<span class=\"__1 _201\"/>ered in<span class=\"__1 _201\"/>div<span class=\"__1 _201\"/>iduall<span class=\"__1 _201\"/>y materia<span class=\"__1 _201\"/>l to the Grou<span class=\"__1 _201\"/>p for the yea<span class=\"__1 _201\"/>rs end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>and 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21.<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-561": {
   "value": "15 Property, plant and equipment Property, plant and equipment comprises right of use assets, properties and land occupied by the Group and other tangible assets. A reconciliation of the carrying amount of these items from the beginning to the end of the year is as follows:  2022 2021 For the year ended 31 December  Right of use  assets \u00a3m Group  occupied  property \u00a3m Other  tangible  assets \u00a3m Total \u00a3m Right of use  assets \u00a3m Group  occupied  property \u00a3m Other  tangible  assets \u00a3m Total \u00a3m Cost At 1 January 306 106 2,695 3,107 292 159 1,968 2,419 Transfer to held for sale (7) (1) (196) (204) \u2014 \u2014 \u2014 \u2014 Additions 32 \u2014 573 605 22 \u2014 770 792 Arising on acquisition of subsidiaries 16 \u2014 5 21 5 \u2014 2 7 Disposals and other (4) (1) (1,088) (1,093) (12) (47) (7) (66) Foreign exchange differences 3 2 151 156 (1) (6) (38) (45) At 31 December 346 106 2,140 2,592 306 106 2,695 3,107 Accumulated depreciation and  impairment At 1 January (88) (19) (464) (571) (52) (19) (282) (353) Transfer to held for sale 1 \u2014 39 40 \u2014 \u2014 \u2014 \u2014 Depreciation charge for the year (24) (3) (115) (142) (26) (3) (94) (123) Arising on acquisition of subsidiaries \u2014 \u2014 (2) (2) \u2014 \u2014 (2) (2) Reversal of impairment/(impairment) 6 \u2014 (9) (3) (13) (2) (87) (102) Disposals and other 1 \u2014 52 53 2 4 2 8 Foreign exchange differences (1) (1) (12) (14) 1 1 (1) 1 At 31 December (105) (23) (511) (639) (88) (19) (464) (571) Net book amount 241 83 1,629 1,953 218 87 2,231 2,536 15.1 Right of use assets The Group recognises right of use assets for leases of land and buildings which are used as office space across various locations.  Some leases include lease break options that are exercisable at the option of the Group. As at 31 December 2022, \u00a329m (2021: \u00a333m) of right of use assets were held by the With-Profits Fund. During the year, the Group received \u00a34m (2021: \u00a34m) of income from subleasing right of use assets. 15.2 Other tangible assets As at 31 December 2022, \u00a31,513m (2021: \u00a32,119m) of other tangible assets were held by the With-Profits Fund, of which \u00a3217m  (2021: \u00a3563m) are assets under construction. The main movements in the year on assets under construction relate to additions  of \u00a370m less \u00a3412m of disposals. The other tangible assets within the With-Profits Fund relate primarily to infrastructure  projects funded by the Group\u2019s consolidated private equity vehicles. During the year, two funds, Sky Fund I and Sky Fund V were deconsolidated following a sale of the fund and a change in control respectively. The deconsolidation of these entities is included  within Disposals and other lines in the table above. During the year \u00a311m (2021: \u00a373m) of impairment was recognised in respect of tangible assets held by the Group\u2019s infrastructure capital private equity vehicles. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-500": {
   "value": "15 Property, plant and equipment Property, plant and equipment comprises right of use assets, properties and land occupied by the Group and other tangible assets. A reconciliation of the carrying amount of these items from the beginning to the end of the year is as follows:  2022 2021 For the year ended 31 December Right of use  assets \u00a3m Group  occupied  property \u00a3m Other  tangible  assets \u00a3m Total \u00a3m Right of use  assets \u00a3m Group  occupied  property \u00a3m Other  tangible  assets \u00a3m Total \u00a3m Cost At 1 January 306 106 2,695 3,107 292 159 1,968 2,419 Transfer to held for sale (7) (1) (196) (204) \u2014 \u2014 \u2014 \u2014 Additions 32 \u2014 573 605 22 \u2014 770 792 Arising on acquisition of subsidiaries 16 \u2014 5 21 5 \u2014 2 7 Disposals and other (4) (1) (1,088) (1,093) (12) (47) (7) (66) Foreign exchange differences 3 2 151 156 (1) (6) (38) (45) At 31 December 346 106 2,140 2,592 306 106 2,695 3,107 Accumulated depreciation and impairment At 1 January (88) (19) (464) (571) (52) (19) (282) (353) Transfer to held for sale 1 \u2014 39 40 \u2014 \u2014 \u2014 \u2014 Depreciation charge for the year (24) (3) (115) (142) (26) (3) (94) (123) Arising on acquisition of subsidiaries \u2014 \u2014 (2) (2) \u2014 \u2014 (2) (2) Reversal of impairment/(impairment) 6 \u2014 (9) (3) (13) (2) (87) (102) Disposals and other 1 \u2014 52 53 2 4 2 8 Foreign exchange differences (1) (1) (12) (14) 1 1 (1) 1 At 31 December (105) (23) (511) (639) (88) (19) (464) (571) Net book amount 241 83 1,629 1,953 218 87 2,231 2,536 15.1 Right of use assets The Group recognises right of use assets for leases of land and buildings which are used as office space across various locations. Some leases include lease break options that are exercisable at the option of the Group. As at 31 December 2022, \u00a329m (2021: \u00a333m) of right of use assets were held by the With-Profits Fund. During the year, the Group received \u00a34m (2021: \u00a34m) of income from subleasing right of use assets. 15.2 Other tangible assets As at 31 December 2022, \u00a31,513m (2021: \u00a32,119m) of other tangible assets were held by the With-Profits Fund, of which \u00a3217m (2021: \u00a3563m) are assets under construction. The main movements in the year on assets under construction relate to additions of \u00a370m less \u00a3412m of disposals. The other tangible assets within the With-Profits Fund relate primarily to infrastructure projects funded by the Group\u2019s consolidated private equity vehicles. During the year, two funds, Sky Fund I and Sky Fund V were deconsolidated following a sale of the fund and a change in control respectively. The deconsolidation of these entities is included within Disposals and other lines in the table above. During the year \u00a311m (2021: \u00a373m) of impairment was recognised in respect of tangible assets held by the Group\u2019s infrastructure capital private equity vehicles. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-501": {
   "value": "16 In<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>estment<span class=\"__1 _200\"/> property<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y is pr<span class=\"__1 _201\"/>imar<span class=\"__1 _201\"/>ily he<span class=\"__1 _201\"/>ld by the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund an<span class=\"__1 _201\"/>d is ca<span class=\"__1 _201\"/>rrie<span class=\"__1 _201\"/>d at fair va<span class=\"__1 _201\"/>lue. A re<span class=\"__1 _201\"/>conci<span class=\"__1 _201\"/>liation of th<span class=\"__1 _201\"/>e car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/> of inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y from t<span class=\"__1 _201\"/>he be<span class=\"__1 _201\"/>ginning o<span class=\"__1 _201\"/>f the year to the e<span class=\"__1 _201\"/>nd of the ye<span class=\"__1 _201\"/>ar is set ou<span class=\"__1 _201\"/>t below<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _11c_1\"> </span><span class=\"ls40_1 ws44_1\">19,698<span class=\"__1 _248\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">19<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>ransfer from<span class=\"__1 _200\"/>/(<span class=\"__1 _f_1\"/>to<span class=\"__1 _200\"/>) held f<span class=\"__1 _200\"/>or sale <span class=\"__1 _313\"> </span><span class=\"ff1_1 ls10_1 wsf_1\">24<span class=\"__1 _212\"> </span></span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>47<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Add<span class=\"__1 _201\"/>iti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Resu<span class=\"__1 _201\"/>lting fro<span class=\"__1 _201\"/>m prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty a<span class=\"__1 _201\"/>cquisi<span class=\"__1 _201\"/>tions<span class=\"__1 _207\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">2,279<span class=\"__1 _204\"> </span><span class=\"ff2_1\">1,809<span class=\"__1 _32b\"> </span></span></span>Resu<span class=\"__1 _201\"/>lting fro<span class=\"__1 _201\"/>m expen<span class=\"__1 _201\"/>diture ca<span class=\"__1 _201\"/>pitali<span class=\"__1 _201\"/>sed<span class=\"__1 _395\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">420<span class=\"__1 _231\"> </span></span><span class=\"ls2a_1 ws2a_1\">193<span class=\"__1 _32b\"> </span></span>Disposals and other<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>(4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _248\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">(1,310<span class=\"__1 _32b\"> </span></span>Net f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e (los<span class=\"__1 _201\"/>ses)/<span class=\"__1 _f_1\"/>gai<span class=\"__1 _201\"/>ns<span class=\"__1 _396\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>47<span class=\"__1 _250\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _243\"> </span></span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>25<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _396\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">204<span class=\"__1 _2c_1\"> </span></span><span class=\"ls57_1 ws61_1\">(41<span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span></span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _397\"> </span><span class=\"ls38_1 ws38_1\">16,<span class=\"__1 _201\"/>505<span class=\"__1 _245\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">19,6<span class=\"__1 _201\"/>98<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed w<span class=\"__1 _201\"/>ithin d<span class=\"__1 _201\"/>isp<span class=\"__1 _201\"/>osa<span class=\"__1 _201\"/>ls an<span class=\"__1 _201\"/>d othe<span class=\"__1 _201\"/>r of \u00a34<span class=\"__1 _201\"/>,64<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>m for th<span class=\"__1 _201\"/>e year e<span class=\"__1 _201\"/>nd<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 is \u00a3<span class=\"__1 _201\"/>3,<span class=\"__1 _201\"/>95<span class=\"__1 _201\"/>5m as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iated w<span class=\"__1 _201\"/>ith th<span class=\"__1 _201\"/>e de<span class=\"__1 _201\"/>cons<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>dati<span class=\"__1 _201\"/>on of th<span class=\"__1 _201\"/>e M&amp;G<span class=\"__1 _201\"/> Euro<span class=\"__1 _201\"/>pea<span class=\"__1 _201\"/>n Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund in t<span class=\"__1 _201\"/>he pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>For the ye<span class=\"__1 _201\"/>ar end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, re<span class=\"__1 _201\"/>ntal inc<span class=\"__1 _201\"/>ome fro<span class=\"__1 _201\"/>m investm<span class=\"__1 _201\"/>ent prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y was \u00a38<span class=\"__1 _201\"/>84<span class=\"__1 _201\"/>m (2021: \u00a3<span class=\"__1 _201\"/>973m). Dire<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span>expe<span class=\"__1 _201\"/>nses<span class=\"__1 _201\"/>, incl<span class=\"__1 _201\"/>uding re<span class=\"__1 _201\"/>pairs a<span class=\"__1 _201\"/>nd mainten<span class=\"__1 _201\"/>ance ar<span class=\"__1 _201\"/>ising f<span class=\"__1 _201\"/>rom thes<span class=\"__1 _201\"/>e prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties fo<span class=\"__1 _201\"/>r the year e<span class=\"__1 _201\"/>nded 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 we<span class=\"__1 _201\"/>re \u00a3154<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span>(2021: \u00a319<span class=\"__1 _201\"/>0m). Dire<span class=\"__1 _201\"/>ct op<span class=\"__1 _201\"/>eratin<span class=\"__1 _201\"/>g expens<span class=\"__1 _201\"/>es on inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty n<span class=\"__1 _201\"/>ot gen<span class=\"__1 _201\"/>erating re<span class=\"__1 _201\"/>ntal inc<span class=\"__1 _201\"/>ome fo<span class=\"__1 _201\"/>r the year en<span class=\"__1 _201\"/>ded 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber<span class=\"__1 _201\"/> 202<span class=\"__1 _201\"/>2 was \u00a313m (20<span class=\"__1 _201\"/>21: \u00a316m).<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s poli<span class=\"__1 _201\"/>cy is to let inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty to ten<span class=\"__1 _201\"/>ants thro<span class=\"__1 _201\"/>ugh op<span class=\"__1 _201\"/>erating l<span class=\"__1 _201\"/>ease<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he leas<span class=\"__1 _201\"/>es t<span class=\"__1 _201\"/>ypic<span class=\"__1 _201\"/>all<span class=\"__1 _201\"/>y includ<span class=\"__1 _201\"/>e claus<span class=\"__1 _201\"/>es to<span class=\"__1 _32b\"> </span>enab<span class=\"__1 _201\"/>le pe<span class=\"__1 _201\"/>riod<span class=\"__1 _201\"/>ic rent revi<span class=\"__1 _201\"/>ews acc<span class=\"__1 _201\"/>ording to prev<span class=\"__1 _201\"/>ailing m<span class=\"__1 _201\"/>arket cond<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/>. In so<span class=\"__1 _201\"/>me agre<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>ts, th<span class=\"__1 _201\"/>e rents mi<span class=\"__1 _201\"/>ght be var<span class=\"__1 _201\"/>iabl<span class=\"__1 _201\"/>e and<span class=\"__1 _201\"/> linked to an in<span class=\"__1 _201\"/>dex. C<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain l<span class=\"__1 _201\"/>eases c<span class=\"__1 _201\"/>ontain o<span class=\"__1 _201\"/>ptions to bre<span class=\"__1 _201\"/>ak befo<span class=\"__1 _201\"/>re the end o<span class=\"__1 _201\"/>f the leas<span class=\"__1 _201\"/>e term by eit<span class=\"__1 _201\"/>her par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span>Minim<span class=\"__1 _201\"/>um future re<span class=\"__1 _201\"/>ntal inc<span class=\"__1 _201\"/>ome to be re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d on no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>canc<span class=\"__1 _201\"/>ellab<span class=\"__1 _201\"/>le leas<span class=\"__1 _201\"/>es of the G<span class=\"__1 _201\"/>roup\u2019s freeh<span class=\"__1 _201\"/>old an<span class=\"__1 _201\"/>d leas<span class=\"__1 _201\"/>ehol<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/> prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y are recei<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>e in the fol<span class=\"__1 _201\"/>lowin<span class=\"__1 _201\"/>g peri<span class=\"__1 _201\"/>ods:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Les<span class=\"__1 _201\"/>s than 1 yea<span class=\"__1 _201\"/>r<span class=\"__1 _398\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">468<span class=\"__1 _239\"> </span></span><span class=\"ls45_1 ws49_1\">47<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span>1 to 5 years<span class=\"__1 _d_1\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">1,<span class=\"__1 _201\"/>47<span class=\"__1 _201\"/>7<span class=\"__1 _7d_1\"> </span></span><span class=\"ls3d_1 ws3f_1\">1<span class=\"__1 _250\"/>,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>74<span class=\"__1 _32b\"> </span></span>Ove<span class=\"__1 _201\"/>r 5 years<span class=\"__1 _399\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">2<span class=\"__1 _201\"/>,085<span class=\"__1 _4a_1\"> </span></span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>91<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> minimum futur<span class=\"__1 _200\"/>e r<span class=\"__1 _200\"/>ental<span class=\"__1 _200\"/> income<span class=\"__1 _fd_1\"> </span><span class=\"lsc_1 wsa_1\">4<span class=\"__1 _201\"/>,030<span class=\"__1 _214\"> </span><span class=\"ff2_1 ls32_1 ws33_1\">4<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>42<span class=\"__1 _32b\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-502": {
   "value": "17<span class=\"__1 _200\"/> Defined benefit pension s<span class=\"__1 _200\"/>chemes<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>.<span class=\"__1 _f_1\"/>1 Back<span class=\"__1 _200\"/>ground and<span class=\"__1 _200\"/> summary economic and<span class=\"__1 _200\"/> IAS 19<span class=\"__1 _200\"/> financial po<span class=\"__1 _200\"/>sitions<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup o<span class=\"__1 _201\"/>perates t<span class=\"__1 _201\"/>hree de<span class=\"__1 _201\"/>fined b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit pen<span class=\"__1 _201\"/>sion s<span class=\"__1 _201\"/>cheme<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he larg<span class=\"__1 _201\"/>est d<span class=\"__1 _201\"/>efine<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efit sch<span class=\"__1 _201\"/>eme as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>022 is<span class=\"__1 _201\"/> the Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Staff Pe<span class=\"__1 _201\"/>nsion S<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>e (PS<span class=\"__1 _201\"/>PS), which a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ts for 82<span class=\"__1 _201\"/>% (2021: 80<span class=\"__1 _201\"/>%<span class=\"__1 _200\"/>) of the pres<span class=\"__1 _201\"/>ent valu<span class=\"__1 _201\"/>e of the de<span class=\"__1 _201\"/>fined b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit<span class=\"__1 _32b\"> </span>pension obliga<span class=\"__1 _200\"/>tion.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup al<span class=\"__1 _201\"/>so ope<span class=\"__1 _201\"/>rates t<span class=\"__1 _201\"/>wo smal<span class=\"__1 _201\"/>ler de<span class=\"__1 _201\"/>fined b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit pen<span class=\"__1 _201\"/>sion sc<span class=\"__1 _201\"/>heme<span class=\"__1 _201\"/>s that were or<span class=\"__1 _201\"/>igina<span class=\"__1 _201\"/>lly es<span class=\"__1 _201\"/>tabli<span class=\"__1 _201\"/>shed by th<span class=\"__1 _201\"/>e M&amp;G G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/> Limi<span class=\"__1 _201\"/>ted (M&amp;G<span class=\"__1 _201\"/>GP<span class=\"__1 _201\"/>S) and Scot<span class=\"__1 _201\"/>tish Am<span class=\"__1 _201\"/>icab<span class=\"__1 _201\"/>le (SASP<span class=\"__1 _201\"/>S) busine<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er IAS 19<span class=\"__1 _201\"/>: Employe<span class=\"__1 _201\"/>e Ben<span class=\"__1 _201\"/>efits an<span class=\"__1 _201\"/>d IFR<span class=\"__1 _201\"/>IC 14: IAS 19 \u2013 Th<span class=\"__1 _201\"/>e Limit o<span class=\"__1 _201\"/>n a Defi<span class=\"__1 _201\"/>ned B<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t Ass<span class=\"__1 _201\"/>et, Min<span class=\"__1 _201\"/>imum Fundin<span class=\"__1 _201\"/>g Requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>and th<span class=\"__1 _201\"/>eir Inter<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>on, th<span class=\"__1 _201\"/>e Group c<span class=\"__1 _201\"/>an onl<span class=\"__1 _201\"/>y reco<span class=\"__1 _201\"/>gnise a s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s to the exten<span class=\"__1 _201\"/>t that it is abl<span class=\"__1 _201\"/>e to acces<span class=\"__1 _201\"/>s the su<span class=\"__1 _201\"/>rplus e<span class=\"__1 _201\"/>ither th<span class=\"__1 _201\"/>rough an<span class=\"__1 _201\"/> unco<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>nal ri<span class=\"__1 _201\"/>ght of refun<span class=\"__1 _201\"/>d or throu<span class=\"__1 _201\"/>gh reduc<span class=\"__1 _201\"/>ed futu<span class=\"__1 _201\"/>re contri<span class=\"__1 _201\"/>bution<span class=\"__1 _201\"/>s relating to o<span class=\"__1 _201\"/>ngoin<span class=\"__1 _201\"/>g ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice of ac<span class=\"__1 _201\"/>tive me<span class=\"__1 _201\"/>mber<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he Gro<span class=\"__1 _201\"/>up<span class=\"__1 _32b\"> </span>has no u<span class=\"__1 _201\"/>ncon<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>al right of re<span class=\"__1 _201\"/>fund to any su<span class=\"__1 _201\"/>rplus i<span class=\"__1 _201\"/>n PSP<span class=\"__1 _201\"/>S. Acc<span class=\"__1 _201\"/>ording<span class=\"__1 _201\"/>ly<span class=\"__1 _200\"/>, PS<span class=\"__1 _201\"/>PS\u2019s net e<span class=\"__1 _201\"/>cono<span class=\"__1 _201\"/>mic pe<span class=\"__1 _201\"/>nsion s<span class=\"__1 _201\"/>urpl<span class=\"__1 _201\"/>us is res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>ted up<span class=\"__1 _201\"/> to the pre<span class=\"__1 _201\"/>sent val<span class=\"__1 _201\"/>ue of the G<span class=\"__1 _201\"/>roup\u2019s econ<span class=\"__1 _201\"/>omic b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t, whi<span class=\"__1 _201\"/>ch is cal<span class=\"__1 _201\"/>culated as th<span class=\"__1 _201\"/>e diffe<span class=\"__1 _201\"/>rence b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated future co<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/> of ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice fo<span class=\"__1 _201\"/>r acti<span class=\"__1 _201\"/>ve memb<span class=\"__1 _201\"/>ers an<span class=\"__1 _201\"/>d the es<span class=\"__1 _201\"/>timated f<span class=\"__1 _201\"/>uture ong<span class=\"__1 _201\"/>oing co<span class=\"__1 _201\"/>ntribu<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>. The l<span class=\"__1 _201\"/>evel of the re<span class=\"__1 _201\"/>stri<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n is set out i<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>bel<span class=\"__1 _201\"/>ow. The net e<span class=\"__1 _201\"/>cono<span class=\"__1 _201\"/>mic pe<span class=\"__1 _201\"/>nsion s<span class=\"__1 _201\"/>urpl<span class=\"__1 _201\"/>us is attr<span class=\"__1 _201\"/>ibuted 70% to th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund and 3<span class=\"__1 _201\"/>0% to the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>In con<span class=\"__1 _201\"/>trast<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up is abl<span class=\"__1 _201\"/>e to acces<span class=\"__1 _201\"/>s the su<span class=\"__1 _201\"/>rplus of S<span class=\"__1 _201\"/>ASP<span class=\"__1 _201\"/>S and M&amp;<span class=\"__1 _201\"/>GGP<span class=\"__1 _201\"/>S throug<span class=\"__1 _201\"/>h an unco<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>nal rig<span class=\"__1 _201\"/>ht of refund<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>refore,<span class=\"__1 _201\"/> the sur<span class=\"__1 _201\"/>plus re<span class=\"__1 _201\"/>sultin<span class=\"__1 _201\"/>g from the<span class=\"__1 _201\"/>se sch<span class=\"__1 _201\"/>emes i<span class=\"__1 _201\"/>s recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d in full. A<span class=\"__1 _201\"/>s at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 the SAS<span class=\"__1 _201\"/>PS an<span class=\"__1 _201\"/>d M&amp;GG<span class=\"__1 _201\"/>PS s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>es are in<span class=\"__1 _201\"/> surp<span class=\"__1 _201\"/>lus bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e IAS 19 val<span class=\"__1 _201\"/>uation<span class=\"__1 _201\"/>. Unde<span class=\"__1 _201\"/>r IAS 19, no<span class=\"__1 _201\"/>n-tran<span class=\"__1 _201\"/>sfer<span class=\"__1 _201\"/>able in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce pol<span class=\"__1 _201\"/>icies i<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>ed by a relate<span class=\"__1 _201\"/>d par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y do not qu<span class=\"__1 _201\"/>alif<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>as pla<span class=\"__1 _201\"/>n asse<span class=\"__1 _201\"/>ts. T<span class=\"__1 _201\"/>herefo<span class=\"__1 _201\"/>re, as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>1, investm<span class=\"__1 _201\"/>ents in i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s issu<span class=\"__1 _201\"/>ed by Pru<span class=\"__1 _201\"/>denti<span class=\"__1 _201\"/>al Pensi<span class=\"__1 _201\"/>ons Lim<span class=\"__1 _201\"/>ited, (a<span class=\"__1 _32b\"> </span>subs<span class=\"__1 _201\"/>idiar<span class=\"__1 _201\"/>y of th<span class=\"__1 _201\"/>e Group, t<span class=\"__1 _201\"/>hrough w<span class=\"__1 _201\"/>hich it inve<span class=\"__1 _201\"/>sted in c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain po<span class=\"__1 _201\"/>ole<span class=\"__1 _201\"/>d funds), were de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>ted from th<span class=\"__1 _201\"/>e M&amp;GG<span class=\"__1 _201\"/>PS s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s, on an I<span class=\"__1 _201\"/>AS<span class=\"__1 _32b\"> </span>19 basi<span class=\"__1 _201\"/>s. Ho<span class=\"__1 _201\"/>wever all ho<span class=\"__1 _201\"/>lding<span class=\"__1 _201\"/>s were dive<span class=\"__1 _201\"/>sted d<span class=\"__1 _201\"/>uring 20<span class=\"__1 _201\"/>22 an<span class=\"__1 _201\"/>d this de<span class=\"__1 _201\"/>duct<span class=\"__1 _201\"/>ion is no l<span class=\"__1 _201\"/>onge<span class=\"__1 _201\"/>r requi<span class=\"__1 _201\"/>red.<span class=\"__1 _32b\"> </span>The S<span class=\"__1 _201\"/>ASP<span class=\"__1 _201\"/>S net ec<span class=\"__1 _201\"/>onomi<span class=\"__1 _201\"/>c pens<span class=\"__1 _201\"/>ion sur<span class=\"__1 _201\"/>plus i<span class=\"__1 _201\"/>s attrib<span class=\"__1 _201\"/>uted 4<span class=\"__1 _201\"/>0% to the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund an<span class=\"__1 _201\"/>d 60% to the G<span class=\"__1 _201\"/>roup\u2019s shareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs.<span class=\"__1 _32b\"> </span>The p<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>on as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties for th<span class=\"__1 _201\"/>e defin<span class=\"__1 _201\"/>ed b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t pensi<span class=\"__1 _201\"/>on sch<span class=\"__1 _201\"/>emes a<span class=\"__1 _201\"/>re as foll<span class=\"__1 _201\"/>ows: <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er PSPS <span class=\"ls5_1 ws1_1\"> </span>\u00a3m SASPS<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m M&amp;GGPS <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Fair value of p<span class=\"__1 _201\"/>lan as<span class=\"__1 _201\"/>sets<span class=\"__1 _19b_1\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>41<span class=\"__1 _c_1\"> </span><span class=\"ls27_1 ws27_1\">582<span class=\"__1 _237\"> </span><span class=\"ls77_1 ws8c_1\">442<span class=\"__1 _243\"> </span><span class=\"ls19_1 ws18_1\">5,6<span class=\"__1 _201\"/>65<span class=\"__1 _32b\"> </span></span></span></span></span>Present v<span class=\"__1 _200\"/>alue of<span class=\"__1 _200\"/> defined benefit obliga<span class=\"__1 _200\"/>tion<span class=\"__1 _19c_1\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _4a_1\"> </span><span class=\"ls17_1 ws16_1\">(56<span class=\"__1 _201\"/>6)<span class=\"__1 _7d_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>3)<span class=\"__1 _290\"> </span></span></span>(4<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span>Effec<span class=\"__1 _201\"/>t of res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>tion o<span class=\"__1 _201\"/>n surp<span class=\"__1 _201\"/>lus<span class=\"__1 _19d_1\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>81)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(5<span class=\"__1 _201\"/>81)<span class=\"__1 _32b\"> </span>Net economic<span class=\"__1 _200\"/> pension surplus<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>10<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">129<span class=\"__1 _2c_1\"> </span>15<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span>Elimin<span class=\"__1 _201\"/>ate group is<span class=\"__1 _201\"/>sued i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Net pension<span class=\"__1 _200\"/> surplus<span class=\"__1 _19e_1\"> </span><span class=\"ls19_1 ws18_1\">10<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">129<span class=\"__1 _2c_1\"> </span>15<span class=\"__1 _201\"/>5</span></span></span> <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>PSPS <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>SASPS<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>M&amp;GGPS <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Attributable t<span class=\"__1 _200\"/>o:<span class=\"__1 _32b\"> </span>Shareholder<span class=\"__1 _f_1\"/>-back<span class=\"__1 _200\"/>ed business<span class=\"__1 _19f_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">3<span class=\"__1 _f4_1\"> </span><span class=\"ls19_1 ws18_1\">10<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>9<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span></span></span>With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _1a0_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">7<span class=\"__1 _8d_1\"> </span>6<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>13<span class=\"__1 _32b\"> </span>Net pension<span class=\"__1 _200\"/> surplus<span class=\"__1 _19e_1\"> </span><span class=\"ls19_1 ws18_1\">10<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">129<span class=\"__1 _2c_1\"> </span>15<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e eco<span class=\"__1 _201\"/>nom<span class=\"__1 _201\"/>ic ba<span class=\"__1 _201\"/>sis re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>ts t<span class=\"__1 _201\"/>he po<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on of th<span class=\"__1 _201\"/>e defi<span class=\"__1 _201\"/>ne<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efit s<span class=\"__1 _201\"/>che<span class=\"__1 _201\"/>mes f<span class=\"__1 _201\"/>rom th<span class=\"__1 _201\"/>e per<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>ive of t<span class=\"__1 _201\"/>he pe<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>on sch<span class=\"__1 _201\"/>em<span class=\"__1 _201\"/>es, a<span class=\"__1 _201\"/>dju<span class=\"__1 _201\"/>ste<span class=\"__1 _201\"/>d for th<span class=\"__1 _201\"/>e effe<span class=\"__1 _201\"/>ct of I<span class=\"__1 _201\"/>FR<span class=\"__1 _201\"/>IC<span class=\"__1 _32b\"> </span>14 for t<span class=\"__1 _201\"/>he de<span class=\"__1 _201\"/>reco<span class=\"__1 _201\"/>gni<span class=\"__1 _201\"/>tion o<span class=\"__1 _201\"/>f PS<span class=\"__1 _201\"/>PS\u2019s u<span class=\"__1 _201\"/>nrec<span class=\"__1 _201\"/>ogn<span class=\"__1 _201\"/>isa<span class=\"__1 _201\"/>ble s<span class=\"__1 _201\"/>urp<span class=\"__1 _201\"/>lus an<span class=\"__1 _201\"/>d bef<span class=\"__1 _201\"/>ore ad<span class=\"__1 _201\"/>jus<span class=\"__1 _201\"/>ting f<span class=\"__1 _201\"/>or any n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>qu<span class=\"__1 _201\"/>alif<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ts. <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>PSPS <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>SASPS<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>M&amp;GGPS <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Fair value of p<span class=\"__1 _201\"/>lan as<span class=\"__1 _201\"/>sets<span class=\"__1 _339\"> </span><span class=\"ls13_1 ws12_1\">7,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>4<span class=\"__1 _2c_1\"> </span><span class=\"ls15_1 ws14_1\">993<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">75<span class=\"__1 _201\"/>4<span class=\"__1 _5d_1\"> </span><span class=\"ls43_1 ws47_1\">9<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>41<span class=\"__1 _32b\"> </span></span></span></span></span>Present v<span class=\"__1 _200\"/>alue of<span class=\"__1 _200\"/> defined benefit obliga<span class=\"__1 _200\"/>tion<span class=\"__1 _1a2_1\"> </span><span class=\"ls1f_1 ws1e_1\">(<span class=\"__1 _200\"/>6,460<span class=\"__1 _200\"/>)<span class=\"__1 _4c_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _1a_1\"> </span><span class=\"ls52_1 ws5a_1\">(5<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>1)<span class=\"__1 _213\"> </span><span class=\"ls17_1 ws16_1\">(8<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span></span></span></span>Effec<span class=\"__1 _201\"/>t of res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>tion o<span class=\"__1 _201\"/>n surp<span class=\"__1 _201\"/>lus<span class=\"__1 _19d_1\"> </span><span class=\"ls5b_1 ws67_1\">(89<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(8<span class=\"__1 _201\"/>96)<span class=\"__1 _32b\"> </span>Net economic<span class=\"__1 _200\"/> pension surplus<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>(<span class=\"__1 _f_1\"/>deficit)<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>38<span class=\"__1 _228\"> </span><span class=\"ls18_1 ws17_1\">(50)<span class=\"__1 _c_1\"> </span><span class=\"ls56_1 ws5f_1\">173<span class=\"__1 _e_1\"> </span><span class=\"lse_1 wsc_1\">161<span class=\"__1 _32b\"> </span></span></span></span>Elimin<span class=\"__1 _201\"/>ate group is<span class=\"__1 _201\"/>sued i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(207<span class=\"__1 _201\"/>)<span class=\"__1 _14d_1\"> </span>(<span class=\"__1 _201\"/>207)<span class=\"__1 _32b\"> </span>Net pension<span class=\"__1 _200\"/> surplus/<span class=\"__1 _f_1\"/>(de<span class=\"__1 _200\"/>ficit)<span class=\"__1 _200\"/> attribut<span class=\"__1 _200\"/>able to<span class=\"__1 _200\"/> the Group<span class=\"__1 _1a3_1\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">38<span class=\"__1 _228\"> </span><span class=\"ls18_1 ws17_1\">(50)<span class=\"__1 _253\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _250\"/>4)<span class=\"__1 _253\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span></span></span> <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>PSPS <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>SASPS<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>M&amp;GGPS <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Attributable t<span class=\"__1 _200\"/>o:<span class=\"__1 _32b\"> </span>Shareholder<span class=\"__1 _f_1\"/>-back<span class=\"__1 _200\"/>ed business<span class=\"__1 _1a4_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _345\"> </span>(3<span class=\"__1 _201\"/>0)<span class=\"__1 _2c_1\"> </span>(3<span class=\"__1 _201\"/>4)<span class=\"__1 _253\"> </span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _1a5_1\"> </span><span class=\"lsb_1 ws32_1\">27<span class=\"__1 _228\"> </span><span class=\"ls18_1 ws17_1\">(<span class=\"__1 _201\"/>20)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>7<span class=\"__1 _32b\"> </span>Net pension<span class=\"__1 _200\"/> surplus/<span class=\"__1 _f_1\"/>(de<span class=\"__1 _200\"/>ficit)<span class=\"__1 _1a1_1\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">38<span class=\"__1 _228\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>0)<span class=\"__1 _253\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>4)<span class=\"__1 _253\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span></span></span>17<span class=\"__1 _f_1\"/>.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _f_1\"/>1 T<span class=\"__1 _f_1\"/>riennial actu<span class=\"__1 _200\"/>arial v<span class=\"__1 _200\"/>aluatio<span class=\"__1 _200\"/>ns<span class=\"__1 _32b\"> </span>A full a<span class=\"__1 _201\"/>ctuar<span class=\"__1 _201\"/>ial val<span class=\"__1 _201\"/>uation is re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d for defi<span class=\"__1 _201\"/>ned b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t pens<span class=\"__1 _201\"/>ion sch<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>s ever<span class=\"__1 _201\"/>y thre<span class=\"__1 _201\"/>e years in ord<span class=\"__1 _201\"/>er to ass<span class=\"__1 _201\"/>ess t<span class=\"__1 _201\"/>he appro<span class=\"__1 _201\"/>priate<span class=\"__1 _201\"/> level of f<span class=\"__1 _201\"/>undin<span class=\"__1 _201\"/>g for sch<span class=\"__1 _201\"/>emes i<span class=\"__1 _201\"/>n relation to th<span class=\"__1 _201\"/>eir com<span class=\"__1 _201\"/>mitme<span class=\"__1 _201\"/>nts. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e valuatio<span class=\"__1 _201\"/>ns incl<span class=\"__1 _201\"/>ude as<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>sme<span class=\"__1 _201\"/>nts of the likel<span class=\"__1 _201\"/>y rate of return o<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>the as<span class=\"__1 _201\"/>sets h<span class=\"__1 _201\"/>eld wi<span class=\"__1 _201\"/>thin the se<span class=\"__1 _201\"/>parate tr<span class=\"__1 _201\"/>ustee a<span class=\"__1 _201\"/>dminis<span class=\"__1 _201\"/>tered f<span class=\"__1 _201\"/>unds<span class=\"__1 _201\"/>. The a<span class=\"__1 _201\"/>ctuar<span class=\"__1 _201\"/>ial valu<span class=\"__1 _201\"/>ation di<span class=\"__1 _201\"/>ffers f<span class=\"__1 _201\"/>rom the IAS 19 a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ting bas<span class=\"__1 _201\"/>is<span class=\"__1 _32b\"> </span>valu<span class=\"__1 _201\"/>ation in a num<span class=\"__1 _201\"/>ber of re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>, incl<span class=\"__1 _201\"/>uding th<span class=\"__1 _201\"/>e disco<span class=\"__1 _201\"/>unt rate as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>n where I<span class=\"__1 _201\"/>AS 19 pres<span class=\"__1 _201\"/>crib<span class=\"__1 _201\"/>es a rate bas<span class=\"__1 _201\"/>ed on hi<span class=\"__1 _201\"/>gh-<span class=\"__1 _201\"/>quali<span class=\"__1 _201\"/>ty<span class=\"__1 _201\"/> cor<span class=\"__1 _201\"/>porate b<span class=\"__1 _201\"/>onds w<span class=\"__1 _201\"/>hile a mo<span class=\"__1 _201\"/>re pru<span class=\"__1 _201\"/>dent as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>on is t<span class=\"__1 _201\"/>ypic<span class=\"__1 _201\"/>all<span class=\"__1 _201\"/>y used fo<span class=\"__1 _201\"/>r the ac<span class=\"__1 _201\"/>tuari<span class=\"__1 _201\"/>al valuati<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>Summ<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y infor<span class=\"__1 _201\"/>mation o<span class=\"__1 _201\"/>n the lates<span class=\"__1 _201\"/>t comp<span class=\"__1 _201\"/>leted ac<span class=\"__1 _201\"/>tuar<span class=\"__1 _201\"/>ial valu<span class=\"__1 _201\"/>ation for e<span class=\"__1 _201\"/>ach of the s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>es, a<span class=\"__1 _201\"/>s at 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022<span class=\"__1 _201\"/>, is sh<span class=\"__1 _201\"/>own in<span class=\"__1 _201\"/> the tab<span class=\"__1 _201\"/>le be<span class=\"__1 _201\"/>low.<span class=\"__1 _32b\"> </span>PSPS<span class=\"__1 _1a6_1\"> </span><span class=\"ls4f_1 ws55_1\">SASPS<span class=\"__1 _12a_1\"> </span></span>M&amp;GGPS<span class=\"__1 _32b\"> </span>La<span class=\"__1 _201\"/>st com<span class=\"__1 _201\"/>plete<span class=\"__1 _201\"/>d actua<span class=\"__1 _201\"/>rial<span class=\"__1 _201\"/> valu<span class=\"__1 _201\"/>ation date<span class=\"__1 _32b\"> </span>5 Apr<span class=\"__1 _201\"/>il 2020<span class=\"__1 _1a7_1\"> </span>31 March 2<span class=\"__1 _201\"/>020<span class=\"__1 _6a_1\"> </span>31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2020<span class=\"__1 _32b\"> </span>Funding l<span class=\"__1 _201\"/>evel at the la<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/> valuation<span class=\"__1 _32b\"> </span>108%<span class=\"__1 _18c_1\"> </span><span class=\"ls45_1 ws49_1\">85%<span class=\"__1 _1a8_1\"> </span><span class=\"ls11_1 ws10_1\">116<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span></span>Deficit funding<span class=\"__1 _200\"/> arrangement<span class=\"__1 _32b\"> </span>agre<span class=\"__1 _201\"/>ed with th<span class=\"__1 _201\"/>e T<span class=\"__1 _f_1\"/>ru<span class=\"__1 _201\"/>stee<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>on the l<span class=\"__1 _201\"/>ast co<span class=\"__1 _201\"/>mplete<span class=\"__1 _201\"/>d valuati<span class=\"__1 _201\"/>on<span class=\"__1 _32b\"> </span>No de<span class=\"__1 _201\"/>ficit fu<span class=\"__1 _201\"/>nding re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d<span class=\"__1 _220\"> </span>De<span class=\"__1 _201\"/>ficit fu<span class=\"__1 _201\"/>nding of \u00a3<span class=\"__1 _201\"/>26m p<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>annum f<span class=\"__1 _201\"/>rom 1 Apr<span class=\"__1 _201\"/>il 2020 unti<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span>31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2025<span class=\"__1 _201\"/>, or ear<span class=\"__1 _201\"/>lier<span class=\"__1 _201\"/> if the s<span class=\"__1 _201\"/>cheme\u2019s fund<span class=\"__1 _201\"/>ing level<span class=\"__1 _201\"/> reach<span class=\"__1 _201\"/>es 100% b<span class=\"__1 _201\"/>efore date. T<span class=\"__1 _201\"/>he<span class=\"__1 _201\"/> defi<span class=\"__1 _201\"/>cit fun<span class=\"__1 _201\"/>ding wil<span class=\"__1 _201\"/>l be revie<span class=\"__1 _201\"/>wed<span class=\"__1 _201\"/> ever<span class=\"__1 _201\"/>y thre<span class=\"__1 _201\"/>e years at s<span class=\"__1 _201\"/>ubse<span class=\"__1 _201\"/>quent<span class=\"__1 _201\"/> valuations<span class=\"__1 _32b\"> </span>No de<span class=\"__1 _201\"/>ficit fu<span class=\"__1 _201\"/>nding re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>Curre<span class=\"__1 _201\"/>nt level of e<span class=\"__1 _201\"/>mployer<span class=\"__1 _201\"/> contr<span class=\"__1 _201\"/>ibutio<span class=\"__1 _201\"/>ns for ac<span class=\"__1 _201\"/>tive<span class=\"__1 _201\"/> members<span class=\"__1 _32b\"> </span>Are at the m<span class=\"__1 _201\"/>inimum l<span class=\"__1 _201\"/>evel <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>requ<span class=\"__1 _201\"/>ired und<span class=\"__1 _201\"/>er the s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>e <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>rul<span class=\"__1 _201\"/>es (<span class=\"__1 _200\"/>app<span class=\"__1 _201\"/>roximately \u00a3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.5m<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1\"> </span>per annum)<span class=\"__1 _32b\"> </span>Approxi<span class=\"__1 _200\"/>mat<span class=\"__1 _200\"/>ely \u00a34.5m per<span class=\"__1 _32b\"> </span>annum<span class=\"__1 _32b\"> </span>App<span class=\"__1 _201\"/>roximately \u00a34<span class=\"__1 _201\"/>m per a<span class=\"__1 _201\"/>nnum<span class=\"__1 _32b\"> </span>Cont<span class=\"__1 _201\"/>ributi<span class=\"__1 _201\"/>ons to cover o<span class=\"__1 _201\"/>ngoin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span>admi<span class=\"__1 _201\"/>nistr<span class=\"__1 _201\"/>ation and o<span class=\"__1 _201\"/>ther<span class=\"__1 _201\"/> expenses<span class=\"__1 _32b\"> </span>Approxi<span class=\"__1 _200\"/>mat<span class=\"__1 _200\"/>ely \u00a37m per<span class=\"__1 _32b\"> </span>annum u<span class=\"__1 _201\"/>ntil Apr<span class=\"__1 _201\"/>il 2023<span class=\"__1 _201\"/>, then<span class=\"__1 _201\"/> fall<span class=\"__1 _201\"/>ing to approx<span class=\"__1 _201\"/>imately<span class=\"__1 _201\"/> \u00a36.<span class=\"__1 _201\"/>25<span class=\"__1 _201\"/>m per an<span class=\"__1 _201\"/>num<span class=\"__1 _32b\"> </span>App<span class=\"__1 _201\"/>roximately \u00a31<span class=\"__1 _201\"/>.8m p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/> annum<span class=\"__1 _32b\"> </span>App<span class=\"__1 _201\"/>roximately \u00a31<span class=\"__1 _201\"/>.5m p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/> annum<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>ontrib<span class=\"__1 _201\"/>utions d<span class=\"__1 _201\"/>etaile<span class=\"__1 _201\"/>d above b<span class=\"__1 _201\"/>roadl<span class=\"__1 _201\"/>y repres<span class=\"__1 _201\"/>ent the G<span class=\"__1 _201\"/>roup\u2019s current exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tation of a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s that will b<span class=\"__1 _201\"/>e paid to ea<span class=\"__1 _201\"/>ch<span class=\"__1 _32b\"> </span>resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive pla<span class=\"__1 _201\"/>n in the nex<span class=\"__1 _201\"/>t annu<span class=\"__1 _201\"/>al repo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>ng per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _201\"/>2 Risks<span class=\"__1 _200\"/> to w<span class=\"__1 _200\"/>hich the<span class=\"__1 _200\"/> defined benefit schemes<span class=\"__1 _200\"/> ex<span class=\"__1 _200\"/>pose the<span class=\"__1 _200\"/> Group<span class=\"__1 _32b\"> </span>The p<span class=\"__1 _201\"/>lans are s<span class=\"__1 _201\"/>ubje<span class=\"__1 _201\"/>ct to the s<span class=\"__1 _201\"/>tatutor<span class=\"__1 _201\"/>y fun<span class=\"__1 _201\"/>ding o<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>tive re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents of th<span class=\"__1 _201\"/>e Pensi<span class=\"__1 _201\"/>ons Act 20<span class=\"__1 _201\"/>04<span class=\"__1 _201\"/>, whic<span class=\"__1 _201\"/>h require th<span class=\"__1 _201\"/>at plans b<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>fund<span class=\"__1 _201\"/>ed to at lea<span class=\"__1 _201\"/>st the l<span class=\"__1 _201\"/>evel of thei<span class=\"__1 _201\"/>r techni<span class=\"__1 _201\"/>cal prov<span class=\"__1 _201\"/>isio<span class=\"__1 _201\"/>ns (<span class=\"__1 _200\"/>an ac<span class=\"__1 _201\"/>tuaria<span class=\"__1 _201\"/>l estim<span class=\"__1 _201\"/>ate of the ass<span class=\"__1 _201\"/>ets ne<span class=\"__1 _201\"/>ede<span class=\"__1 _201\"/>d to provid<span class=\"__1 _201\"/>e for the b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>alrea<span class=\"__1 _201\"/>dy buil<span class=\"__1 _201\"/>t up unde<span class=\"__1 _201\"/>r the pla<span class=\"__1 _201\"/>n<span class=\"__1 _200\"/>). Whe<span class=\"__1 _201\"/>re there is a d<span class=\"__1 _201\"/>eficit<span class=\"__1 _201\"/>, the em<span class=\"__1 _201\"/>ployer<span class=\"__1 _201\"/>s of the sch<span class=\"__1 _201\"/>emes wo<span class=\"__1 _201\"/>uld agre<span class=\"__1 _201\"/>e a defi<span class=\"__1 _201\"/>cit rec<span class=\"__1 _201\"/>over<span class=\"__1 _201\"/>y plan<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Accord<span class=\"__1 _201\"/>ingly, the pen<span class=\"__1 _201\"/>sion s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>es expos<span class=\"__1 _201\"/>e the Gro<span class=\"__1 _201\"/>up to a numb<span class=\"__1 _201\"/>er of ris<span class=\"__1 _201\"/>ks, th<span class=\"__1 _201\"/>e most s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant of w<span class=\"__1 _201\"/>hich are i<span class=\"__1 _201\"/>nterest r<span class=\"__1 _201\"/>ate risk<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span>equ<span class=\"__1 _201\"/>ity r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>, inflatio<span class=\"__1 _201\"/>n risk<span class=\"__1 _201\"/>, credi<span class=\"__1 _201\"/>t risk an<span class=\"__1 _201\"/>d mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>17 De<span class=\"__1 _200\"/>fined benefit pension schemes cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>.<span class=\"__1 _f_1\"/>1.3 Corporate<span class=\"__1 _200\"/> go<span class=\"__1 _200\"/>vernanc<span class=\"__1 _200\"/>e<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s pens<span class=\"__1 _201\"/>ion sch<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>s are est<span class=\"__1 _201\"/>ablish<span class=\"__1 _201\"/>ed un<span class=\"__1 _201\"/>der tru<span class=\"__1 _201\"/>st and a<span class=\"__1 _201\"/>re subje<span class=\"__1 _201\"/>ct to U<span class=\"__1 _201\"/>K lega<span class=\"__1 _201\"/>l require<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s; this inc<span class=\"__1 _201\"/>lude<span class=\"__1 _201\"/>s bein<span class=\"__1 _201\"/>g subje<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/> to regul<span class=\"__1 _201\"/>ation by the Pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>ns Regu<span class=\"__1 _201\"/>lator in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with the P<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>ns Act 20<span class=\"__1 _201\"/>21. Each s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>e has a cor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ate truste<span class=\"__1 _201\"/>e to which<span class=\"__1 _201\"/> som<span class=\"__1 _201\"/>e direc<span class=\"__1 _201\"/>tors are a<span class=\"__1 _201\"/>ppoin<span class=\"__1 _201\"/>ted by Grou<span class=\"__1 _201\"/>p empl<span class=\"__1 _201\"/>oyers with th<span class=\"__1 _201\"/>e remain<span class=\"__1 _201\"/>ing dire<span class=\"__1 _201\"/>ctor<span class=\"__1 _201\"/>s nomin<span class=\"__1 _201\"/>ated by mem<span class=\"__1 _201\"/>bers in a<span class=\"__1 _201\"/>ccord<span class=\"__1 _201\"/>ance wi<span class=\"__1 _201\"/>th UK<span class=\"__1 _32b\"> </span>leg<span class=\"__1 _201\"/>al requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts. T<span class=\"__1 _201\"/>he T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>ustee<span class=\"__1 _201\"/>s have the ulti<span class=\"__1 _201\"/>mate resp<span class=\"__1 _201\"/>onsib<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y to ensure that e<span class=\"__1 _201\"/>ach sch<span class=\"__1 _201\"/>eme is m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>d in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with<span class=\"__1 _201\"/> its T<span class=\"__1 _200\"/>rust D<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>d and Rul<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>he T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>uste<span class=\"__1 _201\"/>es ac<span class=\"__1 _201\"/>t in the be<span class=\"__1 _201\"/>st intere<span class=\"__1 _201\"/>sts of th<span class=\"__1 _201\"/>e sche<span class=\"__1 _201\"/>mes\u2019 be<span class=\"__1 _201\"/>nefic<span class=\"__1 _201\"/>iarie<span class=\"__1 _201\"/>s; this in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>s taking a<span class=\"__1 _201\"/>pprop<span class=\"__1 _201\"/>riate<span class=\"__1 _201\"/> acco<span class=\"__1 _201\"/>unt of eac<span class=\"__1 _201\"/>h empl<span class=\"__1 _201\"/>oyer\u2019s leg<span class=\"__1 _201\"/>al obli<span class=\"__1 _201\"/>gation an<span class=\"__1 _201\"/>d finan<span class=\"__1 _201\"/>cial abil<span class=\"__1 _201\"/>ity to s<span class=\"__1 _201\"/>uppo<span class=\"__1 _201\"/>rt th<span class=\"__1 _201\"/>e sche<span class=\"__1 _201\"/>mes wh<span class=\"__1 _201\"/>en set<span class=\"__1 _201\"/>ting inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt strate<span class=\"__1 _201\"/>gy and<span class=\"__1 _201\"/> whe<span class=\"__1 _201\"/>n agree<span class=\"__1 _201\"/>ing fun<span class=\"__1 _201\"/>ding wi<span class=\"__1 _201\"/>th the emp<span class=\"__1 _201\"/>loyers<span class=\"__1 _201\"/>. The e<span class=\"__1 _201\"/>mploye<span class=\"__1 _201\"/>rs\u2019 contri<span class=\"__1 _201\"/>bution c<span class=\"__1 _201\"/>ommitm<span class=\"__1 _201\"/>ents are f<span class=\"__1 _201\"/>orma<span class=\"__1 _201\"/>lly upd<span class=\"__1 _201\"/>ated at each tr<span class=\"__1 _201\"/>ienn<span class=\"__1 _201\"/>ial<span class=\"__1 _32b\"> </span>valu<span class=\"__1 _201\"/>ation; be<span class=\"__1 _201\"/>twe<span class=\"__1 _201\"/>en valu<span class=\"__1 _201\"/>ations fu<span class=\"__1 _201\"/>nding l<span class=\"__1 _201\"/>evels an<span class=\"__1 _201\"/>d empl<span class=\"__1 _201\"/>oyer stren<span class=\"__1 _201\"/>gth contin<span class=\"__1 _201\"/>ue to be mo<span class=\"__1 _201\"/>nitored<span class=\"__1 _201\"/>, with th<span class=\"__1 _201\"/>e T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>tees b<span class=\"__1 _201\"/>eing a<span class=\"__1 _201\"/>ble to<span class=\"__1 _32b\"> </span>bri<span class=\"__1 _201\"/>ng for<span class=\"__1 _201\"/>ward th<span class=\"__1 _201\"/>e nex<span class=\"__1 _201\"/>t trien<span class=\"__1 _201\"/>nial val<span class=\"__1 _201\"/>uation if th<span class=\"__1 _201\"/>ey cons<span class=\"__1 _201\"/>ider it a<span class=\"__1 _201\"/>pprop<span class=\"__1 _201\"/>riate to do so.<span class=\"__1 _32b\"> </span>All of th<span class=\"__1 _201\"/>e Group\u2019s defin<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>nefit p<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>on sch<span class=\"__1 _201\"/>emes a<span class=\"__1 _201\"/>re final s<span class=\"__1 _201\"/>alar<span class=\"__1 _201\"/>y sch<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ich are clo<span class=\"__1 _201\"/>sed to ne<span class=\"__1 _201\"/>w entrant<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e pen<span class=\"__1 _201\"/>siona<span class=\"__1 _201\"/>ble<span class=\"__1 _201\"/> sal<span class=\"__1 _201\"/>arie<span class=\"__1 _201\"/>s for mos<span class=\"__1 _201\"/>t mem<span class=\"__1 _201\"/>bers a<span class=\"__1 _201\"/>re capp<span class=\"__1 _201\"/>ed at the l<span class=\"__1 _201\"/>evels as at 3<span class=\"__1 _201\"/>0 Septem<span class=\"__1 _201\"/>ber 2019. T<span class=\"__1 _201\"/>he T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>uste<span class=\"__1 _201\"/>e of each sc<span class=\"__1 _201\"/>heme s<span class=\"__1 _201\"/>ets the g<span class=\"__1 _201\"/>ener<span class=\"__1 _201\"/>al<span class=\"__1 _32b\"> </span>inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y and sp<span class=\"__1 _201\"/>ecifi<span class=\"__1 _201\"/>es any res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>ns on t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/>s of investm<span class=\"__1 _201\"/>ent an<span class=\"__1 _201\"/>d the deg<span class=\"__1 _201\"/>rees of d<span class=\"__1 _201\"/>iverge<span class=\"__1 _201\"/>nce pe<span class=\"__1 _201\"/>rmit<span class=\"__1 _201\"/>ted from t<span class=\"__1 _201\"/>he<span class=\"__1 _32b\"> </span>ben<span class=\"__1 _201\"/>chmar<span class=\"__1 _201\"/>k, bu<span class=\"__1 _201\"/>t dele<span class=\"__1 _201\"/>gates the re<span class=\"__1 _201\"/>spon<span class=\"__1 _201\"/>sibili<span class=\"__1 _201\"/>ty fo<span class=\"__1 _201\"/>r sele<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on and rea<span class=\"__1 _201\"/>lisati<span class=\"__1 _201\"/>on of spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>c investm<span class=\"__1 _201\"/>ents to the i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent mana<span class=\"__1 _201\"/>gers<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> The T<span class=\"__1 _200\"/>rus<span class=\"__1 _201\"/>tees co<span class=\"__1 _201\"/>nsult w<span class=\"__1 _201\"/>ith the pr<span class=\"__1 _201\"/>incipa<span class=\"__1 _201\"/>l empl<span class=\"__1 _201\"/>oyer for ea<span class=\"__1 _201\"/>ch sche<span class=\"__1 _201\"/>me on th<span class=\"__1 _201\"/>e investm<span class=\"__1 _201\"/>ent pr<span class=\"__1 _201\"/>incipl<span class=\"__1 _201\"/>es, b<span class=\"__1 _201\"/>ut the ul<span class=\"__1 _201\"/>timate resp<span class=\"__1 _201\"/>onsib<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y for<span class=\"__1 _201\"/> the inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt of the as<span class=\"__1 _201\"/>sets of th<span class=\"__1 _201\"/>e schem<span class=\"__1 _201\"/>es lie<span class=\"__1 _201\"/>s with the tr<span class=\"__1 _201\"/>uste<span class=\"__1 _201\"/>es.<span class=\"__1 _32b\"> </span>The T<span class=\"__1 _200\"/>rus<span class=\"__1 _201\"/>tees of ea<span class=\"__1 _201\"/>ch of the sc<span class=\"__1 _201\"/>heme<span class=\"__1 _201\"/>s manag<span class=\"__1 _201\"/>e the inves<span class=\"__1 _201\"/>tment s<span class=\"__1 _201\"/>trateg<span class=\"__1 _201\"/>y of the sc<span class=\"__1 _201\"/>heme to ac<span class=\"__1 _201\"/>hieve an ac<span class=\"__1 _201\"/>ceptab<span class=\"__1 _201\"/>le bala<span class=\"__1 _201\"/>nce be<span class=\"__1 _201\"/>twe<span class=\"__1 _201\"/>en<span class=\"__1 _32b\"> </span>inves<span class=\"__1 _201\"/>ting in the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s that mos<span class=\"__1 _201\"/>t clos<span class=\"__1 _201\"/>ely match th<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>cted b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t payme<span class=\"__1 _201\"/>nts and a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s that are exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to achieve a gre<span class=\"__1 _201\"/>ater<span class=\"__1 _32b\"> </span>return in t<span class=\"__1 _201\"/>he hop<span class=\"__1 _201\"/>e of redu<span class=\"__1 _201\"/>cing the c<span class=\"__1 _201\"/>ontrib<span class=\"__1 _201\"/>utions re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d or provi<span class=\"__1 _201\"/>ding ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>al ben<span class=\"__1 _201\"/>efits to m<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>rs. Fo<span class=\"__1 _201\"/>r all three s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>, and<span class=\"__1 _201\"/> esp<span class=\"__1 _201\"/>ecial<span class=\"__1 _201\"/>ly PS<span class=\"__1 _201\"/>PS an<span class=\"__1 _201\"/>d SASP<span class=\"__1 _201\"/>S, a si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tion of th<span class=\"__1 _201\"/>e sche<span class=\"__1 _201\"/>me ass<span class=\"__1 _201\"/>ets are inve<span class=\"__1 _201\"/>sted in li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y matchi<span class=\"__1 _201\"/>ng ass<span class=\"__1 _201\"/>ets suc<span class=\"__1 _201\"/>h as bon<span class=\"__1 _201\"/>ds<span class=\"__1 _32b\"> </span>and gi<span class=\"__1 _201\"/>lts, i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ing ind<span class=\"__1 _201\"/>ex<span class=\"__1 _200\"/>-lin<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed gil<span class=\"__1 _201\"/>ts, to p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tially h<span class=\"__1 _201\"/>edg<span class=\"__1 _201\"/>e agains<span class=\"__1 _201\"/>t inflati<span class=\"__1 _201\"/>on. In a<span class=\"__1 _201\"/>dditio<span class=\"__1 _201\"/>n, the s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>es maint<span class=\"__1 _201\"/>ain por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>os of interes<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>rate and in<span class=\"__1 _201\"/>flation s<span class=\"__1 _201\"/>waps to match m<span class=\"__1 _201\"/>ore clos<span class=\"__1 _201\"/>ely th<span class=\"__1 _201\"/>e duratio<span class=\"__1 _201\"/>n and infl<span class=\"__1 _201\"/>ation pro<span class=\"__1 _201\"/>file<span class=\"__1 _201\"/>s of their as<span class=\"__1 _201\"/>sets to th<span class=\"__1 _201\"/>eir liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>All thre<span class=\"__1 _201\"/>e sche<span class=\"__1 _201\"/>mes have inve<span class=\"__1 _201\"/>sted i<span class=\"__1 _201\"/>n a mix of both retu<span class=\"__1 _201\"/>rn-s<span class=\"__1 _201\"/>eek<span class=\"__1 _201\"/>ing as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>, such as e<span class=\"__1 _201\"/>quiti<span class=\"__1 _201\"/>es and pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, and match<span class=\"__1 _201\"/>ing as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span>incl<span class=\"__1 _201\"/>uding l<span class=\"__1 _201\"/>everag<span class=\"__1 _201\"/>ed liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y-dr<span class=\"__1 _201\"/>iven inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>folio<span class=\"__1 _201\"/>s to reflec<span class=\"__1 _201\"/>t the li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y pro<span class=\"__1 _201\"/>file of the s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>e. They m<span class=\"__1 _201\"/>anage th<span class=\"__1 _201\"/>e risk<span class=\"__1 _201\"/>s of the<span class=\"__1 _32b\"> </span>return<span class=\"__1 _201\"/>-se<span class=\"__1 _201\"/>eking ex<span class=\"__1 _201\"/>posure by i<span class=\"__1 _201\"/>nvestin<span class=\"__1 _201\"/>g in a diver<span class=\"__1 _201\"/>sifie<span class=\"__1 _201\"/>d mix of inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Dur<span class=\"__1 _201\"/>ing 2020 P<span class=\"__1 _201\"/>SP<span class=\"__1 _201\"/>S entered i<span class=\"__1 _201\"/>nto a long<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y swap tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n with Pa<span class=\"__1 _201\"/>cific L<span class=\"__1 _201\"/>ife Re Lim<span class=\"__1 _201\"/>ited. T<span class=\"__1 _201\"/>his arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>s long<span class=\"__1 _201\"/>-term<span class=\"__1 _201\"/> protec<span class=\"__1 _201\"/>tion f<span class=\"__1 _201\"/>or PS<span class=\"__1 _201\"/>PS aga<span class=\"__1 _201\"/>inst co<span class=\"__1 _201\"/>sts th<span class=\"__1 _201\"/>at could re<span class=\"__1 _201\"/>sult fro<span class=\"__1 _201\"/>m unexp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d increa<span class=\"__1 _201\"/>ses in lif<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>ctan<span class=\"__1 _201\"/>cy relati<span class=\"__1 _201\"/>ng to the pe<span class=\"__1 _201\"/>nsion<span class=\"__1 _201\"/>s that<span class=\"__1 _32b\"> </span>were in p<span class=\"__1 _201\"/>ayment o<span class=\"__1 _201\"/>n 6 Apri<span class=\"__1 _201\"/>l 2019, excluding a<span class=\"__1 _201\"/>ny future dis<span class=\"__1 _201\"/>cretion<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y incre<span class=\"__1 _201\"/>ases<span class=\"__1 _201\"/>. As at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the lon<span class=\"__1 _201\"/>gevit<span class=\"__1 _201\"/>y sw<span class=\"__1 _201\"/>ap<span class=\"__1 _32b\"> </span>covere<span class=\"__1 _201\"/>d \u00a32<span class=\"__1 _201\"/>.0bn (2<span class=\"__1 _201\"/>021: \u00a32<span class=\"__1 _201\"/>.8<span class=\"__1 _201\"/>bn) of curren<span class=\"__1 _201\"/>t pens<span class=\"__1 _201\"/>ione<span class=\"__1 _201\"/>r schem<span class=\"__1 _201\"/>e liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>, on an IA<span class=\"__1 _201\"/>S 19 basis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>.2 Assumptions<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>.2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 Demographic assumptions<span class=\"__1 _32b\"> </span>Post-retir<span class=\"__1 _200\"/>ement mo<span class=\"__1 _201\"/>rtalit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>alcu<span class=\"__1 _201\"/>lation of th<span class=\"__1 _201\"/>e defin<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>nefit o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>on for the G<span class=\"__1 _201\"/>roup\u2019s sche<span class=\"__1 _201\"/>mes re<span class=\"__1 _201\"/>quires as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons to be s<span class=\"__1 _201\"/>et for both c<span class=\"__1 _201\"/>urrent<span class=\"__1 _201\"/> mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lity a<span class=\"__1 _201\"/>nd the al<span class=\"__1 _201\"/>lowanc<span class=\"__1 _201\"/>e for futu<span class=\"__1 _201\"/>re mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y imp<span class=\"__1 _201\"/>roveme<span class=\"__1 _201\"/>nts. T<span class=\"__1 _201\"/>he tab<span class=\"__1 _201\"/>le bel<span class=\"__1 _201\"/>ow sets o<span class=\"__1 _201\"/>ut the mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y table<span class=\"__1 _201\"/>s and m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>improve<span class=\"__1 _201\"/>ment m<span class=\"__1 _201\"/>odel u<span class=\"__1 _201\"/>sed fo<span class=\"__1 _201\"/>r the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s sche<span class=\"__1 _201\"/>mes<span class=\"__1 _201\"/>, alo<span class=\"__1 _201\"/>ng with th<span class=\"__1 _201\"/>e asso<span class=\"__1 _201\"/>ciated lif<span class=\"__1 _201\"/>e expec<span class=\"__1 _201\"/>tan<span class=\"__1 _201\"/>cies<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>As at<span class=\"__1 _1a9_1\"> </span><span class=\"ls3_1 ws3_1\">Scheme<span class=\"__1 _32b\"> </span></span>Mor<span class=\"__1 _201\"/>tality table<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>with scaling<span class=\"__1 _32b\"> </span>fa<span class=\"__1 _201\"/>ctor<span class=\"__1 _201\"/>s app<span class=\"__1 _201\"/>lie<span class=\"__1 _201\"/>d to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>experience, and allowances for<span class=\"__1 _32b\"> </span>future<span class=\"__1 _200\"/> impro<span class=\"__1 _200\"/>vement)<span class=\"__1 _32b\"> </span>Mortality improvements<span class=\"__1 _32b\"> </span>model<span class=\"__1 _32b\"> </span>E<span class=\"__1 _201\"/>xpe<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>ation o<span class=\"__1 _201\"/>f life f<span class=\"__1 _201\"/>rom ret<span class=\"__1 _201\"/>irem<span class=\"__1 _201\"/>ent at a<span class=\"__1 _201\"/>ge<span class=\"__1 _201\"/>d 60<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>Male<span class=\"__1 _32b\"> </span>curren<span class=\"__1 _200\"/>tly<span class=\"__1 _32b\"> </span>ag<span class=\"__1 _201\"/>ed 60<span class=\"__1 _32b\"> </span>Male<span class=\"__1 _32b\"> </span>curren<span class=\"__1 _200\"/>tly<span class=\"__1 _32b\"> </span>ag<span class=\"__1 _201\"/>ed 40<span class=\"__1 _32b\"> </span>Female<span class=\"__1 _32b\"> </span>curren<span class=\"__1 _200\"/>tly<span class=\"__1 _32b\"> </span>ag<span class=\"__1 _201\"/>ed 60<span class=\"__1 _32b\"> </span>Female<span class=\"__1 _32b\"> </span>curren<span class=\"__1 _200\"/>tly<span class=\"__1 _32b\"> </span>ag<span class=\"__1 _201\"/>ed 40<span class=\"__1 _32b\"> </span>31 December<span class=\"__1 _200\"/> 2022<span class=\"__1 _18a_1\"> </span><span class=\"ls28_1 ws28_1\">PSPS<span class=\"__1 _14d_1\"> </span></span>S3<span class=\"__1 _201\"/>PMA/<span class=\"__1 _200\"/>S3PF<span class=\"__1 _200\"/>A f<span class=\"__1 _200\"/>or males<span class=\"__1 _200\"/>/<span class=\"__1 _32b\"> </span>females<span class=\"__1 _32b\"> </span>CMI 2020<span class=\"__1 _1aa_1\"> </span><span class=\"ls33_1 ws34_1\">26<span class=\"__1 _201\"/>.7<span class=\"__1 _223\"> </span><span class=\"ls60_1 ws73_1\">2<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>.1<span class=\"__1 _212\"> </span><span class=\"lsb_1 ws32_1\">28.<span class=\"__1 _201\"/>4<span class=\"__1 _1a_1\"> </span><span class=\"ls38_1 ws38_1\">3<span class=\"__1 _201\"/>0.6<span class=\"__1 _32b\"> </span></span></span></span></span>SASPS<span class=\"__1 _249\"> </span><span class=\"lsb_1 ws9_1\">S3PMA/S3PF<span class=\"__1 _200\"/>A<span class=\"__1 _200\"/> for males<span class=\"__1 _200\"/>/<span class=\"__1 _32b\"> </span></span>females<span class=\"__1 _32b\"> </span>CMI 2020<span class=\"__1 _1ab_1\"> </span><span class=\"ls61_1 ws74_1\">2<span class=\"__1 _201\"/>7.<span class=\"__1 _250\"/>5<span class=\"__1 _270\"> </span><span class=\"ls33_1 ws34_1\">29<span class=\"__1 _201\"/>.7<span class=\"__1 _1a_1\"> </span><span class=\"ls19_1 ws18_1\">30.0<span class=\"__1 _270\"> </span><span class=\"ls60_1 ws73_1\">3<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>.1<span class=\"__1 _32b\"> </span></span></span></span></span>M&amp;GGPS<span class=\"__1 _5e_1\"> </span><span class=\"ls22_1 ws6b_1\">S3<span class=\"__1 _201\"/>PMA/<span class=\"__1 _200\"/>S3PF<span class=\"__1 _200\"/>A Light<span class=\"__1 _200\"/> for<span class=\"__1 _32b\"> </span></span>males/<span class=\"__1 _f_1\"/>females<span class=\"__1 _32b\"> </span>CMI 2020<span class=\"__1 _1ac_1\"> </span><span class=\"lsb_1 ws32_1\">28.<span class=\"__1 _201\"/>4<span class=\"__1 _1a_1\"> </span><span class=\"ls38_1 ws38_1\">30.<span class=\"__1 _201\"/>5<span class=\"__1 _220\"> </span>30.2<span class=\"__1 _272\"> </span><span class=\"ls27_1 ws27_1\">32<span class=\"__1 _201\"/>.3<span class=\"__1 _32b\"> </span></span></span></span>31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _282\"> </span><span class=\"ls1f_1 ws1e_1\">PSPS<span class=\"__1 _5d_1\"> </span></span>S3P<span class=\"__1 _201\"/>MA<span class=\"__1 _201\"/>/S3P<span class=\"__1 _201\"/>F<span class=\"__1 _200\"/>A for male<span class=\"__1 _201\"/>s/<span class=\"__1 _32b\"> </span>females<span class=\"__1 _32b\"> </span>CMI 2019<span class=\"__1 _d3_1\"> </span><span class=\"ls10_1 wsf_1\">26.9<span class=\"__1 _237\"> </span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>.1<span class=\"__1 _222\"> </span><span class=\"ls1c_1 ws43_1\">28.<span class=\"__1 _201\"/>4<span class=\"__1 _272\"> </span></span></span></span><span class=\"ws33_1\">3<span class=\"__1 _201\"/>0.3<span class=\"__1 _32b\"> </span></span>SASP<span class=\"__1 _201\"/>S<span class=\"__1 _286\"> </span><span class=\"ls6_1 ws1_1\">S3<span class=\"__1 _201\"/>PMA<span class=\"__1 _201\"/>/S<span class=\"__1 _201\"/>3PFA for male<span class=\"__1 _201\"/>s/<span class=\"__1 _32b\"> </span></span>females<span class=\"__1 _32b\"> </span>CMI 2019<span class=\"__1 _1ad_1\"> </span><span class=\"ls81_1 ws98_1\">2<span class=\"__1 _250\"/>7.<span class=\"__1 _250\"/>9<span class=\"__1 _212\"> </span><span class=\"ls42_1 ws46_1\">3<span class=\"__1 _201\"/>0.0<span class=\"__1 _223\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>.1<span class=\"__1 _237\"> </span><span class=\"lsc_1 wsa_1\">31.9<span class=\"__1 _32b\"> </span></span></span></span></span>M&amp;GGPS<span class=\"__1 _2d_1\"> </span><span class=\"ls6_1 ws1_1\">S<span class=\"__1 _201\"/>3P<span class=\"__1 _201\"/>MA<span class=\"__1 _201\"/>/S3<span class=\"__1 _201\"/>PF<span class=\"__1 _200\"/>A Light fo<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span></span>males/f<span class=\"__1 _200\"/>emales<span class=\"__1 _32b\"> </span>CMI 2019<span class=\"__1 _261\"> </span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>.1<span class=\"__1 _231\"> </span><span class=\"lsc_1 wsa_1\">31.1<span class=\"__1 _272\"> </span></span></span><span class=\"ws33_1\">30.6<span class=\"__1 _222\"> </span><span class=\"ls22_1 ws21_1\">32.3<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s are ad<span class=\"__1 _201\"/>jus<span class=\"__1 _201\"/>ted to m<span class=\"__1 _201\"/>ake allo<span class=\"__1 _201\"/>wan<span class=\"__1 _201\"/>ce for f<span class=\"__1 _201\"/>utur<span class=\"__1 _201\"/>e impr<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ents i<span class=\"__1 _201\"/>n lon<span class=\"__1 _201\"/>gev<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, thi<span class=\"__1 _201\"/>s allo<span class=\"__1 _201\"/>wan<span class=\"__1 _201\"/>ce was b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on<span class=\"__1 _201\"/> the C<span class=\"__1 _201\"/>MI 20<span class=\"__1 _201\"/>20 mor<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y im<span class=\"__1 _201\"/>prove<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>ts mo<span class=\"__1 _201\"/>del w<span class=\"__1 _201\"/>ith im<span class=\"__1 _201\"/>prove<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>nt fac<span class=\"__1 _201\"/>tor<span class=\"__1 _201\"/>s of 1.6<span class=\"__1 _201\"/>0% fo<span class=\"__1 _201\"/>r mal<span class=\"__1 _201\"/>es (Sk = 7<span class=\"__1 _200\"/>.<span class=\"__1 _201\"/>25, A p<span class=\"__1 _201\"/>ara<span class=\"__1 _201\"/>mete<span class=\"__1 _201\"/>r var<span class=\"__1 _201\"/>ies by a<span class=\"__1 _201\"/>ge) and 1.<span class=\"__1 _201\"/>60% f<span class=\"__1 _201\"/>or fe<span class=\"__1 _201\"/>male<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>(Sk = 7<span class=\"__1 _200\"/>.75, A p<span class=\"__1 _201\"/>aram<span class=\"__1 _201\"/>eter v<span class=\"__1 _201\"/>ari<span class=\"__1 _201\"/>es by ag<span class=\"__1 _201\"/>e) (2021<span class=\"__1 _201\"/>: this al<span class=\"__1 _201\"/>low<span class=\"__1 _201\"/>ance w<span class=\"__1 _201\"/>as ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n the C<span class=\"__1 _201\"/>MI 2019 m<span class=\"__1 _201\"/>od<span class=\"__1 _201\"/>el wit<span class=\"__1 _201\"/>h imp<span class=\"__1 _201\"/>rovem<span class=\"__1 _201\"/>ent f<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>ors of 1<span class=\"__1 _201\"/>.75% for ma<span class=\"__1 _201\"/>les (S<span class=\"__1 _201\"/>k = 7<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>50<span class=\"__1 _201\"/>, A<span class=\"__1 _32b\"> </span>=0<span class=\"__1 _201\"/>.4<span class=\"__1 _201\"/>5%) and 1.<span class=\"__1 _201\"/>50% f<span class=\"__1 _201\"/>or fem<span class=\"__1 _201\"/>ale<span class=\"__1 _201\"/>s (Sk = 8<span class=\"__1 _201\"/>.00, A= 0<span class=\"__1 _201\"/>.4<span class=\"__1 _201\"/>5%)<span class=\"__1 _200\"/>).<span class=\"__1 _32b\"> </span>17 De<span class=\"__1 _200\"/>fined benefit pension schemes cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>.2<span class=\"__1 _201\"/>.2 Economic assumptions<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>ctua<span class=\"__1 _201\"/>rial as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons use<span class=\"__1 _201\"/>d in deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g defin<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>nefit o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>ons and th<span class=\"__1 _201\"/>e net pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>dic ben<span class=\"__1 _201\"/>efit co<span class=\"__1 _201\"/>sts fo<span class=\"__1 _201\"/>r each of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s defin<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>nefit p<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>on sch<span class=\"__1 _201\"/>emes a<span class=\"__1 _201\"/>re as follo<span class=\"__1 _201\"/>ws: <span class=\"__1 _1ae_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _f3_1\"> </span>2021<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er <span class=\"__1 _1af_1\"> </span><span class=\"ls80_1 ws97_1\">PSPS<span class=\"__1 _242\"> </span><span class=\"ls4f_1 ws55_1\">SASP<span class=\"__1 _201\"/>S<span class=\"__1 _1b0_1\"> </span></span>M&amp;GGPS<span class=\"__1 _345\"> </span>PSPS<span class=\"__1 _242\"> </span><span class=\"ls4f_1 ws55_1\">SA<span class=\"__1 _201\"/>SPS<span class=\"__1 _1b0_1\"> </span></span>M&amp;GGPS<span class=\"__1 _32b\"> </span></span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>4<span class=\"__1 _201\"/>.9%<span class=\"__1 _208\"> </span><span class=\"ls54_1 ws5c_1\">4<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>8%<span class=\"__1 _208\"> </span>4<span class=\"__1 _201\"/>.8%<span class=\"__1 _228\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">1.8%<span class=\"__1 _5d_1\"> </span>1.8%<span class=\"__1 _3f_1\"> </span>1.<span class=\"__1 _201\"/>8%<span class=\"__1 _32b\"> </span></span></span>Sal<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y inflati<span class=\"__1 _201\"/>on<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>4<span class=\"__1 _201\"/>.0%<span class=\"__1 _4a_1\"> </span><span class=\"ls19_1 ws18_1\">3.<span class=\"__1 _201\"/>2%<span class=\"__1 _208\"> </span>3<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2%<span class=\"__1 _2c_1\"> </span><span class=\"ff2_1 ls38_1 ws38_1\">3<span class=\"__1 _201\"/>.6%<span class=\"__1 _14d_1\"> </span><span class=\"ls52_1 ws5a_1\">3<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>4%<span class=\"__1 _7d_1\"> </span><span class=\"ls40_1 ws44_1\">3.<span class=\"__1 _201\"/>3%<span class=\"__1 _32b\"> </span></span></span></span></span>Retail p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s index (R<span class=\"__1 _201\"/>PI)<span class=\"__1 _c8_1\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">3.<span class=\"__1 _201\"/>3%<span class=\"__1 _4a_1\"> </span><span class=\"ls19_1 ws18_1\">3.<span class=\"__1 _201\"/>2%<span class=\"__1 _4a_1\"> </span>3.<span class=\"__1 _201\"/>2%<span class=\"__1 _2c_1\"> </span></span></span><span class=\"ls38_1 ws38_1\">3<span class=\"__1 _201\"/>.6%<span class=\"__1 _14d_1\"> </span><span class=\"ls52_1 ws5a_1\">3<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>4%<span class=\"__1 _14d_1\"> </span><span class=\"ls40_1 ws44_1\">3<span class=\"__1 _201\"/>.3%<span class=\"__1 _32b\"> </span></span></span></span>Consumer prices i<span class=\"__1 _200\"/>ndex (<span class=\"__1 _f_1\"/>CPI)<span class=\"__1 _1b1_1\"> </span><span class=\"ff1_1 ls6_1 ws52_1\">3.<span class=\"__1 _201\"/>0%<span class=\"__1 _204\"> </span>3<span class=\"__1 _201\"/>.0%<span class=\"__1 _208\"> </span>3<span class=\"__1 _201\"/>.0%<span class=\"__1 _e_1\"> </span></span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>.1%<span class=\"__1 _272\"> </span>3<span class=\"__1 _250\"/>.1%<span class=\"__1 _7d_1\"> </span><span class=\"ls38_1 ws38_1\">2<span class=\"__1 _201\"/>.9%<span class=\"__1 _32b\"> </span></span></span>Rate<span class=\"__1 _200\"/> of<span class=\"__1 _200\"/> increase<span class=\"__1 _200\"/> of pensions<span class=\"__1 _200\"/> in pa<span class=\"__1 _200\"/>ymen<span class=\"__1 _200\"/>t for<span class=\"__1 _200\"/> inflation<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>Gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>d (maximum 5%)<span class=\"__1 _1b2_1\"> </span><span class=\"ff1_1 ws52_1\">3.<span class=\"__1 _201\"/>0%<span class=\"__1 _231\"> </span><span class=\"ls82_1 ws99_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _252\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _226\"> </span></span></span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>.1<span class=\"__1 _201\"/>%<span class=\"__1 _345\"> </span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _228\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _32b\"> </span></span></span>Gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>d (maximum 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _f_1\"/>)<span class=\"__1 _c3_1\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _252\"> </span><span class=\"ls82_1 ws99_1\">n/a<span class=\"__1 _228\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _231\"> </span></span></span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _228\"> </span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _228\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _32b\"> </span></span></span>Dis<span class=\"__1 _201\"/>cretiona<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _1b3_1\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _231\"> </span><span class=\"ls82_1 ws99_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _252\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _252\"> </span></span></span><span class=\"ls45_1 ws49_1\">2.<span class=\"__1 _201\"/>5%<span class=\"__1 _228\"> </span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _345\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _32b\"> </span></span></span>RPI (maximum<span class=\"__1 _200\"/> 5%<span class=\"__1 _f_1\"/>)<span class=\"__1 _13c_1\"> </span><span class=\"ff1_1 ls82_1 ws99_1\">n/a<span class=\"__1 _240\"> </span><span class=\"ls19_1 ws18_1\">3.<span class=\"__1 _201\"/>2%<span class=\"__1 _4a_1\"> </span><span class=\"ls42_1 ws46_1\">2.<span class=\"__1 _201\"/>9%<span class=\"__1 _8c_1\"> </span></span></span></span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _7d_1\"> </span><span class=\"ls52_1 ws5a_1\">3<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>4%<span class=\"__1 _7d_1\"> </span><span class=\"ls40_1 ws44_1\">3.<span class=\"__1 _201\"/>3%<span class=\"__1 _32b\"> </span></span></span></span>RPI (maximum<span class=\"__1 _200\"/> 2.<span class=\"__1 _201\"/>5<span class=\"__1 _200\"/>%<span class=\"__1 _200\"/>)<span class=\"__1 _1b4_1\"> </span><span class=\"ff1_1 ls82_1 ws99_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _240\"> </span><span class=\"ls1b_1 ws1a_1\">2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _4a_1\"> </span>2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _8c_1\"> </span></span></span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _1b5_1\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _14d_1\"> </span>2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e disc<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>t rate ha<span class=\"__1 _201\"/>s bee<span class=\"__1 _201\"/>n dete<span class=\"__1 _201\"/>rmi<span class=\"__1 _201\"/>ned u<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>g a cas<span class=\"__1 _201\"/>hflo<span class=\"__1 _201\"/>w match<span class=\"__1 _201\"/>ing ap<span class=\"__1 _201\"/>pro<span class=\"__1 _201\"/>ach ba<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d on an \u201cAA\u201d corp<span class=\"__1 _201\"/>orat<span class=\"__1 _201\"/>e bon<span class=\"__1 _201\"/>d ind<span class=\"__1 _201\"/>ex. T<span class=\"__1 _201\"/>he si<span class=\"__1 _201\"/>ngle e<span class=\"__1 _201\"/>qui<span class=\"__1 _201\"/>val<span class=\"__1 _201\"/>ent r<span class=\"__1 _201\"/>ates in t<span class=\"__1 _201\"/>he<span class=\"__1 _32b\"> </span>tab<span class=\"__1 _201\"/>le ab<span class=\"__1 _201\"/>ove are i<span class=\"__1 _201\"/>llus<span class=\"__1 _201\"/>tra<span class=\"__1 _201\"/>tive as t<span class=\"__1 _201\"/>he fu<span class=\"__1 _201\"/>ll yi<span class=\"__1 _201\"/>eld cu<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve is us<span class=\"__1 _201\"/>ed in t<span class=\"__1 _201\"/>he ca<span class=\"__1 _201\"/>lcul<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n of the l<span class=\"__1 _201\"/>iab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Du<span class=\"__1 _201\"/>e to the s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>e cha<span class=\"__1 _201\"/>nge<span class=\"__1 _201\"/>s dur<span class=\"__1 _201\"/>ing 20<span class=\"__1 _201\"/>19, a ca<span class=\"__1 _201\"/>p to futu<span class=\"__1 _201\"/>re pen<span class=\"__1 _201\"/>sio<span class=\"__1 _201\"/>nab<span class=\"__1 _201\"/>le sa<span class=\"__1 _201\"/>lar<span class=\"__1 _201\"/>y in<span class=\"__1 _201\"/>cre<span class=\"__1 _201\"/>ase c<span class=\"__1 _201\"/>ame i<span class=\"__1 _201\"/>nto effe<span class=\"__1 _201\"/>ct a<span class=\"__1 _201\"/>nd, a<span class=\"__1 _201\"/>s a res<span class=\"__1 _201\"/>ult, s<span class=\"__1 _201\"/>ala<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y grow<span class=\"__1 _201\"/>th i<span class=\"__1 _201\"/>nflati<span class=\"__1 _201\"/>on is o<span class=\"__1 _201\"/>nly<span class=\"__1 _201\"/> app<span class=\"__1 _201\"/>lie<span class=\"__1 _201\"/>d for c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tai<span class=\"__1 _201\"/>n leve<span class=\"__1 _201\"/>ls of pe<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>ona<span class=\"__1 _201\"/>ble s<span class=\"__1 _201\"/>alar<span class=\"__1 _201\"/>y w<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>h repr<span class=\"__1 _201\"/>ese<span class=\"__1 _201\"/>nt a ver<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>mal<span class=\"__1 _201\"/>l prop<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of the to<span class=\"__1 _201\"/>tal li<span class=\"__1 _201\"/>abil<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Th<span class=\"__1 _201\"/>e lon<span class=\"__1 _201\"/>g-ter<span class=\"__1 _201\"/>m mar<span class=\"__1 _201\"/>gin be<span class=\"__1 _201\"/>tw<span class=\"__1 _201\"/>een R<span class=\"__1 _201\"/>PI an<span class=\"__1 _201\"/>d CPI re<span class=\"__1 _201\"/>fle<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d cha<span class=\"__1 _201\"/>nge<span class=\"__1 _201\"/>s in RP<span class=\"__1 _201\"/>I from 2<span class=\"__1 _201\"/>030 a<span class=\"__1 _201\"/>s a res<span class=\"__1 _201\"/>ult of th<span class=\"__1 _201\"/>e UK St<span class=\"__1 _201\"/>atis<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>s Auth<span class=\"__1 _201\"/>ori<span class=\"__1 _201\"/>ty s<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d inten<span class=\"__1 _201\"/>tion to<span class=\"__1 _201\"/> ali<span class=\"__1 _201\"/>gn RP<span class=\"__1 _201\"/>I with C<span class=\"__1 _201\"/>PI in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ing ow<span class=\"__1 _201\"/>ne<span class=\"__1 _201\"/>r occu<span class=\"__1 _201\"/>pie<span class=\"__1 _201\"/>rs\u2019 ho<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>g cos<span class=\"__1 _201\"/>ts (CPI<span class=\"__1 _201\"/>H). T<span class=\"__1 _201\"/>he ra<span class=\"__1 _201\"/>te of infl<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n use<span class=\"__1 _201\"/>d refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts the l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>-ter<span class=\"__1 _201\"/>m as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tion f<span class=\"__1 _201\"/>or UK R<span class=\"__1 _201\"/>PI o<span class=\"__1 _201\"/>r CPI<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span>de<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>ding o<span class=\"__1 _201\"/>n the p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticu<span class=\"__1 _201\"/>lar tr<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>he of s<span class=\"__1 _201\"/>che<span class=\"__1 _201\"/>me be<span class=\"__1 _201\"/>nefi<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, with c<span class=\"__1 _201\"/>aps a<span class=\"__1 _201\"/>nd flo<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>s appl<span class=\"__1 _201\"/>ied i<span class=\"__1 _201\"/>n acc<span class=\"__1 _201\"/>orda<span class=\"__1 _201\"/>nce w<span class=\"__1 _201\"/>ith th<span class=\"__1 _201\"/>e sch<span class=\"__1 _201\"/>eme r<span class=\"__1 _201\"/>ule<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>Certain tranches<span class=\"__1 _200\"/> of<span class=\"__1 _200\"/> scheme<span class=\"__1 _32b\"> </span>be<span class=\"__1 _201\"/>nefi<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>thin P<span class=\"__1 _201\"/>SP<span class=\"__1 _201\"/>S have s<span class=\"__1 _201\"/>tatuto<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>n inc<span class=\"__1 _201\"/>reas<span class=\"__1 _201\"/>es in l<span class=\"__1 _201\"/>ine wi<span class=\"__1 _201\"/>th the h<span class=\"__1 _201\"/>igh<span class=\"__1 _201\"/>er of CP<span class=\"__1 _201\"/>I up to a ma<span class=\"__1 _201\"/>ximu<span class=\"__1 _201\"/>m leve<span class=\"__1 _201\"/>l, or a d<span class=\"__1 _201\"/>isc<span class=\"__1 _201\"/>retio<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y l<span class=\"__1 _201\"/>evel d<span class=\"__1 _201\"/>eter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d by th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>emp<span class=\"__1 _201\"/>loye<span class=\"__1 _201\"/>r<span class=\"__1 _200\"/>. Oth<span class=\"__1 _201\"/>er tr<span class=\"__1 _201\"/>anch<span class=\"__1 _201\"/>es ar<span class=\"__1 _201\"/>e not gu<span class=\"__1 _201\"/>ara<span class=\"__1 _201\"/>ntee<span class=\"__1 _201\"/>d and d<span class=\"__1 _201\"/>eter<span class=\"__1 _201\"/>min<span class=\"__1 _201\"/>ed by th<span class=\"__1 _201\"/>e emp<span class=\"__1 _201\"/>loye<span class=\"__1 _201\"/>r on a dis<span class=\"__1 _201\"/>creti<span class=\"__1 _201\"/>ona<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y bas<span class=\"__1 _201\"/>is. T<span class=\"__1 _201\"/>he s<span class=\"__1 _201\"/>ingl<span class=\"__1 _201\"/>e equ<span class=\"__1 _201\"/>iva<span class=\"__1 _201\"/>len<span class=\"__1 _201\"/>t rates i<span class=\"__1 _201\"/>n the ta<span class=\"__1 _201\"/>ble a<span class=\"__1 _201\"/>bove<span class=\"__1 _201\"/> are il<span class=\"__1 _201\"/>lus<span class=\"__1 _201\"/>trat<span class=\"__1 _201\"/>ive as th<span class=\"__1 _201\"/>e ful<span class=\"__1 _201\"/>l yie<span class=\"__1 _201\"/>ld cu<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve is us<span class=\"__1 _201\"/>ed in th<span class=\"__1 _201\"/>e cal<span class=\"__1 _201\"/>cul<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n of the l<span class=\"__1 _201\"/>iabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>.2<span class=\"__1 _201\"/>.3 Other assumptions<span class=\"__1 _32b\"> </span>In Oc<span class=\"__1 _201\"/>tobe<span class=\"__1 _201\"/>r 2018, th<span class=\"__1 _201\"/>e High C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t rul<span class=\"__1 _201\"/>ed that pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>n sche<span class=\"__1 _201\"/>mes are re<span class=\"__1 _201\"/>quired to e<span class=\"__1 _201\"/>quali<span class=\"__1 _201\"/>se ben<span class=\"__1 _201\"/>efits f<span class=\"__1 _201\"/>or the eff<span class=\"__1 _201\"/>ect of g<span class=\"__1 _201\"/>uarante<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/> minim<span class=\"__1 _201\"/>um pen<span class=\"__1 _201\"/>sions (GM<span class=\"__1 _201\"/>Ps). GMPs a<span class=\"__1 _201\"/>re a minimu<span class=\"__1 _201\"/>m bene<span class=\"__1 _201\"/>fit that sc<span class=\"__1 _201\"/>heme<span class=\"__1 _201\"/>s that were co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ted-<span class=\"__1 _201\"/>out on a s<span class=\"__1 _201\"/>alar<span class=\"__1 _201\"/>y-<span class=\"__1 _201\"/>related b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/> bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n 1978 and 19<span class=\"__1 _201\"/>97 are requ<span class=\"__1 _201\"/>ired to prov<span class=\"__1 _201\"/>ide. T<span class=\"__1 _201\"/>here was a f<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>ther C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t ruli<span class=\"__1 _201\"/>ng in Nove<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>20 which re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efits<span class=\"__1 _201\"/> in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of pas<span class=\"__1 _201\"/>t trans<span class=\"__1 _201\"/>fers o<span class=\"__1 _201\"/>ut of the sch<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>s to also be e<span class=\"__1 _201\"/>quali<span class=\"__1 _201\"/>sed<span class=\"__1 _201\"/>. In light of th<span class=\"__1 _201\"/>ese C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t ruli<span class=\"__1 _201\"/>ngs<span class=\"__1 _201\"/>, at 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021, t<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p has rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed an es<span class=\"__1 _201\"/>timated a<span class=\"__1 _201\"/>llowan<span class=\"__1 _201\"/>ce for G<span class=\"__1 _201\"/>MP eq<span class=\"__1 _201\"/>ualis<span class=\"__1 _201\"/>ation with<span class=\"__1 _201\"/>in the IAS 19 v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n for all th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>UK s<span class=\"__1 _201\"/>cheme<span class=\"__1 _201\"/>s \u2013 comp<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g \u00a331m for P<span class=\"__1 _201\"/>SP<span class=\"__1 _201\"/>S, \u00a311m for SASP<span class=\"__1 _201\"/>S, a<span class=\"__1 _201\"/>nd \u00a33<span class=\"__1 _201\"/>m for M&amp;G<span class=\"__1 _201\"/>GP<span class=\"__1 _201\"/>S as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 (2021: \u00a34<span class=\"__1 _201\"/>3m fo<span class=\"__1 _201\"/>r PSP<span class=\"__1 _201\"/>S,<span class=\"__1 _32b\"> </span>\u00a320<span class=\"__1 _201\"/>m for SAS<span class=\"__1 _201\"/>PS an<span class=\"__1 _201\"/>d \u00a36m for M<span class=\"__1 _201\"/>&amp;GG<span class=\"__1 _201\"/>PS).<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>.2<span class=\"__1 _201\"/>.4 Sensitivity o<span class=\"__1 _200\"/>f the pension<span class=\"__1 _200\"/> scheme liabili<span class=\"__1 _200\"/>ties t<span class=\"__1 _200\"/>o k<span class=\"__1 _200\"/>e<span class=\"__1 _200\"/>y var<span class=\"__1 _200\"/>iables<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>ivit<span class=\"__1 _201\"/>y info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n below i<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on the co<span class=\"__1 _201\"/>re sche<span class=\"__1 _201\"/>me liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>nd ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns at the bal<span class=\"__1 _201\"/>ance s<span class=\"__1 _201\"/>heet date.<span class=\"__1 _201\"/> The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>iviti<span class=\"__1 _201\"/>es are ca<span class=\"__1 _201\"/>lculated b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on a chan<span class=\"__1 _201\"/>ge in one a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ption wi<span class=\"__1 _201\"/>th all other a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions b<span class=\"__1 _201\"/>eing h<span class=\"__1 _201\"/>eld con<span class=\"__1 _201\"/>stant<span class=\"__1 _201\"/>. As su<span class=\"__1 _201\"/>ch,<span class=\"__1 _201\"/> interde<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>denci<span class=\"__1 _201\"/>es bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons are exclud<span class=\"__1 _201\"/>ed. T<span class=\"__1 _201\"/>he imp<span class=\"__1 _201\"/>act of th<span class=\"__1 _201\"/>e rate of infl<span class=\"__1 _201\"/>ation as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>n sens<span class=\"__1 _201\"/>itivi<span class=\"__1 _201\"/>ty in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>s the<span class=\"__1 _201\"/> impa<span class=\"__1 _201\"/>ct of in<span class=\"__1 _201\"/>flation o<span class=\"__1 _201\"/>n the rate of inc<span class=\"__1 _201\"/>rease in s<span class=\"__1 _201\"/>alar<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>, where a<span class=\"__1 _201\"/>pplic<span class=\"__1 _201\"/>abl<span class=\"__1 _201\"/>e, and on th<span class=\"__1 _201\"/>e rate of incre<span class=\"__1 _201\"/>ase of pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>ns in paym<span class=\"__1 _201\"/>ent and<span class=\"__1 _201\"/> in defermen<span class=\"__1 _200\"/>t.<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>iviti<span class=\"__1 _201\"/>es of the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying p<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>on sch<span class=\"__1 _201\"/>eme lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s as show<span class=\"__1 _201\"/>n belo<span class=\"__1 _201\"/>w do not dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y equate to the i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t on the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s other c<span class=\"__1 _201\"/>ompreh<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>ve inco<span class=\"__1 _201\"/>me due to the e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t of the res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>tion o<span class=\"__1 _201\"/>n surp<span class=\"__1 _201\"/>lus for P<span class=\"__1 _201\"/>SP<span class=\"__1 _201\"/>S and the al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ation of a sh<span class=\"__1 _201\"/>are of the<span class=\"__1 _201\"/> interes<span class=\"__1 _201\"/>t in the fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l positi<span class=\"__1 _201\"/>on of PS<span class=\"__1 _201\"/>PS an<span class=\"__1 _201\"/>d SASP<span class=\"__1 _201\"/>S to the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund as d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>ibe<span class=\"__1 _201\"/>d above. In a<span class=\"__1 _201\"/>dditio<span class=\"__1 _201\"/>n, the s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>vitie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>show<span class=\"__1 _201\"/>n do not in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>e the impa<span class=\"__1 _201\"/>ct on a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ich for al<span class=\"__1 _201\"/>l schem<span class=\"__1 _201\"/>es wou<span class=\"__1 _201\"/>ld signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>antly off<span class=\"__1 _201\"/>set th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t of the di<span class=\"__1 _201\"/>scount r<span class=\"__1 _201\"/>ate and<span class=\"__1 _201\"/> inflati<span class=\"__1 _201\"/>on sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ities o<span class=\"__1 _201\"/>n the IAS 19 su<span class=\"__1 _201\"/>rplus o<span class=\"__1 _201\"/>r defi<span class=\"__1 _201\"/>cit. For th<span class=\"__1 _201\"/>e PSP<span class=\"__1 _201\"/>S sch<span class=\"__1 _201\"/>eme, th<span class=\"__1 _201\"/>e mor<span class=\"__1 _201\"/>tali<span class=\"__1 _201\"/>ty r<span class=\"__1 _201\"/>ate sensiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y imp<span class=\"__1 _201\"/>act wo<span class=\"__1 _201\"/>uld als<span class=\"__1 _201\"/>o be<span class=\"__1 _201\"/> par<span class=\"__1 _201\"/>tial<span class=\"__1 _201\"/>ly mitig<span class=\"__1 _201\"/>ated by the lo<span class=\"__1 _201\"/>ngevi<span class=\"__1 _201\"/>ty s<span class=\"__1 _201\"/>wap as<span class=\"__1 _201\"/>set hel<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>17 De<span class=\"__1 _200\"/>fined benefit pension schemes cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>In<span class=\"__1 _201\"/>creas<span class=\"__1 _201\"/>e/(decre<span class=\"__1 _201\"/>ase) in th<span class=\"__1 _201\"/>e pre<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>t valu<span class=\"__1 _201\"/>e of the<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>scheme\u2019<span class=\"__1 _200\"/>s defined<span class=\"__1 _200\"/> benefit obligat<span class=\"__1 _200\"/>ion<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _292\"> </span>S<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>itiv<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y of the c<span class=\"__1 _201\"/>han<span class=\"__1 _201\"/>ge in as<span class=\"__1 _201\"/>sum<span class=\"__1 _201\"/>ptio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span>PSPS<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>SASPS<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>M&amp;GGPS<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Base position<span class=\"__1 _391\"> </span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _1b6_1\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">4<span class=\"__1 _201\"/>,050<span class=\"__1 _223\"> </span><span class=\"ls15_1 ws14_1\">566<span class=\"__1 _239\"> </span><span class=\"ls2a_1 ws2a_1\">313<span class=\"__1 _243\"> </span></span>4<span class=\"__1 _201\"/>,929<span class=\"__1 _32b\"> </span></span></span></span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _18c_1\"> </span>Decre<span class=\"__1 _201\"/>ase by 0.<span class=\"__1 _201\"/>2%<span class=\"__1 _380\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">98<span class=\"__1 _219\"> </span><span class=\"ls30_1 ws30_1\">20<span class=\"__1 _1e_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _253\"> </span><span class=\"ls2a_1 ws2a_1\">130<span class=\"__1 _32b\"> </span></span></span></span></span>Incre<span class=\"__1 _201\"/>ase by 0.<span class=\"__1 _201\"/>2%<span class=\"__1 _1b7_1\"> </span><span class=\"ff1_1 ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>4)<span class=\"__1 _253\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>9)<span class=\"__1 _252\"> </span>(11<span class=\"__1 _201\"/>)<span class=\"__1 _1b5_1\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>4<span class=\"__1 _32b\"> </span></span></span>Rate of infl<span class=\"__1 _201\"/>ation<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 0.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>% (<span class=\"__1 _200\"/>with co<span class=\"__1 _201\"/>nse<span class=\"__1 _201\"/>quent<span class=\"__1 _201\"/> redu<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n in sal<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y increa<span class=\"__1 _201\"/>ses)<span class=\"__1 _b9_1\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>4)<span class=\"__1 _2c_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _219\"> </span><span class=\"ls11_1 ws10_1\">(6)<span class=\"__1 _223\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span></span></span>Mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y rate<span class=\"__1 _391\"> </span><span class=\"ls6_1 ws1_1\">In<span class=\"__1 _201\"/>crease i<span class=\"__1 _201\"/>n life expe<span class=\"__1 _201\"/>cta<span class=\"__1 _201\"/>ncy by 1 ye<span class=\"__1 _201\"/>ar<span class=\"__1 _374\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">14<span class=\"__1 _201\"/>2<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _253\"> </span></span>166<span class=\"__1 _32b\"> </span></span></span></span>In<span class=\"__1 _201\"/>creas<span class=\"__1 _201\"/>e/(decre<span class=\"__1 _201\"/>ase) in th<span class=\"__1 _201\"/>e pre<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>t valu<span class=\"__1 _201\"/>e of the<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>scheme\u2019<span class=\"__1 _200\"/>s defined<span class=\"__1 _200\"/> benefit obligat<span class=\"__1 _200\"/>ion<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _297\"> </span>Se<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>tiv<span class=\"__1 _201\"/>ity o<span class=\"__1 _201\"/>f the ch<span class=\"__1 _201\"/>ang<span class=\"__1 _201\"/>e in as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span>PSPS<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>SASPS<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>M&amp;GGPS<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Base position<span class=\"__1 _391\"> </span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _1b9_1\"> </span><span class=\"ls1f_1 ws1e_1\">6,460<span class=\"__1 _204\"> </span><span class=\"ls42_1 ws46_1\">1,0<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>3<span class=\"__1 _239\"> </span><span class=\"lsc_1 wsa_1\">581<span class=\"__1 _243\"> </span></span>8<span class=\"__1 _201\"/>,08<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _18c_1\"> </span>Decre<span class=\"__1 _201\"/>ase by 0.<span class=\"__1 _201\"/>2%<span class=\"__1 _1ba_1\"> </span><span class=\"lse_1 wsc_1\">212<span class=\"__1 _f4_1\"> </span><span class=\"ls3f_1 ws41_1\">49<span class=\"__1 _f4_1\"> </span><span class=\"ls1c_1 ws43_1\">28<span class=\"__1 _253\"> </span>289<span class=\"__1 _32b\"> </span></span></span></span>Incre<span class=\"__1 _201\"/>ase by 0.<span class=\"__1 _201\"/>2%<span class=\"__1 _9c_1\"> </span><span class=\"ls52_1 ws5a_1\">(20<span class=\"__1 _201\"/>1)<span class=\"__1 _253\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>6)<span class=\"__1 _2c_1\"> </span><span class=\"ls7_1 ws5_1\">(27<span class=\"__1 _201\"/>)<span class=\"__1 _5d_1\"> </span><span class=\"ls3d_1 ws3f_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>74<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>Rate of infl<span class=\"__1 _201\"/>ation<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 0.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>% (<span class=\"__1 _200\"/>with co<span class=\"__1 _201\"/>nse<span class=\"__1 _201\"/>quent<span class=\"__1 _201\"/> redu<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n in sal<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y increa<span class=\"__1 _201\"/>ses)<span class=\"__1 _17b_1\"> </span><span class=\"ls5b_1 ws67_1\">(7<span class=\"__1 _201\"/>8)<span class=\"__1 _253\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _252\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _220\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>8)<span class=\"__1 _32b\"> </span></span></span></span>Mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y rate<span class=\"__1 _391\"> </span><span class=\"ls6_1 ws1_1\">In<span class=\"__1 _201\"/>crease i<span class=\"__1 _201\"/>n life expe<span class=\"__1 _201\"/>cta<span class=\"__1 _201\"/>ncy by 1 ye<span class=\"__1 _201\"/>ar<span class=\"__1 _379\"> </span><span class=\"ls4d_1 ws54_1\">2<span class=\"__1 _201\"/>10<span class=\"__1 _f4_1\"> </span><span class=\"ls28_1 ws28_1\">39<span class=\"__1 _f4_1\"> </span><span class=\"ls10_1 wsf_1\">2<span class=\"__1 _201\"/>2<span class=\"__1 _252\"> </span><span class=\"ls23_1 ws22_1\">271<span class=\"__1 _32b\"> </span></span></span></span></span></span>17<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>3 Pl<span class=\"__1 _201\"/>an ass<span class=\"__1 _201\"/>ets of t<span class=\"__1 _201\"/>he sc<span class=\"__1 _201\"/>hem<span class=\"__1 _201\"/>es <span class=\"__1 _385\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _386\"> </span>2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>PSPS<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>schemes<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _8c_1\"> </span><span class=\"ls5_1 ws1_1\">%<span class=\"__1 _32b\"> </span></span>PSPS<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>schemes<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _8c_1\"> </span><span class=\"ls5_1 ws1_1\">%<span class=\"__1 _32b\"> </span></span>Equities<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _368\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">47<span class=\"__1 _353\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _1d_1\"> </span><span class=\"ls16_1 ws15_1\">48<span class=\"__1 _367\"> </span></span>1<span class=\"__1 _311\"> </span></span></span><span class=\"ls34_1 ws35_1\">48<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _f4_1\"> </span><span class=\"ls3f_1 ws41_1\">55<span class=\"__1 _353\"> </span></span>1<span class=\"__1 _32b\"> </span></span></span>Overseas<span class=\"__1 _1bb_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">8<span class=\"__1 _1d_1\"> </span><span class=\"lsc_1 wsa_1\">70<span class=\"__1 _f4_1\"> </span><span class=\"ls27_1 ws27_1\">78<span class=\"__1 _311\"> </span></span></span>1<span class=\"__1 _353\"> </span></span><span class=\"ls1c_1 ws43_1\">28<span class=\"__1 _f4_1\"> </span><span class=\"ls28_1 ws28_1\">39<span class=\"__1 _232\"> </span><span class=\"ls1f_1 ws1e_1\">67<span class=\"__1 _353\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span></span></span></span>Bonds<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>Gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt<span class=\"__1 _1bc_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _c_1\"> </span><span class=\"ls53_1 ws5b_1\">848<span class=\"__1 _242\"> </span><span class=\"lsc_1 wsa_1\">4<span class=\"__1 _201\"/>,036<span class=\"__1 _230\"> </span>71<span class=\"__1 _270\"> </span></span></span></span><span class=\"ls5_1 ws1_1\">4,538<span class=\"__1 _223\"> </span><span class=\"ls22_1 ws21_1\">969<span class=\"__1 _204\"> </span><span class=\"ls23_1 ws22_1\">5,<span class=\"__1 _201\"/>507<span class=\"__1 _1d_1\"> </span><span class=\"ls3f_1 ws41_1\">60<span class=\"__1 _32b\"> </span></span></span></span></span>Corporate<span class=\"__1 _1bd_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>5<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _240\"> </span></span>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>9<span class=\"__1 _230\"> </span></span><span class=\"ff1_1\">21<span class=\"__1 _237\"> </span></span><span class=\"lsc_1 wsa_1\">1,9<span class=\"__1 _201\"/>09<span class=\"__1 _223\"> </span><span class=\"ls3f_1 ws41_1\">480<span class=\"__1 _214\"> </span><span class=\"ls5_1 ws1_1\">2,389<span class=\"__1 _f4_1\"> </span></span></span>26<span class=\"__1 _32b\"> </span></span>Asset<span class=\"__1 _200\"/>-back<span class=\"__1 _200\"/>ed secu<span class=\"__1 _200\"/>rities<span class=\"__1 _c4_1\"> </span><span class=\"ff1_1 ls10_1 wsf_1\">346<span class=\"__1 _1d_1\"> </span><span class=\"ls15_1 ws14_1\">66<span class=\"__1 _239\"> </span><span class=\"ls17_1 ws16_1\">412<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _1e_1\"> </span></span></span></span></span><span class=\"ws27_1\">392<span class=\"__1 _232\"> </span><span class=\"ls15_1 ws14_1\">25<span class=\"__1 _228\"> </span><span class=\"ls4a_1 ws50_1\">417<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _32b\"> </span></span></span></span></span>Derivat<span class=\"__1 _200\"/>ives<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>(55<span class=\"__1 _201\"/>2)<span class=\"__1 _7d_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>8)<span class=\"__1 _4a_1\"> </span><span class=\"ls3c_1 ws3d_1\">(<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0)<span class=\"__1 _2c_1\"> </span></span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _9e_1\"> </span><span class=\"ff2_1 ls83_1 wse_1\">43<span class=\"__1 _f4_1\"> </span><span class=\"ls27_1 ws27_1\">29<span class=\"__1 _271\"> </span><span class=\"ls3f_1 ws41_1\">72<span class=\"__1 _353\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span></span></span></span></span>Properties<span class=\"__1 _1be_1\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">263<span class=\"__1 _2c_1\"> </span><span class=\"ls2a_1 ws2a_1\">138<span class=\"__1 _253\"> </span><span class=\"ls40_1 ws44_1\">401<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _288\"> </span></span></span></span></span><span class=\"ls4d_1 ws54_1\">215<span class=\"__1 _226\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>5<span class=\"__1 _c_1\"> </span><span class=\"ls28_1 ws28_1\">330<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _32b\"> </span></span></span></span></span>Other assets<span class=\"__1 _18d_1\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">176<span class=\"__1 _1d_1\"> </span><span class=\"lsd_1 wsb_1\">65<span class=\"__1 _239\"> </span><span class=\"ls17_1 ws16_1\">241<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _288\"> </span></span></span></span></span><span class=\"ls40_1 ws44_1\">2<span class=\"__1 _201\"/>21<span class=\"__1 _1d_1\"> </span><span class=\"ls29_1 ws29_1\">83<span class=\"__1 _237\"> </span><span class=\"ls28_1 ws28_1\">304<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _32b\"> </span></span></span></span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l valu<span class=\"__1 _201\"/>e of ass<span class=\"__1 _201\"/>ets<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>41<span class=\"__1 _214\"> </span><span class=\"lsc_1 wsa_1\">1<span class=\"__1 _201\"/>,024<span class=\"__1 _211\"> </span><span class=\"ls19_1 ws18_1\">5,665<span class=\"__1 _c_1\"> </span>100<span class=\"__1 _c_1\"> </span><span class=\"ff2_1 ls13_1 ws12_1\">7,<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>4<span class=\"__1 _1a_1\"> </span><span class=\"ls3d_1 ws3f_1\">1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>7<span class=\"__1 _220\"> </span><span class=\"ls43_1 ws47_1\">9<span class=\"__1 _201\"/>,14<span class=\"__1 _201\"/>1<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>i  <span class=\"__1 _2e_1\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>, 8<span class=\"__1 _201\"/>8% of the b<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/>ds wer<span class=\"__1 _201\"/>e inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt gr<span class=\"__1 _201\"/>ade (2<span class=\"__1 _201\"/>021: 91%).<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed w<span class=\"__1 _201\"/>ithin d<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ves i<span class=\"__1 _201\"/>s a \u00a310m l<span class=\"__1 _201\"/>iabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>f the lo<span class=\"__1 _201\"/>nge<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y sw<span class=\"__1 _201\"/>ap tra<span class=\"__1 _201\"/>nsa<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on wi<span class=\"__1 _201\"/>th Pac<span class=\"__1 _201\"/>ific L<span class=\"__1 _201\"/>ife R<span class=\"__1 _201\"/>e Lim<span class=\"__1 _201\"/>ited (2<span class=\"__1 _201\"/>021: \u00a311m), va<span class=\"__1 _201\"/>lue<span class=\"__1 _201\"/>d at fai<span class=\"__1 _201\"/>r val<span class=\"__1 _201\"/>ue as<span class=\"__1 _201\"/> pe<span class=\"__1 _201\"/>r IAS19 a<span class=\"__1 _201\"/>nd ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n the p<span class=\"__1 _201\"/>rin<span class=\"__1 _201\"/>cipl<span class=\"__1 _201\"/>es of I<span class=\"__1 _201\"/>FRS13<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>As at 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, 84% of t<span class=\"__1 _201\"/>he tota<span class=\"__1 _201\"/>l valu<span class=\"__1 _201\"/>e of the s<span class=\"__1 _201\"/>che<span class=\"__1 _201\"/>me as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s wer<span class=\"__1 _201\"/>e der<span class=\"__1 _201\"/>ive<span class=\"__1 _201\"/>d from q<span class=\"__1 _201\"/>uote<span class=\"__1 _201\"/>d pri<span class=\"__1 _201\"/>ces i<span class=\"__1 _201\"/>n an ac<span class=\"__1 _201\"/>tive m<span class=\"__1 _201\"/>arket (<span class=\"__1 _201\"/>2021: 9<span class=\"__1 _201\"/>2%), whi<span class=\"__1 _201\"/>le th<span class=\"__1 _201\"/>e valu<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>of th<span class=\"__1 _201\"/>e rema<span class=\"__1 _201\"/>inin<span class=\"__1 _201\"/>g ass<span class=\"__1 _201\"/>ets i<span class=\"__1 _201\"/>s der<span class=\"__1 _201\"/>ive<span class=\"__1 _201\"/>d from t<span class=\"__1 _201\"/>he us<span class=\"__1 _201\"/>e of var<span class=\"__1 _201\"/>iou<span class=\"__1 _201\"/>s obs<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vab<span class=\"__1 _201\"/>le an<span class=\"__1 _201\"/>d uno<span class=\"__1 _201\"/>bse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vab<span class=\"__1 _201\"/>le in<span class=\"__1 _201\"/>puts<span class=\"__1 _201\"/>. No<span class=\"__1 _201\"/>ne of t<span class=\"__1 _201\"/>he sch<span class=\"__1 _201\"/>em<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets in<span class=\"__1 _201\"/>clu<span class=\"__1 _201\"/>de<span class=\"__1 _201\"/>d prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y occ<span class=\"__1 _201\"/>upie<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>by the G<span class=\"__1 _201\"/>rou<span class=\"__1 _201\"/>p. Du<span class=\"__1 _201\"/>e to the d<span class=\"__1 _201\"/>isinv<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>t in Gro<span class=\"__1 _201\"/>up in<span class=\"__1 _201\"/>sura<span class=\"__1 _201\"/>nce p<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>cie<span class=\"__1 _201\"/>s by M&amp;G<span class=\"__1 _201\"/>GP<span class=\"__1 _201\"/>S dur<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e year t<span class=\"__1 _201\"/>he ec<span class=\"__1 _201\"/>ono<span class=\"__1 _201\"/>mic b<span class=\"__1 _201\"/>asi<span class=\"__1 _201\"/>s plan a<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>ets is t<span class=\"__1 _201\"/>he sa<span class=\"__1 _201\"/>me as th<span class=\"__1 _201\"/>e IAS<span class=\"__1 _201\"/> 19 ba<span class=\"__1 _201\"/>sis pl<span class=\"__1 _201\"/>an as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he IA<span class=\"__1 _201\"/>S 19 bas<span class=\"__1 _201\"/>is pl<span class=\"__1 _201\"/>an as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>1 of \u00a38<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>34<span class=\"__1 _201\"/>m diff<span class=\"__1 _201\"/>ers to th<span class=\"__1 _201\"/>e ec<span class=\"__1 _201\"/>ono<span class=\"__1 _201\"/>mic b<span class=\"__1 _201\"/>asis p<span class=\"__1 _201\"/>lan a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ts of \u00a3<span class=\"__1 _201\"/>9,<span class=\"__1 _200\"/>141m as sho<span class=\"__1 _201\"/>wn<span class=\"__1 _32b\"> </span>ab<span class=\"__1 _201\"/>ove due to t<span class=\"__1 _201\"/>he inve<span class=\"__1 _201\"/>stm<span class=\"__1 _201\"/>ent i<span class=\"__1 _201\"/>n Gro<span class=\"__1 _201\"/>up ins<span class=\"__1 _201\"/>ura<span class=\"__1 _201\"/>nce p<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>cies b<span class=\"__1 _201\"/>y M&amp;G<span class=\"__1 _201\"/>GP<span class=\"__1 _201\"/>S dur<span class=\"__1 _201\"/>ing 20<span class=\"__1 _201\"/>21.<span class=\"__1 _32b\"> </span>17 De<span class=\"__1 _200\"/>fined benefit pension schemes cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>.4 Reconcilia<span class=\"__1 _200\"/>tion in<span class=\"__1 _200\"/> mov<span class=\"__1 _200\"/>ement<span class=\"__1 _200\"/> of schemes<span class=\"__1 _200\"/>\u2019 surplus<span class=\"__1 _200\"/>/<span class=\"__1 _f_1\"/>deficit <span class=\"__1 _1bf_1\"> </span><span class=\"ls2e_1 ws2e_1\">Economic basis<span class=\"__1 _1c0_1\"> </span></span> <span class=\"__1 _1c1_1\"> </span> Fair va<span class=\"__1 _201\"/>lue of<span class=\"__1 _201\"/> plan assets<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Present value<span class=\"__1 _32b\"> </span>of benefit<span class=\"__1 _32b\"> </span>obligation<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Effe<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>f <span class=\"ls5_1\"> </span>asset ceiling<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net<span class=\"__1 _32b\"> </span>economic<span class=\"__1 _32b\"> </span>pension<span class=\"__1 _32b\"> </span>surplus/<span class=\"ls5_1 ws1_1\"> </span>(d<span class=\"__1 _201\"/>efi<span class=\"__1 _201\"/>c<span class=\"__1 _201\"/>i<span class=\"__1 _201\"/>t)<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>adjustments<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net pension<span class=\"__1 _32b\"> </span>surplus/<span class=\"ls5_1 ws1_1\"> </span>(d<span class=\"__1 _201\"/>efi<span class=\"__1 _201\"/>c<span class=\"__1 _201\"/>i<span class=\"__1 _201\"/>t)<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net defined benefit<span class=\"__1 _200\"/> pension asse<span class=\"__1 _200\"/>t/<span class=\"__1 _200\"/>(liability<span class=\"__1 _f_1\"/>) at 1<span class=\"__1 _32b\"> </span>January 2022<span class=\"__1 _13c_1\"> </span><span class=\"ls24_1 ws23_1\">9<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>1<span class=\"__1 _1c2_1\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>4)<span class=\"__1 _228\"> </span>(8<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>6)<span class=\"__1 _223\"> </span><span class=\"ls18_1 ws17_1\">1<span class=\"__1 _201\"/>61<span class=\"__1 _270\"> </span><span class=\"ls21_1 ws20_1\">(207<span class=\"__1 _201\"/>)<span class=\"__1 _270\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _250\"/>6)<span class=\"__1 _32b\"> </span></span></span></span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> expense<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> in income<span class=\"__1 _200\"/> stat<span class=\"__1 _200\"/>ement:<span class=\"__1 _32b\"> </span>Curre<span class=\"__1 _201\"/>nt ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice cos<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span>Past ser<span class=\"__1 _201\"/>vice costs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _12a_1\"> </span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _266\"> </span>\u2014<span class=\"__1 _b7_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Net int<span class=\"__1 _200\"/>erest i<span class=\"__1 _200\"/>ncome/<span class=\"__1 _200\"/>(<span class=\"__1 _200\"/>e<span class=\"__1 _200\"/>xpense<span class=\"__1 _200\"/>)<span class=\"__1 _1c3_1\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">164<span class=\"__1 _264\"> </span><span class=\"ls23_1 ws22_1\">(<span class=\"__1 _200\"/>145)<span class=\"__1 _9e_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _288\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _392\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>Admin<span class=\"__1 _200\"/>istration<span class=\"__1 _200\"/> expenses<span class=\"__1 _f0_1\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">(9)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(9)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(9<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> expense<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> in con<span class=\"__1 _200\"/>solidated<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span>statem<span class=\"__1 _201\"/>ent<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>155<span class=\"__1 _224\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>1)<span class=\"__1 _392\"> </span>(1<span class=\"__1 _201\"/>6)<span class=\"__1 _c_1\"> </span><span class=\"ls56_1 ws5f_1\">(22)<span class=\"__1 _264\"> </span><span class=\"ls26_1 ws26_1\">(3)<span class=\"__1 _237\"> </span><span class=\"ls21_1 ws20_1\">(25<span class=\"__1 _32b\"> </span></span></span></span></span>Remeasurements:<span class=\"__1 _32b\"> </span>Actuar<span class=\"__1 _200\"/>ial gain<span class=\"__1 _200\"/>s and lo<span class=\"__1 _200\"/>sses:<span class=\"__1 _32b\"> </span>Retur<span class=\"__1 _201\"/>n on the sch<span class=\"__1 _201\"/>eme as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s les<span class=\"__1 _201\"/>s amount i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/> interes<span class=\"__1 _201\"/>t inco<span class=\"__1 _201\"/>me<span class=\"__1 _1c4_1\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>8)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>8)<span class=\"__1 _1d_1\"> </span><span class=\"lsb_1 ws32_1\">58<span class=\"__1 _249\"> </span></span>(3<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>Gains on<span class=\"__1 _200\"/> changes in<span class=\"__1 _200\"/> demographic assump<span class=\"__1 _200\"/>tions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>262<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>262<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>262<span class=\"__1 _32b\"> </span>Gains on changes in financial assumptions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2,848<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2,848<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2,848<span class=\"__1 _32b\"> </span>Ex<span class=\"__1 _201\"/>perien<span class=\"__1 _201\"/>ce losses on sch<span class=\"__1 _201\"/>eme liabilities<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>Unrecognisab<span class=\"__1 _201\"/>le surplus<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _12a_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>331<span class=\"__1 _2c_1\"> </span>331<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>331<span class=\"__1 _32b\"> </span>Remeasurements<span class=\"__1 _200\"/> gains and<span class=\"__1 _200\"/> (losses<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>8)<span class=\"__1 _270\"> </span><span class=\"ls15_1 ws14_1\">2,<span class=\"__1 _201\"/>988<span class=\"__1 _392\"> </span><span class=\"ls1c_1 ws43_1\">331<span class=\"__1 _252\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _201\"/>9)<span class=\"__1 _1d_1\"> </span><span class=\"lsb_1 ws32_1\">58<span class=\"__1 _1d_1\"> </span><span class=\"ls22_1 ws21_1\">29<span class=\"__1 _32b\"> </span></span></span></span></span></span>Benefit payments<span class=\"__1 _1c5_1\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>8)<span class=\"__1 _264\"> </span><span class=\"ls27_1 ws27_1\">328<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _266\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Employ<span class=\"__1 _200\"/>ers\u2019<span class=\"__1 _200\"/> contribu<span class=\"__1 _200\"/>tions<span class=\"__1 _1c6_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">45<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>45<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>45<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>investm<span class=\"__1 _201\"/>ent in the G<span class=\"__1 _201\"/>roup\u2019s insura<span class=\"__1 _201\"/>nce po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _12a_1\"> </span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>152<span class=\"__1 _239\"> </span>152<span class=\"__1 _32b\"> </span>Net defined benefit<span class=\"__1 _200\"/> pension asse<span class=\"__1 _200\"/>t/<span class=\"__1 _200\"/>(liability<span class=\"__1 _f_1\"/>) at 31<span class=\"__1 _32b\"> </span>December 2022<span class=\"__1 _1c5_1\"> </span><span class=\"ls19_1 ws18_1\">5,665<span class=\"__1 _222\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9)<span class=\"__1 _f7_1\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>81)<span class=\"__1 _222\"> </span><span class=\"ls32_1 ws33_1\">155<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>155<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>An ex<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>se of \u00a313<span class=\"__1 _201\"/>m is in<span class=\"__1 _201\"/>clu<span class=\"__1 _201\"/>ded i<span class=\"__1 _201\"/>n the tot<span class=\"__1 _201\"/>al amo<span class=\"__1 _201\"/>unt re<span class=\"__1 _201\"/>co<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed in t<span class=\"__1 _201\"/>he in<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e state<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>t for th<span class=\"__1 _201\"/>e year e<span class=\"__1 _201\"/>nd<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 rel<span class=\"__1 _201\"/>ating t<span class=\"__1 _201\"/>o the Wi<span class=\"__1 _201\"/>th-<span class=\"__1 _32b\"> </span>Pro<span class=\"__1 _201\"/>fits Fun<span class=\"__1 _201\"/>d (20<span class=\"__1 _201\"/>21: \u00a312m).<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed in t<span class=\"__1 _201\"/>he sh<span class=\"__1 _201\"/>are of re<span class=\"__1 _201\"/>mea<span class=\"__1 _201\"/>sure<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>t gain<span class=\"__1 _201\"/>s and l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es fo<span class=\"__1 _201\"/>r the ye<span class=\"__1 _201\"/>ar en<span class=\"__1 _201\"/>ded 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 a<span class=\"__1 _201\"/>re gain<span class=\"__1 _201\"/>s rela<span class=\"__1 _201\"/>ting to s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>s tota<span class=\"__1 _201\"/>llin<span class=\"__1 _201\"/>g \u00a331m<span class=\"__1 _201\"/> (20<span class=\"__1 _201\"/>21: gai<span class=\"__1 _201\"/>ns of \u00a36<span class=\"__1 _201\"/>8m) wh<span class=\"__1 _201\"/>ich ar<span class=\"__1 _201\"/>e reco<span class=\"__1 _201\"/>gni<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d in othe<span class=\"__1 _201\"/>r com<span class=\"__1 _201\"/>pre<span class=\"__1 _201\"/>hen<span class=\"__1 _201\"/>sive i<span class=\"__1 _201\"/>nco<span class=\"__1 _201\"/>me. T<span class=\"__1 _201\"/>he am<span class=\"__1 _201\"/>ount<span class=\"__1 _201\"/>s att<span class=\"__1 _201\"/>rib<span class=\"__1 _201\"/>utab<span class=\"__1 _201\"/>le to th<span class=\"__1 _201\"/>e With<span class=\"__1 _201\"/>-P<span class=\"__1 _201\"/>rofit<span class=\"__1 _201\"/>s Fund f<span class=\"__1 _201\"/>or the ye<span class=\"__1 _201\"/>ar en<span class=\"__1 _201\"/>de<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 amo<span class=\"__1 _201\"/>unt to l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>es of \u00a3(<span class=\"__1 _201\"/>2)m (2<span class=\"__1 _201\"/>021:g<span class=\"__1 _201\"/>ain<span class=\"__1 _201\"/>s of \u00a33<span class=\"__1 _201\"/>m) are rec<span class=\"__1 _201\"/>ogn<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d in oth<span class=\"__1 _201\"/>er co<span class=\"__1 _201\"/>mpre<span class=\"__1 _201\"/>hen<span class=\"__1 _201\"/>siv<span class=\"__1 _201\"/>e inco<span class=\"__1 _201\"/>me an<span class=\"__1 _201\"/>d tra<span class=\"__1 _201\"/>nsf<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d to una<span class=\"__1 _201\"/>llo<span class=\"__1 _201\"/>cate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>sur<span class=\"__1 _201\"/>plu<span class=\"__1 _201\"/>s of the W<span class=\"__1 _201\"/>ith<span class=\"__1 _201\"/>-Pr<span class=\"__1 _201\"/>ofit<span class=\"__1 _201\"/>s Fund.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Th<span class=\"__1 _201\"/>e ris<span class=\"__1 _201\"/>e in inte<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>t rates a<span class=\"__1 _201\"/>nd wi<span class=\"__1 _201\"/>den<span class=\"__1 _201\"/>ing of c<span class=\"__1 _201\"/>red<span class=\"__1 _201\"/>it spr<span class=\"__1 _201\"/>eads o<span class=\"__1 _201\"/>ver th<span class=\"__1 _201\"/>e year h<span class=\"__1 _201\"/>as red<span class=\"__1 _201\"/>uce<span class=\"__1 _201\"/>d bot<span class=\"__1 _201\"/>h the de<span class=\"__1 _201\"/>fine<span class=\"__1 _201\"/>d be<span class=\"__1 _201\"/>nefi<span class=\"__1 _201\"/>t obl<span class=\"__1 _201\"/>igat<span class=\"__1 _201\"/>ion an<span class=\"__1 _201\"/>d the v<span class=\"__1 _201\"/>alue o<span class=\"__1 _201\"/>f ass<span class=\"__1 _201\"/>ets f<span class=\"__1 _201\"/>or all<span class=\"__1 _201\"/> sch<span class=\"__1 _201\"/>em<span class=\"__1 _201\"/>es. H<span class=\"__1 _201\"/>igh i<span class=\"__1 _201\"/>nflat<span class=\"__1 _201\"/>ion ove<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 has i<span class=\"__1 _201\"/>ncre<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d the d<span class=\"__1 _201\"/>efin<span class=\"__1 _201\"/>ed b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit ob<span class=\"__1 _201\"/>liga<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>, par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cula<span class=\"__1 _201\"/>rl<span class=\"__1 _201\"/>y in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e val<span class=\"__1 _201\"/>uatio<span class=\"__1 _201\"/>n in de<span class=\"__1 _201\"/>fer<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>; how<span class=\"__1 _201\"/>ever, the<span class=\"__1 _32b\"> </span>exi<span class=\"__1 _201\"/>sten<span class=\"__1 _201\"/>ce of in<span class=\"__1 _201\"/>flati<span class=\"__1 _201\"/>on c<span class=\"__1 _201\"/>aps on p<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>ion i<span class=\"__1 _201\"/>ncre<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>s for m<span class=\"__1 _201\"/>ost t<span class=\"__1 _201\"/>ran<span class=\"__1 _201\"/>che<span class=\"__1 _201\"/>s damp<span class=\"__1 _201\"/>ens t<span class=\"__1 _201\"/>he imp<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>t of hig<span class=\"__1 _201\"/>h infl<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n on the l<span class=\"__1 _201\"/>iabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span>17 De<span class=\"__1 _200\"/>fined benefit pension schemes cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span> <span class=\"__1 _1bf_1\"> </span><span class=\"ls2e_1 ws2e_1\">Economic basis<span class=\"__1 _1c0_1\"> </span></span> <span class=\"__1 _1c1_1\"> </span> Fair va<span class=\"__1 _201\"/>lue of<span class=\"__1 _201\"/> plan assets<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Present value<span class=\"__1 _32b\"> </span>of benefit<span class=\"__1 _32b\"> </span>obligation<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Effe<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>f <span class=\"ls5_1\"> </span>asset ceiling<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net<span class=\"__1 _32b\"> </span>economic<span class=\"__1 _32b\"> </span>pension<span class=\"__1 _32b\"> </span>surplus/<span class=\"ls5_1 ws1_1\"> </span>(d<span class=\"__1 _201\"/>efi<span class=\"__1 _201\"/>c<span class=\"__1 _201\"/>i<span class=\"__1 _201\"/>t)<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>adjustments<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net pension<span class=\"__1 _32b\"> </span>surplus/<span class=\"ls5_1 ws1_1\"> </span>(d<span class=\"__1 _201\"/>efi<span class=\"__1 _201\"/>c<span class=\"__1 _201\"/>i<span class=\"__1 _201\"/>t)<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net d<span class=\"__1 _201\"/>efine<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efit pe<span class=\"__1 _201\"/>nsion a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>/(liabil<span class=\"__1 _201\"/>ity) at 1 Jan<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _1c7_1\"> </span><span class=\"ls7_1 ws5_1\">9,59<span class=\"__1 _201\"/>3<span class=\"__1 _253\"> </span><span class=\"ls8_1 ws6_1\">(8<span class=\"__1 _201\"/>,78<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _232\"> </span><span class=\"ls56_1 ws5f_1\">(<span class=\"__1 _201\"/>717)<span class=\"__1 _345\"> </span><span class=\"ls28_1 ws28_1\">89<span class=\"__1 _239\"> </span><span class=\"ls52_1 ws5a_1\">(2<span class=\"__1 _201\"/>01)<span class=\"__1 _270\"> </span><span class=\"lsa_1 ws8_1\">(112<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> expense<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> in income<span class=\"__1 _200\"/> stat<span class=\"__1 _200\"/>ement:<span class=\"__1 _32b\"> </span>Curre<span class=\"__1 _201\"/>nt ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice cos<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>Past ser<span class=\"__1 _201\"/>vice costs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _12a_1\"> </span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _266\"> </span>\u2014<span class=\"__1 _b7_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Net int<span class=\"__1 _200\"/>erest i<span class=\"__1 _200\"/>ncome/<span class=\"__1 _200\"/>(<span class=\"__1 _200\"/>e<span class=\"__1 _200\"/>xpense<span class=\"__1 _200\"/>)<span class=\"__1 _ed_1\"> </span><span class=\"ls11_1 ws10_1\">117<span class=\"__1 _8c_1\"> </span><span class=\"lsa_1 ws8_1\">(10<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _a5_1\"> </span><span class=\"ls18_1 ws17_1\">(9)<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>(3)<span class=\"__1 _232\"> </span>(3)<span class=\"__1 _32b\"> </span>Admin<span class=\"__1 _200\"/>istration<span class=\"__1 _200\"/> expenses<span class=\"__1 _1c6_1\"> </span><span class=\"ls18_1 ws17_1\">(9)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(9)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(9<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> expense<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> in income<span class=\"__1 _200\"/> stat<span class=\"__1 _200\"/>ement<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>108<span class=\"__1 _9e_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _a5_1\"> </span><span class=\"ls18_1 ws17_1\">(9)<span class=\"__1 _253\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _224\"> </span>(3)<span class=\"__1 _253\"> </span>(3<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span>Remeasurements:<span class=\"__1 _32b\"> </span>Actuar<span class=\"__1 _200\"/>ial gain<span class=\"__1 _200\"/>s and lo<span class=\"__1 _200\"/>sses:<span class=\"__1 _32b\"> </span>Retur<span class=\"__1 _201\"/>n on the sch<span class=\"__1 _201\"/>eme as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s les<span class=\"__1 _201\"/>s amount i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/> interes<span class=\"__1 _201\"/>t inco<span class=\"__1 _201\"/>me<span class=\"__1 _ec_1\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>24)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>4)<span class=\"__1 _230\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _253\"> </span><span class=\"ls11_1 ws10_1\">(<span class=\"__1 _201\"/>211<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Gains on<span class=\"__1 _200\"/> changes in<span class=\"__1 _200\"/> demographic assump<span class=\"__1 _200\"/>tions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>129<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>129<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>129<span class=\"__1 _32b\"> </span>Gains on changes in financial assumptions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>366<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>366<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>366<span class=\"__1 _32b\"> </span>Ex<span class=\"__1 _201\"/>perien<span class=\"__1 _201\"/>ce losses on sch<span class=\"__1 _201\"/>eme liabilities<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>Unrecognisab<span class=\"__1 _201\"/>le surplus<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _12a_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(17<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _220\"> </span>(17<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(17<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>Remeasurements<span class=\"__1 _200\"/> gains and<span class=\"__1 _200\"/> (losses<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>4)<span class=\"__1 _264\"> </span><span class=\"ls32_1 ws33_1\">4<span class=\"__1 _201\"/>52<span class=\"__1 _224\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>70<span class=\"__1 _201\"/>)<span class=\"__1 _345\"> </span><span class=\"ls1f_1 ws1e_1\">58<span class=\"__1 _9e_1\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _229\"> </span><span class=\"ls23_1 ws22_1\">71<span class=\"__1 _32b\"> </span></span></span></span></span></span>Benefit payments<span class=\"__1 _19c_1\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>3)<span class=\"__1 _264\"> </span><span class=\"ls5_1 ws1_1\">383<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _266\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Employ<span class=\"__1 _200\"/>ers\u2019<span class=\"__1 _200\"/> contribu<span class=\"__1 _200\"/>tions<span class=\"__1 _1c8_1\"> </span><span class=\"ls45_1 ws49_1\">47<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>47<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>47<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>r in to investm<span class=\"__1 _201\"/>ent in G<span class=\"__1 _201\"/>roup insu<span class=\"__1 _201\"/>rance p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>ies<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _12a_1\"> </span>\u2014<span class=\"__1 _13f_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>6)<span class=\"__1 _252\"> </span>(1<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span>Net defined benefit<span class=\"__1 _200\"/> pension asse<span class=\"__1 _200\"/>t/<span class=\"__1 _200\"/>(liability<span class=\"__1 _f_1\"/>) at 31<span class=\"__1 _32b\"> </span>December 2021<span class=\"__1 _1b4_1\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">9<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>41<span class=\"__1 _223\"> </span><span class=\"ls17_1 ws16_1\">(8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _226\"> </span><span class=\"ls5b_1 ws67_1\">(8<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>6)<span class=\"__1 _253\"> </span><span class=\"lse_1 wsc_1\">161<span class=\"__1 _c_1\"> </span><span class=\"ls23_1 ws22_1\">(2<span class=\"__1 _201\"/>07)<span class=\"__1 _c_1\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _250\"/>6)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>17<span class=\"__1 _f_1\"/>.5 Maturi<span class=\"__1 _200\"/>ty analysis<span class=\"__1 _200\"/> of<span class=\"__1 _200\"/> benefit obligations<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e provi<span class=\"__1 _201\"/>des an exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted matur<span class=\"__1 _201\"/>ity a<span class=\"__1 _201\"/>nalys<span class=\"__1 _201\"/>is of the un<span class=\"__1 _201\"/>disco<span class=\"__1 _201\"/>unted defi<span class=\"__1 _201\"/>ned b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t obli<span class=\"__1 _201\"/>gations<span class=\"__1 _201\"/>: <span class=\"__1 _1c9_1\"> </span><span class=\"ls3_1 ws69_1\">All schemes<span class=\"__1 _32b\"> </span></span>1 yea<span class=\"__1 _201\"/>r <span class=\"ls5_1\"> </span>or less <span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 1<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>yea<span class=\"__1 _201\"/>r to <span class=\"ls5_1\"> </span>5 yea<span class=\"__1 _201\"/>rs<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 5<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>yea<span class=\"__1 _201\"/>rs to <span class=\"ls5_1\"> </span>10 yea<span class=\"__1 _201\"/>rs<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 10<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>yea<span class=\"__1 _201\"/>rs to <span class=\"ls5_1\"> </span>15 yea<span class=\"__1 _201\"/>rs<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 15<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>yea<span class=\"__1 _201\"/>rs to <span class=\"ls5_1\"> </span>20 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Over<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>20 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _1c3_1\"> </span><span class=\"ls40_1 ws44_1\">269<span class=\"__1 _240\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>4<span class=\"__1 _208\"> </span></span>1,<span class=\"__1 _201\"/>529<span class=\"__1 _4a_1\"> </span><span class=\"ls3c_1 ws3d_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>5<span class=\"__1 _204\"> </span><span class=\"ls32_1 ws33_1\">1,<span class=\"__1 _201\"/>493<span class=\"__1 _243\"> </span><span class=\"ls1f_1 ws1e_1\">4,838<span class=\"__1 _1c_1\"> </span><span class=\"ls19_1 ws18_1\">10,798<span class=\"__1 _32b\"> </span></span></span></span></span></span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21<span class=\"__1 _1ca_1\"> </span><span class=\"lsc_1 wsa_1\">266<span class=\"__1 _1a_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _240\"> </span></span>1,5<span class=\"__1 _201\"/>34<span class=\"__1 _240\"> </span>1,<span class=\"__1 _201\"/>525<span class=\"__1 _208\"> </span>1,4<span class=\"__1 _201\"/>66<span class=\"__1 _4a_1\"> </span><span class=\"ls74_1 ws89_1\">5<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>510<span class=\"__1 _242\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>42<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span>The w<span class=\"__1 _201\"/>eighted ave<span class=\"__1 _201\"/>rage du<span class=\"__1 _201\"/>ration of e<span class=\"__1 _201\"/>ach sch<span class=\"__1 _201\"/>eme\u2019s define<span class=\"__1 _201\"/>d ben<span class=\"__1 _201\"/>efit ob<span class=\"__1 _201\"/>ligatio<span class=\"__1 _201\"/>ns (in yea<span class=\"__1 _201\"/>rs<span class=\"__1 _200\"/>) are as fo<span class=\"__1 _201\"/>llows: <span class=\"__1 _6b_1\"> </span><span class=\"ls80_1 ws97_1\">PSPS<span class=\"__1 _243\"> </span><span class=\"ls4f_1 ws55_1\">SASPS<span class=\"__1 _1b0_1\"> </span></span>M&amp;GGPS<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _1cb_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _230\"> </span><span class=\"ls4d_1 ws54_1\">17<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _32b\"> </span></span></span></span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>21<span class=\"__1 _1cc_1\"> </span><span class=\"ls2a_1 ws2a_1\">16<span class=\"__1 _232\"> </span><span class=\"ls27_1 ws27_1\">23<span class=\"__1 _232\"> </span><span class=\"ls15_1 ws14_1\">25<span class=\"__1 _32b\"> </span></span></span></span>17 De<span class=\"__1 _200\"/>fined benefit pension schemes cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-503": {
   "value": "18 Loans The amounts included in the consolidated statement of financial position in relation to loan assets are analysed as follows: As at 31 December 2022 \u00a3m 2021 \u00a3m Mortgage loans 1,977 4,219 Policy loans 2 2 Other loans 1,351 1,588 Total loans 3,330 5,809 As at 31 December 2021, mortgage loans included \u00a31,245m of buy-to-let mortgages held by a securitisation vehicle, Harben 2017-1 plc, that the Group consolidated. As at 31 December 2022, the securitisation vehicle has been deconsolidated following a change in control. Additionally, \u00a3285m of other loans were previously included as a result of consolidating Sky Fund I LP and Sky Fund V Onshore, however these funds are also no longer consolidated by the Group following disposal of the investment and a change in control respectively. Refer to Note 2.4 for further details. As at 31 December 2022, 69% of the \u00a31,351m (2021: 79% of \u00a32,180m) of mortgage loans held by the shareholder-backed business related to lifetime (equity release) mortgage business which had an average loan to property value of 35% (2021: 36%). The equity release mortgages are carried at fair value through profit or loss. Sensitivities in relation to the valuation of the equity release mortgages are provided in Note 32.9. Other loans mainly comprise syndicated and commercial bridge loans. ",
   "dimensions": {
    "concept": "mgplc:DisclosureOfLoans",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-562": {
   "value": "19 Classification of financial instruments 19.1 Financial assets Fair value through  profit or loss     As at 31 December 2022 Note Designated \u00a3m Held for  trading \u00a3m Loans and  receivables \u00a3m Total \u00a3m Equity securities and pooled investment funds 32 70,127 \u2014 \u2014 70,127 Loans i 1,216 \u2014 2,114 3,330 Debt securities 32 62,821 \u2014 \u2014 62,821 Derivative assets 32 \u2014 2,850 \u2014 2,850 Deposits 33 \u2014 \u2014 21,401 21,401 Accrued investment income and other debtors 20 \u2014 \u2014 2,340 2,340 Cash and cash equivalents 21 \u2014 \u2014 4,884 4,884 Total financial assets 134,164 2,850 30,739 167,753 i  The carrying value of loans held at amortised cost are reported net of allowance for loan losses of \u00a330m as at 31 December 2022 (2021: \u00a318m).  Fair value through  profit or loss    As at 31 December 2021 Note Designated \u00a3m Held for  trading \u00a3m Loans and  receivables \u00a3m Total \u00a3m Equity securities and pooled investment funds 32 74,069 \u2014 \u2014 74,069 Loans 3,275 \u2014 2,534 5,809 Debt securities 32 81,059 \u2014 \u2014 81,059 Derivative assets 32 \u2014 3,373 \u2014 3,373 Deposits 33 \u2014 \u2014 17,633 17,633 Accrued investment income and other debtors 20 \u2014 \u2014 2,647 2,647 Cash and cash equivalents 21 \u2014 \u2014 6,908 6,908 Total financial assets 158,403 3,373 29,722 191,498 Financial assets expected to be recovered after more than one year as at 31 December 2022 are \u00a362,140m (2021: \u00a382,141m). 19.2 Financial liabilities Fair value through  profit or loss    As at 31 December 2022 Note Designated \u00a3m Held for  trading \u00a3m Amortised  cost \u00a3m Total \u00a3m Investment contract liabilities without discretionary participation features 26 11,937 \u2014 \u2014 11,937 Third party interest in consolidated funds 32 10,389 \u2014 \u2014 10,389 Subordinated liabilities and other borrowings 27 \u2014 \u2014 7,537 7,537 Derivative liabilities 32 \u2014 4,185 \u2014 4,185 Other financial liabilities i \u2014 \u2014 2,172 2,172 Accruals, deferred income and other liabilities ii 246 \u2014 6,499 6,745 Total financial liabilities 22,572 4,185 16,208 42,965 i  Other financial liabilities relate to obligations under funding, securities lending, and sale and repurchase agreements. ii  Accruals, deferred income and other liabilities exclude items which do not meet the definition of a financial liability. Fair value through  profit or loss    As at 31 December 2021 Note Designated \u00a3m Held for  trading \u00a3m Amortised  cost \u00a3m Total \u00a3m Investment contract liabilities without discretionary participation features 26 14,884 \u2014 \u2014 14,884 Third party interest in consolidated funds 32 12,636 \u2014 \u2014 12,636 Subordinated liabilities and other borrowings 27 1,159 \u2014 7,771 8,930 Derivative liabilities 32 \u2014 2,689 \u2014 2,689 Other financial liabilities i \u2014 \u2014 2,882 2,882 Accruals, deferred income and other liabilities ii 403 \u2014 5,670 6,073 Total financial liabilities 29,082 2,689 16,323 48,094 Financial liabilities which are expected to be settled after more than one year as at 31 December 2022 were \u00a310,048m (2021: \u00a310,490m). 19 Classification of financial instruments continued ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-504": {
   "value": "19 Classification of financial instruments 19.1 Financial assets Fair value through  profit or loss     As at 31 December 2022 Note Designated \u00a3m Held for  trading \u00a3m Loans and  receivables \u00a3m Total \u00a3m Equity securities and pooled investment funds 32 70,127 \u2014 \u2014 70,127 Loans i 1,216 \u2014 2,114 3,330 Debt securities 32 62,821 \u2014 \u2014 62,821 Derivative assets 32 \u2014 2,850 \u2014 2,850 Deposits 33 \u2014 \u2014 21,401 21,401 Accrued investment income and other debtors 20 \u2014 \u2014 2,340 2,340 Cash and cash equivalents 21 \u2014 \u2014 4,884 4,884 Total financial assets 134,164 2,850 30,739 167,753 i  The carrying value of loans held at amortised cost are reported net of allowance for loan losses of \u00a330m as at 31 December 2022 (2021: \u00a318m). Fair value through  profit or loss    As at 31 December 2021 Note Designated \u00a3m Held for  trading \u00a3m Loans and  receivables \u00a3m Total \u00a3m Equity securities and pooled investment funds 32 74,069 \u2014 \u2014 74,069 Loans 3,275 \u2014 2,534 5,809 Debt securities 32 81,059 \u2014 \u2014 81,059 Derivative assets 32 \u2014 3,373 \u2014 3,373 Deposits 33 \u2014 \u2014 17,633 17,633 Accrued investment income and other debtors 20 \u2014 \u2014 2,647 2,647 Cash and cash equivalents 21 \u2014 \u2014 6,908 6,908 Total financial assets 158,403 3,373 29,722 191,498 Financial assets expected to be recovered after more than one year as at 31 December 2022 are \u00a362,140m (2021: \u00a382,141m). 19.2 Financial liabilities Fair value through  profit or loss    As at 31 December 2022 Note Designated \u00a3m Held for  trading \u00a3m Amortised  cost \u00a3m Total \u00a3m Investment contract liabilities without discretionary participation features 26 11,937 \u2014 \u2014 11,937 Third party interest in consolidated funds 32 10,389 \u2014 \u2014 10,389 Subordinated liabilities and other borrowings 27 \u2014 \u2014 7,537 7,537 Derivative liabilities 32 \u2014 4,185 \u2014 4,185 Other financial liabilities i \u2014 \u2014 2,172 2,172 Accruals, deferred income and other liabilities ii 246 \u2014 6,499 6,745 Total financial liabilities 22,572 4,185 16,208 42,965 i  Other financial liabilities relate to obligations under funding, securities lending, and sale and repurchase agreements. ii  Accruals, deferred income and other liabilities exclude items which do not meet the definition of a financial liability. Fair value through  profit or loss    As at 31 December 2021 Note Designated \u00a3m Held for  trading \u00a3m Amortised  cost \u00a3m Total \u00a3m Investment contract liabilities without discretionary participation features 26 14,884 \u2014 \u2014 14,884 Third party interest in consolidated funds 32 12,636 \u2014 \u2014 12,636 Subordinated liabilities and other borrowings 27 1,159 \u2014 7,771 8,930 Derivative liabilities 32 \u2014 2,689 \u2014 2,689 Other financial liabilities i \u2014 \u2014 2,882 2,882 Accruals, deferred income and other liabilities ii 403 \u2014 5,670 6,073 Total financial liabilities 29,082 2,689 16,323 48,094 Financial liabilities which are expected to be settled after more than one year as at 31 December 2022 were \u00a310,048m (2021: \u00a310,490m). 19 Classification of financial instruments continued ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-589": {
   "value": "19 Classification of financial instruments 19.1 Financial assets Fair value through  profit or loss     As at 31 December 2022 Note Designated \u00a3m Held for  trading \u00a3m Loans and  receivables \u00a3m Total \u00a3m Equity securities and pooled investment funds 32 70,127 \u2014 \u2014 70,127 Loans i 1,216 \u2014 2,114 3,330 Debt securities 32 62,821 \u2014 \u2014 62,821 Derivative assets 32 \u2014 2,850 \u2014 2,850 Deposits 33 \u2014 \u2014 21,401 21,401 Accrued investment income and other debtors 20 \u2014 \u2014 2,340 2,340 Cash and cash equivalents 21 \u2014 \u2014 4,884 4,884 Total financial assets 134,164 2,850 30,739 167,753 i  The carrying value of loans held at amortised cost are reported net of allowance for loan losses of \u00a330m as at 31 December 2022 (2021: \u00a318m). Fair value through  profit or loss    As at 31 December 2021 Note Designated \u00a3m Held for  trading \u00a3m Loans and  receivables \u00a3m Total \u00a3m Equity securities and pooled investment funds 32 74,069 \u2014 \u2014 74,069 Loans 3,275 \u2014 2,534 5,809 Debt securities 32 81,059 \u2014 \u2014 81,059 Derivative assets 32 \u2014 3,373 \u2014 3,373 Deposits 33 \u2014 \u2014 17,633 17,633 Accrued investment income and other debtors 20 \u2014 \u2014 2,647 2,647 Cash and cash equivalents 21 \u2014 \u2014 6,908 6,908 Total financial assets 158,403 3,373 29,722 191,498 Financial assets expected to be recovered after more than one year as at 31 December 2022 are \u00a362,140m (2021: \u00a382,141m). Financial in 19.2 Financial liabilities Fair value through  profit or loss    As at 31 December 2022 Note Designated \u00a3m Held for  trading \u00a3m Amortised  cost \u00a3m Total \u00a3m Investment contract liabilities without discretionary participation features 26 11,937 \u2014 \u2014 11,937 Third party interest in consolidated funds 32 10,389 \u2014 \u2014 10,389 Subordinated liabilities and other borrowings 27 \u2014 \u2014 7,537 7,537 Derivative liabilities 32 \u2014 4,185 \u2014 4,185 Other financial liabilities i \u2014 \u2014 2,172 2,172 Accruals, deferred income and other liabilities ii 246 \u2014 6,499 6,745 Total financial liabilities 22,572 4,185 16,208 42,965 i  Other financial liabilities relate to obligations under funding, securities lending, and sale and repurchase agreements. ii  Accruals, deferred income and other liabilities exclude items which do not meet the definition of a financial liability. Fair value through  profit or loss    As at 31 December 2021 Note Designated \u00a3m Held for  trading \u00a3m Amortised  cost \u00a3m Total \u00a3m Investment contract liabilities without discretionary participation features 26 14,884 \u2014 \u2014 14,884 Third party interest in consolidated funds 32 12,636 \u2014 \u2014 12,636 Subordinated liabilities and other borrowings 27 1,159 \u2014 7,771 8,930 Derivative liabilities 32 \u2014 2,689 \u2014 2,689 Other financial liabilities i \u2014 \u2014 2,882 2,882 Accruals, deferred income and other liabilities ii 403 \u2014 5,670 6,073 Total financial liabilities 29,082 2,689 16,323 48,094 Financial liabilities which are expected to be settled after more than one year as at 31 December 2022 were \u00a310,048m (2021: \u00a310,490m). 19 Classification of financial instruments continued ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-593": {
   "value": "19 Classification of financial instruments 19.1 Financial assets Fair value through  profit or loss     As at 31 December 2022 Note Designated \u00a3m Held for  trading \u00a3m Loans and  receivables \u00a3m Total \u00a3m Equity securities and pooled investment funds 32 70,127 \u2014 \u2014 70,127 Loans i 1,216 \u2014 2,114 3,330 Debt securities 32 62,821 \u2014 \u2014 62,821 Derivative assets 32 \u2014 2,850 \u2014 2,850 Deposits 33 \u2014 \u2014 21,401 21,401 Accrued investment income and other debtors 20 \u2014 \u2014 2,340 2,340 Cash and cash equivalents 21 \u2014 \u2014 4,884 4,884 Total financial assets 134,164 2,850 30,739 167,753 i  The carrying value of loans held at amortised cost are reported net of allowance for loan losses of \u00a330m as at 31 December 2022 (2021: \u00a318m). Fair value through  profit or loss    As at 31 December 2021 Note Designated \u00a3m Held for  trading \u00a3m Loans and  receivables \u00a3m Total \u00a3m Equity securities and pooled investment funds 32 74,069 \u2014 \u2014 74,069 Loans 3,275 \u2014 2,534 5,809 Debt securities 32 81,059 \u2014 \u2014 81,059 Derivative assets 32 \u2014 3,373 \u2014 3,373 Deposits 33 \u2014 \u2014 17,633 17,633 Accrued investment income and other debtors 20 \u2014 \u2014 2,647 2,647 Cash and cash equivalents 21 \u2014 \u2014 6,908 6,908 Total financial assets 158,403 3,373 29,722 191,498 Financial assets expected to be recovered after more than one year as at 31 December 2022 are \u00a362,140m (2021: \u00a382,141m). 19.2 Financial liabilities Fair value through  profit or loss    As at 31 December 2022 Note Designated \u00a3m Held for  trading \u00a3m Amortised  cost \u00a3m Total \u00a3m Investment contract liabilities without discretionary participation features 26 11,937 \u2014 \u2014 11,937 Third party interest in consolidated funds 32 10,389 \u2014 \u2014 10,389 Subordinated liabilities and other borrowings 27 \u2014 \u2014 7,537 7,537 Derivative liabilities 32 \u2014 4,185 \u2014 4,185 Other financial liabilities i \u2014 \u2014 2,172 2,172 Accruals, deferred income and other liabilities ii 246 \u2014 6,499 6,745 Total financial liabilities 22,572 4,185 16,208 42,965 i  Other financial liabilities relate to obligations under funding, securities lending, and sale and repurchase agreements. ii  Accruals, deferred income and other liabilities exclude items which do not meet the definition of a financial liability. Fair value through  profit or loss    As at 31 December 2021 Note Designated \u00a3m Held for  trading \u00a3m Amortised  cost \u00a3m Total \u00a3m Investment contract liabilities without discretionary participation features 26 14,884 \u2014 \u2014 14,884 Third party interest in consolidated funds 32 12,636 \u2014 \u2014 12,636 Subordinated liabilities and other borrowings 27 1,159 \u2014 7,771 8,930 Derivative liabilities 32 \u2014 2,689 \u2014 2,689 Other financial liabilities i \u2014 \u2014 2,882 2,882 Accruals, deferred income and other liabilities ii 403 \u2014 5,670 6,073 Total financial liabilities 29,082 2,689 16,323 48,094 Financial liabilities which are expected to be settled after more than one year as at 31 December 2022 were \u00a310,048m (2021: \u00a310,490m). 19 Classification of financial instruments continued ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-505": {
   "value": "20 Accrued investment income and other debtors As at 31 December 2022 \u00a3m 2021 \u00a3m Interest receivable 810 603 Other accrued investment income 605 786 Total accrued investment income 1,415 1,389 Other debtors: Outstanding sales of investment securities 149 103 Investment management fees debtors 148 168 Property related debtors 127 190 Cancellation of units awaiting settlement 25 35 Other 476 762 Total accrued investment income and other debtors 2,340 2,647 Analysed as: Expected to be settled within one year 2,084 2,344 Expected to be settled after one year 256 303 Total accrued investment income and other debtors 2,340 2,647 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-506": {
   "value": "21 Cash and cash equivalents As at 31 December 2022 \u00a3m 2021 \u00a3m Cash 4,148 4,739 Cash equivalents 736 2,169 Total cash and cash equivalents 4,884 6,908 Cash equivalents consist of short-term, highly liquid investments that are readily convertible into known amounts of cash subject to insignificant risk of changes in value. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-563": {
   "value": "22 Issued share capital and share premium  2022 2021 Issued shares of 5p fully paid Number of  ordinary share Share capital \u00a3m Number of  ordinary share Share capital \u00a3m At 1 January 2,599,906,866 130 2,599,906,866 130 Shares cancelled following buy-back (225,194,745) (11) \u2014 \u2014 At 31 December 2,374,712,121 119 2,599,906,866 130 Amounts recorded in share capital represent the nominal value of shares issued with any difference between proceeds received  on issue of shares, net of issue costs, and the nominal value of shares issued being credited to the share premium account.  The share premium reserve at 31 December 2022 was \u00a3370m (2021: \u00a3370m). In March 2022, the Group commenced a share buy-back programme to purchase ordinary shares of 5 pence each up to a maximum consideration of \u00a3500m, and the programme concluded on 27 October 2022 for a total consideration, including  expenses and stamp duty, of \u00a3503m. Shares with a nominal value of \u00a311m were cancelled, with recognition of an \u00a311m capital redemption reserve. As at 31 December 2022, ordinary shares with a nominal value of \u00a347m were bought back but not cancelled with these shares being accounted for as a deduction to Shareholders equity within the Treasury shares reserve. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-507": {
   "value": "22 Iss<span class=\"__1 _201\"/>ued share capital an<span class=\"__1 _201\"/>d share premium <span class=\"__1 _1e3_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _1e4_1\"> </span>2021<span class=\"__1 _32b\"> </span></span>Is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d sha<span class=\"__1 _201\"/>res of 5<span class=\"__1 _201\"/>p ful<span class=\"__1 _201\"/>ly pa<span class=\"__1 _201\"/>id<span class=\"__1 _32b\"> </span>Num<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r of <span class=\"ls5_1\"> </span>ordinar<span class=\"__1 _201\"/>y sh<span class=\"__1 _201\"/>are<span class=\"__1 _32b\"> </span>Share capital<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Num<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r of <span class=\"ls5_1\"> </span>ordinar<span class=\"__1 _201\"/>y sh<span class=\"__1 _201\"/>are<span class=\"__1 _32b\"> </span>Share capital<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _1e5_1\"> </span><span class=\"ls15_1 ws14_1\">2<span class=\"__1 _201\"/>,599,906,<span class=\"__1 _201\"/>866<span class=\"__1 _1ac_1\"> </span><span class=\"ls2a_1 ws2a_1\">130<span class=\"__1 _220\"> </span><span class=\"ff2_1 lsf_1 wsd_1\">2,<span class=\"__1 _201\"/>599<span class=\"__1 _200\"/>,906,866<span class=\"__1 _1aa_1\"> </span><span class=\"lse_1 wsc_1\">130<span class=\"__1 _32b\"> </span></span></span></span></span>Shares<span class=\"__1 _200\"/> cancelled fol<span class=\"__1 _200\"/>lowing buy<span class=\"__1 _200\"/>-back<span class=\"__1 _bb_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>)<span class=\"__1 _260\"> </span><span class=\"ls1d_1 ws1c_1\">(11)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _1e6_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _1e7_1\"> </span><span class=\"ls32_1 ws33_1\">2<span class=\"__1 _201\"/>,374,712,<span class=\"__1 _200\"/>121<span class=\"__1 _1e8_1\"> </span><span class=\"ls45_1 ws49_1\">119<span class=\"__1 _220\"> </span><span class=\"ff2_1 lsf_1 wsd_1\">2,<span class=\"__1 _201\"/>599<span class=\"__1 _200\"/>,906,866<span class=\"__1 _1aa_1\"> </span><span class=\"lse_1 wsc_1\">130<span class=\"__1 _32b\"> </span></span></span></span></span>Amo<span class=\"__1 _201\"/>unts rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d in share c<span class=\"__1 _201\"/>apital re<span class=\"__1 _201\"/>pres<span class=\"__1 _201\"/>ent the no<span class=\"__1 _201\"/>minal v<span class=\"__1 _201\"/>alue of sh<span class=\"__1 _201\"/>ares is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d with any diff<span class=\"__1 _201\"/>eren<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>ween p<span class=\"__1 _201\"/>roce<span class=\"__1 _201\"/>eds re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>on is<span class=\"__1 _201\"/>sue of sh<span class=\"__1 _201\"/>ares<span class=\"__1 _201\"/>, net of is<span class=\"__1 _201\"/>sue cos<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, and the n<span class=\"__1 _201\"/>omina<span class=\"__1 _201\"/>l value of s<span class=\"__1 _201\"/>hares is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>d bein<span class=\"__1 _201\"/>g credite<span class=\"__1 _201\"/>d to the share p<span class=\"__1 _201\"/>remium a<span class=\"__1 _201\"/>ccount<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>hare pre<span class=\"__1 _201\"/>mium res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ve at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 was \u00a33<span class=\"__1 _201\"/>70m (2021: \u00a3<span class=\"__1 _201\"/>370m).<span class=\"__1 _32b\"> </span>In Marc<span class=\"__1 _201\"/>h 2022<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup com<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>ced a sh<span class=\"__1 _201\"/>are buy-<span class=\"__1 _201\"/>back pro<span class=\"__1 _201\"/>gram<span class=\"__1 _201\"/>me to purcha<span class=\"__1 _201\"/>se ordin<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y share<span class=\"__1 _201\"/>s of 5 pen<span class=\"__1 _201\"/>ce each up to a<span class=\"__1 _201\"/> maximum cons<span class=\"__1 _200\"/>ideration<span class=\"__1 _200\"/> of \u00a3500m, and t<span class=\"__1 _200\"/>he programme<span class=\"__1 _200\"/> concluded on 27<span class=\"__1 _200\"/> October 2022 for<span class=\"__1 _200\"/> a to<span class=\"__1 _200\"/>tal con<span class=\"__1 _200\"/>sideration, i<span class=\"__1 _200\"/>ncluding<span class=\"__1 _32b\"> </span>expe<span class=\"__1 _201\"/>nses a<span class=\"__1 _201\"/>nd stam<span class=\"__1 _201\"/>p dut<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, of \u00a3503<span class=\"__1 _201\"/>m. Sh<span class=\"__1 _201\"/>ares wit<span class=\"__1 _201\"/>h a nomin<span class=\"__1 _201\"/>al value o<span class=\"__1 _201\"/>f \u00a31<span class=\"__1 _200\"/>1m were can<span class=\"__1 _201\"/>cell<span class=\"__1 _201\"/>ed, w<span class=\"__1 _201\"/>ith reco<span class=\"__1 _201\"/>gnitio<span class=\"__1 _201\"/>n of an \u00a311<span class=\"__1 _200\"/>m cap<span class=\"__1 _201\"/>ital<span class=\"__1 _201\"/> rede<span class=\"__1 _201\"/>mptio<span class=\"__1 _201\"/>n reser<span class=\"__1 _201\"/>ve<span class=\"__1 _201\"/>. As at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, o<span class=\"__1 _201\"/>rdinar<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>hares wi<span class=\"__1 _201\"/>th a nomin<span class=\"__1 _201\"/>al valu<span class=\"__1 _201\"/>e of \u00a347<span class=\"__1 _200\"/>m were bo<span class=\"__1 _201\"/>ught bac<span class=\"__1 _201\"/>k but not c<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>lled<span class=\"__1 _201\"/> with th<span class=\"__1 _201\"/>ese sh<span class=\"__1 _201\"/>ares be<span class=\"__1 _201\"/>ing acc<span class=\"__1 _201\"/>ounted fo<span class=\"__1 _201\"/>r as a ded<span class=\"__1 _201\"/>ucti<span class=\"__1 _201\"/>on to Share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y within th<span class=\"__1 _201\"/>e T<span class=\"__1 _f_1\"/>rea<span class=\"__1 _201\"/>sur<span class=\"__1 _201\"/>y sha<span class=\"__1 _201\"/>res rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve.<span class=\"__1 _32b\"> </span>23 Shares held by emp<span class=\"__1 _201\"/>lo<span class=\"__1 _200\"/>yee benefit trust<span class=\"__1 _201\"/>s and other treasur<span class=\"__1 _201\"/>y shares<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup b<span class=\"__1 _201\"/>uys and s<span class=\"__1 _201\"/>ells it<span class=\"__1 _201\"/>s own sha<span class=\"__1 _201\"/>res eith<span class=\"__1 _201\"/>er in relati<span class=\"__1 _201\"/>on to its emp<span class=\"__1 _201\"/>loyee s<span class=\"__1 _201\"/>hare sch<span class=\"__1 _201\"/>emes<span class=\"__1 _201\"/>, via tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns unde<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>taken by<span class=\"__1 _32b\"> </span>autho<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds that th<span class=\"__1 _201\"/>e Group i<span class=\"__1 _201\"/>s deem<span class=\"__1 _201\"/>ed to con<span class=\"__1 _201\"/>trol and thro<span class=\"__1 _201\"/>ugh the s<span class=\"__1 _201\"/>hare bu<span class=\"__1 _201\"/>y-bac<span class=\"__1 _201\"/>k progr<span class=\"__1 _201\"/>amme. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e author<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds may un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>take trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions in th<span class=\"__1 _201\"/>e Group\u2019s share<span class=\"__1 _201\"/>s as par<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>eir inves<span class=\"__1 _201\"/>tment d<span class=\"__1 _201\"/>ecisi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>. The co<span class=\"__1 _201\"/>st of own s<span class=\"__1 _201\"/>hares<span class=\"__1 _201\"/> as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 of \u00a311<span class=\"__1 _200\"/>7m (2021: \u00a39<span class=\"__1 _201\"/>4m) is ded<span class=\"__1 _201\"/>ucte<span class=\"__1 _201\"/>d from eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>23.<span class=\"__1 _f_1\"/>1 Shares held<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> employ<span class=\"__1 _200\"/>ee benefit<span class=\"__1 _200\"/> trusts<span class=\"__1 _32b\"> </span>The M<span class=\"__1 _201\"/>&amp;G Empl<span class=\"__1 _201\"/>oyee Sha<span class=\"__1 _201\"/>re T<span class=\"__1 _f_1\"/>ru<span class=\"__1 _201\"/>st (\u201c<span class=\"__1 _201\"/>the T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>ust<span class=\"__1 _201\"/>\u201d) wa<span class=\"__1 _201\"/>s created on 20 S<span class=\"__1 _201\"/>eptemb<span class=\"__1 _201\"/>er 2019 to fa<span class=\"__1 _201\"/>cilitate the p<span class=\"__1 _201\"/>rocurem<span class=\"__1 _201\"/>ent, h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g and<span class=\"__1 _201\"/> dis<span class=\"__1 _201\"/>tributi<span class=\"__1 _201\"/>on of M&amp;G p<span class=\"__1 _201\"/>lc sha<span class=\"__1 _201\"/>res und<span class=\"__1 _201\"/>er the var<span class=\"__1 _201\"/>ious e<span class=\"__1 _201\"/>mploye<span class=\"__1 _201\"/>e ince<span class=\"__1 _201\"/>ntive sch<span class=\"__1 _201\"/>emes i<span class=\"__1 _201\"/>n oper<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/>. The T<span class=\"__1 _200\"/>rust is f<span class=\"__1 _201\"/>unde<span class=\"__1 _201\"/>d via a lo<span class=\"__1 _201\"/>an from<span class=\"__1 _201\"/> M&amp;G p<span class=\"__1 _201\"/>lc. I<span class=\"__1 _201\"/>n additi<span class=\"__1 _201\"/>on, the<span class=\"__1 _201\"/>re is a sep<span class=\"__1 _201\"/>arate trus<span class=\"__1 _201\"/>t that ho<span class=\"__1 _201\"/>lds sh<span class=\"__1 _201\"/>ares in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of SI<span class=\"__1 _201\"/>P sche<span class=\"__1 _201\"/>mes<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>oveme<span class=\"__1 _201\"/>nt in the M&amp;<span class=\"__1 _201\"/>G plc sha<span class=\"__1 _201\"/>res hel<span class=\"__1 _201\"/>d in emp<span class=\"__1 _201\"/>loyee be<span class=\"__1 _201\"/>nefit t<span class=\"__1 _201\"/>rust<span class=\"__1 _201\"/>s are detai<span class=\"__1 _201\"/>led b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>Num<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r of sha<span class=\"__1 _201\"/>res<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>Num<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r of sha<span class=\"__1 _201\"/>res<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _1e9_1\"> </span><span class=\"ws41_1\">53,991,256<span class=\"__1 _232\"> </span><span class=\"ff2_1 ls1f_1 ws1e_1\">68,<span class=\"__1 _200\"/>182,585<span class=\"__1 _32b\"> </span></span></span>Share<span class=\"__1 _201\"/>s acqui<span class=\"__1 _201\"/>red dur<span class=\"__1 _201\"/>ing the yea<span class=\"__1 _201\"/>r<span class=\"__1 _1ea_1\"> </span><span class=\"ff1_1 ls1c_1 ws43_1\">531,<span class=\"__1 _201\"/>829<span class=\"__1 _1eb_1\"> </span></span><span class=\"ls56_1 ws5f_1\">171,<span class=\"__1 _201\"/>417<span class=\"__1 _32b\"> </span></span>Share<span class=\"__1 _201\"/>s awarde<span class=\"__1 _201\"/>d durin<span class=\"__1 _201\"/>g the year<span class=\"__1 _306\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>3)<span class=\"__1 _228\"> </span></span><span class=\"ls5_1\">(<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>4,36<span class=\"__1 _200\"/>2,<span class=\"__1 _200\"/>7<span class=\"__1 _337\"/>46)<span class=\"__1 _32b\"> </span></span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _1cc_1\"> </span><span class=\"lsc_1 wsa_1\">4<span class=\"__1 _201\"/>0,803<span class=\"__1 _201\"/>,022<span class=\"__1 _232\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">5<span class=\"__1 _201\"/>3,<span class=\"__1 _201\"/>991,<span class=\"__1 _201\"/>25<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span></span>24 Retained<span class=\"__1 _200\"/> earnings<span class=\"__1 _32b\"> </span>Note<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _1ec\"> </span><span class=\"ls38_1 ws38_1\">16,<span class=\"__1 _201\"/>550<span class=\"__1 _245\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">16,<span class=\"__1 _201\"/>85<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span>Recognised in<span class=\"__1 _200\"/> comprehensiv<span class=\"__1 _200\"/>e inc<span class=\"__1 _200\"/>ome:<span class=\"__1 _32b\"> </span>(Los<span class=\"__1 _201\"/>s)<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>profi<span class=\"__1 _201\"/>t for the yea<span class=\"__1 _201\"/>r<span class=\"__1 _1ed\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">(<span class=\"__1 _f_1\"/>1,632)<span class=\"__1 _228\"> </span><span class=\"ff2_1 ls29_1 ws29_1\">83<span class=\"__1 _32b\"> </span></span></span>Oth<span class=\"__1 _201\"/>er com<span class=\"__1 _201\"/>prehe<span class=\"__1 _201\"/>nsive in<span class=\"__1 _201\"/>come f<span class=\"__1 _201\"/>or the year<span class=\"__1 _1ee\"> </span><span class=\"ff1_1 ls10_1 wsf_1\">24<span class=\"__1 _1d_1\"> </span></span><span class=\"ls27_1 ws27_1\">50<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> items<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> in compr<span class=\"__1 _200\"/>ehensive<span class=\"__1 _200\"/> income<span class=\"__1 _1ef\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _223\"> </span><span class=\"ff2_1 lse_1 wsc_1\">13<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span>Recognised dir<span class=\"__1 _200\"/>ectly in<span class=\"__1 _200\"/> equity:<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ransactions with<span class=\"__1 _200\"/> equity holders:<span class=\"__1 _32b\"> </span>Dividends<span class=\"__1 _32b\"> </span>11<span class=\"__1 _5d_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls9_1 ws7_1\">(4<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _14d_1\"> </span><span class=\"ff2_1 ls57_1 ws61_1\">(4<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span>Share<span class=\"__1 _201\"/>s distr<span class=\"__1 _201\"/>ibute<span class=\"__1 _201\"/>d by empl<span class=\"__1 _201\"/>oyee trus<span class=\"__1 _201\"/>ts<span class=\"__1 _1f0\"> </span><span class=\"ff1_1 ls56_1 ws5f_1\">(22)<span class=\"__1 _2c_1\"> </span></span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span>V<span class=\"__1 _200\"/>ested<span class=\"__1 _200\"/> employ<span class=\"__1 _200\"/>ee share-based pa<span class=\"__1 _200\"/>yments<span class=\"__1 _32b\"> </span>25<span class=\"__1 _1d_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls3f_1 ws41_1\">23<span class=\"__1 _f4_1\"> </span><span class=\"ff2_1 ls29_1 ws29_1\">33<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>ax e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t of items re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised di<span class=\"__1 _201\"/>rec<span class=\"__1 _201\"/>tly in eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _251\"> </span><span class=\"ff1_1 ls5_1\">1<span class=\"__1 _230\"> </span></span><span class=\"ls40_1 ws44_1\">21<span class=\"__1 _32b\"> </span></span>Shares<span class=\"__1 _200\"/> purcha<span class=\"__1 _200\"/>sed in buy<span class=\"__1 _200\"/>-back<span class=\"__1 _32b\"> </span>22<span class=\"__1 _5d_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> items<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> directly in<span class=\"__1 _200\"/> equity<span class=\"__1 _1f1\"> </span><span class=\"ls3c_1 ws3d_1\">(9<span class=\"__1 _201\"/>19)<span class=\"__1 _7d_1\"> </span><span class=\"ff2_1 ls57_1 ws61_1\">(4<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span>Net decr<span class=\"__1 _200\"/>ease in<span class=\"__1 _200\"/> equity<span class=\"__1 _203\"> </span><span class=\"ls21_1 ws20_1\">(2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>52<span class=\"__1 _201\"/>7)<span class=\"__1 _7d_1\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>03<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _279\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>,02<span class=\"__1 _201\"/>3<span class=\"__1 _4c_1\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">16,<span class=\"__1 _201\"/>55<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span>25 Other reserves <span class=\"__1 _5e_1\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>Equit<span class=\"__1 _201\"/>y-<span class=\"ls5_1 ws1_1\"> </span>settl<span class=\"__1 _201\"/>ed <span class=\"ls5_1 ws1_1\"> </span>share<span class=\"__1 _201\"/>-<span class=\"ls5_1 ws1_1\"> </span>based <span class=\"ls5_1 ws1_1\"> </span>pay<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Merger <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>curr<span class=\"__1 _200\"/>ency <span class=\"__1 _f_1\"/> translati<span class=\"__1 _201\"/>on <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Capit<span class=\"__1 _200\"/>al<span class=\"__1 _32b\"> </span>redemption<span class=\"__1 _32b\"> </span>rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>other<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>reserves<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2022<span class=\"__1 _1f2\"> </span><span class=\"lsb_1 ws32_1\">85<span class=\"__1 _290\"> </span><span class=\"ls1d_1 ws1c_1\">(11<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _2c_1\"> </span>(1<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>(11<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span>Exchange mov<span class=\"__1 _200\"/>ements aris<span class=\"__1 _200\"/>ing on f<span class=\"__1 _200\"/>oreign opera<span class=\"__1 _200\"/>tions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>20<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>20<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> items<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> in compr<span class=\"__1 _200\"/>ehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>20<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>20<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>ested<span class=\"__1 _200\"/> employ<span class=\"__1 _200\"/>ee share-based pa<span class=\"__1 _200\"/>yments<span class=\"__1 _385\"> </span><span class=\"ff1_1 ls8_1 ws6_1\">(23)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span>Ex<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>se reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of share<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>ased p<span class=\"__1 _201\"/>ayment<span class=\"__1 _201\"/>s<span class=\"__1 _a8_1\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">34<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>34<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ax e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t of items re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised di<span class=\"__1 _201\"/>rect<span class=\"__1 _201\"/>ly in eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _378\"> </span><span class=\"ff1_1 ls5_1\">5<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _32b\"> </span>Shares<span class=\"__1 _200\"/> purcha<span class=\"__1 _200\"/>sed in buy<span class=\"__1 _200\"/>-back<span class=\"__1 _32b\"> </span>22<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>11<span class=\"__1 _229\"> </span>11<span class=\"__1 _32b\"> </span>Net incr<span class=\"__1 _200\"/>ease in<span class=\"__1 _200\"/> equity<span class=\"__1 _1f3\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>20<span class=\"__1 _264\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _271\"> </span><span class=\"ls1b_1 ws1a_1\">47<span class=\"__1 _32b\"> </span></span></span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _1f4\"> </span><span class=\"ls19_1 ws18_1\">101<span class=\"__1 _290\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _8c_1\"> </span></span></span><span class=\"ls5_1\">7<span class=\"__1 _264\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _18a_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>13<span class=\"__1 _201\"/>)</span></span></span> <span class=\"__1 _5e_1\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>Equit<span class=\"__1 _201\"/>y-<span class=\"ls5_1 ws1_1\"> </span>settl<span class=\"__1 _201\"/>ed <span class=\"ls5_1 ws1_1\"> </span>share<span class=\"__1 _201\"/>-<span class=\"ls5_1 ws1_1\"> </span>based <span class=\"ls5_1 ws1_1\"> </span>pay<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Merger <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>curr<span class=\"__1 _200\"/>ency <span class=\"__1 _f_1\"/> translati<span class=\"__1 _201\"/>on <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Capit<span class=\"__1 _200\"/>al<span class=\"__1 _32b\"> </span>redemption<span class=\"__1 _32b\"> </span>rese<span class=\"__1 _201\"/>rve<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>other<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>reserves<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2021<span class=\"__1 _276\"> </span><span class=\"ff2_1 ls3d_1 ws3f_1\">74<span class=\"__1 _286\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>Exchange mov<span class=\"__1 _200\"/>ements aris<span class=\"__1 _200\"/>ing on f<span class=\"__1 _200\"/>oreign opera<span class=\"__1 _200\"/>tions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(13<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(13<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> items<span class=\"__1 _200\"/> recognised<span class=\"__1 _200\"/> in compr<span class=\"__1 _200\"/>ehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(13<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(13<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>ested<span class=\"__1 _200\"/> employ<span class=\"__1 _200\"/>ee share-based pa<span class=\"__1 _200\"/>yments<span class=\"__1 _1f5\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span>Ex<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>se reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of share<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>ased p<span class=\"__1 _201\"/>ayment<span class=\"__1 _201\"/>s<span class=\"__1 _a8_1\"> </span><span class=\"ls53_1 ws5b_1\">40<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>40<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ax e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t of items re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ised di<span class=\"__1 _201\"/>rect<span class=\"__1 _201\"/>ly in eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _378\"> </span><span class=\"ls5_1\">4<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>4<span class=\"__1 _32b\"> </span>Net incr<span class=\"__1 _200\"/>ease<span class=\"__1 _200\"/>/<span class=\"__1 _200\"/>(<span class=\"__1 _f_1\"/>decrease<span class=\"__1 _f_1\"/>) in equity<span class=\"__1 _16a_1\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">11<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>(13<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2)<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _1f6\"> </span><span class=\"ff2_1 ls10_1 wsf_1\">85<span class=\"__1 _217\"> </span><span class=\"lsa_1 ws8_1\">(11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _252\"> </span>(1<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>(<span class=\"__1 _200\"/>1<span class=\"__1 _f_1\"/>1,660<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>erge<span class=\"__1 _201\"/>r reser<span class=\"__1 _201\"/>ve a<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>s from the a<span class=\"__1 _201\"/>pplic<span class=\"__1 _201\"/>ation of m<span class=\"__1 _201\"/>erger a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ting pr<span class=\"__1 _201\"/>incipl<span class=\"__1 _201\"/>es to the ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of entiti<span class=\"__1 _201\"/>es und<span class=\"__1 _201\"/>er comm<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/> contro<span class=\"__1 _201\"/>l. It rep<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>ts the di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the aggre<span class=\"__1 _201\"/>gate cap<span class=\"__1 _201\"/>ital res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves an<span class=\"__1 _201\"/>d the valu<span class=\"__1 _201\"/>e of the enti<span class=\"__1 _201\"/>ties ac<span class=\"__1 _201\"/>quired<span class=\"__1 _201\"/>. On dis<span class=\"__1 _201\"/>posa<span class=\"__1 _201\"/>l of<span class=\"__1 _32b\"> </span>the rel<span class=\"__1 _201\"/>evant enti<span class=\"__1 _201\"/>ty, the related m<span class=\"__1 _201\"/>erge<span class=\"__1 _201\"/>r reser<span class=\"__1 _201\"/>ve i<span class=\"__1 _201\"/>s releas<span class=\"__1 _201\"/>ed dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y to retaine<span class=\"__1 _201\"/>d earn<span class=\"__1 _201\"/>ings<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-564": {
   "value": "<div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"left:0.010047913px; bottom:295.6554px;\">23 Shares held by emp<span class=\"__1 _201\"/>lo<span class=\"__1 _200\"/>yee benefit trust<span class=\"__1 _201\"/>s and other treasur<span class=\"__1 _201\"/>y shares<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:275.031px;\">The G<span class=\"__1 _201\"/>roup b<span class=\"__1 _201\"/>uys and s<span class=\"__1 _201\"/>ells it<span class=\"__1 _201\"/>s own sha<span class=\"__1 _201\"/>res eith<span class=\"__1 _201\"/>er in relati<span class=\"__1 _201\"/>on to its emp<span class=\"__1 _201\"/>loyee s<span class=\"__1 _201\"/>hare sch<span class=\"__1 _201\"/>emes<span class=\"__1 _201\"/>, via tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns unde<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>taken by<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:258.53247px;\">autho<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds that th<span class=\"__1 _201\"/>e Group i<span class=\"__1 _201\"/>s deem<span class=\"__1 _201\"/>ed to con<span class=\"__1 _201\"/>trol and thro<span class=\"__1 _201\"/>ugh the s<span class=\"__1 _201\"/>hare bu<span class=\"__1 _201\"/>y-bac<span class=\"__1 _201\"/>k progr<span class=\"__1 _201\"/>amme. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e author<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:242.034px;\">inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds may un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>take trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions in th<span class=\"__1 _201\"/>e Group\u2019s share<span class=\"__1 _201\"/>s as par<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>eir inves<span class=\"__1 _201\"/>tment d<span class=\"__1 _201\"/>ecisi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>. The co<span class=\"__1 _201\"/>st of own s<span class=\"__1 _201\"/>hares<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:225.53546px;\">as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 of \u00a311<span class=\"__1 _200\"/>7m (2021: \u00a39<span class=\"__1 _201\"/>4m) is ded<span class=\"__1 _201\"/>ucte<span class=\"__1 _201\"/>d from eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:200.78772px;\">23.<span class=\"__1 _f_1\"/>1 Shares held<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> employ<span class=\"__1 _200\"/>ee benefit<span class=\"__1 _200\"/> trusts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:180.15823px;\">The M<span class=\"__1 _201\"/>&amp;G Empl<span class=\"__1 _201\"/>oyee Sha<span class=\"__1 _201\"/>re T<span class=\"__1 _f_1\"/>ru<span class=\"__1 _201\"/>st (\u201c<span class=\"__1 _201\"/>the T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>ust<span class=\"__1 _201\"/>\u201d) wa<span class=\"__1 _201\"/>s created on 20 S<span class=\"__1 _201\"/>eptemb<span class=\"__1 _201\"/>er 2019 to fa<span class=\"__1 _201\"/>cilitate the p<span class=\"__1 _201\"/>rocurem<span class=\"__1 _201\"/>ent, h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>g and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:163.65973px;\">dis<span class=\"__1 _201\"/>tributi<span class=\"__1 _201\"/>on of M&amp;G p<span class=\"__1 _201\"/>lc sha<span class=\"__1 _201\"/>res und<span class=\"__1 _201\"/>er the var<span class=\"__1 _201\"/>ious e<span class=\"__1 _201\"/>mploye<span class=\"__1 _201\"/>e ince<span class=\"__1 _201\"/>ntive sch<span class=\"__1 _201\"/>emes i<span class=\"__1 _201\"/>n oper<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/>. The T<span class=\"__1 _200\"/>rust is f<span class=\"__1 _201\"/>unde<span class=\"__1 _201\"/>d via a lo<span class=\"__1 _201\"/>an from<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:147.16122px;\">M&amp;G p<span class=\"__1 _201\"/>lc. I<span class=\"__1 _201\"/>n additi<span class=\"__1 _201\"/>on, the<span class=\"__1 _201\"/>re is a sep<span class=\"__1 _201\"/>arate trus<span class=\"__1 _201\"/>t that ho<span class=\"__1 _201\"/>lds sh<span class=\"__1 _201\"/>ares in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of SI<span class=\"__1 _201\"/>P sche<span class=\"__1 _201\"/>mes<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:122.41348px;\">The m<span class=\"__1 _201\"/>oveme<span class=\"__1 _201\"/>nt in the M&amp;<span class=\"__1 _201\"/>G plc sha<span class=\"__1 _201\"/>res hel<span class=\"__1 _201\"/>d in emp<span class=\"__1 _201\"/>loyee be<span class=\"__1 _201\"/>nefit t<span class=\"__1 _201\"/>rust<span class=\"__1 _201\"/>s are detai<span class=\"__1 _201\"/>led b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:598.7133px; bottom:93.548096px;\">2022<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:536.35876px; bottom:81.54657px;\">Num<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r of sha<span class=\"__1 _201\"/>res<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:711.75px; bottom:93.548096px;\">2021<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:648.63226px; bottom:81.54657px;\">Num<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r of sha<span class=\"__1 _201\"/>res<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls3f_1 ws4c_1\" style=\"left:0.010047913px; bottom:61.79187px;\">At<span class=\"__1 _200\"/> 1 Janu<span class=\"__1 _200\"/>ary<span class=\"__1 _1e9_1\"> </span><span class=\"ws41_1\">53,991,256<span class=\"__1 _232\"> </span><span class=\"ff2_1 ls1f_1 ws1e_1\">68,<span class=\"__1 _200\"/>182,585<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:42.02939px;\">Share<span class=\"__1 _201\"/>s acqui<span class=\"__1 _201\"/>red dur<span class=\"__1 _201\"/>ing the yea<span class=\"__1 _201\"/>r<span class=\"__1 _1ea_1\"> </span><span class=\"ff1_1 ls1c_1 ws43_1\">531,<span class=\"__1 _201\"/>829<span class=\"__1 _1eb_1\"> </span></span><span class=\"ls56_1 ws5f_1\">171,<span class=\"__1 _201\"/>417<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:22.266876px;\">Share<span class=\"__1 _201\"/>s awarde<span class=\"__1 _201\"/>d durin<span class=\"__1 _201\"/>g the year<span class=\"__1 _306\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>3)<span class=\"__1 _228\"> </span></span><span class=\"ls5_1\">(<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>4,36<span class=\"__1 _200\"/>2,<span class=\"__1 _200\"/>7<span class=\"__1 _337\"/>46)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:2.5043945px;\">At<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _1cc_1\"> </span><span class=\"lsc_1 wsa_1\">4<span class=\"__1 _201\"/>0,803<span class=\"__1 _201\"/>,022<span class=\"__1 _232\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">5<span class=\"__1 _201\"/>3,<span class=\"__1 _201\"/>991,<span class=\"__1 _201\"/>25<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-565": {
   "value": "25 Other reserves  Note Equity- settled  share- based  payment  reserve \u00a3m Merger  reserve \u00a3m Foreign  currency  translation  reserve \u00a3m Capital  redemption  reserve \u00a3m Total  other  reserves \u00a3m As at 1 January 2022 85 (11,732) (13) \u2014 (11,660) Exchange movements arising on foreign operations \u2014 \u2014 20 \u2014 20 Total items recognised in comprehensive income \u2014 \u2014 20 \u2014 20 Vested employee share-based payments (23) \u2014 \u2014 \u2014 (23) Expense recognised in respect of share-based payments 34 \u2014 \u2014 \u2014 34 Tax effect of items recognised directly in equity 5 \u2014 \u2014 \u2014 5 Shares purchased in buy-back 22 \u2014 \u2014 \u2014 11 11 Net increase in equity 16 \u2014 20 11 47 As at 31 December 2022 101 (11,732) 7 11 (11,613)  Note Equity- settled  share- based  payment  reserve \u00a3m Merger  reserve \u00a3m Foreign  currency  translation  reserve \u00a3m Capital  redemption  reserve \u00a3m Total  other  reserves \u00a3m As at 1 January 2021 74 (11,732) \u2014 \u2014 (11,658) Exchange movements arising on foreign operations \u2014 \u2014 (13) \u2014 (13) Total items recognised in comprehensive income \u2014 \u2014 (13) \u2014 (13) Vested employee share-based payments (33) \u2014 \u2014 \u2014 (33) Expense recognised in respect of share-based payments 40 \u2014 \u2014 \u2014 40 Tax effect of items recognised directly in equity 4 \u2014 \u2014 \u2014 4 Net increase/(decrease) in equity 11 \u2014 (13) \u2014 (2) As at 31 December 2021 85 (11,732) (13) \u2014 (11,660) The merger reserve arises from the application of merger accounting principles to the acquisition of entities under common control. It represents the difference between the aggregate capital reserves and the value of the entities acquired. On disposal of  the relevant entity, the related merger reserve is released directly to retained earnings. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-508": {
   "value": "<div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:983.99536px;\">26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:963.3711px;\">26.<span class=\"__1 _f_1\"/>1 Determina<span class=\"__1 _200\"/>tion of<span class=\"__1 _200\"/> insurance<span class=\"__1 _200\"/> and in<span class=\"__1 _200\"/>vestmen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>ract liabilities<span class=\"__1 _200\"/> for differ<span class=\"__1 _200\"/>ent<span class=\"__1 _200\"/> components of<span class=\"__1 _200\"/> business<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:942.7416px;\">Note 2<span class=\"__1 _201\"/>.3 d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>ibes th<span class=\"__1 _201\"/>e diffe<span class=\"__1 _201\"/>rent t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/>s of insur<span class=\"__1 _201\"/>ance an<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts acros<span class=\"__1 _201\"/>s the bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s. A d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>iption re<span class=\"__1 _201\"/>lating to the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:926.24304px;\">deter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n of the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s and the key ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns for ea<span class=\"__1 _201\"/>ch comp<span class=\"__1 _201\"/>onen<span class=\"__1 _201\"/>t of busin<span class=\"__1 _201\"/>ess i<span class=\"__1 _201\"/>s set out b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls28_1 ws6e_1\" style=\"left:0.010047913px; bottom:901.49536px;\">26.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _f_1\"/>1 With-profits<span class=\"__1 _200\"/> business<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:880.86584px;\">The W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund mainl<span class=\"__1 _201\"/>y contai<span class=\"__1 _201\"/>ns with-<span class=\"__1 _201\"/>profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s but als<span class=\"__1 _201\"/>o contain<span class=\"__1 _201\"/>s some n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>profit b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss (annuitie<span class=\"__1 _201\"/>s, un<span class=\"__1 _201\"/>it<span class=\"__1 _200\"/>-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:864.3673px;\">linked<span class=\"__1 _201\"/>, and term a<span class=\"__1 _201\"/>ssur<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>). The li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es of the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund a<span class=\"__1 _201\"/>re accou<span class=\"__1 _201\"/>nted for o<span class=\"__1 _201\"/>n a realis<span class=\"__1 _201\"/>tic basi<span class=\"__1 _201\"/>s in acco<span class=\"__1 _201\"/>rdance w<span class=\"__1 _201\"/>ith<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:847.86884px;\">the re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents of FR<span class=\"__1 _201\"/>S 27 Life A<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e. The b<span class=\"__1 _201\"/>asis is co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent with th<span class=\"__1 _201\"/>e rule<span class=\"__1 _201\"/>s for the d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ation of res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves on th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:831.3703px;\">realis<span class=\"__1 _201\"/>tic ba<span class=\"__1 _201\"/>sis und<span class=\"__1 _201\"/>er the S<span class=\"__1 _201\"/>olven<span class=\"__1 _201\"/>cy I c<span class=\"__1 _201\"/>apital re<span class=\"__1 _201\"/>gime. T<span class=\"__1 _201\"/>hou<span class=\"__1 _201\"/>gh no lon<span class=\"__1 _201\"/>ger in fo<span class=\"__1 _201\"/>rce for re<span class=\"__1 _201\"/>gulator<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>urpo<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, thes<span class=\"__1 _201\"/>e rule<span class=\"__1 _201\"/>s continu<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:814.8718px;\">to be app<span class=\"__1 _201\"/>lied to d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s contr<span class=\"__1 _201\"/>act li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with IFR<span class=\"__1 _201\"/>S 4 Insur<span class=\"__1 _201\"/>ance C<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. In agg<span class=\"__1 _201\"/>regate, the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:798.3733px;\">regim<span class=\"__1 _201\"/>e has the e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t of pla<span class=\"__1 _201\"/>cing a mar<span class=\"__1 _201\"/>ket<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>nt value o<span class=\"__1 _201\"/>n the liab<span class=\"__1 _201\"/>ilities o<span class=\"__1 _201\"/>f with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch refle<span class=\"__1 _201\"/>cts th<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nts<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:781.8748px;\">expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to be paid b<span class=\"__1 _201\"/>ased o<span class=\"__1 _201\"/>n the cur<span class=\"__1 _201\"/>rent valu<span class=\"__1 _201\"/>e of investm<span class=\"__1 _201\"/>ents h<span class=\"__1 _201\"/>eld by the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund and cur<span class=\"__1 _201\"/>rent circum<span class=\"__1 _201\"/>stan<span class=\"__1 _201\"/>ces<span class=\"__1 _201\"/>. In line<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:765.37634px;\">with FR<span class=\"__1 _201\"/>S 27 req<span class=\"__1 _201\"/>uireme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>, the non<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fit annui<span class=\"__1 _201\"/>ties bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s withi<span class=\"__1 _201\"/>n the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund is va<span class=\"__1 _201\"/>lued o<span class=\"__1 _201\"/>n the st<span class=\"__1 _201\"/>atutor<span class=\"__1 _201\"/>y basi<span class=\"__1 _201\"/>s, i.<span class=\"__1 _201\"/>e.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:748.8778px;\">incl<span class=\"__1 _201\"/>uding m<span class=\"__1 _201\"/>argins fo<span class=\"__1 _201\"/>r adver<span class=\"__1 _201\"/>se devi<span class=\"__1 _201\"/>ations (as set out i<span class=\"__1 _201\"/>n \u2018Valuation of a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s\u2019). The w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies are va<span class=\"__1 _201\"/>lued o<span class=\"__1 _201\"/>n a<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:732.37933px;\">realis<span class=\"__1 _201\"/>tic ba<span class=\"__1 _201\"/>sis and th<span class=\"__1 _201\"/>erefore a<span class=\"__1 _201\"/>llow for th<span class=\"__1 _201\"/>e future en<span class=\"__1 _201\"/>hance<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s to the poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>. Follow<span class=\"__1 _201\"/>ing this ap<span class=\"__1 _201\"/>proach u<span class=\"__1 _201\"/>nadjus<span class=\"__1 _201\"/>ted wou<span class=\"__1 _201\"/>ld<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:715.8808px;\">lea<span class=\"__1 _201\"/>d to an incon<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>cy in th<span class=\"__1 _201\"/>e net as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>, as such<span class=\"__1 _201\"/>, the pre<span class=\"__1 _201\"/>sent va<span class=\"__1 _201\"/>lue of futu<span class=\"__1 _201\"/>re profit<span class=\"__1 _201\"/>s from the re<span class=\"__1 _201\"/>levant n<span class=\"__1 _201\"/>on-p<span class=\"__1 _201\"/>rofit an<span class=\"__1 _201\"/>nuitie<span class=\"__1 _201\"/>s is<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:699.3823px;\">app<span class=\"__1 _201\"/>lied as a<span class=\"__1 _201\"/>n adjus<span class=\"__1 _201\"/>tment to the w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es. A<span class=\"__1 _201\"/>nnuall<span class=\"__1 _201\"/>y whe<span class=\"__1 _201\"/>n the enh<span class=\"__1 _201\"/>ancem<span class=\"__1 _201\"/>ents to as<span class=\"__1 _201\"/>set sh<span class=\"__1 _201\"/>ares are co<span class=\"__1 _201\"/>mmit<span class=\"__1 _201\"/>ted to, the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:682.88385px;\">valu<span class=\"__1 _201\"/>e of the enh<span class=\"__1 _201\"/>ancem<span class=\"__1 _201\"/>ents is t<span class=\"__1 _201\"/>rans<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d from the U<span class=\"__1 _201\"/>nallo<span class=\"__1 _201\"/>cated s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund to with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fit liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:658.13605px;\">The w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profits c<span class=\"__1 _201\"/>ontra<span class=\"__1 _201\"/>cts are a c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ation of ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e and inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t contra<span class=\"__1 _201\"/>cts w<span class=\"__1 _201\"/>ith DPF<span class=\"__1 _f_1\"/>, a<span class=\"__1 _201\"/>s defin<span class=\"__1 _201\"/>ed by IFR<span class=\"__1 _201\"/>S 4. T<span class=\"__1 _201\"/>he reali<span class=\"__1 _201\"/>stic<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:641.6376px;\">basi<span class=\"__1 _201\"/>s require<span class=\"__1 _201\"/>s the val<span class=\"__1 _201\"/>ue of with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilities to b<span class=\"__1 _201\"/>e cal<span class=\"__1 _201\"/>culated as th<span class=\"__1 _201\"/>e sum of:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:616.88983px;\">(i) A wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve (W<span class=\"__1 _201\"/>PBR)<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:592.1421px;\">(ii) Future p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y-relate<span class=\"__1 _201\"/>d liabil<span class=\"__1 _201\"/>ities (FP<span class=\"__1 _201\"/>RL)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:567.39435px;\">The W<span class=\"__1 _201\"/>PBR is p<span class=\"__1 _201\"/>rimar<span class=\"__1 _201\"/>ily ba<span class=\"__1 _201\"/>sed on th<span class=\"__1 _201\"/>e retrosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive cal<span class=\"__1 _201\"/>culatio<span class=\"__1 _201\"/>n of accum<span class=\"__1 _201\"/>ulated as<span class=\"__1 _201\"/>set sha<span class=\"__1 _201\"/>res with a<span class=\"__1 _201\"/>djustm<span class=\"__1 _201\"/>ents to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t future<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:550.8958px;\">pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd other c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/>s and exp<span class=\"__1 _201\"/>enses<span class=\"__1 _201\"/>. As<span class=\"__1 _201\"/>set sh<span class=\"__1 _201\"/>ares bro<span class=\"__1 _201\"/>adly re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 sh<span class=\"__1 _201\"/>are of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:534.39734px;\">Fund as<span class=\"__1 _201\"/>sets at<span class=\"__1 _201\"/>tribut<span class=\"__1 _201\"/>able to the<span class=\"__1 _201\"/>ir pol<span class=\"__1 _201\"/>icies<span class=\"__1 _201\"/>. For ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain clas<span class=\"__1 _201\"/>ses of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, the WPB<span class=\"__1 _201\"/>R is ins<span class=\"__1 _201\"/>tead ca<span class=\"__1 _201\"/>lculated u<span class=\"__1 _201\"/>sing a pro<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ctive<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:517.8988px;\">bon<span class=\"__1 _201\"/>us rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve valuati<span class=\"__1 _201\"/>on, va<span class=\"__1 _201\"/>luing fu<span class=\"__1 _201\"/>ture claims a<span class=\"__1 _201\"/>nd expe<span class=\"__1 _201\"/>nses u<span class=\"__1 _201\"/>sing the ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted fu<span class=\"__1 _201\"/>ture bonu<span class=\"__1 _201\"/>s rates<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:493.15106px;\">The F<span class=\"__1 _201\"/>PRL is c<span class=\"__1 _201\"/>ompr<span class=\"__1 _201\"/>ised of o<span class=\"__1 _201\"/>ther com<span class=\"__1 _201\"/>pon<span class=\"__1 _201\"/>ents of th<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ty in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g a market-cons<span class=\"__1 _201\"/>istent v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n of cost<span class=\"__1 _201\"/>s of guar<span class=\"__1 _201\"/>antees<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:476.6526px;\">optio<span class=\"__1 _201\"/>ns and sm<span class=\"__1 _201\"/>oothi<span class=\"__1 _201\"/>ng, le<span class=\"__1 _201\"/>ss any rel<span class=\"__1 _201\"/>ated charg<span class=\"__1 _201\"/>es, a<span class=\"__1 _201\"/>nd this am<span class=\"__1 _201\"/>ount is d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed usi<span class=\"__1 _201\"/>ng stoc<span class=\"__1 _201\"/>hasti<span class=\"__1 _201\"/>c mode<span class=\"__1 _201\"/>lling te<span class=\"__1 _201\"/>chniqu<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:451.90485px;\">As<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons use<span class=\"__1 _201\"/>d for the re<span class=\"__1 _201\"/>alis<span class=\"__1 _201\"/>tic, m<span class=\"__1 _201\"/>arket<span class=\"__1 _200\"/>-co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent valuati<span class=\"__1 _201\"/>on of with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s t<span class=\"__1 _201\"/>ypic<span class=\"__1 _201\"/>ally d<span class=\"__1 _201\"/>o not cont<span class=\"__1 _201\"/>ain margin<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:435.4063px;\">whe<span class=\"__1 _201\"/>reas tho<span class=\"__1 _201\"/>se use<span class=\"__1 _201\"/>d for the va<span class=\"__1 _201\"/>luation o<span class=\"__1 _201\"/>f other cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, for exam<span class=\"__1 _201\"/>ple, a<span class=\"__1 _201\"/>nnuitie<span class=\"__1 _201\"/>s, co<span class=\"__1 _201\"/>ntain ma<span class=\"__1 _201\"/>rgins of pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>ce withi<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:418.90784px;\">ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns. T<span class=\"__1 _201\"/>he main as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tions us<span class=\"__1 _201\"/>ed in the p<span class=\"__1 _201\"/>rospe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve elem<span class=\"__1 _201\"/>ents of th<span class=\"__1 _201\"/>e with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts pol<span class=\"__1 _201\"/>icyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er liabi<span class=\"__1 _201\"/>lities are l<span class=\"__1 _201\"/>isted b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:394.1601px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">As<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons relati<span class=\"__1 _201\"/>ng to pers<span class=\"__1 _201\"/>isten<span class=\"__1 _201\"/>cy an<span class=\"__1 _201\"/>d the take-<span class=\"__1 _201\"/>up of optio<span class=\"__1 _201\"/>ns offe<span class=\"__1 _201\"/>red und<span class=\"__1 _201\"/>er cer<span class=\"__1 _201\"/>tain w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s contra<span class=\"__1 _201\"/>cts are s<span class=\"__1 _201\"/>et bas<span class=\"__1 _201\"/>ed on<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:377.66156px;\">the res<span class=\"__1 _201\"/>ults of th<span class=\"__1 _201\"/>e most re<span class=\"__1 _201\"/>cent ex<span class=\"__1 _201\"/>peri<span class=\"__1 _201\"/>ence a<span class=\"__1 _201\"/>nalys<span class=\"__1 _201\"/>is loo<span class=\"__1 _201\"/>king at the ex<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ience ove<span class=\"__1 _201\"/>r recen<span class=\"__1 _201\"/>t years of th<span class=\"__1 _201\"/>e relevant b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:12.7584px; bottom:361.16306px;\">supplemented<span class=\"__1 _200\"/> by e<span class=\"__1 _200\"/>xpert judgement of t<span class=\"__1 _200\"/>he appropria<span class=\"__1 _200\"/>te<span class=\"__1 _200\"/> SMEs across the<span class=\"__1 _200\"/> business;<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:340.53357px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent ac<span class=\"__1 _201\"/>tions un<span class=\"__1 _201\"/>der wh<span class=\"__1 _201\"/>ich the f<span class=\"__1 _201\"/>und is man<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>d in diffe<span class=\"__1 _201\"/>rent sce<span class=\"__1 _201\"/>nari<span class=\"__1 _201\"/>os;<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:319.90408px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Mainte<span class=\"__1 _201\"/>nance a<span class=\"__1 _201\"/>nd, fo<span class=\"__1 _201\"/>r some c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>es of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s, ter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n expen<span class=\"__1 _201\"/>se ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns are expre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d as per p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y amo<span class=\"__1 _201\"/>unts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:303.40558px;\">They a<span class=\"__1 _201\"/>re set bas<span class=\"__1 _201\"/>ed on fo<span class=\"__1 _201\"/>reca<span class=\"__1 _201\"/>st exp<span class=\"__1 _201\"/>ense l<span class=\"__1 _201\"/>evels<span class=\"__1 _201\"/>, includ<span class=\"__1 _201\"/>ing an all<span class=\"__1 _201\"/>owanc<span class=\"__1 _201\"/>e for ong<span class=\"__1 _201\"/>oing inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt expen<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, and are<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:286.90707px;\">allo<span class=\"__1 _201\"/>cated b<span class=\"__1 _201\"/>etw<span class=\"__1 _201\"/>een ent<span class=\"__1 _201\"/>ities an<span class=\"__1 _201\"/>d produ<span class=\"__1 _201\"/>ct gro<span class=\"__1 _201\"/>ups in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with the G<span class=\"__1 _201\"/>roup\u2019s interna<span class=\"__1 _201\"/>l cost al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ation mo<span class=\"__1 _201\"/>del;<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:266.27756px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Ex<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>se inflati<span class=\"__1 _201\"/>on ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns are set co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent with th<span class=\"__1 _201\"/>e econ<span class=\"__1 _201\"/>omic b<span class=\"__1 _201\"/>asis an<span class=\"__1 _201\"/>d base<span class=\"__1 _201\"/>d on the in<span class=\"__1 _201\"/>flation s<span class=\"__1 _201\"/>wap sp<span class=\"__1 _201\"/>ot cur<span class=\"__1 _201\"/>ve;<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:245.64807px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s for with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s also re<span class=\"__1 _201\"/>quire as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons for m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y. These a<span class=\"__1 _201\"/>re set bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e result<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:229.14957px;\">of rece<span class=\"__1 _201\"/>nt expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce anal<span class=\"__1 _201\"/>ysis<span class=\"__1 _201\"/>. However, mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce over 202<span class=\"__1 _201\"/>0 and 2021 w<span class=\"__1 _201\"/>as signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>antly hig<span class=\"__1 _201\"/>her tha<span class=\"__1 _201\"/>n previo<span class=\"__1 _201\"/>us<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:212.65106px;\">years\u2019 as a re<span class=\"__1 _201\"/>sult of the C<span class=\"__1 _201\"/>OVID<span class=\"__1 _201\"/>-<span class=\"__1 _f_1\"/>19 p<span class=\"__1 _201\"/>ande<span class=\"__1 _201\"/>mic. T<span class=\"__1 _201\"/>heref<span class=\"__1 _201\"/>ore, no we<span class=\"__1 _201\"/>ight has b<span class=\"__1 _201\"/>een gi<span class=\"__1 _201\"/>ven to 2020 or 2<span class=\"__1 _201\"/>021 expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce in ca<span class=\"__1 _201\"/>librati<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:12.7584px; bottom:196.15256px;\">mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y assumptions<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:175.52307px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Future inves<span class=\"__1 _201\"/>tment retur<span class=\"__1 _201\"/>n ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s are set at a ri<span class=\"__1 _201\"/>sk<span class=\"__1 _200\"/>-free r<span class=\"__1 _201\"/>ate equal to the s<span class=\"__1 _201\"/>pot yi<span class=\"__1 _201\"/>eld on U<span class=\"__1 _201\"/>K swap<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he volatil<span class=\"__1 _201\"/>ity of<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:159.02457px;\">inves<span class=\"__1 _201\"/>tment retur<span class=\"__1 _201\"/>ns are set w<span class=\"__1 _201\"/>ith refere<span class=\"__1 _201\"/>nce to imp<span class=\"__1 _201\"/>lied vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y data on tr<span class=\"__1 _201\"/>aded m<span class=\"__1 _201\"/>arket ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts, w<span class=\"__1 _201\"/>here avai<span class=\"__1 _201\"/>lable<span class=\"__1 _201\"/>, or on a b<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:142.52606px;\">es<span class=\"__1 _201\"/>timate basi<span class=\"__1 _201\"/>s where n<span class=\"__1 _201\"/>ot.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls38_1 ws3e_1\" style=\"left:0.010047913px; bottom:117.77832px;\">Unalloc<span class=\"__1 _201\"/>at<span class=\"__1 _200\"/>ed surplus<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:101.279816px;\">The u<span class=\"__1 _201\"/>nallo<span class=\"__1 _201\"/>cated s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund rep<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nts the exces<span class=\"__1 _201\"/>s of the fu<span class=\"__1 _201\"/>nd\u2019s ass<span class=\"__1 _201\"/>ets over po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s on an<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:84.78133px;\">IFR<span class=\"__1 _201\"/>S basis th<span class=\"__1 _201\"/>at have yet to be app<span class=\"__1 _201\"/>ropri<span class=\"__1 _201\"/>ated bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs and sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surp<span class=\"__1 _201\"/>lus is rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d wholl<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:68.28282px;\">as a liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y with no a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ation to eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The an<span class=\"__1 _201\"/>nual exces<span class=\"__1 _201\"/>s/(<span class=\"__1 _200\"/>shor<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>fall<span class=\"__1 _201\"/>) of incom<span class=\"__1 _201\"/>e over expe<span class=\"__1 _201\"/>nditure of t<span class=\"__1 _201\"/>he With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund, af<span class=\"__1 _201\"/>ter<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:51.784317px;\">dec<span class=\"__1 _201\"/>laratio<span class=\"__1 _201\"/>n and at<span class=\"__1 _201\"/>tribu<span class=\"__1 _201\"/>tion of the c<span class=\"__1 _201\"/>ost of b<span class=\"__1 _201\"/>onuse<span class=\"__1 _201\"/>s to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs and s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s, is tr<span class=\"__1 _201\"/>ansf<span class=\"__1 _201\"/>erred to/(<span class=\"__1 _200\"/>from) the una<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:35.285828px;\">surp<span class=\"__1 _201\"/>lus ea<span class=\"__1 _201\"/>ch year throu<span class=\"__1 _201\"/>gh a charg<span class=\"__1 _201\"/>e/<span class=\"__1 _200\"/>(<span class=\"__1 _200\"/>credi<span class=\"__1 _201\"/>t) to the cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>he bal<span class=\"__1 _201\"/>ance reta<span class=\"__1 _201\"/>ined in th<span class=\"__1 _201\"/>e unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:18.787323px;\">surp<span class=\"__1 _201\"/>lus rep<span class=\"__1 _201\"/>resent<span class=\"__1 _201\"/>s cumulati<span class=\"__1 _201\"/>ve inco<span class=\"__1 _201\"/>me ari<span class=\"__1 _201\"/>sing on th<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess t<span class=\"__1 _201\"/>hat has not b<span class=\"__1 _201\"/>een a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated to pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:2.2888184px;\">or shareholders.<span class=\"__1 _32b\"> </span></div>With-profits<span class=\"__1 _200\"/> options<span class=\"__1 _200\"/> and guaran<span class=\"__1 _200\"/>tees<span class=\"__1 _32b\"> </span>Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in poli<span class=\"__1 _201\"/>cies wr<span class=\"__1 _201\"/>itte<span class=\"__1 _201\"/>n in the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund gi<span class=\"__1 _201\"/>ve potential<span class=\"__1 _201\"/>ly valu<span class=\"__1 _201\"/>able gu<span class=\"__1 _201\"/>arante<span class=\"__1 _201\"/>es to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs, o<span class=\"__1 _201\"/>r optio<span class=\"__1 _201\"/>ns to<span class=\"__1 _32b\"> </span>chan<span class=\"__1 _201\"/>ge pol<span class=\"__1 _201\"/>icy b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts whic<span class=\"__1 _201\"/>h can be exe<span class=\"__1 _201\"/>rcised at t<span class=\"__1 _201\"/>he pol<span class=\"__1 _201\"/>icyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers\u2019 discre<span class=\"__1 _201\"/>tion. M<span class=\"__1 _201\"/>ost w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts gi<span class=\"__1 _201\"/>ve a guara<span class=\"__1 _201\"/>nteed<span class=\"__1 _201\"/> minim<span class=\"__1 _201\"/>um paym<span class=\"__1 _201\"/>ent on a sp<span class=\"__1 _201\"/>ecifi<span class=\"__1 _201\"/>ed date or r<span class=\"__1 _201\"/>ange of d<span class=\"__1 _201\"/>ates or on d<span class=\"__1 _201\"/>eath if befo<span class=\"__1 _201\"/>re that date or dates<span class=\"__1 _201\"/>. For p<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>ns prod<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> the sp<span class=\"__1 _201\"/>eci<span class=\"__1 _201\"/>fied date is th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er\u2019s chos<span class=\"__1 _201\"/>en retirem<span class=\"__1 _201\"/>ent date or a r<span class=\"__1 _201\"/>ange of date<span class=\"__1 _201\"/>s around th<span class=\"__1 _201\"/>at date. For en<span class=\"__1 _201\"/>dowm<span class=\"__1 _201\"/>ent<span class=\"__1 _32b\"> </span>contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>s appl<span class=\"__1 _201\"/>y at the matur<span class=\"__1 _201\"/>ity d<span class=\"__1 _201\"/>ate of the contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>. For with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits bo<span class=\"__1 _201\"/>nds it is of<span class=\"__1 _201\"/>ten a sp<span class=\"__1 _201\"/>eci<span class=\"__1 _201\"/>fied an<span class=\"__1 _201\"/>niver<span class=\"__1 _201\"/>sar<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> comm<span class=\"__1 _201\"/>ence<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, in som<span class=\"__1 _201\"/>e cas<span class=\"__1 _201\"/>es with fu<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>her dates th<span class=\"__1 _201\"/>ereaf<span class=\"__1 _201\"/>ter<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>ain t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/>s of option<span class=\"__1 _201\"/>s and gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>s offere<span class=\"__1 _201\"/>d for with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts are as fo<span class=\"__1 _201\"/>llows:<span class=\"__1 _201\"/> \u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">For con<span class=\"__1 _200\"/>vent<span class=\"__1 _200\"/>ional wit<span class=\"__1 _200\"/>h-profits cont<span class=\"__1 _200\"/>racts, including endo<span class=\"__1 _200\"/>wment assurance<span class=\"__1 _200\"/> contracts and<span class=\"__1 _200\"/> whole of<span class=\"__1 _200\"/>-life<span class=\"__1 _200\"/> assurance con<span class=\"__1 _200\"/>tracts,<span class=\"__1 _32b\"> </span></span>payout<span class=\"__1 _201\"/>s are guar<span class=\"__1 _201\"/>anteed at th<span class=\"__1 _201\"/>e sum as<span class=\"__1 _201\"/>sured to<span class=\"__1 _201\"/>gether w<span class=\"__1 _201\"/>ith any de<span class=\"__1 _201\"/>clare<span class=\"__1 _201\"/>d regula<span class=\"__1 _201\"/>r bonu<span class=\"__1 _201\"/>s;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Conve<span class=\"__1 _201\"/>ntiona<span class=\"__1 _201\"/>l with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s defer<span class=\"__1 _201\"/>red ann<span class=\"__1 _201\"/>uity c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts have a b<span class=\"__1 _201\"/>asic ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y per an<span class=\"__1 _201\"/>num to whic<span class=\"__1 _201\"/>h bonus<span class=\"__1 _201\"/>es are ad<span class=\"__1 _201\"/>ded<span class=\"__1 _201\"/>. At maturit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>,<span class=\"__1 _32b\"> </span></span>the c<span class=\"__1 _201\"/>ash clai<span class=\"__1 _201\"/>m value w<span class=\"__1 _201\"/>ill refle<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e current c<span class=\"__1 _201\"/>ost of p<span class=\"__1 _201\"/>rovidin<span class=\"__1 _201\"/>g the defe<span class=\"__1 _201\"/>rred an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. Reg<span class=\"__1 _201\"/>ular bo<span class=\"__1 _201\"/>nuse<span class=\"__1 _201\"/>s when a<span class=\"__1 _201\"/>dded to w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits<span class=\"__1 _201\"/> contracts usually increase the guaranteed amount;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">For unit<span class=\"__1 _201\"/>ised w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d cash a<span class=\"__1 _201\"/>ccumul<span class=\"__1 _201\"/>ation co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts the gu<span class=\"__1 _201\"/>arantee<span class=\"__1 _201\"/>d payout is t<span class=\"__1 _201\"/>he initia<span class=\"__1 _201\"/>l investm<span class=\"__1 _201\"/>ent (adjuste<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></span>for any w<span class=\"__1 _201\"/>ithdraw<span class=\"__1 _201\"/>als, w<span class=\"__1 _201\"/>here ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate<span class=\"__1 _200\"/>), les<span class=\"__1 _201\"/>s charge<span class=\"__1 _201\"/>s, pl<span class=\"__1 _201\"/>us any regu<span class=\"__1 _201\"/>lar bo<span class=\"__1 _201\"/>nuses d<span class=\"__1 _201\"/>ecla<span class=\"__1 _201\"/>red. I<span class=\"__1 _201\"/>f bene<span class=\"__1 _201\"/>fits are ta<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>en at a date oth<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>than wh<span class=\"__1 _201\"/>en the g<span class=\"__1 _201\"/>uarante<span class=\"__1 _201\"/>e appli<span class=\"__1 _201\"/>es, a m<span class=\"__1 _201\"/>arket valu<span class=\"__1 _201\"/>e reduc<span class=\"__1 _201\"/>tion m<span class=\"__1 _201\"/>ay be appl<span class=\"__1 _201\"/>ied to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t the diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>e bet<span class=\"__1 _201\"/>ween th<span class=\"__1 _201\"/>e accumu<span class=\"__1 _201\"/>lated<span class=\"__1 _201\"/> valu<span class=\"__1 _201\"/>e of the unit<span class=\"__1 _201\"/>s and the m<span class=\"__1 _201\"/>arket valu<span class=\"__1 _201\"/>e of the und<span class=\"__1 _201\"/>erly<span class=\"__1 _201\"/>ing as<span class=\"__1 _201\"/>sets;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">For certain u<span class=\"__1 _200\"/>nitised wit<span class=\"__1 _200\"/>h-profits con<span class=\"__1 _200\"/>tracts and cash a<span class=\"__1 _200\"/>ccumula<span class=\"__1 _200\"/>tion con<span class=\"__1 _200\"/>tracts, policyholders have<span class=\"__1 _200\"/> the op<span class=\"__1 _200\"/>tion t<span class=\"__1 _200\"/>o defer<span class=\"__1 _200\"/> their<span class=\"__1 _32b\"> </span></span>retirem<span class=\"__1 _201\"/>ent date wh<span class=\"__1 _201\"/>en they rea<span class=\"__1 _201\"/>ch maturit<span class=\"__1 _201\"/>y, and the term<span class=\"__1 _201\"/>inal b<span class=\"__1 _201\"/>onus gra<span class=\"__1 _201\"/>nted at that p<span class=\"__1 _201\"/>oint is gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>d;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">For wit<span class=\"__1 _201\"/>h-pro<span class=\"__1 _201\"/>fits ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>, there i<span class=\"__1 _201\"/>s a guara<span class=\"__1 _201\"/>nteed mi<span class=\"__1 _201\"/>nimum an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y payme<span class=\"__1 _201\"/>nt bel<span class=\"__1 _201\"/>ow which b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit paym<span class=\"__1 _201\"/>ents c<span class=\"__1 _201\"/>annot f<span class=\"__1 _201\"/>all<span class=\"__1 _32b\"> </span></span>over the l<span class=\"__1 _201\"/>ifetime of th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cies;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in pens<span class=\"__1 _201\"/>ions p<span class=\"__1 _201\"/>roduc<span class=\"__1 _201\"/>ts have gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>d annui<span class=\"__1 _201\"/>ty op<span class=\"__1 _201\"/>tions at retire<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, where th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er has the o<span class=\"__1 _201\"/>ption to take the<span class=\"__1 _201\"/> </span>ben<span class=\"__1 _201\"/>efit in th<span class=\"__1 _201\"/>e form of an a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y at a guar<span class=\"__1 _201\"/>antee<span class=\"__1 _201\"/>d convers<span class=\"__1 _201\"/>ion rate.<span class=\"__1 _32b\"> </span>Deter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n of bon<span class=\"__1 _201\"/>uses<span class=\"__1 _32b\"> </span>Profi<span class=\"__1 _201\"/>t recog<span class=\"__1 _201\"/>nition fo<span class=\"__1 _201\"/>r traditi<span class=\"__1 _201\"/>onal w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss wr<span class=\"__1 _201\"/>itten i<span class=\"__1 _201\"/>n the WP<span class=\"__1 _201\"/>SF is in lin<span class=\"__1 _201\"/>e with the d<span class=\"__1 _201\"/>ecla<span class=\"__1 _201\"/>ration of b<span class=\"__1 _201\"/>onus<span class=\"__1 _201\"/>es.<span class=\"__1 _201\"/> Deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y b<span class=\"__1 _201\"/>onuse<span class=\"__1 _201\"/>s for tra<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>al ty<span class=\"__1 _201\"/>pes of w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profits b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess re<span class=\"__1 _201\"/>quires th<span class=\"__1 _201\"/>e P<span class=\"__1 _200\"/>A<span class=\"__1 _200\"/>C Boa<span class=\"__1 _201\"/>rd to apply s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant<span class=\"__1 _201\"/> judgem<span class=\"__1 _201\"/>ent, including in par<span class=\"__1 _201\"/>ticular the follow<span class=\"__1 _201\"/>ing:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g what con<span class=\"__1 _201\"/>stitutes f<span class=\"__1 _201\"/>air treatm<span class=\"__1 _201\"/>ent of clie<span class=\"__1 _201\"/>nts;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g the proc<span class=\"__1 _201\"/>ess fo<span class=\"__1 _201\"/>r the sm<span class=\"__1 _201\"/>oothin<span class=\"__1 _201\"/>g of investm<span class=\"__1 _201\"/>ent retur<span class=\"__1 _201\"/>ns;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g at what leve<span class=\"__1 _201\"/>l to set bon<span class=\"__1 _201\"/>uses to en<span class=\"__1 _201\"/>sure that they a<span class=\"__1 _201\"/>re comp<span class=\"__1 _201\"/>etitive.<span class=\"__1 _32b\"> </span></span>The ove<span class=\"__1 _201\"/>rall rate of retu<span class=\"__1 _201\"/>rn on inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts and th<span class=\"__1 _201\"/>e expec<span class=\"__1 _201\"/>tatio<span class=\"__1 _201\"/>n of future inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt returns are t<span class=\"__1 _201\"/>he mos<span class=\"__1 _201\"/>t impo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ant influ<span class=\"__1 _201\"/>ence<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>in bo<span class=\"__1 _201\"/>nus rates<span class=\"__1 _201\"/>, subj<span class=\"__1 _201\"/>ect to th<span class=\"__1 _201\"/>e smo<span class=\"__1 _201\"/>othing de<span class=\"__1 _201\"/>scri<span class=\"__1 _201\"/>bed b<span class=\"__1 _201\"/>elow. The G<span class=\"__1 _201\"/>roup dete<span class=\"__1 _201\"/>rmin<span class=\"__1 _201\"/>es the as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons to app<span class=\"__1 _201\"/>ly in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of thes<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>fac<span class=\"__1 _201\"/>tors<span class=\"__1 _201\"/>, incl<span class=\"__1 _201\"/>uding th<span class=\"__1 _201\"/>e effec<span class=\"__1 _201\"/>ts of rea<span class=\"__1 _201\"/>sona<span class=\"__1 _201\"/>bly likel<span class=\"__1 _201\"/>y chang<span class=\"__1 _201\"/>es in key assum<span class=\"__1 _201\"/>ptions<span class=\"__1 _201\"/>, in the c<span class=\"__1 _201\"/>ontext of th<span class=\"__1 _201\"/>e overarch<span class=\"__1 _201\"/>ing dis<span class=\"__1 _201\"/>cretiona<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y and<span class=\"__1 _201\"/> smo<span class=\"__1 _201\"/>othing f<span class=\"__1 _201\"/>ramewo<span class=\"__1 _201\"/>rk that ap<span class=\"__1 _201\"/>plies to it<span class=\"__1 _201\"/>s with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s appro<span class=\"__1 _201\"/>ach, in a<span class=\"__1 _201\"/>pply<span class=\"__1 _201\"/>ing sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>ant jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt and di<span class=\"__1 _201\"/>scretio<span class=\"__1 _201\"/>n in relatio<span class=\"__1 _201\"/>n to determin<span class=\"__1 _201\"/>ing bo<span class=\"__1 _201\"/>nus rates<span class=\"__1 _201\"/>, is con<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>t with<span class=\"__1 _201\"/> the Pr<span class=\"__1 _201\"/>incip<span class=\"__1 _201\"/>les an<span class=\"__1 _201\"/>d Prac<span class=\"__1 _201\"/>tices of F<span class=\"__1 _201\"/>inanc<span class=\"__1 _201\"/>ial Man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent (PPF<span class=\"__1 _201\"/>M) that expl<span class=\"__1 _201\"/>ains how th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund is man<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>d. In acc<span class=\"__1 _201\"/>ordan<span class=\"__1 _201\"/>ce<span class=\"__1 _32b\"> </span>with in<span class=\"__1 _201\"/>dustr<span class=\"__1 _250\"/>y-wid<span class=\"__1 _201\"/>e regulato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y require<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s, the PA<span class=\"__1 _200\"/>C Boa<span class=\"__1 _201\"/>rd has app<span class=\"__1 _201\"/>ointed<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">A Chief Ac<span class=\"__1 _201\"/>tuar<span class=\"__1 _201\"/>y wh<span class=\"__1 _201\"/>o provi<span class=\"__1 _201\"/>des the PA<span class=\"__1 _200\"/>C Board w<span class=\"__1 _201\"/>ith all ac<span class=\"__1 _201\"/>tuar<span class=\"__1 _201\"/>ial adv<span class=\"__1 _201\"/>ice.<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">A With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Actu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y who<span class=\"__1 _201\"/>se spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>c dut<span class=\"__1 _201\"/>y is to advi<span class=\"__1 _201\"/>se the PA<span class=\"__1 _200\"/>C Board o<span class=\"__1 _201\"/>n the reas<span class=\"__1 _201\"/>onabl<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>ss and p<span class=\"__1 _201\"/>ropo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>onalit<span class=\"__1 _201\"/>y of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span></span>mann<span class=\"__1 _201\"/>er in whi<span class=\"__1 _201\"/>ch its dis<span class=\"__1 _201\"/>cretion h<span class=\"__1 _201\"/>as be<span class=\"__1 _201\"/>en exercise<span class=\"__1 _201\"/>d in app<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g the PPFM a<span class=\"__1 _201\"/>nd the ma<span class=\"__1 _201\"/>nner in w<span class=\"__1 _201\"/>hich any c<span class=\"__1 _201\"/>onflic<span class=\"__1 _201\"/>ting in<span class=\"__1 _201\"/>terest<span class=\"__1 _201\"/>s have<span class=\"__1 _32b\"> </span>be<span class=\"__1 _201\"/>en addre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">A With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Co<span class=\"__1 _201\"/>mmit<span class=\"__1 _201\"/>tee of ind<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>dent in<span class=\"__1 _201\"/>divi<span class=\"__1 _201\"/>duals<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es the de<span class=\"__1 _201\"/>gree of c<span class=\"__1 _201\"/>ompli<span class=\"__1 _201\"/>ance wi<span class=\"__1 _201\"/>th the PPFM a<span class=\"__1 _201\"/>nd the<span class=\"__1 _201\"/> </span>mann<span class=\"__1 _201\"/>er in whi<span class=\"__1 _201\"/>ch confl<span class=\"__1 _201\"/>icti<span class=\"__1 _201\"/>ng interes<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d rights h<span class=\"__1 _201\"/>ave bee<span class=\"__1 _201\"/>n addres<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>In deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g bonu<span class=\"__1 _201\"/>s rates for th<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s poli<span class=\"__1 _201\"/>cies<span class=\"__1 _201\"/>, smo<span class=\"__1 _201\"/>othing is a<span class=\"__1 _201\"/>pplie<span class=\"__1 _201\"/>d to the all<span class=\"__1 _201\"/>ocati<span class=\"__1 _201\"/>on of the over<span class=\"__1 _201\"/>all ear<span class=\"__1 _201\"/>nings of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund, of w<span class=\"__1 _201\"/>hich th<span class=\"__1 _201\"/>e investm<span class=\"__1 _201\"/>ent retur<span class=\"__1 _201\"/>n is a signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt elem<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>he de<span class=\"__1 _201\"/>gree of sm<span class=\"__1 _201\"/>oothin<span class=\"__1 _201\"/>g is illus<span class=\"__1 _201\"/>trated n<span class=\"__1 _201\"/>umer<span class=\"__1 _201\"/>icall<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>in the fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g tabl<span class=\"__1 _201\"/>e, which a<span class=\"__1 _201\"/>llows co<span class=\"__1 _201\"/>mpar<span class=\"__1 _201\"/>ison of th<span class=\"__1 _201\"/>e relative<span class=\"__1 _201\"/>ly \u201csm<span class=\"__1 _201\"/>oothe<span class=\"__1 _201\"/>d\u201d level of p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder b<span class=\"__1 _201\"/>onus<span class=\"__1 _201\"/>es de<span class=\"__1 _201\"/>clare<span class=\"__1 _201\"/>d as par<span class=\"__1 _201\"/>t of<span class=\"__1 _201\"/> the sur<span class=\"__1 _201\"/>plus fo<span class=\"__1 _201\"/>r distr<span class=\"__1 _201\"/>ibuti<span class=\"__1 _201\"/>on with th<span class=\"__1 _201\"/>e more vol<span class=\"__1 _201\"/>atile move<span class=\"__1 _201\"/>ment in inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt return an<span class=\"__1 _201\"/>d other ite<span class=\"__1 _201\"/>ms of inco<span class=\"__1 _201\"/>me and ex<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>iture of<span class=\"__1 _32b\"> </span>t<span class=\"__1 _250\"/>h<span class=\"__1 _250\"/>e<span class=\"__1 _201\"/> W<span class=\"__1 _250\"/>P<span class=\"__1 _e7_1\"> </span>S<span class=\"__1 _250\"/>F.<span class=\"__1 _250\"/> 26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:772.28455px;\">For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:647.469px; bottom:784.286px;\">2022<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.436px; bottom:772.28455px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:711.75px; bottom:784.286px;\">2021<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:772.28455px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:752.5282px;\">Net i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e of th<span class=\"__1 _201\"/>e WPS<span class=\"__1 _201\"/>F:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:732.7656px;\">Inves<span class=\"__1 _201\"/>tment retu<span class=\"__1 _201\"/>rn<span class=\"__1 _1f7\"> </span><span class=\"ff1_1 ls49_1 ws4f_1\">(<span class=\"__1 _201\"/>7,<span class=\"__1 _e7_1\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _245\"> </span></span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>75<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:713.0032px;\">Claims i<span class=\"__1 _201\"/>ncurre<span class=\"__1 _201\"/>d<span class=\"__1 _1f8\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">(<span class=\"__1 _200\"/>10,2<span class=\"__1 _201\"/>25)<span class=\"__1 _1d1_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:693.24066px;\">Movement in poli<span class=\"__1 _201\"/>cyhol<span class=\"__1 _201\"/>der liabilities<span class=\"__1 _1dd_1\"> </span><span class=\"ff1_1 ws18_1\">10,758<span class=\"__1 _214\"> </span></span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:673.47815px;\">Add ba<span class=\"__1 _201\"/>ck poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r bonu<span class=\"__1 _201\"/>s for the ye<span class=\"__1 _201\"/>ar (<span class=\"__1 _200\"/>as show<span class=\"__1 _201\"/>n bel<span class=\"__1 _201\"/>ow<span class=\"__1 _200\"/>)<span class=\"__1 _1f9\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">3,<span class=\"__1 _201\"/>494<span class=\"__1 _243\"> </span></span><span class=\"lsf_1 wsd_1\">2,906<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:653.71564px;\">Claims inc<span class=\"__1 _200\"/>urred<span class=\"__1 _200\"/> and mo<span class=\"__1 _200\"/>vemen<span class=\"__1 _200\"/>t in polic<span class=\"__1 _200\"/>yholder liabilities<span class=\"__1 _200\"/> (including ch<span class=\"__1 _200\"/>ange for<span class=\"__1 _200\"/> pro<span class=\"__1 _200\"/>vision for<span class=\"__1 _200\"/> asset<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls3f_1 ws4c_1\" style=\"left:0.010047913px; bottom:638.7216px;\">shares<span class=\"__1 _200\"/> and e<span class=\"__1 _200\"/>xc<span class=\"__1 _200\"/>luding policy<span class=\"__1 _200\"/>holder bonuses<span class=\"__1 _f_1\"/>) <span class=\"__1 _1e3_1\"> </span><span class=\"lsc_1 wsa_1\">4,0<span class=\"__1 _201\"/>27<span class=\"__1 _211\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">(<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,14<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:618.95917px;\">Ear<span class=\"__1 _201\"/>ned p<span class=\"__1 _201\"/>remiums<span class=\"__1 _201\"/>, net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce<span class=\"__1 _1fa\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">6,<span class=\"__1 _201\"/>270<span class=\"__1 _1d8_1\"> </span></span><span class=\"ls30_1 ws30_1\">4,<span class=\"__1 _201\"/>503<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:599.19666px;\">Other income<span class=\"__1 _1fb\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">2<span class=\"__1 _f4_1\"> </span></span><span class=\"lsc_1 wsa_1\">26<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:579.43414px;\">Acquis<span class=\"__1 _201\"/>ition co<span class=\"__1 _201\"/>sts an<span class=\"__1 _201\"/>d other exp<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>iture<span class=\"__1 _372\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">(1<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>)<span class=\"__1 _1c_1\"> </span></span><span class=\"ls5b_1 ws67_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,4<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:559.67163px;\">Share o<span class=\"__1 _201\"/>f profits f<span class=\"__1 _201\"/>rom inves<span class=\"__1 _201\"/>tment j<span class=\"__1 _201\"/>oint venture<span class=\"__1 _201\"/>s<span class=\"__1 _1fc\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">38<span class=\"__1 _232\"> </span></span><span class=\"ls23_1 ws22_1\">76<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:539.9091px;\">T<span class=\"__1 _f_1\"/>ax credit<span class=\"__1 _201\"/>/(<span class=\"__1 _f_1\"/>charge)<span class=\"__1 _1fd\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">232<span class=\"__1 _220\"> </span></span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:520.14667px;\">Net income<span class=\"__1 _200\"/> of the<span class=\"__1 _200\"/> fund be<span class=\"__1 _200\"/>fore<span class=\"__1 _200\"/> mov<span class=\"__1 _200\"/>ement<span class=\"__1 _200\"/> in unallocat<span class=\"__1 _200\"/>ed surplus<span class=\"__1 _200\"/> of the<span class=\"__1 _200\"/> With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _1fe\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _204\"> </span><span class=\"ff2_1 ls15_1 ws14_1\">4<span class=\"__1 _201\"/>,256<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:500.38416px;\">Movem<span class=\"__1 _201\"/>ent in un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund<span class=\"__1 _1ff\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">1,689<span class=\"__1 _243\"> </span></span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:480.62164px;\">Surplus for<span class=\"__1 _200\"/> distribution<span class=\"__1 _200\"/> for the<span class=\"__1 _200\"/> ye<span class=\"__1 _200\"/>ar<span class=\"__1 _400\"> </span><span class=\"ls15_1 ws14_1\">3,<span class=\"__1 _201\"/>855<span class=\"__1 _211\"> </span><span class=\"ff2_1 ls32_1 ws33_1\">3<span class=\"__1 _201\"/>,20<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:460.85913px;\">Surplus for<span class=\"__1 _200\"/> distribution<span class=\"__1 _200\"/> for the<span class=\"__1 _200\"/> ye<span class=\"__1 _200\"/>ar allocat<span class=\"__1 _200\"/>ed as<span class=\"__1 _200\"/> follow<span class=\"__1 _200\"/>s:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:441.09662px;\">Poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 bonu<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>as show<span class=\"__1 _201\"/>n above)<span class=\"__1 _350\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">3<span class=\"__1 _201\"/>,494<span class=\"__1 _211\"> </span></span><span class=\"lsf_1 wsd_1\">2,906<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:421.33417px;\">Shareholders<span class=\"__1 _200\"/>\u2019 tran<span class=\"__1 _200\"/>sfers<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:135.61455px; bottom:425.67212px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls18_1 ws17_1\" style=\"left:649.76355px; bottom:421.4264px;\">3<span class=\"__1 _201\"/>61<span class=\"__1 _253\"> </span><span class=\"ff2_1 ls27_1 ws27_1\">298<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:401.66388px;\">Surplus for<span class=\"__1 _200\"/> distribution<span class=\"__1 _200\"/> for the<span class=\"__1 _200\"/> ye<span class=\"__1 _200\"/>ar<span class=\"__1 _400\"> </span><span class=\"ls15_1 ws14_1\">3,<span class=\"__1 _201\"/>855<span class=\"__1 _211\"> </span><span class=\"ff2_1 ls32_1 ws33_1\">3<span class=\"__1 _201\"/>,20<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:0.010047913px; bottom:374.6411px;\">i <span class=\"__1 _2d_1\"> </span>Sha<span class=\"__1 _201\"/>reh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er tra<span class=\"__1 _201\"/>ns<span class=\"__1 _201\"/>fers f<span class=\"__1 _201\"/>or mo<span class=\"__1 _201\"/>st bu<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>s in the W<span class=\"__1 _201\"/>PS<span class=\"__1 _201\"/>F are on<span class=\"__1 _201\"/>e nint<span class=\"__1 _201\"/>h of the c<span class=\"__1 _201\"/>ost of b<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/>us de<span class=\"__1 _201\"/>clar<span class=\"__1 _201\"/>ed to po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>. In 20<span class=\"__1 _201\"/>21, th<span class=\"__1 _201\"/>e SAI<span class=\"__1 _201\"/>F with<span class=\"__1 _201\"/>-p<span class=\"__1 _201\"/>rofit<span class=\"__1 _201\"/>s sub<span class=\"__1 _201\"/>-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:17.443352px; bottom:361.8941px;\">fund was<span class=\"__1 _200\"/> merged with<span class=\"__1 _200\"/> the<span class=\"__1 _200\"/> WPSF<span class=\"__1 _f_1\"/>. Shareholders hav<span class=\"__1 _200\"/>e no<span class=\"__1 _200\"/> entitlement<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> profits fr<span class=\"__1 _200\"/>om the<span class=\"__1 _200\"/> bonus r<span class=\"__1 _200\"/>elating<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> ex<span class=\"__1 _200\"/>-SAIF policyholders<span class=\"__1 _200\"/> of \u00a3220m for<span class=\"__1 _200\"/> the y<span class=\"__1 _200\"/>ear<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.443352px; bottom:349.1471px;\">en<span class=\"__1 _201\"/>ded 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 (2<span class=\"__1 _201\"/>021: \u00a3<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>6m), the v<span class=\"__1 _201\"/>alu<span class=\"__1 _201\"/>e of whi<span class=\"__1 _201\"/>ch is in<span class=\"__1 _201\"/>clu<span class=\"__1 _201\"/>ded i<span class=\"__1 _201\"/>n the tot<span class=\"__1 _201\"/>al Po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs\u2019 bo<span class=\"__1 _201\"/>nus s<span class=\"__1 _201\"/>hown i<span class=\"__1 _201\"/>n the ta<span class=\"__1 _201\"/>ble a<span class=\"__1 _201\"/>bove<span class=\"__1 _201\"/>. Refe<span class=\"__1 _201\"/>r to Note 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3 for<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls4f_1 ws58_1\" style=\"left:17.443352px; bottom:336.4001px;\">fur<span class=\"__1 _201\"/>ther details.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:311.64227px;\">26.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _201\"/>2 Unit<span class=\"__1 _200\"/>-link<span class=\"__1 _200\"/>ed business<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:291.01282px;\">For unit-linked c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, the at<span class=\"__1 _201\"/>tachin<span class=\"__1 _201\"/>g liabili<span class=\"__1 _201\"/>ty refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts the un<span class=\"__1 _201\"/>it value o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>on (using ac<span class=\"__1 _201\"/>tuaria<span class=\"__1 _201\"/>l fundi<span class=\"__1 _201\"/>ng whe<span class=\"__1 _201\"/>re relevan<span class=\"__1 _201\"/>t) and, in<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:274.51428px;\">the c<span class=\"__1 _201\"/>ase of co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts with si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce risk w<span class=\"__1 _201\"/>hich are th<span class=\"__1 _201\"/>erefore c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as insur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, allowan<span class=\"__1 _201\"/>ce for exp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:258.0158px;\">per<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>ncy, and mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y risk<span class=\"__1 _201\"/>. The l<span class=\"__1 _201\"/>atter co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ent, c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ated usin<span class=\"__1 _201\"/>g a disco<span class=\"__1 _201\"/>unted ca<span class=\"__1 _201\"/>shflow a<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch (non-<span class=\"__1 _201\"/>unit rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ves), is<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:241.51727px;\">deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d by appl<span class=\"__1 _201\"/>ying m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns on a bas<span class=\"__1 _201\"/>is that is ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate for the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder p<span class=\"__1 _201\"/>rofile an<span class=\"__1 _201\"/>d inclu<span class=\"__1 _201\"/>ding a ma<span class=\"__1 _201\"/>rgin<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:225.0188px;\">for pr<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>nce in the m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y, persi<span class=\"__1 _201\"/>stenc<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, and exp<span class=\"__1 _201\"/>ense a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions<span class=\"__1 _201\"/>. T<span class=\"__1 _f_1\"/>o c<span class=\"__1 _201\"/>alculate th<span class=\"__1 _201\"/>e non-<span class=\"__1 _201\"/>unit res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves fo<span class=\"__1 _201\"/>r unit-linked ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:208.52032px;\">contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons are al<span class=\"__1 _201\"/>so set fo<span class=\"__1 _201\"/>r the unit grow<span class=\"__1 _201\"/>th r<span class=\"__1 _201\"/>ate and the va<span class=\"__1 _201\"/>luation in<span class=\"__1 _201\"/>terest r<span class=\"__1 _201\"/>ate. The va<span class=\"__1 _201\"/>luation i<span class=\"__1 _201\"/>nterest r<span class=\"__1 _201\"/>ate is deri<span class=\"__1 _201\"/>ved<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:192.02179px;\">from th<span class=\"__1 _201\"/>e yiel<span class=\"__1 _201\"/>ds of ass<span class=\"__1 _201\"/>ets rep<span class=\"__1 _201\"/>resent<span class=\"__1 _201\"/>ative of the retur<span class=\"__1 _201\"/>ns that wi<span class=\"__1 _201\"/>ll be ear<span class=\"__1 _201\"/>ned o<span class=\"__1 _201\"/>n the as<span class=\"__1 _201\"/>sets ba<span class=\"__1 _201\"/>cking th<span class=\"__1 _201\"/>ese lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:167.27405px;\">For tho<span class=\"__1 _201\"/>se contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s where th<span class=\"__1 _201\"/>e level of in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce ris<span class=\"__1 _201\"/>k is insign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant, th<span class=\"__1 _201\"/>e asse<span class=\"__1 _201\"/>ts and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s aris<span class=\"__1 _201\"/>ing und<span class=\"__1 _201\"/>er the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts are<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:150.77554px;\">dis<span class=\"__1 _201\"/>tinguis<span class=\"__1 _201\"/>hed b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en tho<span class=\"__1 _201\"/>se that relate to th<span class=\"__1 _201\"/>e financ<span class=\"__1 _201\"/>ial ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nt liabil<span class=\"__1 _201\"/>ity, and the d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d acqui<span class=\"__1 _201\"/>sition c<span class=\"__1 _201\"/>osts a<span class=\"__1 _201\"/>nd defe<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:134.27704px;\">inco<span class=\"__1 _201\"/>me that rel<span class=\"__1 _201\"/>ate to the comp<span class=\"__1 _201\"/>onent o<span class=\"__1 _201\"/>f the contr<span class=\"__1 _201\"/>act th<span class=\"__1 _201\"/>at relates to inves<span class=\"__1 _201\"/>tment m<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>. The f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of the liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y is equ<span class=\"__1 _201\"/>al<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:117.778534px;\">to the unit v<span class=\"__1 _201\"/>alue ob<span class=\"__1 _201\"/>ligatio<span class=\"__1 _201\"/>n.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:93.03079px;\">Defe<span class=\"__1 _201\"/>rred a<span class=\"__1 _201\"/>cquisi<span class=\"__1 _201\"/>tion cos<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red inc<span class=\"__1 _201\"/>ome are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed in li<span class=\"__1 _201\"/>ne with th<span class=\"__1 _201\"/>e level of se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>e provisi<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:68.28305px;\">Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in par<span class=\"__1 _201\"/>ts of th<span class=\"__1 _201\"/>e unit-linked bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s are reins<span class=\"__1 _201\"/>ured ex<span class=\"__1 _201\"/>ternal<span class=\"__1 _201\"/>ly by way of fun<span class=\"__1 _201\"/>d reinsur<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>. Where thi<span class=\"__1 _201\"/>s is the ca<span class=\"__1 _201\"/>se, the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:51.784546px;\">reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ties in re<span class=\"__1 _201\"/>spec<span class=\"__1 _201\"/>t of the<span class=\"__1 _201\"/>se reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e arra<span class=\"__1 _201\"/>ngem<span class=\"__1 _201\"/>ents is v<span class=\"__1 _201\"/>alued i<span class=\"__1 _201\"/>n a manne<span class=\"__1 _201\"/>r consi<span class=\"__1 _201\"/>stent w<span class=\"__1 _201\"/>ith the valu<span class=\"__1 _201\"/>ation of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:35.28604px;\">the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s. Ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain par<span class=\"__1 _201\"/>ts o<span class=\"__1 _201\"/>f the unit-linked bu<span class=\"__1 _201\"/>sine<span class=\"__1 _201\"/>ss are rein<span class=\"__1 _201\"/>sured ex<span class=\"__1 _201\"/>tern<span class=\"__1 _201\"/>ally by rei<span class=\"__1 _201\"/>nsurin<span class=\"__1 _201\"/>g spe<span class=\"__1 _201\"/>cific r<span class=\"__1 _201\"/>isk be<span class=\"__1 _201\"/>nefit<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:18.787537px;\">Whe<span class=\"__1 _201\"/>re this is the c<span class=\"__1 _201\"/>ase, th<span class=\"__1 _201\"/>e reinsu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>sset i<span class=\"__1 _201\"/>n respe<span class=\"__1 _201\"/>ct of th<span class=\"__1 _201\"/>ese re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s is value<span class=\"__1 _201\"/>d in a mann<span class=\"__1 _201\"/>er con<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>t with<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:2.289032px;\">the val<span class=\"__1 _201\"/>uation of th<span class=\"__1 _201\"/>e unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:817.91724px;\">26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div>26.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _201\"/>3 A<span class=\"__1 _200\"/>nnuities and<span class=\"__1 _200\"/> other long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>ajor<span class=\"__1 _201\"/>ity of th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er liabi<span class=\"__1 _201\"/>lities in th<span class=\"__1 _201\"/>e \u201cannuiti<span class=\"__1 _201\"/>es and oth<span class=\"__1 _201\"/>er lo<span class=\"__1 _201\"/>ng-term b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss\u201d com<span class=\"__1 _201\"/>pone<span class=\"__1 _201\"/>nt relate to annu<span class=\"__1 _201\"/>ity c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>re calc<span class=\"__1 _201\"/>ulated as th<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>cted va<span class=\"__1 _201\"/>lue of futu<span class=\"__1 _201\"/>re annuit<span class=\"__1 _201\"/>y pay<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>nd expe<span class=\"__1 _201\"/>nses<span class=\"__1 _201\"/>, disc<span class=\"__1 _201\"/>ounted by a v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>interes<span class=\"__1 _201\"/>t rate, hav<span class=\"__1 _201\"/>ing pru<span class=\"__1 _201\"/>dent re<span class=\"__1 _201\"/>gard to the as<span class=\"__1 _201\"/>sumpt<span class=\"__1 _201\"/>ions us<span class=\"__1 _201\"/>ed. T<span class=\"__1 _201\"/>he valu<span class=\"__1 _201\"/>ation meth<span class=\"__1 _201\"/>odo<span class=\"__1 _201\"/>log<span class=\"__1 _201\"/>y for the re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce is ba<span class=\"__1 _201\"/>sed on a<span class=\"__1 _201\"/> deter<span class=\"__1 _201\"/>minis<span class=\"__1 _201\"/>tic cas<span class=\"__1 _201\"/>hflow m<span class=\"__1 _201\"/>odel<span class=\"__1 _201\"/>, in line w<span class=\"__1 _201\"/>ith the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tf<span class=\"__1 _201\"/>olio.<span class=\"__1 _32b\"> </span>The key as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons use<span class=\"__1 _201\"/>d to calc<span class=\"__1 _201\"/>ulate the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of annui<span class=\"__1 _201\"/>ty b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss are as fo<span class=\"__1 _201\"/>llows:<span class=\"__1 _32b\"> </span>Mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y assu<span class=\"__1 _201\"/>mptions f<span class=\"__1 _201\"/>or annui<span class=\"__1 _201\"/>ty b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss are s<span class=\"__1 _201\"/>et in light of re<span class=\"__1 _201\"/>cent p<span class=\"__1 _201\"/>opulati<span class=\"__1 _201\"/>on and inte<span class=\"__1 _201\"/>rnal exp<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ence, w<span class=\"__1 _201\"/>ith an all<span class=\"__1 _201\"/>owance<span class=\"__1 _201\"/> for exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted future m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y imp<span class=\"__1 _201\"/>rovement<span class=\"__1 _201\"/>s. G<span class=\"__1 _201\"/>iven th<span class=\"__1 _201\"/>e long<span class=\"__1 _201\"/>-term nature of a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s, ann<span class=\"__1 _201\"/>uitant m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y remai<span class=\"__1 _201\"/>ns a<span class=\"__1 _32b\"> </span>signific<span class=\"__1 _201\"/>ant assumption in determin<span class=\"__1 _201\"/>ing policy<span class=\"__1 _201\"/>holder liabilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions us<span class=\"__1 _201\"/>ed refe<span class=\"__1 _201\"/>rence re<span class=\"__1 _201\"/>cent Eng<span class=\"__1 _201\"/>land &amp; Wales p<span class=\"__1 _201\"/>opul<span class=\"__1 _201\"/>ation mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y data con<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>nt with the CM<span class=\"__1 _201\"/>I mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity<span class=\"__1 _201\"/> improve<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s mode<span class=\"__1 _201\"/>l, with s<span class=\"__1 _201\"/>peci<span class=\"__1 _201\"/>fic ri<span class=\"__1 _201\"/>sk fac<span class=\"__1 _201\"/>tors ap<span class=\"__1 _201\"/>plie<span class=\"__1 _201\"/>d on a pe<span class=\"__1 _201\"/>r polic<span class=\"__1 _201\"/>y bas<span class=\"__1 _201\"/>is to refle<span class=\"__1 _201\"/>ct the fe<span class=\"__1 _201\"/>atures of the G<span class=\"__1 _201\"/>roup\u2019s por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>folio.<span class=\"__1 _32b\"> </span>An inc<span class=\"__1 _201\"/>rease in m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y rates w<span class=\"__1 _201\"/>as obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ved over 20<span class=\"__1 _201\"/>20 and 20<span class=\"__1 _201\"/>21 due to the COVI<span class=\"__1 _201\"/>D-19 pande<span class=\"__1 _201\"/>mic. H<span class=\"__1 _201\"/>igher m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y exp<span class=\"__1 _201\"/>erie<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/> may be exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to contin<span class=\"__1 _201\"/>ue to som<span class=\"__1 _201\"/>e extent ove<span class=\"__1 _201\"/>r the sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term, w<span class=\"__1 _201\"/>ith signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt excess d<span class=\"__1 _201\"/>eaths ob<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>ve<span class=\"__1 _201\"/>d in the po<span class=\"__1 _201\"/>pulatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>over 202<span class=\"__1 _201\"/>2. H<span class=\"__1 _201\"/>owever<span class=\"__1 _200\"/>, there is s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant u<span class=\"__1 _201\"/>ncer<span class=\"__1 _201\"/>tai<span class=\"__1 _201\"/>nty an<span class=\"__1 _201\"/>d the lo<span class=\"__1 _201\"/>nger-t<span class=\"__1 _200\"/>erm im<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>ations fo<span class=\"__1 _201\"/>r mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity r<span class=\"__1 _201\"/>ates amon<span class=\"__1 _201\"/>gst th<span class=\"__1 _201\"/>e annuita<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span>pop<span class=\"__1 _201\"/>ulatio<span class=\"__1 _201\"/>n are unknow<span class=\"__1 _201\"/>n at this s<span class=\"__1 _201\"/>tage. I<span class=\"__1 _201\"/>n line with b<span class=\"__1 _201\"/>roade<span class=\"__1 _201\"/>r indus<span class=\"__1 _201\"/>tr<span class=\"__1 _201\"/>y app<span class=\"__1 _201\"/>roach<span class=\"__1 _201\"/>, zero weight h<span class=\"__1 _201\"/>as bee<span class=\"__1 _201\"/>n given to p<span class=\"__1 _201\"/>ande<span class=\"__1 _201\"/>mic<span class=\"__1 _32b\"> </span>expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce. Th<span class=\"__1 _201\"/>is is an area th<span class=\"__1 _201\"/>at will co<span class=\"__1 _201\"/>ntinue to be m<span class=\"__1 _201\"/>onitore<span class=\"__1 _201\"/>d by the Gro<span class=\"__1 _201\"/>up.<span class=\"__1 _201\"/> For cur<span class=\"__1 _201\"/>rent mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, while n<span class=\"__1 _201\"/>o weight h<span class=\"__1 _201\"/>as bee<span class=\"__1 _201\"/>n given to th<span class=\"__1 _201\"/>e most re<span class=\"__1 _201\"/>cent ye<span class=\"__1 _201\"/>ars of exp<span class=\"__1 _201\"/>erie<span class=\"__1 _201\"/>nce, th<span class=\"__1 _201\"/>e Group\u2019s long<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span>have be<span class=\"__1 _201\"/>en upd<span class=\"__1 _201\"/>ated to refle<span class=\"__1 _201\"/>ct en<span class=\"__1 _201\"/>hance<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s made to asp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts of the un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g data and th<span class=\"__1 _201\"/>e corre<span class=\"__1 _201\"/>spon<span class=\"__1 _201\"/>ding m<span class=\"__1 _201\"/>odel<span class=\"__1 _201\"/>ling app<span class=\"__1 _201\"/>roach<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>This h<span class=\"__1 _201\"/>as resul<span class=\"__1 _201\"/>ted in a sma<span class=\"__1 _201\"/>ll weakenin<span class=\"__1 _201\"/>g.<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y imp<span class=\"__1 _201\"/>rovemen<span class=\"__1 _201\"/>ts obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ved in re<span class=\"__1 _201\"/>cent p<span class=\"__1 _201\"/>opulati<span class=\"__1 _201\"/>on data have b<span class=\"__1 _201\"/>een co<span class=\"__1 _201\"/>nside<span class=\"__1 _201\"/>red as p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of the jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt exercise<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>in set<span class=\"__1 _201\"/>ting th<span class=\"__1 _201\"/>e mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y ba<span class=\"__1 _201\"/>sis for 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>. New mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y proje<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on mod<span class=\"__1 _201\"/>els are re<span class=\"__1 _201\"/>lease<span class=\"__1 _201\"/>d annu<span class=\"__1 _201\"/>ally by the C<span class=\"__1 _201\"/>ontinu<span class=\"__1 _201\"/>ous Mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tigatio<span class=\"__1 _201\"/>n (<span class=\"__1 _200\"/>CMI). T<span class=\"__1 _201\"/>he CM<span class=\"__1 _201\"/>I table<span class=\"__1 _201\"/>s used a<span class=\"__1 _201\"/>re adjus<span class=\"__1 _201\"/>ted as ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate each year to re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t antici<span class=\"__1 _201\"/>pated mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y improve<span class=\"__1 _201\"/>ments<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span>incl<span class=\"__1 _201\"/>uding an a<span class=\"__1 _201\"/>pprop<span class=\"__1 _201\"/>riate margi<span class=\"__1 _201\"/>n on an IFR<span class=\"__1 _201\"/>S basi<span class=\"__1 _201\"/>s relative to the b<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>t estim<span class=\"__1 _201\"/>ate assum<span class=\"__1 _201\"/>ption us<span class=\"__1 _201\"/>ed for S<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I.<span class=\"__1 _201\"/> An ex<span class=\"__1 _201\"/>ternal p<span class=\"__1 _201\"/>anel p<span class=\"__1 _201\"/>roces<span class=\"__1 _201\"/>s with a r<span class=\"__1 _201\"/>ange of exp<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ts fro<span class=\"__1 _201\"/>m diffe<span class=\"__1 _201\"/>rent disc<span class=\"__1 _201\"/>ipline<span class=\"__1 _201\"/>s (such as Pub<span class=\"__1 _201\"/>lic Hea<span class=\"__1 _201\"/>lth &amp; So<span class=\"__1 _201\"/>cial Poli<span class=\"__1 _201\"/>cy, Gene<span class=\"__1 _201\"/>ral<span class=\"__1 _201\"/> Prac<span class=\"__1 _201\"/>tice a<span class=\"__1 _201\"/>nd On<span class=\"__1 _201\"/>colo<span class=\"__1 _201\"/>gy) was und<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>taken in 202<span class=\"__1 _201\"/>2 which f<span class=\"__1 _201\"/>orme<span class=\"__1 _201\"/>d par<span class=\"__1 _201\"/>t of a rev<span class=\"__1 _201\"/>iew of the dr<span class=\"__1 _201\"/>ivers of f<span class=\"__1 _201\"/>uture mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y improvem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Enhan<span class=\"__1 _201\"/>ceme<span class=\"__1 _201\"/>nts were al<span class=\"__1 _201\"/>so mad<span class=\"__1 _201\"/>e to the appro<span class=\"__1 _201\"/>ach to deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g how the G<span class=\"__1 _201\"/>roup\u2019s own por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>folio ex<span class=\"__1 _201\"/>peri<span class=\"__1 _201\"/>ence c<span class=\"__1 _201\"/>ould di<span class=\"__1 _201\"/>ffer fro<span class=\"__1 _201\"/>m the<span class=\"__1 _32b\"> </span>pop<span class=\"__1 _201\"/>ulatio<span class=\"__1 _201\"/>n as whol<span class=\"__1 _201\"/>e. Com<span class=\"__1 _201\"/>binin<span class=\"__1 _201\"/>g these re<span class=\"__1 _201\"/>sulted i<span class=\"__1 _201\"/>n more p<span class=\"__1 _201\"/>essi<span class=\"__1 _201\"/>mism (i<span class=\"__1 _201\"/>.e. lowe<span class=\"__1 _201\"/>r levels of f<span class=\"__1 _201\"/>uture improve<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) than the p<span class=\"__1 _201\"/>reviou<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>year an<span class=\"__1 _201\"/>d resulte<span class=\"__1 _201\"/>d in a rele<span class=\"__1 _201\"/>ase of res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/>. The 20<span class=\"__1 _201\"/>22 ba<span class=\"__1 _201\"/>sis is expre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d in term<span class=\"__1 _201\"/>s of CMI 2020 i<span class=\"__1 _201\"/>n compa<span class=\"__1 _201\"/>riso<span class=\"__1 _201\"/>n to the 2021 b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span>whic<span class=\"__1 _201\"/>h was expre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d relati<span class=\"__1 _201\"/>ve to CMI 2019. Th<span class=\"__1 _201\"/>e mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y im<span class=\"__1 _201\"/>proveme<span class=\"__1 _201\"/>nt assu<span class=\"__1 _201\"/>mption<span class=\"__1 _201\"/>s used a<span class=\"__1 _201\"/>re summar<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d in the tab<span class=\"__1 _201\"/>le bel<span class=\"__1 _201\"/>ow, with<span class=\"__1 _32b\"> </span>other a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>ting th<span class=\"__1 _201\"/>e core CMI p<span class=\"__1 _201\"/>rojec<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Period ended<span class=\"__1 _bd_1\"> </span>M<span class=\"__1 _201\"/>odel v<span class=\"__1 _200\"/>ersion<span class=\"__1 _32b\"> </span>i, iv<span class=\"__1 _32b\"> </span>Long-term<span class=\"__1 _200\"/> improv<span class=\"__1 _200\"/>ement rat<span class=\"__1 _200\"/>e<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>Smoothing parameter (<span class=\"__1 _200\"/>Sk)<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>31 December<span class=\"__1 _200\"/> 2022<span class=\"__1 _1ce_1\"> </span><span class=\"ls30_1 ws71_1\">CMI 2020<span class=\"__1 _32b\"> </span></span>For ma<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>: 2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>10% p<span class=\"__1 _201\"/>a<span class=\"ls5_1\"> </span>For fe<span class=\"__1 _201\"/>male<span class=\"__1 _201\"/>s: 2<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>10% pa<span class=\"__1 _32b\"> </span>For ma<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>: 7<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>5<span class=\"ls5_1\"> </span>For fe<span class=\"__1 _201\"/>male<span class=\"__1 _201\"/>s: 7<span class=\"__1 _200\"/>.75<span class=\"__1 _32b\"> </span>31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _401\"> </span><span class=\"ls32_1 ws35_1\">CMI 2019<span class=\"__1 _32b\"> </span></span>For mal<span class=\"__1 _201\"/>es: 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>25% pa<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>For fem<span class=\"__1 _201\"/>ales<span class=\"__1 _201\"/>: 2.0<span class=\"__1 _201\"/>0% pa<span class=\"__1 _32b\"> </span>For mal<span class=\"__1 _201\"/>es: 7<span class=\"__1 _200\"/>.50<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>For fem<span class=\"__1 _201\"/>ales<span class=\"__1 _201\"/>: 8.0<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>An \u2018A<span class=\"__1 _f_1\"/>\u2019 p<span class=\"__1 _201\"/>aram<span class=\"__1 _201\"/>eter i<span class=\"__1 _201\"/>n the m<span class=\"__1 _201\"/>ode<span class=\"__1 _201\"/>l to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t soc<span class=\"__1 _201\"/>io<span class=\"__1 _201\"/>-e<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>omi<span class=\"__1 _201\"/>c diff<span class=\"__1 _201\"/>eren<span class=\"__1 _201\"/>ces b<span class=\"__1 _201\"/>et<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio a<span class=\"__1 _201\"/>nd po<span class=\"__1 _201\"/>pul<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n expe<span class=\"__1 _201\"/>ri<span class=\"__1 _201\"/>ence i<span class=\"__1 _201\"/>s als<span class=\"__1 _201\"/>o use<span class=\"__1 _201\"/>d. T<span class=\"__1 _201\"/>his ad<span class=\"__1 _201\"/>jus<span class=\"__1 _201\"/>ts in<span class=\"__1 _201\"/>itial<span class=\"__1 _201\"/> mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y im<span class=\"__1 _201\"/>prove<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>t rates a<span class=\"__1 _201\"/>nd wa<span class=\"__1 _201\"/>s 0.4<span class=\"__1 _201\"/>5% at 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>1. Un<span class=\"__1 _201\"/>der t<span class=\"__1 _201\"/>he rev<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d meth<span class=\"__1 _201\"/>od<span class=\"__1 _201\"/>olo<span class=\"__1 _201\"/>gy, this p<span class=\"__1 _201\"/>aram<span class=\"__1 _201\"/>eter v<span class=\"__1 _201\"/>ari<span class=\"__1 _201\"/>es by a<span class=\"__1 _201\"/>ge and g<span class=\"__1 _201\"/>en<span class=\"__1 _201\"/>der an<span class=\"__1 _201\"/>d is<span class=\"__1 _201\"/> red<span class=\"__1 _201\"/>uce<span class=\"__1 _201\"/>d at all a<span class=\"__1 _201\"/>ges r<span class=\"__1 _201\"/>elat<span class=\"__1 _201\"/>ive to 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>1.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 a<span class=\"__1 _201\"/>nd 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>1, the l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>-ter<span class=\"__1 _201\"/>m impr<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ent ra<span class=\"__1 _201\"/>tes sh<span class=\"__1 _201\"/>own re<span class=\"__1 _201\"/>fle<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d a 0.5% i<span class=\"__1 _201\"/>ncre<span class=\"__1 _201\"/>ase to a<span class=\"__1 _201\"/>ll fut<span class=\"__1 _201\"/>ure imp<span class=\"__1 _201\"/>rove<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>t rates<span class=\"__1 _201\"/> rel<span class=\"__1 _201\"/>ative to t<span class=\"__1 _201\"/>he be<span class=\"__1 _201\"/>st e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ate us<span class=\"__1 _201\"/>ed un<span class=\"__1 _201\"/>der S<span class=\"__1 _201\"/>ol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II as a m<span class=\"__1 _201\"/>arg<span class=\"__1 _201\"/>in for p<span class=\"__1 _201\"/>rud<span class=\"__1 _201\"/>enc<span class=\"__1 _201\"/>e.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Th<span class=\"__1 _201\"/>e smo<span class=\"__1 _201\"/>othi<span class=\"__1 _201\"/>ng par<span class=\"__1 _201\"/>ame<span class=\"__1 _201\"/>ter co<span class=\"__1 _201\"/>ntro<span class=\"__1 _201\"/>ls the a<span class=\"__1 _201\"/>mou<span class=\"__1 _201\"/>nt of sm<span class=\"__1 _201\"/>ooth<span class=\"__1 _201\"/>ing by c<span class=\"__1 _201\"/>ale<span class=\"__1 _201\"/>nda<span class=\"__1 _201\"/>r year w<span class=\"__1 _201\"/>he<span class=\"__1 _201\"/>n deter<span class=\"__1 _201\"/>min<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e leve<span class=\"__1 _201\"/>l of ini<span class=\"__1 _201\"/>tial m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y impr<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>iv <span class=\"__1 _285\"> </span>Th<span class=\"__1 _201\"/>e tape<span class=\"__1 _201\"/>rin<span class=\"__1 _201\"/>g of imp<span class=\"__1 _201\"/>rove<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s to zero i<span class=\"__1 _201\"/>s set to o<span class=\"__1 _201\"/>ccur b<span class=\"__1 _201\"/>et<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n age<span class=\"__1 _201\"/>s 90<span class=\"__1 _201\"/>\u20131<span class=\"__1 _200\"/>10 at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2, w<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>h is a cha<span class=\"__1 _201\"/>nge f<span class=\"__1 _201\"/>rom 8<span class=\"__1 _201\"/>5\u2013110 at 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 2<span class=\"__1 _201\"/>021.<span class=\"__1 _201\"/> The m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons for in<span class=\"__1 _201\"/>-force ve<span class=\"__1 _201\"/>sted an<span class=\"__1 _201\"/>nuitie<span class=\"__1 _201\"/>s also cove<span class=\"__1 _201\"/>r annuiti<span class=\"__1 _201\"/>es in def<span class=\"__1 _201\"/>erme<span class=\"__1 _201\"/>nt.<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>ivit<span class=\"__1 _201\"/>y of IFR<span class=\"__1 _201\"/>S profi<span class=\"__1 _201\"/>t before ta<span class=\"__1 _201\"/>x and of wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es to chang<span class=\"__1 _201\"/>es in as<span class=\"__1 _201\"/>sume<span class=\"__1 _201\"/>d mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity r<span class=\"__1 _201\"/>ates is show<span class=\"__1 _201\"/>n in Note 3<span class=\"__1 _201\"/>3.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:700.37646px;\">V<span class=\"__1 _200\"/>aluati<span class=\"__1 _201\"/>on interes<span class=\"__1 _201\"/>t rates<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:683.8779px;\">V<span class=\"__1 _200\"/>aluati<span class=\"__1 _201\"/>on interes<span class=\"__1 _201\"/>t rates us<span class=\"__1 _201\"/>ed to dis<span class=\"__1 _201\"/>count th<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ties are ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n the yie<span class=\"__1 _201\"/>lds as at th<span class=\"__1 _201\"/>e valuatio<span class=\"__1 _201\"/>n date on the as<span class=\"__1 _201\"/>sets b<span class=\"__1 _201\"/>ackin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:667.3795px;\">the po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s. Fo<span class=\"__1 _201\"/>r fixed intere<span class=\"__1 _201\"/>st se<span class=\"__1 _201\"/>curit<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>, the intern<span class=\"__1 _201\"/>al rate of retur<span class=\"__1 _201\"/>n of the ass<span class=\"__1 _201\"/>ets ba<span class=\"__1 _201\"/>cking th<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ties is us<span class=\"__1 _201\"/>ed.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:650.881px;\">Inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es are val<span class=\"__1 _201\"/>ued us<span class=\"__1 _201\"/>ing the re<span class=\"__1 _201\"/>dempti<span class=\"__1 _201\"/>on yie<span class=\"__1 _201\"/>ld. An a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>tment is m<span class=\"__1 _201\"/>ade to the y<span class=\"__1 _201\"/>ield o<span class=\"__1 _201\"/>n non ri<span class=\"__1 _201\"/>sk<span class=\"__1 _200\"/>-free fi<span class=\"__1 _201\"/>xed interes<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:634.38245px;\">se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s and pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y to refle<span class=\"__1 _201\"/>ct cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k. Th<span class=\"__1 _201\"/>e credit r<span class=\"__1 _201\"/>isk all<span class=\"__1 _201\"/>owanc<span class=\"__1 _201\"/>e compr<span class=\"__1 _201\"/>ises a<span class=\"__1 _201\"/>n amoun<span class=\"__1 _201\"/>t for lon<span class=\"__1 _201\"/>g-term b<span class=\"__1 _201\"/>est e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ate<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:617.884px;\">def<span class=\"__1 _201\"/>aults an<span class=\"__1 _201\"/>d downg<span class=\"__1 _201\"/>rade<span class=\"__1 _201\"/>s, a prov<span class=\"__1 _201\"/>isio<span class=\"__1 _201\"/>n for cred<span class=\"__1 _201\"/>it risk p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>, and wh<span class=\"__1 _201\"/>ere app<span class=\"__1 _201\"/>ropri<span class=\"__1 _201\"/>ate an additi<span class=\"__1 _201\"/>onal sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term over<span class=\"__1 _201\"/>lay to refle<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:601.3855px;\">prosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive out<span class=\"__1 _201\"/>look in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of exp<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ence ove<span class=\"__1 _201\"/>r the comi<span class=\"__1 _201\"/>ng per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding any un<span class=\"__1 _201\"/>cer<span class=\"__1 _201\"/>taint<span class=\"__1 _201\"/>y in o<span class=\"__1 _201\"/>utloo<span class=\"__1 _201\"/>k. Foll<span class=\"__1 _201\"/>owing a<span class=\"__1 _201\"/>dvers<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:584.88696px;\">down<span class=\"__1 _201\"/>grad<span class=\"__1 _201\"/>e exper<span class=\"__1 _201\"/>ienc<span class=\"__1 _201\"/>e over the lat<span class=\"__1 _201\"/>ter half of 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>, and d<span class=\"__1 _201\"/>eterior<span class=\"__1 _201\"/>ating futu<span class=\"__1 _201\"/>re outlo<span class=\"__1 _201\"/>ok for th<span class=\"__1 _201\"/>e UK ec<span class=\"__1 _201\"/>onomy, the sho<span class=\"__1 _201\"/>rt-term<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:568.3885px;\">allow<span class=\"__1 _201\"/>ance ha<span class=\"__1 _201\"/>s bee<span class=\"__1 _201\"/>n increas<span class=\"__1 _201\"/>ed for re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tin<span class=\"__1 _201\"/>g as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2. T<span class=\"__1 _201\"/>he tabl<span class=\"__1 _201\"/>e bel<span class=\"__1 _201\"/>ow shows th<span class=\"__1 _201\"/>e credit a<span class=\"__1 _201\"/>llowan<span class=\"__1 _201\"/>ce relati<span class=\"__1 _201\"/>ve to the<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:551.88995px;\">overal<span class=\"__1 _201\"/>l sprea<span class=\"__1 _201\"/>d over swap<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:4.260002px; bottom:523.01575px;\">Period ended 31<span class=\"__1 _200\"/> December 2022<span class=\"__1 _402\"> </span><span class=\"ls50_1 ws60_1\">Shareholder<span class=\"__1 _f_1\"/>-backed an<span class=\"__1 _200\"/>nuities<span class=\"__1 _6c_1\"> </span><span class=\"ls2b_1 ws2b_1\">Annuit<span class=\"__1 _200\"/>ies in<span class=\"__1 _200\"/> With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:0.010047913px; bottom:503.2594px;\">Credit default allowance<span class=\"__1 _11f_1\"> </span><span class=\"ff1_1 ls1b_1 ws41_1\">47<span class=\"__1 _201\"/> bp<span class=\"__1 _201\"/>s<span class=\"__1 _1fe\"> </span><span class=\"ls6_1 ws1_1\">46 bps<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:483.4969px;\">Ove<span class=\"__1 _201\"/>rall val<span class=\"__1 _201\"/>uation inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ate<span class=\"__1 _403\"> </span><span class=\"ff1_1 ls54_1 ws5c_1\">5.<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8%<span class=\"__1 _17b_1\"> </span><span class=\"ls19_1 ws18_1\">5.<span class=\"__1 _201\"/>32%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:463.73438px;\">Credi<span class=\"__1 _201\"/>t allowan<span class=\"__1 _201\"/>ce as pro<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of sprea<span class=\"__1 _201\"/>dover sw<span class=\"__1 _201\"/>aps<span class=\"__1 _334\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">20.3%<span class=\"__1 _404\"> </span><span class=\"ls1b_1 ws1a_1\">21<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:443.97186px;\">Net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce cre<span class=\"__1 _201\"/>dit rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve (\u00a3m)<span class=\"__1 _1f3\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">434<span class=\"__1 _405\"> </span><span class=\"ls40_1 ws44_1\">198<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:4.260002px; bottom:409.09943px;\">Period ended 31<span class=\"__1 _200\"/> December 2021<span class=\"__1 _8b_1\"> </span><span class=\"ls50_1 ws60_1\">Shareholder<span class=\"__1 _f_1\"/>-backed<span class=\"__1 _200\"/> annuit<span class=\"__1 _200\"/>ies<span class=\"__1 _6c_1\"> </span><span class=\"ls2b_1 ws2b_1\">Annuities i<span class=\"__1 _200\"/>n With-Profits<span class=\"__1 _200\"/> Fund<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:0.010047913px; bottom:389.34308px;\">Credit default allowance<span class=\"__1 _406\"> </span><span class=\"ls6_1 ws1_1\">4<span class=\"__1 _201\"/>4 bps<span class=\"__1 _1fe\"> </span>40 b<span class=\"__1 _201\"/>ps<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:369.58057px;\">Ove<span class=\"__1 _201\"/>rall val<span class=\"__1 _201\"/>uation inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ate<span class=\"__1 _407\"> </span><span class=\"ls40_1 ws44_1\">2.<span class=\"__1 _201\"/>23%<span class=\"__1 _408\"> </span><span class=\"ls42_1 ws46_1\">2.0<span class=\"__1 _201\"/>3%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:349.81805px;\">Credi<span class=\"__1 _201\"/>t allowan<span class=\"__1 _201\"/>ce as pro<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of sprea<span class=\"__1 _201\"/>d over swap<span class=\"__1 _201\"/>s<span class=\"__1 _1b8_1\"> </span><span class=\"ls42_1 ws46_1\">25.0<span class=\"__1 _201\"/>%<span class=\"__1 _409\"> </span><span class=\"ls81_1 ws98_1\">2<span class=\"__1 _250\"/>7.<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:330.05554px;\">Net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce cre<span class=\"__1 _201\"/>dit rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve (\u00a3m)<span class=\"__1 _332\"> </span><span class=\"lsb_1 ws32_1\">727<span class=\"__1 _20a\"> </span><span class=\"lse_1 wsc_1\">312<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:291.02783px;\">The d<span class=\"__1 _201\"/>ecrea<span class=\"__1 _201\"/>se in net of re<span class=\"__1 _201\"/>insur<span class=\"__1 _201\"/>ance res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ve is pr<span class=\"__1 _201\"/>imar<span class=\"__1 _201\"/>ily due to th<span class=\"__1 _201\"/>e increas<span class=\"__1 _201\"/>e in yie<span class=\"__1 _201\"/>lds sin<span class=\"__1 _201\"/>ce 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _201\"/>. The all<span class=\"__1 _201\"/>owanc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:274.5293px;\">for cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k within th<span class=\"__1 _201\"/>e valuati<span class=\"__1 _201\"/>on interes<span class=\"__1 _201\"/>t rate is of pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cular im<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tan<span class=\"__1 _201\"/>ce whe<span class=\"__1 _201\"/>n determ<span class=\"__1 _201\"/>ining p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:258.03082px;\">sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ity of I<span class=\"__1 _201\"/>FRS pro<span class=\"__1 _201\"/>fit af<span class=\"__1 _201\"/>ter tax to chan<span class=\"__1 _201\"/>ges in th<span class=\"__1 _201\"/>is ass<span class=\"__1 _201\"/>umption i<span class=\"__1 _201\"/>s shown i<span class=\"__1 _201\"/>n Note 33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 lsd_1 wsb_1\" style=\"left:0.010047913px; bottom:229.1521px;\">Expenses<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:212.65356px;\">Mainte<span class=\"__1 _201\"/>nance ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e assu<span class=\"__1 _201\"/>mptions a<span class=\"__1 _201\"/>re expres<span class=\"__1 _201\"/>sed a<span class=\"__1 _201\"/>s per p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y amoun<span class=\"__1 _201\"/>ts. T<span class=\"__1 _201\"/>hey are set b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on fore<span class=\"__1 _201\"/>cas<span class=\"__1 _201\"/>t expens<span class=\"__1 _201\"/>e levels<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:196.15509px;\">incl<span class=\"__1 _201\"/>uding an a<span class=\"__1 _201\"/>llowan<span class=\"__1 _201\"/>ce for on<span class=\"__1 _201\"/>goin<span class=\"__1 _201\"/>g investm<span class=\"__1 _201\"/>ent man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent expe<span class=\"__1 _201\"/>nses a<span class=\"__1 _201\"/>nd are all<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d bet<span class=\"__1 _201\"/>ween e<span class=\"__1 _201\"/>ntities a<span class=\"__1 _201\"/>nd prod<span class=\"__1 _201\"/>uct g<span class=\"__1 _201\"/>roups<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:179.65656px;\">in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with the G<span class=\"__1 _201\"/>roup\u2019s internal c<span class=\"__1 _201\"/>ost al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ation mo<span class=\"__1 _201\"/>del. A m<span class=\"__1 _201\"/>argin fo<span class=\"__1 _201\"/>r prud<span class=\"__1 _201\"/>ence i<span class=\"__1 _201\"/>s adde<span class=\"__1 _201\"/>d to this amo<span class=\"__1 _201\"/>unt. E<span class=\"__1 _201\"/>xpe<span class=\"__1 _201\"/>nse infl<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:163.15808px;\">ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns are set co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent with th<span class=\"__1 _201\"/>e econ<span class=\"__1 _201\"/>omic b<span class=\"__1 _201\"/>asis an<span class=\"__1 _201\"/>d base<span class=\"__1 _201\"/>d on the infl<span class=\"__1 _201\"/>ation s<span class=\"__1 _201\"/>wap sp<span class=\"__1 _201\"/>ot cur<span class=\"__1 _201\"/>ve. Th<span class=\"__1 _201\"/>ese as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:146.65955px;\">theref<span class=\"__1 _201\"/>ore take rece<span class=\"__1 _201\"/>nt increa<span class=\"__1 _201\"/>ses in in<span class=\"__1 _201\"/>flation into a<span class=\"__1 _201\"/>ccount<span class=\"__1 _201\"/>, and all<span class=\"__1 _201\"/>ow for the m<span class=\"__1 _201\"/>arket<span class=\"__1 _200\"/>-d<span class=\"__1 _201\"/>riven l<span class=\"__1 _201\"/>ong-te<span class=\"__1 _201\"/>rm view of f<span class=\"__1 _201\"/>uture infl<span class=\"__1 _201\"/>ation.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:130.16107px;\">The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>ivit<span class=\"__1 _201\"/>y of IFR<span class=\"__1 _201\"/>S profi<span class=\"__1 _201\"/>t after ta<span class=\"__1 _201\"/>x to chang<span class=\"__1 _201\"/>es in main<span class=\"__1 _201\"/>tenance ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e levels i<span class=\"__1 _201\"/>s shown i<span class=\"__1 _201\"/>n Note 33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:105.41333px;\">26.2 Analysis o<span class=\"__1 _200\"/>f mo<span class=\"__1 _200\"/>vemen<span class=\"__1 _200\"/>ts in policy<span class=\"__1 _200\"/>holder liabilities<span class=\"__1 _200\"/> and unallocat<span class=\"__1 _200\"/>ed surplus<span class=\"__1 _200\"/> of the<span class=\"__1 _200\"/> With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:84.78381px;\">The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>es sh<span class=\"__1 _201\"/>ow the movem<span class=\"__1 _201\"/>ent in p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s and una<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund by bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:68.28531px;\">comp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nt. Th<span class=\"__1 _201\"/>e analy<span class=\"__1 _201\"/>sis inc<span class=\"__1 _201\"/>ludes t<span class=\"__1 _201\"/>he impa<span class=\"__1 _201\"/>ct of pre<span class=\"__1 _201\"/>miums<span class=\"__1 _201\"/>, claim<span class=\"__1 _201\"/>s and inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t moveme<span class=\"__1 _201\"/>nts on p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:51.786835px;\">The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t doe<span class=\"__1 _201\"/>s not rep<span class=\"__1 _201\"/>resent p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>s, cla<span class=\"__1 _201\"/>ims, a<span class=\"__1 _201\"/>nd inves<span class=\"__1 _201\"/>tment m<span class=\"__1 _201\"/>ovement<span class=\"__1 _201\"/>s as repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ted in the co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:35.28833px;\">For examp<span class=\"__1 _201\"/>le, the p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>s shown b<span class=\"__1 _201\"/>elow exclu<span class=\"__1 _201\"/>de any de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tions f<span class=\"__1 _201\"/>or fee<span class=\"__1 _201\"/>s/<span class=\"__1 _f_1\"/>ch<span class=\"__1 _201\"/>arges<span class=\"__1 _201\"/>, as the t<span class=\"__1 _201\"/>able on<span class=\"__1 _201\"/>ly sh<span class=\"__1 _201\"/>ows the imp<span class=\"__1 _201\"/>act o<span class=\"__1 _201\"/>n the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:18.789825px;\">insur<span class=\"__1 _201\"/>ance an<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t liabi<span class=\"__1 _201\"/>lities an<span class=\"__1 _201\"/>d unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surp<span class=\"__1 _201\"/>lus of the W<span class=\"__1 _201\"/>ith-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>. Claims (sur<span class=\"__1 _201\"/>rende<span class=\"__1 _201\"/>rs, m<span class=\"__1 _201\"/>aturitie<span class=\"__1 _201\"/>s and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:2.2913208px;\">death<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) repres<span class=\"__1 _201\"/>ent the li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y rel<span class=\"__1 _201\"/>ease<span class=\"__1 _201\"/>d rather th<span class=\"__1 _201\"/>an the cla<span class=\"__1 _201\"/>im amou<span class=\"__1 _201\"/>nt paid to the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:731.49536px;\">26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div>Shareholder<span class=\"__1 _f_1\"/>-backed <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>funds and subsidiaries<span class=\"__1 _222\"> </span><span class=\"ls5_1 ws1_1\"> <span class=\"__1 _14a_1\"> </span> <span class=\"__1 _b0_1\"> </span> </span>With-profits<span class=\"__1 _32b\"> </span>sub-funds<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unit-link<span class=\"__1 _200\"/>ed <span class=\"ls5_1 ws1_1\"> </span>liabilities<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Annuity <span class=\"ls5_1 ws1_1\"> </span>and ot<span class=\"__1 _200\"/>her <span class=\"ls5_1 ws1_1\"> </span>long-term <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>business<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Reinsurance<span class=\"__1 _32b\"> </span>ii, vi<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net t<span class=\"__1 _201\"/>otal<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2021<span class=\"__1 _20c\"> </span><span class=\"ff2_1 lse_1 wsc_1\">136<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>87<span class=\"__1 _1c_1\"> </span><span class=\"ls7_1 ws5_1\">20,4<span class=\"__1 _201\"/>55<span class=\"__1 _18a_1\"> </span>30,<span class=\"__1 _201\"/>599<span class=\"__1 _327\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>1<span class=\"__1 _345\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>61<span class=\"__1 _201\"/>)<span class=\"__1 _20d\"> </span><span class=\"ls56_1 ws5f_1\">175<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>80<span class=\"__1 _32b\"> </span></span></span></span></span></span>Comprising:<span class=\"__1 _32b\"> </span>Insuranc<span class=\"__1 _201\"/>e contract liabilities<span class=\"__1 _20e\"> </span><span class=\"ls43_1 ws47_1\">41<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _204\"> </span><span class=\"ls15_1 ws14_1\">4,<span class=\"__1 _201\"/>987<span class=\"__1 _4c_1\"> </span><span class=\"ls42_1 ws46_1\">30,<span class=\"__1 _201\"/>491<span class=\"__1 _1c_1\"> </span><span class=\"ls23_1 ws22_1\">76,<span class=\"__1 _201\"/>650<span class=\"__1 _32b\"> </span></span></span></span></span>Investment contra<span class=\"__1 _201\"/>ct liabilities with DPF<span class=\"__1 _20f\"> </span><span class=\"ls7_1 ws5_1\">79,<span class=\"__1 _201\"/>592<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>31<span class=\"__1 _4c_1\"> </span><span class=\"ls7_1 ws5_1\">79,62<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span>Investment contra<span class=\"__1 _201\"/>ct liabilities witho<span class=\"__1 _201\"/>ut DPF<span class=\"__1 _410\"> </span><span class=\"ls5_1 ws1_1\">2<span class=\"__1 _4c_1\"> </span><span class=\"ls1f_1 ws1e_1\">15,468<span class=\"__1 _232\"> </span><span class=\"ls7a_1 ws6b_1\">77<span class=\"__1 _217\"> </span><span class=\"ls45_1 ws49_1\">1<span class=\"__1 _201\"/>5,<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>47<span class=\"__1 _32b\"> </span></span></span></span></span>Unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _3c_1\"> </span><span class=\"ls40_1 ws44_1\">15,621<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>15,621<span class=\"__1 _32b\"> </span>Net Flows:<span class=\"__1 _32b\"> </span>Premiums<span class=\"__1 _411\"> </span><span class=\"ls27_1 ws27_1\">4,505<span class=\"__1 _5d_1\"> </span><span class=\"ls45_1 ws49_1\">1,<span class=\"__1 _201\"/>471<span class=\"__1 _228\"> </span><span class=\"ls4d_1 ws54_1\">157<span class=\"__1 _14d_1\"> </span><span class=\"ls43_1 ws47_1\">6<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span></span></span></span></span>Surrenders<span class=\"__1 _1f9\"> </span><span class=\"ls1f_1 ws1e_1\">(6,480<span class=\"__1 _f_1\"/>)<span class=\"__1 _210\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1)<span class=\"__1 _252\"> </span><span class=\"ls52_1 ws5a_1\">(91)<span class=\"__1 _18a_1\"> </span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>80<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span></span></span></span>Matur<span class=\"__1 _201\"/>ities/deaths<span class=\"__1 _412\"> </span><span class=\"ls29_1 ws29_1\">(<span class=\"__1 _f_1\"/>4,334)<span class=\"__1 _14d_1\"> </span><span class=\"ls1c_1 ws43_1\">(<span class=\"__1 _200\"/>628)<span class=\"__1 _210\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>9)<span class=\"__1 _210\"> </span><span class=\"ls4a_1 ws50_1\">(6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>41)<span class=\"__1 _32b\"> </span></span></span></span></span>Net<span class=\"__1 _201\"/> flows<span class=\"__1 _413\"> </span><span class=\"ff2_1 ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>09)<span class=\"__1 _1c_1\"> </span><span class=\"ls5_1 ws1_1\">(2,388<span class=\"__1 _f_1\"/>)<span class=\"__1 _206\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>13<span class=\"__1 _201\"/>)<span class=\"__1 _258\"> </span><span class=\"ls4d_1 ws54_1\">(10,610)<span class=\"__1 _32b\"> </span></span></span></span></span>Corporate t<span class=\"__1 _200\"/>ransactions<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>598<span class=\"__1 _1cf_1\"> </span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>55<span class=\"__1 _201\"/>8)<span class=\"__1 _213\"> </span><span class=\"ls18_1 ws17_1\">(8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>60)<span class=\"__1 _32b\"> </span></span></span>Shareholders<span class=\"__1 _200\"/>\u2019 tran<span class=\"__1 _200\"/>sfers post<span class=\"__1 _200\"/>-t<span class=\"__1 _200\"/>ax<span class=\"__1 _414\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>8)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>8)<span class=\"__1 _32b\"> </span>Swit<span class=\"__1 _200\"/>ches<span class=\"__1 _218\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>1)<span class=\"__1 _256\"> </span><span class=\"lsc_1 wsa_1\">31<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Assumption changes<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>47<span class=\"__1 _201\"/>)<span class=\"__1 _3f_1\"> </span>(3<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment-relate<span class=\"__1 _201\"/>d items and oth<span class=\"__1 _201\"/>er move<span class=\"__1 _201\"/>ments<span class=\"__1 _415\"> </span><span class=\"ls3f_1 ws41_1\">8,960<span class=\"__1 _1a_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>3<span class=\"__1 _c_1\"> </span><span class=\"ls27_1 ws27_1\">3<span class=\"__1 _201\"/>50<span class=\"__1 _249\"> </span><span class=\"ls4d_1 ws54_1\">10,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>83<span class=\"__1 _32b\"> </span></span></span></span></span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _201\"/> <span class=\"__1 _e6_1\"> </span><span class=\"ls18_1 ws17_1\">(8<span class=\"__1 _201\"/>0)<span class=\"__1 _c_1\"> </span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>(13<span class=\"__1 _250\"/>6)<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 2021/<span class=\"__1 _f_1\"/>A<span class=\"__1 _201\"/>s at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _416\"> </span><span class=\"ls2a_1 ws2a_1\">138<span class=\"__1 _201\"/>,62<span class=\"__1 _201\"/>9<span class=\"__1 _245\"> </span>19<span class=\"__1 _201\"/>,813<span class=\"__1 _282\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>1<span class=\"__1 _258\"> </span><span class=\"ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>3<span class=\"__1 _252\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>9)<span class=\"__1 _2d_1\"> </span><span class=\"ls4d_1 ws54_1\">175,<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span></span></span>Comprising:<span class=\"__1 _32b\"> </span>Insuranc<span class=\"__1 _201\"/>e contract liabilities<span class=\"__1 _ac_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">39,<span class=\"__1 _201\"/>203<span class=\"__1 _211\"> </span>4<span class=\"__1 _201\"/>,978<span class=\"__1 _1c_1\"> </span><span class=\"lsc_1 wsa_1\">19,0<span class=\"__1 _201\"/>42<span class=\"__1 _290\"> </span><span class=\"lsb_1 ws32_1\">63,<span class=\"__1 _201\"/>223<span class=\"__1 _32b\"> </span></span></span></span>Investment contra<span class=\"__1 _201\"/>ct liabilities with DPF<span class=\"__1 _405\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">8<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,70<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>43<span class=\"__1 _18a_1\"> </span><span class=\"ls43_1 ws47_1\">8<span class=\"__1 _201\"/>2<span class=\"__1 _e7_1\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span>Investment contra<span class=\"__1 _201\"/>ct liabilities witho<span class=\"__1 _201\"/>ut DPF<span class=\"__1 _5c_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">3<span class=\"__1 _18a_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>83<span class=\"__1 _201\"/>5<span class=\"__1 _1d_1\"> </span><span class=\"ls10_1 wsf_1\">46<span class=\"__1 _290\"> </span></span>14<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>88<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>Unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _417\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">16<span class=\"__1 _201\"/>,72<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>16<span class=\"__1 _201\"/>,72<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span>Net Flows:<span class=\"__1 _32b\"> </span>Premiums<span class=\"__1 _411\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">6,<span class=\"__1 _201\"/>270<span class=\"__1 _253\"> </span><span class=\"ls15_1 ws14_1\">87<span class=\"__1 _201\"/>7<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">148<span class=\"__1 _204\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span>Surrenders<span class=\"__1 _365\"> </span><span class=\"ff1_1 ls11_1 ws10_1\">(6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>6)<span class=\"__1 _290\"> </span><span class=\"ls3f_1 ws41_1\">(2,<span class=\"__1 _201\"/>273)<span class=\"__1 _237\"> </span><span class=\"ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>1)<span class=\"__1 _216\"> </span><span class=\"ls3c_1 ws3d_1\">(8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>20)<span class=\"__1 _32b\"> </span></span></span></span></span>Matur<span class=\"__1 _201\"/>ities/deaths<span class=\"__1 _19c_1\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _3f_1\"> </span><span class=\"ls3c_1 ws3d_1\">(<span class=\"__1 _201\"/>517<span class=\"__1 _201\"/>)<span class=\"__1 _245\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>1)<span class=\"__1 _213\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>75)<span class=\"__1 _32b\"> </span></span></span></span></span>Net<span class=\"__1 _201\"/> flows<span class=\"__1 _16b_1\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _250\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3)<span class=\"__1 _245\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _217\"> </span><span class=\"ls24_1 ws23_1\">(<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>)<span class=\"__1 _327\"> </span><span class=\"ls49_1 ws4f_1\">(<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span>Corporate t<span class=\"__1 _200\"/>ransactions<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Shareholders<span class=\"__1 _200\"/>\u2019 tran<span class=\"__1 _200\"/>sfers post<span class=\"__1 _200\"/>-t<span class=\"__1 _200\"/>ax<span class=\"__1 _414\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>61<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(3<span class=\"__1 _201\"/>61)<span class=\"__1 _32b\"> </span>Swit<span class=\"__1 _200\"/>ches<span class=\"__1 _1df_1\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _250\"/>4)<span class=\"__1 _345\"> </span><span class=\"ls34_1 ws35_1\">44<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Assumption changes<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(275<span class=\"__1 _201\"/>)<span class=\"__1 _240\"> </span>(275)<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment-relate<span class=\"__1 _201\"/>d items and oth<span class=\"__1 _201\"/>er move<span class=\"__1 _201\"/>ments<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>(<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _1c_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _1c_1\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _b1_1\"> </span></span>(1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _201\"/> <span class=\"__1 _418\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">86<span class=\"__1 _1d_1\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _252\"> </span><span class=\"ls45_1 ws49_1\">113<span class=\"__1 _32b\"> </span></span></span></span></span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _418\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>5,971<span class=\"__1 _206\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>4<span class=\"__1 _210\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>81<span class=\"__1 _b1_1\"> </span><span class=\"ls15_1 ws14_1\">155,4<span class=\"__1 _201\"/>66<span class=\"__1 _288\"> </span><span class=\"ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>4)<span class=\"__1 _2d_1\"> </span></span></span></span></span>15<span class=\"__1 _201\"/>4,<span class=\"__1 _201\"/>522<span class=\"__1 _32b\"> </span></span>Comprising:<span class=\"__1 _32b\"> </span>Insuranc<span class=\"__1 _201\"/>e contract liabilities<span class=\"__1 _ac_1\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">32<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>299<span class=\"__1 _204\"> </span><span class=\"ls23_1 ws22_1\">4,<span class=\"__1 _201\"/>214<span class=\"__1 _4c_1\"> </span><span class=\"ls2a_1 ws2a_1\">13,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>92<span class=\"__1 _216\"> </span><span class=\"ls32_1 ws33_1\">49,<span class=\"__1 _201\"/>805<span class=\"__1 _32b\"> </span></span></span></span></span>Investment contra<span class=\"__1 _201\"/>ct liabilities with DPF<span class=\"__1 _299\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">78,<span class=\"__1 _201\"/>539<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>55<span class=\"__1 _290\"> </span><span class=\"ls1c_1 ws43_1\">78,<span class=\"__1 _201\"/>594<span class=\"__1 _32b\"> </span></span>Investment contra<span class=\"__1 _201\"/>ct liabilities witho<span class=\"__1 _201\"/>ut DPF<span class=\"__1 _5c_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">3<span class=\"__1 _18a_1\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>0<span class=\"__1 _1d_1\"> </span><span class=\"ls53_1 ws5b_1\">34<span class=\"__1 _210\"> </span></span>11,<span class=\"__1 _201\"/>93<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></span>Unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _c0_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es th<span class=\"__1 _201\"/>e WPS<span class=\"__1 _201\"/>F<span class=\"__1 _200\"/>, the DC<span class=\"__1 _201\"/>PS<span class=\"__1 _201\"/>F and th<span class=\"__1 _201\"/>e SAI<span class=\"__1 _201\"/>F<span class=\"__1 _f_1\"/>, i<span class=\"__1 _201\"/>nclu<span class=\"__1 _201\"/>din<span class=\"__1 _201\"/>g the no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>profi<span class=\"__1 _201\"/>t bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss w<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>ten wi<span class=\"__1 _201\"/>thin t<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e fun<span class=\"__1 _201\"/>ds. O<span class=\"__1 _201\"/>n 1 Ap<span class=\"__1 _201\"/>ril 20<span class=\"__1 _201\"/>21 the c<span class=\"__1 _201\"/>los<span class=\"__1 _201\"/>ed SA<span class=\"__1 _201\"/>IF fu<span class=\"__1 _201\"/>nd me<span class=\"__1 _201\"/>rge<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>wit<span class=\"__1 _201\"/>h P<span class=\"__1 _200\"/>AC\u2019s mai<span class=\"__1 _201\"/>n WPS<span class=\"__1 _201\"/>F and t<span class=\"__1 _201\"/>he as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and l<span class=\"__1 _201\"/>iabi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es of SA<span class=\"__1 _201\"/>IF co<span class=\"__1 _201\"/>mbi<span class=\"__1 _201\"/>ned w<span class=\"__1 _201\"/>ith th<span class=\"__1 _201\"/>ose of t<span class=\"__1 _201\"/>he WP<span class=\"__1 _201\"/>SF<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>ii  <span class=\"__1 _5a_1\"> </span>Rei<span class=\"__1 _201\"/>nsur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es Re<span class=\"__1 _201\"/>insu<span class=\"__1 _201\"/>ran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s of \u00a31,186m n<span class=\"__1 _201\"/>et of l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y sw<span class=\"__1 _201\"/>ap lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s of \u00a324<span class=\"__1 _201\"/>2m (31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 2<span class=\"__1 _201\"/>021: \u00a3174m)<span class=\"__1 _32b\"> </span>inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>ed in Ac<span class=\"__1 _201\"/>cru<span class=\"__1 _201\"/>als<span class=\"__1 _201\"/>, def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d inc<span class=\"__1 _201\"/>ome a<span class=\"__1 _201\"/>nd oth<span class=\"__1 _201\"/>er li<span class=\"__1 _201\"/>abil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s on th<span class=\"__1 _201\"/>e con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>date<span class=\"__1 _201\"/>d sta<span class=\"__1 _201\"/>teme<span class=\"__1 _201\"/>nt of fin<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>ial po<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on an<span class=\"__1 _201\"/>d in No<span class=\"__1 _201\"/>te 30, b<span class=\"__1 _201\"/>ut prev<span class=\"__1 _201\"/>io<span class=\"__1 _201\"/>usly p<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>ente<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>in Re<span class=\"__1 _201\"/>insu<span class=\"__1 _201\"/>ran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s. Fo<span class=\"__1 _201\"/>r the c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>arati<span class=\"__1 _201\"/>ve pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>ds al<span class=\"__1 _201\"/>l rein<span class=\"__1 _201\"/>sura<span class=\"__1 _201\"/>nce i<span class=\"__1 _201\"/>s pres<span class=\"__1 _201\"/>ente<span class=\"__1 _201\"/>d in Re<span class=\"__1 _201\"/>ins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Cor<span class=\"__1 _201\"/>po<span class=\"__1 _201\"/>rate tr<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>ion<span class=\"__1 _201\"/>s in 202<span class=\"__1 _201\"/>1 relat<span class=\"__1 _201\"/>es to the i<span class=\"__1 _201\"/>mpa<span class=\"__1 _201\"/>ct of t<span class=\"__1 _201\"/>he Pa<span class=\"__1 _201\"/>rt V<span class=\"__1 _201\"/>II tr<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>fer of a<span class=\"__1 _201\"/>nnu<span class=\"__1 _201\"/>ity b<span class=\"__1 _201\"/>usi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s to Roth<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>ay Lif<span class=\"__1 _201\"/>e PLC whi<span class=\"__1 _201\"/>ch de<span class=\"__1 _201\"/>crea<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d annu<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y and ot<span class=\"__1 _201\"/>her<span class=\"__1 _201\"/> lo<span class=\"__1 _201\"/>ng-te<span class=\"__1 _201\"/>rm bu<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>s by \u00a39,<span class=\"__1 _201\"/>55<span class=\"__1 _201\"/>8m an<span class=\"__1 _201\"/>d red<span class=\"__1 _201\"/>uce<span class=\"__1 _201\"/>d the re<span class=\"__1 _201\"/>ins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set b<span class=\"__1 _201\"/>y \u00a39,<span class=\"__1 _201\"/>55<span class=\"__1 _201\"/>8m<span class=\"__1 _201\"/>, and th<span class=\"__1 _201\"/>e acq<span class=\"__1 _201\"/>uisi<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of MG<span class=\"__1 _201\"/>SA whi<span class=\"__1 _201\"/>ch in<span class=\"__1 _201\"/>crea<span class=\"__1 _201\"/>sed u<span class=\"__1 _201\"/>nit-lin<span class=\"__1 _201\"/>ked lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s by<span class=\"__1 _32b\"> </span>\u00a3598m.<span class=\"__1 _32b\"> </span>iv <span class=\"__1 _285\"> </span>Refe<span class=\"__1 _201\"/>r to bre<span class=\"__1 _201\"/>akdow<span class=\"__1 _201\"/>n of as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tion c<span class=\"__1 _201\"/>han<span class=\"__1 _201\"/>ges b<span class=\"__1 _201\"/>elo<span class=\"__1 _201\"/>w.<span class=\"__1 _32b\"> </span>v <span class=\"__1 _6c_1\"> </span>Re<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n over 20<span class=\"__1 _201\"/>22 p<span class=\"__1 _201\"/>rima<span class=\"__1 _201\"/>ril<span class=\"__1 _201\"/>y refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of a<span class=\"__1 _201\"/>dve<span class=\"__1 _201\"/>rse m<span class=\"__1 _201\"/>arket m<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s over th<span class=\"__1 _201\"/>e year, in pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>icul<span class=\"__1 _201\"/>ar the s<span class=\"__1 _201\"/>ign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant r<span class=\"__1 _201\"/>ise i<span class=\"__1 _201\"/>n intere<span class=\"__1 _201\"/>st r<span class=\"__1 _201\"/>ates<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>vi <span class=\"__1 _285\"> </span>Th<span class=\"__1 _201\"/>e redu<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on ove<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 is dr<span class=\"__1 _201\"/>ive<span class=\"__1 _201\"/>n by the s<span class=\"__1 _201\"/>ame f<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tors a<span class=\"__1 _201\"/>s the un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>ly<span class=\"__1 _201\"/>ing li<span class=\"__1 _201\"/>abil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s, n<span class=\"__1 _201\"/>ame<span class=\"__1 _201\"/>ly th<span class=\"__1 _201\"/>e ris<span class=\"__1 _201\"/>e in inte<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>t rates a<span class=\"__1 _201\"/>nd we<span class=\"__1 _201\"/>akenin<span class=\"__1 _201\"/>g of th<span class=\"__1 _201\"/>e annu<span class=\"__1 _201\"/>itan<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>mor<span class=\"__1 _201\"/>tality basis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:580.86084px;\">The t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s below s<span class=\"__1 _201\"/>et out th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t of as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>n chang<span class=\"__1 _201\"/>es on gros<span class=\"__1 _201\"/>s po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilities ove<span class=\"__1 _201\"/>r the cur<span class=\"__1 _201\"/>rent and p<span class=\"__1 _201\"/>reviou<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:564.3623px;\">repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting pe<span class=\"__1 _201\"/>riod<span class=\"__1 _201\"/>. The im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profits Fun<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties is off<span class=\"__1 _201\"/>set by a co<span class=\"__1 _201\"/>rres<span class=\"__1 _201\"/>pond<span class=\"__1 _201\"/>ing redu<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on in the un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:547.8639px;\">of the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund a<span class=\"__1 _201\"/>nd is the<span class=\"__1 _201\"/>refore rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ted as \u00a3nil i<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>e above.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:4.260002px; bottom:507.00012px;\">Assumption ch<span class=\"__1 _200\"/>anges impact on<span class=\"__1 _200\"/> shareholder<span class=\"__1 _f_1\"/>-backed business<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:647.469px; bottom:519.0016px;\">2022<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.436px; bottom:507.00012px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:711.75px; bottom:519.0016px;\">2021<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:507.00012px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:0.010047913px; bottom:487.24377px;\">Longevity<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h7_1 ff1_1 fs4_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:56.96025px; bottom:491.4895px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls56_1 ws5f_1\" style=\"left:644.3481px; bottom:487.24377px;\">(29<span class=\"__1 _201\"/>2)<span class=\"__1 _7d_1\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>20<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:467.48126px;\">Expenses (including i<span class=\"__1 _200\"/>nvestment<span class=\"__1 _200\"/> management<span class=\"__1 _200\"/> expenses<span class=\"__1 _200\"/>)<span class=\"__1 _419\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">17<span class=\"__1 _288\"> </span></span><span class=\"ls5b_1 ws67_1\">(8)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls42_1 ws46_1\" style=\"left:0.010047913px; bottom:447.71875px;\">Oth<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls41_1 ws45_1\" style=\"left:33.451202px; bottom:451.9768px;\">ii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:665.6466px; bottom:447.73102px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsa_1 ws8_1\" style=\"left:718.3406px; bottom:447.73102px;\">(1<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls75_1 ws8a_1\" style=\"left:0.010047913px; bottom:427.96857px;\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _2f_1\"> </span><span class=\"ls21_1 ws20_1\">(27<span class=\"__1 _201\"/>5)<span class=\"__1 _7d_1\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:4.260002px; bottom:381.0838px;\">Assumption ch<span class=\"__1 _200\"/>anges impact on<span class=\"__1 _200\"/> With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>offset by<span class=\"__1 _200\"/> opposite<span class=\"__1 _200\"/> movement<span class=\"__1 _200\"/> in un<span class=\"__1 _200\"/>allocated su<span class=\"__1 _200\"/>rplus<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:647.469px; bottom:393.08527px;\">2022<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.436px; bottom:381.0838px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:711.75px; bottom:393.08527px;\">2021<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:381.0838px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:0.010047913px; bottom:361.32745px;\">Longevity<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h7_1 ff1_1 fs4_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:56.96025px; bottom:365.57318px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls17_1 ws16_1\" style=\"left:644.3481px; bottom:361.32745px;\">(2<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8)<span class=\"__1 _253\"> </span><span class=\"ff2_1 ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:0.010047913px; bottom:341.56494px;\">Persistency<span class=\"__1 _21a\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">99<span class=\"__1 _e_1\"> </span></span><span class=\"ls11_1 ws10_1\">116<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:321.80243px;\">Expenses (including i<span class=\"__1 _200\"/>nvestment<span class=\"__1 _200\"/> management<span class=\"__1 _200\"/> expenses<span class=\"__1 _200\"/>)<span class=\"__1 _21b\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">210<span class=\"__1 _345\"> </span></span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls42_1 ws46_1\" style=\"left:0.010047913px; bottom:302.03992px;\">Oth<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls41_1 ws45_1\" style=\"left:33.451202px; bottom:306.30414px;\">ii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls4d_1 ws54_1\" style=\"left:658.8508px; bottom:302.0584px;\">17<span class=\"__1 _288\"> </span><span class=\"ff2_1 ls5b_1 ws67_1\">(8)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls75_1 ws8a_1\" style=\"left:0.010047913px; bottom:282.2959px;\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _21c\"> </span><span class=\"ls16_1 ws15_1\">48<span class=\"__1 _228\"> </span><span class=\"ff2_1 ls18_1 ws17_1\">(50)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:0.010047913px; bottom:255.27307px;\">i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e net of r<span class=\"__1 _201\"/>eins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>ts of l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>evi<span class=\"__1 _201\"/>ty a<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>mpti<span class=\"__1 _201\"/>on cha<span class=\"__1 _201\"/>nge<span class=\"__1 _201\"/>s, a<span class=\"__1 _201\"/>s set o<span class=\"__1 _201\"/>ut in th<span class=\"__1 _201\"/>e Busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s an<span class=\"__1 _201\"/>d Fina<span class=\"__1 _201\"/>ncia<span class=\"__1 _201\"/>l revi<span class=\"__1 _201\"/>ew, are \u00a3(193)<span class=\"__1 _201\"/>m in 20<span class=\"__1 _201\"/>22 an<span class=\"__1 _201\"/>d \u00a3(125)m<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls3_1 ws69_1\" style=\"left:17.443352px; bottom:242.52612px;\">in 2021.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:0.010047913px; bottom:225.77863px;\">ii <span class=\"__1 _2e_1\"> </span>\u2018O<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r\u2019 c<span class=\"__1 _201\"/>atego<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es no<span class=\"__1 _201\"/>n-a<span class=\"__1 _201\"/>nnui<span class=\"__1 _201\"/>tant m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, mo<span class=\"__1 _201\"/>rbi<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/>y, and ju<span class=\"__1 _201\"/>dge<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>al as<span class=\"__1 _201\"/>sum<span class=\"__1 _201\"/>ptio<span class=\"__1 _201\"/>n chan<span class=\"__1 _201\"/>ges i<span class=\"__1 _201\"/>n res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e lon<span class=\"__1 _201\"/>g-te<span class=\"__1 _201\"/>rm vi<span class=\"__1 _201\"/>ew of cre<span class=\"__1 _201\"/>dit r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.443352px; bottom:213.03162px;\">Any i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t re<span class=\"__1 _201\"/>latin<span class=\"__1 _201\"/>g to chan<span class=\"__1 _201\"/>ge<span class=\"__1 _201\"/>s in tho<span class=\"__1 _201\"/>se co<span class=\"__1 _201\"/>mpo<span class=\"__1 _201\"/>nen<span class=\"__1 _201\"/>ts of th<span class=\"__1 _201\"/>e cred<span class=\"__1 _201\"/>it def<span class=\"__1 _201\"/>aul<span class=\"__1 _201\"/>t allo<span class=\"__1 _201\"/>wan<span class=\"__1 _201\"/>ce that a<span class=\"__1 _201\"/>re not s<span class=\"__1 _201\"/>ubj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive b<span class=\"__1 _201\"/>ut are p<span class=\"__1 _201\"/>urel<span class=\"__1 _201\"/>y mar<span class=\"__1 _201\"/>ket-dr<span class=\"__1 _201\"/>iven a<span class=\"__1 _201\"/>re all<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ated to<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:17.443352px; bottom:200.2846px;\">\u2018investment<span class=\"__1 _f_1\"/>-related it<span class=\"__1 _200\"/>ems and<span class=\"__1 _200\"/> other<span class=\"__1 _200\"/> movements<span class=\"__1 _200\"/>\u2019<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:175.5274px;\">The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of lon<span class=\"__1 _201\"/>gevit<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>on update<span class=\"__1 _201\"/>s over the rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ting p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d refle<span class=\"__1 _201\"/>cts th<span class=\"__1 _201\"/>e weakenin<span class=\"__1 _201\"/>g of the bas<span class=\"__1 _201\"/>is for sh<span class=\"__1 _201\"/>arehol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:159.02887px;\">and p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder b<span class=\"__1 _201\"/>acked annu<span class=\"__1 _201\"/>ity b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of lowe<span class=\"__1 _201\"/>r future im<span class=\"__1 _201\"/>proveme<span class=\"__1 _201\"/>nts in mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, as set ou<span class=\"__1 _201\"/>t in<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:142.5304px;\">26.1.3<span class=\"__1 _201\"/>. Persi<span class=\"__1 _201\"/>stenc<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns were als<span class=\"__1 _201\"/>o update<span class=\"__1 _201\"/>d for the yea<span class=\"__1 _201\"/>r ende<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 for a num<span class=\"__1 _201\"/>ber of wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits pro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:126.03192px;\">line<span class=\"__1 _201\"/>s in orde<span class=\"__1 _201\"/>r to reflec<span class=\"__1 _201\"/>t eme<span class=\"__1 _201\"/>rging exp<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ence. T<span class=\"__1 _201\"/>he imp<span class=\"__1 _201\"/>act in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of exp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>e assum<span class=\"__1 _201\"/>ption ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s predo<span class=\"__1 _201\"/>minatel<span class=\"__1 _201\"/>y refle<span class=\"__1 _201\"/>cts th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:109.53339px;\">impa<span class=\"__1 _201\"/>ct of hi<span class=\"__1 _201\"/>gher s<span class=\"__1 _201\"/>alar<span class=\"__1 _201\"/>y an<span class=\"__1 _201\"/>d cost i<span class=\"__1 _201\"/>nflatio<span class=\"__1 _201\"/>n. The \u2018ot<span class=\"__1 _201\"/>her\u2019 c<span class=\"__1 _201\"/>atego<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y inclu<span class=\"__1 _201\"/>des th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t of the in<span class=\"__1 _201\"/>crease i<span class=\"__1 _201\"/>n the lon<span class=\"__1 _201\"/>g-term su<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>tive<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:93.03491px;\">(non-<span class=\"__1 _201\"/>market dri<span class=\"__1 _201\"/>ven) compo<span class=\"__1 _201\"/>nent<span class=\"__1 _201\"/>s of the cred<span class=\"__1 _201\"/>it defa<span class=\"__1 _201\"/>ult allow<span class=\"__1 _201\"/>ance.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:68.28717px;\">Fur<span class=\"__1 _201\"/>ther ana<span class=\"__1 _201\"/>lysis o<span class=\"__1 _201\"/>f the movem<span class=\"__1 _201\"/>ent in the G<span class=\"__1 _201\"/>roup\u2019s insura<span class=\"__1 _201\"/>nce co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t liabili<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>, reinsu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>, invest<span class=\"__1 _201\"/>ment co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t liabil<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:51.788635px;\">and un<span class=\"__1 _201\"/>allo<span class=\"__1 _201\"/>cated su<span class=\"__1 _201\"/>rplus of th<span class=\"__1 _201\"/>e With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund is prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d belo<span class=\"__1 _201\"/>w<span class=\"__1 _200\"/>. The m<span class=\"__1 _201\"/>oveme<span class=\"__1 _201\"/>nt in thes<span class=\"__1 _201\"/>e items is pre<span class=\"__1 _201\"/>domi<span class=\"__1 _201\"/>nantly a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:35.29016px;\">to the \u201cb<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts and c<span class=\"__1 _201\"/>laims an<span class=\"__1 _201\"/>d moveme<span class=\"__1 _201\"/>nt in unall<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ated surp<span class=\"__1 _201\"/>lus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund, net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce\u201d line in th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:18.791626px;\">cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment, a<span class=\"__1 _201\"/>lthou<span class=\"__1 _201\"/>gh cer<span class=\"__1 _201\"/>tain m<span class=\"__1 _201\"/>ovemen<span class=\"__1 _201\"/>ts such a<span class=\"__1 _201\"/>s premium<span class=\"__1 _201\"/>s recei<span class=\"__1 _201\"/>ved an<span class=\"__1 _201\"/>d claims p<span class=\"__1 _201\"/>aid on inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:2.2931519px;\">contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s witho<span class=\"__1 _201\"/>ut DPF<span class=\"__1 _f_1\"/>, a<span class=\"__1 _201\"/>re not charg<span class=\"__1 _201\"/>ed to the co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:611.97974px;\">26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div>Insurance <span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> contracts<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unallocated <span class=\"ls5_1 ws1_1\"> </span>sur<span class=\"__1 _201\"/>plu<span class=\"__1 _201\"/>s of the<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>With-Profits <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Fun<span class=\"__1 _201\"/>d<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Reinsurers<span class=\"__1 _200\"/>\u2019<span class=\"__1 _32b\"> </span>Share<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2021<span class=\"__1 _21d\"> </span><span class=\"ff2_1 ls23_1 ws22_1\">76,<span class=\"__1 _201\"/>650<span class=\"__1 _208\"> </span><span class=\"ls43_1 ws47_1\">9<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>0<span class=\"__1 _237\"> </span><span class=\"ls40_1 ws44_1\">15,621<span class=\"__1 _208\"> </span><span class=\"lsa_1 ws8_1\">(11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>76<span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span></span></span></span></span>Additions arising on acquisitions<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>598<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b8_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Inco<span class=\"__1 _201\"/>me and ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e inclu<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>(13<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>6)<span class=\"__1 _240\"> </span><span class=\"ls16_1 ws15_1\">3,556<span class=\"__1 _228\"> </span><span class=\"ls42_1 ws46_1\">1,052<span class=\"__1 _242\"> </span><span class=\"ls4d_1 ws54_1\">10,08<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span></span>Other movemen<span class=\"__1 _200\"/>ts includi<span class=\"__1 _200\"/>ng amounts<span class=\"__1 _200\"/> included in<span class=\"__1 _200\"/> other<span class=\"__1 _200\"/> comprehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>5<span class=\"__1 _14d_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _12f_1\"> </span></span>2<span class=\"__1 _13d_1\"> </span>6<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n exchange tr<span class=\"__1 _201\"/>anslati<span class=\"__1 _201\"/>on diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es<span class=\"__1 _21e\"> </span><span class=\"ls5b_1 ws67_1\">(<span class=\"__1 _201\"/>76)<span class=\"__1 _219\"> </span><span class=\"ls8_1 ws6_1\">(57<span class=\"__1 _201\"/>)<span class=\"__1 _311\"> </span><span class=\"ls34_1 ws35_1\">48<span class=\"__1 _367\"> </span><span class=\"ls33_1 ws34_1\">(<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span></span></span></span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 2021/<span class=\"__1 _f_1\"/>A<span class=\"__1 _201\"/>s at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _326\"> </span><span class=\"lsb_1 ws32_1\">63<span class=\"__1 _201\"/>,223<span class=\"__1 _1d8_1\"> </span><span class=\"ls49_1 ws4f_1\">9<span class=\"__1 _250\"/>7,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>7<span class=\"__1 _212\"> </span><span class=\"ls33_1 ws34_1\">16<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>23<span class=\"__1 _204\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span></span></span></span>Inco<span class=\"__1 _201\"/>me and ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e inclu<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment<span class=\"__1 _21f\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _248\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>3)<span class=\"__1 _3f_1\"> </span></span>(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>9)<span class=\"__1 _239\"> </span><span class=\"lsb_1 ws32_1\">735<span class=\"__1 _32b\"> </span></span></span>Other movemen<span class=\"__1 _200\"/>ts includi<span class=\"__1 _200\"/>ng amounts<span class=\"__1 _200\"/> included in<span class=\"__1 _200\"/> other<span class=\"__1 _200\"/> comprehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>116<span class=\"__1 _4a_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>3)<span class=\"__1 _13d_1\"> </span><span class=\"ls56_1 ws5f_1\">(2)<span class=\"__1 _f7_1\"> </span></span>(15<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Foreig<span class=\"__1 _201\"/>n exchange tr<span class=\"__1 _201\"/>anslati<span class=\"__1 _201\"/>on diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es<span class=\"__1 _420\"> </span><span class=\"ff1_1 ls5_1\">3<span class=\"__1 _224\"> </span><span class=\"ls22_1 ws21_1\">30<span class=\"__1 _13d_1\"> </span><span class=\"ls15_1 ws14_1\">98<span class=\"__1 _13d_1\"> </span></span></span>5<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _421\"> </span><span class=\"ls32_1 ws33_1\">49,<span class=\"__1 _201\"/>805<span class=\"__1 _282\"> </span><span class=\"ls19_1 ws18_1\">90,<span class=\"__1 _201\"/>531<span class=\"__1 _212\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>0<span class=\"__1 _237\"> </span><span class=\"ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span></span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>is com<span class=\"__1 _201\"/>pri<span class=\"__1 _201\"/>ses i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts w<span class=\"__1 _201\"/>ith di<span class=\"__1 _201\"/>scre<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>icip<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n featu<span class=\"__1 _201\"/>res of \u00a3<span class=\"__1 _201\"/>78<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>594<span class=\"__1 _201\"/>m as at 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 (2<span class=\"__1 _201\"/>021: \u00a3<span class=\"__1 _201\"/>82<span class=\"__1 _201\"/>,7<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>m) and inv<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/> con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts w<span class=\"__1 _201\"/>itho<span class=\"__1 _201\"/>ut di<span class=\"__1 _201\"/>scre<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>icip<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n featu<span class=\"__1 _201\"/>res of \u00a3<span class=\"__1 _201\"/>11,93<span class=\"__1 _201\"/>7m as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 (202<span class=\"__1 _201\"/>1: \u00a314<span class=\"__1 _201\"/>,8<span class=\"__1 _201\"/>84<span class=\"__1 _201\"/>m).<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es re<span class=\"__1 _201\"/>insu<span class=\"__1 _201\"/>rers\u2019 s<span class=\"__1 _201\"/>hare o<span class=\"__1 _201\"/>f clai<span class=\"__1 _201\"/>ms out<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/>andi<span class=\"__1 _201\"/>ng of \u00a313<span class=\"__1 _201\"/>7m as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 (202<span class=\"__1 _201\"/>1: \u00a314<span class=\"__1 _201\"/>3m). Re<span class=\"__1 _201\"/>ins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce at 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 in<span class=\"__1 _201\"/>clu<span class=\"__1 _201\"/>des<span class=\"__1 _201\"/> Rei<span class=\"__1 _201\"/>nsur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e As<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s of \u00a31,186<span class=\"__1 _201\"/>m net of l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>wap li<span class=\"__1 _201\"/>abil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s of \u00a32<span class=\"__1 _201\"/>42m in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed i<span class=\"__1 _201\"/>n Accr<span class=\"__1 _201\"/>uals<span class=\"__1 _201\"/>, def<span class=\"__1 _201\"/>err<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e and ot<span class=\"__1 _201\"/>her l<span class=\"__1 _201\"/>iabi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es on th<span class=\"__1 _201\"/>e con<span class=\"__1 _201\"/>sol<span class=\"__1 _201\"/>idate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>st<span class=\"__1 _201\"/>ateme<span class=\"__1 _201\"/>nt of fin<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>ial p<span class=\"__1 _201\"/>osit<span class=\"__1 _201\"/>ion a<span class=\"__1 _201\"/>nd in N<span class=\"__1 _201\"/>ote 30. F<span class=\"__1 _201\"/>or the c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>arat<span class=\"__1 _201\"/>ive p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ods a<span class=\"__1 _201\"/>ll rein<span class=\"__1 _201\"/>sur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e is pre<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>ted in R<span class=\"__1 _201\"/>eins<span class=\"__1 _201\"/>ura<span class=\"__1 _201\"/>nce A<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Addi<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>ns ari<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>g on ac<span class=\"__1 _201\"/>quis<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>ns fo<span class=\"__1 _201\"/>r the ye<span class=\"__1 _201\"/>ar to 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 2021 r<span class=\"__1 _201\"/>elate to t<span class=\"__1 _201\"/>he ac<span class=\"__1 _201\"/>quis<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n of MG<span class=\"__1 _201\"/>SA wh<span class=\"__1 _201\"/>ich in<span class=\"__1 _201\"/>crea<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d unit-li<span class=\"__1 _201\"/>nked li<span class=\"__1 _201\"/>abil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s by \u00a35<span class=\"__1 _201\"/>98m<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>iv  <span class=\"__1 _284\"> </span>In<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e and ex<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>se in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed in t<span class=\"__1 _201\"/>he in<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e state<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>nt in 20<span class=\"__1 _201\"/>21 inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es the i<span class=\"__1 _201\"/>mpa<span class=\"__1 _201\"/>ct of t<span class=\"__1 _201\"/>he Pa<span class=\"__1 _201\"/>rt V<span class=\"__1 _201\"/>II tr<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>fer of a<span class=\"__1 _201\"/>nnu<span class=\"__1 _201\"/>ity b<span class=\"__1 _201\"/>usi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s to Rot<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>ay Lif<span class=\"__1 _201\"/>e PLC.<span class=\"__1 _32b\"> </span>v <span class=\"__1 _6c_1\"> </span>Other mo<span class=\"__1 _200\"/>vements i<span class=\"__1 _200\"/>ncluding amou<span class=\"__1 _200\"/>nts included<span class=\"__1 _200\"/> in ot<span class=\"__1 _200\"/>her compr<span class=\"__1 _200\"/>ehensive income<span class=\"__1 _200\"/> include pr<span class=\"__1 _200\"/>emiums<span class=\"__1 _200\"/> received and<span class=\"__1 _200\"/> claims<span class=\"__1 _200\"/> paid on<span class=\"__1 _200\"/> investment<span class=\"__1 _200\"/> contracts<span class=\"__1 _32b\"> </span>wit<span class=\"__1 _201\"/>hou<span class=\"__1 _201\"/>t disc<span class=\"__1 _201\"/>retio<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ipati<span class=\"__1 _201\"/>ng fe<span class=\"__1 _201\"/>ature<span class=\"__1 _201\"/>s, w<span class=\"__1 _201\"/>hich a<span class=\"__1 _201\"/>re taken d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tl<span class=\"__1 _201\"/>y to the co<span class=\"__1 _201\"/>nso<span class=\"__1 _201\"/>lid<span class=\"__1 _201\"/>ated s<span class=\"__1 _201\"/>tatem<span class=\"__1 _201\"/>ent o<span class=\"__1 _201\"/>f finan<span class=\"__1 _201\"/>cia<span class=\"__1 _201\"/>l pos<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n in acc<span class=\"__1 _201\"/>ord<span class=\"__1 _201\"/>ance w<span class=\"__1 _201\"/>ith I<span class=\"__1 _201\"/>AS 39<span class=\"__1 _201\"/>;<span class=\"__1 _32b\"> </span>cha<span class=\"__1 _201\"/>nge<span class=\"__1 _201\"/>s in the u<span class=\"__1 _201\"/>nall<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ated s<span class=\"__1 _201\"/>urp<span class=\"__1 _201\"/>lus of t<span class=\"__1 _201\"/>he Wit<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fun<span class=\"__1 _201\"/>d resu<span class=\"__1 _201\"/>ltin<span class=\"__1 _201\"/>g from a<span class=\"__1 _201\"/>ctu<span class=\"__1 _201\"/>ari<span class=\"__1 _201\"/>al gai<span class=\"__1 _201\"/>ns an<span class=\"__1 _201\"/>d los<span class=\"__1 _201\"/>ses o<span class=\"__1 _201\"/>n the G<span class=\"__1 _201\"/>roup\u2019s d<span class=\"__1 _201\"/>efin<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>nefi<span class=\"__1 _201\"/>t pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>n sch<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> whi<span class=\"__1 _201\"/>ch are r<span class=\"__1 _201\"/>eco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tl<span class=\"__1 _201\"/>y in othe<span class=\"__1 _201\"/>r com<span class=\"__1 _201\"/>pre<span class=\"__1 _201\"/>hen<span class=\"__1 _201\"/>sive i<span class=\"__1 _201\"/>nco<span class=\"__1 _201\"/>me an<span class=\"__1 _201\"/>d bala<span class=\"__1 _201\"/>nce s<span class=\"__1 _201\"/>he<span class=\"__1 _201\"/>et real<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ati<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>. In 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, this a<span class=\"__1 _201\"/>lso re<span class=\"__1 _201\"/>fle<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s the di<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt of in<span class=\"__1 _201\"/>sura<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/> po<span class=\"__1 _201\"/>lici<span class=\"__1 _201\"/>es in P<span class=\"__1 _201\"/>PL pre<span class=\"__1 _201\"/>vio<span class=\"__1 _201\"/>usl<span class=\"__1 _201\"/>y hel<span class=\"__1 _201\"/>d by the M<span class=\"__1 _201\"/>&amp;G Gr<span class=\"__1 _201\"/>oup Pe<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>on sc<span class=\"__1 _201\"/>hem<span class=\"__1 _201\"/>e. Ref<span class=\"__1 _201\"/>er to N<span class=\"__1 _201\"/>ote 17 for f<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r deta<span class=\"__1 _201\"/>ils<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The b<span class=\"__1 _201\"/>elow ta<span class=\"__1 _201\"/>bles s<span class=\"__1 _201\"/>how the \u201c<span class=\"__1 _201\"/>Ben<span class=\"__1 _201\"/>efits an<span class=\"__1 _201\"/>d claims a<span class=\"__1 _201\"/>nd movem<span class=\"__1 _201\"/>ent in un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund, n<span class=\"__1 _201\"/>et of<span class=\"__1 _32b\"> </span>reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e\u201d as shown in th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent. \u201c<span class=\"__1 _201\"/>Ben<span class=\"__1 _201\"/>efits an<span class=\"__1 _201\"/>d claims a<span class=\"__1 _201\"/>nd movem<span class=\"__1 _201\"/>ent in una<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund, n<span class=\"__1 _201\"/>et of reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e\u201d compri<span class=\"__1 _201\"/>ses of th<span class=\"__1 _201\"/>e moveme<span class=\"__1 _201\"/>nt charge<span class=\"__1 _201\"/>d to the con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dated inc<span class=\"__1 _201\"/>ome st<span class=\"__1 _201\"/>atement p<span class=\"__1 _201\"/>resente<span class=\"__1 _201\"/>d in<span class=\"__1 _32b\"> </span>the tab<span class=\"__1 _201\"/>le above<span class=\"__1 _201\"/>, and the b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts and c<span class=\"__1 _201\"/>laims pa<span class=\"__1 _201\"/>id over the p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d, ne<span class=\"__1 _201\"/>t of amoun<span class=\"__1 _201\"/>ts attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to reins<span class=\"__1 _201\"/>urers<span class=\"__1 _201\"/>. <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Policyholder<span class=\"__1 _32b\"> </span>liabilities<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unallocated <span class=\"ls5_1 ws1_1\"> </span>sur<span class=\"__1 _201\"/>plu<span class=\"__1 _201\"/>s of the<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>With-Profits <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Fun<span class=\"__1 _201\"/>d<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Reinsurance <span class=\"ls5_1 ws1_1\"> </span>asset<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent in p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s and un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund<span class=\"__1 _201\"/> incl<span class=\"__1 _201\"/>uded i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidated i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent<span class=\"__1 _422\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">1<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>0<span class=\"__1 _253\"> </span><span class=\"ls19_1 ws18_1\">1,689<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent in rei<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d in cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>(7<span class=\"__1 _201\"/>35)<span class=\"__1 _32b\"> </span>Ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd claim<span class=\"__1 _201\"/>s paid<span class=\"__1 _372\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">(1<span class=\"__1 _201\"/>2<span class=\"__1 _e7_1\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>\u2013<span class=\"__1 _32b\"> </span>Ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd claim<span class=\"__1 _201\"/>s attri<span class=\"__1 _201\"/>butabl<span class=\"__1 _201\"/>e to exter<span class=\"__1 _201\"/>nal reins<span class=\"__1 _201\"/>urers<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>494<span class=\"__1 _32b\"> </span>Benefits and claims<span class=\"__1 _200\"/> and mo<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>ement in<span class=\"__1 _200\"/> unallocated<span class=\"__1 _200\"/> surplus o<span class=\"__1 _200\"/>f the Wi<span class=\"__1 _200\"/>th-Profits Fund,<span class=\"__1 _32b\"> </span>net of<span class=\"__1 _200\"/> reinsur<span class=\"__1 _200\"/>ance, as<span class=\"__1 _200\"/> shown<span class=\"__1 _200\"/> in consolida<span class=\"__1 _200\"/>ted<span class=\"__1 _200\"/> income sta<span class=\"__1 _200\"/>tement<span class=\"__1 _423\"> </span><span class=\"ls15_1 ws14_1\">6,987<span class=\"__1 _c_1\"> </span><span class=\"ls19_1 ws18_1\">1,689<span class=\"__1 _1d_1\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span>i <span class=\"__1 _2d_1\"> </span>Policyho<span class=\"__1 _201\"/>lder liabilities consis<span class=\"__1 _201\"/>t of<span class=\"__1 _200\"/> insurance contrac<span class=\"__1 _201\"/>t liabilities and investment contract liabiliti<span class=\"__1 _201\"/>es. <span class=\"__1 _ea_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Policyholder<span class=\"__1 _32b\"> </span>liabilities<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unallocated <span class=\"ls5_1 ws1_1\"> </span>sur<span class=\"__1 _201\"/>plu<span class=\"__1 _201\"/>s of the<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>With-Profits <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>Fun<span class=\"__1 _201\"/>d<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Reinsurance <span class=\"ls5_1 ws1_1\"> </span>asset<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent in p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s and un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund<span class=\"__1 _201\"/> incl<span class=\"__1 _201\"/>uded i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidated i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent<span class=\"__1 _424\"> </span><span class=\"ls23_1 ws22_1\">9,<span class=\"__1 _201\"/>807<span class=\"__1 _270\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,0<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ent in rei<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d in cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>0,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>8)<span class=\"__1 _32b\"> </span>Ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd claim<span class=\"__1 _201\"/>s paid<span class=\"__1 _372\"> </span><span class=\"ls1f_1 ws1e_1\">(<span class=\"__1 _f_1\"/>13,358)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>Ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd claim<span class=\"__1 _201\"/>s attri<span class=\"__1 _201\"/>butabl<span class=\"__1 _201\"/>e to exter<span class=\"__1 _201\"/>nal reins<span class=\"__1 _201\"/>urers<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,608<span class=\"__1 _32b\"> </span>Benefits and claims<span class=\"__1 _200\"/> and mo<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>ement in<span class=\"__1 _200\"/> unallocated<span class=\"__1 _200\"/> surplus o<span class=\"__1 _200\"/>f the Wi<span class=\"__1 _200\"/>th-Profits Fund,<span class=\"__1 _32b\"> </span>net of<span class=\"__1 _200\"/> reinsur<span class=\"__1 _200\"/>ance as<span class=\"__1 _200\"/> shown<span class=\"__1 _200\"/> in consolida<span class=\"__1 _200\"/>ted<span class=\"__1 _200\"/> income sta<span class=\"__1 _200\"/>tement<span class=\"__1 _425\"> </span><span class=\"ff2_1 ls16_1 ws15_1\">(<span class=\"__1 _200\"/>3,55<span class=\"__1 _f_1\"/>1<span class=\"__1 _200\"/>)<span class=\"__1 _3f_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>2)<span class=\"__1 _4a_1\"> </span><span class=\"ls18_1 ws17_1\">(8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span></span>26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:800.87646px;\">26.3 Duration<span class=\"__1 _200\"/> of liabilitie<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:780.24695px;\">The t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s below s<span class=\"__1 _201\"/>how the exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted timin<span class=\"__1 _201\"/>g of the ca<span class=\"__1 _201\"/>sh flows w<span class=\"__1 _201\"/>hich ma<span class=\"__1 _201\"/>ke up the poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r liabil<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:763.7484px;\">acco<span class=\"__1 _201\"/>unted fo<span class=\"__1 _201\"/>r under I<span class=\"__1 _201\"/>FRS 4 an<span class=\"__1 _201\"/>d those a<span class=\"__1 _201\"/>ccounte<span class=\"__1 _201\"/>d for as fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l liabili<span class=\"__1 _201\"/>ties und<span class=\"__1 _201\"/>er IAS 3<span class=\"__1 _201\"/>9. Th<span class=\"__1 _201\"/>e expec<span class=\"__1 _201\"/>ted tim<span class=\"__1 _201\"/>ing of the c<span class=\"__1 _201\"/>ash flo<span class=\"__1 _201\"/>ws<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:747.25px;\">will d<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>d on the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t term an<span class=\"__1 _201\"/>d also exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tation<span class=\"__1 _201\"/>s of assu<span class=\"__1 _201\"/>mptions s<span class=\"__1 _201\"/>uch as fu<span class=\"__1 _201\"/>ture mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity a<span class=\"__1 _201\"/>nd per<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>ncy, depe<span class=\"__1 _201\"/>nding<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:730.75146px;\">on the t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>e of contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>. For with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts and u<span class=\"__1 _201\"/>nit<span class=\"__1 _200\"/>-linked c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, ac<span class=\"__1 _201\"/>tual amo<span class=\"__1 _201\"/>unts paya<span class=\"__1 _201\"/>ble wil<span class=\"__1 _201\"/>l var<span class=\"__1 _201\"/>y with f<span class=\"__1 _201\"/>uture inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:714.253px;\">per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce of the fu<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>. The fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g table<span class=\"__1 _201\"/>s show th<span class=\"__1 _201\"/>e carr<span class=\"__1 _250\"/>ying v<span class=\"__1 _201\"/>alue of the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and t<span class=\"__1 _201\"/>he expe<span class=\"__1 _201\"/>cted ti<span class=\"__1 _201\"/>ming of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:697.75446px;\">the c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s, on a di<span class=\"__1 _201\"/>scoun<span class=\"__1 _201\"/>ted basi<span class=\"__1 _201\"/>s:</div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:42.254402px; bottom:668.8912px;\"> <span class=\"__1 _df_1\"> </span><span class=\"ls3_1 ws3_1\">2022</span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:42.254402px; bottom:649.1302px;\"> <span class=\"__1 _426\"> </span><span class=\"ls2b_1 ws2b_1\">With-profits bu<span class=\"__1 _200\"/>siness<span class=\"__1 _271\"> </span>Annuity business (i<span class=\"__1 _200\"/>nsurance c<span class=\"__1 _200\"/>ontracts<span class=\"__1 _200\"/>)<span class=\"__1 _286\"> </span><span class=\"ls50_1 ws60_1\">O<span class=\"__1 _201\"/>ther<span class=\"__1 _200\"/> business and<span class=\"__1 _200\"/> unit<span class=\"__1 _f_1\"/>-linked<span class=\"__1 _a5_1\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:607.1092px;\">As at<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws3a_1\" style=\"left:4.260002px; bottom:595.10767px;\">31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:99.86984px; bottom:607.1092px;\">Insurance <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:101.4111px; bottom:595.10767px;\">contracts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3b_1 ws3c_1\" style=\"left:154.62254px; bottom:607.1092px;\">Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:163.94804px; bottom:595.10767px;\">contracts<span class=\"__1 _1a_1\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:294.31995px; bottom:631.1122px;\">Non-profit <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:300.5124px; bottom:619.11066px;\">annuities <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws69_1\" style=\"left:285.9117px; bottom:607.1092px;\">within With-<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:285.9117px; bottom:595.10767px;\">Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:352.09186px; bottom:619.11066px;\">Shareholder<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls8b_1 wsa2_1\" style=\"left:379.794px; bottom:607.1092px;\">ba<span class=\"__1 _201\"/>cke<span class=\"__1 _201\"/>d<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:370.701px; bottom:595.10767px;\">annuities<span class=\"__1 _214\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:488.64374px; bottom:607.1092px;\">Insurance <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:490.09637px; bottom:595.10767px;\">contracts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3b_1 ws3c_1\" style=\"left:546.65985px; bottom:607.1092px;\">Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:554.7636px; bottom:595.10767px;\">contracts<span class=\"__1 _214\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _201\"/>t<span class=\"__1 _250\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:0.010047913px; bottom:575.3605px;\">Carr<span class=\"__1 _201\"/>ying value<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws2a_1\" style=\"left:0.010047913px; bottom:560.36646px;\">(\u00a3m)<span class=\"__1 _427\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">25,<span class=\"__1 _201\"/>321<span class=\"__1 _327\"> </span><span class=\"ls40_1 ws44_1\">78<span class=\"__1 _201\"/>,528<span class=\"__1 _5e_1\"> </span><span class=\"ls32_1 ws33_1\">103,<span class=\"__1 _201\"/>849<span class=\"__1 _253\"> </span><span class=\"ls19_1 ws18_1\">6,6<span class=\"__1 _201\"/>84<span class=\"__1 _204\"> </span></span>12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>328<span class=\"__1 _5f_1\"> </span>19,012<span class=\"__1 _3f_1\"> </span><span class=\"ls1b_1 ws1a_1\">5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>47<span class=\"__1 _201\"/>3<span class=\"__1 _249\"> </span><span class=\"lsc_1 wsa_1\">12<span class=\"__1 _201\"/>,002<span class=\"__1 _1b0_1\"> </span><span class=\"ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>5<span class=\"__1 _245\"> </span><span class=\"ls1f_1 ws1e_1\">140,336<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:540.60394px;\">Ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted c<span class=\"__1 _201\"/>ash flow t<span class=\"__1 _201\"/>iming:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:520.8415px;\">0 to 5 years<span class=\"__1 _18b_1\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">3<span class=\"__1 _201\"/>6%<span class=\"__1 _3f_1\"> </span><span class=\"ls22_1 ws21_1\">37<span class=\"__1 _201\"/>%<span class=\"__1 _4a_1\"> </span>37%<span class=\"__1 _1d_1\"> </span><span class=\"ls42_1 ws46_1\">49%<span class=\"__1 _252\"> </span>39%<span class=\"__1 _243\"> </span><span class=\"ls17_1 ws16_1\">41%<span class=\"__1 _237\"> </span><span class=\"ls8c_1 wsa3_1\">4<span class=\"__1 _201\"/>4%<span class=\"__1 _272\"> </span></span></span></span></span>36%<span class=\"__1 _248\"> </span><span class=\"ls54_1 ws5c_1\">38%<span class=\"__1 _345\"> </span>3<span class=\"__1 _201\"/>8%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:501.07898px;\">5 to 10 years<span class=\"__1 _f4_1\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">2<span class=\"__1 _201\"/>5%<span class=\"__1 _5d_1\"> </span>25%<span class=\"__1 _240\"> </span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _232\"> </span><span class=\"ls3f_1 ws41_1\">27%<span class=\"__1 _252\"> </span></span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _206\"> </span>25%<span class=\"__1 _253\"> </span><span class=\"ls3f_1 ws41_1\">27%<span class=\"__1 _220\"> </span><span class=\"ls7_1 ws5_1\">26%<span class=\"__1 _248\"> </span>2<span class=\"__1 _201\"/>6%<span class=\"__1 _345\"> </span></span></span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:481.31647px;\">10 to 15 years<span class=\"__1 _e_1\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">17%<span class=\"__1 _1a_1\"> </span><span class=\"ls7_1 ws5_1\">16%<span class=\"__1 _7d_1\"> </span>16%<span class=\"__1 _271\"> </span><span class=\"ls1b_1 ws1a_1\">15%<span class=\"__1 _e_1\"> </span></span>16%<span class=\"__1 _282\"> </span>1<span class=\"__1 _201\"/>6%<span class=\"__1 _253\"> </span><span class=\"ls1b_1 ws1a_1\">1<span class=\"__1 _201\"/>5%<span class=\"__1 _1c2_1\"> </span><span class=\"ls54_1 ws5c_1\">18%<span class=\"__1 _243\"> </span></span></span></span>17%<span class=\"__1 _f7_1\"> </span><span class=\"ls7_1 ws5_1\">16%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:461.55396px;\">15 to 20 years<span class=\"__1 _2c_1\"> </span><span class=\"ff1_1 ws52_1\">1<span class=\"__1 _201\"/>0%<span class=\"__1 _5d_1\"> </span>10%<span class=\"__1 _240\"> </span>10%<span class=\"__1 _8d_1\"> </span><span class=\"ls7_1 ws5_1\">6%<span class=\"__1 _228\"> </span></span>10%<span class=\"__1 _1b5_1\"> </span><span class=\"ls42_1 ws46_1\">9%<span class=\"__1 _f4_1\"> </span><span class=\"ls28_1 ws28_1\">7%<span class=\"__1 _223\"> </span><span class=\"ls8_1 ws6_1\">11%<span class=\"__1 _206\"> </span></span></span></span>10%<span class=\"__1 _226\"> </span>10%<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:441.79144px;\">20 to 25 year<span class=\"__1 _201\"/>s<span class=\"__1 _256\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">6%<span class=\"__1 _2c_1\"> </span>6%<span class=\"__1 _223\"> </span>6%<span class=\"__1 _2b_1\"> </span><span class=\"ls19_1 ws18_1\">2%<span class=\"__1 _264\"> </span><span class=\"ls1b_1 ws1a_1\">5<span class=\"__1 _201\"/>%<span class=\"__1 _1b5_1\"> </span>5%<span class=\"__1 _f4_1\"> </span><span class=\"ls8c_1 wsa3_1\">4%<span class=\"__1 _345\"> </span></span>5%<span class=\"__1 _3f_1\"> </span>5%<span class=\"__1 _224\"> </span></span></span>6%<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:422.029px;\">over 25 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _264\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">6%<span class=\"__1 _2c_1\"> </span>6%<span class=\"__1 _223\"> </span>6%<span class=\"__1 _311\"> </span><span class=\"ls8_1 ws6_1\">1%<span class=\"__1 _288\"> </span><span class=\"ls1b_1 ws1a_1\">5%<span class=\"__1 _3f_1\"> </span><span class=\"ls8c_1 wsa3_1\">4%<span class=\"__1 _1d_1\"> </span></span></span></span>3%<span class=\"__1 _e_1\"> </span><span class=\"ls8c_1 wsa3_1\">4%<span class=\"__1 _3f_1\"> </span>4%<span class=\"__1 _8c_1\"> </span><span class=\"ls1b_1 ws1a_1\">5%</span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:42.254402px; bottom:387.1751px;\"> <span class=\"__1 _428\"> </span><span class=\"ls3_1 ws3_1\">2021</span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:42.254402px; bottom:367.41412px;\"> <span class=\"__1 _427\"> </span><span class=\"ls2b_1 ws2b_1\">With-profits business<span class=\"__1 _256\"> </span>Annuity business (insura<span class=\"__1 _200\"/>nce cont<span class=\"__1 _200\"/>racts)<span class=\"__1 _286\"> </span><span class=\"ls50_1 ws60_1\">Other business and<span class=\"__1 _200\"/> unit<span class=\"__1 _f_1\"/>-linked<span class=\"__1 _a5_1\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _201\"/>t<span class=\"__1 _250\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:325.39313px;\">As at<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws3a_1\" style=\"left:4.260002px; bottom:313.3916px;\">31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:99.86984px; bottom:325.39313px;\">Insurance <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:101.4111px; bottom:313.3916px;\">contracts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3b_1 ws3c_1\" style=\"left:154.62254px; bottom:325.39313px;\">Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:163.94804px; bottom:313.3916px;\">contracts<span class=\"__1 _208\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:288.6351px; bottom:349.39612px;\">Non-profit <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:295.6281px; bottom:337.3946px;\">annuities <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws69_1\" style=\"left:281.6685px; bottom:325.39313px;\">within With-<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:281.6685px; bottom:313.3916px;\">Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:348.189px; bottom:337.3946px;\">Shareholder<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls8b_1 wsa2_1\" style=\"left:375.13516px; bottom:325.39313px;\">ba<span class=\"__1 _201\"/>cke<span class=\"__1 _201\"/>d<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:367.27786px; bottom:313.3916px;\">annuities<span class=\"__1 _214\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:484.69305px; bottom:325.39313px;\">Insurance <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:485.95483px; bottom:313.3916px;\">contracts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3b_1 ws3c_1\" style=\"left:542.42206px; bottom:325.39313px;\">Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:550.6557px; bottom:313.3916px;\">contracts<span class=\"__1 _214\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _201\"/>t<span class=\"__1 _250\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:0.010047913px; bottom:293.6441px;\">Carr<span class=\"__1 _201\"/>ying value<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws2a_1\" style=\"left:0.010047913px; bottom:278.65015px;\">(\u00a3m)<span class=\"__1 _427\"> </span><span class=\"ls27_1 ws27_1\">29,507<span class=\"__1 _18a_1\"> </span><span class=\"ls8_1 ws6_1\">8<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,70<span class=\"__1 _201\"/>2<span class=\"__1 _5e_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>9<span class=\"__1 _219\"> </span>9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>311<span class=\"__1 _3f_1\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>6<span class=\"__1 _5f_1\"> </span><span class=\"lsc_1 wsa_1\">26<span class=\"__1 _201\"/>,957<span class=\"__1 _5d_1\"> </span></span></span></span>6<span class=\"__1 _201\"/>,76<span class=\"__1 _201\"/>0<span class=\"__1 _1cf_1\"> </span><span class=\"ls45_1 ws49_1\">14<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>92<span class=\"__1 _201\"/>4<span class=\"__1 _5f_1\"> </span><span class=\"ls40_1 ws44_1\">21,6<span class=\"__1 _201\"/>84<span class=\"__1 _217\"> </span></span></span></span></span>160,<span class=\"__1 _201\"/>85<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:258.88763px;\">Ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted c<span class=\"__1 _201\"/>ash flow t<span class=\"__1 _201\"/>iming:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:239.12512px;\">0 to 5 years<span class=\"__1 _8a_1\"> </span><span class=\"ls52_1 ws5a_1\">3<span class=\"__1 _201\"/>4%<span class=\"__1 _1a_1\"> </span><span class=\"ls38_1 ws38_1\">36%<span class=\"__1 _243\"> </span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>5%<span class=\"__1 _f4_1\"> </span></span>3<span class=\"__1 _201\"/>6%<span class=\"__1 _228\"> </span>2<span class=\"__1 _201\"/>9%<span class=\"__1 _206\"> </span><span class=\"ls30_1 ws30_1\">3<span class=\"__1 _201\"/>2%<span class=\"__1 _237\"> </span><span class=\"ls40_1 ws44_1\">4<span class=\"__1 _201\"/>3%<span class=\"__1 _212\"> </span>3<span class=\"__1 _201\"/>3%<span class=\"__1 _206\"> </span></span></span>36%<span class=\"__1 _f7_1\"> </span><span class=\"ls45_1 ws49_1\">35%<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:219.36261px;\">5 to 10 years<span class=\"__1 _1e_1\"> </span><span class=\"ls52_1 ws5a_1\">24%<span class=\"__1 _220\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>5%<span class=\"__1 _243\"> </span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _271\"> </span><span class=\"lsc_1 wsa_1\">26%<span class=\"__1 _e_1\"> </span></span></span>24%<span class=\"__1 _242\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>5%<span class=\"__1 _2c_1\"> </span>25%<span class=\"__1 _222\"> </span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _282\"> </span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _f7_1\"> </span>25%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:199.60013px;\">10 to 15 years<span class=\"__1 _f7_1\"> </span><span class=\"ls56_1 ws5f_1\">17%<span class=\"__1 _212\"> </span><span class=\"ls2a_1 ws2a_1\">16%<span class=\"__1 _208\"> </span></span>17%<span class=\"__1 _288\"> </span>17%<span class=\"__1 _f7_1\"> </span><span class=\"ls2a_1 ws2a_1\">19%<span class=\"__1 _243\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>%<span class=\"__1 _239\"> </span></span>16%<span class=\"__1 _270\"> </span><span class=\"ls42_1 ws46_1\">18%<span class=\"__1 _214\"> </span></span></span>17<span class=\"__1 _201\"/>%<span class=\"__1 _1d_1\"> </span>17<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:179.83762px;\">15 to 20 years<span class=\"__1 _f7_1\"> </span><span class=\"ls11_1 ws10_1\">11%<span class=\"__1 _272\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>%<span class=\"__1 _211\"> </span>10<span class=\"__1 _201\"/>%<span class=\"__1 _1e_1\"> </span>10%<span class=\"__1 _256\"> </span><span class=\"ls52_1 ws5a_1\">14%<span class=\"__1 _1d8_1\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>%<span class=\"__1 _f4_1\"> </span><span class=\"ls40_1 ws44_1\">8%<span class=\"__1 _2c_1\"> </span></span></span></span></span>11%<span class=\"__1 _243\"> </span><span class=\"ls4d_1 ws54_1\">10%<span class=\"__1 _1e_1\"> </span></span>11%<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:160.07513px;\">20 to 25 year<span class=\"__1 _201\"/>s<span class=\"__1 _f4_1\"> </span><span class=\"ls3a_1 ws3b_1\">7%<span class=\"__1 _239\"> </span><span class=\"ls38_1 ws38_1\">6%<span class=\"__1 _5d_1\"> </span>6%<span class=\"__1 _367\"> </span><span class=\"ls45_1 ws49_1\">5%<span class=\"__1 _288\"> </span><span class=\"ls40_1 ws44_1\">8%<span class=\"__1 _5d_1\"> </span></span></span></span>7%<span class=\"__1 _f4_1\"> </span><span class=\"ls52_1 ws5a_1\">4%<span class=\"__1 _f7_1\"> </span></span>7%<span class=\"__1 _1b5_1\"> </span><span class=\"ls38_1 ws38_1\">6%<span class=\"__1 _224\"> </span>6%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:140.31262px;\">over 25 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _224\"> </span><span class=\"ls3a_1 ws3b_1\">7%<span class=\"__1 _231\"> </span>7%<span class=\"__1 _220\"> </span>7%<span class=\"__1 _2b_1\"> </span><span class=\"ls38_1 ws38_1\">6%<span class=\"__1 _288\"> </span>6%<span class=\"__1 _1b5_1\"> </span>6%<span class=\"__1 _f4_1\"> </span><span class=\"ls52_1 ws5a_1\">4%<span class=\"__1 _226\"> </span></span>6%<span class=\"__1 _3f_1\"> </span>6%<span class=\"__1 _8c_1\"> </span>6%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:101.28488px;\">The c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ow proje<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns of expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ty p<span class=\"__1 _201\"/>ayment<span class=\"__1 _201\"/>s used i<span class=\"__1 _201\"/>n the expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d cash fl<span class=\"__1 _201\"/>ow timin<span class=\"__1 _201\"/>g table ab<span class=\"__1 _201\"/>ove are from th<span class=\"__1 _201\"/>e value<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:84.78638px;\">of in-fo<span class=\"__1 _201\"/>rce bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s and exclud<span class=\"__1 _201\"/>e the val<span class=\"__1 _201\"/>ue of future n<span class=\"__1 _201\"/>ew busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, inc<span class=\"__1 _201\"/>luding f<span class=\"__1 _201\"/>uture ves<span class=\"__1 _201\"/>ting of p<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>n contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e expec<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:68.28787px;\">cashfl<span class=\"__1 _201\"/>ow timing for reinsurance (e<span class=\"__1 _200\"/>xcluding longev<span class=\"__1 _201\"/>ity swaps) should be materially in line with the und<span class=\"__1 _201\"/>erlyin<span class=\"__1 _201\"/>g liabilities.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:43.54013px;\">Liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y payme<span class=\"__1 _201\"/>nts do n<span class=\"__1 _201\"/>ot refle<span class=\"__1 _201\"/>ct the p<span class=\"__1 _201\"/>atter<span class=\"__1 _201\"/>n of bonu<span class=\"__1 _201\"/>ses an<span class=\"__1 _201\"/>d shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er trans<span class=\"__1 _201\"/>fers i<span class=\"__1 _201\"/>n respe<span class=\"__1 _201\"/>ct of th<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:18.792358px;\">The a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s shown i<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>e exclude th<span class=\"__1 _201\"/>e unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surpl<span class=\"__1 _201\"/>us of the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>, as its al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ation has n<span class=\"__1 _201\"/>ot yet<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:2.2938843px;\">been defined.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:831.99536px;\">26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-566": {
   "value": "26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance<span class=\"__1 _32b\"> </span>26.<span class=\"__1 _f_1\"/>1 Determina<span class=\"__1 _200\"/>tion of<span class=\"__1 _200\"/> insurance<span class=\"__1 _200\"/> and in<span class=\"__1 _200\"/>vestmen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>ract liabilities<span class=\"__1 _200\"/> for differ<span class=\"__1 _200\"/>ent<span class=\"__1 _200\"/> components of<span class=\"__1 _200\"/> business<span class=\"__1 _32b\"> </span>Note 2<span class=\"__1 _201\"/>.3 d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>ibes th<span class=\"__1 _201\"/>e diffe<span class=\"__1 _201\"/>rent t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/>s of insur<span class=\"__1 _201\"/>ance an<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts acros<span class=\"__1 _201\"/>s the bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s. A d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>iption re<span class=\"__1 _201\"/>lating to the<span class=\"__1 _201\"/> deter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n of the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s and the key ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns for ea<span class=\"__1 _201\"/>ch comp<span class=\"__1 _201\"/>onen<span class=\"__1 _201\"/>t of busin<span class=\"__1 _201\"/>ess i<span class=\"__1 _201\"/>s set out b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>26.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _f_1\"/>1 With-profits<span class=\"__1 _200\"/> business<span class=\"__1 _32b\"> </span>The W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund mainl<span class=\"__1 _201\"/>y contai<span class=\"__1 _201\"/>ns with-<span class=\"__1 _201\"/>profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s but als<span class=\"__1 _201\"/>o contain<span class=\"__1 _201\"/>s some n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>profit b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss (annuitie<span class=\"__1 _201\"/>s, un<span class=\"__1 _201\"/>it<span class=\"__1 _200\"/>-<span class=\"__1 _32b\"> </span>linked<span class=\"__1 _201\"/>, and term a<span class=\"__1 _201\"/>ssur<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>). The li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es of the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund a<span class=\"__1 _201\"/>re accou<span class=\"__1 _201\"/>nted for o<span class=\"__1 _201\"/>n a realis<span class=\"__1 _201\"/>tic basi<span class=\"__1 _201\"/>s in acco<span class=\"__1 _201\"/>rdance w<span class=\"__1 _201\"/>ith<span class=\"__1 _32b\"> </span>the re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents of FR<span class=\"__1 _201\"/>S 27 Life A<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e. The b<span class=\"__1 _201\"/>asis is co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent with th<span class=\"__1 _201\"/>e rule<span class=\"__1 _201\"/>s for the d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ation of res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves on th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>realis<span class=\"__1 _201\"/>tic ba<span class=\"__1 _201\"/>sis und<span class=\"__1 _201\"/>er the S<span class=\"__1 _201\"/>olven<span class=\"__1 _201\"/>cy I c<span class=\"__1 _201\"/>apital re<span class=\"__1 _201\"/>gime. T<span class=\"__1 _201\"/>hou<span class=\"__1 _201\"/>gh no lon<span class=\"__1 _201\"/>ger in fo<span class=\"__1 _201\"/>rce for re<span class=\"__1 _201\"/>gulator<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>urpo<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, thes<span class=\"__1 _201\"/>e rule<span class=\"__1 _201\"/>s continu<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>to be app<span class=\"__1 _201\"/>lied to d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s contr<span class=\"__1 _201\"/>act li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with IFR<span class=\"__1 _201\"/>S 4 Insur<span class=\"__1 _201\"/>ance C<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. In agg<span class=\"__1 _201\"/>regate, the<span class=\"__1 _201\"/> regim<span class=\"__1 _201\"/>e has the e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t of pla<span class=\"__1 _201\"/>cing a mar<span class=\"__1 _201\"/>ket<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>nt value o<span class=\"__1 _201\"/>n the liab<span class=\"__1 _201\"/>ilities o<span class=\"__1 _201\"/>f with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch refle<span class=\"__1 _201\"/>cts th<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nts<span class=\"__1 _32b\"> </span>expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to be paid b<span class=\"__1 _201\"/>ased o<span class=\"__1 _201\"/>n the cur<span class=\"__1 _201\"/>rent valu<span class=\"__1 _201\"/>e of investm<span class=\"__1 _201\"/>ents h<span class=\"__1 _201\"/>eld by the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund and cur<span class=\"__1 _201\"/>rent circum<span class=\"__1 _201\"/>stan<span class=\"__1 _201\"/>ces<span class=\"__1 _201\"/>. In line<span class=\"__1 _201\"/> with FR<span class=\"__1 _201\"/>S 27 req<span class=\"__1 _201\"/>uireme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>, the non<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fit annui<span class=\"__1 _201\"/>ties bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s withi<span class=\"__1 _201\"/>n the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund is va<span class=\"__1 _201\"/>lued o<span class=\"__1 _201\"/>n the st<span class=\"__1 _201\"/>atutor<span class=\"__1 _201\"/>y basi<span class=\"__1 _201\"/>s, i.<span class=\"__1 _201\"/>e.<span class=\"__1 _32b\"> </span>incl<span class=\"__1 _201\"/>uding m<span class=\"__1 _201\"/>argins fo<span class=\"__1 _201\"/>r adver<span class=\"__1 _201\"/>se devi<span class=\"__1 _201\"/>ations (as set out i<span class=\"__1 _201\"/>n \u2018Valuation of a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s\u2019). The w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies are va<span class=\"__1 _201\"/>lued o<span class=\"__1 _201\"/>n a<span class=\"__1 _32b\"> </span>realis<span class=\"__1 _201\"/>tic ba<span class=\"__1 _201\"/>sis and th<span class=\"__1 _201\"/>erefore a<span class=\"__1 _201\"/>llow for th<span class=\"__1 _201\"/>e future en<span class=\"__1 _201\"/>hance<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s to the poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>. Follow<span class=\"__1 _201\"/>ing this ap<span class=\"__1 _201\"/>proach u<span class=\"__1 _201\"/>nadjus<span class=\"__1 _201\"/>ted wou<span class=\"__1 _201\"/>ld<span class=\"__1 _32b\"> </span>lea<span class=\"__1 _201\"/>d to an incon<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>cy in th<span class=\"__1 _201\"/>e net as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>, as such<span class=\"__1 _201\"/>, the pre<span class=\"__1 _201\"/>sent va<span class=\"__1 _201\"/>lue of futu<span class=\"__1 _201\"/>re profit<span class=\"__1 _201\"/>s from the re<span class=\"__1 _201\"/>levant n<span class=\"__1 _201\"/>on-p<span class=\"__1 _201\"/>rofit an<span class=\"__1 _201\"/>nuitie<span class=\"__1 _201\"/>s is<span class=\"__1 _32b\"> </span>app<span class=\"__1 _201\"/>lied as a<span class=\"__1 _201\"/>n adjus<span class=\"__1 _201\"/>tment to the w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es. A<span class=\"__1 _201\"/>nnuall<span class=\"__1 _201\"/>y whe<span class=\"__1 _201\"/>n the enh<span class=\"__1 _201\"/>ancem<span class=\"__1 _201\"/>ents to as<span class=\"__1 _201\"/>set sh<span class=\"__1 _201\"/>ares are co<span class=\"__1 _201\"/>mmit<span class=\"__1 _201\"/>ted to, the<span class=\"__1 _201\"/> valu<span class=\"__1 _201\"/>e of the enh<span class=\"__1 _201\"/>ancem<span class=\"__1 _201\"/>ents is t<span class=\"__1 _201\"/>rans<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d from the U<span class=\"__1 _201\"/>nallo<span class=\"__1 _201\"/>cated s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund to with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fit liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> The w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profits c<span class=\"__1 _201\"/>ontra<span class=\"__1 _201\"/>cts are a c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ation of ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e and inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t contra<span class=\"__1 _201\"/>cts w<span class=\"__1 _201\"/>ith DPF<span class=\"__1 _f_1\"/>, a<span class=\"__1 _201\"/>s defin<span class=\"__1 _201\"/>ed by IFR<span class=\"__1 _201\"/>S 4. T<span class=\"__1 _201\"/>he reali<span class=\"__1 _201\"/>stic<span class=\"__1 _201\"/> basi<span class=\"__1 _201\"/>s require<span class=\"__1 _201\"/>s the val<span class=\"__1 _201\"/>ue of with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilities to b<span class=\"__1 _201\"/>e cal<span class=\"__1 _201\"/>culated as th<span class=\"__1 _201\"/>e sum of:<span class=\"__1 _32b\"> </span>(i) A wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve (W<span class=\"__1 _201\"/>PBR)<span class=\"__1 _201\"/> (ii) Future p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y-relate<span class=\"__1 _201\"/>d liabil<span class=\"__1 _201\"/>ities (FP<span class=\"__1 _201\"/>RL)<span class=\"__1 _32b\"> </span>The W<span class=\"__1 _201\"/>PBR is p<span class=\"__1 _201\"/>rimar<span class=\"__1 _201\"/>ily ba<span class=\"__1 _201\"/>sed on th<span class=\"__1 _201\"/>e retrosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive cal<span class=\"__1 _201\"/>culatio<span class=\"__1 _201\"/>n of accum<span class=\"__1 _201\"/>ulated as<span class=\"__1 _201\"/>set sha<span class=\"__1 _201\"/>res with a<span class=\"__1 _201\"/>djustm<span class=\"__1 _201\"/>ents to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t future<span class=\"__1 _201\"/> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd other c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/>s and exp<span class=\"__1 _201\"/>enses<span class=\"__1 _201\"/>. As<span class=\"__1 _201\"/>set sh<span class=\"__1 _201\"/>ares bro<span class=\"__1 _201\"/>adly re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 sh<span class=\"__1 _201\"/>are of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits<span class=\"__1 _201\"/> Fund as<span class=\"__1 _201\"/>sets at<span class=\"__1 _201\"/>tribut<span class=\"__1 _201\"/>able to the<span class=\"__1 _201\"/>ir pol<span class=\"__1 _201\"/>icies<span class=\"__1 _201\"/>. For ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain clas<span class=\"__1 _201\"/>ses of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, the WPB<span class=\"__1 _201\"/>R is ins<span class=\"__1 _201\"/>tead ca<span class=\"__1 _201\"/>lculated u<span class=\"__1 _201\"/>sing a pro<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ctive<span class=\"__1 _201\"/> bon<span class=\"__1 _201\"/>us rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve valuati<span class=\"__1 _201\"/>on, va<span class=\"__1 _201\"/>luing fu<span class=\"__1 _201\"/>ture claims a<span class=\"__1 _201\"/>nd expe<span class=\"__1 _201\"/>nses u<span class=\"__1 _201\"/>sing the ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted fu<span class=\"__1 _201\"/>ture bonu<span class=\"__1 _201\"/>s rates<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The F<span class=\"__1 _201\"/>PRL is c<span class=\"__1 _201\"/>ompr<span class=\"__1 _201\"/>ised of o<span class=\"__1 _201\"/>ther com<span class=\"__1 _201\"/>pon<span class=\"__1 _201\"/>ents of th<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ty in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g a market-cons<span class=\"__1 _201\"/>istent v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n of cost<span class=\"__1 _201\"/>s of guar<span class=\"__1 _201\"/>antees<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span>optio<span class=\"__1 _201\"/>ns and sm<span class=\"__1 _201\"/>oothi<span class=\"__1 _201\"/>ng, le<span class=\"__1 _201\"/>ss any rel<span class=\"__1 _201\"/>ated charg<span class=\"__1 _201\"/>es, a<span class=\"__1 _201\"/>nd this am<span class=\"__1 _201\"/>ount is d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed usi<span class=\"__1 _201\"/>ng stoc<span class=\"__1 _201\"/>hasti<span class=\"__1 _201\"/>c mode<span class=\"__1 _201\"/>lling te<span class=\"__1 _201\"/>chniqu<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>As<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons use<span class=\"__1 _201\"/>d for the re<span class=\"__1 _201\"/>alis<span class=\"__1 _201\"/>tic, m<span class=\"__1 _201\"/>arket<span class=\"__1 _200\"/>-co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent valuati<span class=\"__1 _201\"/>on of with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s t<span class=\"__1 _201\"/>ypic<span class=\"__1 _201\"/>ally d<span class=\"__1 _201\"/>o not cont<span class=\"__1 _201\"/>ain margin<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> whe<span class=\"__1 _201\"/>reas tho<span class=\"__1 _201\"/>se use<span class=\"__1 _201\"/>d for the va<span class=\"__1 _201\"/>luation o<span class=\"__1 _201\"/>f other cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, for exam<span class=\"__1 _201\"/>ple, a<span class=\"__1 _201\"/>nnuitie<span class=\"__1 _201\"/>s, co<span class=\"__1 _201\"/>ntain ma<span class=\"__1 _201\"/>rgins of pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>ce withi<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span>ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns. T<span class=\"__1 _201\"/>he main as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tions us<span class=\"__1 _201\"/>ed in the p<span class=\"__1 _201\"/>rospe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve elem<span class=\"__1 _201\"/>ents of th<span class=\"__1 _201\"/>e with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts pol<span class=\"__1 _201\"/>icyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er liabi<span class=\"__1 _201\"/>lities are l<span class=\"__1 _201\"/>isted b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">As<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons relati<span class=\"__1 _201\"/>ng to pers<span class=\"__1 _201\"/>isten<span class=\"__1 _201\"/>cy an<span class=\"__1 _201\"/>d the take-<span class=\"__1 _201\"/>up of optio<span class=\"__1 _201\"/>ns offe<span class=\"__1 _201\"/>red und<span class=\"__1 _201\"/>er cer<span class=\"__1 _201\"/>tain w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s contra<span class=\"__1 _201\"/>cts are s<span class=\"__1 _201\"/>et bas<span class=\"__1 _201\"/>ed on<span class=\"__1 _201\"/> </span>the res<span class=\"__1 _201\"/>ults of th<span class=\"__1 _201\"/>e most re<span class=\"__1 _201\"/>cent ex<span class=\"__1 _201\"/>peri<span class=\"__1 _201\"/>ence a<span class=\"__1 _201\"/>nalys<span class=\"__1 _201\"/>is loo<span class=\"__1 _201\"/>king at the ex<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ience ove<span class=\"__1 _201\"/>r recen<span class=\"__1 _201\"/>t years of th<span class=\"__1 _201\"/>e relevant b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, and<span class=\"__1 _201\"/> supplemented<span class=\"__1 _200\"/> by e<span class=\"__1 _200\"/>xpert judgement of t<span class=\"__1 _200\"/>he appropria<span class=\"__1 _200\"/>te<span class=\"__1 _200\"/> SMEs across the<span class=\"__1 _200\"/> business;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent ac<span class=\"__1 _201\"/>tions un<span class=\"__1 _201\"/>der wh<span class=\"__1 _201\"/>ich the f<span class=\"__1 _201\"/>und is man<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>d in diffe<span class=\"__1 _201\"/>rent sce<span class=\"__1 _201\"/>nari<span class=\"__1 _201\"/>os;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Mainte<span class=\"__1 _201\"/>nance a<span class=\"__1 _201\"/>nd, fo<span class=\"__1 _201\"/>r some c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>es of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s, ter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n expen<span class=\"__1 _201\"/>se ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns are expre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d as per p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y amo<span class=\"__1 _201\"/>unts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>They a<span class=\"__1 _201\"/>re set bas<span class=\"__1 _201\"/>ed on fo<span class=\"__1 _201\"/>reca<span class=\"__1 _201\"/>st exp<span class=\"__1 _201\"/>ense l<span class=\"__1 _201\"/>evels<span class=\"__1 _201\"/>, includ<span class=\"__1 _201\"/>ing an all<span class=\"__1 _201\"/>owanc<span class=\"__1 _201\"/>e for ong<span class=\"__1 _201\"/>oing inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt expen<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>, and are<span class=\"__1 _201\"/> allo<span class=\"__1 _201\"/>cated b<span class=\"__1 _201\"/>etw<span class=\"__1 _201\"/>een ent<span class=\"__1 _201\"/>ities an<span class=\"__1 _201\"/>d produ<span class=\"__1 _201\"/>ct gro<span class=\"__1 _201\"/>ups in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with the G<span class=\"__1 _201\"/>roup\u2019s interna<span class=\"__1 _201\"/>l cost al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ation mo<span class=\"__1 _201\"/>del;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Ex<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>se inflati<span class=\"__1 _201\"/>on ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns are set co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent with th<span class=\"__1 _201\"/>e econ<span class=\"__1 _201\"/>omic b<span class=\"__1 _201\"/>asis an<span class=\"__1 _201\"/>d base<span class=\"__1 _201\"/>d on the in<span class=\"__1 _201\"/>flation s<span class=\"__1 _201\"/>wap sp<span class=\"__1 _201\"/>ot cur<span class=\"__1 _201\"/>ve;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s for with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s also re<span class=\"__1 _201\"/>quire as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons for m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y. These a<span class=\"__1 _201\"/>re set bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e result<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span>of rece<span class=\"__1 _201\"/>nt expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce anal<span class=\"__1 _201\"/>ysis<span class=\"__1 _201\"/>. However, mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce over 202<span class=\"__1 _201\"/>0 and 2021 w<span class=\"__1 _201\"/>as signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>antly hig<span class=\"__1 _201\"/>her tha<span class=\"__1 _201\"/>n previo<span class=\"__1 _201\"/>us<span class=\"__1 _32b\"> </span>years\u2019 as a re<span class=\"__1 _201\"/>sult of the C<span class=\"__1 _201\"/>OVID<span class=\"__1 _201\"/>-<span class=\"__1 _f_1\"/>19 p<span class=\"__1 _201\"/>ande<span class=\"__1 _201\"/>mic. T<span class=\"__1 _201\"/>heref<span class=\"__1 _201\"/>ore, no we<span class=\"__1 _201\"/>ight has b<span class=\"__1 _201\"/>een gi<span class=\"__1 _201\"/>ven to 2020 or 2<span class=\"__1 _201\"/>021 expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce in ca<span class=\"__1 _201\"/>librati<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span>mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y assumptions<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Future inves<span class=\"__1 _201\"/>tment retur<span class=\"__1 _201\"/>n ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s are set at a ri<span class=\"__1 _201\"/>sk<span class=\"__1 _200\"/>-free r<span class=\"__1 _201\"/>ate equal to the s<span class=\"__1 _201\"/>pot yi<span class=\"__1 _201\"/>eld on U<span class=\"__1 _201\"/>K swap<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he volatil<span class=\"__1 _201\"/>ity of<span class=\"__1 _201\"/> </span>inves<span class=\"__1 _201\"/>tment retur<span class=\"__1 _201\"/>ns are set w<span class=\"__1 _201\"/>ith refere<span class=\"__1 _201\"/>nce to imp<span class=\"__1 _201\"/>lied vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y data on tr<span class=\"__1 _201\"/>aded m<span class=\"__1 _201\"/>arket ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts, w<span class=\"__1 _201\"/>here avai<span class=\"__1 _201\"/>lable<span class=\"__1 _201\"/>, or on a b<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/> es<span class=\"__1 _201\"/>timate basi<span class=\"__1 _201\"/>s where n<span class=\"__1 _201\"/>ot.<span class=\"__1 _32b\"> </span>Unalloc<span class=\"__1 _201\"/>at<span class=\"__1 _200\"/>ed surplus<span class=\"__1 _32b\"> </span>The u<span class=\"__1 _201\"/>nallo<span class=\"__1 _201\"/>cated s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund rep<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nts the exces<span class=\"__1 _201\"/>s of the fu<span class=\"__1 _201\"/>nd\u2019s ass<span class=\"__1 _201\"/>ets over po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s on an<span class=\"__1 _201\"/> IFR<span class=\"__1 _201\"/>S basis th<span class=\"__1 _201\"/>at have yet to be app<span class=\"__1 _201\"/>ropri<span class=\"__1 _201\"/>ated bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs and sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surp<span class=\"__1 _201\"/>lus is rec<span class=\"__1 _201\"/>orde<span class=\"__1 _201\"/>d wholl<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>as a liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y with no a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ation to eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The an<span class=\"__1 _201\"/>nual exces<span class=\"__1 _201\"/>s/(<span class=\"__1 _200\"/>shor<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>fall<span class=\"__1 _201\"/>) of incom<span class=\"__1 _201\"/>e over expe<span class=\"__1 _201\"/>nditure of t<span class=\"__1 _201\"/>he With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund, af<span class=\"__1 _201\"/>ter<span class=\"__1 _201\"/> dec<span class=\"__1 _201\"/>laratio<span class=\"__1 _201\"/>n and at<span class=\"__1 _201\"/>tribu<span class=\"__1 _201\"/>tion of the c<span class=\"__1 _201\"/>ost of b<span class=\"__1 _201\"/>onuse<span class=\"__1 _201\"/>s to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs and s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s, is tr<span class=\"__1 _201\"/>ansf<span class=\"__1 _201\"/>erred to/(<span class=\"__1 _200\"/>from) the una<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated<span class=\"__1 _201\"/> surp<span class=\"__1 _201\"/>lus ea<span class=\"__1 _201\"/>ch year throu<span class=\"__1 _201\"/>gh a charg<span class=\"__1 _201\"/>e/<span class=\"__1 _200\"/>(<span class=\"__1 _200\"/>credi<span class=\"__1 _201\"/>t) to the cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>he bal<span class=\"__1 _201\"/>ance reta<span class=\"__1 _201\"/>ined in th<span class=\"__1 _201\"/>e unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>surp<span class=\"__1 _201\"/>lus rep<span class=\"__1 _201\"/>resent<span class=\"__1 _201\"/>s cumulati<span class=\"__1 _201\"/>ve inco<span class=\"__1 _201\"/>me ari<span class=\"__1 _201\"/>sing on th<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess t<span class=\"__1 _201\"/>hat has not b<span class=\"__1 _201\"/>een a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated to pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/> or shareholders.<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 lsd_1 wse_1\" style=\"bottom:872.76904px;\">With-profits<span class=\"__1 _200\"/> options<span class=\"__1 _200\"/> and guaran<span class=\"__1 _200\"/>tees<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:856.2705px;\">Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in poli<span class=\"__1 _201\"/>cies wr<span class=\"__1 _201\"/>itte<span class=\"__1 _201\"/>n in the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund gi<span class=\"__1 _201\"/>ve potential<span class=\"__1 _201\"/>ly valu<span class=\"__1 _201\"/>able gu<span class=\"__1 _201\"/>arante<span class=\"__1 _201\"/>es to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs, o<span class=\"__1 _201\"/>r optio<span class=\"__1 _201\"/>ns to<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:839.7721px;\">chan<span class=\"__1 _201\"/>ge pol<span class=\"__1 _201\"/>icy b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts whic<span class=\"__1 _201\"/>h can be exe<span class=\"__1 _201\"/>rcised at t<span class=\"__1 _201\"/>he pol<span class=\"__1 _201\"/>icyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers\u2019 discre<span class=\"__1 _201\"/>tion. M<span class=\"__1 _201\"/>ost w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts gi<span class=\"__1 _201\"/>ve a guara<span class=\"__1 _201\"/>nteed<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:823.27356px;\">minim<span class=\"__1 _201\"/>um paym<span class=\"__1 _201\"/>ent on a sp<span class=\"__1 _201\"/>ecifi<span class=\"__1 _201\"/>ed date or r<span class=\"__1 _201\"/>ange of d<span class=\"__1 _201\"/>ates or on d<span class=\"__1 _201\"/>eath if befo<span class=\"__1 _201\"/>re that date or dates<span class=\"__1 _201\"/>. For p<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>ns prod<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:806.775px;\">the sp<span class=\"__1 _201\"/>eci<span class=\"__1 _201\"/>fied date is th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er\u2019s chos<span class=\"__1 _201\"/>en retirem<span class=\"__1 _201\"/>ent date or a r<span class=\"__1 _201\"/>ange of date<span class=\"__1 _201\"/>s around th<span class=\"__1 _201\"/>at date. For en<span class=\"__1 _201\"/>dowm<span class=\"__1 _201\"/>ent<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:790.27655px;\">contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>s appl<span class=\"__1 _201\"/>y at the matur<span class=\"__1 _201\"/>ity d<span class=\"__1 _201\"/>ate of the contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>. For with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits bo<span class=\"__1 _201\"/>nds it is of<span class=\"__1 _201\"/>ten a sp<span class=\"__1 _201\"/>eci<span class=\"__1 _201\"/>fied an<span class=\"__1 _201\"/>niver<span class=\"__1 _201\"/>sar<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:773.7781px;\">comm<span class=\"__1 _201\"/>ence<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, in som<span class=\"__1 _201\"/>e cas<span class=\"__1 _201\"/>es with fu<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>her dates th<span class=\"__1 _201\"/>ereaf<span class=\"__1 _201\"/>ter<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:749.0303px;\">The m<span class=\"__1 _201\"/>ain t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/>s of option<span class=\"__1 _201\"/>s and gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>s offere<span class=\"__1 _201\"/>d for with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts are as fo<span class=\"__1 _201\"/>llows:<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:724.28253px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">For con<span class=\"__1 _200\"/>vent<span class=\"__1 _200\"/>ional wit<span class=\"__1 _200\"/>h-profits cont<span class=\"__1 _200\"/>racts, including endo<span class=\"__1 _200\"/>wment assurance<span class=\"__1 _200\"/> contracts and<span class=\"__1 _200\"/> whole of<span class=\"__1 _200\"/>-life<span class=\"__1 _200\"/> assurance con<span class=\"__1 _200\"/>tracts,<span class=\"__1 _32b\"> </span></span><span class=\"lsd_1 wse_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:707.78406px;\">payout<span class=\"__1 _201\"/>s are guar<span class=\"__1 _201\"/>anteed at th<span class=\"__1 _201\"/>e sum as<span class=\"__1 _201\"/>sured to<span class=\"__1 _201\"/>gether w<span class=\"__1 _201\"/>ith any de<span class=\"__1 _201\"/>clare<span class=\"__1 _201\"/>d regula<span class=\"__1 _201\"/>r bonu<span class=\"__1 _201\"/>s;<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:687.15454px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Conve<span class=\"__1 _201\"/>ntiona<span class=\"__1 _201\"/>l with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s defer<span class=\"__1 _201\"/>red ann<span class=\"__1 _201\"/>uity c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts have a b<span class=\"__1 _201\"/>asic ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y per an<span class=\"__1 _201\"/>num to whic<span class=\"__1 _201\"/>h bonus<span class=\"__1 _201\"/>es are ad<span class=\"__1 _201\"/>ded<span class=\"__1 _201\"/>. At maturit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>,<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:670.65607px;\">the c<span class=\"__1 _201\"/>ash clai<span class=\"__1 _201\"/>m value w<span class=\"__1 _201\"/>ill refle<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e current c<span class=\"__1 _201\"/>ost of p<span class=\"__1 _201\"/>rovidin<span class=\"__1 _201\"/>g the defe<span class=\"__1 _201\"/>rred an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. Reg<span class=\"__1 _201\"/>ular bo<span class=\"__1 _201\"/>nuse<span class=\"__1 _201\"/>s when a<span class=\"__1 _201\"/>dded to w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:13.281448px; bottom:654.15753px;\">contracts usually increase the guaranteed amount;<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:633.5281px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">For unit<span class=\"__1 _201\"/>ised w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d cash a<span class=\"__1 _201\"/>ccumul<span class=\"__1 _201\"/>ation co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts the gu<span class=\"__1 _201\"/>arantee<span class=\"__1 _201\"/>d payout is t<span class=\"__1 _201\"/>he initia<span class=\"__1 _201\"/>l investm<span class=\"__1 _201\"/>ent (adjuste<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:617.02954px;\">for any w<span class=\"__1 _201\"/>ithdraw<span class=\"__1 _201\"/>als, w<span class=\"__1 _201\"/>here ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate<span class=\"__1 _200\"/>), les<span class=\"__1 _201\"/>s charge<span class=\"__1 _201\"/>s, pl<span class=\"__1 _201\"/>us any regu<span class=\"__1 _201\"/>lar bo<span class=\"__1 _201\"/>nuses d<span class=\"__1 _201\"/>ecla<span class=\"__1 _201\"/>red. I<span class=\"__1 _201\"/>f bene<span class=\"__1 _201\"/>fits are ta<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>en at a date oth<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:600.53107px;\">than wh<span class=\"__1 _201\"/>en the g<span class=\"__1 _201\"/>uarante<span class=\"__1 _201\"/>e appli<span class=\"__1 _201\"/>es, a m<span class=\"__1 _201\"/>arket valu<span class=\"__1 _201\"/>e reduc<span class=\"__1 _201\"/>tion m<span class=\"__1 _201\"/>ay be appl<span class=\"__1 _201\"/>ied to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t the diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>e bet<span class=\"__1 _201\"/>ween th<span class=\"__1 _201\"/>e accumu<span class=\"__1 _201\"/>lated<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:584.03253px;\">valu<span class=\"__1 _201\"/>e of the unit<span class=\"__1 _201\"/>s and the m<span class=\"__1 _201\"/>arket valu<span class=\"__1 _201\"/>e of the und<span class=\"__1 _201\"/>erly<span class=\"__1 _201\"/>ing as<span class=\"__1 _201\"/>sets;<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:563.4031px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">For certain u<span class=\"__1 _200\"/>nitised wit<span class=\"__1 _200\"/>h-profits con<span class=\"__1 _200\"/>tracts and cash a<span class=\"__1 _200\"/>ccumula<span class=\"__1 _200\"/>tion con<span class=\"__1 _200\"/>tracts, policyholders have<span class=\"__1 _200\"/> the op<span class=\"__1 _200\"/>tion t<span class=\"__1 _200\"/>o defer<span class=\"__1 _200\"/> their<span class=\"__1 _32b\"> </span></span><span class=\"lsd_1 wse_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:546.90454px;\">retirem<span class=\"__1 _201\"/>ent date wh<span class=\"__1 _201\"/>en they rea<span class=\"__1 _201\"/>ch maturit<span class=\"__1 _201\"/>y, and the term<span class=\"__1 _201\"/>inal b<span class=\"__1 _201\"/>onus gra<span class=\"__1 _201\"/>nted at that p<span class=\"__1 _201\"/>oint is gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>d;<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:526.275px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">For wit<span class=\"__1 _201\"/>h-pro<span class=\"__1 _201\"/>fits ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>, there i<span class=\"__1 _201\"/>s a guara<span class=\"__1 _201\"/>nteed mi<span class=\"__1 _201\"/>nimum an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y payme<span class=\"__1 _201\"/>nt bel<span class=\"__1 _201\"/>ow which b<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>fit paym<span class=\"__1 _201\"/>ents c<span class=\"__1 _201\"/>annot f<span class=\"__1 _201\"/>all<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:509.77655px;\">over the l<span class=\"__1 _201\"/>ifetime of th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cies;<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:489.14703px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in pens<span class=\"__1 _201\"/>ions p<span class=\"__1 _201\"/>roduc<span class=\"__1 _201\"/>ts have gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>d annui<span class=\"__1 _201\"/>ty op<span class=\"__1 _201\"/>tions at retire<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, where th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er has the o<span class=\"__1 _201\"/>ption to take the<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:472.64856px;\">ben<span class=\"__1 _201\"/>efit in th<span class=\"__1 _201\"/>e form of an a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y at a guar<span class=\"__1 _201\"/>antee<span class=\"__1 _201\"/>d convers<span class=\"__1 _201\"/>ion rate.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:447.90082px;\">Deter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n of bon<span class=\"__1 _201\"/>uses<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:431.40228px;\">Profi<span class=\"__1 _201\"/>t recog<span class=\"__1 _201\"/>nition fo<span class=\"__1 _201\"/>r traditi<span class=\"__1 _201\"/>onal w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss wr<span class=\"__1 _201\"/>itten i<span class=\"__1 _201\"/>n the WP<span class=\"__1 _201\"/>SF is in lin<span class=\"__1 _201\"/>e with the d<span class=\"__1 _201\"/>ecla<span class=\"__1 _201\"/>ration of b<span class=\"__1 _201\"/>onus<span class=\"__1 _201\"/>es.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:414.9038px;\">Deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y b<span class=\"__1 _201\"/>onuse<span class=\"__1 _201\"/>s for tra<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>al ty<span class=\"__1 _201\"/>pes of w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profits b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess re<span class=\"__1 _201\"/>quires th<span class=\"__1 _201\"/>e P<span class=\"__1 _200\"/>A<span class=\"__1 _200\"/>C Boa<span class=\"__1 _201\"/>rd to apply s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:398.40527px;\">judgem<span class=\"__1 _201\"/>ent, including in par<span class=\"__1 _201\"/>ticular the follow<span class=\"__1 _201\"/>ing:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:373.65753px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g what con<span class=\"__1 _201\"/>stitutes f<span class=\"__1 _201\"/>air treatm<span class=\"__1 _201\"/>ent of clie<span class=\"__1 _201\"/>nts;<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:353.02808px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g the proc<span class=\"__1 _201\"/>ess fo<span class=\"__1 _201\"/>r the sm<span class=\"__1 _201\"/>oothin<span class=\"__1 _201\"/>g of investm<span class=\"__1 _201\"/>ent retur<span class=\"__1 _201\"/>ns;<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:332.39856px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g at what leve<span class=\"__1 _201\"/>l to set bon<span class=\"__1 _201\"/>uses to en<span class=\"__1 _201\"/>sure that they a<span class=\"__1 _201\"/>re comp<span class=\"__1 _201\"/>etitive.<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:311.76904px;\">The ove<span class=\"__1 _201\"/>rall rate of retu<span class=\"__1 _201\"/>rn on inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts and th<span class=\"__1 _201\"/>e expec<span class=\"__1 _201\"/>tatio<span class=\"__1 _201\"/>n of future inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt returns are t<span class=\"__1 _201\"/>he mos<span class=\"__1 _201\"/>t impo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ant influ<span class=\"__1 _201\"/>ence<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:295.27057px;\">in bo<span class=\"__1 _201\"/>nus rates<span class=\"__1 _201\"/>, subj<span class=\"__1 _201\"/>ect to th<span class=\"__1 _201\"/>e smo<span class=\"__1 _201\"/>othing de<span class=\"__1 _201\"/>scri<span class=\"__1 _201\"/>bed b<span class=\"__1 _201\"/>elow. The G<span class=\"__1 _201\"/>roup dete<span class=\"__1 _201\"/>rmin<span class=\"__1 _201\"/>es the as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons to app<span class=\"__1 _201\"/>ly in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of thes<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:278.77203px;\">fac<span class=\"__1 _201\"/>tors<span class=\"__1 _201\"/>, incl<span class=\"__1 _201\"/>uding th<span class=\"__1 _201\"/>e effec<span class=\"__1 _201\"/>ts of rea<span class=\"__1 _201\"/>sona<span class=\"__1 _201\"/>bly likel<span class=\"__1 _201\"/>y chang<span class=\"__1 _201\"/>es in key assum<span class=\"__1 _201\"/>ptions<span class=\"__1 _201\"/>, in the c<span class=\"__1 _201\"/>ontext of th<span class=\"__1 _201\"/>e overarch<span class=\"__1 _201\"/>ing dis<span class=\"__1 _201\"/>cretiona<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:262.27356px;\">smo<span class=\"__1 _201\"/>othing f<span class=\"__1 _201\"/>ramewo<span class=\"__1 _201\"/>rk that ap<span class=\"__1 _201\"/>plies to it<span class=\"__1 _201\"/>s with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:237.52579px;\">The G<span class=\"__1 _201\"/>roup\u2019s appro<span class=\"__1 _201\"/>ach, in a<span class=\"__1 _201\"/>pply<span class=\"__1 _201\"/>ing sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>ant jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt and di<span class=\"__1 _201\"/>scretio<span class=\"__1 _201\"/>n in relatio<span class=\"__1 _201\"/>n to determin<span class=\"__1 _201\"/>ing bo<span class=\"__1 _201\"/>nus rates<span class=\"__1 _201\"/>, is con<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>t with<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:221.02731px;\">the Pr<span class=\"__1 _201\"/>incip<span class=\"__1 _201\"/>les an<span class=\"__1 _201\"/>d Prac<span class=\"__1 _201\"/>tices of F<span class=\"__1 _201\"/>inanc<span class=\"__1 _201\"/>ial Man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent (PPF<span class=\"__1 _201\"/>M) that expl<span class=\"__1 _201\"/>ains how th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund is man<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>d. In acc<span class=\"__1 _201\"/>ordan<span class=\"__1 _201\"/>ce<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:204.52881px;\">with in<span class=\"__1 _201\"/>dustr<span class=\"__1 _250\"/>y-wid<span class=\"__1 _201\"/>e regulato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y require<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s, the PA<span class=\"__1 _200\"/>C Boa<span class=\"__1 _201\"/>rd has app<span class=\"__1 _201\"/>ointed<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:179.78104px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">A Chief Ac<span class=\"__1 _201\"/>tuar<span class=\"__1 _201\"/>y wh<span class=\"__1 _201\"/>o provi<span class=\"__1 _201\"/>des the PA<span class=\"__1 _200\"/>C Board w<span class=\"__1 _201\"/>ith all ac<span class=\"__1 _201\"/>tuar<span class=\"__1 _201\"/>ial adv<span class=\"__1 _201\"/>ice.<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:159.15155px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">A With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Actu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y who<span class=\"__1 _201\"/>se spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>c dut<span class=\"__1 _201\"/>y is to advi<span class=\"__1 _201\"/>se the PA<span class=\"__1 _200\"/>C Board o<span class=\"__1 _201\"/>n the reas<span class=\"__1 _201\"/>onabl<span class=\"__1 _201\"/>ene<span class=\"__1 _201\"/>ss and p<span class=\"__1 _201\"/>ropo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>onalit<span class=\"__1 _201\"/>y of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:142.65305px;\">mann<span class=\"__1 _201\"/>er in whi<span class=\"__1 _201\"/>ch its dis<span class=\"__1 _201\"/>cretion h<span class=\"__1 _201\"/>as be<span class=\"__1 _201\"/>en exercise<span class=\"__1 _201\"/>d in app<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g the PPFM a<span class=\"__1 _201\"/>nd the ma<span class=\"__1 _201\"/>nner in w<span class=\"__1 _201\"/>hich any c<span class=\"__1 _201\"/>onflic<span class=\"__1 _201\"/>ting in<span class=\"__1 _201\"/>terest<span class=\"__1 _201\"/>s have<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:126.15454px;\">be<span class=\"__1 _201\"/>en addre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:105.525055px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">A With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Co<span class=\"__1 _201\"/>mmit<span class=\"__1 _201\"/>tee of ind<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>dent in<span class=\"__1 _201\"/>divi<span class=\"__1 _201\"/>duals<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es the de<span class=\"__1 _201\"/>gree of c<span class=\"__1 _201\"/>ompli<span class=\"__1 _201\"/>ance wi<span class=\"__1 _201\"/>th the PPFM a<span class=\"__1 _201\"/>nd the<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:89.02655px;\">mann<span class=\"__1 _201\"/>er in whi<span class=\"__1 _201\"/>ch confl<span class=\"__1 _201\"/>icti<span class=\"__1 _201\"/>ng interes<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d rights h<span class=\"__1 _201\"/>ave bee<span class=\"__1 _201\"/>n addres<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:68.39703px;\">In deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g bonu<span class=\"__1 _201\"/>s rates for th<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s poli<span class=\"__1 _201\"/>cies<span class=\"__1 _201\"/>, smo<span class=\"__1 _201\"/>othing is a<span class=\"__1 _201\"/>pplie<span class=\"__1 _201\"/>d to the all<span class=\"__1 _201\"/>ocati<span class=\"__1 _201\"/>on of the over<span class=\"__1 _201\"/>all ear<span class=\"__1 _201\"/>nings of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:51.89856px;\">With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund, of w<span class=\"__1 _201\"/>hich th<span class=\"__1 _201\"/>e investm<span class=\"__1 _201\"/>ent retur<span class=\"__1 _201\"/>n is a signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt elem<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>he de<span class=\"__1 _201\"/>gree of sm<span class=\"__1 _201\"/>oothin<span class=\"__1 _201\"/>g is illus<span class=\"__1 _201\"/>trated n<span class=\"__1 _201\"/>umer<span class=\"__1 _201\"/>icall<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:35.400055px;\">in the fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g tabl<span class=\"__1 _201\"/>e, which a<span class=\"__1 _201\"/>llows co<span class=\"__1 _201\"/>mpar<span class=\"__1 _201\"/>ison of th<span class=\"__1 _201\"/>e relative<span class=\"__1 _201\"/>ly \u201csm<span class=\"__1 _201\"/>oothe<span class=\"__1 _201\"/>d\u201d level of p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder b<span class=\"__1 _201\"/>onus<span class=\"__1 _201\"/>es de<span class=\"__1 _201\"/>clare<span class=\"__1 _201\"/>d as par<span class=\"__1 _201\"/>t of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:18.90155px;\">the sur<span class=\"__1 _201\"/>plus fo<span class=\"__1 _201\"/>r distr<span class=\"__1 _201\"/>ibuti<span class=\"__1 _201\"/>on with th<span class=\"__1 _201\"/>e more vol<span class=\"__1 _201\"/>atile move<span class=\"__1 _201\"/>ment in inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt return an<span class=\"__1 _201\"/>d other ite<span class=\"__1 _201\"/>ms of inco<span class=\"__1 _201\"/>me and ex<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>iture of<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls89_1 ws9f_1\" style=\"bottom:2.4030457px;\">t<span class=\"__1 _250\"/>h<span class=\"__1 _250\"/>e<span class=\"__1 _201\"/> W<span class=\"__1 _250\"/>P<span class=\"__1 _e7_1\"> </span>S<span class=\"__1 _250\"/>F.<span class=\"__1 _250\"/> </div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:903.88794px;\">26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e of th<span class=\"__1 _201\"/>e WPS<span class=\"__1 _201\"/>F:<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment retu<span class=\"__1 _201\"/>rn<span class=\"__1 _1f7\"> </span><span class=\"ff1_1 ls49_1 ws4f_1\">(<span class=\"__1 _201\"/>7,<span class=\"__1 _e7_1\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _245\"> </span></span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>75<span class=\"__1 _32b\"> </span></span>Claims i<span class=\"__1 _201\"/>ncurre<span class=\"__1 _201\"/>d<span class=\"__1 _1f8\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">(<span class=\"__1 _200\"/>10,2<span class=\"__1 _201\"/>25)<span class=\"__1 _1d1_1\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Movement in poli<span class=\"__1 _201\"/>cyhol<span class=\"__1 _201\"/>der liabilities<span class=\"__1 _1dd_1\"> </span><span class=\"ff1_1 ws18_1\">10,758<span class=\"__1 _214\"> </span></span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span></span>Add ba<span class=\"__1 _201\"/>ck poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r bonu<span class=\"__1 _201\"/>s for the ye<span class=\"__1 _201\"/>ar (<span class=\"__1 _200\"/>as show<span class=\"__1 _201\"/>n bel<span class=\"__1 _201\"/>ow<span class=\"__1 _200\"/>)<span class=\"__1 _1f9\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">3,<span class=\"__1 _201\"/>494<span class=\"__1 _243\"> </span></span><span class=\"lsf_1 wsd_1\">2,906<span class=\"__1 _32b\"> </span></span>Claims inc<span class=\"__1 _200\"/>urred<span class=\"__1 _200\"/> and mo<span class=\"__1 _200\"/>vemen<span class=\"__1 _200\"/>t in polic<span class=\"__1 _200\"/>yholder liabilities<span class=\"__1 _200\"/> (including ch<span class=\"__1 _200\"/>ange for<span class=\"__1 _200\"/> pro<span class=\"__1 _200\"/>vision for<span class=\"__1 _200\"/> asset<span class=\"__1 _32b\"> </span>shares<span class=\"__1 _200\"/> and e<span class=\"__1 _200\"/>xc<span class=\"__1 _200\"/>luding policy<span class=\"__1 _200\"/>holder bonuses<span class=\"__1 _f_1\"/>) <span class=\"__1 _1e3_1\"> </span><span class=\"lsc_1 wsa_1\">4,0<span class=\"__1 _201\"/>27<span class=\"__1 _211\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">(<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,14<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Ear<span class=\"__1 _201\"/>ned p<span class=\"__1 _201\"/>remiums<span class=\"__1 _201\"/>, net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce<span class=\"__1 _1fa\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">6,<span class=\"__1 _201\"/>270<span class=\"__1 _1d8_1\"> </span></span><span class=\"ls30_1 ws30_1\">4,<span class=\"__1 _201\"/>503<span class=\"__1 _32b\"> </span></span>Other income<span class=\"__1 _1fb\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">2<span class=\"__1 _f4_1\"> </span></span><span class=\"lsc_1 wsa_1\">26<span class=\"__1 _32b\"> </span></span>Acquis<span class=\"__1 _201\"/>ition co<span class=\"__1 _201\"/>sts an<span class=\"__1 _201\"/>d other exp<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>iture<span class=\"__1 _372\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">(1<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>)<span class=\"__1 _1c_1\"> </span></span><span class=\"ls5b_1 ws67_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,4<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>Share o<span class=\"__1 _201\"/>f profits f<span class=\"__1 _201\"/>rom inves<span class=\"__1 _201\"/>tment j<span class=\"__1 _201\"/>oint venture<span class=\"__1 _201\"/>s<span class=\"__1 _1fc\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">38<span class=\"__1 _232\"> </span></span><span class=\"ls23_1 ws22_1\">76<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>ax credit<span class=\"__1 _201\"/>/(<span class=\"__1 _f_1\"/>charge)<span class=\"__1 _1fd\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">232<span class=\"__1 _220\"> </span></span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Net income<span class=\"__1 _200\"/> of the<span class=\"__1 _200\"/> fund be<span class=\"__1 _200\"/>fore<span class=\"__1 _200\"/> mov<span class=\"__1 _200\"/>ement<span class=\"__1 _200\"/> in unallocat<span class=\"__1 _200\"/>ed surplus<span class=\"__1 _200\"/> of the<span class=\"__1 _200\"/> With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _1fe\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _204\"> </span><span class=\"ff2_1 ls15_1 ws14_1\">4<span class=\"__1 _201\"/>,256<span class=\"__1 _32b\"> </span></span></span>Movem<span class=\"__1 _201\"/>ent in un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund<span class=\"__1 _1ff\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">1,689<span class=\"__1 _243\"> </span></span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span>Surplus for<span class=\"__1 _200\"/> distribution<span class=\"__1 _200\"/> for the<span class=\"__1 _200\"/> ye<span class=\"__1 _200\"/>ar<span class=\"__1 _400\"> </span><span class=\"ls15_1 ws14_1\">3,<span class=\"__1 _201\"/>855<span class=\"__1 _211\"> </span><span class=\"ff2_1 ls32_1 ws33_1\">3<span class=\"__1 _201\"/>,20<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>Surplus for<span class=\"__1 _200\"/> distribution<span class=\"__1 _200\"/> for the<span class=\"__1 _200\"/> ye<span class=\"__1 _200\"/>ar allocat<span class=\"__1 _200\"/>ed as<span class=\"__1 _200\"/> follow<span class=\"__1 _200\"/>s:<span class=\"__1 _32b\"> </span>Poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 bonu<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>as show<span class=\"__1 _201\"/>n above)<span class=\"__1 _350\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">3<span class=\"__1 _201\"/>,494<span class=\"__1 _211\"> </span></span><span class=\"lsf_1 wsd_1\">2,906<span class=\"__1 _32b\"> </span></span>Shareholders<span class=\"__1 _200\"/>\u2019 tran<span class=\"__1 _200\"/>sfers<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>3<span class=\"__1 _201\"/>61<span class=\"__1 _253\"> </span><span class=\"ff2_1 ls27_1 ws27_1\">298<span class=\"__1 _32b\"> </span></span>Surplus for<span class=\"__1 _200\"/> distribution<span class=\"__1 _200\"/> for the<span class=\"__1 _200\"/> ye<span class=\"__1 _200\"/>ar<span class=\"__1 _400\"> </span><span class=\"ls15_1 ws14_1\">3,<span class=\"__1 _201\"/>855<span class=\"__1 _211\"> </span><span class=\"ff2_1 ls32_1 ws33_1\">3<span class=\"__1 _201\"/>,20<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>Sha<span class=\"__1 _201\"/>reh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er tra<span class=\"__1 _201\"/>ns<span class=\"__1 _201\"/>fers f<span class=\"__1 _201\"/>or mo<span class=\"__1 _201\"/>st bu<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>s in the W<span class=\"__1 _201\"/>PS<span class=\"__1 _201\"/>F are on<span class=\"__1 _201\"/>e nint<span class=\"__1 _201\"/>h of the c<span class=\"__1 _201\"/>ost of b<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/>us de<span class=\"__1 _201\"/>clar<span class=\"__1 _201\"/>ed to po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>. In 20<span class=\"__1 _201\"/>21, th<span class=\"__1 _201\"/>e SAI<span class=\"__1 _201\"/>F with<span class=\"__1 _201\"/>-p<span class=\"__1 _201\"/>rofit<span class=\"__1 _201\"/>s sub<span class=\"__1 _201\"/>-<span class=\"__1 _32b\"> </span>fund was<span class=\"__1 _200\"/> merged with<span class=\"__1 _200\"/> the<span class=\"__1 _200\"/> WPSF<span class=\"__1 _f_1\"/>. Shareholders hav<span class=\"__1 _200\"/>e no<span class=\"__1 _200\"/> entitlement<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> profits fr<span class=\"__1 _200\"/>om the<span class=\"__1 _200\"/> bonus r<span class=\"__1 _200\"/>elating<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> ex<span class=\"__1 _200\"/>-SAIF policyholders<span class=\"__1 _200\"/> of \u00a3220m for<span class=\"__1 _200\"/> the y<span class=\"__1 _200\"/>ear<span class=\"__1 _32b\"> </span>en<span class=\"__1 _201\"/>ded 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 (2<span class=\"__1 _201\"/>021: \u00a3<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>6m), the v<span class=\"__1 _201\"/>alu<span class=\"__1 _201\"/>e of whi<span class=\"__1 _201\"/>ch is in<span class=\"__1 _201\"/>clu<span class=\"__1 _201\"/>ded i<span class=\"__1 _201\"/>n the tot<span class=\"__1 _201\"/>al Po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs\u2019 bo<span class=\"__1 _201\"/>nus s<span class=\"__1 _201\"/>hown i<span class=\"__1 _201\"/>n the ta<span class=\"__1 _201\"/>ble a<span class=\"__1 _201\"/>bove<span class=\"__1 _201\"/>. Refe<span class=\"__1 _201\"/>r to Note 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3 for<span class=\"__1 _201\"/> fur<span class=\"__1 _201\"/>ther details.<span class=\"__1 _32b\"> </span>26.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _201\"/>2 Unit<span class=\"__1 _200\"/>-link<span class=\"__1 _200\"/>ed business<span class=\"__1 _32b\"> </span>For unit-linked c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, the at<span class=\"__1 _201\"/>tachin<span class=\"__1 _201\"/>g liabili<span class=\"__1 _201\"/>ty refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts the un<span class=\"__1 _201\"/>it value o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>on (using ac<span class=\"__1 _201\"/>tuaria<span class=\"__1 _201\"/>l fundi<span class=\"__1 _201\"/>ng whe<span class=\"__1 _201\"/>re relevan<span class=\"__1 _201\"/>t) and, in<span class=\"__1 _201\"/> the c<span class=\"__1 _201\"/>ase of co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts with si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce risk w<span class=\"__1 _201\"/>hich are th<span class=\"__1 _201\"/>erefore c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as insur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, allowan<span class=\"__1 _201\"/>ce for exp<span class=\"__1 _201\"/>ense<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span>per<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>ncy, and mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y risk<span class=\"__1 _201\"/>. The l<span class=\"__1 _201\"/>atter co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ent, c<span class=\"__1 _201\"/>alcul<span class=\"__1 _201\"/>ated usin<span class=\"__1 _201\"/>g a disco<span class=\"__1 _201\"/>unted ca<span class=\"__1 _201\"/>shflow a<span class=\"__1 _201\"/>pproa<span class=\"__1 _201\"/>ch (non-<span class=\"__1 _201\"/>unit rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ves), is<span class=\"__1 _32b\"> </span>deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d by appl<span class=\"__1 _201\"/>ying m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns on a bas<span class=\"__1 _201\"/>is that is ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate for the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder p<span class=\"__1 _201\"/>rofile an<span class=\"__1 _201\"/>d inclu<span class=\"__1 _201\"/>ding a ma<span class=\"__1 _201\"/>rgin<span class=\"__1 _32b\"> </span>for pr<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>nce in the m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y, persi<span class=\"__1 _201\"/>stenc<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, and exp<span class=\"__1 _201\"/>ense a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions<span class=\"__1 _201\"/>. T<span class=\"__1 _f_1\"/>o c<span class=\"__1 _201\"/>alculate th<span class=\"__1 _201\"/>e non-<span class=\"__1 _201\"/>unit res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves fo<span class=\"__1 _201\"/>r unit-linked ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons are al<span class=\"__1 _201\"/>so set fo<span class=\"__1 _201\"/>r the unit grow<span class=\"__1 _201\"/>th r<span class=\"__1 _201\"/>ate and the va<span class=\"__1 _201\"/>luation in<span class=\"__1 _201\"/>terest r<span class=\"__1 _201\"/>ate. The va<span class=\"__1 _201\"/>luation i<span class=\"__1 _201\"/>nterest r<span class=\"__1 _201\"/>ate is deri<span class=\"__1 _201\"/>ved<span class=\"__1 _201\"/> from th<span class=\"__1 _201\"/>e yiel<span class=\"__1 _201\"/>ds of ass<span class=\"__1 _201\"/>ets rep<span class=\"__1 _201\"/>resent<span class=\"__1 _201\"/>ative of the retur<span class=\"__1 _201\"/>ns that wi<span class=\"__1 _201\"/>ll be ear<span class=\"__1 _201\"/>ned o<span class=\"__1 _201\"/>n the as<span class=\"__1 _201\"/>sets ba<span class=\"__1 _201\"/>cking th<span class=\"__1 _201\"/>ese lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>For tho<span class=\"__1 _201\"/>se contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s where th<span class=\"__1 _201\"/>e level of in<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce ris<span class=\"__1 _201\"/>k is insign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant, th<span class=\"__1 _201\"/>e asse<span class=\"__1 _201\"/>ts and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s aris<span class=\"__1 _201\"/>ing und<span class=\"__1 _201\"/>er the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts are<span class=\"__1 _201\"/> dis<span class=\"__1 _201\"/>tinguis<span class=\"__1 _201\"/>hed b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en tho<span class=\"__1 _201\"/>se that relate to th<span class=\"__1 _201\"/>e financ<span class=\"__1 _201\"/>ial ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nt liabil<span class=\"__1 _201\"/>ity, and the d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d acqui<span class=\"__1 _201\"/>sition c<span class=\"__1 _201\"/>osts a<span class=\"__1 _201\"/>nd defe<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/> inco<span class=\"__1 _201\"/>me that rel<span class=\"__1 _201\"/>ate to the comp<span class=\"__1 _201\"/>onent o<span class=\"__1 _201\"/>f the contr<span class=\"__1 _201\"/>act th<span class=\"__1 _201\"/>at relates to inves<span class=\"__1 _201\"/>tment m<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>. The f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of the liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y is equ<span class=\"__1 _201\"/>al<span class=\"__1 _32b\"> </span>to the unit v<span class=\"__1 _201\"/>alue ob<span class=\"__1 _201\"/>ligatio<span class=\"__1 _201\"/>n.<span class=\"__1 _201\"/> Defe<span class=\"__1 _201\"/>rred a<span class=\"__1 _201\"/>cquisi<span class=\"__1 _201\"/>tion cos<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red inc<span class=\"__1 _201\"/>ome are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed in li<span class=\"__1 _201\"/>ne with th<span class=\"__1 _201\"/>e level of se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>e provisi<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in par<span class=\"__1 _201\"/>ts of th<span class=\"__1 _201\"/>e unit-linked bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s are reins<span class=\"__1 _201\"/>ured ex<span class=\"__1 _201\"/>ternal<span class=\"__1 _201\"/>ly by way of fun<span class=\"__1 _201\"/>d reinsur<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>. Where thi<span class=\"__1 _201\"/>s is the ca<span class=\"__1 _201\"/>se, the<span class=\"__1 _201\"/> reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ties in re<span class=\"__1 _201\"/>spec<span class=\"__1 _201\"/>t of the<span class=\"__1 _201\"/>se reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e arra<span class=\"__1 _201\"/>ngem<span class=\"__1 _201\"/>ents is v<span class=\"__1 _201\"/>alued i<span class=\"__1 _201\"/>n a manne<span class=\"__1 _201\"/>r consi<span class=\"__1 _201\"/>stent w<span class=\"__1 _201\"/>ith the valu<span class=\"__1 _201\"/>ation of<span class=\"__1 _201\"/> the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s. Ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain par<span class=\"__1 _201\"/>ts o<span class=\"__1 _201\"/>f the unit-linked bu<span class=\"__1 _201\"/>sine<span class=\"__1 _201\"/>ss are rein<span class=\"__1 _201\"/>sured ex<span class=\"__1 _201\"/>tern<span class=\"__1 _201\"/>ally by rei<span class=\"__1 _201\"/>nsurin<span class=\"__1 _201\"/>g spe<span class=\"__1 _201\"/>cific r<span class=\"__1 _201\"/>isk be<span class=\"__1 _201\"/>nefit<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Whe<span class=\"__1 _201\"/>re this is the c<span class=\"__1 _201\"/>ase, th<span class=\"__1 _201\"/>e reinsu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>sset i<span class=\"__1 _201\"/>n respe<span class=\"__1 _201\"/>ct of th<span class=\"__1 _201\"/>ese re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s is value<span class=\"__1 _201\"/>d in a mann<span class=\"__1 _201\"/>er con<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>t with<span class=\"__1 _201\"/> the val<span class=\"__1 _201\"/>uation of th<span class=\"__1 _201\"/>e unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:826.67334px;\">26.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _201\"/>3 A<span class=\"__1 _200\"/>nnuities and<span class=\"__1 _200\"/> other long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:806.0438px;\">The m<span class=\"__1 _201\"/>ajor<span class=\"__1 _201\"/>ity of th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er liabi<span class=\"__1 _201\"/>lities in th<span class=\"__1 _201\"/>e \u201cannuiti<span class=\"__1 _201\"/>es and oth<span class=\"__1 _201\"/>er lo<span class=\"__1 _201\"/>ng-term b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss\u201d com<span class=\"__1 _201\"/>pone<span class=\"__1 _201\"/>nt relate to annu<span class=\"__1 _201\"/>ity c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:789.5453px;\">The a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>re calc<span class=\"__1 _201\"/>ulated as th<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>cted va<span class=\"__1 _201\"/>lue of futu<span class=\"__1 _201\"/>re annuit<span class=\"__1 _201\"/>y pay<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>nd expe<span class=\"__1 _201\"/>nses<span class=\"__1 _201\"/>, disc<span class=\"__1 _201\"/>ounted by a v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:773.0469px;\">interes<span class=\"__1 _201\"/>t rate, hav<span class=\"__1 _201\"/>ing pru<span class=\"__1 _201\"/>dent re<span class=\"__1 _201\"/>gard to the as<span class=\"__1 _201\"/>sumpt<span class=\"__1 _201\"/>ions us<span class=\"__1 _201\"/>ed. T<span class=\"__1 _201\"/>he valu<span class=\"__1 _201\"/>ation meth<span class=\"__1 _201\"/>odo<span class=\"__1 _201\"/>log<span class=\"__1 _201\"/>y for the re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce is ba<span class=\"__1 _201\"/>sed on a<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:756.54834px;\">deter<span class=\"__1 _201\"/>minis<span class=\"__1 _201\"/>tic cas<span class=\"__1 _201\"/>hflow m<span class=\"__1 _201\"/>odel<span class=\"__1 _201\"/>, in line w<span class=\"__1 _201\"/>ith the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tf<span class=\"__1 _201\"/>olio.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:731.8006px;\">The key as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons use<span class=\"__1 _201\"/>d to calc<span class=\"__1 _201\"/>ulate the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of annui<span class=\"__1 _201\"/>ty b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss are as fo<span class=\"__1 _201\"/>llows:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls19_1 ws18_1\" style=\"bottom:702.9219px;\">Mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:686.42334px;\">Mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y assu<span class=\"__1 _201\"/>mptions f<span class=\"__1 _201\"/>or annui<span class=\"__1 _201\"/>ty b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss are s<span class=\"__1 _201\"/>et in light of re<span class=\"__1 _201\"/>cent p<span class=\"__1 _201\"/>opulati<span class=\"__1 _201\"/>on and inte<span class=\"__1 _201\"/>rnal exp<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ence, w<span class=\"__1 _201\"/>ith an all<span class=\"__1 _201\"/>owance<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:669.92487px;\">for exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted future m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y imp<span class=\"__1 _201\"/>rovement<span class=\"__1 _201\"/>s. G<span class=\"__1 _201\"/>iven th<span class=\"__1 _201\"/>e long<span class=\"__1 _201\"/>-term nature of a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s, ann<span class=\"__1 _201\"/>uitant m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y remai<span class=\"__1 _201\"/>ns a<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:653.42633px;\">signific<span class=\"__1 _201\"/>ant assumption in determin<span class=\"__1 _201\"/>ing policy<span class=\"__1 _201\"/>holder liabilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:628.6786px;\">The a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions us<span class=\"__1 _201\"/>ed refe<span class=\"__1 _201\"/>rence re<span class=\"__1 _201\"/>cent Eng<span class=\"__1 _201\"/>land &amp; Wales p<span class=\"__1 _201\"/>opul<span class=\"__1 _201\"/>ation mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y data con<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>nt with the CM<span class=\"__1 _201\"/>I mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:612.1801px;\">improve<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s mode<span class=\"__1 _201\"/>l, with s<span class=\"__1 _201\"/>peci<span class=\"__1 _201\"/>fic ri<span class=\"__1 _201\"/>sk fac<span class=\"__1 _201\"/>tors ap<span class=\"__1 _201\"/>plie<span class=\"__1 _201\"/>d on a pe<span class=\"__1 _201\"/>r polic<span class=\"__1 _201\"/>y bas<span class=\"__1 _201\"/>is to refle<span class=\"__1 _201\"/>ct the fe<span class=\"__1 _201\"/>atures of the G<span class=\"__1 _201\"/>roup\u2019s por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>folio.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:587.4324px;\">An inc<span class=\"__1 _201\"/>rease in m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y rates w<span class=\"__1 _201\"/>as obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ved over 20<span class=\"__1 _201\"/>20 and 20<span class=\"__1 _201\"/>21 due to the COVI<span class=\"__1 _201\"/>D-19 pande<span class=\"__1 _201\"/>mic. H<span class=\"__1 _201\"/>igher m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y exp<span class=\"__1 _201\"/>erie<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:570.93384px;\">may be exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to contin<span class=\"__1 _201\"/>ue to som<span class=\"__1 _201\"/>e extent ove<span class=\"__1 _201\"/>r the sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term, w<span class=\"__1 _201\"/>ith signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt excess d<span class=\"__1 _201\"/>eaths ob<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>ve<span class=\"__1 _201\"/>d in the po<span class=\"__1 _201\"/>pulatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:554.43536px;\">over 202<span class=\"__1 _201\"/>2. H<span class=\"__1 _201\"/>owever<span class=\"__1 _200\"/>, there is s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant u<span class=\"__1 _201\"/>ncer<span class=\"__1 _201\"/>tai<span class=\"__1 _201\"/>nty an<span class=\"__1 _201\"/>d the lo<span class=\"__1 _201\"/>nger-t<span class=\"__1 _200\"/>erm im<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>ations fo<span class=\"__1 _201\"/>r mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity r<span class=\"__1 _201\"/>ates amon<span class=\"__1 _201\"/>gst th<span class=\"__1 _201\"/>e annuita<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:537.9368px;\">pop<span class=\"__1 _201\"/>ulatio<span class=\"__1 _201\"/>n are unknow<span class=\"__1 _201\"/>n at this s<span class=\"__1 _201\"/>tage. I<span class=\"__1 _201\"/>n line with b<span class=\"__1 _201\"/>roade<span class=\"__1 _201\"/>r indus<span class=\"__1 _201\"/>tr<span class=\"__1 _201\"/>y app<span class=\"__1 _201\"/>roach<span class=\"__1 _201\"/>, zero weight h<span class=\"__1 _201\"/>as bee<span class=\"__1 _201\"/>n given to p<span class=\"__1 _201\"/>ande<span class=\"__1 _201\"/>mic<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:521.43835px;\">expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce. Th<span class=\"__1 _201\"/>is is an area th<span class=\"__1 _201\"/>at will co<span class=\"__1 _201\"/>ntinue to be m<span class=\"__1 _201\"/>onitore<span class=\"__1 _201\"/>d by the Gro<span class=\"__1 _201\"/>up.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:496.6906px;\">For cur<span class=\"__1 _201\"/>rent mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, while n<span class=\"__1 _201\"/>o weight h<span class=\"__1 _201\"/>as bee<span class=\"__1 _201\"/>n given to th<span class=\"__1 _201\"/>e most re<span class=\"__1 _201\"/>cent ye<span class=\"__1 _201\"/>ars of exp<span class=\"__1 _201\"/>erie<span class=\"__1 _201\"/>nce, th<span class=\"__1 _201\"/>e Group\u2019s long<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:480.19208px;\">have be<span class=\"__1 _201\"/>en upd<span class=\"__1 _201\"/>ated to refle<span class=\"__1 _201\"/>ct en<span class=\"__1 _201\"/>hance<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s made to asp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts of the un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>lyin<span class=\"__1 _201\"/>g data and th<span class=\"__1 _201\"/>e corre<span class=\"__1 _201\"/>spon<span class=\"__1 _201\"/>ding m<span class=\"__1 _201\"/>odel<span class=\"__1 _201\"/>ling app<span class=\"__1 _201\"/>roach<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:463.6936px;\">This h<span class=\"__1 _201\"/>as resul<span class=\"__1 _201\"/>ted in a sma<span class=\"__1 _201\"/>ll weakenin<span class=\"__1 _201\"/>g.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:438.94586px;\">The m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y imp<span class=\"__1 _201\"/>rovemen<span class=\"__1 _201\"/>ts obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ved in re<span class=\"__1 _201\"/>cent p<span class=\"__1 _201\"/>opulati<span class=\"__1 _201\"/>on data have b<span class=\"__1 _201\"/>een co<span class=\"__1 _201\"/>nside<span class=\"__1 _201\"/>red as p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t of the jud<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt exercise<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:422.44733px;\">in set<span class=\"__1 _201\"/>ting th<span class=\"__1 _201\"/>e mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y ba<span class=\"__1 _201\"/>sis for 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>. New mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y proje<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on mod<span class=\"__1 _201\"/>els are re<span class=\"__1 _201\"/>lease<span class=\"__1 _201\"/>d annu<span class=\"__1 _201\"/>ally by the C<span class=\"__1 _201\"/>ontinu<span class=\"__1 _201\"/>ous Mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:405.94885px;\">Inves<span class=\"__1 _201\"/>tigatio<span class=\"__1 _201\"/>n (<span class=\"__1 _200\"/>CMI). T<span class=\"__1 _201\"/>he CM<span class=\"__1 _201\"/>I table<span class=\"__1 _201\"/>s used a<span class=\"__1 _201\"/>re adjus<span class=\"__1 _201\"/>ted as ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate each year to re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t antici<span class=\"__1 _201\"/>pated mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y improve<span class=\"__1 _201\"/>ments<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:389.45032px;\">incl<span class=\"__1 _201\"/>uding an a<span class=\"__1 _201\"/>pprop<span class=\"__1 _201\"/>riate margi<span class=\"__1 _201\"/>n on an IFR<span class=\"__1 _201\"/>S basi<span class=\"__1 _201\"/>s relative to the b<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>t estim<span class=\"__1 _201\"/>ate assum<span class=\"__1 _201\"/>ption us<span class=\"__1 _201\"/>ed for S<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:364.70258px;\">An ex<span class=\"__1 _201\"/>ternal p<span class=\"__1 _201\"/>anel p<span class=\"__1 _201\"/>roces<span class=\"__1 _201\"/>s with a r<span class=\"__1 _201\"/>ange of exp<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ts fro<span class=\"__1 _201\"/>m diffe<span class=\"__1 _201\"/>rent disc<span class=\"__1 _201\"/>ipline<span class=\"__1 _201\"/>s (such as Pub<span class=\"__1 _201\"/>lic Hea<span class=\"__1 _201\"/>lth &amp; So<span class=\"__1 _201\"/>cial Poli<span class=\"__1 _201\"/>cy, Gene<span class=\"__1 _201\"/>ral<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:348.2041px;\">Prac<span class=\"__1 _201\"/>tice a<span class=\"__1 _201\"/>nd On<span class=\"__1 _201\"/>colo<span class=\"__1 _201\"/>gy) was und<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>taken in 202<span class=\"__1 _201\"/>2 which f<span class=\"__1 _201\"/>orme<span class=\"__1 _201\"/>d par<span class=\"__1 _201\"/>t of a rev<span class=\"__1 _201\"/>iew of the dr<span class=\"__1 _201\"/>ivers of f<span class=\"__1 _201\"/>uture mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y improvem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:331.70557px;\">Enhan<span class=\"__1 _201\"/>ceme<span class=\"__1 _201\"/>nts were al<span class=\"__1 _201\"/>so mad<span class=\"__1 _201\"/>e to the appro<span class=\"__1 _201\"/>ach to deter<span class=\"__1 _201\"/>minin<span class=\"__1 _201\"/>g how the G<span class=\"__1 _201\"/>roup\u2019s own por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>folio ex<span class=\"__1 _201\"/>peri<span class=\"__1 _201\"/>ence c<span class=\"__1 _201\"/>ould di<span class=\"__1 _201\"/>ffer fro<span class=\"__1 _201\"/>m the<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:315.2071px;\">pop<span class=\"__1 _201\"/>ulatio<span class=\"__1 _201\"/>n as whol<span class=\"__1 _201\"/>e. Com<span class=\"__1 _201\"/>binin<span class=\"__1 _201\"/>g these re<span class=\"__1 _201\"/>sulted i<span class=\"__1 _201\"/>n more p<span class=\"__1 _201\"/>essi<span class=\"__1 _201\"/>mism (i<span class=\"__1 _201\"/>.e. lowe<span class=\"__1 _201\"/>r levels of f<span class=\"__1 _201\"/>uture improve<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) than the p<span class=\"__1 _201\"/>reviou<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:298.70862px;\">year an<span class=\"__1 _201\"/>d resulte<span class=\"__1 _201\"/>d in a rele<span class=\"__1 _201\"/>ase of res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/>. The 20<span class=\"__1 _201\"/>22 ba<span class=\"__1 _201\"/>sis is expre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d in term<span class=\"__1 _201\"/>s of CMI 2020 i<span class=\"__1 _201\"/>n compa<span class=\"__1 _201\"/>riso<span class=\"__1 _201\"/>n to the 2021 b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:282.21008px;\">whic<span class=\"__1 _201\"/>h was expre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>d relati<span class=\"__1 _201\"/>ve to CMI 2019. Th<span class=\"__1 _201\"/>e mor<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y im<span class=\"__1 _201\"/>proveme<span class=\"__1 _201\"/>nt assu<span class=\"__1 _201\"/>mption<span class=\"__1 _201\"/>s used a<span class=\"__1 _201\"/>re summar<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d in the tab<span class=\"__1 _201\"/>le bel<span class=\"__1 _201\"/>ow, with<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:265.7116px;\">other a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>ting th<span class=\"__1 _201\"/>e core CMI p<span class=\"__1 _201\"/>rojec<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:5.1585007px; bottom:236.82129px;\">Period ended<span class=\"__1 _bd_1\"> </span>M<span class=\"__1 _201\"/>odel v<span class=\"__1 _200\"/>ersion<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls7e_1 wsa0_1\" style=\"left:245.2836px; bottom:240.31781px;\">i, iv<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:289.77975px; bottom:236.82129px;\">Long-term<span class=\"__1 _200\"/> improv<span class=\"__1 _200\"/>ement rat<span class=\"__1 _200\"/>e<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls7d_1 ws90_1\" style=\"left:428.3775px; bottom:240.31781px;\">ii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws66_1\" style=\"left:514.3968px; bottom:236.82129px;\">Smoothing parameter (<span class=\"__1 _200\"/>Sk)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls7d_1 ws90_1\" style=\"left:640.91895px; bottom:240.31781px;\">iii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:202.06494px;\">31 December<span class=\"__1 _200\"/> 2022<span class=\"__1 _1ce_1\"> </span><span class=\"ls30_1 ws71_1\">CMI 2020<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:289.77975px; bottom:217.05896px;\">For ma<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>: 2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>10% p<span class=\"__1 _201\"/>a<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:289.77975px; bottom:202.06494px;\">For fe<span class=\"__1 _201\"/>male<span class=\"__1 _201\"/>s: 2<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>10% pa<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:514.3968px; bottom:217.05896px;\">For ma<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>: 7<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>5<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:514.3968px; bottom:202.06494px;\">For fe<span class=\"__1 _201\"/>male<span class=\"__1 _201\"/>s: 7<span class=\"__1 _200\"/>.75<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:167.30844px;\">31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _401\"> </span><span class=\"ls32_1 ws35_1\">CMI 2019<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:289.77975px; bottom:182.30246px;\">For mal<span class=\"__1 _201\"/>es: 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>25% pa<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:289.77975px; bottom:167.30844px;\">For fem<span class=\"__1 _201\"/>ales<span class=\"__1 _201\"/>: 2.0<span class=\"__1 _201\"/>0% pa<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:514.3968px; bottom:182.30246px;\">For mal<span class=\"__1 _201\"/>es: 7<span class=\"__1 _200\"/>.50<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:514.3968px; bottom:167.30844px;\">For fem<span class=\"__1 _201\"/>ales<span class=\"__1 _201\"/>: 8.0<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:140.27963px;\">i <span class=\"__1 _2d_1\"> </span>An \u2018A<span class=\"__1 _f_1\"/>\u2019 p<span class=\"__1 _201\"/>aram<span class=\"__1 _201\"/>eter i<span class=\"__1 _201\"/>n the m<span class=\"__1 _201\"/>ode<span class=\"__1 _201\"/>l to refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t soc<span class=\"__1 _201\"/>io<span class=\"__1 _201\"/>-e<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>omi<span class=\"__1 _201\"/>c diff<span class=\"__1 _201\"/>eren<span class=\"__1 _201\"/>ces b<span class=\"__1 _201\"/>et<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n the p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio a<span class=\"__1 _201\"/>nd po<span class=\"__1 _201\"/>pul<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n expe<span class=\"__1 _201\"/>ri<span class=\"__1 _201\"/>ence i<span class=\"__1 _201\"/>s als<span class=\"__1 _201\"/>o use<span class=\"__1 _201\"/>d. T<span class=\"__1 _201\"/>his ad<span class=\"__1 _201\"/>jus<span class=\"__1 _201\"/>ts in<span class=\"__1 _201\"/>itial<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:127.53265px;\">mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y im<span class=\"__1 _201\"/>prove<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>t rates a<span class=\"__1 _201\"/>nd wa<span class=\"__1 _201\"/>s 0.4<span class=\"__1 _201\"/>5% at 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>1. Un<span class=\"__1 _201\"/>der t<span class=\"__1 _201\"/>he rev<span class=\"__1 _201\"/>ise<span class=\"__1 _201\"/>d meth<span class=\"__1 _201\"/>od<span class=\"__1 _201\"/>olo<span class=\"__1 _201\"/>gy, this p<span class=\"__1 _201\"/>aram<span class=\"__1 _201\"/>eter v<span class=\"__1 _201\"/>ari<span class=\"__1 _201\"/>es by a<span class=\"__1 _201\"/>ge and g<span class=\"__1 _201\"/>en<span class=\"__1 _201\"/>der an<span class=\"__1 _201\"/>d is<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:114.785645px;\">red<span class=\"__1 _201\"/>uce<span class=\"__1 _201\"/>d at all a<span class=\"__1 _201\"/>ges r<span class=\"__1 _201\"/>elat<span class=\"__1 _201\"/>ive to 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>1.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:98.03815px;\">ii <span class=\"__1 _2e_1\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 a<span class=\"__1 _201\"/>nd 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>1, the l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>-ter<span class=\"__1 _201\"/>m impr<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ent ra<span class=\"__1 _201\"/>tes sh<span class=\"__1 _201\"/>own re<span class=\"__1 _201\"/>fle<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d a 0.5% i<span class=\"__1 _201\"/>ncre<span class=\"__1 _201\"/>ase to a<span class=\"__1 _201\"/>ll fut<span class=\"__1 _201\"/>ure imp<span class=\"__1 _201\"/>rove<span class=\"__1 _201\"/>men<span class=\"__1 _201\"/>t rates<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:85.29114px;\">rel<span class=\"__1 _201\"/>ative to t<span class=\"__1 _201\"/>he be<span class=\"__1 _201\"/>st e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ate us<span class=\"__1 _201\"/>ed un<span class=\"__1 _201\"/>der S<span class=\"__1 _201\"/>ol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II as a m<span class=\"__1 _201\"/>arg<span class=\"__1 _201\"/>in for p<span class=\"__1 _201\"/>rud<span class=\"__1 _201\"/>enc<span class=\"__1 _201\"/>e.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:68.54364px;\">iii <span class=\"__1 _5a_1\"> </span>Th<span class=\"__1 _201\"/>e smo<span class=\"__1 _201\"/>othi<span class=\"__1 _201\"/>ng par<span class=\"__1 _201\"/>ame<span class=\"__1 _201\"/>ter co<span class=\"__1 _201\"/>ntro<span class=\"__1 _201\"/>ls the a<span class=\"__1 _201\"/>mou<span class=\"__1 _201\"/>nt of sm<span class=\"__1 _201\"/>ooth<span class=\"__1 _201\"/>ing by c<span class=\"__1 _201\"/>ale<span class=\"__1 _201\"/>nda<span class=\"__1 _201\"/>r year w<span class=\"__1 _201\"/>he<span class=\"__1 _201\"/>n deter<span class=\"__1 _201\"/>min<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e leve<span class=\"__1 _201\"/>l of ini<span class=\"__1 _201\"/>tial m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y impr<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:51.796143px;\">iv <span class=\"__1 _285\"> </span>Th<span class=\"__1 _201\"/>e tape<span class=\"__1 _201\"/>rin<span class=\"__1 _201\"/>g of imp<span class=\"__1 _201\"/>rove<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s to zero i<span class=\"__1 _201\"/>s set to o<span class=\"__1 _201\"/>ccur b<span class=\"__1 _201\"/>et<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n age<span class=\"__1 _201\"/>s 90<span class=\"__1 _201\"/>\u20131<span class=\"__1 _200\"/>10 at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2, w<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>h is a cha<span class=\"__1 _201\"/>nge f<span class=\"__1 _201\"/>rom 8<span class=\"__1 _201\"/>5\u2013110 at 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 2<span class=\"__1 _201\"/>021.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:27.040283px;\">The m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons for in<span class=\"__1 _201\"/>-force ve<span class=\"__1 _201\"/>sted an<span class=\"__1 _201\"/>nuitie<span class=\"__1 _201\"/>s also cove<span class=\"__1 _201\"/>r annuiti<span class=\"__1 _201\"/>es in def<span class=\"__1 _201\"/>erme<span class=\"__1 _201\"/>nt.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:2.2925415px;\">The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>ivit<span class=\"__1 _201\"/>y of IFR<span class=\"__1 _201\"/>S profi<span class=\"__1 _201\"/>t before ta<span class=\"__1 _201\"/>x and of wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es to chang<span class=\"__1 _201\"/>es in as<span class=\"__1 _201\"/>sume<span class=\"__1 _201\"/>d mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity r<span class=\"__1 _201\"/>ates is show<span class=\"__1 _201\"/>n in Note 3<span class=\"__1 _201\"/>3.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:857.79224px;\">26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div>V<span class=\"__1 _200\"/>aluati<span class=\"__1 _201\"/>on interes<span class=\"__1 _201\"/>t rates<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>aluati<span class=\"__1 _201\"/>on interes<span class=\"__1 _201\"/>t rates us<span class=\"__1 _201\"/>ed to dis<span class=\"__1 _201\"/>count th<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ties are ba<span class=\"__1 _201\"/>sed o<span class=\"__1 _201\"/>n the yie<span class=\"__1 _201\"/>lds as at th<span class=\"__1 _201\"/>e valuatio<span class=\"__1 _201\"/>n date on the as<span class=\"__1 _201\"/>sets b<span class=\"__1 _201\"/>ackin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span>the po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s. Fo<span class=\"__1 _201\"/>r fixed intere<span class=\"__1 _201\"/>st se<span class=\"__1 _201\"/>curit<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>, the intern<span class=\"__1 _201\"/>al rate of retur<span class=\"__1 _201\"/>n of the ass<span class=\"__1 _201\"/>ets ba<span class=\"__1 _201\"/>cking th<span class=\"__1 _201\"/>e liabili<span class=\"__1 _201\"/>ties is us<span class=\"__1 _201\"/>ed.<span class=\"__1 _201\"/> Inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es are val<span class=\"__1 _201\"/>ued us<span class=\"__1 _201\"/>ing the re<span class=\"__1 _201\"/>dempti<span class=\"__1 _201\"/>on yie<span class=\"__1 _201\"/>ld. An a<span class=\"__1 _201\"/>djus<span class=\"__1 _201\"/>tment is m<span class=\"__1 _201\"/>ade to the y<span class=\"__1 _201\"/>ield o<span class=\"__1 _201\"/>n non ri<span class=\"__1 _201\"/>sk<span class=\"__1 _200\"/>-free fi<span class=\"__1 _201\"/>xed interes<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s and pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y to refle<span class=\"__1 _201\"/>ct cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k. Th<span class=\"__1 _201\"/>e credit r<span class=\"__1 _201\"/>isk all<span class=\"__1 _201\"/>owanc<span class=\"__1 _201\"/>e compr<span class=\"__1 _201\"/>ises a<span class=\"__1 _201\"/>n amoun<span class=\"__1 _201\"/>t for lon<span class=\"__1 _201\"/>g-term b<span class=\"__1 _201\"/>est e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ate<span class=\"__1 _32b\"> </span>def<span class=\"__1 _201\"/>aults an<span class=\"__1 _201\"/>d downg<span class=\"__1 _201\"/>rade<span class=\"__1 _201\"/>s, a prov<span class=\"__1 _201\"/>isio<span class=\"__1 _201\"/>n for cred<span class=\"__1 _201\"/>it risk p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>, and wh<span class=\"__1 _201\"/>ere app<span class=\"__1 _201\"/>ropri<span class=\"__1 _201\"/>ate an additi<span class=\"__1 _201\"/>onal sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-term over<span class=\"__1 _201\"/>lay to refle<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/> prosp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive out<span class=\"__1 _201\"/>look in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of exp<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ence ove<span class=\"__1 _201\"/>r the comi<span class=\"__1 _201\"/>ng per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding any un<span class=\"__1 _201\"/>cer<span class=\"__1 _201\"/>taint<span class=\"__1 _201\"/>y in o<span class=\"__1 _201\"/>utloo<span class=\"__1 _201\"/>k. Foll<span class=\"__1 _201\"/>owing a<span class=\"__1 _201\"/>dvers<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>down<span class=\"__1 _201\"/>grad<span class=\"__1 _201\"/>e exper<span class=\"__1 _201\"/>ienc<span class=\"__1 _201\"/>e over the lat<span class=\"__1 _201\"/>ter half of 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>, and d<span class=\"__1 _201\"/>eterior<span class=\"__1 _201\"/>ating futu<span class=\"__1 _201\"/>re outlo<span class=\"__1 _201\"/>ok for th<span class=\"__1 _201\"/>e UK ec<span class=\"__1 _201\"/>onomy, the sho<span class=\"__1 _201\"/>rt-term<span class=\"__1 _201\"/> allow<span class=\"__1 _201\"/>ance ha<span class=\"__1 _201\"/>s bee<span class=\"__1 _201\"/>n increas<span class=\"__1 _201\"/>ed for re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tin<span class=\"__1 _201\"/>g as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2. T<span class=\"__1 _201\"/>he tabl<span class=\"__1 _201\"/>e bel<span class=\"__1 _201\"/>ow shows th<span class=\"__1 _201\"/>e credit a<span class=\"__1 _201\"/>llowan<span class=\"__1 _201\"/>ce relati<span class=\"__1 _201\"/>ve to the<span class=\"__1 _32b\"> </span>overal<span class=\"__1 _201\"/>l sprea<span class=\"__1 _201\"/>d over swap<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>Period ended 31<span class=\"__1 _200\"/> December 2022<span class=\"__1 _402\"> </span><span class=\"ls50_1 ws60_1\">Shareholder<span class=\"__1 _f_1\"/>-backed an<span class=\"__1 _200\"/>nuities<span class=\"__1 _6c_1\"> </span><span class=\"ls2b_1 ws2b_1\">Annuit<span class=\"__1 _200\"/>ies in<span class=\"__1 _200\"/> With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span></span></span>Credit default allowance<span class=\"__1 _11f_1\"> </span><span class=\"ff1_1 ls1b_1 ws41_1\">47<span class=\"__1 _201\"/> bp<span class=\"__1 _201\"/>s<span class=\"__1 _1fe\"> </span><span class=\"ls6_1 ws1_1\">46 bps<span class=\"__1 _32b\"> </span></span></span>Ove<span class=\"__1 _201\"/>rall val<span class=\"__1 _201\"/>uation inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ate<span class=\"__1 _403\"> </span><span class=\"ff1_1 ls54_1 ws5c_1\">5.<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8%<span class=\"__1 _17b_1\"> </span><span class=\"ls19_1 ws18_1\">5.<span class=\"__1 _201\"/>32%<span class=\"__1 _32b\"> </span></span></span>Credi<span class=\"__1 _201\"/>t allowan<span class=\"__1 _201\"/>ce as pro<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of sprea<span class=\"__1 _201\"/>dover sw<span class=\"__1 _201\"/>aps<span class=\"__1 _334\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">20.3%<span class=\"__1 _404\"> </span><span class=\"ls1b_1 ws1a_1\">21<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5%<span class=\"__1 _32b\"> </span></span></span>Net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce cre<span class=\"__1 _201\"/>dit rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve (\u00a3m)<span class=\"__1 _1f3\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">434<span class=\"__1 _405\"> </span><span class=\"ls40_1 ws44_1\">198<span class=\"__1 _32b\"> </span></span></span>Period ended 31<span class=\"__1 _200\"/> December 2021<span class=\"__1 _8b_1\"> </span><span class=\"ls50_1 ws60_1\">Shareholder<span class=\"__1 _f_1\"/>-backed<span class=\"__1 _200\"/> annuit<span class=\"__1 _200\"/>ies<span class=\"__1 _6c_1\"> </span><span class=\"ls2b_1 ws2b_1\">Annuities i<span class=\"__1 _200\"/>n With-Profits<span class=\"__1 _200\"/> Fund<span class=\"__1 _32b\"> </span></span></span>Credit default allowance<span class=\"__1 _406\"> </span><span class=\"ls6_1 ws1_1\">4<span class=\"__1 _201\"/>4 bps<span class=\"__1 _1fe\"> </span>40 b<span class=\"__1 _201\"/>ps<span class=\"__1 _32b\"> </span></span>Ove<span class=\"__1 _201\"/>rall val<span class=\"__1 _201\"/>uation inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ate<span class=\"__1 _407\"> </span><span class=\"ls40_1 ws44_1\">2.<span class=\"__1 _201\"/>23%<span class=\"__1 _408\"> </span><span class=\"ls42_1 ws46_1\">2.0<span class=\"__1 _201\"/>3%<span class=\"__1 _32b\"> </span></span></span>Credi<span class=\"__1 _201\"/>t allowan<span class=\"__1 _201\"/>ce as pro<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of sprea<span class=\"__1 _201\"/>d over swap<span class=\"__1 _201\"/>s<span class=\"__1 _1b8_1\"> </span><span class=\"ls42_1 ws46_1\">25.0<span class=\"__1 _201\"/>%<span class=\"__1 _409\"> </span><span class=\"ls81_1 ws98_1\">2<span class=\"__1 _250\"/>7.<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>%<span class=\"__1 _32b\"> </span></span></span>Net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce cre<span class=\"__1 _201\"/>dit rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve (\u00a3m)<span class=\"__1 _332\"> </span><span class=\"lsb_1 ws32_1\">727<span class=\"__1 _20a\"> </span><span class=\"lse_1 wsc_1\">312<span class=\"__1 _32b\"> </span></span></span>The d<span class=\"__1 _201\"/>ecrea<span class=\"__1 _201\"/>se in net of re<span class=\"__1 _201\"/>insur<span class=\"__1 _201\"/>ance res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ve is pr<span class=\"__1 _201\"/>imar<span class=\"__1 _201\"/>ily due to th<span class=\"__1 _201\"/>e increas<span class=\"__1 _201\"/>e in yie<span class=\"__1 _201\"/>lds sin<span class=\"__1 _201\"/>ce 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021<span class=\"__1 _201\"/>. The all<span class=\"__1 _201\"/>owanc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>for cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k within th<span class=\"__1 _201\"/>e valuati<span class=\"__1 _201\"/>on interes<span class=\"__1 _201\"/>t rate is of pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cular im<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tan<span class=\"__1 _201\"/>ce whe<span class=\"__1 _201\"/>n determ<span class=\"__1 _201\"/>ining p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d the<span class=\"__1 _201\"/> sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ity of I<span class=\"__1 _201\"/>FRS pro<span class=\"__1 _201\"/>fit af<span class=\"__1 _201\"/>ter tax to chan<span class=\"__1 _201\"/>ges in th<span class=\"__1 _201\"/>is ass<span class=\"__1 _201\"/>umption i<span class=\"__1 _201\"/>s shown i<span class=\"__1 _201\"/>n Note 33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Expenses<span class=\"__1 _32b\"> </span>Mainte<span class=\"__1 _201\"/>nance ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e assu<span class=\"__1 _201\"/>mptions a<span class=\"__1 _201\"/>re expres<span class=\"__1 _201\"/>sed a<span class=\"__1 _201\"/>s per p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>y amoun<span class=\"__1 _201\"/>ts. T<span class=\"__1 _201\"/>hey are set b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on fore<span class=\"__1 _201\"/>cas<span class=\"__1 _201\"/>t expens<span class=\"__1 _201\"/>e levels<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> incl<span class=\"__1 _201\"/>uding an a<span class=\"__1 _201\"/>llowan<span class=\"__1 _201\"/>ce for on<span class=\"__1 _201\"/>goin<span class=\"__1 _201\"/>g investm<span class=\"__1 _201\"/>ent man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent expe<span class=\"__1 _201\"/>nses a<span class=\"__1 _201\"/>nd are all<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d bet<span class=\"__1 _201\"/>ween e<span class=\"__1 _201\"/>ntities a<span class=\"__1 _201\"/>nd prod<span class=\"__1 _201\"/>uct g<span class=\"__1 _201\"/>roups<span class=\"__1 _201\"/> in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with the G<span class=\"__1 _201\"/>roup\u2019s internal c<span class=\"__1 _201\"/>ost al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ation mo<span class=\"__1 _201\"/>del. A m<span class=\"__1 _201\"/>argin fo<span class=\"__1 _201\"/>r prud<span class=\"__1 _201\"/>ence i<span class=\"__1 _201\"/>s adde<span class=\"__1 _201\"/>d to this amo<span class=\"__1 _201\"/>unt. E<span class=\"__1 _201\"/>xpe<span class=\"__1 _201\"/>nse infl<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns are set co<span class=\"__1 _201\"/>nsis<span class=\"__1 _201\"/>tent with th<span class=\"__1 _201\"/>e econ<span class=\"__1 _201\"/>omic b<span class=\"__1 _201\"/>asis an<span class=\"__1 _201\"/>d base<span class=\"__1 _201\"/>d on the infl<span class=\"__1 _201\"/>ation s<span class=\"__1 _201\"/>wap sp<span class=\"__1 _201\"/>ot cur<span class=\"__1 _201\"/>ve. Th<span class=\"__1 _201\"/>ese as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/> theref<span class=\"__1 _201\"/>ore take rece<span class=\"__1 _201\"/>nt increa<span class=\"__1 _201\"/>ses in in<span class=\"__1 _201\"/>flation into a<span class=\"__1 _201\"/>ccount<span class=\"__1 _201\"/>, and all<span class=\"__1 _201\"/>ow for the m<span class=\"__1 _201\"/>arket<span class=\"__1 _200\"/>-d<span class=\"__1 _201\"/>riven l<span class=\"__1 _201\"/>ong-te<span class=\"__1 _201\"/>rm view of f<span class=\"__1 _201\"/>uture infl<span class=\"__1 _201\"/>ation.<span class=\"__1 _201\"/> The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>ivit<span class=\"__1 _201\"/>y of IFR<span class=\"__1 _201\"/>S profi<span class=\"__1 _201\"/>t after ta<span class=\"__1 _201\"/>x to chang<span class=\"__1 _201\"/>es in main<span class=\"__1 _201\"/>tenance ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e levels i<span class=\"__1 _201\"/>s shown i<span class=\"__1 _201\"/>n Note 33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _32b\"> </span>26.2 Analysis o<span class=\"__1 _200\"/>f mo<span class=\"__1 _200\"/>vemen<span class=\"__1 _200\"/>ts in policy<span class=\"__1 _200\"/>holder liabilities<span class=\"__1 _200\"/> and unallocat<span class=\"__1 _200\"/>ed surplus<span class=\"__1 _200\"/> of the<span class=\"__1 _200\"/> With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>es sh<span class=\"__1 _201\"/>ow the movem<span class=\"__1 _201\"/>ent in p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s and una<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund by bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>comp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nt. Th<span class=\"__1 _201\"/>e analy<span class=\"__1 _201\"/>sis inc<span class=\"__1 _201\"/>ludes t<span class=\"__1 _201\"/>he impa<span class=\"__1 _201\"/>ct of pre<span class=\"__1 _201\"/>miums<span class=\"__1 _201\"/>, claim<span class=\"__1 _201\"/>s and inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t moveme<span class=\"__1 _201\"/>nts on p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t doe<span class=\"__1 _201\"/>s not rep<span class=\"__1 _201\"/>resent p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>s, cla<span class=\"__1 _201\"/>ims, a<span class=\"__1 _201\"/>nd inves<span class=\"__1 _201\"/>tment m<span class=\"__1 _201\"/>ovement<span class=\"__1 _201\"/>s as repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ted in the co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span>For examp<span class=\"__1 _201\"/>le, the p<span class=\"__1 _201\"/>remium<span class=\"__1 _201\"/>s shown b<span class=\"__1 _201\"/>elow exclu<span class=\"__1 _201\"/>de any de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tions f<span class=\"__1 _201\"/>or fee<span class=\"__1 _201\"/>s/<span class=\"__1 _f_1\"/>ch<span class=\"__1 _201\"/>arges<span class=\"__1 _201\"/>, as the t<span class=\"__1 _201\"/>able on<span class=\"__1 _201\"/>ly sh<span class=\"__1 _201\"/>ows the imp<span class=\"__1 _201\"/>act o<span class=\"__1 _201\"/>n the<span class=\"__1 _201\"/> insur<span class=\"__1 _201\"/>ance an<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t liabi<span class=\"__1 _201\"/>lities an<span class=\"__1 _201\"/>d unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surp<span class=\"__1 _201\"/>lus of the W<span class=\"__1 _201\"/>ith-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>. Claims (sur<span class=\"__1 _201\"/>rende<span class=\"__1 _201\"/>rs, m<span class=\"__1 _201\"/>aturitie<span class=\"__1 _201\"/>s and<span class=\"__1 _201\"/> death<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) repres<span class=\"__1 _201\"/>ent the li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y rel<span class=\"__1 _201\"/>ease<span class=\"__1 _201\"/>d rather th<span class=\"__1 _201\"/>an the cla<span class=\"__1 _201\"/>im amou<span class=\"__1 _201\"/>nt paid to the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder.<span class=\"__1 _32b\"> </span>26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:419.28px; bottom:1001.8485px;\">Shareholder<span class=\"__1 _f_1\"/>-backed <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws58_1\" style=\"left:415.33725px; bottom:989.84705px;\">funds and subsidiaries<span class=\"__1 _222\"> </span><span class=\"ls5_1 ws1_1\"> <span class=\"__1 _14a_1\"> </span> <span class=\"__1 _b0_1\"> </span> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:343.9797px; bottom:947.83655px;\">With-profits<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws55_1\" style=\"left:352.54306px; bottom:935.835px;\">sub-funds<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:402.2964px; bottom:939.3253px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:388.23224px; bottom:923.82886px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:415.33725px; bottom:947.8318px;\">Unit-link<span class=\"__1 _200\"/>ed <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:424.0929px; bottom:935.8303px;\">liabilities<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:451.97626px; bottom:923.82886px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:492.32086px; bottom:971.82434px;\">Annuity <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls50_1 ws60_1\" style=\"left:483.58588px; bottom:959.8229px;\">and ot<span class=\"__1 _200\"/>her <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:481.4826px; bottom:947.8213px;\">long-term <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls50_1 ws56_1\" style=\"left:486.534px; bottom:935.8198px;\">business<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:514.3968px; bottom:923.81836px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:569.73224px; bottom:935.8198px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:578.1329px; bottom:923.81836px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:601.9329px; bottom:935.8198px;\">Reinsurance<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls7e_1 wsa0_1\" style=\"left:661.87933px; bottom:939.3253px;\">ii, vi<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:657.3345px; bottom:923.82886px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:694.9349px; bottom:935.8303px;\">Net t<span class=\"__1 _201\"/>otal<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:923.82886px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:904.49774px;\">As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2021<span class=\"__1 _20c\"> </span><span class=\"ff2_1 lse_1 wsc_1\">136<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>87<span class=\"__1 _1c_1\"> </span><span class=\"ls7_1 ws5_1\">20,4<span class=\"__1 _201\"/>55<span class=\"__1 _18a_1\"> </span>30,<span class=\"__1 _201\"/>599<span class=\"__1 _327\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>1<span class=\"__1 _345\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>61<span class=\"__1 _201\"/>)<span class=\"__1 _20d\"> </span><span class=\"ls56_1 ws5f_1\">175<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>80<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"bottom:886.1505px;\">Comprising:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:5.1585007px; bottom:867.8032px;\">Insuranc<span class=\"__1 _201\"/>e contract liabilities<span class=\"__1 _20e\"> </span><span class=\"ls43_1 ws47_1\">41<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _204\"> </span><span class=\"ls15_1 ws14_1\">4,<span class=\"__1 _201\"/>987<span class=\"__1 _4c_1\"> </span><span class=\"ls42_1 ws46_1\">30,<span class=\"__1 _201\"/>491<span class=\"__1 _1c_1\"> </span><span class=\"ls23_1 ws22_1\">76,<span class=\"__1 _201\"/>650<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:5.1585007px; bottom:849.456px;\">Investment contra<span class=\"__1 _201\"/>ct liabilities with DPF<span class=\"__1 _20f\"> </span><span class=\"ls7_1 ws5_1\">79,<span class=\"__1 _201\"/>592<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:460.8777px; bottom:849.4382px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsc_1 wsa_1\" style=\"left:516.6918px; bottom:849.4382px;\">31<span class=\"__1 _4c_1\"> </span><span class=\"ls7_1 ws5_1\">79,62<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:5.1585007px; bottom:831.0909px;\">Investment contra<span class=\"__1 _201\"/>ct liabilities witho<span class=\"__1 _201\"/>ut DPF<span class=\"__1 _410\"> </span><span class=\"ls5_1 ws1_1\">2<span class=\"__1 _4c_1\"> </span><span class=\"ls1f_1 ws1e_1\">15,468<span class=\"__1 _232\"> </span><span class=\"ls7a_1 ws6b_1\">77<span class=\"__1 _217\"> </span><span class=\"ls45_1 ws49_1\">1<span class=\"__1 _201\"/>5,<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>47<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:5.1585007px; bottom:812.74365px;\">Unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _3c_1\"> </span><span class=\"ls40_1 ws44_1\">15,621<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:460.8777px; bottom:812.7316px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws44_1\" style=\"left:555.35236px; bottom:812.7316px;\">15,621<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws1b_1\" style=\"bottom:794.3844px;\">Net Flows:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"bottom:776.0372px;\">Premiums<span class=\"__1 _411\"> </span><span class=\"ls27_1 ws27_1\">4,505<span class=\"__1 _5d_1\"> </span><span class=\"ls45_1 ws49_1\">1,<span class=\"__1 _201\"/>471<span class=\"__1 _228\"> </span><span class=\"ls4d_1 ws54_1\">157<span class=\"__1 _14d_1\"> </span><span class=\"ls43_1 ws47_1\">6<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"bottom:757.6899px;\">Surrenders<span class=\"__1 _1f9\"> </span><span class=\"ls1f_1 ws1e_1\">(6,480<span class=\"__1 _f_1\"/>)<span class=\"__1 _210\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1)<span class=\"__1 _252\"> </span><span class=\"ls52_1 ws5a_1\">(91)<span class=\"__1 _18a_1\"> </span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>80<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:739.34265px;\">Matur<span class=\"__1 _201\"/>ities/deaths<span class=\"__1 _412\"> </span><span class=\"ls29_1 ws29_1\">(<span class=\"__1 _f_1\"/>4,334)<span class=\"__1 _14d_1\"> </span><span class=\"ls1c_1 ws43_1\">(<span class=\"__1 _200\"/>628)<span class=\"__1 _210\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>9)<span class=\"__1 _210\"> </span><span class=\"ls4a_1 ws50_1\">(6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>41)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws93_1\" style=\"bottom:720.9954px;\">Net<span class=\"__1 _201\"/> flows<span class=\"__1 _413\"> </span><span class=\"ff2_1 ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>09)<span class=\"__1 _1c_1\"> </span><span class=\"ls5_1 ws1_1\">(2,388<span class=\"__1 _f_1\"/>)<span class=\"__1 _206\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>13<span class=\"__1 _201\"/>)<span class=\"__1 _258\"> </span><span class=\"ls4d_1 ws54_1\">(10,610)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:702.64813px;\">Corporate t<span class=\"__1 _200\"/>ransactions<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls41_1 ws45_1\" style=\"left:134.6499px; bottom:706.8582px;\">iii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:397.32526px; bottom:702.6124px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:444.61713px; bottom:702.6124px;\">598<span class=\"__1 _1cf_1\"> </span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>55<span class=\"__1 _201\"/>8)<span class=\"__1 _213\"> </span><span class=\"ls18_1 ws17_1\">(8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>60)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:684.2652px;\">Shareholders<span class=\"__1 _200\"/>\u2019 tran<span class=\"__1 _200\"/>sfers post<span class=\"__1 _200\"/>-t<span class=\"__1 _200\"/>ax<span class=\"__1 _414\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>8)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:460.8777px; bottom:684.25934px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5b_1 ws67_1\" style=\"left:566.0344px; bottom:684.25934px;\">(2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>8)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws27_1\" style=\"bottom:665.9121px;\">Swit<span class=\"__1 _200\"/>ches<span class=\"__1 _218\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>1)<span class=\"__1 _256\"> </span><span class=\"lsc_1 wsa_1\">31<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:523.46655px; bottom:665.90607px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws71_1\" style=\"bottom:647.55286px;\">Assumption changes<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls59_1 ws63_1\" style=\"left:121.888794px; bottom:651.7986px;\">iv<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:397.32526px; bottom:647.55286px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls11_1 ws10_1\" style=\"left:503.48608px; bottom:647.55286px;\">(3<span class=\"__1 _201\"/>47<span class=\"__1 _201\"/>)<span class=\"__1 _3f_1\"> </span>(3<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:629.20557px;\">Inves<span class=\"__1 _201\"/>tment-relate<span class=\"__1 _201\"/>d items and oth<span class=\"__1 _201\"/>er move<span class=\"__1 _201\"/>ments<span class=\"__1 _415\"> </span><span class=\"ls3f_1 ws41_1\">8,960<span class=\"__1 _1a_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>3<span class=\"__1 _c_1\"> </span><span class=\"ls27_1 ws27_1\">3<span class=\"__1 _201\"/>50<span class=\"__1 _249\"> </span><span class=\"ls4d_1 ws54_1\">10,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>83<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:610.85834px;\">Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _201\"/> <span class=\"__1 _e6_1\"> </span><span class=\"ls18_1 ws17_1\">(8<span class=\"__1 _201\"/>0)<span class=\"__1 _c_1\"> </span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:523.46655px; bottom:610.8465px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsa_1 ws8_1\" style=\"left:568.18695px; bottom:610.8465px;\">(13<span class=\"__1 _250\"/>6)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:592.49927px;\">As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 2021/<span class=\"__1 _f_1\"/>A<span class=\"__1 _201\"/>s at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _416\"> </span><span class=\"ls2a_1 ws2a_1\">138<span class=\"__1 _201\"/>,62<span class=\"__1 _201\"/>9<span class=\"__1 _245\"> </span>19<span class=\"__1 _201\"/>,813<span class=\"__1 _282\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>1<span class=\"__1 _258\"> </span><span class=\"ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>3<span class=\"__1 _252\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>9)<span class=\"__1 _2d_1\"> </span><span class=\"ls4d_1 ws54_1\">175,<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"bottom:574.152px;\">Comprising:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:5.1585007px; bottom:555.80475px;\">Insuranc<span class=\"__1 _201\"/>e contract liabilities<span class=\"__1 _ac_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">39,<span class=\"__1 _201\"/>203<span class=\"__1 _211\"> </span>4<span class=\"__1 _201\"/>,978<span class=\"__1 _1c_1\"> </span><span class=\"lsc_1 wsa_1\">19,0<span class=\"__1 _201\"/>42<span class=\"__1 _290\"> </span><span class=\"lsb_1 ws32_1\">63,<span class=\"__1 _201\"/>223<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:5.1585007px; bottom:537.4575px;\">Investment contra<span class=\"__1 _201\"/>ct liabilities with DPF<span class=\"__1 _405\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">8<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,70<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:460.8777px; bottom:537.43365px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls1a_1 ws19_1\" style=\"left:514.3968px; bottom:537.43365px;\">43<span class=\"__1 _18a_1\"> </span><span class=\"ls43_1 ws47_1\">8<span class=\"__1 _201\"/>2<span class=\"__1 _e7_1\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:5.1585007px; bottom:519.0864px;\">Investment contra<span class=\"__1 _201\"/>ct liabilities witho<span class=\"__1 _201\"/>ut DPF<span class=\"__1 _5c_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">3<span class=\"__1 _18a_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>83<span class=\"__1 _201\"/>5<span class=\"__1 _1d_1\"> </span><span class=\"ls10_1 wsf_1\">46<span class=\"__1 _290\"> </span></span>14<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>88<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:5.1585007px; bottom:500.73914px;\">Unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _417\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">16<span class=\"__1 _201\"/>,72<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:460.8777px; bottom:500.72717px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls33_1 ws34_1\" style=\"left:552.5811px; bottom:500.72717px;\">16<span class=\"__1 _201\"/>,72<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws1b_1\" style=\"bottom:482.37988px;\">Net Flows:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"bottom:464.03265px;\">Premiums<span class=\"__1 _411\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">6,<span class=\"__1 _201\"/>270<span class=\"__1 _253\"> </span><span class=\"ls15_1 ws14_1\">87<span class=\"__1 _201\"/>7<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">148<span class=\"__1 _204\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"bottom:445.68542px;\">Surrenders<span class=\"__1 _365\"> </span><span class=\"ff1_1 ls11_1 ws10_1\">(6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>6)<span class=\"__1 _290\"> </span><span class=\"ls3f_1 ws41_1\">(2,<span class=\"__1 _201\"/>273)<span class=\"__1 _237\"> </span><span class=\"ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>1)<span class=\"__1 _216\"> </span><span class=\"ls3c_1 ws3d_1\">(8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>20)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:427.33813px;\">Matur<span class=\"__1 _201\"/>ities/deaths<span class=\"__1 _19c_1\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _3f_1\"> </span><span class=\"ls3c_1 ws3d_1\">(<span class=\"__1 _201\"/>517<span class=\"__1 _201\"/>)<span class=\"__1 _245\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>1)<span class=\"__1 _213\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>75)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws93_1\" style=\"bottom:408.9909px;\">Net<span class=\"__1 _201\"/> flows<span class=\"__1 _16b_1\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _250\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3)<span class=\"__1 _245\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _217\"> </span><span class=\"ls24_1 ws23_1\">(<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>)<span class=\"__1 _327\"> </span><span class=\"ls49_1 ws4f_1\">(<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:390.64365px;\">Corporate t<span class=\"__1 _200\"/>ransactions<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls41_1 ws45_1\" style=\"left:134.6499px; bottom:394.8537px;\">iii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:397.32526px; bottom:390.60794px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:372.25485px;\">Shareholders<span class=\"__1 _200\"/>\u2019 tran<span class=\"__1 _200\"/>sfers post<span class=\"__1 _200\"/>-t<span class=\"__1 _200\"/>ax<span class=\"__1 _414\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>61<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:460.8777px; bottom:372.25485px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls26_1 ws26_1\" style=\"left:566.0344px; bottom:372.25485px;\">(3<span class=\"__1 _201\"/>61)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws27_1\" style=\"bottom:353.9076px;\">Swit<span class=\"__1 _200\"/>ches<span class=\"__1 _1df_1\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _250\"/>4)<span class=\"__1 _345\"> </span><span class=\"ls34_1 ws35_1\">44<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:523.46655px; bottom:353.90158px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws71_1\" style=\"bottom:335.54834px;\">Assumption changes<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls59_1 ws63_1\" style=\"left:121.888794px; bottom:339.7941px;\">iv<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:397.32526px; bottom:335.54834px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls21_1 ws20_1\" style=\"left:503.48608px; bottom:335.54834px;\">(275<span class=\"__1 _201\"/>)<span class=\"__1 _240\"> </span>(275)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:317.20108px;\">Inves<span class=\"__1 _201\"/>tment-relate<span class=\"__1 _201\"/>d items and oth<span class=\"__1 _201\"/>er move<span class=\"__1 _201\"/>ments<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:273.86444px; bottom:321.44086px;\">v<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls24_1 ws23_1\" style=\"left:369.6231px; bottom:317.1951px;\">(<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _1c_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _1c_1\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _b1_1\"> </span></span>(1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:298.84784px;\">Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces<span class=\"__1 _201\"/> <span class=\"__1 _418\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">86<span class=\"__1 _1d_1\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _252\"> </span><span class=\"ls45_1 ws49_1\">113<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:280.5006px;\">As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _418\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>5,971<span class=\"__1 _206\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>4<span class=\"__1 _210\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>81<span class=\"__1 _b1_1\"> </span><span class=\"ls15_1 ws14_1\">155,4<span class=\"__1 _201\"/>66<span class=\"__1 _288\"> </span><span class=\"ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>4)<span class=\"__1 _2d_1\"> </span></span></span></span></span>15<span class=\"__1 _201\"/>4,<span class=\"__1 _201\"/>522<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"bottom:262.15335px;\">Comprising:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:5.1585007px; bottom:243.80609px;\">Insuranc<span class=\"__1 _201\"/>e contract liabilities<span class=\"__1 _ac_1\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">32<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>299<span class=\"__1 _204\"> </span><span class=\"ls23_1 ws22_1\">4,<span class=\"__1 _201\"/>214<span class=\"__1 _4c_1\"> </span><span class=\"ls2a_1 ws2a_1\">13,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>92<span class=\"__1 _216\"> </span><span class=\"ls32_1 ws33_1\">49,<span class=\"__1 _201\"/>805<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:5.1585007px; bottom:225.45883px;\">Investment contra<span class=\"__1 _201\"/>ct liabilities with DPF<span class=\"__1 _299\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">78,<span class=\"__1 _201\"/>539<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:460.8777px; bottom:225.42914px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls15_1 ws14_1\" style=\"left:514.3968px; bottom:225.42914px;\">55<span class=\"__1 _290\"> </span><span class=\"ls1c_1 ws43_1\">78,<span class=\"__1 _201\"/>594<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:5.1585007px; bottom:207.08191px;\">Investment contra<span class=\"__1 _201\"/>ct liabilities witho<span class=\"__1 _201\"/>ut DPF<span class=\"__1 _5c_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">3<span class=\"__1 _18a_1\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>0<span class=\"__1 _1d_1\"> </span><span class=\"ls53_1 ws5b_1\">34<span class=\"__1 _210\"> </span></span>11,<span class=\"__1 _201\"/>93<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:5.1585007px; bottom:188.73465px;\">Unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _c0_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:460.8777px; bottom:188.72281px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls24_1 ws23_1\" style=\"left:553.89px; bottom:188.72281px;\">1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:162.67184px;\">i <span class=\"__1 _2d_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es th<span class=\"__1 _201\"/>e WPS<span class=\"__1 _201\"/>F<span class=\"__1 _200\"/>, the DC<span class=\"__1 _201\"/>PS<span class=\"__1 _201\"/>F and th<span class=\"__1 _201\"/>e SAI<span class=\"__1 _201\"/>F<span class=\"__1 _f_1\"/>, i<span class=\"__1 _201\"/>nclu<span class=\"__1 _201\"/>din<span class=\"__1 _201\"/>g the no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>profi<span class=\"__1 _201\"/>t bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss w<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>ten wi<span class=\"__1 _201\"/>thin t<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e fun<span class=\"__1 _201\"/>ds. O<span class=\"__1 _201\"/>n 1 Ap<span class=\"__1 _201\"/>ril 20<span class=\"__1 _201\"/>21 the c<span class=\"__1 _201\"/>los<span class=\"__1 _201\"/>ed SA<span class=\"__1 _201\"/>IF fu<span class=\"__1 _201\"/>nd me<span class=\"__1 _201\"/>rge<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:149.92485px;\">wit<span class=\"__1 _201\"/>h P<span class=\"__1 _200\"/>AC\u2019s mai<span class=\"__1 _201\"/>n WPS<span class=\"__1 _201\"/>F and t<span class=\"__1 _201\"/>he as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and l<span class=\"__1 _201\"/>iabi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es of SA<span class=\"__1 _201\"/>IF co<span class=\"__1 _201\"/>mbi<span class=\"__1 _201\"/>ned w<span class=\"__1 _201\"/>ith th<span class=\"__1 _201\"/>ose of t<span class=\"__1 _201\"/>he WP<span class=\"__1 _201\"/>SF<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:133.05135px;\">ii  <span class=\"__1 _5a_1\"> </span>Rei<span class=\"__1 _201\"/>nsur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es Re<span class=\"__1 _201\"/>insu<span class=\"__1 _201\"/>ran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s of \u00a31,186m n<span class=\"__1 _201\"/>et of l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y sw<span class=\"__1 _201\"/>ap lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s of \u00a324<span class=\"__1 _201\"/>2m (31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 2<span class=\"__1 _201\"/>021: \u00a3174m)<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:120.30435px;\">inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>ed in Ac<span class=\"__1 _201\"/>cru<span class=\"__1 _201\"/>als<span class=\"__1 _201\"/>, def<span class=\"__1 _201\"/>erre<span class=\"__1 _201\"/>d inc<span class=\"__1 _201\"/>ome a<span class=\"__1 _201\"/>nd oth<span class=\"__1 _201\"/>er li<span class=\"__1 _201\"/>abil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s on th<span class=\"__1 _201\"/>e con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>date<span class=\"__1 _201\"/>d sta<span class=\"__1 _201\"/>teme<span class=\"__1 _201\"/>nt of fin<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>ial po<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on an<span class=\"__1 _201\"/>d in No<span class=\"__1 _201\"/>te 30, b<span class=\"__1 _201\"/>ut prev<span class=\"__1 _201\"/>io<span class=\"__1 _201\"/>usly p<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>ente<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:107.55734px;\">in Re<span class=\"__1 _201\"/>insu<span class=\"__1 _201\"/>ran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s. Fo<span class=\"__1 _201\"/>r the c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>arati<span class=\"__1 _201\"/>ve pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>ds al<span class=\"__1 _201\"/>l rein<span class=\"__1 _201\"/>sura<span class=\"__1 _201\"/>nce i<span class=\"__1 _201\"/>s pres<span class=\"__1 _201\"/>ente<span class=\"__1 _201\"/>d in Re<span class=\"__1 _201\"/>ins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:90.68384px;\">iii <span class=\"__1 _5a_1\"> </span>Cor<span class=\"__1 _201\"/>po<span class=\"__1 _201\"/>rate tr<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>ion<span class=\"__1 _201\"/>s in 202<span class=\"__1 _201\"/>1 relat<span class=\"__1 _201\"/>es to the i<span class=\"__1 _201\"/>mpa<span class=\"__1 _201\"/>ct of t<span class=\"__1 _201\"/>he Pa<span class=\"__1 _201\"/>rt V<span class=\"__1 _201\"/>II tr<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>fer of a<span class=\"__1 _201\"/>nnu<span class=\"__1 _201\"/>ity b<span class=\"__1 _201\"/>usi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s to Roth<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>ay Lif<span class=\"__1 _201\"/>e PLC whi<span class=\"__1 _201\"/>ch de<span class=\"__1 _201\"/>crea<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d annu<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y and ot<span class=\"__1 _201\"/>her<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:77.936844px;\">lo<span class=\"__1 _201\"/>ng-te<span class=\"__1 _201\"/>rm bu<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>s by \u00a39,<span class=\"__1 _201\"/>55<span class=\"__1 _201\"/>8m an<span class=\"__1 _201\"/>d red<span class=\"__1 _201\"/>uce<span class=\"__1 _201\"/>d the re<span class=\"__1 _201\"/>ins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set b<span class=\"__1 _201\"/>y \u00a39,<span class=\"__1 _201\"/>55<span class=\"__1 _201\"/>8m<span class=\"__1 _201\"/>, and th<span class=\"__1 _201\"/>e acq<span class=\"__1 _201\"/>uisi<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of MG<span class=\"__1 _201\"/>SA whi<span class=\"__1 _201\"/>ch in<span class=\"__1 _201\"/>crea<span class=\"__1 _201\"/>sed u<span class=\"__1 _201\"/>nit-lin<span class=\"__1 _201\"/>ked lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s by<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:17.541298px; bottom:65.18985px;\">\u00a3598m.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:48.316345px;\">iv <span class=\"__1 _285\"> </span>Refe<span class=\"__1 _201\"/>r to bre<span class=\"__1 _201\"/>akdow<span class=\"__1 _201\"/>n of as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tion c<span class=\"__1 _201\"/>han<span class=\"__1 _201\"/>ges b<span class=\"__1 _201\"/>elo<span class=\"__1 _201\"/>w.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:31.442848px;\">v <span class=\"__1 _6c_1\"> </span>Re<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n over 20<span class=\"__1 _201\"/>22 p<span class=\"__1 _201\"/>rima<span class=\"__1 _201\"/>ril<span class=\"__1 _201\"/>y refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of a<span class=\"__1 _201\"/>dve<span class=\"__1 _201\"/>rse m<span class=\"__1 _201\"/>arket m<span class=\"__1 _201\"/>ovem<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s over th<span class=\"__1 _201\"/>e year, in pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>icul<span class=\"__1 _201\"/>ar the s<span class=\"__1 _201\"/>ign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant r<span class=\"__1 _201\"/>ise i<span class=\"__1 _201\"/>n intere<span class=\"__1 _201\"/>st r<span class=\"__1 _201\"/>ates<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:14.569344px;\">vi <span class=\"__1 _285\"> </span>Th<span class=\"__1 _201\"/>e redu<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on ove<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 is dr<span class=\"__1 _201\"/>ive<span class=\"__1 _201\"/>n by the s<span class=\"__1 _201\"/>ame f<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tors a<span class=\"__1 _201\"/>s the un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>ly<span class=\"__1 _201\"/>ing li<span class=\"__1 _201\"/>abil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s, n<span class=\"__1 _201\"/>ame<span class=\"__1 _201\"/>ly th<span class=\"__1 _201\"/>e ris<span class=\"__1 _201\"/>e in inte<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>t rates a<span class=\"__1 _201\"/>nd we<span class=\"__1 _201\"/>akenin<span class=\"__1 _201\"/>g of th<span class=\"__1 _201\"/>e annu<span class=\"__1 _201\"/>itan<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls3_1 ws69_1\" style=\"left:17.541298px; bottom:1.8223419px;\">mor<span class=\"__1 _201\"/>tality basis<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:1035.4797px;\">26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div>The t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s below s<span class=\"__1 _201\"/>et out th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t of as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>n chang<span class=\"__1 _201\"/>es on gros<span class=\"__1 _201\"/>s po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilities ove<span class=\"__1 _201\"/>r the cur<span class=\"__1 _201\"/>rent and p<span class=\"__1 _201\"/>reviou<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting pe<span class=\"__1 _201\"/>riod<span class=\"__1 _201\"/>. The im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profits Fun<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties is off<span class=\"__1 _201\"/>set by a co<span class=\"__1 _201\"/>rres<span class=\"__1 _201\"/>pond<span class=\"__1 _201\"/>ing redu<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on in the un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus<span class=\"__1 _201\"/> of the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund a<span class=\"__1 _201\"/>nd is the<span class=\"__1 _201\"/>refore rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ted as \u00a3nil i<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>e above.<span class=\"__1 _32b\"> </span>Assumption ch<span class=\"__1 _200\"/>anges impact on<span class=\"__1 _200\"/> shareholder<span class=\"__1 _f_1\"/>-backed business<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Longevity<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>(29<span class=\"__1 _201\"/>2)<span class=\"__1 _7d_1\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>20<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Expenses (including i<span class=\"__1 _200\"/>nvestment<span class=\"__1 _200\"/> management<span class=\"__1 _200\"/> expenses<span class=\"__1 _200\"/>)<span class=\"__1 _419\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">17<span class=\"__1 _288\"> </span></span><span class=\"ls5b_1 ws67_1\">(8)<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _2f_1\"> </span><span class=\"ls21_1 ws20_1\">(27<span class=\"__1 _201\"/>5)<span class=\"__1 _7d_1\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Assumption ch<span class=\"__1 _200\"/>anges impact on<span class=\"__1 _200\"/> With-Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>offset by<span class=\"__1 _200\"/> opposite<span class=\"__1 _200\"/> movement<span class=\"__1 _200\"/> in un<span class=\"__1 _200\"/>allocated su<span class=\"__1 _200\"/>rplus<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Longevity<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>(2<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8)<span class=\"__1 _253\"> </span><span class=\"ff2_1 ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span>Persistency<span class=\"__1 _21a\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">99<span class=\"__1 _e_1\"> </span></span><span class=\"ls11_1 ws10_1\">116<span class=\"__1 _32b\"> </span></span>Expenses (including i<span class=\"__1 _200\"/>nvestment<span class=\"__1 _200\"/> management<span class=\"__1 _200\"/> expenses<span class=\"__1 _200\"/>)<span class=\"__1 _21b\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">210<span class=\"__1 _345\"> </span></span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>17<span class=\"__1 _288\"> </span><span class=\"ff2_1 ls5b_1 ws67_1\">(8)<span class=\"__1 _32b\"> </span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _21c\"> </span><span class=\"ls16_1 ws15_1\">48<span class=\"__1 _228\"> </span><span class=\"ff2_1 ls18_1 ws17_1\">(50)<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e net of r<span class=\"__1 _201\"/>eins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>ts of l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>evi<span class=\"__1 _201\"/>ty a<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>mpti<span class=\"__1 _201\"/>on cha<span class=\"__1 _201\"/>nge<span class=\"__1 _201\"/>s, a<span class=\"__1 _201\"/>s set o<span class=\"__1 _201\"/>ut in th<span class=\"__1 _201\"/>e Busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s an<span class=\"__1 _201\"/>d Fina<span class=\"__1 _201\"/>ncia<span class=\"__1 _201\"/>l revi<span class=\"__1 _201\"/>ew, are \u00a3(193)<span class=\"__1 _201\"/>m in 20<span class=\"__1 _201\"/>22 an<span class=\"__1 _201\"/>d \u00a3(125)m<span class=\"__1 _201\"/> in 2021.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>\u2018O<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r\u2019 c<span class=\"__1 _201\"/>atego<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es no<span class=\"__1 _201\"/>n-a<span class=\"__1 _201\"/>nnui<span class=\"__1 _201\"/>tant m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, mo<span class=\"__1 _201\"/>rbi<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/>y, and ju<span class=\"__1 _201\"/>dge<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>al as<span class=\"__1 _201\"/>sum<span class=\"__1 _201\"/>ptio<span class=\"__1 _201\"/>n chan<span class=\"__1 _201\"/>ges i<span class=\"__1 _201\"/>n res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e lon<span class=\"__1 _201\"/>g-te<span class=\"__1 _201\"/>rm vi<span class=\"__1 _201\"/>ew of cre<span class=\"__1 _201\"/>dit r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Any i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t re<span class=\"__1 _201\"/>latin<span class=\"__1 _201\"/>g to chan<span class=\"__1 _201\"/>ge<span class=\"__1 _201\"/>s in tho<span class=\"__1 _201\"/>se co<span class=\"__1 _201\"/>mpo<span class=\"__1 _201\"/>nen<span class=\"__1 _201\"/>ts of th<span class=\"__1 _201\"/>e cred<span class=\"__1 _201\"/>it def<span class=\"__1 _201\"/>aul<span class=\"__1 _201\"/>t allo<span class=\"__1 _201\"/>wan<span class=\"__1 _201\"/>ce that a<span class=\"__1 _201\"/>re not s<span class=\"__1 _201\"/>ubj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive b<span class=\"__1 _201\"/>ut are p<span class=\"__1 _201\"/>urel<span class=\"__1 _201\"/>y mar<span class=\"__1 _201\"/>ket-dr<span class=\"__1 _201\"/>iven a<span class=\"__1 _201\"/>re all<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ated to<span class=\"__1 _201\"/> \u2018investment<span class=\"__1 _f_1\"/>-related it<span class=\"__1 _200\"/>ems and<span class=\"__1 _200\"/> other<span class=\"__1 _200\"/> movements<span class=\"__1 _200\"/>\u2019<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of lon<span class=\"__1 _201\"/>gevit<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>on update<span class=\"__1 _201\"/>s over the rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ting p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d refle<span class=\"__1 _201\"/>cts th<span class=\"__1 _201\"/>e weakenin<span class=\"__1 _201\"/>g of the bas<span class=\"__1 _201\"/>is for sh<span class=\"__1 _201\"/>arehol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/> and p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder b<span class=\"__1 _201\"/>acked annu<span class=\"__1 _201\"/>ity b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of lowe<span class=\"__1 _201\"/>r future im<span class=\"__1 _201\"/>proveme<span class=\"__1 _201\"/>nts in mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, as set ou<span class=\"__1 _201\"/>t in<span class=\"__1 _32b\"> </span>26.1.3<span class=\"__1 _201\"/>. Persi<span class=\"__1 _201\"/>stenc<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns were als<span class=\"__1 _201\"/>o update<span class=\"__1 _201\"/>d for the yea<span class=\"__1 _201\"/>r ende<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 for a num<span class=\"__1 _201\"/>ber of wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits pro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>line<span class=\"__1 _201\"/>s in orde<span class=\"__1 _201\"/>r to reflec<span class=\"__1 _201\"/>t eme<span class=\"__1 _201\"/>rging exp<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ence. T<span class=\"__1 _201\"/>he imp<span class=\"__1 _201\"/>act in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of exp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>e assum<span class=\"__1 _201\"/>ption ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s predo<span class=\"__1 _201\"/>minatel<span class=\"__1 _201\"/>y refle<span class=\"__1 _201\"/>cts th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>impa<span class=\"__1 _201\"/>ct of hi<span class=\"__1 _201\"/>gher s<span class=\"__1 _201\"/>alar<span class=\"__1 _201\"/>y an<span class=\"__1 _201\"/>d cost i<span class=\"__1 _201\"/>nflatio<span class=\"__1 _201\"/>n. The \u2018ot<span class=\"__1 _201\"/>her\u2019 c<span class=\"__1 _201\"/>atego<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y inclu<span class=\"__1 _201\"/>des th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t of the in<span class=\"__1 _201\"/>crease i<span class=\"__1 _201\"/>n the lon<span class=\"__1 _201\"/>g-term su<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>tive<span class=\"__1 _201\"/> (non-<span class=\"__1 _201\"/>market dri<span class=\"__1 _201\"/>ven) compo<span class=\"__1 _201\"/>nent<span class=\"__1 _201\"/>s of the cred<span class=\"__1 _201\"/>it defa<span class=\"__1 _201\"/>ult allow<span class=\"__1 _201\"/>ance.<span class=\"__1 _201\"/> Fur<span class=\"__1 _201\"/>ther ana<span class=\"__1 _201\"/>lysis o<span class=\"__1 _201\"/>f the movem<span class=\"__1 _201\"/>ent in the G<span class=\"__1 _201\"/>roup\u2019s insura<span class=\"__1 _201\"/>nce co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t liabili<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>, reinsu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>, invest<span class=\"__1 _201\"/>ment co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t liabil<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/> and un<span class=\"__1 _201\"/>allo<span class=\"__1 _201\"/>cated su<span class=\"__1 _201\"/>rplus of th<span class=\"__1 _201\"/>e With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund is prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d belo<span class=\"__1 _201\"/>w<span class=\"__1 _200\"/>. The m<span class=\"__1 _201\"/>oveme<span class=\"__1 _201\"/>nt in thes<span class=\"__1 _201\"/>e items is pre<span class=\"__1 _201\"/>domi<span class=\"__1 _201\"/>nantly a<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated<span class=\"__1 _201\"/> to the \u201cb<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts and c<span class=\"__1 _201\"/>laims an<span class=\"__1 _201\"/>d moveme<span class=\"__1 _201\"/>nt in unall<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ated surp<span class=\"__1 _201\"/>lus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund, net of re<span class=\"__1 _201\"/>insura<span class=\"__1 _201\"/>nce\u201d line in th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment, a<span class=\"__1 _201\"/>lthou<span class=\"__1 _201\"/>gh cer<span class=\"__1 _201\"/>tain m<span class=\"__1 _201\"/>ovemen<span class=\"__1 _201\"/>ts such a<span class=\"__1 _201\"/>s premium<span class=\"__1 _201\"/>s recei<span class=\"__1 _201\"/>ved an<span class=\"__1 _201\"/>d claims p<span class=\"__1 _201\"/>aid on inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span>contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s witho<span class=\"__1 _201\"/>ut DPF<span class=\"__1 _f_1\"/>, a<span class=\"__1 _201\"/>re not charg<span class=\"__1 _201\"/>ed to the co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated in<span class=\"__1 _201\"/>come s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span>26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:475.68573px; bottom:955.93567px;\">Insurance <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:477.41925px; bottom:943.9341px;\">contracts<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:507.62762px; bottom:931.9326px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3b_1 ws3c_1\" style=\"left:538.6464px; bottom:955.93567px;\">Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:544.9428px; bottom:943.9341px;\">contracts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:591.1923px; bottom:947.4291px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:577.09033px; bottom:931.9326px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:609.063px; bottom:979.9281px;\">Unallocated <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:601.9329px; bottom:967.92664px;\">sur<span class=\"__1 _201\"/>plu<span class=\"__1 _201\"/>s of the<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:607.8027px; bottom:955.9252px;\">With-Profits <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls8a_1 wsa1_1\" style=\"left:642.5637px; bottom:943.9236px;\">Fun<span class=\"__1 _201\"/>d<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:652.0251px; bottom:931.9221px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:681.1539px; bottom:955.9252px;\">Reinsurers<span class=\"__1 _200\"/>\u2019<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 lsd_1 wsb_1\" style=\"left:703.3342px; bottom:943.9236px;\">Share<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls7d_1 ws90_1\" style=\"left:731.9009px; bottom:947.4291px;\">ii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:931.9326px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:912.17645px;\">As at 1 J<span class=\"__1 _201\"/>anu<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2021<span class=\"__1 _21d\"> </span><span class=\"ff2_1 ls23_1 ws22_1\">76,<span class=\"__1 _201\"/>650<span class=\"__1 _208\"> </span><span class=\"ls43_1 ws47_1\">9<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>0<span class=\"__1 _237\"> </span><span class=\"ls40_1 ws44_1\">15,621<span class=\"__1 _208\"> </span><span class=\"lsa_1 ws8_1\">(11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>76<span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"bottom:892.41394px;\">Additions arising on acquisitions<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls41_1 ws45_1\" style=\"left:186.91064px; bottom:896.66583px;\">iii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:516.6918px; bottom:892.4201px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:569.73224px; bottom:892.4201px;\">598<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:660.7701px; bottom:892.4201px;\">\u2014<span class=\"__1 _b8_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:872.66376px;\">Inco<span class=\"__1 _201\"/>me and ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e inclu<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls59_1 ws63_1\" style=\"left:313.15936px; bottom:876.9095px;\">iv<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsa_1 ws8_1\" style=\"left:481.4826px; bottom:872.66376px;\">(13<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>6)<span class=\"__1 _240\"> </span><span class=\"ls16_1 ws15_1\">3,556<span class=\"__1 _228\"> </span><span class=\"ls42_1 ws46_1\">1,052<span class=\"__1 _242\"> </span><span class=\"ls4d_1 ws54_1\">10,08<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:852.90125px;\">Other movemen<span class=\"__1 _200\"/>ts includi<span class=\"__1 _200\"/>ng amounts<span class=\"__1 _200\"/> included in<span class=\"__1 _200\"/> other<span class=\"__1 _200\"/> comprehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:448.76703px; bottom:857.15314px;\">v<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:516.6918px; bottom:852.9074px;\">5<span class=\"__1 _14d_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _12f_1\"> </span></span>2<span class=\"__1 _13d_1\"> </span>6<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:833.1449px;\">Foreig<span class=\"__1 _201\"/>n exchange tr<span class=\"__1 _201\"/>anslati<span class=\"__1 _201\"/>on diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es<span class=\"__1 _21e\"> </span><span class=\"ls5b_1 ws67_1\">(<span class=\"__1 _201\"/>76)<span class=\"__1 _219\"> </span><span class=\"ls8_1 ws6_1\">(57<span class=\"__1 _201\"/>)<span class=\"__1 _311\"> </span><span class=\"ls34_1 ws35_1\">48<span class=\"__1 _367\"> </span><span class=\"ls33_1 ws34_1\">(<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:813.3824px;\">As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 2021/<span class=\"__1 _f_1\"/>A<span class=\"__1 _201\"/>s at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>22<span class=\"__1 _326\"> </span><span class=\"lsb_1 ws32_1\">63<span class=\"__1 _201\"/>,223<span class=\"__1 _1d8_1\"> </span><span class=\"ls49_1 ws4f_1\">9<span class=\"__1 _250\"/>7,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>7<span class=\"__1 _212\"> </span><span class=\"ls33_1 ws34_1\">16<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>23<span class=\"__1 _204\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:793.6199px;\">Inco<span class=\"__1 _201\"/>me and ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e inclu<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e inco<span class=\"__1 _201\"/>me state<span class=\"__1 _201\"/>ment<span class=\"__1 _21f\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _248\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>3)<span class=\"__1 _3f_1\"> </span></span>(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>9)<span class=\"__1 _239\"> </span><span class=\"lsb_1 ws32_1\">735<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:773.85736px;\">Other movemen<span class=\"__1 _200\"/>ts includi<span class=\"__1 _200\"/>ng amounts<span class=\"__1 _200\"/> included in<span class=\"__1 _200\"/> other<span class=\"__1 _200\"/> comprehensive<span class=\"__1 _200\"/> income<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:448.76703px; bottom:778.12756px;\">v<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls45_1 ws49_1\" style=\"left:503.48608px; bottom:773.88184px;\">116<span class=\"__1 _4a_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>3)<span class=\"__1 _13d_1\"> </span><span class=\"ls56_1 ws5f_1\">(2)<span class=\"__1 _f7_1\"> </span></span>(15<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:754.1193px;\">Foreig<span class=\"__1 _201\"/>n exchange tr<span class=\"__1 _201\"/>anslati<span class=\"__1 _201\"/>on diff<span class=\"__1 _201\"/>erenc<span class=\"__1 _201\"/>es<span class=\"__1 _420\"> </span><span class=\"ff1_1 ls5_1\">3<span class=\"__1 _224\"> </span><span class=\"ls22_1 ws21_1\">30<span class=\"__1 _13d_1\"> </span><span class=\"ls15_1 ws14_1\">98<span class=\"__1 _13d_1\"> </span></span></span>5<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:734.3568px;\">As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _421\"> </span><span class=\"ls32_1 ws33_1\">49,<span class=\"__1 _201\"/>805<span class=\"__1 _282\"> </span><span class=\"ls19_1 ws18_1\">90,<span class=\"__1 _201\"/>531<span class=\"__1 _212\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>0<span class=\"__1 _237\"> </span><span class=\"ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:707.34px;\">i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>is com<span class=\"__1 _201\"/>pri<span class=\"__1 _201\"/>ses i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts w<span class=\"__1 _201\"/>ith di<span class=\"__1 _201\"/>scre<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>icip<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n featu<span class=\"__1 _201\"/>res of \u00a3<span class=\"__1 _201\"/>78<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>594<span class=\"__1 _201\"/>m as at 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 (2<span class=\"__1 _201\"/>021: \u00a3<span class=\"__1 _201\"/>82<span class=\"__1 _201\"/>,7<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>m) and inv<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:694.593px;\">con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>ts w<span class=\"__1 _201\"/>itho<span class=\"__1 _201\"/>ut di<span class=\"__1 _201\"/>scre<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>icip<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n featu<span class=\"__1 _201\"/>res of \u00a3<span class=\"__1 _201\"/>11,93<span class=\"__1 _201\"/>7m as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 (202<span class=\"__1 _201\"/>1: \u00a314<span class=\"__1 _201\"/>,8<span class=\"__1 _201\"/>84<span class=\"__1 _201\"/>m).<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:677.8455px;\">ii <span class=\"__1 _2e_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es re<span class=\"__1 _201\"/>insu<span class=\"__1 _201\"/>rers\u2019 s<span class=\"__1 _201\"/>hare o<span class=\"__1 _201\"/>f clai<span class=\"__1 _201\"/>ms out<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/>andi<span class=\"__1 _201\"/>ng of \u00a313<span class=\"__1 _201\"/>7m as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 (202<span class=\"__1 _201\"/>1: \u00a314<span class=\"__1 _201\"/>3m). Re<span class=\"__1 _201\"/>ins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce at 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22 in<span class=\"__1 _201\"/>clu<span class=\"__1 _201\"/>des<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:665.0985px;\">Rei<span class=\"__1 _201\"/>nsur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e As<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s of \u00a31,186<span class=\"__1 _201\"/>m net of l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>wap li<span class=\"__1 _201\"/>abil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s of \u00a32<span class=\"__1 _201\"/>42m in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed i<span class=\"__1 _201\"/>n Accr<span class=\"__1 _201\"/>uals<span class=\"__1 _201\"/>, def<span class=\"__1 _201\"/>err<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e and ot<span class=\"__1 _201\"/>her l<span class=\"__1 _201\"/>iabi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es on th<span class=\"__1 _201\"/>e con<span class=\"__1 _201\"/>sol<span class=\"__1 _201\"/>idate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:652.35156px;\">st<span class=\"__1 _201\"/>ateme<span class=\"__1 _201\"/>nt of fin<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>ial p<span class=\"__1 _201\"/>osit<span class=\"__1 _201\"/>ion a<span class=\"__1 _201\"/>nd in N<span class=\"__1 _201\"/>ote 30. F<span class=\"__1 _201\"/>or the c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>arat<span class=\"__1 _201\"/>ive p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ods a<span class=\"__1 _201\"/>ll rein<span class=\"__1 _201\"/>sur<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e is pre<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>ted in R<span class=\"__1 _201\"/>eins<span class=\"__1 _201\"/>ura<span class=\"__1 _201\"/>nce A<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:635.604px;\">iii <span class=\"__1 _5a_1\"> </span>Addi<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>ns ari<span class=\"__1 _201\"/>sin<span class=\"__1 _201\"/>g on ac<span class=\"__1 _201\"/>quis<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>ns fo<span class=\"__1 _201\"/>r the ye<span class=\"__1 _201\"/>ar to 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 2021 r<span class=\"__1 _201\"/>elate to t<span class=\"__1 _201\"/>he ac<span class=\"__1 _201\"/>quis<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n of MG<span class=\"__1 _201\"/>SA wh<span class=\"__1 _201\"/>ich in<span class=\"__1 _201\"/>crea<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d unit-li<span class=\"__1 _201\"/>nked li<span class=\"__1 _201\"/>abil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s by \u00a35<span class=\"__1 _201\"/>98m<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:618.8565px;\">iv  <span class=\"__1 _284\"> </span>In<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e and ex<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>se in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed in t<span class=\"__1 _201\"/>he in<span class=\"__1 _201\"/>com<span class=\"__1 _201\"/>e state<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/>nt in 20<span class=\"__1 _201\"/>21 inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>es the i<span class=\"__1 _201\"/>mpa<span class=\"__1 _201\"/>ct of t<span class=\"__1 _201\"/>he Pa<span class=\"__1 _201\"/>rt V<span class=\"__1 _201\"/>II tr<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>fer of a<span class=\"__1 _201\"/>nnu<span class=\"__1 _201\"/>ity b<span class=\"__1 _201\"/>usi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s to Rot<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>ay Lif<span class=\"__1 _201\"/>e PLC.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls2b_1 ws2b_1\" style=\"bottom:602.109px;\">v <span class=\"__1 _6c_1\"> </span>Other mo<span class=\"__1 _200\"/>vements i<span class=\"__1 _200\"/>ncluding amou<span class=\"__1 _200\"/>nts included<span class=\"__1 _200\"/> in ot<span class=\"__1 _200\"/>her compr<span class=\"__1 _200\"/>ehensive income<span class=\"__1 _200\"/> include pr<span class=\"__1 _200\"/>emiums<span class=\"__1 _200\"/> received and<span class=\"__1 _200\"/> claims<span class=\"__1 _200\"/> paid on<span class=\"__1 _200\"/> investment<span class=\"__1 _200\"/> contracts<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:589.36206px;\">wit<span class=\"__1 _201\"/>hou<span class=\"__1 _201\"/>t disc<span class=\"__1 _201\"/>retio<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ipati<span class=\"__1 _201\"/>ng fe<span class=\"__1 _201\"/>ature<span class=\"__1 _201\"/>s, w<span class=\"__1 _201\"/>hich a<span class=\"__1 _201\"/>re taken d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tl<span class=\"__1 _201\"/>y to the co<span class=\"__1 _201\"/>nso<span class=\"__1 _201\"/>lid<span class=\"__1 _201\"/>ated s<span class=\"__1 _201\"/>tatem<span class=\"__1 _201\"/>ent o<span class=\"__1 _201\"/>f finan<span class=\"__1 _201\"/>cia<span class=\"__1 _201\"/>l pos<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>n in acc<span class=\"__1 _201\"/>ord<span class=\"__1 _201\"/>ance w<span class=\"__1 _201\"/>ith I<span class=\"__1 _201\"/>AS 39<span class=\"__1 _201\"/>;<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:576.61505px;\">cha<span class=\"__1 _201\"/>nge<span class=\"__1 _201\"/>s in the u<span class=\"__1 _201\"/>nall<span class=\"__1 _201\"/>oc<span class=\"__1 _201\"/>ated s<span class=\"__1 _201\"/>urp<span class=\"__1 _201\"/>lus of t<span class=\"__1 _201\"/>he Wit<span class=\"__1 _201\"/>h-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fun<span class=\"__1 _201\"/>d resu<span class=\"__1 _201\"/>ltin<span class=\"__1 _201\"/>g from a<span class=\"__1 _201\"/>ctu<span class=\"__1 _201\"/>ari<span class=\"__1 _201\"/>al gai<span class=\"__1 _201\"/>ns an<span class=\"__1 _201\"/>d los<span class=\"__1 _201\"/>ses o<span class=\"__1 _201\"/>n the G<span class=\"__1 _201\"/>roup\u2019s d<span class=\"__1 _201\"/>efin<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>nefi<span class=\"__1 _201\"/>t pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>n sch<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:563.86804px;\">whi<span class=\"__1 _201\"/>ch are r<span class=\"__1 _201\"/>eco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tl<span class=\"__1 _201\"/>y in othe<span class=\"__1 _201\"/>r com<span class=\"__1 _201\"/>pre<span class=\"__1 _201\"/>hen<span class=\"__1 _201\"/>sive i<span class=\"__1 _201\"/>nco<span class=\"__1 _201\"/>me an<span class=\"__1 _201\"/>d bala<span class=\"__1 _201\"/>nce s<span class=\"__1 _201\"/>he<span class=\"__1 _201\"/>et real<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ati<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>. In 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, this a<span class=\"__1 _201\"/>lso re<span class=\"__1 _201\"/>fle<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s the di<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt of in<span class=\"__1 _201\"/>sura<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:551.12103px;\">po<span class=\"__1 _201\"/>lici<span class=\"__1 _201\"/>es in P<span class=\"__1 _201\"/>PL pre<span class=\"__1 _201\"/>vio<span class=\"__1 _201\"/>usl<span class=\"__1 _201\"/>y hel<span class=\"__1 _201\"/>d by the M<span class=\"__1 _201\"/>&amp;G Gr<span class=\"__1 _201\"/>oup Pe<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>on sc<span class=\"__1 _201\"/>hem<span class=\"__1 _201\"/>e. Ref<span class=\"__1 _201\"/>er to N<span class=\"__1 _201\"/>ote 17 for f<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r deta<span class=\"__1 _201\"/>ils<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:526.35394px;\">The b<span class=\"__1 _201\"/>elow ta<span class=\"__1 _201\"/>bles s<span class=\"__1 _201\"/>how the \u201c<span class=\"__1 _201\"/>Ben<span class=\"__1 _201\"/>efits an<span class=\"__1 _201\"/>d claims a<span class=\"__1 _201\"/>nd movem<span class=\"__1 _201\"/>ent in un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund, n<span class=\"__1 _201\"/>et of<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:509.8554px;\">reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e\u201d as shown in th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent. \u201c<span class=\"__1 _201\"/>Ben<span class=\"__1 _201\"/>efits an<span class=\"__1 _201\"/>d claims a<span class=\"__1 _201\"/>nd movem<span class=\"__1 _201\"/>ent in una<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:493.35693px;\">With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund, n<span class=\"__1 _201\"/>et of reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e\u201d compri<span class=\"__1 _201\"/>ses of th<span class=\"__1 _201\"/>e moveme<span class=\"__1 _201\"/>nt charge<span class=\"__1 _201\"/>d to the con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dated inc<span class=\"__1 _201\"/>ome st<span class=\"__1 _201\"/>atement p<span class=\"__1 _201\"/>resente<span class=\"__1 _201\"/>d in<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:476.85846px;\">the tab<span class=\"__1 _201\"/>le above<span class=\"__1 _201\"/>, and the b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>ts and c<span class=\"__1 _201\"/>laims pa<span class=\"__1 _201\"/>id over the p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d, ne<span class=\"__1 _201\"/>t of amoun<span class=\"__1 _201\"/>ts attr<span class=\"__1 _201\"/>ibutab<span class=\"__1 _201\"/>le to reins<span class=\"__1 _201\"/>urers<span class=\"__1 _201\"/>.</div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:256.53796px; bottom:447.99316px;\"> <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:381.97968px;\">For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:530.9752px; bottom:405.98267px;\">Policyholder<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:546.80927px; bottom:393.98117px;\">liabilities<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:588.1575px; bottom:397.47137px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:574.7496px; bottom:381.97488px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:605.0046px; bottom:429.9704px;\">Unallocated <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:597.65955px; bottom:417.96887px;\">sur<span class=\"__1 _201\"/>plu<span class=\"__1 _201\"/>s of the<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:603.46906px; bottom:405.9674px;\">With-Profits <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls8a_1 wsa1_1\" style=\"left:638.2886px; bottom:393.96588px;\">Fun<span class=\"__1 _201\"/>d<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:648.3675px; bottom:381.9644px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:676.3821px; bottom:405.9674px;\">Reinsurance <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls14_1 ws13_1\" style=\"left:710.2248px; bottom:393.96588px;\">asset<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:381.9644px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:362.21854px;\">Movem<span class=\"__1 _201\"/>ent in p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s and un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:347.22452px;\">incl<span class=\"__1 _201\"/>uded i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidated i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent<span class=\"__1 _422\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">1<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>0<span class=\"__1 _253\"> </span><span class=\"ls19_1 ws18_1\">1,689<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:729.28125px; bottom:347.21854px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:327.4622px;\">Movem<span class=\"__1 _201\"/>ent in rei<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d in cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:584.1539px; bottom:327.4622px;\">\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls23_1 ws22_1\" style=\"left:708.6688px; bottom:327.4622px;\">(7<span class=\"__1 _201\"/>35)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:307.69968px;\">Ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd claim<span class=\"__1 _201\"/>s paid<span class=\"__1 _372\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">(1<span class=\"__1 _201\"/>2<span class=\"__1 _e7_1\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:656.2604px; bottom:307.70584px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:728.2778px; bottom:307.70584px;\">\u2013<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:287.94333px;\">Ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd claim<span class=\"__1 _201\"/>s attri<span class=\"__1 _201\"/>butabl<span class=\"__1 _201\"/>e to exter<span class=\"__1 _201\"/>nal reins<span class=\"__1 _201\"/>urers<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:584.1539px; bottom:287.9495px;\">\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls27_1 ws27_1\" style=\"left:712.6517px; bottom:287.9495px;\">494<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:268.18698px;\">Benefits and claims<span class=\"__1 _200\"/> and mo<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>ement in<span class=\"__1 _200\"/> unallocated<span class=\"__1 _200\"/> surplus o<span class=\"__1 _200\"/>f the Wi<span class=\"__1 _200\"/>th-Profits Fund,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:253.193px;\">net of<span class=\"__1 _200\"/> reinsur<span class=\"__1 _200\"/>ance, as<span class=\"__1 _200\"/> shown<span class=\"__1 _200\"/> in consolida<span class=\"__1 _200\"/>ted<span class=\"__1 _200\"/> income sta<span class=\"__1 _200\"/>tement<span class=\"__1 _423\"> </span><span class=\"ls15_1 ws14_1\">6,987<span class=\"__1 _c_1\"> </span><span class=\"ls19_1 ws18_1\">1,689<span class=\"__1 _1d_1\"> </span><span class=\"ls17_1 ws16_1\">(2<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls3_1 ws69_1\" style=\"bottom:226.16418px;\">i <span class=\"__1 _2d_1\"> </span>Policyho<span class=\"__1 _201\"/>lder liabilities consis<span class=\"__1 _201\"/>t of<span class=\"__1 _200\"/> insurance contrac<span class=\"__1 _201\"/>t liabilities and investment contract liabiliti<span class=\"__1 _201\"/>es.</div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:256.53796px; bottom:197.30344px;\"> <span class=\"__1 _ea_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:131.28993px;\">For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:530.9752px; bottom:155.29294px;\">Policyholder<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:546.80927px; bottom:143.29143px;\">liabilities<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:588.1575px; bottom:146.78163px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:574.7496px; bottom:131.28513px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:605.0046px; bottom:179.28064px;\">Unallocated <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:597.65955px; bottom:167.27914px;\">sur<span class=\"__1 _201\"/>plu<span class=\"__1 _201\"/>s of the<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:603.46906px; bottom:155.27762px;\">With-Profits <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls8a_1 wsa1_1\" style=\"left:638.2886px; bottom:143.27614px;\">Fun<span class=\"__1 _201\"/>d<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:648.3675px; bottom:131.27463px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:676.3821px; bottom:155.27762px;\">Reinsurance <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls14_1 ws13_1\" style=\"left:710.2248px; bottom:143.27614px;\">asset<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:131.27463px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:111.52878px;\">Movem<span class=\"__1 _201\"/>ent in p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s and un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:96.53479px;\">incl<span class=\"__1 _201\"/>uded i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidated i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent<span class=\"__1 _424\"> </span><span class=\"ls23_1 ws22_1\">9,<span class=\"__1 _201\"/>807<span class=\"__1 _270\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,0<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:730.4907px; bottom:96.52878px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:76.77243px;\">Movem<span class=\"__1 _201\"/>ent in rei<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce as<span class=\"__1 _201\"/>set incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d in cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:584.1539px; bottom:76.77243px;\">\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsa_1 ws8_1\" style=\"left:693.45105px; bottom:76.77243px;\">(1<span class=\"__1 _201\"/>0,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>8)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:57.009933px;\">Ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd claim<span class=\"__1 _201\"/>s paid<span class=\"__1 _372\"> </span><span class=\"ls1f_1 ws1e_1\">(<span class=\"__1 _f_1\"/>13,358)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:656.2604px; bottom:57.016083px;\">\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:37.259735px;\">Ben<span class=\"__1 _201\"/>efits a<span class=\"__1 _201\"/>nd claim<span class=\"__1 _201\"/>s attri<span class=\"__1 _201\"/>butabl<span class=\"__1 _201\"/>e to exter<span class=\"__1 _201\"/>nal reins<span class=\"__1 _201\"/>urers<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:584.1539px; bottom:37.259735px;\">\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3f_1 ws41_1\" style=\"left:705.3154px; bottom:37.259735px;\">1,608<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:17.49723px;\">Benefits and claims<span class=\"__1 _200\"/> and mo<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>ement in<span class=\"__1 _200\"/> unallocated<span class=\"__1 _200\"/> surplus o<span class=\"__1 _200\"/>f the Wi<span class=\"__1 _200\"/>th-Profits Fund,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:2.5032349px;\">net of<span class=\"__1 _200\"/> reinsur<span class=\"__1 _200\"/>ance as<span class=\"__1 _200\"/> shown<span class=\"__1 _200\"/> in consolida<span class=\"__1 _200\"/>ted<span class=\"__1 _200\"/> income sta<span class=\"__1 _200\"/>tement<span class=\"__1 _425\"> </span><span class=\"ff2_1 ls16_1 ws15_1\">(<span class=\"__1 _200\"/>3,55<span class=\"__1 _f_1\"/>1<span class=\"__1 _200\"/>)<span class=\"__1 _3f_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>2)<span class=\"__1 _4a_1\"> </span><span class=\"ls18_1 ws17_1\">(8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:1013.5657px;\">26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div>26.3 Duration<span class=\"__1 _200\"/> of liabilitie<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s below s<span class=\"__1 _201\"/>how the exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted timin<span class=\"__1 _201\"/>g of the ca<span class=\"__1 _201\"/>sh flows w<span class=\"__1 _201\"/>hich ma<span class=\"__1 _201\"/>ke up the poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r liabil<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>acco<span class=\"__1 _201\"/>unted fo<span class=\"__1 _201\"/>r under I<span class=\"__1 _201\"/>FRS 4 an<span class=\"__1 _201\"/>d those a<span class=\"__1 _201\"/>ccounte<span class=\"__1 _201\"/>d for as fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l liabili<span class=\"__1 _201\"/>ties und<span class=\"__1 _201\"/>er IAS 3<span class=\"__1 _201\"/>9. Th<span class=\"__1 _201\"/>e expec<span class=\"__1 _201\"/>ted tim<span class=\"__1 _201\"/>ing of the c<span class=\"__1 _201\"/>ash flo<span class=\"__1 _201\"/>ws<span class=\"__1 _32b\"> </span>will d<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>d on the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t term an<span class=\"__1 _201\"/>d also exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tation<span class=\"__1 _201\"/>s of assu<span class=\"__1 _201\"/>mptions s<span class=\"__1 _201\"/>uch as fu<span class=\"__1 _201\"/>ture mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity a<span class=\"__1 _201\"/>nd per<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>ncy, depe<span class=\"__1 _201\"/>nding<span class=\"__1 _201\"/> on the t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>e of contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>. For with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts and u<span class=\"__1 _201\"/>nit<span class=\"__1 _200\"/>-linked c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>, ac<span class=\"__1 _201\"/>tual amo<span class=\"__1 _201\"/>unts paya<span class=\"__1 _201\"/>ble wil<span class=\"__1 _201\"/>l var<span class=\"__1 _201\"/>y with f<span class=\"__1 _201\"/>uture inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce of the fu<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>. The fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g table<span class=\"__1 _201\"/>s show th<span class=\"__1 _201\"/>e carr<span class=\"__1 _250\"/>ying v<span class=\"__1 _201\"/>alue of the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and t<span class=\"__1 _201\"/>he expe<span class=\"__1 _201\"/>cted ti<span class=\"__1 _201\"/>ming of<span class=\"__1 _201\"/> the c<span class=\"__1 _201\"/>ash flow<span class=\"__1 _201\"/>s, on a di<span class=\"__1 _201\"/>scoun<span class=\"__1 _201\"/>ted basi<span class=\"__1 _201\"/>s: <span class=\"__1 _df_1\"> </span><span class=\"ls3_1 ws3_1\">2022</span> <span class=\"__1 _426\"> </span><span class=\"ls2b_1 ws2b_1\">With-profits bu<span class=\"__1 _200\"/>siness<span class=\"__1 _271\"> </span>Annuity business (i<span class=\"__1 _200\"/>nsurance c<span class=\"__1 _200\"/>ontracts<span class=\"__1 _200\"/>)<span class=\"__1 _286\"> </span><span class=\"ls50_1 ws60_1\">O<span class=\"__1 _201\"/>ther<span class=\"__1 _200\"/> business and<span class=\"__1 _200\"/> unit<span class=\"__1 _f_1\"/>-linked<span class=\"__1 _a5_1\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span></span></span>As at<span class=\"__1 _201\"/> 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>Insurance <span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _1a_1\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span>Non-profit <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>annuities <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>within With-<span class=\"ls5_1 ws1_1\"> </span>Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>Shareholder<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>ba<span class=\"__1 _201\"/>cke<span class=\"__1 _201\"/>d<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>annuities<span class=\"__1 _214\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span>Insurance <span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _214\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _201\"/>t<span class=\"__1 _250\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span>Carr<span class=\"__1 _201\"/>ying value<span class=\"__1 _201\"/> (\u00a3m)<span class=\"__1 _427\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">25,<span class=\"__1 _201\"/>321<span class=\"__1 _327\"> </span><span class=\"ls40_1 ws44_1\">78<span class=\"__1 _201\"/>,528<span class=\"__1 _5e_1\"> </span><span class=\"ls32_1 ws33_1\">103,<span class=\"__1 _201\"/>849<span class=\"__1 _253\"> </span><span class=\"ls19_1 ws18_1\">6,6<span class=\"__1 _201\"/>84<span class=\"__1 _204\"> </span></span>12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>328<span class=\"__1 _5f_1\"> </span>19,012<span class=\"__1 _3f_1\"> </span><span class=\"ls1b_1 ws1a_1\">5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>47<span class=\"__1 _201\"/>3<span class=\"__1 _249\"> </span><span class=\"lsc_1 wsa_1\">12<span class=\"__1 _201\"/>,002<span class=\"__1 _1b0_1\"> </span><span class=\"ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>5<span class=\"__1 _245\"> </span><span class=\"ls1f_1 ws1e_1\">140,336<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted c<span class=\"__1 _201\"/>ash flow t<span class=\"__1 _201\"/>iming:<span class=\"__1 _32b\"> </span>0 to 5 years<span class=\"__1 _18b_1\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">3<span class=\"__1 _201\"/>6%<span class=\"__1 _3f_1\"> </span><span class=\"ls22_1 ws21_1\">37<span class=\"__1 _201\"/>%<span class=\"__1 _4a_1\"> </span>37%<span class=\"__1 _1d_1\"> </span><span class=\"ls42_1 ws46_1\">49%<span class=\"__1 _252\"> </span>39%<span class=\"__1 _243\"> </span><span class=\"ls17_1 ws16_1\">41%<span class=\"__1 _237\"> </span><span class=\"ls8c_1 wsa3_1\">4<span class=\"__1 _201\"/>4%<span class=\"__1 _272\"> </span></span></span></span></span>36%<span class=\"__1 _248\"> </span><span class=\"ls54_1 ws5c_1\">38%<span class=\"__1 _345\"> </span>3<span class=\"__1 _201\"/>8%<span class=\"__1 _32b\"> </span></span></span>5 to 10 years<span class=\"__1 _f4_1\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">2<span class=\"__1 _201\"/>5%<span class=\"__1 _5d_1\"> </span>25%<span class=\"__1 _240\"> </span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _232\"> </span><span class=\"ls3f_1 ws41_1\">27%<span class=\"__1 _252\"> </span></span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _206\"> </span>25%<span class=\"__1 _253\"> </span><span class=\"ls3f_1 ws41_1\">27%<span class=\"__1 _220\"> </span><span class=\"ls7_1 ws5_1\">26%<span class=\"__1 _248\"> </span>2<span class=\"__1 _201\"/>6%<span class=\"__1 _345\"> </span></span></span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _32b\"> </span></span>10 to 15 years<span class=\"__1 _e_1\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">17%<span class=\"__1 _1a_1\"> </span><span class=\"ls7_1 ws5_1\">16%<span class=\"__1 _7d_1\"> </span>16%<span class=\"__1 _271\"> </span><span class=\"ls1b_1 ws1a_1\">15%<span class=\"__1 _e_1\"> </span></span>16%<span class=\"__1 _282\"> </span>1<span class=\"__1 _201\"/>6%<span class=\"__1 _253\"> </span><span class=\"ls1b_1 ws1a_1\">1<span class=\"__1 _201\"/>5%<span class=\"__1 _1c2_1\"> </span><span class=\"ls54_1 ws5c_1\">18%<span class=\"__1 _243\"> </span></span></span></span>17%<span class=\"__1 _f7_1\"> </span><span class=\"ls7_1 ws5_1\">16%<span class=\"__1 _32b\"> </span></span></span>15 to 20 years<span class=\"__1 _2c_1\"> </span><span class=\"ff1_1 ws52_1\">1<span class=\"__1 _201\"/>0%<span class=\"__1 _5d_1\"> </span>10%<span class=\"__1 _240\"> </span>10%<span class=\"__1 _8d_1\"> </span><span class=\"ls7_1 ws5_1\">6%<span class=\"__1 _228\"> </span></span>10%<span class=\"__1 _1b5_1\"> </span><span class=\"ls42_1 ws46_1\">9%<span class=\"__1 _f4_1\"> </span><span class=\"ls28_1 ws28_1\">7%<span class=\"__1 _223\"> </span><span class=\"ls8_1 ws6_1\">11%<span class=\"__1 _206\"> </span></span></span></span>10%<span class=\"__1 _226\"> </span>10%<span class=\"__1 _32b\"> </span></span>20 to 25 year<span class=\"__1 _201\"/>s<span class=\"__1 _256\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">6%<span class=\"__1 _2c_1\"> </span>6%<span class=\"__1 _223\"> </span>6%<span class=\"__1 _2b_1\"> </span><span class=\"ls19_1 ws18_1\">2%<span class=\"__1 _264\"> </span><span class=\"ls1b_1 ws1a_1\">5<span class=\"__1 _201\"/>%<span class=\"__1 _1b5_1\"> </span>5%<span class=\"__1 _f4_1\"> </span><span class=\"ls8c_1 wsa3_1\">4%<span class=\"__1 _345\"> </span></span>5%<span class=\"__1 _3f_1\"> </span>5%<span class=\"__1 _224\"> </span></span></span>6%<span class=\"__1 _32b\"> </span></span>over 25 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _264\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">6%<span class=\"__1 _2c_1\"> </span>6%<span class=\"__1 _223\"> </span>6%<span class=\"__1 _311\"> </span><span class=\"ls8_1 ws6_1\">1%<span class=\"__1 _288\"> </span><span class=\"ls1b_1 ws1a_1\">5%<span class=\"__1 _3f_1\"> </span><span class=\"ls8c_1 wsa3_1\">4%<span class=\"__1 _1d_1\"> </span></span></span></span>3%<span class=\"__1 _e_1\"> </span><span class=\"ls8c_1 wsa3_1\">4%<span class=\"__1 _3f_1\"> </span>4%<span class=\"__1 _8c_1\"> </span><span class=\"ls1b_1 ws1a_1\">5%</span></span></span> <span class=\"__1 _428\"> </span><span class=\"ls3_1 ws3_1\">2021</span> <span class=\"__1 _427\"> </span><span class=\"ls2b_1 ws2b_1\">With-profits business<span class=\"__1 _256\"> </span>Annuity business (insura<span class=\"__1 _200\"/>nce cont<span class=\"__1 _200\"/>racts)<span class=\"__1 _286\"> </span><span class=\"ls50_1 ws60_1\">Other business and<span class=\"__1 _200\"/> unit<span class=\"__1 _f_1\"/>-linked<span class=\"__1 _a5_1\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _201\"/>t<span class=\"__1 _250\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span></span></span>As at<span class=\"__1 _201\"/> 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>Insurance <span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _208\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _32b\"> </span></span>Non-profit <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>annuities <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>within With-<span class=\"ls5_1 ws1_1\"> </span>Profits F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>Shareholder<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>ba<span class=\"__1 _201\"/>cke<span class=\"__1 _201\"/>d<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>annuities<span class=\"__1 _214\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span>Insurance <span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>contracts<span class=\"__1 _214\"> </span><span class=\"ls51_1 ws59_1\">To<span class=\"__1 _201\"/>t<span class=\"__1 _250\"/>a<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span></span>Carr<span class=\"__1 _201\"/>ying value<span class=\"__1 _201\"/> (\u00a3m)<span class=\"__1 _427\"> </span><span class=\"ls27_1 ws27_1\">29,507<span class=\"__1 _18a_1\"> </span><span class=\"ls8_1 ws6_1\">8<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,70<span class=\"__1 _201\"/>2<span class=\"__1 _5e_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>9<span class=\"__1 _219\"> </span>9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>311<span class=\"__1 _3f_1\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>6<span class=\"__1 _5f_1\"> </span><span class=\"lsc_1 wsa_1\">26<span class=\"__1 _201\"/>,957<span class=\"__1 _5d_1\"> </span></span></span></span>6<span class=\"__1 _201\"/>,76<span class=\"__1 _201\"/>0<span class=\"__1 _1cf_1\"> </span><span class=\"ls45_1 ws49_1\">14<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>92<span class=\"__1 _201\"/>4<span class=\"__1 _5f_1\"> </span><span class=\"ls40_1 ws44_1\">21,6<span class=\"__1 _201\"/>84<span class=\"__1 _217\"> </span></span></span></span></span>160,<span class=\"__1 _201\"/>85<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>Ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted c<span class=\"__1 _201\"/>ash flow t<span class=\"__1 _201\"/>iming:<span class=\"__1 _32b\"> </span>0 to 5 years<span class=\"__1 _8a_1\"> </span><span class=\"ls52_1 ws5a_1\">3<span class=\"__1 _201\"/>4%<span class=\"__1 _1a_1\"> </span><span class=\"ls38_1 ws38_1\">36%<span class=\"__1 _243\"> </span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>5%<span class=\"__1 _f4_1\"> </span></span>3<span class=\"__1 _201\"/>6%<span class=\"__1 _228\"> </span>2<span class=\"__1 _201\"/>9%<span class=\"__1 _206\"> </span><span class=\"ls30_1 ws30_1\">3<span class=\"__1 _201\"/>2%<span class=\"__1 _237\"> </span><span class=\"ls40_1 ws44_1\">4<span class=\"__1 _201\"/>3%<span class=\"__1 _212\"> </span>3<span class=\"__1 _201\"/>3%<span class=\"__1 _206\"> </span></span></span>36%<span class=\"__1 _f7_1\"> </span><span class=\"ls45_1 ws49_1\">35%<span class=\"__1 _32b\"> </span></span></span></span>5 to 10 years<span class=\"__1 _1e_1\"> </span><span class=\"ls52_1 ws5a_1\">24%<span class=\"__1 _220\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>5%<span class=\"__1 _243\"> </span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _271\"> </span><span class=\"lsc_1 wsa_1\">26%<span class=\"__1 _e_1\"> </span></span></span>24%<span class=\"__1 _242\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>5%<span class=\"__1 _2c_1\"> </span>25%<span class=\"__1 _222\"> </span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _282\"> </span>2<span class=\"__1 _201\"/>5%<span class=\"__1 _f7_1\"> </span>25%<span class=\"__1 _32b\"> </span></span></span>10 to 15 years<span class=\"__1 _f7_1\"> </span><span class=\"ls56_1 ws5f_1\">17%<span class=\"__1 _212\"> </span><span class=\"ls2a_1 ws2a_1\">16%<span class=\"__1 _208\"> </span></span>17%<span class=\"__1 _288\"> </span>17%<span class=\"__1 _f7_1\"> </span><span class=\"ls2a_1 ws2a_1\">19%<span class=\"__1 _243\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>%<span class=\"__1 _239\"> </span></span>16%<span class=\"__1 _270\"> </span><span class=\"ls42_1 ws46_1\">18%<span class=\"__1 _214\"> </span></span></span>17<span class=\"__1 _201\"/>%<span class=\"__1 _1d_1\"> </span>17<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span>15 to 20 years<span class=\"__1 _f7_1\"> </span><span class=\"ls11_1 ws10_1\">11%<span class=\"__1 _272\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>%<span class=\"__1 _211\"> </span>10<span class=\"__1 _201\"/>%<span class=\"__1 _1e_1\"> </span>10%<span class=\"__1 _256\"> </span><span class=\"ls52_1 ws5a_1\">14%<span class=\"__1 _1d8_1\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>%<span class=\"__1 _f4_1\"> </span><span class=\"ls40_1 ws44_1\">8%<span class=\"__1 _2c_1\"> </span></span></span></span></span>11%<span class=\"__1 _243\"> </span><span class=\"ls4d_1 ws54_1\">10%<span class=\"__1 _1e_1\"> </span></span>11%<span class=\"__1 _32b\"> </span></span>20 to 25 year<span class=\"__1 _201\"/>s<span class=\"__1 _f4_1\"> </span><span class=\"ls3a_1 ws3b_1\">7%<span class=\"__1 _239\"> </span><span class=\"ls38_1 ws38_1\">6%<span class=\"__1 _5d_1\"> </span>6%<span class=\"__1 _367\"> </span><span class=\"ls45_1 ws49_1\">5%<span class=\"__1 _288\"> </span><span class=\"ls40_1 ws44_1\">8%<span class=\"__1 _5d_1\"> </span></span></span></span>7%<span class=\"__1 _f4_1\"> </span><span class=\"ls52_1 ws5a_1\">4%<span class=\"__1 _f7_1\"> </span></span>7%<span class=\"__1 _1b5_1\"> </span><span class=\"ls38_1 ws38_1\">6%<span class=\"__1 _224\"> </span>6%<span class=\"__1 _32b\"> </span></span></span>over 25 ye<span class=\"__1 _201\"/>ars<span class=\"__1 _224\"> </span><span class=\"ls3a_1 ws3b_1\">7%<span class=\"__1 _231\"> </span>7%<span class=\"__1 _220\"> </span>7%<span class=\"__1 _2b_1\"> </span><span class=\"ls38_1 ws38_1\">6%<span class=\"__1 _288\"> </span>6%<span class=\"__1 _1b5_1\"> </span>6%<span class=\"__1 _f4_1\"> </span><span class=\"ls52_1 ws5a_1\">4%<span class=\"__1 _226\"> </span></span>6%<span class=\"__1 _3f_1\"> </span>6%<span class=\"__1 _8c_1\"> </span>6%<span class=\"__1 _32b\"> </span></span></span>The c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ow proje<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns of expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ty p<span class=\"__1 _201\"/>ayment<span class=\"__1 _201\"/>s used i<span class=\"__1 _201\"/>n the expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d cash fl<span class=\"__1 _201\"/>ow timin<span class=\"__1 _201\"/>g table ab<span class=\"__1 _201\"/>ove are from th<span class=\"__1 _201\"/>e value<span class=\"__1 _201\"/> of in-fo<span class=\"__1 _201\"/>rce bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s and exclud<span class=\"__1 _201\"/>e the val<span class=\"__1 _201\"/>ue of future n<span class=\"__1 _201\"/>ew busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, inc<span class=\"__1 _201\"/>luding f<span class=\"__1 _201\"/>uture ves<span class=\"__1 _201\"/>ting of p<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>n contra<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e expec<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/> cashfl<span class=\"__1 _201\"/>ow timing for reinsurance (e<span class=\"__1 _200\"/>xcluding longev<span class=\"__1 _201\"/>ity swaps) should be materially in line with the und<span class=\"__1 _201\"/>erlyin<span class=\"__1 _201\"/>g liabilities.<span class=\"__1 _201\"/> Liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y payme<span class=\"__1 _201\"/>nts do n<span class=\"__1 _201\"/>ot refle<span class=\"__1 _201\"/>ct the p<span class=\"__1 _201\"/>atter<span class=\"__1 _201\"/>n of bonu<span class=\"__1 _201\"/>ses an<span class=\"__1 _201\"/>d shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er trans<span class=\"__1 _201\"/>fers i<span class=\"__1 _201\"/>n respe<span class=\"__1 _201\"/>ct of th<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> The a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s shown i<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>e exclude th<span class=\"__1 _201\"/>e unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surpl<span class=\"__1 _201\"/>us of the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>, as its al<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ation has n<span class=\"__1 _201\"/>ot yet<span class=\"__1 _32b\"> </span>been defined.<span class=\"__1 _32b\"> </span>26 Policy<span class=\"__1 _200\"/>holder liabilities, unallocated<span class=\"__1 _200\"/> surplus and reinsur<span class=\"__1 _200\"/>ance cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-567": {
   "value": "27 Subordinated liabilities and other borrowings As at 31 December 2022 \u00a3m 2021 \u00a3m Subordinated liabilities 3,729 3,706 Operational borrowings 50 107 Borrowings attributable to With-Profits Fund 3,758 5,117 Total subordinated liabilities and other borrowings 7,537 8,930 27.1 Subordinated liabilities The Group\u2019s subordinated liabilities consist of subordinated notes which were transferred from Prudential plc on 18 October 2019 and were recorded at fair value on initial recognition. The transfer of the subordinated liabilities was achieved by substituting the Company in place of Prudential plc as issuer of the debt, as permitted under the terms and conditions of each applicable instrument. All costs related to the transaction were borne by Prudential plc.  2022 2021 As at 31 December Principal  amount Carrying  value \u00a3m Principal  amount Carrying  value \u00a3m 5.625% sterling fixed rate due 20 October 2051 \u00a3750m 839 \u00a3750m 848 6.25% sterling fixed rate due 20 October 2068 \u00a3500m 604 \u00a3500m 606 6.50% US dollar fixed rate due 20 October 2048 $500m 466 $500m 423 6.34% sterling fixed rate due 19 December 2063 \u00a3700m 845 \u00a3700m 849 5.56% sterling fixed rate due 20 July 2055 \u00a3600m 672 \u00a3600m 676 3.875% sterling fixed rate due 20 July 2049 \u00a3300m 303 \u00a3300m 304 Total subordinated liabilities 3,729 3,706 Subordinated notes issued by the Company rank below its senior obligations and ahead of its ordinary share capital. A description of the key features of each of the Group\u2019s subordinated notes as at 31 December 2022 is as follows: 5.625% sterling  fixed rate 6.25% sterling  fixed rate 6.50% US dollar  fixed rate 6.34% sterling  fixed rate 5.56% sterling  fixed rate 3.875% sterling  fixed rate Principal amount \u00a3750m \u00a3500m $500m \u00a3700m \u00a3600m \u00a3300m Issue date i 3 October  2018 3 October  2018 3 October  2018 16 December  2013 (amended 10  June 2019) 9 June 2015 (amended 10  June 2019) 10 July 2019 Maturity date 20 October  2051 20 October  2068 20 October  2048 19 December  2063 20 July 2055 20 July 2049 Callable at par at the option  of the Company from 20 October  2031 (and each semi- annual interest  payment date thereafter) 20 October  2048 (and each semi- annual interest  payment date thereafter) 20 October  2028 (and each semi- annual interest  payment date thereafter) 19 December  2043 (and each semi- annual interest  payment date thereafter) 20 July 2035 (and each  semi-annual interest payment date thereafter) 20 July 2024,  20 July 2029 (and each  semi-annual interest payment date thereafter) Solvency II own funds  treatment Tier 2 Tier 2 Tier 2 Tier 2 Tier 2 Tier 2 i  The subordinated notes were issued by Prudential plc rather than by the Company.  As at 31 December 2022, the principal amount of all subordinated liabilities is expected to be settled after more than 12 months and accrued interest of \u00a343m (2021: \u00a342m) is expected to be settled within 12 months. 27.1.1 Movement in subordinated liabilities The following table reconciles the movement in subordinated liabilities in the year: 2022 \u00a3m 2021 \u00a3m At 1 January 3,706 3,729 Amortisation (28) (27) Foreign exchange movements 51 4 At 31 December 3,729 3,706 There were no repayments of principal on these loans during the year. The amortisation of premium on the loans based on an effective interest rate and the foreign exchange movement on the translation of the subordinated liabilities denominated in US dollar are both non-cash items. 27.2 Other borrowings 27.2.1 Operational borrowings As at 31 December 2021, operational borrowings of \u00a3107m included amounts for which repayment to the lender is contingent upon future surplus emerging from certain contracts specified under the arrangement. During 2022 these contingent loans have been repaid and no such amounts remain outstanding as at 31 December 2022. In March 2019, the Group entered into revolving credit facilities of \u00a31.5bn with several banks and financial institutions, and these are due to mature in 2026. As at 31 December 2022, these remain undrawn. 27.2.2 Borrowings attributable to the With-Profits Fund As at 31 December 2022 \u00a3m 2021 \u00a3m Non-recourse borrowings of consolidated investment funds i 3,608 5,083 Bank loans and overdrafts 150 34 Total 3,758 5,117 i  In all instances, the holders of the debt instruments issued by these subsidiaries and funds do not have recourse beyond the assets of these subsidiaries and funds. As at 31 December 2021, the non-recourse borrowings of consolidated investment funds includes \u00a31,159m of debt instruments issued by a consolidated securitisation vehicle, Harben 2017-1 plc, which were backed by a portfolio of mortgage loans . These borrowings were carried at fair value through profit or loss, consistent with the underlying mortgage portfolio. As at 31 December 2022, the securitisation vehicle has been deconsolidated following a change in control. Additionally, \u00a3842m of borrowings were previously included as a result of consolidating Sky Fund I LP and Sky Fund V Onshore, however these funds are also no longer consolidated by the Group following disposal of the investment and a change in control respectively. Refer to Note 2.4 for further details. 27.3 Maturity analysis The following table sets out the remaining contractual maturity analysis of the Group\u2019s other borrowings as recognised in the consolidated statement of financial position:  Operational borrowings (\u00a3m) Less than  1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over  5 years No Stated  Maturity Total As at 31 December 2022 49 1 \u2014 \u2014 \u2014 \u2014 \u2014 50 At as 31 December 2021 i 5 5 \u2014 \u2014 \u2014 \u2014 97 107  Borrowings attributable to the With-Profits Fund (\u00a3m) Less than  1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over  5 years No Stated  Maturity Total As at 31 December 2022 401 1,117 285 163 268 1,524 \u2014 3,758 At as 31 December 2021 593 616 559 373 333 2,643 \u2014 5,117 i  For the year ended 31 December 2021, other borrowings which relate to obligations under finance leases have been reallocated to lease liabilities on the Consolidated statement of financial position. 27 Subordinated liabilities and other borrowings continued ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-509": {
   "value": "27 Subordinated liabilities and other borrowings As at 31 December 2022 \u00a3m 2021 \u00a3m Subordinated liabilities 3,729 3,706 Operational borrowings 50 107 Borrowings attributable to With-Profits Fund 3,758 5,117 Total subordinated liabilities and other borrowings 7,537 8,930 27.1 Subordinated liabilities The Group\u2019s subordinated liabilities consist of subordinated notes which were transferred from Prudential plc on 18 October 2019 and were recorded at fair value on initial recognition. The transfer of the subordinated liabilities was achieved by substituting the Company in place of Prudential plc as issuer of the debt, as permitted under the terms and conditions of each applicable instrument. All costs related to the transaction were borne by Prudential plc.  2022 2021 As at 31 December Principal  amount Carrying  value \u00a3m Principal  amount Carrying  value \u00a3m 5.625% sterling fixed rate due 20 October 2051 \u00a3750m 839 \u00a3750m 848 6.25% sterling fixed rate due 20 October 2068 \u00a3500m 604 \u00a3500m 606 6.50% US dollar fixed rate due 20 October 2048 $500m 466 $500m 423 6.34% sterling fixed rate due 19 December 2063 \u00a3700m 845 \u00a3700m 849 5.56% sterling fixed rate due 20 July 2055 \u00a3600m 672 \u00a3600m 676 3.875% sterling fixed rate due 20 July 2049 \u00a3300m 303 \u00a3300m 304 Total subordinated liabilities 3,729 3,706 Subordinated notes issued by the Company rank below its senior obligations and ahead of its ordinary share capital. A description of the key features of each of the Group\u2019s subordinated notes as at 31 December 2022 is as follows: 5.625% sterling  fixed rate 6.25% sterling  fixed rate 6.50% US dollar  fixed rate 6.34% sterling  fixed rate 5.56% sterling  fixed rate 3.875% sterling  fixed rate Principal amount \u00a3750m \u00a3500m $500m \u00a3700m \u00a3600m \u00a3300m Issue date i 3 October 2018 3 October 2018 3 October 2018 16 December 2013 (amended 10 June 2019) 9 June 2015 (amended 10 June 2019) 10 July 2019 Maturity date 20 October 2051 20 October 2068 20 October 2048 19 December 2063 20 July 2055 20 July 2049 Callable at par at the option of the Company from 20 October 2031 (and each semi- annual interest payment date thereafter) 20 October 2048 (and each semi- annual interest payment date thereafter) 20 October 2028 (and each semi- annual interest payment date thereafter) 19 December 2043 (and each semi- annual interest payment date thereafter) 20 July 2035 (and each semi-annual interest payment date thereafter) 20 July 2024, 20 July 2029 (and each semi-annual interest payment date thereafter) Solvency II own funds treatment Tier 2 Tier 2 Tier 2 Tier 2 Tier 2 Tier 2 i  The subordinated notes were issued by Prudential plc rather than by the Company. As at 31 December 2022, the principal amount of all subordinated liabilities is expected to be settled after more than 12 months and accrued interest of \u00a343m (2021: \u00a342m) is expected to be settled within 12 months. 27.1.1 Movement in subordinated liabilities The following table reconciles the movement in subordinated liabilities in the year: 2022 \u00a3m 2021 \u00a3m At 1 January 3,706 3,729 Amortisation (28) (27) Foreign exchange movements 51 4 At 31 December 3,729 3,706 There were no repayments of principal on these loans during the year. The amortisation of premium on the loans based on an  effective interest rate and the foreign exchange movement on the translation of the subordinated liabilities denominated in US dollar are both non-cash items. 27.2 Other borrowings 27.2.1 Operational borrowings As at 31 December 2021, operational borrowings of \u00a3107m included amounts for which repayment to the lender is contingent upon future surplus emerging from certain contracts specified under the arrangement. During 2022 these contingent loans have  been repaid and no such amounts remain outstanding as at 31 December 2022. In March 2019, the Group entered into revolving credit facilities of \u00a31.5bn with several banks and financial institutions, and these  are due to mature in 2026. As at 31 December 2022, these remain undrawn. 27.2.2 Borrowings attributable to the With-Profits Fund As at 31 December 2022 \u00a3m 2021 \u00a3m Non-recourse borrowings of consolidated investment funds i 3,608 5,083 Bank loans and overdrafts 150 34 Total 3,758 5,117 i  In all instances, the holders of the debt instruments issued by these subsidiaries and funds do not have recourse beyond the assets of these  subsidiaries and funds. As at 31 December 2021, the non-recourse borrowings of consolidated investment funds includes \u00a31,159m of debt instruments  issued by a consolidated securitisation vehicle, Harben 2017-1 plc, which were backed by a portfolio of mortgage loans . These borrowings were carried  at fair value through profit or loss, consistent with the underlying mortgage portfolio. As at 31 December 2022, the securitisation vehicle has been deconsolidated following a change in control. Additionally, \u00a3842m of borrowings were previously included as a result of consolidating Sky Fund I LP and Sky Fund V Onshore, however these funds are also no longer consolidated by the Group following disposal of the investment and a change in control respectively. Refer to Note 2.4 for further details. 27.3 Maturity analysis The following table sets out the remaining contractual maturity analysis of the Group\u2019s other borrowings as recognised in the  consolidated statement of financial position:  Operational borrowings (\u00a3m) Less than  1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over  5 years No Stated  Maturity Total As at 31 December 2022 49 1 \u2014 \u2014 \u2014 \u2014 \u2014 50 At as 31 December 2021 i 5 5 \u2014 \u2014 \u2014 \u2014 97 107  Borrowings attributable to the With-Profits Fund (\u00a3m) Less than  1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over  5 years No Stated  Maturity Total As at 31 December 2022 401 1,117 285 163 268 1,524 \u2014 3,758 At as 31 December 2021 593 616 559 373 333 2,643 \u2014 5,117 i  For the year ended 31 December 2021, other borrowings which relate to obligations under finance leases have been reallocated to lease liabilities on the Consolidated statement of financial position. 27 Subordinated liabilities and other borrowings continued ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-510": {
   "value": "28 Lease liabilities The Group leases various land and buildings to utilise as office space. Information about leases for which the Group is a lessee is presented below. As at 31 December 2022 \u00a3m 2021 \u00a3m At 1 January 413 354 Transfers i (7) 92 Additions 53 13 Disposals (9) (23) Interest expense 14 12 Lease repayments (44) (35) At 31 December 420 413 i  For the year ended 31 December 2022, transfers out of \u00a37m relates to lease liabilities held for sale in relation to the Group\u2019s consolidated infrastructure capital private equity vehicles. For the year ended 31 December 2021 transfers in relates to \u00a388m of leases previously reported within Subordinated liabilities and other borrowings on the Consolidated statement of financial position, and \u00a34m following the acquisition of MGSA. As at 31 December 2022 \u00a3m 2021 \u00a3m Expected to be settled within one year 35 25 Expected to be settled after one year 385 388 Total lease liabilities 420 413 As at 31 December 2022, \u00a331m (2021: \u00a334m) of the lease liabilities are attributable to the With-Profits Fund. The table below presents a maturity analysis of lease payments showing the undiscounted lease payments to be paid on an annual basis on these leases: As at 31 December 2022 \u00a3m 2021 \u00a3m Future minimum lease payments falling due in: Less than 1 year 41 34 1 to 5 years 136 122 Over 5 years 346 331 For the year ended 31 December 2021, some of the leases of office buildings contained lease break options exercisable by the Group. The Group assessed at the point of lease commencement whether it was reasonably certain to exercise the option. This assertion was revisited if there was a material change in circumstances. For the year ended 31 December 2022 there were no lease break options exercisable by the Group. The undiscounted value of lease payments beyond the break period which were not recognised in lease liabilities as at 31 December 2021 was \u00a31m. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-511": {
   "value": "29 Provisions As at 31 December 2022 \u00a3m 2021 \u00a3m Regulatory 1 1 Staff benefits 48 83 Restructuring 11 37 Other 30 17 Total provisions 90 138 For the year ended 31 December 2022 \u00a3m 2021 \u00a3m At 1 January 138 235 Charged to consolidated income statement: Additions during the year 20 24 Unused amounts released (8) (38) Used during the year (58) (83) Foreign exchange differences (2) \u2014 At 31 December 90 138 Regulatory provisions in relation to annuity sales practices PAC had agreed with the Financial Conduct Authority (FCA) to review annuities sold without advice after 1 July 2008 to its contract-based defined contribution pension clients, and this review is now complete. In addition, PAC had been conducting a review of other similar but separate groups of annuities sold after 1 July 2008 which were outside the scope of the original review. The review was examining whether clients were given sufficient information about their potential eligibility to purchase a enhanced annuity, either from PAC or another pension provider. At 31 December 2022 only a minimal number of potential cases remain in scope and all provisions set up in relation to the redress exercise were released by 31 December 2021. Staff benefits Staff benefits primarily relate to performance related bonuses estimated for the current year to be paid out in future years. Restructuring Included in restructuring provisions is \u00a310m as at 31 December 2022 (2021: \u00a336m) related to change in control costs arising from the Demerger in 2019. The remaining \u00a31m (2021: \u00a31m) restructuring provisions are in relation to redundancy costs. Other Included within other provisions is the Group\u2019s obligation under the call option arrangement to purchase the remaining shareholding of responsAbility as outlined in Note 2.2.2. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-568": {
   "value": "30 Accruals, deferred income and other liabilities As at 31 December 2022 \u00a3m Restated i 2021 \u00a3m Outstanding purchases of investment securities 4,607 3,836 Accruals and deferred income 1,338 1,469 Deferred consideration 246 403 Deposits received from reinsurers 146 299 Creditors arising from insurance operations 189 156 Interest payable 80 60 Creation of units awaiting settlement 32 52 Property related creditors 17 15 Reinsurance liabilities ii 242 \u2014 Other 509 376 Total accruals, deferred income and other liabilities 7,406 6,666 Analysed as: Expected to be settled within one year 6,920 6,116 Expected to be settled after one year 486 550 Total accruals, deferred income and other liabilities 7,406 6,666 i  Following a review of the Group\u2019s presentation of tax positions within consolidated investment funds, comparative amounts have been restated from those previously reported. The restatement has had no impact on profit for the year or net assets. See Note 1.1 for further information. ii  Reinsurance liabilities at 31 December 2022 relate to longevity swap liabilities of \u00a3242m (31 December 2021: \u00a3174m) previously held in  Reinsurance assets on the consolidated statement of financial position and in Note 26. For the comparative periods all reinsurance is presented in  Reinsurance assets . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-590": {
   "value": "30 Accruals, deferred income and other liabilities As at 31 December 2022 \u00a3m Restated i 2021 \u00a3m Outstanding purchases of investment securities 4,607 3,836 Accruals and deferred income 1,338 1,469 Deferred consideration 246 403 Deposits received from reinsurers 146 299 Creditors arising from insurance operations 189 156 Interest payable 80 60 Creation of units awaiting settlement 32 52 Property related creditors 17 15 Reinsurance liabilities ii 242 \u2014 Other 509 376 Total accruals, deferred income and other liabilities 7,406 6,666 Analysed as: Expected to be settled within one year 6,920 6,116 Expected to be settled after one year 486 550 Total accruals, deferred income and other liabilities 7,406 6,666 i  Following a review of the Group\u2019s presentation of tax positions within consolidated investment funds, comparative amounts have been restated from those previously reported. The restatement has had no impact on profit for the year or net assets. See Note 1.1 for further information. ii  Reinsurance liabilities at 31 December 2022 relate to longevity swap liabilities of \u00a3242m (31 December 2021: \u00a3174m) previously held in  Reinsurance assets on the consolidated statement of financial position and in Note 26. For the comparative periods all reinsurance is presented in  Reinsurance assets ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-512": {
   "value": "30 Accruals, deferred income and other liabilities As at 31 December 2022 \u00a3m Restated i 2021 \u00a3m Outstanding purchases of investment securities 4,607 3,836 Accruals and deferred income 1,338 1,469 Deferred consideration 246 403 Deposits received from reinsurers 146 299 Creditors arising from insurance operations 189 156 Interest payable 80 60 Creation of units awaiting settlement 32 52 Property related creditors 17 15 Reinsurance liabilities ii 242 \u2014 Other 509 376 Total accruals, deferred income and other liabilities 7,406 6,666 Analysed as: Expected to be settled within one year 6,920 6,116 Expected to be settled after one year 486 550 Total accruals, deferred income and other liabilities 7,406 6,666 i  Following a review of the Group\u2019s presentation of tax positions within consolidated investment funds, comparative amounts have been restated from those previously reported. The restatement has had no impact on profit for the year or net assets. See Note 1.1 for further information. ii  Reinsurance liabilities at 31 December 2022 relate to longevity swap liabilities of \u00a3242m (31 December 2021: \u00a3174m) previously held in Reinsurance assets on the consolidated statement of financial position and in Note 26. For the comparative periods all reinsurance is presented in Reinsurance assets . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-594": {
   "value": "30 Accruals, deferred income and other liabilities As at 31 December 2022 \u00a3m Restated i 2021 \u00a3m Outstanding purchases of investment securities 4,607 3,836 Accruals and deferred income 1,338 1,469 Deferred consideration 246 403 Deposits received from reinsurers 146 299 Creditors arising from insurance operations 189 156 Interest payable 80 60 Creation of units awaiting settlement 32 52 Property related creditors 17 15 Reinsurance liabilities ii 242 \u2014 Other 509 376 Total accruals, deferred income and other liabilities 7,406 6,666 Analysed as: Expected to be settled within one year 6,920 6,116 Expected to be settled after one year 486 550 Total accruals, deferred income and other liabilities 7,406 6,666 i  Following a review of the Group\u2019s presentation of tax positions within consolidated investment funds, comparative amounts have been restated from those previously reported. The restatement has had no impact on profit for the year or net assets. See Note 1.1 for further information. ii  Reinsurance liabilities at 31 December 2022 relate to longevity swap liabilities of \u00a3242m (31 December 2021: \u00a3174m) previously held in Reinsurance assets on the consolidated statement of financial position and in Note 26. For the comparative periods all reinsurance is presented in Reinsurance assets . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-513": {
   "value": "31 Structured entities Structured entities are those that have been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity. The Group invests in structured entities such as: \u2013  Pooled investment vehicles, including OEICs, unit trusts, SICAVs and limited partnerships. \u2013  Debt securitisation vehicles, including collateralised debt obligations, mortgage-backed securities and other similar asset- backed securities. Structured entities which the Group is deemed to control are consolidated in the consolidated financial statements. As at 31 December 2022 and 31 December 2021, the Group has not provided, and has no intention to provide, non-contractual financial or other support to consolidated or unconsolidated structured entities that could expose the Group to a loss. 31.1 Investments in unconsolidated structured entities The table below shows aggregate carrying amounts of the investments in unconsolidated structured entities reported in the consolidated statement of financial position: As at 31 December 2022 \u00a3m 2021 \u00a3m Statement of financial position line item: Equity securities and pooled investment funds 13,497 12,282 Debt securities 2,134 2,338 Total 15,631 14,620 The Group generates returns and retains the ownership risks in these investments commensurate to its participation and does not have any further exposure to the residual risks or losses of the investments or the vehicles in which it holds investments. Further details on risks associated with financial assets and how they are managed are provided in Note 33. Included in equity securities and pooled investment funds as at 31 December 2022 were \u00a36,858m (2021: \u00a34,610m) of investments in structured entities managed by the Group. Investment management fees for the year ended 31 December 2022 of \u00a3416m (2021: \u00a3444m) were recognised from managing these entities. The maximum exposure to loss for unconsolidated structured entities in which the Group holds an investment is the carrying value of the Group\u2019s investment and the loss of future fees. The Group also has interests in structured entities managed by the Group in which it holds no investment through the collection of investment management fees. The maximum exposure to loss for these interests is loss of future fees. Investment management fees recognised for the year ended 31 December 2022 from managing these entities were \u00a3300m (2021: \u00a3260m). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-569": {
   "value": "<div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:357.0309px;\">32 F<span class=\"__1 _f_1\"/>air value methodology<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:336.40652px;\">32.<span class=\"__1 _200\"/>1 De<span class=\"__1 _200\"/>termina<span class=\"__1 _200\"/>tion of<span class=\"__1 _200\"/> fair v<span class=\"__1 _200\"/>alue hier<span class=\"__1 _200\"/>arch<span class=\"__1 _200\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:315.777px;\">The f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ues of as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabi<span class=\"__1 _201\"/>lities fo<span class=\"__1 _201\"/>r which f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>uation is re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d unde<span class=\"__1 _201\"/>r IFRS are d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed by the u<span class=\"__1 _201\"/>se of curre<span class=\"__1 _201\"/>nt market<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:299.27853px;\">bid p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s for exchang<span class=\"__1 _201\"/>e-<span class=\"__1 _201\"/>quote<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, by usin<span class=\"__1 _201\"/>g quotatio<span class=\"__1 _201\"/>ns from in<span class=\"__1 _201\"/>dep<span class=\"__1 _201\"/>ende<span class=\"__1 _201\"/>nt third par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es such a<span class=\"__1 _201\"/>s brokers an<span class=\"__1 _201\"/>d prici<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:282.78003px;\">ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/>, or by us<span class=\"__1 _201\"/>ing app<span class=\"__1 _201\"/>ropri<span class=\"__1 _201\"/>ate valuatio<span class=\"__1 _201\"/>n techniq<span class=\"__1 _201\"/>ues<span class=\"__1 _201\"/>. Fair value is th<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nt for wh<span class=\"__1 _201\"/>ich an as<span class=\"__1 _201\"/>set cou<span class=\"__1 _201\"/>ld be exchan<span class=\"__1 _201\"/>ged o<span class=\"__1 _201\"/>r a<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:266.28152px;\">liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y settl<span class=\"__1 _201\"/>ed in an a<span class=\"__1 _201\"/>rm\u2019s length tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:241.53378px;\">T<span class=\"__1 _f_1\"/>o prov<span class=\"__1 _201\"/>ide fu<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>her info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n on the ap<span class=\"__1 _201\"/>proach u<span class=\"__1 _201\"/>sed to dete<span class=\"__1 _201\"/>rmine a<span class=\"__1 _201\"/>nd mea<span class=\"__1 _201\"/>sure the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of cer<span class=\"__1 _201\"/>tain as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s, the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:225.03528px;\">foll<span class=\"__1 _201\"/>owing f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e hier<span class=\"__1 _201\"/>archy categ<span class=\"__1 _201\"/>oris<span class=\"__1 _201\"/>ation ha<span class=\"__1 _201\"/>s bee<span class=\"__1 _201\"/>n used<span class=\"__1 _201\"/>. This h<span class=\"__1 _201\"/>ierarchy i<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on the in<span class=\"__1 _201\"/>puts to the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e meas<span class=\"__1 _201\"/>ureme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:208.53677px;\">and refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts the l<span class=\"__1 _201\"/>owest l<span class=\"__1 _201\"/>evel inpu<span class=\"__1 _201\"/>t that is sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>ant to that me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:179.65802px;\">Level 1 \u2013 q<span class=\"__1 _201\"/>uoted pr<span class=\"__1 _201\"/>ices (unadju<span class=\"__1 _201\"/>sted) i<span class=\"__1 _201\"/>n acti<span class=\"__1 _201\"/>ve markets fo<span class=\"__1 _201\"/>r identi<span class=\"__1 _201\"/>cal as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:163.15952px;\">Level 1 p<span class=\"__1 _201\"/>rinci<span class=\"__1 _201\"/>pally i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es exchang<span class=\"__1 _201\"/>e-<span class=\"__1 _201\"/>liste<span class=\"__1 _201\"/>d equiti<span class=\"__1 _201\"/>es, m<span class=\"__1 _201\"/>utual fun<span class=\"__1 _201\"/>ds with q<span class=\"__1 _201\"/>uoted pr<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/>, exchang<span class=\"__1 _201\"/>e-tr<span class=\"__1 _201\"/>aded d<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>vatives s<span class=\"__1 _201\"/>uch as<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:146.66101px;\">future<span class=\"__1 _201\"/>s and opti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, and natio<span class=\"__1 _201\"/>nal gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt bon<span class=\"__1 _201\"/>ds, un<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>s there is ev<span class=\"__1 _201\"/>iden<span class=\"__1 _201\"/>ce that tra<span class=\"__1 _201\"/>ding in a gi<span class=\"__1 _201\"/>ven ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nt is so inf<span class=\"__1 _201\"/>reque<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:130.1625px;\">that the m<span class=\"__1 _201\"/>arket coul<span class=\"__1 _201\"/>d not be co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ered ac<span class=\"__1 _201\"/>tive. I<span class=\"__1 _201\"/>t also in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es other fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al instr<span class=\"__1 _201\"/>ume<span class=\"__1 _201\"/>nts whe<span class=\"__1 _201\"/>re there is cl<span class=\"__1 _201\"/>ear evi<span class=\"__1 _201\"/>den<span class=\"__1 _201\"/>ce that the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:113.66402px;\">valu<span class=\"__1 _201\"/>ation is ba<span class=\"__1 _201\"/>sed on a t<span class=\"__1 _201\"/>rade<span class=\"__1 _201\"/>d pric<span class=\"__1 _201\"/>e in an ac<span class=\"__1 _201\"/>tive mar<span class=\"__1 _201\"/>ket.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:84.78526px;\">Level 2 \u2013 in<span class=\"__1 _201\"/>puts oth<span class=\"__1 _201\"/>er than qu<span class=\"__1 _201\"/>oted pr<span class=\"__1 _201\"/>ices in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>d withi<span class=\"__1 _201\"/>n level 1 that are o<span class=\"__1 _201\"/>bser<span class=\"__1 _250\"/>vable e<span class=\"__1 _201\"/>ither d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tly (i.<span class=\"__1 _201\"/>e. as pri<span class=\"__1 _201\"/>ces) or indire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y (i.e.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:68.28677px;\">der<span class=\"__1 _201\"/>ived f<span class=\"__1 _201\"/>rom pri<span class=\"__1 _201\"/>ces)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:51.78827px;\">Level 2 p<span class=\"__1 _201\"/>rinci<span class=\"__1 _201\"/>pally i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es cor<span class=\"__1 _201\"/>porate b<span class=\"__1 _201\"/>onds a<span class=\"__1 _201\"/>nd other n<span class=\"__1 _201\"/>ational a<span class=\"__1 _201\"/>nd non<span class=\"__1 _201\"/>-nati<span class=\"__1 _201\"/>onal gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt debt s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities wh<span class=\"__1 _201\"/>ich are val<span class=\"__1 _201\"/>ued<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:35.289764px;\">usin<span class=\"__1 _201\"/>g obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vable i<span class=\"__1 _201\"/>nputs<span class=\"__1 _201\"/>, toget<span class=\"__1 _201\"/>her with ove<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>-th<span class=\"__1 _201\"/>e-<span class=\"__1 _201\"/>coun<span class=\"__1 _201\"/>ter deri<span class=\"__1 _201\"/>vative<span class=\"__1 _201\"/>s such as fo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ward exchan<span class=\"__1 _201\"/>ge contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s and no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>quoted<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:18.791275px;\">inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds val<span class=\"__1 _201\"/>ued w<span class=\"__1 _201\"/>ith obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>e input<span class=\"__1 _201\"/>s. It al<span class=\"__1 _201\"/>so incl<span class=\"__1 _201\"/>udes i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent contr<span class=\"__1 _201\"/>act l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es with<span class=\"__1 _201\"/>out DP<span class=\"__1 _201\"/>F that are valu<span class=\"__1 _201\"/>ed usi<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:2.2927704px;\">obser<span class=\"__1 _201\"/>vable i<span class=\"__1 _200\"/>nputs.<span class=\"__1 _32b\"> </span></div>Level 3 \u2013 s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant in<span class=\"__1 _201\"/>puts fo<span class=\"__1 _201\"/>r the as<span class=\"__1 _201\"/>set or lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y are not b<span class=\"__1 _201\"/>ased o<span class=\"__1 _201\"/>n obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>e market data (unobs<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vab<span class=\"__1 _201\"/>le inpu<span class=\"__1 _201\"/>ts<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>Level 3 p<span class=\"__1 _201\"/>rinci<span class=\"__1 _201\"/>pally i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in pri<span class=\"__1 _201\"/>vate equit<span class=\"__1 _201\"/>y fu<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>, direc<span class=\"__1 _201\"/>tly he<span class=\"__1 _201\"/>ld inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s and inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts in pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>fund<span class=\"__1 _201\"/>s which a<span class=\"__1 _201\"/>re expos<span class=\"__1 _201\"/>ed to bes<span class=\"__1 _201\"/>poke prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties o<span class=\"__1 _201\"/>r risks a<span class=\"__1 _201\"/>nd inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s which are i<span class=\"__1 _201\"/>nternal<span class=\"__1 _201\"/>ly valu<span class=\"__1 _201\"/>ed or su<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>t to a sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant<span class=\"__1 _32b\"> </span>numb<span class=\"__1 _201\"/>er of uno<span class=\"__1 _201\"/>bser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>able as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>. It als<span class=\"__1 _201\"/>o inclu<span class=\"__1 _201\"/>des de<span class=\"__1 _201\"/>bt secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s which are r<span class=\"__1 _201\"/>arely tr<span class=\"__1 _201\"/>ade<span class=\"__1 _201\"/>d or trad<span class=\"__1 _201\"/>ed onl<span class=\"__1 _201\"/>y in pri<span class=\"__1 _201\"/>vately<span class=\"__1 _201\"/> ne<span class=\"__1 _201\"/>gotiated tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s and he<span class=\"__1 _201\"/>nce wh<span class=\"__1 _201\"/>ere it is di<span class=\"__1 _201\"/>fficult to as<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>t that th<span class=\"__1 _201\"/>eir val<span class=\"__1 _201\"/>uations h<span class=\"__1 _201\"/>ave been b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>e market data<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>32<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Valuati<span class=\"__1 _201\"/>on ap<span class=\"__1 _201\"/>proa<span class=\"__1 _201\"/>ch for l<span class=\"__1 _201\"/>evel 2 ass<span class=\"__1 _201\"/>ets an<span class=\"__1 _201\"/>d lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>A sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant prop<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tion of th<span class=\"__1 _201\"/>e Group\u2019s level 2 as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s are corp<span class=\"__1 _201\"/>orate bo<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>, str<span class=\"__1 _201\"/>ucture<span class=\"__1 _201\"/>d sec<span class=\"__1 _201\"/>uritie<span class=\"__1 _201\"/>s and othe<span class=\"__1 _201\"/>r nation<span class=\"__1 _201\"/>al and no<span class=\"__1 _201\"/>n-<span class=\"__1 _32b\"> </span>natio<span class=\"__1 _201\"/>nal gover<span class=\"__1 _201\"/>nment d<span class=\"__1 _201\"/>ebt se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets, in l<span class=\"__1 _201\"/>ine with m<span class=\"__1 _201\"/>arket pra<span class=\"__1 _201\"/>ctice<span class=\"__1 _201\"/>, are gen<span class=\"__1 _201\"/>erall<span class=\"__1 _201\"/>y value<span class=\"__1 _201\"/>d usin<span class=\"__1 _201\"/>g inde<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>ent pr<span class=\"__1 _201\"/>icing<span class=\"__1 _201\"/> ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices o<span class=\"__1 _201\"/>r quotes f<span class=\"__1 _201\"/>rom third pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y bro<span class=\"__1 _201\"/>kers. T<span class=\"__1 _201\"/>hese v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>ns are subj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t to a numbe<span class=\"__1 _201\"/>r of monito<span class=\"__1 _201\"/>ring co<span class=\"__1 _201\"/>ntrols<span class=\"__1 _201\"/>, such as m<span class=\"__1 _201\"/>onthl<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>pri<span class=\"__1 _201\"/>ce vari<span class=\"__1 _201\"/>ances<span class=\"__1 _201\"/>, st<span class=\"__1 _201\"/>ale pr<span class=\"__1 _201\"/>ice revie<span class=\"__1 _201\"/>ws and var<span class=\"__1 _201\"/>ianc<span class=\"__1 _201\"/>e analy<span class=\"__1 _201\"/>sis on pr<span class=\"__1 _201\"/>ices a<span class=\"__1 _201\"/>chieve<span class=\"__1 _201\"/>d on subs<span class=\"__1 _201\"/>eque<span class=\"__1 _201\"/>nt trad<span class=\"__1 _201\"/>es.<span class=\"__1 _32b\"> </span>Pri<span class=\"__1 _201\"/>cing se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ere availa<span class=\"__1 _201\"/>ble, a<span class=\"__1 _201\"/>re used to ob<span class=\"__1 _201\"/>tain third pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty bro<span class=\"__1 _201\"/>ker quotes<span class=\"__1 _201\"/>. When p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s are not avai<span class=\"__1 _201\"/>lable f<span class=\"__1 _201\"/>rom pri<span class=\"__1 _201\"/>cing<span class=\"__1 _201\"/> ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/>, quote<span class=\"__1 _201\"/>s are sourc<span class=\"__1 _201\"/>ed dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y from broker<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p seek<span class=\"__1 _201\"/>s to obtain a num<span class=\"__1 _201\"/>ber of qu<span class=\"__1 _201\"/>otes from di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>t brokers so a<span class=\"__1 _201\"/>s to<span class=\"__1 _32b\"> </span>obtai<span class=\"__1 _201\"/>n the mos<span class=\"__1 _201\"/>t comp<span class=\"__1 _201\"/>rehen<span class=\"__1 _201\"/>sive info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n availab<span class=\"__1 _201\"/>le on the<span class=\"__1 _201\"/>ir executab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>re quotes are s<span class=\"__1 _201\"/>ource<span class=\"__1 _201\"/>d direc<span class=\"__1 _201\"/>tly fro<span class=\"__1 _201\"/>m brokers<span class=\"__1 _201\"/>, the pr<span class=\"__1 _201\"/>ice use<span class=\"__1 _201\"/>d in the va<span class=\"__1 _201\"/>luation i<span class=\"__1 _201\"/>s norm<span class=\"__1 _201\"/>ally s<span class=\"__1 _201\"/>elec<span class=\"__1 _201\"/>ted fro<span class=\"__1 _201\"/>m one of the q<span class=\"__1 _201\"/>uotes<span class=\"__1 _201\"/> bas<span class=\"__1 _201\"/>ed on a num<span class=\"__1 _201\"/>ber of f<span class=\"__1 _201\"/>acto<span class=\"__1 _201\"/>rs, in<span class=\"__1 _201\"/>cludi<span class=\"__1 _201\"/>ng the tim<span class=\"__1 _201\"/>eline<span class=\"__1 _201\"/>ss an<span class=\"__1 _201\"/>d regula<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>y of the qu<span class=\"__1 _201\"/>otes and the a<span class=\"__1 _201\"/>ccura<span class=\"__1 _201\"/>cy of the q<span class=\"__1 _201\"/>uotes con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>ring<span class=\"__1 _201\"/> the sp<span class=\"__1 _201\"/>reads prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e sele<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d quote is the o<span class=\"__1 _201\"/>ne whi<span class=\"__1 _201\"/>ch bes<span class=\"__1 _201\"/>t repre<span class=\"__1 _201\"/>sents a<span class=\"__1 _201\"/>n executab<span class=\"__1 _201\"/>le quote fo<span class=\"__1 _201\"/>r the sec<span class=\"__1 _201\"/>urit<span class=\"__1 _201\"/>y at the<span class=\"__1 _201\"/> mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt date.<span class=\"__1 _32b\"> </span>32<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3 Level 3 as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd li<span class=\"__1 _201\"/>abi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>32<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3.<span class=\"__1 _200\"/>1 V<span class=\"__1 _200\"/>alu<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n app<span class=\"__1 _201\"/>roach f<span class=\"__1 _201\"/>or level 3<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s value<span class=\"__1 _201\"/>d using v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n techni<span class=\"__1 _201\"/>ques in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>e financ<span class=\"__1 _201\"/>ial inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s which by natu<span class=\"__1 _201\"/>re do not have an ex<span class=\"__1 _201\"/>tern<span class=\"__1 _201\"/>ally qu<span class=\"__1 _201\"/>oted<span class=\"__1 _201\"/> pri<span class=\"__1 _201\"/>ce base<span class=\"__1 _201\"/>d on re<span class=\"__1 _201\"/>gular tra<span class=\"__1 _201\"/>des<span class=\"__1 _201\"/>, and fin<span class=\"__1 _201\"/>ancial i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents fo<span class=\"__1 _201\"/>r which m<span class=\"__1 _201\"/>arkets are no l<span class=\"__1 _201\"/>onge<span class=\"__1 _201\"/>r acti<span class=\"__1 _201\"/>ve as a resul<span class=\"__1 _201\"/>t of market con<span class=\"__1 _201\"/>ditio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span>e.g. m<span class=\"__1 _201\"/>arket illiq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n techni<span class=\"__1 _201\"/>ques us<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/>clude c<span class=\"__1 _201\"/>ompar<span class=\"__1 _201\"/>ison to re<span class=\"__1 _201\"/>cent ar<span class=\"__1 _201\"/>m\u2019<span class=\"__1 _200\"/>s leng<span class=\"__1 _201\"/>th trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, referenc<span class=\"__1 _201\"/>e to other<span class=\"__1 _201\"/> ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts that are s<span class=\"__1 _201\"/>ubsta<span class=\"__1 _201\"/>ntially th<span class=\"__1 _201\"/>e sam<span class=\"__1 _201\"/>e, disco<span class=\"__1 _201\"/>unted c<span class=\"__1 _201\"/>ash flow a<span class=\"__1 _201\"/>nalys<span class=\"__1 _201\"/>is, o<span class=\"__1 _201\"/>ption<span class=\"__1 _201\"/>-adjus<span class=\"__1 _201\"/>ted spre<span class=\"__1 _201\"/>ad mo<span class=\"__1 _201\"/>dels an<span class=\"__1 _201\"/>d, if ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>able,<span class=\"__1 _201\"/> enter<span class=\"__1 _201\"/>pris<span class=\"__1 _201\"/>e valuatio<span class=\"__1 _201\"/>n. Th<span class=\"__1 _201\"/>ese te<span class=\"__1 _201\"/>chniqu<span class=\"__1 _201\"/>es may inc<span class=\"__1 _201\"/>lude a nu<span class=\"__1 _201\"/>mber of a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions re<span class=\"__1 _201\"/>lating to var<span class=\"__1 _201\"/>iable<span class=\"__1 _201\"/>s such as c<span class=\"__1 _201\"/>redit r<span class=\"__1 _201\"/>isk and in<span class=\"__1 _201\"/>terest<span class=\"__1 _201\"/> rates<span class=\"__1 _201\"/>. Chang<span class=\"__1 _201\"/>es in as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons relatin<span class=\"__1 _201\"/>g to these v<span class=\"__1 _201\"/>ariab<span class=\"__1 _201\"/>les co<span class=\"__1 _201\"/>uld po<span class=\"__1 _201\"/>sitive<span class=\"__1 _201\"/>ly or ne<span class=\"__1 _201\"/>gative<span class=\"__1 _201\"/>ly impa<span class=\"__1 _201\"/>ct the re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ted f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue of thes<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts. W<span class=\"__1 _201\"/>hen d<span class=\"__1 _201\"/>etermini<span class=\"__1 _201\"/>ng the inp<span class=\"__1 _201\"/>uts into the v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n techni<span class=\"__1 _201\"/>ques us<span class=\"__1 _201\"/>ed pr<span class=\"__1 _201\"/>iori<span class=\"__1 _201\"/>ty is g<span class=\"__1 _201\"/>iven to pub<span class=\"__1 _201\"/>licly av<span class=\"__1 _201\"/>ailabl<span class=\"__1 _201\"/>e pric<span class=\"__1 _201\"/>es from<span class=\"__1 _201\"/> ind<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>dent s<span class=\"__1 _201\"/>ources w<span class=\"__1 _201\"/>hen avail<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>, but overa<span class=\"__1 _201\"/>ll the so<span class=\"__1 _201\"/>urce of pri<span class=\"__1 _201\"/>cing is ch<span class=\"__1 _201\"/>osen w<span class=\"__1 _201\"/>ith the ob<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>tive of ar<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>ing at a fai<span class=\"__1 _201\"/>r value<span class=\"__1 _201\"/> mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt that refl<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/>s the pr<span class=\"__1 _201\"/>ice at whi<span class=\"__1 _201\"/>ch an orde<span class=\"__1 _201\"/>rly tr<span class=\"__1 _201\"/>ansac<span class=\"__1 _201\"/>tion w<span class=\"__1 _201\"/>ould take pl<span class=\"__1 _201\"/>ace bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n market pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cipant<span class=\"__1 _201\"/>s on the<span class=\"__1 _201\"/> mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt date.<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>re cer<span class=\"__1 _201\"/>tain d<span class=\"__1 _201\"/>ebt sec<span class=\"__1 _201\"/>uritie<span class=\"__1 _201\"/>s are valu<span class=\"__1 _201\"/>ed usin<span class=\"__1 _201\"/>g broker qu<span class=\"__1 _201\"/>otes, ad<span class=\"__1 _201\"/>justm<span class=\"__1 _201\"/>ents may b<span class=\"__1 _201\"/>e require<span class=\"__1 _201\"/>d in limi<span class=\"__1 _201\"/>ted circums<span class=\"__1 _201\"/>tanc<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>his is<span class=\"__1 _201\"/> gen<span class=\"__1 _201\"/>erall<span class=\"__1 _201\"/>y whe<span class=\"__1 _201\"/>re it is deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d that the third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>ns obtain<span class=\"__1 _201\"/>ed do n<span class=\"__1 _201\"/>ot refle<span class=\"__1 _201\"/>ct fa<span class=\"__1 _201\"/>ir value (e.g. e<span class=\"__1 _201\"/>ither b<span class=\"__1 _201\"/>eca<span class=\"__1 _201\"/>use the va<span class=\"__1 _201\"/>lue is<span class=\"__1 _201\"/> sta<span class=\"__1 _201\"/>le and/or the valu<span class=\"__1 _201\"/>es are ex<span class=\"__1 _201\"/>treme<span class=\"__1 _201\"/>ly dive<span class=\"__1 _201\"/>rse in ra<span class=\"__1 _201\"/>nge). Thes<span class=\"__1 _201\"/>e are usua<span class=\"__1 _201\"/>lly se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es whi<span class=\"__1 _201\"/>ch are dist<span class=\"__1 _201\"/>ress<span class=\"__1 _201\"/>ed or that c<span class=\"__1 _201\"/>ould b<span class=\"__1 _201\"/>e subje<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/> to a debt re<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>cture o<span class=\"__1 _201\"/>r where re<span class=\"__1 _201\"/>liabl<span class=\"__1 _201\"/>e market pri<span class=\"__1 _201\"/>ces are n<span class=\"__1 _201\"/>o long<span class=\"__1 _201\"/>er availab<span class=\"__1 _201\"/>le due to a<span class=\"__1 _201\"/>n inac<span class=\"__1 _201\"/>tive mar<span class=\"__1 _201\"/>ket or market disl<span class=\"__1 _201\"/>ocati<span class=\"__1 _201\"/>on.<span class=\"__1 _201\"/> In the<span class=\"__1 _201\"/>se ins<span class=\"__1 _201\"/>tance<span class=\"__1 _201\"/>s, pr<span class=\"__1 _201\"/>ices a<span class=\"__1 _201\"/>re deri<span class=\"__1 _201\"/>ved usi<span class=\"__1 _201\"/>ng intern<span class=\"__1 _201\"/>al valuati<span class=\"__1 _201\"/>on tech<span class=\"__1 _201\"/>nique<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>ding tho<span class=\"__1 _201\"/>se des<span class=\"__1 _201\"/>crib<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>low with th<span class=\"__1 _201\"/>e obje<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve<span class=\"__1 _32b\"> </span>of arr<span class=\"__1 _201\"/>ivin<span class=\"__1 _201\"/>g at a fair va<span class=\"__1 _201\"/>lue me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent that refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts the pr<span class=\"__1 _201\"/>ice at wh<span class=\"__1 _201\"/>ich an ord<span class=\"__1 _201\"/>erly tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n would ta<span class=\"__1 _201\"/>ke place be<span class=\"__1 _201\"/>twe<span class=\"__1 _201\"/>en mar<span class=\"__1 _201\"/>ket<span class=\"__1 _32b\"> </span>par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pants o<span class=\"__1 _201\"/>n the mea<span class=\"__1 _201\"/>surem<span class=\"__1 _201\"/>ent date. Th<span class=\"__1 _201\"/>e techni<span class=\"__1 _201\"/>ques us<span class=\"__1 _201\"/>ed re<span class=\"__1 _201\"/>quire a numb<span class=\"__1 _201\"/>er of as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons relati<span class=\"__1 _201\"/>ng to varia<span class=\"__1 _201\"/>bles s<span class=\"__1 _201\"/>uch as cre<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/> ris<span class=\"__1 _201\"/>k and intere<span class=\"__1 _201\"/>st rates<span class=\"__1 _201\"/>. E<span class=\"__1 _201\"/>xampl<span class=\"__1 _201\"/>es of such v<span class=\"__1 _201\"/>ariab<span class=\"__1 _201\"/>les in<span class=\"__1 _201\"/>clude a<span class=\"__1 _201\"/>n average c<span class=\"__1 _201\"/>redit sp<span class=\"__1 _201\"/>read ba<span class=\"__1 _201\"/>sed on t<span class=\"__1 _201\"/>he cor<span class=\"__1 _201\"/>porate b<span class=\"__1 _201\"/>ond uni<span class=\"__1 _201\"/>verse a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>the rel<span class=\"__1 _201\"/>evant dur<span class=\"__1 _201\"/>ation of th<span class=\"__1 _201\"/>e asset b<span class=\"__1 _201\"/>eing v<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e input as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons are d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e bes<span class=\"__1 _201\"/>t availab<span class=\"__1 _201\"/>le infor<span class=\"__1 _201\"/>mation at<span class=\"__1 _201\"/> the me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent dates<span class=\"__1 _201\"/>. Se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es valu<span class=\"__1 _201\"/>ed in su<span class=\"__1 _201\"/>ch mann<span class=\"__1 _201\"/>er are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as l<span class=\"__1 _201\"/>evel 3 whe<span class=\"__1 _201\"/>re these s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant i<span class=\"__1 _201\"/>nputs a<span class=\"__1 _201\"/>re not bas<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/> on ob<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>vab<span class=\"__1 _201\"/>le mar<span class=\"__1 _201\"/>ket data.<span class=\"__1 _32b\"> </span>Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in debt se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>ties were v<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/>d using mat<span class=\"__1 _201\"/>rix pr<span class=\"__1 _201\"/>icing<span class=\"__1 _201\"/>, which i<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on ass<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>sing the c<span class=\"__1 _201\"/>redit qu<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y of the und<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>ying<span class=\"__1 _201\"/> bor<span class=\"__1 _201\"/>rower an<span class=\"__1 _201\"/>d alloc<span class=\"__1 _201\"/>ating an i<span class=\"__1 _201\"/>nternal c<span class=\"__1 _201\"/>redit rati<span class=\"__1 _201\"/>ng whic<span class=\"__1 _201\"/>h is unob<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>vab<span class=\"__1 _201\"/>le. T<span class=\"__1 _201\"/>he intern<span class=\"__1 _201\"/>al credi<span class=\"__1 _201\"/>t rating imp<span class=\"__1 _201\"/>licitl<span class=\"__1 _201\"/>y inco<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ates<span class=\"__1 _32b\"> </span>enviro<span class=\"__1 _201\"/>nmen<span class=\"__1 _201\"/>tal, so<span class=\"__1 _201\"/>cial an<span class=\"__1 _201\"/>d govern<span class=\"__1 _201\"/>ance (E<span class=\"__1 _201\"/>SG) consi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>ons thro<span class=\"__1 _201\"/>ugh the an<span class=\"__1 _201\"/>alys<span class=\"__1 _201\"/>ts view<span class=\"__1 _201\"/>s of the ind<span class=\"__1 _201\"/>ustr<span class=\"__1 _201\"/>y an<span class=\"__1 _201\"/>d iss<span class=\"__1 _201\"/>uer<span class=\"__1 _200\"/>. Unde<span class=\"__1 _201\"/>r matrix<span class=\"__1 _201\"/> pri<span class=\"__1 _201\"/>cing, th<span class=\"__1 _201\"/>ese d<span class=\"__1 _201\"/>ebt se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s are pri<span class=\"__1 _201\"/>ced by ta<span class=\"__1 _201\"/>king the cre<span class=\"__1 _201\"/>dit sp<span class=\"__1 _201\"/>reads on c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>rable q<span class=\"__1 _201\"/>uoted pu<span class=\"__1 _201\"/>blic de<span class=\"__1 _201\"/>bt sec<span class=\"__1 _201\"/>uritie<span class=\"__1 _201\"/>s and ap<span class=\"__1 _201\"/>plyi<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span>thes<span class=\"__1 _201\"/>e to the equ<span class=\"__1 _201\"/>ival<span class=\"__1 _201\"/>ent debt s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>, fac<span class=\"__1 _201\"/>torin<span class=\"__1 _201\"/>g in a spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>ed liqu<span class=\"__1 _201\"/>idit<span class=\"__1 _201\"/>y premi<span class=\"__1 _201\"/>um. Th<span class=\"__1 _201\"/>e sel<span class=\"__1 _201\"/>ecti<span class=\"__1 _201\"/>on of com<span class=\"__1 _201\"/>parab<span class=\"__1 _201\"/>le quo<span class=\"__1 _201\"/>ted publ<span class=\"__1 _201\"/>ic debt<span class=\"__1 _201\"/> se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s use<span class=\"__1 _201\"/>d to determin<span class=\"__1 _201\"/>e the cre<span class=\"__1 _201\"/>dit spre<span class=\"__1 _201\"/>ad is bas<span class=\"__1 _201\"/>ed on a cre<span class=\"__1 _201\"/>dit spre<span class=\"__1 _201\"/>ad matri<span class=\"__1 _201\"/>x that takes into ac<span class=\"__1 _201\"/>count th<span class=\"__1 _201\"/>e internal c<span class=\"__1 _201\"/>redit rat<span class=\"__1 _201\"/>ing,<span class=\"__1 _201\"/> maturi<span class=\"__1 _201\"/>ty an<span class=\"__1 _201\"/>d curre<span class=\"__1 _201\"/>ncy of th<span class=\"__1 _201\"/>e debt se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>ty.<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue est<span class=\"__1 _201\"/>imates are ma<span class=\"__1 _201\"/>de at a spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>c point in ti<span class=\"__1 _201\"/>me, ba<span class=\"__1 _201\"/>sed up<span class=\"__1 _201\"/>on any avail<span class=\"__1 _201\"/>able ma<span class=\"__1 _201\"/>rket inform<span class=\"__1 _201\"/>ation an<span class=\"__1 _201\"/>d judge<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s abou<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>the fin<span class=\"__1 _201\"/>ancial i<span class=\"__1 _201\"/>nstr<span class=\"__1 _201\"/>ument<span class=\"__1 _201\"/>s, inc<span class=\"__1 _201\"/>ludin<span class=\"__1 _201\"/>g estim<span class=\"__1 _201\"/>ates of the timi<span class=\"__1 _201\"/>ng and am<span class=\"__1 _201\"/>ount of exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted future c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ows and th<span class=\"__1 _201\"/>e credit s<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ing<span class=\"__1 _32b\"> </span>of coun<span class=\"__1 _201\"/>terpar<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es. S<span class=\"__1 _201\"/>uch es<span class=\"__1 _201\"/>timates do n<span class=\"__1 _201\"/>ot refle<span class=\"__1 _201\"/>ct any p<span class=\"__1 _201\"/>remium o<span class=\"__1 _201\"/>r disco<span class=\"__1 _201\"/>unt that cou<span class=\"__1 _201\"/>ld resul<span class=\"__1 _201\"/>t from off<span class=\"__1 _201\"/>ering f<span class=\"__1 _201\"/>or sal<span class=\"__1 _201\"/>e at one tim<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>a sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant volum<span class=\"__1 _201\"/>e of a par<span class=\"__1 _201\"/>ticu<span class=\"__1 _201\"/>lar finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ent, n<span class=\"__1 _201\"/>or do they c<span class=\"__1 _201\"/>onsid<span class=\"__1 _201\"/>er the ta<span class=\"__1 _201\"/>x impa<span class=\"__1 _201\"/>ct of the re<span class=\"__1 _201\"/>alisati<span class=\"__1 _201\"/>on of unre<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>gains o<span class=\"__1 _201\"/>r los<span class=\"__1 _201\"/>ses fro<span class=\"__1 _201\"/>m sellin<span class=\"__1 _201\"/>g the fina<span class=\"__1 _201\"/>ncial in<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>ment b<span class=\"__1 _201\"/>eing fa<span class=\"__1 _201\"/>ir value<span class=\"__1 _201\"/>d. In s<span class=\"__1 _201\"/>ome c<span class=\"__1 _201\"/>ases<span class=\"__1 _201\"/>, the dis<span class=\"__1 _201\"/>clos<span class=\"__1 _201\"/>ed val<span class=\"__1 _201\"/>ue can<span class=\"__1 _201\"/>not be rea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d in<span class=\"__1 _32b\"> </span>imme<span class=\"__1 _201\"/>diate set<span class=\"__1 _201\"/>tlem<span class=\"__1 _201\"/>ent of the fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al instr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>t. In acc<span class=\"__1 _201\"/>ordan<span class=\"__1 _201\"/>ce with the G<span class=\"__1 _201\"/>roup R<span class=\"__1 _201\"/>isk Framewo<span class=\"__1 _201\"/>rk, th<span class=\"__1 _201\"/>e esti<span class=\"__1 _201\"/>mated fai<span class=\"__1 _201\"/>r value of<span class=\"__1 _201\"/> der<span class=\"__1 _201\"/>ivative fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al inst<span class=\"__1 _201\"/>rume<span class=\"__1 _201\"/>nts valu<span class=\"__1 _201\"/>ed inter<span class=\"__1 _201\"/>nally u<span class=\"__1 _201\"/>sing s<span class=\"__1 _201\"/>tanda<span class=\"__1 _201\"/>rd market pra<span class=\"__1 _201\"/>ctic<span class=\"__1 _201\"/>es are sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to asse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent aga<span class=\"__1 _201\"/>inst ex<span class=\"__1 _201\"/>terna<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span>counterpar<span class=\"__1 _201\"/>ties\u2019<span class=\"__1 _200\"/> valuations.<span class=\"__1 _32b\"> </span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p are exter<span class=\"__1 _201\"/>nall<span class=\"__1 _201\"/>y value<span class=\"__1 _201\"/>d by profes<span class=\"__1 _201\"/>sio<span class=\"__1 _201\"/>nally qu<span class=\"__1 _201\"/>alifi<span class=\"__1 _201\"/>ed ex<span class=\"__1 _201\"/>ternal v<span class=\"__1 _201\"/>aluer<span class=\"__1 _201\"/>s using th<span class=\"__1 _201\"/>e RIC<span class=\"__1 _201\"/>S valu<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> sta<span class=\"__1 _201\"/>ndards<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup\u2019s investm<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s are pred<span class=\"__1 _201\"/>omina<span class=\"__1 _201\"/>ntly valu<span class=\"__1 _201\"/>ed usi<span class=\"__1 _201\"/>ng an inc<span class=\"__1 _201\"/>ome c<span class=\"__1 _201\"/>apitali<span class=\"__1 _201\"/>sation te<span class=\"__1 _201\"/>chniq<span class=\"__1 _201\"/>ue. Th<span class=\"__1 _201\"/>is techni<span class=\"__1 _201\"/>que<span class=\"__1 _201\"/> cal<span class=\"__1 _201\"/>culates th<span class=\"__1 _201\"/>e value th<span class=\"__1 _201\"/>rough the y<span class=\"__1 _201\"/>ield a<span class=\"__1 _201\"/>nd renta<span class=\"__1 _201\"/>l value d<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>ding on f<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tors such a<span class=\"__1 _201\"/>s the lea<span class=\"__1 _201\"/>se len<span class=\"__1 _201\"/>gth, bu<span class=\"__1 _201\"/>ilding q<span class=\"__1 _201\"/>ualit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, coven<span class=\"__1 _201\"/>ants<span class=\"__1 _201\"/> and l<span class=\"__1 _201\"/>ocati<span class=\"__1 _201\"/>on. T<span class=\"__1 _200\"/>ypic<span class=\"__1 _201\"/>ally th<span class=\"__1 _201\"/>ese va<span class=\"__1 _201\"/>riabl<span class=\"__1 _201\"/>es use<span class=\"__1 _201\"/>d are com<span class=\"__1 _201\"/>pared to re<span class=\"__1 _201\"/>cent tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s with simi<span class=\"__1 _201\"/>lar feature<span class=\"__1 _201\"/>s to those b<span class=\"__1 _201\"/>eing va<span class=\"__1 _201\"/>lued<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n of investm<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y inhe<span class=\"__1 _201\"/>rently c<span class=\"__1 _201\"/>aptures th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of clim<span class=\"__1 _201\"/>ate chang<span class=\"__1 _201\"/>e if it were lo<span class=\"__1 _201\"/>cated in a<span class=\"__1 _201\"/>n area sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>to climate cha<span class=\"__1 _201\"/>nge event<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he key inputs of y<span class=\"__1 _201\"/>iel<span class=\"__1 _201\"/>d and renta<span class=\"__1 _201\"/>l value are p<span class=\"__1 _201\"/>roxies fo<span class=\"__1 _201\"/>r a rang<span class=\"__1 _201\"/>e of fac<span class=\"__1 _201\"/>tors wh<span class=\"__1 _201\"/>ich will i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>e climate<span class=\"__1 _201\"/> chan<span class=\"__1 _201\"/>ge. Th<span class=\"__1 _201\"/>e trend is towa<span class=\"__1 _201\"/>rds gree<span class=\"__1 _201\"/>ner bui<span class=\"__1 _201\"/>ldings a<span class=\"__1 _201\"/>chiev<span class=\"__1 _201\"/>ing bet<span class=\"__1 _201\"/>ter rent<span class=\"__1 _201\"/>s and yi<span class=\"__1 _201\"/>elds tha<span class=\"__1 _201\"/>n compa<span class=\"__1 _201\"/>rabl<span class=\"__1 _201\"/>e build<span class=\"__1 _201\"/>ings<span class=\"__1 _201\"/>, all other f<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tors<span class=\"__1 _32b\"> </span>being equal.<span class=\"__1 _32b\"> </span>As th<span class=\"__1 _201\"/>e compa<span class=\"__1 _201\"/>riso<span class=\"__1 _201\"/>ns are not w<span class=\"__1 _201\"/>ith prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties that a<span class=\"__1 _201\"/>re vir<span class=\"__1 _201\"/>tuall<span class=\"__1 _201\"/>y identi<span class=\"__1 _201\"/>cal to the G<span class=\"__1 _201\"/>roup\u2019s investm<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s, adj<span class=\"__1 _201\"/>ustm<span class=\"__1 _201\"/>ents are<span class=\"__1 _201\"/> mad<span class=\"__1 _201\"/>e by the valu<span class=\"__1 _201\"/>ers wh<span class=\"__1 _201\"/>ere app<span class=\"__1 _201\"/>ropriate to th<span class=\"__1 _201\"/>e variab<span class=\"__1 _201\"/>les us<span class=\"__1 _201\"/>ed.<span class=\"__1 _201\"/> The w<span class=\"__1 _201\"/>ay that climate<span class=\"__1 _201\"/>-relate<span class=\"__1 _201\"/>d fac<span class=\"__1 _201\"/>tors may in<span class=\"__1 _201\"/>fluen<span class=\"__1 _201\"/>ce key inputs fo<span class=\"__1 _201\"/>r level 3 ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents c<span class=\"__1 _201\"/>an be nu<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>d and co<span class=\"__1 _201\"/>mplex to id<span class=\"__1 _201\"/>entif<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>nclus<span class=\"__1 _201\"/>ion of othe<span class=\"__1 _201\"/>r climate<span class=\"__1 _201\"/>-relate<span class=\"__1 _201\"/>d fac<span class=\"__1 _201\"/>tors into f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e is expe<span class=\"__1 _201\"/>cted to evol<span class=\"__1 _201\"/>ve over the c<span class=\"__1 _201\"/>oming ye<span class=\"__1 _201\"/>ars as val<span class=\"__1 _201\"/>uation too<span class=\"__1 _201\"/>lset<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>prog<span class=\"__1 _201\"/>ress to all<span class=\"__1 _201\"/>ow more a<span class=\"__1 _201\"/>ccurate me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent of clim<span class=\"__1 _201\"/>ate impac<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span>32.<span class=\"__1 _201\"/>3.<span class=\"__1 _201\"/>2 A<span class=\"__1 _200\"/>nalysis<span class=\"__1 _200\"/> of in<span class=\"__1 _200\"/>ternally<span class=\"__1 _200\"/> valued<span class=\"__1 _200\"/> lev<span class=\"__1 _200\"/>el 3<span class=\"__1 _200\"/> financial instrumen<span class=\"__1 _200\"/>ts<span class=\"__1 _32b\"> </span>Level 3 fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l ass<span class=\"__1 _201\"/>ets, n<span class=\"__1 _201\"/>et of finan<span class=\"__1 _201\"/>cial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ich were inte<span class=\"__1 _201\"/>rnall<span class=\"__1 _201\"/>y value<span class=\"__1 _201\"/>d as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 were \u00a3<span class=\"__1 _201\"/>7<span class=\"__1 _f_1\"/>,1<span class=\"__1 _200\"/>15m<span class=\"__1 _32b\"> </span>(2021: \u00a311,9<span class=\"__1 _201\"/>33<span class=\"__1 _201\"/>m<span class=\"__1 _200\"/>), repre<span class=\"__1 _201\"/>sentin<span class=\"__1 _201\"/>g 5.6% of th<span class=\"__1 _201\"/>e total fair-valued fi<span class=\"__1 _201\"/>nanc<span class=\"__1 _201\"/>ial ass<span class=\"__1 _201\"/>ets net of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al liabil<span class=\"__1 _201\"/>ities (20<span class=\"__1 _201\"/>21: 8.0%).<span class=\"__1 _32b\"> </span>Inter<span class=\"__1 _201\"/>nal valu<span class=\"__1 _201\"/>ations are in<span class=\"__1 _201\"/>heren<span class=\"__1 _201\"/>tly more s<span class=\"__1 _201\"/>ubje<span class=\"__1 _201\"/>ctive t<span class=\"__1 _201\"/>han exte<span class=\"__1 _201\"/>rnal va<span class=\"__1 _201\"/>luation<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>ese inte<span class=\"__1 _201\"/>rnall<span class=\"__1 _201\"/>y value<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>ets an<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties pr<span class=\"__1 _201\"/>imari<span class=\"__1 _201\"/>ly<span class=\"__1 _32b\"> </span>cons<span class=\"__1 _201\"/>ist of th<span class=\"__1 _201\"/>e follow<span class=\"__1 _201\"/>ing items<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Deb<span class=\"__1 _201\"/>t secur<span class=\"__1 _201\"/>ities of \u00a3<span class=\"__1 _201\"/>7<span class=\"__1 _200\"/>,08<span class=\"__1 _201\"/>3m as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2 (2021: \u00a310,<span class=\"__1 _201\"/>917<span class=\"__1 _200\"/>m), of which \u00a35<span class=\"__1 _201\"/>,8<span class=\"__1 _201\"/>85<span class=\"__1 _201\"/>m (2021: \u00a39,167m<span class=\"__1 _200\"/>) were val<span class=\"__1 _201\"/>ued us<span class=\"__1 _201\"/>ing<span class=\"__1 _32b\"> </span></span>disc<span class=\"__1 _201\"/>ounted c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ow mod<span class=\"__1 _201\"/>els with a<span class=\"__1 _201\"/>n interna<span class=\"__1 _201\"/>lly deve<span class=\"__1 _201\"/>lope<span class=\"__1 _201\"/>d disc<span class=\"__1 _201\"/>ount rate. T<span class=\"__1 _201\"/>he rema<span class=\"__1 _201\"/>ining d<span class=\"__1 _201\"/>ebt se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s were val<span class=\"__1 _201\"/>ued us<span class=\"__1 _201\"/>ing othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>valu<span class=\"__1 _201\"/>ation meth<span class=\"__1 _201\"/>odo<span class=\"__1 _201\"/>logi<span class=\"__1 _201\"/>es such a<span class=\"__1 _201\"/>s enterp<span class=\"__1 _201\"/>rise va<span class=\"__1 _201\"/>luation a<span class=\"__1 _201\"/>nd es<span class=\"__1 _201\"/>timated re<span class=\"__1 _201\"/>cover<span class=\"__1 _201\"/>y (such as li<span class=\"__1 _201\"/>quidator<span class=\"__1 _201\"/>s\u2019 repor<span class=\"__1 _201\"/>ts).<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture f<span class=\"__1 _201\"/>und inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts in both d<span class=\"__1 _201\"/>ebt and e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s of \u00a3497m as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 (2021: \u00a3<span class=\"__1 _201\"/>380<span class=\"__1 _201\"/>m) were<span class=\"__1 _32b\"> </span></span>valu<span class=\"__1 _201\"/>ed inter<span class=\"__1 _201\"/>nally u<span class=\"__1 _201\"/>sing a dis<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d cash fl<span class=\"__1 _201\"/>ow mod<span class=\"__1 _201\"/>el. T<span class=\"__1 _201\"/>he mos<span class=\"__1 _201\"/>t signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant inpu<span class=\"__1 _201\"/>ts to the valu<span class=\"__1 _201\"/>ation are th<span class=\"__1 _201\"/>e forec<span class=\"__1 _201\"/>ast c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ows of<span class=\"__1 _32b\"> </span>the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, disco<span class=\"__1 _201\"/>unt rate, an<span class=\"__1 _201\"/>d termin<span class=\"__1 _201\"/>al value a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ption<span class=\"__1 _201\"/>, all of whi<span class=\"__1 _201\"/>ch involve s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant ju<span class=\"__1 _201\"/>dgem<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>he val<span class=\"__1 _201\"/>uation<span class=\"__1 _201\"/> is pe<span class=\"__1 _201\"/>rf<span class=\"__1 _201\"/>orme<span class=\"__1 _201\"/>d in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with Inter<span class=\"__1 _201\"/>nation<span class=\"__1 _201\"/>al Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y and Venture Cap<span class=\"__1 _201\"/>ital As<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iation va<span class=\"__1 _201\"/>luation g<span class=\"__1 _201\"/>uidel<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s are hel<span class=\"__1 _201\"/>d by the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d pri<span class=\"__1 _201\"/>vate equit<span class=\"__1 _201\"/>y inf<span class=\"__1 _201\"/>rastr<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>ture fund<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Equit<span class=\"__1 _201\"/>y rele<span class=\"__1 _201\"/>ase mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tgage lo<span class=\"__1 _201\"/>ans of \u00a39<span class=\"__1 _201\"/>34<span class=\"__1 _201\"/>m as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 (2021: \u00a31,723<span class=\"__1 _201\"/>m) and a cor<span class=\"__1 _201\"/>respo<span class=\"__1 _201\"/>nding l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y of \u00a3<span class=\"__1 _201\"/>246m<span class=\"__1 _201\"/> </span>(2021: \u00a34<span class=\"__1 _201\"/>03m), whic<span class=\"__1 _201\"/>h were valu<span class=\"__1 _201\"/>ed inter<span class=\"__1 _201\"/>nally u<span class=\"__1 _201\"/>sing dis<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d cas<span class=\"__1 _201\"/>h flow mo<span class=\"__1 _201\"/>dels<span class=\"__1 _201\"/>. The i<span class=\"__1 _201\"/>nputs th<span class=\"__1 _201\"/>at are mos<span class=\"__1 _201\"/>t signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt to<span class=\"__1 _32b\"> </span>the val<span class=\"__1 _201\"/>uation of th<span class=\"__1 _201\"/>ese l<span class=\"__1 _201\"/>oans are th<span class=\"__1 _201\"/>e disco<span class=\"__1 _201\"/>unt rate (consis<span class=\"__1 _201\"/>ting of an ob<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>va<span class=\"__1 _201\"/>ble ri<span class=\"__1 _201\"/>sk free r<span class=\"__1 _201\"/>ate and an uno<span class=\"__1 _201\"/>bser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>able il<span class=\"__1 _201\"/>liquid<span class=\"__1 _201\"/>ity<span class=\"__1 _201\"/> prem<span class=\"__1 _201\"/>ium), the current p<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y val<span class=\"__1 _201\"/>ue, the a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ed futu<span class=\"__1 _201\"/>re prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty grow<span class=\"__1 _201\"/>th an<span class=\"__1 _201\"/>d the as<span class=\"__1 _201\"/>sume<span class=\"__1 _201\"/>d future an<span class=\"__1 _201\"/>nual pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>rental y<span class=\"__1 _201\"/>ield<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s of \u00a31,68<span class=\"__1 _201\"/>8m as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 (20<span class=\"__1 _201\"/>21: \u00a31,<span class=\"__1 _201\"/>24<span class=\"__1 _200\"/>1m<span class=\"__1 _200\"/>), for the th<span class=\"__1 _201\"/>ird par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y interes<span class=\"__1 _201\"/>t in cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated fund<span class=\"__1 _201\"/>s in resp<span class=\"__1 _201\"/>ect o<span class=\"__1 _201\"/>f<span class=\"__1 _32b\"> </span></span>the co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t funds<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch are non<span class=\"__1 _201\"/>-rec<span class=\"__1 _201\"/>ourse to th<span class=\"__1 _201\"/>e Group<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>se liabi<span class=\"__1 _201\"/>lities we<span class=\"__1 _201\"/>re value<span class=\"__1 _201\"/>d by referen<span class=\"__1 _201\"/>ce to the<span class=\"__1 _201\"/> underlying assets.<span class=\"__1 _32b\"> </span>32<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3.<span class=\"__1 _201\"/>3 Govern<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e of level 3 val<span class=\"__1 _201\"/>uati<span class=\"__1 _201\"/>ons<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s valuati<span class=\"__1 _201\"/>on pol<span class=\"__1 _201\"/>icies<span class=\"__1 _201\"/>, proc<span class=\"__1 _201\"/>edure<span class=\"__1 _201\"/>s and ana<span class=\"__1 _201\"/>lyse<span class=\"__1 _201\"/>s for ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents c<span class=\"__1 _201\"/>ategor<span class=\"__1 _201\"/>ised a<span class=\"__1 _201\"/>s level 3 are ove<span class=\"__1 _201\"/>rsee<span class=\"__1 _201\"/>n by busin<span class=\"__1 _201\"/>ess u<span class=\"__1 _201\"/>nit<span class=\"__1 _32b\"> </span>comm<span class=\"__1 _201\"/>itte<span class=\"__1 _201\"/>es as par<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e Group\u2019s wid<span class=\"__1 _201\"/>er finan<span class=\"__1 _201\"/>cial rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ting gove<span class=\"__1 _201\"/>rnan<span class=\"__1 _201\"/>ce proc<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>he pro<span class=\"__1 _201\"/>cedu<span class=\"__1 _201\"/>res unde<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>taken inclu<span class=\"__1 _201\"/>de app<span class=\"__1 _201\"/>roval<span class=\"__1 _201\"/> of valu<span class=\"__1 _201\"/>ation meth<span class=\"__1 _201\"/>odo<span class=\"__1 _201\"/>logi<span class=\"__1 _201\"/>es, ve<span class=\"__1 _201\"/>rifi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n proce<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d resol<span class=\"__1 _201\"/>ution of si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant o<span class=\"__1 _201\"/>r compl<span class=\"__1 _201\"/>ex valuati<span class=\"__1 _201\"/>on iss<span class=\"__1 _201\"/>ues<span class=\"__1 _201\"/>. In und<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>taking t<span class=\"__1 _201\"/>hese<span class=\"__1 _201\"/> ac<span class=\"__1 _201\"/>tiviti<span class=\"__1 _201\"/>es, th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p makes use of th<span class=\"__1 _201\"/>e exten<span class=\"__1 _201\"/>sive exp<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tise of it<span class=\"__1 _201\"/>s Ass<span class=\"__1 _201\"/>et Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s. In ad<span class=\"__1 _201\"/>ditio<span class=\"__1 _201\"/>n, the G<span class=\"__1 _201\"/>roup has m<span class=\"__1 _201\"/>inimum<span class=\"__1 _201\"/> sta<span class=\"__1 _201\"/>ndards fo<span class=\"__1 _201\"/>r inde<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>ent pr<span class=\"__1 _201\"/>ice ver<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ation to ens<span class=\"__1 _201\"/>ure valuati<span class=\"__1 _201\"/>on accu<span class=\"__1 _201\"/>racy i<span class=\"__1 _201\"/>s regula<span class=\"__1 _201\"/>rly in<span class=\"__1 _201\"/>dep<span class=\"__1 _201\"/>ende<span class=\"__1 _201\"/>ntly ver<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d. Adhe<span class=\"__1 _201\"/>rence to this<span class=\"__1 _201\"/> pol<span class=\"__1 _201\"/>icy is m<span class=\"__1 _201\"/>onitore<span class=\"__1 _201\"/>d acros<span class=\"__1 _201\"/>s the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s units<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:732.4468px;\">32.<span class=\"__1 _201\"/>4 F<span class=\"__1 _f_1\"/>air value hierar<span class=\"__1 _200\"/>ch<span class=\"__1 _200\"/>y for<span class=\"__1 _200\"/> assets measur<span class=\"__1 _200\"/>ed a<span class=\"__1 _200\"/>t fair<span class=\"__1 _200\"/> value in<span class=\"__1 _200\"/> the c<span class=\"__1 _200\"/>onsolidated<span class=\"__1 _200\"/> stat<span class=\"__1 _200\"/>ement o<span class=\"__1 _200\"/>f financial<span class=\"__1 _200\"/> position<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:711.81726px;\">The t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s below p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nt the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s ass<span class=\"__1 _201\"/>ets me<span class=\"__1 _201\"/>asured at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e by level of th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue hie<span class=\"__1 _201\"/>rarchy for e<span class=\"__1 _201\"/>ach com<span class=\"__1 _201\"/>pone<span class=\"__1 _201\"/>nt of<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:695.3187px;\">busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s as set ou<span class=\"__1 _201\"/>t in Note 33<span class=\"__1 _201\"/>.</div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:222.8169px; bottom:664.72345px;\"> <span class=\"__1 _24b\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:634.7039px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _19f_1\"> </span><span class=\"ls2_1 ws2_1\">No<span class=\"__1 _201\"/>te<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:513.444px; bottom:646.70544px;\">Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:531.01154px; bottom:634.7039px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:574.8216px; bottom:646.70544px;\">Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:593.3196px; bottom:634.7039px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:637.5599px; bottom:646.70544px;\">Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.436px; bottom:634.7039px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:710.7465px; bottom:646.70544px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:634.7039px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:0.010047913px; bottom:614.9489px;\">With-profits<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:595.18646px;\">Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.64px; bottom:595.19257px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls24_1 ws23_1\" style=\"left:634.49384px; bottom:595.19257px;\">1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _206\"> </span>1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>2<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:575.43005px;\">Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _1b8_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">4<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>5<span class=\"__1 _204\"> </span><span class=\"ls27_1 ws27_1\">5,322<span class=\"__1 _249\"> </span><span class=\"ls2a_1 ws2a_1\">13,<span class=\"__1 _201\"/>087<span class=\"__1 _290\"> </span><span class=\"lsd_1 wsb_1\">58,56<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:0.010047913px; bottom:555.6676px;\">Loans<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.64px; bottom:555.6799px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws2a_1\" style=\"left:587.4733px; bottom:555.6799px;\">137<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>5<span class=\"__1 _253\"> </span><span class=\"ls27_1 ws27_1\">282<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws42_1\" style=\"left:0.010047913px; bottom:535.91736px;\">Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _24c\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">13<span class=\"__1 _201\"/>,685<span class=\"__1 _327\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _201\"/>,380<span class=\"__1 _214\"> </span><span class=\"ls33_1 ws34_1\">4<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>25<span class=\"__1 _290\"> </span>4<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>,79<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:516.1549px;\">Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _24d\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">52<span class=\"__1 _242\"> </span><span class=\"lsd_1 wsb_1\">2<span class=\"__1 _201\"/>,350<span class=\"__1 _353\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _242\"> </span><span class=\"ls32_1 ws33_1\">2<span class=\"__1 _201\"/>,4<span class=\"__1 _201\"/>03<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:496.3924px;\">T<span class=\"__1 _f_1\"/>otal with-profits<span class=\"__1 _280\"> </span><span class=\"ls15_1 ws14_1\">53,892<span class=\"__1 _4c_1\"> </span><span class=\"ls24_1 ws23_1\">3<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>9<span class=\"__1 _327\"> </span><span class=\"lsc_1 wsa_1\">33<span class=\"__1 _201\"/>,090<span class=\"__1 _18a_1\"> </span></span>1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>1<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:0.010047913px; bottom:476.62988px;\">Unit-link<span class=\"__1 _200\"/>ed:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:456.86737px;\">Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.64px; bottom:456.898px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:648.63226px; bottom:456.898px;\">497<span class=\"__1 _253\"> </span>497<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:437.1355px;\">Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _1b8_1\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">10,788<span class=\"__1 _239\"> </span><span class=\"ls3c_1 ws3d_1\">51<span class=\"__1 _201\"/>5<span class=\"__1 _f4_1\"> </span><span class=\"ls1f_1 ws1e_1\">33<span class=\"__1 _4c_1\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>33<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws42_1\" style=\"left:0.010047913px; bottom:417.373px;\">Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _400\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">1,378<span class=\"__1 _242\"> </span><span class=\"lsc_1 wsa_1\">3<span class=\"__1 _201\"/>,069<span class=\"__1 _271\"> </span><span class=\"ls40_1 ws44_1\">19<span class=\"__1 _243\"> </span><span class=\"ls15_1 ws14_1\">4,466<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:397.61047px;\">Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _10a_1\"> </span><span class=\"ff1_1 ls5_1\">5<span class=\"__1 _8d_1\"> </span>2<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:665.6466px; bottom:397.6289px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:727.35046px; bottom:397.6289px;\">7<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:377.86646px;\">T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> unit<span class=\"__1 _200\"/>-linked<span class=\"__1 _24e\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>2<span class=\"__1 _e7_1\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>1<span class=\"__1 _211\"> </span><span class=\"ls15_1 ws14_1\">3,<span class=\"__1 _201\"/>586<span class=\"__1 _223\"> </span><span class=\"ls27_1 ws27_1\">5<span class=\"__1 _201\"/>49<span class=\"__1 _290\"> </span><span class=\"ls38_1 ws38_1\">16,<span class=\"__1 _201\"/>306<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:358.10394px;\">Annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:338.34143px;\">Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.64px; bottom:338.35986px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls7_1 ws5_1\" style=\"left:648.63226px; bottom:338.35986px;\">876<span class=\"__1 _c_1\"> </span>8<span class=\"__1 _201\"/>76<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:318.5974px;\">Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _16a_1\"> </span><span class=\"ff1_1 ls5_1\">5<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:602.55493px; bottom:318.60352px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:663.6226px; bottom:318.60352px;\">2<span class=\"__1 _2b_1\"> </span>7<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:0.010047913px; bottom:298.841px;\">Loans<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.64px; bottom:298.84717px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:648.63226px; bottom:298.84717px;\">934<span class=\"__1 _237\"> </span>93<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws42_1\" style=\"left:0.010047913px; bottom:279.08466px;\">Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _1a5_1\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">1,<span class=\"__1 _201\"/>617<span class=\"__1 _204\"> </span>6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>616<span class=\"__1 _208\"> </span><span class=\"ls24_1 ws23_1\">4<span class=\"__1 _e7_1\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>6<span class=\"__1 _249\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>399<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:259.3222px;\">Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.64px; bottom:259.33447px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:585.9378px; bottom:259.33447px;\">265<span class=\"__1 _f4_1\"> </span><span class=\"ls3f_1 ws41_1\">25<span class=\"__1 _270\"> </span><span class=\"ls22_1 ws21_1\">290<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:239.57196px;\">T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _24f\"> </span><span class=\"ls19_1 ws18_1\">1,622<span class=\"__1 _214\"> </span>6,<span class=\"__1 _201\"/>881<span class=\"__1 _282\"> </span><span class=\"lsc_1 wsa_1\">6<span class=\"__1 _201\"/>,003<span class=\"__1 _213\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>506<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:0.010047913px; bottom:219.80951px;\">Other:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:200.047px;\">Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _450\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">162<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:602.55493px; bottom:200.06543px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:656.436px; bottom:200.06543px;\">58<span class=\"__1 _237\"> </span><span class=\"ls30_1 ws30_1\">220<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws42_1\" style=\"left:0.010047913px; bottom:180.30292px;\">Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _451\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">686<span class=\"__1 _270\"> </span><span class=\"ls1f_1 ws1e_1\">440<span class=\"__1 _219\"> </span>40<span class=\"__1 _240\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:160.5404px;\">Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.64px; bottom:160.55273px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:585.9378px; bottom:160.55273px;\">150<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:665.6466px; bottom:160.55273px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:711.75px; bottom:160.55273px;\">150<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:0.010047913px; bottom:140.79022px;\">T<span class=\"__1 _f_1\"/>otal other<span class=\"__1 _1cc_1\"> </span><span class=\"ls53_1 ws5b_1\">848<span class=\"__1 _270\"> </span><span class=\"ls1c_1 ws43_1\">59<span class=\"__1 _201\"/>0<span class=\"__1 _219\"> </span><span class=\"ls15_1 ws14_1\">98<span class=\"__1 _204\"> </span><span class=\"ls22_1 ws21_1\">1,536<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:0.010047913px; bottom:121.02774px;\">Group:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:101.26523px;\">Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.64px; bottom:101.28369px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:630.83624px; bottom:101.28369px;\">16,<span class=\"__1 _201\"/>505<span class=\"__1 _213\"> </span>16,<span class=\"__1 _201\"/>505<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:81.52118px;\">Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs1_1 fc3_1 sc0_1 ls87_1 ws9d_1\" style=\"left:470.03174px; bottom:81.52734px;\">33<span class=\"__1 _248\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls24_1 ws23_1\">5<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _250\"/>0<span class=\"__1 _214\"> </span><span class=\"ls22_1 ws21_1\">5<span class=\"__1 _201\"/>,837<span class=\"__1 _217\"> </span></span>1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>0<span class=\"__1 _248\"> </span>7<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>7<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:0.010047913px; bottom:61.76483px;\">Loans<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.64px; bottom:61.770996px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws2a_1\" style=\"left:587.4733px; bottom:61.770996px;\">137<span class=\"__1 _204\"> </span><span class=\"ls7_1 ws5_1\">1,07<span class=\"__1 _201\"/>9<span class=\"__1 _4a_1\"> </span><span class=\"ls38_1 ws38_1\">1,216<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws42_1\" style=\"left:0.010047913px; bottom:42.008484px;\">Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs1_1 fc3_1 sc0_1 ls87_1 ws9d_1\" style=\"left:470.03174px; bottom:42.014618px;\">33<span class=\"__1 _4c_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _290\"> </span><span class=\"ls30_1 ws30_1\">36<span class=\"__1 _201\"/>,505<span class=\"__1 _242\"> </span><span class=\"lsd_1 wsb_1\">8,950<span class=\"__1 _249\"> </span><span class=\"ls1c_1 ws43_1\">62<span class=\"__1 _201\"/>,821<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:22.252136px;\">Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs1_1 fc3_1 sc0_1 ls87_1 ws9d_1\" style=\"left:470.03174px; bottom:22.25827px;\">33<span class=\"__1 _f4_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls32_1 ws33_1\">57<span class=\"__1 _204\"> </span><span class=\"ls33_1 ws34_1\">2<span class=\"__1 _201\"/>,76<span class=\"__1 _201\"/>7<span class=\"__1 _f4_1\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _282\"> </span><span class=\"lsd_1 wsb_1\">2<span class=\"__1 _201\"/>,8<span class=\"__1 _201\"/>50<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:2.4957886px;\">T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l ass<span class=\"__1 _201\"/>ets at fa<span class=\"__1 _201\"/>ir val<span class=\"__1 _201\"/>ue<span class=\"__1 _452\"> </span><span class=\"ls3f_1 ws41_1\">68,533<span class=\"__1 _290\"> </span><span class=\"ls10_1 wsf_1\">45,246<span class=\"__1 _18a_1\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>0<span class=\"__1 _1d1_1\"> </span><span class=\"ls3c_1 ws3d_1\">1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:763.5657px;\">32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div> <span class=\"__1 _453\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _19f_1\"> </span><span class=\"ls2_1 ws2_1\">No<span class=\"__1 _201\"/>te<span class=\"__1 _32b\"> </span></span>Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>With-profits<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>17<span class=\"__1 _f_1\"/>,707<span class=\"__1 _242\"> </span>17<span class=\"__1 _200\"/>,707<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _335\"> </span><span class=\"ls3a_1 ws3b_1\">45,599<span class=\"__1 _240\"> </span><span class=\"ls43_1 ws47_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>2<span class=\"__1 _4c_1\"> </span><span class=\"ls4d_1 ws54_1\">10,<span class=\"__1 _201\"/>88<span class=\"__1 _201\"/>4<span class=\"__1 _213\"> </span><span class=\"ls7_1 ws5_1\">60,6<span class=\"__1 _201\"/>45<span class=\"__1 _32b\"> </span></span></span></span></span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>141<span class=\"__1 _272\"> </span>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>411<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>552<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _454\"> </span><span class=\"ls45_1 ws49_1\">28<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>14<span class=\"__1 _286\"> </span><span class=\"lsc_1 wsa_1\">21<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>75<span class=\"__1 _204\"> </span><span class=\"ls32_1 ws33_1\">5,6<span class=\"__1 _201\"/>75<span class=\"__1 _213\"> </span><span class=\"ls5_1 ws1_1\">54,964<span class=\"__1 _32b\"> </span></span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _24d\"> </span><span class=\"ls3f_1 ws41_1\">65<span class=\"__1 _214\"> </span>2,55<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _201\"/>,618<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal with-profits<span class=\"__1 _11f_1\"> </span><span class=\"ff2_1 ls40_1 ws44_1\">73,6<span class=\"__1 _201\"/>78<span class=\"__1 _282\"> </span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1<span class=\"__1 _245\"> </span><span class=\"ls1f_1 ws1e_1\">35,677<span class=\"__1 _258\"> </span><span class=\"ls13_1 ws12_1\">13<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span></span></span></span></span>Unit-link<span class=\"__1 _200\"/>ed:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>931<span class=\"__1 _231\"> </span>931<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _455\"> </span><span class=\"ls8_1 ws6_1\">12<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>3<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">425<span class=\"__1 _1e_1\"> </span><span class=\"ls3d_1 ws3f_1\">74<span class=\"__1 _1cf_1\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>23<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _fd_1\"> </span><span class=\"ls3f_1 ws41_1\">3,949<span class=\"__1 _204\"> </span><span class=\"ls32_1 ws33_1\">2,<span class=\"__1 _201\"/>528<span class=\"__1 _232\"> </span><span class=\"ls10_1 wsf_1\">22<span class=\"__1 _211\"> </span><span class=\"ls1f_1 ws1e_1\">6,499<span class=\"__1 _32b\"> </span></span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _10a_1\"> </span><span class=\"ls5_1\">3<span class=\"__1 _2b_1\"> </span>2<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> unit<span class=\"__1 _200\"/>-linked<span class=\"__1 _456\"> </span><span class=\"ff2_1 ls1f_1 ws1e_1\">16,<span class=\"__1 _200\"/>685<span class=\"__1 _214\"> </span><span class=\"ls3f_1 ws41_1\">2,955<span class=\"__1 _240\"> </span><span class=\"ls42_1 ws46_1\">1,02<span class=\"__1 _201\"/>7<span class=\"__1 _249\"> </span><span class=\"ls7_1 ws5_1\">20,667<span class=\"__1 _32b\"> </span></span></span></span></span>Annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,06<span class=\"__1 _201\"/>0<span class=\"__1 _204\"> </span>1,060<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _16a_1\"> </span><span class=\"ls5_1\">3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _8d_1\"> </span>5<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _7d_1\"> </span>1<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>23<span class=\"__1 _32b\"> </span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _fd_1\"> </span><span class=\"ls42_1 ws46_1\">5,03<span class=\"__1 _201\"/>6<span class=\"__1 _204\"> </span><span class=\"ls1c_1 ws43_1\">6,557<span class=\"__1 _204\"> </span><span class=\"ls1f_1 ws1e_1\">6,673<span class=\"__1 _4c_1\"> </span></span></span>18<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>266<span class=\"__1 _32b\"> </span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>561<span class=\"__1 _f4_1\"> </span><span class=\"ls1f_1 ws1e_1\">58<span class=\"__1 _231\"> </span></span>619<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _457\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">5,03<span class=\"__1 _201\"/>9<span class=\"__1 _220\"> </span><span class=\"ls13_1 ws12_1\">7,<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>8<span class=\"__1 _7d_1\"> </span><span class=\"ls74_1 ws89_1\">9,<span class=\"__1 _250\"/>51<span class=\"__1 _201\"/>6<span class=\"__1 _1cf_1\"> </span><span class=\"ls40_1 ws44_1\">21,67<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span></span></span>Other:<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _1c5_1\"> </span><span class=\"ls56_1 ws5f_1\">179<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>8<span class=\"__1 _231\"> </span><span class=\"ls42_1 ws46_1\">187<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _458\"> </span><span class=\"lsc_1 wsa_1\">731<span class=\"__1 _c_1\"> </span><span class=\"ls38_1 ws38_1\">59<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>1,3<span class=\"__1 _201\"/>30<span class=\"__1 _32b\"> </span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>131<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>131<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal other<span class=\"__1 _459\"> </span><span class=\"ff2_1 ls4d_1 ws54_1\">910<span class=\"__1 _253\"> </span><span class=\"lsb_1 ws32_1\">730<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,64<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span></span></span>Group:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>19,69<span class=\"__1 _201\"/>8<span class=\"__1 _245\"> </span>19,<span class=\"__1 _201\"/>698<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _32b\"> </span>33<span class=\"__1 _245\"> </span><span class=\"fs3_1 fc2_1 ls74_1 ws89_1\">5<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>4<span class=\"__1 _204\"> </span><span class=\"ls15_1 ws14_1\">4,<span class=\"__1 _201\"/>587<span class=\"__1 _4c_1\"> </span><span class=\"ls4d_1 ws54_1\">10,9<span class=\"__1 _201\"/>68<span class=\"__1 _4c_1\"> </span><span class=\"ls3d_1 ws3f_1\">74<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>141<span class=\"__1 _7d_1\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">3,<span class=\"__1 _201\"/>275<span class=\"__1 _32b\"> </span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _32b\"> </span>33<span class=\"__1 _217\"> </span><span class=\"fs3_1 fc2_1 ls13_1 ws12_1\">3<span class=\"__1 _250\"/>7,<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>0<span class=\"__1 _1c_1\"> </span><span class=\"ls7_1 ws5_1\">3<span class=\"__1 _201\"/>0,959<span class=\"__1 _286\"> </span><span class=\"lse_1 wsc_1\">12,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>70<span class=\"__1 _245\"> </span><span class=\"lsc_1 wsa_1\">81,059<span class=\"__1 _32b\"> </span></span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>33<span class=\"__1 _1d_1\"> </span><span class=\"fs3_1 fc2_1 ls1f_1 ws1e_1\">68<span class=\"__1 _204\"> </span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>247<span class=\"__1 _f4_1\"> </span></span>58<span class=\"__1 _204\"> </span><span class=\"lsd_1 wsb_1\">3<span class=\"__1 _201\"/>,373<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l ass<span class=\"__1 _201\"/>ets at fa<span class=\"__1 _201\"/>ir val<span class=\"__1 _201\"/>ue<span class=\"__1 _25a\"> </span><span class=\"ff2_1 lse_1 wsc_1\">96<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>312<span class=\"__1 _18a_1\"> </span><span class=\"ls5_1 ws1_1\">38,934<span class=\"__1 _18a_1\"> </span><span class=\"ls1c_1 ws43_1\">46<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>28<span class=\"__1 _216\"> </span><span class=\"lsc_1 wsa_1\">181,<span class=\"__1 _201\"/>47<span class=\"__1 _f_1\"/>4<span class=\"__1 _32b\"> </span></span></span></span></span>32.<span class=\"__1 _201\"/>5 F<span class=\"__1 _f_1\"/>air value hierar<span class=\"__1 _200\"/>ch<span class=\"__1 _200\"/>y for<span class=\"__1 _200\"/> liabilities me<span class=\"__1 _200\"/>asured a<span class=\"__1 _200\"/>t fair<span class=\"__1 _200\"/> value<span class=\"__1 _200\"/> in the<span class=\"__1 _200\"/> consolidat<span class=\"__1 _200\"/>ed sta<span class=\"__1 _200\"/>tement<span class=\"__1 _200\"/> of financial<span class=\"__1 _200\"/> position<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s below p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nt the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s liabi<span class=\"__1 _201\"/>lities m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at fair va<span class=\"__1 _201\"/>lue by leve<span class=\"__1 _201\"/>l of the fai<span class=\"__1 _201\"/>r value hi<span class=\"__1 _201\"/>erarchy<span class=\"__1 _201\"/>: <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>11,<span class=\"__1 _201\"/>93<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>11,<span class=\"__1 _201\"/>93<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds<span class=\"__1 _25b\"> </span><span class=\"ff1_1 ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _208\"> </span><span class=\"ls27_1 ws27_1\">1,329<span class=\"__1 _214\"> </span><span class=\"ls28_1 ws28_1\">1,688<span class=\"__1 _213\"> </span><span class=\"ls19_1 ws18_1\">10,<span class=\"__1 _201\"/>389<span class=\"__1 _32b\"> </span></span></span></span></span>Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _454\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">95<span class=\"__1 _1d8_1\"> </span><span class=\"lsc_1 wsa_1\">4,0<span class=\"__1 _201\"/>81<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _204\"> </span><span class=\"ls24_1 ws23_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>246<span class=\"__1 _223\"> </span>246<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities a<span class=\"__1 _200\"/>t fair<span class=\"__1 _200\"/> value<span class=\"__1 _25c\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>7<span class=\"__1 _248\"> </span>1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _204\"> </span><span class=\"ls28_1 ws28_1\">1,943<span class=\"__1 _4c_1\"> </span><span class=\"ls33_1 ws34_1\">26<span class=\"__1 _201\"/>,757<span class=\"__1 _32b\"> </span></span></span></span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:239.00671px; bottom:825.73975px;\"> <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:795.7202px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:513.444px; bottom:807.7217px;\">Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:531.01154px; bottom:795.7202px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:574.8216px; bottom:807.7217px;\">Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:593.3196px; bottom:795.7202px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:637.5599px; bottom:807.7217px;\">Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.436px; bottom:795.7202px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:710.7465px; bottom:807.7217px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:795.7202px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:775.96533px;\">Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.64px; bottom:775.96533px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:568.4445px; bottom:775.96533px;\">1<span class=\"__1 _200\"/>4,884<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:665.6466px; bottom:775.96533px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:695.1204px; bottom:775.96533px;\">1<span class=\"__1 _200\"/>4,884<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:756.2029px;\">Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds<span class=\"__1 _25d\"> </span><span class=\"ls13_1 ws12_1\">7,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>0<span class=\"__1 _204\"> </span><span class=\"ls15_1 ws14_1\">4<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>25<span class=\"__1 _1b5_1\"> </span><span class=\"ls4a_1 ws50_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>41<span class=\"__1 _210\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>36<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:736.44037px;\">Sub<span class=\"__1 _201\"/>ordinate<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.64px; bottom:736.4525px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws47_1\" style=\"left:643.23883px; bottom:736.4525px;\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _1a_1\"> </span>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:716.69px;\">Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _16e_1\"> </span><span class=\"lsd_1 wsb_1\">37<span class=\"__1 _211\"> </span><span class=\"ls5_1 ws1_1\">2,648<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _1d8_1\"> </span><span class=\"ls40_1 ws44_1\">2,6<span class=\"__1 _201\"/>89<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:696.92755px;\">Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.64px; bottom:696.9398px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:648.63226px; bottom:696.9398px;\">403<span class=\"__1 _237\"> </span>403<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:677.1773px;\">T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities a<span class=\"__1 _200\"/>t fair<span class=\"__1 _200\"/> value<span class=\"__1 _25e\"> </span><span class=\"ff2_1 ls13_1 ws12_1\">7,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _242\"> </span><span class=\"ls8_1 ws6_1\">2<span class=\"__1 _201\"/>1,7<span class=\"__1 _201\"/>57<span class=\"__1 _204\"> </span><span class=\"ls5_1 ws1_1\">2,80<span class=\"__1 _200\"/>7<span class=\"__1 _282\"> </span><span class=\"lsc_1 wsa_1\">31,7<span class=\"__1 _201\"/>71<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:638.1496px;\">32<span class=\"__1 _201\"/>.6 T<span class=\"__1 _200\"/>rans<span class=\"__1 _201\"/>fers b<span class=\"__1 _201\"/>etwee<span class=\"__1 _201\"/>n levels<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws19_1\" style=\"left:0.010047913px; bottom:617.5201px;\">The G<span class=\"__1 _201\"/>roup\u2019s poli<span class=\"__1 _201\"/>cy is to rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>e trans<span class=\"__1 _201\"/>fers i<span class=\"__1 _201\"/>nto and tran<span class=\"__1 _201\"/>sfer<span class=\"__1 _201\"/>s out of leve<span class=\"__1 _201\"/>ls as at the e<span class=\"__1 _201\"/>nd of each <span class=\"__1 _201\"/>half-year rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ting pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d, except<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:601.02155px;\">for mate<span class=\"__1 _201\"/>rial tra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs, w<span class=\"__1 _201\"/>hich are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed as of th<span class=\"__1 _201\"/>e date of the even<span class=\"__1 _201\"/>t or chang<span class=\"__1 _201\"/>e in circum<span class=\"__1 _201\"/>stanc<span class=\"__1 _201\"/>es that c<span class=\"__1 _201\"/>ause<span class=\"__1 _201\"/>d the trans<span class=\"__1 _201\"/>fer<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:576.2738px;\">T<span class=\"__1 _f_1\"/>ra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs are de<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>d to have occur<span class=\"__1 _201\"/>red whe<span class=\"__1 _201\"/>n there is a m<span class=\"__1 _201\"/>aterial ch<span class=\"__1 _201\"/>ange in th<span class=\"__1 _201\"/>e obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ved va<span class=\"__1 _201\"/>luation in<span class=\"__1 _201\"/>puts o<span class=\"__1 _201\"/>r a chang<span class=\"__1 _201\"/>e in the level<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:559.7753px;\">of trad<span class=\"__1 _201\"/>ing ac<span class=\"__1 _201\"/>tiviti<span class=\"__1 _201\"/>es of the s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>.</div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:219.23431px; bottom:530.92175px;\"> <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022</span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:219.23431px; bottom:512.90375px;\"> <span class=\"__1 _361\"> </span><span class=\"ls2b_1 ws2b_1\">T<span class=\"__1 _f_1\"/>ransfers between le<span class=\"__1 _200\"/>vels<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:434.8888px;\">For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3b_1 ws3c_1\" style=\"left:484.69305px; bottom:494.8858px;\">Equit<span class=\"__1 _201\"/>y <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:469.00275px; bottom:482.88428px;\">securitie<span class=\"__1 _201\"/>s <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls50_1 ws60_1\" style=\"left:461.90686px; bottom:470.88275px;\">and pooled <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3b_1 ws3c_1\" style=\"left:461.90686px; bottom:458.8813px;\">inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws55_1\" style=\"left:487.18005px; bottom:446.87976px;\">funds<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:499.16052px; bottom:434.8783px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:564.68115px; bottom:458.8813px;\">Debt <span class=\"__1 _f_1\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:540.76514px; bottom:446.87976px;\">securitie<span class=\"__1 _201\"/>s<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:572.4374px; bottom:434.8783px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 ws8e_1\" style=\"left:606.8176px; bottom:446.87976px;\">Derivativ<span class=\"__1 _200\"/>es<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:645.43665px; bottom:434.8783px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:710.7465px; bottom:446.87976px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:434.8783px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:415.12915px;\">From level 1 to leve<span class=\"__1 _201\"/>l 2<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:120.203094px; bottom:419.37488px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:508.44977px; bottom:415.12915px;\">7<span class=\"__1 _4a_1\"> </span><span class=\"ls15_1 ws14_1\">14,099<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:656.436px; bottom:415.12915px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls24_1 ws23_1\" style=\"left:696.6262px; bottom:415.12915px;\">1<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:395.36664px;\">From level 1 to leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _25f\"> </span><span class=\"ff1_1 ls5_1\">1<span class=\"__1 _1ce_1\"> </span>4<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:656.436px; bottom:395.3728px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:727.35046px; bottom:395.3728px;\">5<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:375.6103px;\">From level 2 to leve<span class=\"__1 _201\"/>l 1<span class=\"__1 _22b\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">17<span class=\"__1 _230\"> </span><span class=\"ls30_1 ws30_1\">2<span class=\"__1 _201\"/>20<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:656.436px; bottom:375.6164px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls22_1 ws21_1\" style=\"left:712.9595px; bottom:375.6164px;\">237<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:355.85394px;\">From level 2 to leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:508.44977px; bottom:355.86005px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls27_1 ws27_1\" style=\"left:566.6226px; bottom:355.86005px;\">582<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:656.436px; bottom:355.86005px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls27_1 ws27_1\" style=\"left:711.75px; bottom:355.86005px;\">582<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:336.0976px;\">From level 3 to leve<span class=\"__1 _201\"/>l 1<span class=\"__1 _355\"> </span><span class=\"ff1_1 ls5_1\">9<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:581.4271px; bottom:336.1037px;\">\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:727.35046px; bottom:336.1037px;\">9<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:316.34125px;\">From level 3 to leve<span class=\"__1 _201\"/>l 2<span class=\"__1 _460\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">137<span class=\"__1 _264\"> </span><span class=\"ls15_1 ws14_1\">555<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:656.436px; bottom:316.34735px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls40_1 ws44_1\" style=\"left:711.75px; bottom:316.34735px;\">692<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:0.010047913px; bottom:289.31842px;\">i <span class=\"__1 _2d_1\"> </span>Mov<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nts ar<span class=\"__1 _201\"/>isi<span class=\"__1 _201\"/>ng fro<span class=\"__1 _201\"/>m refi<span class=\"__1 _201\"/>nem<span class=\"__1 _201\"/>ents m<span class=\"__1 _201\"/>ade to t<span class=\"__1 _201\"/>he Gr<span class=\"__1 _201\"/>oup\u2019s le<span class=\"__1 _201\"/>velli<span class=\"__1 _201\"/>ng po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>y dur<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.</div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:219.23431px; bottom:260.4577px;\"> <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021</span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:219.23431px; bottom:242.43967px;\"> <span class=\"__1 _361\"> </span><span class=\"ls2b_1 ws2b_1\">T<span class=\"__1 _f_1\"/>ransfers between le<span class=\"__1 _200\"/>vels<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:164.42468px;\">For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3b_1 ws3c_1\" style=\"left:484.69305px; bottom:224.42166px;\">Equit<span class=\"__1 _201\"/>y <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:469.00275px; bottom:212.42017px;\">securitie<span class=\"__1 _201\"/>s <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls50_1 ws60_1\" style=\"left:461.90686px; bottom:200.41867px;\">and pooled <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3b_1 ws3c_1\" style=\"left:461.90686px; bottom:188.41718px;\">inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws55_1\" style=\"left:487.18005px; bottom:176.41568px;\">funds<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:499.16052px; bottom:164.41418px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:564.68115px; bottom:188.41718px;\">Debt <span class=\"__1 _f_1\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:540.76514px; bottom:176.41568px;\">securitie<span class=\"__1 _201\"/>s<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:572.4374px; bottom:164.41418px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 ws8e_1\" style=\"left:606.8176px; bottom:176.41568px;\">Derivativ<span class=\"__1 _200\"/>es<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:645.43665px; bottom:164.41418px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:710.7465px; bottom:176.41568px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:164.41418px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:144.66473px;\">From level 1 to leve<span class=\"__1 _201\"/>l 2<span class=\"__1 _461\"> </span><span class=\"ls5_1\">1<span class=\"__1 _231\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>372<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:656.436px; bottom:144.66473px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsc_1 wsa_1\" style=\"left:703.9338px; bottom:144.66473px;\">1,3<span class=\"__1 _201\"/>73<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:124.90222px;\">From level 1 to leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _355\"> </span><span class=\"ls5_1\">5<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:581.4271px; bottom:124.90839px;\">\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:727.35046px; bottom:124.90839px;\">5<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:105.145874px;\">From level 2 to leve<span class=\"__1 _201\"/>l 1<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:120.203094px; bottom:109.397766px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:508.44977px; bottom:105.15204px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls4d_1 ws54_1\" style=\"left:550.6557px; bottom:105.15204px;\">10,9<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:656.436px; bottom:105.15204px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls4d_1 ws54_1\" style=\"left:697.7247px; bottom:105.15204px;\">10,9<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:85.38953px;\">From level 2 to leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls41_1 ws45_1\" style=\"left:122.466156px; bottom:89.64142px;\">ii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls74_1 ws89_1\" style=\"left:495.22516px; bottom:85.39566px;\">4<span class=\"__1 _201\"/>51<span class=\"__1 _229\"> </span><span class=\"lsf_1 wsd_1\">36<span class=\"__1 _201\"/>4<span class=\"__1 _12d_1\"> </span><span class=\"ls5_1 ws1_1\">54<span class=\"__1 _230\"> </span><span class=\"ls22_1 ws21_1\">869<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:65.63318px;\">From level 3 to leve<span class=\"__1 _201\"/>l 1<span class=\"__1 _461\"> </span><span class=\"ls5_1\">1<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:581.4271px; bottom:65.63931px;\">\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:728.9442px; bottom:65.63931px;\">1<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:45.87683px;\">From level 3 to leve<span class=\"__1 _201\"/>l 2<span class=\"__1 _339\"> </span><span class=\"ls1f_1 ws1e_1\">35<span class=\"__1 _392\"> </span><span class=\"ls56_1 ws5f_1\">17<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:656.436px; bottom:45.882965px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls23_1 ws22_1\" style=\"left:712.9595px; bottom:45.882965px;\">207<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:0.010047913px; bottom:18.854034px;\">i <span class=\"__1 _2d_1\"> </span>Movemen<span class=\"__1 _200\"/>ts arsing<span class=\"__1 _200\"/> from r<span class=\"__1 _200\"/>efinements made<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> the Group<span class=\"__1 _200\"/>\u2019<span class=\"__1 _200\"/>s lev<span class=\"__1 _200\"/>elling policy<span class=\"__1 _200\"/> during t<span class=\"__1 _200\"/>he year<span class=\"__1 _200\"/> ended 31<span class=\"__1 _200\"/> December 2021.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:0.010047913px; bottom:1.9805298px;\">ii <span class=\"__1 _2e_1\"> </span>Th<span class=\"__1 _201\"/>e tran<span class=\"__1 _201\"/>sfe<span class=\"__1 _201\"/>r of \u00a35<span class=\"__1 _201\"/>4m of d<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>vati<span class=\"__1 _201\"/>ves f<span class=\"__1 _201\"/>rom le<span class=\"__1 _201\"/>vel 2 to le<span class=\"__1 _201\"/>vel 3 co<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>sts o<span class=\"__1 _201\"/>f \u00a358<span class=\"__1 _201\"/>m of as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and \u00a34<span class=\"__1 _201\"/>m of lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:859.3723px;\">32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div>32.7 Reconcilia<span class=\"__1 _200\"/>tion of<span class=\"__1 _200\"/> mo<span class=\"__1 _200\"/>vements<span class=\"__1 _200\"/> in le<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>el 3 a<span class=\"__1 _200\"/>ssets and li<span class=\"__1 _200\"/>abilities<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>oveme<span class=\"__1 _201\"/>nts duri<span class=\"__1 _201\"/>ng the yea<span class=\"__1 _201\"/>r of level 3 as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabi<span class=\"__1 _201\"/>lities h<span class=\"__1 _201\"/>eld at fa<span class=\"__1 _201\"/>ir value<span class=\"__1 _201\"/>, excludin<span class=\"__1 _201\"/>g asset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s held f<span class=\"__1 _201\"/>or sal<span class=\"__1 _201\"/>e, are<span class=\"__1 _201\"/> anal<span class=\"__1 _201\"/>yse<span class=\"__1 _201\"/>d in the tabl<span class=\"__1 _201\"/>es be<span class=\"__1 _201\"/>low: <span class=\"__1 _25b\"> </span><span class=\"ls1_1\">For t<span class=\"__1 _201\"/>he yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span></span>At 1 Jan<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal gains/ <span class=\"ls5_1 ws1_1\"> </span>(l<span class=\"__1 _201\"/>o<span class=\"__1 _201\"/>s<span class=\"__1 _201\"/>s<span class=\"__1 _201\"/>es)<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>record<span class=\"__1 _201\"/>ed <span class=\"ls5_1 ws1_1\"> </span>in income <span class=\"ls5_1 ws1_1\"> </span>statement<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>exch<span class=\"__1 _200\"/>ange<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Purchas<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>and ot<span class=\"__1 _200\"/>her<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Sales and<span class=\"__1 _32b\"> </span>other<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rans<span class=\"__1 _201\"/>fer <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>to he<span class=\"__1 _201\"/>ld <span class=\"ls5_1\"> </span>for sale<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Settled<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Issued<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ransfers <span class=\"ls5_1 ws1_1\"> </span>into<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ransfers <span class=\"ls5_1 ws1_1\"> </span>out o<span class=\"__1 _201\"/>f <span class=\"ls5_1\"> </span>leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>At 31 De<span class=\"__1 _201\"/>c<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Level 3 as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span>propert<span class=\"__1 _201\"/>y<span class=\"__1 _13d_1\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">19,698<span class=\"__1 _248\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _204\"> </span><span class=\"ls30_1 ws30_1\">204<span class=\"__1 _243\"> </span><span class=\"ls19_1 ws18_1\">2<span class=\"__1 _201\"/>,699<span class=\"__1 _258\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>3)<span class=\"__1 _270\"> </span><span class=\"ls10_1 wsf_1\">24<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>16,<span class=\"__1 _201\"/>505<span class=\"__1 _32b\"> </span>Equity se<span class=\"__1 _201\"/>curities<span class=\"__1 _201\"/> and pooled<span class=\"__1 _32b\"> </span>inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _2e_1\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">10,<span class=\"__1 _201\"/>968<span class=\"__1 _239\"> </span><span class=\"ls17_1 ws16_1\">419<span class=\"__1 _272\"> </span><span class=\"ls32_1 ws33_1\">128<span class=\"__1 _243\"> </span></span></span>3<span class=\"__1 _201\"/>,683<span class=\"__1 _290\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>3)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _204\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>6)<span class=\"__1 _462\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span>Loans<span class=\"__1 _463\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _1c2_1\"> </span><span class=\"ls76_1 ws8b_1\">(<span class=\"__1 _201\"/>78<span class=\"__1 _201\"/>1)<span class=\"__1 _f7_1\"> </span><span class=\"ls5_1 ws1_1\">2<span class=\"__1 _c_1\"> </span><span class=\"ls19_1 ws18_1\">109<span class=\"__1 _212\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,07<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _249\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>370<span class=\"__1 _217\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>1)<span class=\"__1 _256\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _223\"> </span><span class=\"ls7_1 ws5_1\">76<span class=\"__1 _201\"/>0<span class=\"__1 _204\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>18<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>586<span class=\"__1 _1d8_1\"> </span>(555<span class=\"__1 _200\"/>)<span class=\"__1 _a_1\"> </span><span class=\"lsd_1 wsb_1\">8<span class=\"__1 _201\"/>,950<span class=\"__1 _32b\"> </span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _212\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">58<span class=\"__1 _345\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _e_1\"> </span><span class=\"ls26_1 ws26_1\">(3)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>26<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _201\"/> asset<span class=\"__1 _201\"/>s<span class=\"__1 _14a_1\"> </span><span class=\"lsb_1 ws32_1\">46<span class=\"__1 _201\"/>,228<span class=\"__1 _248\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>1)<span class=\"__1 _204\"> </span><span class=\"ls53_1 ws5b_1\">342<span class=\"__1 _204\"> </span><span class=\"ls3f_1 ws41_1\">7<span class=\"__1 _f_1\"/>,<span class=\"__1 _201\"/>253<span class=\"__1 _b_1\"> </span><span class=\"ls49_1 ws4f_1\">(<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _223\"> </span><span class=\"ls10_1 wsf_1\">24<span class=\"__1 _216\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>5)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>587<span class=\"__1 _204\"> </span><span class=\"ls76_1 ws8b_1\">(<span class=\"__1 _201\"/>701)<span class=\"__1 _265\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>0<span class=\"__1 _32b\"> </span></span></span>Leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _201\"/> liabilities:<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty<span class=\"__1 _201\"/> interes<span class=\"__1 _201\"/>t in<span class=\"__1 _201\"/> consolidated<span class=\"__1 _32b\"> </span>funds<span class=\"__1 _464\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>41<span class=\"__1 _228\"> </span><span class=\"ls56_1 ws5f_1\">(22)<span class=\"__1 _237\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(8<span class=\"__1 _201\"/>9)<span class=\"__1 _204\"> </span><span class=\"ls1f_1 ws1e_1\">54<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,688<span class=\"__1 _32b\"> </span>Bor<span class=\"__1 _201\"/>rowing<span class=\"__1 _201\"/>s and<span class=\"__1 _201\"/> sub<span class=\"__1 _201\"/>ordinated<span class=\"__1 _201\"/> liabilities<span class=\"__1 _17c_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>Derivat<span class=\"__1 _200\"/>ive<span class=\"__1 _32b\"> </span>liabilities<span class=\"__1 _bc_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">4<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>9<span class=\"__1 _32b\"> </span>Other liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _253\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">403<span class=\"__1 _212\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(9)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>246<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _201\"/> liabilities<span class=\"__1 _465\"> </span><span class=\"ls7_1 ws5_1\">2<span class=\"__1 _201\"/>,807<span class=\"__1 _6b_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _237\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1 ws1_1\">5<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _208\"> </span><span class=\"ls1f_1 ws1e_1\">542<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,943<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed w<span class=\"__1 _201\"/>ithin p<span class=\"__1 _201\"/>urch<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>s and o<span class=\"__1 _201\"/>ther o<span class=\"__1 _201\"/>f \u00a33<span class=\"__1 _201\"/>,68<span class=\"__1 _201\"/>3m f<span class=\"__1 _201\"/>or Equ<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y sec<span class=\"__1 _201\"/>uri<span class=\"__1 _201\"/>ties a<span class=\"__1 _201\"/>nd po<span class=\"__1 _201\"/>ol<span class=\"__1 _201\"/>ed inve<span class=\"__1 _201\"/>stm<span class=\"__1 _201\"/>ent f<span class=\"__1 _201\"/>und<span class=\"__1 _201\"/>s for th<span class=\"__1 _201\"/>e year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 is \u00a31,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>16m<span class=\"__1 _201\"/> as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iated w<span class=\"__1 _201\"/>ith th<span class=\"__1 _201\"/>e de<span class=\"__1 _201\"/>cons<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>dati<span class=\"__1 _201\"/>on of th<span class=\"__1 _201\"/>e M&amp;G Eu<span class=\"__1 _201\"/>rop<span class=\"__1 _201\"/>ean Pr<span class=\"__1 _201\"/>ope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty Fun<span class=\"__1 _201\"/>d in th<span class=\"__1 _201\"/>e per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed w<span class=\"__1 _201\"/>ithin s<span class=\"__1 _201\"/>ale<span class=\"__1 _201\"/>s and o<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r of \u00a34,<span class=\"__1 _201\"/>64<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>m for In<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y for th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 is \u00a3<span class=\"__1 _201\"/>3,<span class=\"__1 _201\"/>95<span class=\"__1 _201\"/>5m as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iate<span class=\"__1 _201\"/>d with th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>de<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dati<span class=\"__1 _201\"/>on of th<span class=\"__1 _201\"/>e M&amp;G E<span class=\"__1 _201\"/>urop<span class=\"__1 _201\"/>ean P<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty Fun<span class=\"__1 _201\"/>d in th<span class=\"__1 _201\"/>e per<span class=\"__1 _201\"/>io<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>ed wi<span class=\"__1 _201\"/>thin s<span class=\"__1 _201\"/>ett<span class=\"__1 _201\"/>led f<span class=\"__1 _201\"/>or Lo<span class=\"__1 _201\"/>ans a<span class=\"__1 _201\"/>nd Bo<span class=\"__1 _201\"/>rrow<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/>s and su<span class=\"__1 _201\"/>bor<span class=\"__1 _201\"/>dina<span class=\"__1 _201\"/>ted lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s for th<span class=\"__1 _201\"/>e year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 is th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct f<span class=\"__1 _201\"/>rom th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>de<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dati<span class=\"__1 _201\"/>on of th<span class=\"__1 _201\"/>e bu<span class=\"__1 _201\"/>y-to-<span class=\"__1 _201\"/>let m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ges h<span class=\"__1 _201\"/>eld b<span class=\"__1 _201\"/>y a sec<span class=\"__1 _201\"/>urit<span class=\"__1 _201\"/>isat<span class=\"__1 _201\"/>ion ve<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>le as a re<span class=\"__1 _201\"/>sult o<span class=\"__1 _201\"/>f the ch<span class=\"__1 _201\"/>ang<span class=\"__1 _201\"/>e in co<span class=\"__1 _201\"/>ntrol d<span class=\"__1 _201\"/>uri<span class=\"__1 _201\"/>ng the p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:45.629395px; bottom:792.41736px;\"> <span class=\"__1 _13c_1\"> </span><span class=\"ls1_1\">For th<span class=\"__1 _201\"/>e year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r 2021<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:113.129395px; bottom:726.4038px;\">At 1 Jan<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:135.61455px; bottom:714.4023px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws58_1\" style=\"left:157.3833px; bottom:774.3993px;\">T<span class=\"__1 _f_1\"/>otal gains/ <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls8f_1 wsa7_1\" style=\"left:176.30551px; bottom:762.3978px;\">(l<span class=\"__1 _201\"/>o<span class=\"__1 _201\"/>s<span class=\"__1 _201\"/>s<span class=\"__1 _201\"/>es)<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 lsd_1 ws9d_1\" style=\"left:158.9349px; bottom:750.39636px;\">record<span class=\"__1 _201\"/>ed in <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:177.68356px; bottom:738.3948px;\">income<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:163.94804px; bottom:726.3933px;\">statement<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:198.5409px; bottom:714.3918px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5c_1 ws6a_1\" style=\"left:235.06995px; bottom:738.3948px;\">Foreig<span class=\"__1 _201\"/>n <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:224.70886px; bottom:726.3933px;\">exch<span class=\"__1 _200\"/>ange<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:256.3332px; bottom:714.3918px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 lsd_1 wsb_1\" style=\"left:283.9689px; bottom:738.3948px;\">Purchas<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls50_1 ws60_1\" style=\"left:288.6351px; bottom:726.3933px;\">and ot<span class=\"__1 _200\"/>her<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:318.73575px; bottom:714.3918px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls50_1 ws60_1\" style=\"left:345.3069px; bottom:738.3948px;\">Sales and<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3e_1 ws40_1\" style=\"left:365.5491px; bottom:726.3933px;\">other<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:376.4826px; bottom:714.3918px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:409.54034px; bottom:750.39636px;\">T<span class=\"__1 _f_1\"/>rans<span class=\"__1 _201\"/>fer <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:415.75726px; bottom:738.3948px;\">to he<span class=\"__1 _201\"/>ld <span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:413.64014px; bottom:726.3933px;\">for sale<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:434.445px; bottom:714.3918px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls90_1 wsa8_1\" style=\"left:472.1466px; bottom:726.3933px;\">Settled<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:491.53485px; bottom:714.3918px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls50_1 ws56_1\" style=\"left:531.01154px; bottom:726.3933px;\">Issued<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:548.5032px; bottom:714.3918px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:576.3396px; bottom:750.39636px;\">T<span class=\"__1 _f_1\"/>ransfers <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2_1 ws2_1\" style=\"left:602.55493px; bottom:738.3948px;\">into<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:590.2714px; bottom:726.3933px;\">leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:605.2428px; bottom:714.3918px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:632.3418px; bottom:750.39636px;\">T<span class=\"__1 _f_1\"/>ransfers <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:651.5727px; bottom:738.3948px;\">out o<span class=\"__1 _201\"/>f <span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:647.469px; bottom:726.3933px;\">leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:663.6226px; bottom:714.3918px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:690.1305px; bottom:726.3933px;\">At 31 De<span class=\"__1 _201\"/>c<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:721.23193px; bottom:714.3918px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:694.6428px;\">Level 3 as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws2a_1\" style=\"left:0.010047913px; bottom:674.8803px;\">Inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:0.010047913px; bottom:659.8863px;\">propert<span class=\"__1 _201\"/>y<span class=\"__1 _a3_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>258<span class=\"__1 _220\"> </span><span class=\"ls57_1 ws61_1\">(411<span class=\"__1 _201\"/>)<span class=\"__1 _286\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,002<span class=\"__1 _217\"> </span></span></span>(1,310)<span class=\"__1 _282\"> </span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>47<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:500.5692px; bottom:659.8865px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws2a_1\" style=\"left:696.6262px; bottom:659.8865px;\">19,69<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:640.12396px;\">Equity se<span class=\"__1 _201\"/>curities<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws5d_1\" style=\"left:0.010047913px; bottom:625.12994px;\">and pooled<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:610.136px;\">inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _1d1_1\"> </span><span class=\"ls1f_1 ws1e_1\">8,458<span class=\"__1 _1b5_1\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>,147<span class=\"__1 _f4_1\"> </span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _282\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>30<span class=\"__1 _18a_1\"> </span></span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:442.089px; bottom:610.1301px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls22_1 ws21_1\" style=\"left:598.7133px; bottom:610.1301px;\">456<span class=\"__1 _270\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>6)<span class=\"__1 _263\"> </span><span class=\"ls4d_1 ws54_1\">10,<span class=\"__1 _201\"/>96<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:0.010047913px; bottom:590.3676px;\">Loans<span class=\"__1 _466\"> </span><span class=\"ls32_1 ws33_1\">3,<span class=\"__1 _201\"/>220<span class=\"__1 _12d_1\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _f4_1\"> </span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _e_1\"> </span><span class=\"ls3a_1 ws3b_1\">99<span class=\"__1 _222\"> </span><span class=\"ls18_1 ws17_1\">(<span class=\"__1 _201\"/>20)<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:442.089px; bottom:590.3738px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsa_1 ws8_1\" style=\"left:481.91687px; bottom:590.3738px;\">(1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:557.2183px; bottom:590.3738px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws47_1\" style=\"left:704.9894px; bottom:590.3738px;\">3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws42_1\" style=\"left:0.010047913px; bottom:570.61127px;\">Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _217\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>58<span class=\"__1 _201\"/>4<span class=\"__1 _6b_1\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:264.58786px; bottom:570.61743px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsc_1 wsa_1\" style=\"left:303.00735px; bottom:570.61743px;\">1,3<span class=\"__1 _201\"/>29<span class=\"__1 _249\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:442.089px; bottom:570.61743px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsf_1 wsd_1\" style=\"left:598.7133px; bottom:570.61743px;\">364<span class=\"__1 _3f_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _6f_1\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>70<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:550.8549px;\">Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:144.92204px; bottom:550.8611px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1f_1 ws1e_1\" style=\"left:605.2428px; bottom:550.8611px;\">58<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:671.6041px; bottom:550.8611px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1f_1 ws1e_1\" style=\"left:721.23193px; bottom:550.8611px;\">58<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:531.0986px;\">T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:0.010047913px; bottom:516.10455px;\">asset<span class=\"__1 _201\"/>s<span class=\"__1 _341\"> </span><span class=\"ff2_1 lsf_1 wsd_1\">4<span class=\"__1 _201\"/>3,368<span class=\"__1 _4a_1\"> </span><span class=\"lse_1 wsc_1\">3,<span class=\"__1 _201\"/>013<span class=\"__1 _3f_1\"> </span><span class=\"ls57_1 ws61_1\">(41<span class=\"__1 _201\"/>3)<span class=\"__1 _1cf_1\"> </span><span class=\"lsc_1 wsa_1\">5,<span class=\"__1 _201\"/>260<span class=\"__1 _327\"> </span></span>(4<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>8)<span class=\"__1 _243\"> </span><span class=\"ls46_1 ws4b_1\">(94<span class=\"__1 _201\"/>7)<span class=\"__1 _214\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:557.2183px; bottom:516.10474px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls15_1 ws14_1\" style=\"left:598.7133px; bottom:516.10474px;\">878<span class=\"__1 _204\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>08)<span class=\"__1 _265\"> </span><span class=\"ls1c_1 ws43_1\">46<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>28<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls56_1 ws28_1\" style=\"left:0.010047913px; bottom:496.34222px;\">Leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:0.010047913px; bottom:481.3482px;\">liabilities:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:461.5857px;\">Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:446.59174px;\">interes<span class=\"__1 _201\"/>t in<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:0.010047913px; bottom:431.59772px;\">consolidated<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws44_1\" style=\"left:0.010047913px; bottom:416.6037px;\">funds<span class=\"__1 _464\"> </span><span class=\"ls23_1 ws22_1\">1,4<span class=\"__1 _201\"/>07<span class=\"__1 _1e_1\"> </span><span class=\"ls42_1 ws46_1\">91<span class=\"__1 _264\"> </span><span class=\"ls5_1 ws1_1\">2<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:328.25986px; bottom:416.59198px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls11_1 ws10_1\" style=\"left:484.69305px; bottom:416.59198px;\">(<span class=\"__1 _201\"/>711)<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">4<span class=\"__1 _201\"/>52<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:615.17206px; bottom:416.59198px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls4a_1 ws50_1\" style=\"left:706.9809px; bottom:416.59198px;\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>41<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:396.82953px;\">Bor<span class=\"__1 _201\"/>rowing<span class=\"__1 _201\"/>s and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:381.8355px;\">sub<span class=\"__1 _201\"/>ordinated<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:0.010047913px; bottom:366.8415px;\">liabilities<span class=\"__1 _375\"> </span><span class=\"ls4d_1 ws54_1\">1,301<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:207.42944px; bottom:366.83563px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsa_1 ws8_1\" style=\"left:482.9292px; bottom:366.83563px;\">(14<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:557.2183px; bottom:366.83563px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws47_1\" style=\"left:706.9809px; bottom:366.83563px;\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:0.010047913px; bottom:347.07318px;\">Derivat<span class=\"__1 _200\"/>ive<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:0.010047913px; bottom:332.07916px;\">liabilities<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:144.92204px; bottom:332.07928px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:613.04083px; bottom:332.07928px;\">4<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:671.6041px; bottom:332.07928px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:728.9442px; bottom:332.07928px;\">4<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:312.31683px;\">Other liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _253\"> </span><span class=\"ls3f_1 ws41_1\">409<span class=\"__1 _12d_1\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:264.58786px; bottom:312.32294px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls77_1 ws8c_1\" style=\"left:495.22516px; bottom:312.32294px;\">(7)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:557.2183px; bottom:312.32294px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:712.9595px; bottom:312.32294px;\">403<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:292.5605px;\">T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:0.010047913px; bottom:277.56647px;\">liabilities<span class=\"__1 _341\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>7<span class=\"__1 _271\"> </span><span class=\"ls27_1 ws27_1\">92<span class=\"__1 _230\"> </span><span class=\"ls5_1 ws1_1\">2<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:328.25986px; bottom:277.5666px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls18_1 ws17_1\" style=\"left:479.00745px; bottom:277.5666px;\">(8<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>0)<span class=\"__1 _208\"> </span><span class=\"ls32_1 ws33_1\">4<span class=\"__1 _201\"/>52<span class=\"__1 _1e_1\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:671.6041px; bottom:277.5666px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:702.8064px; bottom:277.5666px;\">2,80<span class=\"__1 _200\"/>7<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:238.53888px;\">32<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>8 Unre<span class=\"__1 _201\"/>ali<span class=\"__1 _201\"/>sed ga<span class=\"__1 _201\"/>ins a<span class=\"__1 _201\"/>nd los<span class=\"__1 _201\"/>ses i<span class=\"__1 _201\"/>n resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of level 3 as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd li<span class=\"__1 _201\"/>abi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:217.90936px;\">Unre<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d gains an<span class=\"__1 _201\"/>d los<span class=\"__1 _201\"/>ses rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of ass<span class=\"__1 _201\"/>ets and l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties cla<span class=\"__1 _201\"/>ssifi<span class=\"__1 _201\"/>ed as<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:201.41086px;\">level 3 th<span class=\"__1 _201\"/>at are hel<span class=\"__1 _201\"/>d at the end of th<span class=\"__1 _201\"/>e year are an<span class=\"__1 _201\"/>alys<span class=\"__1 _201\"/>ed as fol<span class=\"__1 _201\"/>lows:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:160.55371px;\">For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:647.469px; bottom:172.5552px;\">2022<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.436px; bottom:160.55371px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:711.75px; bottom:172.5552px;\">2021<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:160.55371px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:140.79736px;\">Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _467\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _270\"> </span></span><span class=\"ls42_1 ws46_1\">918<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:121.03485px;\">Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _468\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">452<span class=\"__1 _204\"> </span></span><span class=\"ls23_1 ws22_1\">2,<span class=\"__1 _201\"/>407<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:0.010047913px; bottom:101.27237px;\">Loans<span class=\"__1 _469\"> </span><span class=\"ff1_1 ls76_1 ws8b_1\">(<span class=\"__1 _201\"/>781)<span class=\"__1 _392\"> </span></span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws42_1\" style=\"left:0.010047913px; bottom:81.50986px;\">Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _26a\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _1b5_1\"> </span></span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:0.010047913px; bottom:61.747345px;\">Derivat<span class=\"__1 _200\"/>ives<span class=\"__1 _26b\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:728.9442px; bottom:61.77182px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:42.015472px;\">Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds<span class=\"__1 _1de_1\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">(9)<span class=\"__1 _252\"> </span></span><span class=\"ls74_1 ws89_1\">(51<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:22.25296px;\">Other fin<span class=\"__1 _201\"/>ancial liabilities<span class=\"__1 _fa_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(14<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _392\"> </span></span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls75_1 ws8a_1\" style=\"left:0.010047913px; bottom:2.490448px;\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _357\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>07<span class=\"__1 _201\"/>)<span class=\"__1 _1cf_1\"> </span><span class=\"ff2_1 ls3a_1 ws3b_1\">2,94<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:826.05005px;\">32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div>32<span class=\"__1 _201\"/>.9 Fai<span class=\"__1 _201\"/>r valu<span class=\"__1 _201\"/>e level 3 inp<span class=\"__1 _201\"/>ut<span class=\"__1 _201\"/>s and se<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>tivi<span class=\"__1 _201\"/>ties<span class=\"__1 _32b\"> </span>32<span class=\"__1 _201\"/>.9<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 L<span class=\"__1 _201\"/>ev<span class=\"__1 _200\"/>el 3 as<span class=\"__1 _201\"/>set i<span class=\"__1 _201\"/>npu<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>re pos<span class=\"__1 _201\"/>sible<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es the s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y of the fa<span class=\"__1 _201\"/>ir value o<span class=\"__1 _201\"/>f level 3 as<span class=\"__1 _201\"/>sets to reas<span class=\"__1 _201\"/>onab<span class=\"__1 _201\"/>ly pos<span class=\"__1 _201\"/>sib<span class=\"__1 _201\"/>le chan<span class=\"__1 _201\"/>ges in the m<span class=\"__1 _201\"/>ost<span class=\"__1 _201\"/> significant unobs<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vable inputs.<span class=\"__1 _201\"/> The m<span class=\"__1 _201\"/>ost s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant un<span class=\"__1 _201\"/>obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>e input<span class=\"__1 _201\"/>s in determ<span class=\"__1 _201\"/>ining th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue of leve<span class=\"__1 _201\"/>l 3 asse<span class=\"__1 _201\"/>ts are pres<span class=\"__1 _201\"/>ented w<span class=\"__1 _201\"/>ithin the ta<span class=\"__1 _201\"/>bles b<span class=\"__1 _201\"/>elow.<span class=\"__1 _32b\"> </span>Real e<span class=\"__1 _201\"/>state:<span class=\"__1 _32b\"> </span>Av<span class=\"__1 _200\"/>erage estimat<span class=\"__1 _200\"/>ed ren<span class=\"__1 _200\"/>tal val<span class=\"__1 _200\"/>ue<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>Av<span class=\"__1 _200\"/>erage equivalent<span class=\"__1 _200\"/> yield<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _f4_1\"> </span><span class=\"ls2b_1 ws2b_1\">Proper<span class=\"__1 _201\"/>ty type<span class=\"__1 _263\"> </span>Geographical location<span class=\"__1 _a4_1\"> </span><span class=\"ls3_1 ws3_1\">202<span class=\"__1 _201\"/>2<span class=\"__1 _a6_1\"> </span>2021<span class=\"__1 _463\"> </span>2022<span class=\"__1 _a6_1\"> </span>2021<span class=\"__1 _32b\"> </span></span></span>Inv<span class=\"__1 _200\"/>estment pr<span class=\"__1 _200\"/>operty<span class=\"__1 _32b\"> </span>Industrial<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _26c\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">\u00a39<span class=\"__1 _463\"> </span></span><span class=\"ls28_1 ws28_1\">\u00a39<span class=\"__1 _375\"> </span><span class=\"ff1_1 ls8_1 ws6_1\">6.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1%<span class=\"__1 _ab_1\"> </span></span><span class=\"ls40_1 ws44_1\">4.9<span class=\"__1 _201\"/>8%<span class=\"__1 _32b\"> </span></span></span>Europ<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _6a_1\"> </span><span class=\"ff2_1 ls3f_1 ws41_1\">\u20ac55<span class=\"__1 _262\"> </span></span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _465\"> </span><span class=\"ff2_1 ls40_1 ws44_1\">4<span class=\"__1 _201\"/>.4<span class=\"__1 _201\"/>3%<span class=\"__1 _32b\"> </span></span>Asia/P<span class=\"__1 _201\"/>acific<span class=\"__1 _c4_1\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">$96<span class=\"__1 _6a_1\"> </span></span><span class=\"ls27_1 ws27_1\">$<span class=\"__1 _201\"/>98<span class=\"__1 _375\"> </span><span class=\"ff1_1 ls8_1 ws6_1\">6.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1%<span class=\"__1 _9d_1\"> </span></span><span class=\"ls43_1 ws47_1\">5<span class=\"__1 _250\"/>.11<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span></span>Office<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _26d\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">\u00a339<span class=\"__1 _26e\"> </span></span>\u00a334<span class=\"__1 _1eb_1\"> </span><span class=\"ff1_1 ls60_1 ws73_1\">6<span class=\"__1 _201\"/>.1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>%<span class=\"__1 _1d5_1\"> </span></span><span class=\"ls1f_1 ws1e_1\">5.42<span class=\"__1 _32b\"> </span></span>Europ<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _b0_1\"> </span><span class=\"ff2_1 ls28_1 ws28_1\">\u20ac304<span class=\"__1 _262\"> </span></span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _465\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">4<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>26%<span class=\"__1 _32b\"> </span></span>Asia/P<span class=\"__1 _201\"/>acific<span class=\"__1 _417\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">$442<span class=\"__1 _b0_1\"> </span></span><span class=\"ls27_1 ws27_1\">$509<span class=\"__1 _401\"> </span><span class=\"ff1_1 ls54_1 ws5c_1\">5.<span class=\"__1 _201\"/>48%<span class=\"__1 _465\"> </span></span><span class=\"lsc_1 wsa_1\">5.<span class=\"__1 _201\"/>26%<span class=\"__1 _32b\"> </span></span></span>Nor<span class=\"__1 _201\"/>th<span class=\"__1 _200\"/> America<span class=\"__1 _d3_1\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">$45<span class=\"__1 _379\"> </span></span><span class=\"ls7f_1 ws93_1\">$46<span class=\"__1 _375\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">5.7<span class=\"__1 _201\"/>5%<span class=\"__1 _465\"> </span></span><span class=\"ls45_1 ws49_1\">5<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>25%<span class=\"__1 _32b\"> </span></span></span>Residential<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _393\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">\u00a337<span class=\"__1 _26f\"> </span></span><span class=\"lsc_1 wsa_1\">\u00a331<span class=\"__1 _341\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">3<span class=\"__1 _201\"/>.9<span class=\"__1 _201\"/>6%<span class=\"__1 _1d5_1\"> </span></span><span class=\"ls8_1 ws6_1\">3<span class=\"__1 _201\"/>.7<span class=\"__1 _250\"/>7%<span class=\"__1 _32b\"> </span></span></span>Europ<span class=\"__1 _201\"/>e<span class=\"__1 _273\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">\u20ac330<span class=\"__1 _14a_1\"> </span></span>\u20ac24<span class=\"__1 _201\"/>4<span class=\"__1 _401\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">3<span class=\"__1 _201\"/>.62%<span class=\"__1 _470\"> </span></span><span class=\"ls8_1 ws6_1\">3<span class=\"__1 _201\"/>.7<span class=\"__1 _201\"/>2%<span class=\"__1 _32b\"> </span></span>Asia/P<span class=\"__1 _201\"/>acific<span class=\"__1 _417\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">$258<span class=\"__1 _471\"> </span></span><span class=\"ls32_1 ws33_1\">$275<span class=\"__1 _17c_1\"> </span></span><span class=\"ff1_1\">5.<span class=\"__1 _201\"/>32%<span class=\"__1 _465\"> </span></span><span class=\"ls7_1 ws5_1\">4<span class=\"__1 _201\"/>.97%<span class=\"__1 _32b\"> </span></span>Retail<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _393\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">\u00a32<span class=\"__1 _201\"/>7<span class=\"__1 _26e\"> </span></span><span class=\"ls1c_1 ws43_1\">\u00a328<span class=\"__1 _1eb_1\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">6.<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>%<span class=\"__1 _ab_1\"> </span></span><span class=\"ls52_1 ws5a_1\">6<span class=\"__1 _201\"/>.<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>4%<span class=\"__1 _32b\"> </span></span></span>Europ<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _341\"> </span><span class=\"ff2_1 lsd_1 wsb_1\">\u20ac<span class=\"__1 _201\"/>537<span class=\"__1 _262\"> </span></span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _465\"> </span><span class=\"ff2_1 ls38_1 ws38_1\">4<span class=\"__1 _201\"/>.2<span class=\"__1 _201\"/>9%<span class=\"__1 _32b\"> </span></span>Asia/P<span class=\"__1 _201\"/>acific<span class=\"__1 _417\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">$295<span class=\"__1 _471\"> </span></span><span class=\"ls4d_1 ws54_1\">$<span class=\"__1 _201\"/>310<span class=\"__1 _401\"> </span></span><span class=\"ff1_1\">6.<span class=\"__1 _201\"/>92%<span class=\"__1 _1d5_1\"> </span></span><span class=\"ls8_1 ws6_1\">6<span class=\"__1 _201\"/>.75<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>UK<span class=\"__1 _26d\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">\u00a338<span class=\"__1 _472\"> </span></span><span class=\"lsb_1 ws32_1\">\u00a327<span class=\"__1 _375\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">5.7<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>%<span class=\"__1 _329\"> </span></span><span class=\"ls19_1 ws18_1\">6<span class=\"__1 _201\"/>.40%<span class=\"__1 _32b\"> </span></span></span>Europ<span class=\"__1 _201\"/>e<span class=\"__1 _405\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">\u20ac11<span class=\"__1 _201\"/>0<span class=\"__1 _471\"> </span></span><span class=\"lse_1 wsc_1\">\u20ac<span class=\"__1 _201\"/>132<span class=\"__1 _401\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">6.<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>5%<span class=\"__1 _ab_1\"> </span></span><span class=\"ls40_1 ws44_1\">5.<span class=\"__1 _201\"/>38%<span class=\"__1 _32b\"> </span></span></span>Asia/P<span class=\"__1 _201\"/>acific<span class=\"__1 _473\"> </span><span class=\"ff1_1 ls8_1 ws6_1\">$19<span class=\"__1 _201\"/>5<span class=\"__1 _1eb_1\"> </span></span><span class=\"lse_1 wsc_1\">$<span class=\"__1 _201\"/>213<span class=\"__1 _14a_1\"> </span><span class=\"ff1_1 ls6_1 ws52_1\">8<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>50%<span class=\"__1 _a5_1\"> </span></span><span class=\"ls42_1 ws46_1\">8<span class=\"__1 _201\"/>.00%<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e avera<span class=\"__1 _201\"/>ge es<span class=\"__1 _201\"/>tim<span class=\"__1 _201\"/>ated re<span class=\"__1 _201\"/>ntal v<span class=\"__1 _201\"/>alu<span class=\"__1 _201\"/>e for th<span class=\"__1 _201\"/>e UK an<span class=\"__1 _201\"/>d No<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>h Ame<span class=\"__1 _201\"/>ric<span class=\"__1 _201\"/>a is qu<span class=\"__1 _201\"/>oted p<span class=\"__1 _201\"/>er s<span class=\"__1 _201\"/>quare f<span class=\"__1 _201\"/>oot<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>lst th<span class=\"__1 _201\"/>e aver<span class=\"__1 _201\"/>age e<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>mate<span class=\"__1 _201\"/>d renta<span class=\"__1 _201\"/>l val<span class=\"__1 _201\"/>ue for E<span class=\"__1 _201\"/>urop<span class=\"__1 _201\"/>e and<span class=\"__1 _201\"/> As<span class=\"__1 _201\"/>ia/P<span class=\"__1 _201\"/>aci<span class=\"__1 _201\"/>fic is q<span class=\"__1 _201\"/>uote<span class=\"__1 _201\"/>d per s<span class=\"__1 _201\"/>qua<span class=\"__1 _201\"/>re met<span class=\"__1 _201\"/>re in lin<span class=\"__1 _201\"/>e wit<span class=\"__1 _201\"/>h loc<span class=\"__1 _201\"/>al pr<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tice<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 the<span class=\"__1 _201\"/>re are n<span class=\"__1 _201\"/>o equ<span class=\"__1 _201\"/>iva<span class=\"__1 _201\"/>len<span class=\"__1 _201\"/>t inpu<span class=\"__1 _201\"/>ts du<span class=\"__1 _201\"/>e to the d<span class=\"__1 _201\"/>eco<span class=\"__1 _201\"/>nso<span class=\"__1 _201\"/>lida<span class=\"__1 _201\"/>tion o<span class=\"__1 _201\"/>f the M&amp;<span class=\"__1 _201\"/>G Euro<span class=\"__1 _201\"/>pea<span class=\"__1 _201\"/>n Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Other assets:<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _474\"> </span><span class=\"ls50_1 ws60_1\">Unobservable input<span class=\"__1 _ed_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _415\"> </span>2021<span class=\"__1 _32b\"> </span></span></span>Retail<span class=\"__1 _200\"/> income strips<span class=\"__1 _425\"> </span><span class=\"ff2_1 ls6_1 ws1_1\">Di<span class=\"__1 _201\"/>scount r<span class=\"__1 _201\"/>ate<span class=\"__1 _14c_1\"> </span><span class=\"ff1_1\">1.0<span class=\"__1 _201\"/>6% to 5.0<span class=\"__1 _201\"/>0% <span class=\"__1 _258\"> </span></span><span class=\"lsa_1 ws49_1\">(1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>%)<span class=\"__1 _201\"/> t<span class=\"__1 _201\"/>o 3<span class=\"__1 _250\"/>.<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span></span>Equity relea<span class=\"__1 _200\"/>se mortgages<span class=\"__1 _32b\"> </span>Illiquidit<span class=\"__1 _201\"/>y premium<span class=\"__1 _475\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">2<span class=\"__1 _201\"/>.07%<span class=\"__1 _476\"> </span></span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal portfolio propert<span class=\"__1 _201\"/>y value<span class=\"__1 _1ac_1\"> </span><span class=\"ff1_1 ls47_1 wsa9_1\">c.<span class=\"__1 _200\"/> \u00a33.4<span class=\"__1 _200\"/>bn<span class=\"__1 _9d_1\"> </span><span class=\"ff2_1 ls3a_1 ws3b_1\">c.\u00a33.<span class=\"__1 _201\"/>3bn<span class=\"__1 _32b\"> </span></span></span>As<span class=\"__1 _201\"/>sume<span class=\"__1 _201\"/>d prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty g<span class=\"__1 _201\"/>rowth r<span class=\"__1 _201\"/>ate<span class=\"__1 _d3_1\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>65%<span class=\"__1 _427\"> </span></span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>.0<span class=\"__1 _201\"/>5%<span class=\"__1 _32b\"> </span></span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty re<span class=\"__1 _201\"/>ntal yi<span class=\"__1 _201\"/>eld<span class=\"__1 _1a8_1\"> </span><span class=\"ff1_1 ws52_1\">2<span class=\"__1 _201\"/>.0<span class=\"__1 _201\"/>0%<span class=\"__1 _18f_1\"> </span></span><span class=\"ls42_1 ws46_1\">2.0<span class=\"__1 _201\"/>0%<span class=\"__1 _32b\"> </span></span>Privat<span class=\"__1 _200\"/>e placement loans<span class=\"__1 _32b\"> </span>Cre<span class=\"__1 _201\"/>dit risk p<span class=\"__1 _201\"/>remiu<span class=\"__1 _201\"/>m:<span class=\"__1 _32b\"> </span>A<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>A to A<span class=\"__1 _391\"> </span><span class=\"ff1_1\">0.60% to 1.<span class=\"__1 _201\"/>81% <span class=\"__1 _210\"> </span></span>0.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>3% to 1.08%<span class=\"__1 _32b\"> </span>BBB t<span class=\"__1 _200\"/>o BB<span class=\"__1 _383\"> </span><span class=\"ff1_1 ls6_1 ws1_1\">1.<span class=\"__1 _201\"/>45% to 5<span class=\"__1 _201\"/>.8<span class=\"__1 _201\"/>6% <span class=\"__1 _4c_1\"> </span><span class=\"ff2_1\">0.4<span class=\"__1 _201\"/>8% to 3.<span class=\"__1 _201\"/>59%<span class=\"__1 _32b\"> </span></span></span>Infrastructur<span class=\"__1 _200\"/>e fund<span class=\"__1 _200\"/> inv<span class=\"__1 _200\"/>estments<span class=\"__1 _c4_1\"> </span><span class=\"ff2_1 ls6_1 ws1_1\">Discou<span class=\"__1 _201\"/>nt rate<span class=\"__1 _eb_1\"> </span><span class=\"ff1_1\">7<span class=\"__1 _f_1\"/>.75% to 12%<span class=\"__1 _252\"> </span><span class=\"ff2_1\">7<span class=\"__1 _200\"/>.75% t<span class=\"__1 _200\"/>o 12%<span class=\"__1 _32b\"> </span></span></span></span>32<span class=\"__1 _201\"/>.9<span class=\"__1 _201\"/>.2 L<span class=\"__1 _201\"/>evel 3 ass<span class=\"__1 _201\"/>et sen<span class=\"__1 _201\"/>sit<span class=\"__1 _201\"/>ivit<span class=\"__1 _201\"/>ies<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>able b<span class=\"__1 _201\"/>elow prov<span class=\"__1 _201\"/>ides a b<span class=\"__1 _201\"/>reakdown of a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s within th<span class=\"__1 _201\"/>e level 3 fa<span class=\"__1 _201\"/>ir value h<span class=\"__1 _201\"/>iera<span class=\"__1 _201\"/>rchy by investm<span class=\"__1 _201\"/>ent t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/>, the sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ity of t<span class=\"__1 _201\"/>he<span class=\"__1 _32b\"> </span>mos<span class=\"__1 _201\"/>t signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt unob<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>va<span class=\"__1 _201\"/>ble inp<span class=\"__1 _201\"/>uts on th<span class=\"__1 _201\"/>eir fair v<span class=\"__1 _201\"/>alue, a<span class=\"__1 _201\"/>nd the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on IFR<span class=\"__1 _201\"/>S profit af<span class=\"__1 _201\"/>ter ta<span class=\"__1 _201\"/>x and sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders\u2019 eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y for thos<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>held wit<span class=\"__1 _200\"/>hin t<span class=\"__1 _200\"/>he shar<span class=\"__1 _200\"/>eholder back<span class=\"__1 _f_1\"/>e<span class=\"__1 _201\"/>d-fund<span class=\"__1 _200\"/>s.<span class=\"__1 _32b\"> </span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span> <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Fair<span class=\"__1 _200\"/> value <span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>He<span class=\"__1 _201\"/>ld in<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>shareholder<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>back<span class=\"__1 _200\"/>ed fund<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>aluation <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>technique<span class=\"__1 _32b\"> </span>Most signific<span class=\"__1 _201\"/>ant <span class=\"ls5_1 ws1_1\"> </span>unobser<span class=\"__1 _201\"/>vable input<span class=\"__1 _436\"> </span><span class=\"ls3_1 ws3_1\">Sens<span class=\"__1 _201\"/>itivity<span class=\"__1 _32b\"> </span></span>Change i<span class=\"__1 _200\"/>n <span class=\"ls5_1 ws1_1\"> </span>fair value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Impact on<span class=\"__1 _32b\"> </span>IFRS profit<span class=\"__1 _32b\"> </span>af<span class=\"__1 _201\"/>ter ta<span class=\"__1 _201\"/>x and<span class=\"__1 _201\"/> shareholders\u2019<span class=\"__1 _32b\"> </span>equit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inv<span class=\"__1 _200\"/>estment pr<span class=\"__1 _200\"/>operty<span class=\"__1 _32b\"> </span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>n use<span class=\"__1 _330\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">15<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>71<span class=\"__1 _237\"> </span><span class=\"ls22_1 ws21_1\">1,368<span class=\"__1 _32b\"> </span></span></span>Income<span class=\"__1 _201\"/> capitalis<span class=\"__1 _201\"/>ation<span class=\"__1 _32b\"> </span>Equivalen<span class=\"__1 _200\"/>t yield<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _f7_1\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">1,715<span class=\"__1 _8a_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _f7_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>9)<span class=\"__1 _f7_1\"> </span>(1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span>Es<span class=\"__1 _201\"/>timated re<span class=\"__1 _201\"/>ntal<span class=\"__1 _201\"/> value<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _271\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">(1,260)<span class=\"__1 _229\"> </span><span class=\"ls11_1 ws10_1\">(6<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span></span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _329\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">1<span class=\"__1 _201\"/>,316<span class=\"__1 _344\"> </span><span class=\"lsc_1 wsa_1\">70<span class=\"__1 _32b\"> </span></span></span>Propert<span class=\"__1 _201\"/>y under<span class=\"__1 _32b\"> </span>development<span class=\"__1 _32b\"> </span>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _376\"> </span><span class=\"ls5_1 ws1_1\">5<span class=\"__1 _32b\"> </span></span>Development<span class=\"__1 _32b\"> </span>cost<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _a4_1\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">113<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _465\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _32b\"> </span>Equity-release<span class=\"__1 _32b\"> </span>mor<span class=\"__1 _201\"/>tg<span class=\"__1 _200\"/>ages<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>934<span class=\"__1 _230\"> </span>93<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>flow<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>Illiquidit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>premium<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _329\"> </span><span class=\"ff1_1 ls11_1 ws10_1\">(6<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _288\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _a5_1\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">73<span class=\"__1 _330\"> </span><span class=\"lsb_1 ws32_1\">90<span class=\"__1 _32b\"> </span></span></span>Current<span class=\"__1 _200\"/> propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>value<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _a6_1\"> </span><span class=\"ff1_1 ls34_1 ws35_1\">44<span class=\"__1 _13d_1\"> </span><span class=\"ls1f_1 ws1e_1\">54<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _390\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>3)<span class=\"__1 _288\"> </span><span class=\"ls11_1 ws10_1\">(6<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span></span></span>Assum<span class=\"__1 _201\"/>ed annual<span class=\"__1 _32b\"> </span>prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y grow<span class=\"__1 _201\"/>th<span class=\"__1 _32b\"> </span>rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 100<span class=\"__1 _201\"/>bps<span class=\"__1 _8a_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">12<span class=\"__1 _201\"/>7<span class=\"__1 _8a_1\"> </span>157<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 10<span class=\"__1 _201\"/>0bps<span class=\"__1 _345\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _f7_1\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span></span>Assum<span class=\"__1 _201\"/>ed annual<span class=\"__1 _32b\"> </span>propert<span class=\"__1 _201\"/>y ren<span class=\"__1 _200\"/>tal<span class=\"__1 _32b\"> </span>yield<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 100<span class=\"__1 _201\"/>bps<span class=\"__1 _367\"> </span><span class=\"ff1_1 ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>1)<span class=\"__1 _e_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10<span class=\"__1 _201\"/>0bps<span class=\"__1 _8d_1\"> </span><span class=\"ff1_1 ls78_1 ws24_1\">77<span class=\"__1 _13d_1\"> </span><span class=\"lsb_1 ws32_1\">96<span class=\"__1 _32b\"> </span></span></span>Other mortgage and<span class=\"__1 _32b\"> </span>retail l<span class=\"__1 _201\"/>oans<span class=\"__1 _32b\"> </span>145<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _477\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">15<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _b0_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Equity securities and<span class=\"__1 _32b\"> </span>pooled in<span class=\"__1 _200\"/>vestment<span class=\"__1 _32b\"> </span>funds<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>12<span class=\"__1 _201\"/>,96<span class=\"__1 _201\"/>7<span class=\"__1 _12d_1\"> </span>93<span class=\"__1 _32b\"> </span>Net as<span class=\"__1 _201\"/>set<span class=\"__1 _32b\"> </span>statemen<span class=\"__1 _200\"/>ts<span class=\"__1 _32b\"> </span>Net asset value<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _a5_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">1,<span class=\"__1 _201\"/>297<span class=\"__1 _b0_1\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _230\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _13d_1\"> </span><span class=\"ls1f_1 ws1e_1\">(7)<span class=\"__1 _32b\"> </span></span></span>Infrastructur<span class=\"__1 _200\"/>e fund<span class=\"__1 _32b\"> </span>inv<span class=\"__1 _200\"/>estments<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>497<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>flow<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _1eb_1\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">(<span class=\"__1 _201\"/>75)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _471\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">88<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Debt securities<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>Private placement<span class=\"__1 _32b\"> </span>loans<span class=\"__1 _32b\"> </span>5,6<span class=\"__1 _201\"/>49<span class=\"__1 _223\"> </span><span class=\"lsb_1 ws32_1\">3,225<span class=\"__1 _32b\"> </span></span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>flow<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 4<span class=\"__1 _201\"/>0bps<span class=\"__1 _392\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>78)<span class=\"__1 _e_1\"> </span><span class=\"ls8_1 ws6_1\">(<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 4<span class=\"__1 _201\"/>0bp<span class=\"__1 _201\"/>s<span class=\"__1 _224\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">268<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>Retail income s<span class=\"__1 _201\"/>trips<span class=\"__1 _271\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">236<span class=\"__1 _229\"> </span><span class=\"ls40_1 ws44_1\">19<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>flow<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _465\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _9e_1\"> </span>(1<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _ab_1\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">17<span class=\"__1 _1c1_1\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _32b\"> </span></span></span>Unquoted<span class=\"__1 _200\"/> corporate<span class=\"__1 _32b\"> </span>bonds<span class=\"__1 _32b\"> </span>2<span class=\"__1 _201\"/>,781<span class=\"__1 _271\"> </span><span class=\"ls15_1 ws14_1\">800<span class=\"__1 _32b\"> </span></span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes,<span class=\"__1 _32b\"> </span>enterprise<span class=\"__1 _32b\"> </span>valuation,<span class=\"__1 _32b\"> </span>es<span class=\"__1 _201\"/>tim<span class=\"__1 _201\"/>ated<span class=\"__1 _201\"/> recove<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _17c_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">278<span class=\"__1 _a5_1\"> </span><span class=\"ls32_1 ws33_1\">97<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _344\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(<span class=\"__1 _201\"/>27<span class=\"__1 _201\"/>8)<span class=\"__1 _224\"> </span><span class=\"ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Derivative<span class=\"__1 _200\"/> assets<span class=\"__1 _340\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _333\"> </span>26<span class=\"__1 _32b\"> </span></span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>flow<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _401\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>)<span class=\"__1 _a5_1\"> </span>(1<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _14a_1\"> </span><span class=\"ff1_1 ls5_1\">1<span class=\"__1 _14a_1\"> </span>1<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _478\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>0<span class=\"__1 _270\"> </span><span class=\"lsd_1 wsb_1\">6,650<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e equ<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y-re<span class=\"__1 _201\"/>leas<span class=\"__1 _201\"/>e mo<span class=\"__1 _201\"/>rtg<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>s have a n<span class=\"__1 _201\"/>o-<span class=\"__1 _201\"/>neg<span class=\"__1 _201\"/>ativ<span class=\"__1 _201\"/>e equ<span class=\"__1 _201\"/>ity g<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>ante<span class=\"__1 _201\"/>e (NN<span class=\"__1 _201\"/>EG) that c<span class=\"__1 _201\"/>aps t<span class=\"__1 _201\"/>he lo<span class=\"__1 _201\"/>an rep<span class=\"__1 _201\"/>aym<span class=\"__1 _201\"/>ent in th<span class=\"__1 _201\"/>e even<span class=\"__1 _201\"/>t of de<span class=\"__1 _201\"/>ath, o<span class=\"__1 _201\"/>r entr<span class=\"__1 _201\"/>y i<span class=\"__1 _201\"/>nto lo<span class=\"__1 _201\"/>ng-te<span class=\"__1 _201\"/>rm<span class=\"__1 _201\"/> ca<span class=\"__1 _201\"/>re, to be n<span class=\"__1 _201\"/>o gre<span class=\"__1 _201\"/>ater th<span class=\"__1 _201\"/>an the p<span class=\"__1 _201\"/>roce<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/>s from t<span class=\"__1 _201\"/>he sa<span class=\"__1 _201\"/>le of th<span class=\"__1 _201\"/>e pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y that t<span class=\"__1 _201\"/>he lo<span class=\"__1 _201\"/>ans ar<span class=\"__1 _201\"/>e sec<span class=\"__1 _201\"/>ured a<span class=\"__1 _201\"/>gai<span class=\"__1 _201\"/>nst<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Future c<span class=\"__1 _201\"/>as<span class=\"__1 _201\"/>hflow<span class=\"__1 _201\"/>s are e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on as<span class=\"__1 _201\"/>sum<span class=\"__1 _201\"/>ptio<span class=\"__1 _201\"/>ns<span class=\"__1 _201\"/>, incl<span class=\"__1 _201\"/>udi<span class=\"__1 _201\"/>ng pre<span class=\"__1 _201\"/>paym<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>, dea<span class=\"__1 _201\"/>th and e<span class=\"__1 _201\"/>ntr<span class=\"__1 _201\"/>y in<span class=\"__1 _201\"/>to lon<span class=\"__1 _201\"/>g-ter<span class=\"__1 _201\"/>m ca<span class=\"__1 _201\"/>re, an<span class=\"__1 _201\"/>d dis<span class=\"__1 _201\"/>coun<span class=\"__1 _201\"/>ted us<span class=\"__1 _201\"/>ing a<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>app<span class=\"__1 _201\"/>rop<span class=\"__1 _201\"/>riate d<span class=\"__1 _201\"/>isc<span class=\"__1 _201\"/>ount r<span class=\"__1 _201\"/>ate. T<span class=\"__1 _201\"/>he NN<span class=\"__1 _201\"/>EG is ba<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d on a Bla<span class=\"__1 _201\"/>ck-Sch<span class=\"__1 _201\"/>ole<span class=\"__1 _201\"/>s opt<span class=\"__1 _201\"/>ion p<span class=\"__1 _201\"/>rici<span class=\"__1 _201\"/>ng va<span class=\"__1 _201\"/>luati<span class=\"__1 _201\"/>on uti<span class=\"__1 _201\"/>lis<span class=\"__1 _201\"/>ing a re<span class=\"__1 _201\"/>al wor<span class=\"__1 _201\"/>ld ap<span class=\"__1 _201\"/>pro<span class=\"__1 _201\"/>ach an<span class=\"__1 _201\"/>d usi<span class=\"__1 _201\"/>ng as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e cur<span class=\"__1 _201\"/>rent p<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty v<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/>, futu<span class=\"__1 _201\"/>re pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y gro<span class=\"__1 _201\"/>wt<span class=\"__1 _201\"/>h and p<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty re<span class=\"__1 _201\"/>nta<span class=\"__1 _201\"/>l yie<span class=\"__1 _201\"/>lds<span class=\"__1 _201\"/>, and i<span class=\"__1 _201\"/>s rec<span class=\"__1 _201\"/>ogni<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d as a de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n to the va<span class=\"__1 _201\"/>lue o<span class=\"__1 _201\"/>f the lo<span class=\"__1 _201\"/>an.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Qu<span class=\"__1 _201\"/>otes re<span class=\"__1 _201\"/>cei<span class=\"__1 _201\"/>ved f<span class=\"__1 _201\"/>rom an ex<span class=\"__1 _201\"/>te<span class=\"__1 _201\"/>rnal p<span class=\"__1 _201\"/>ri<span class=\"__1 _201\"/>cing s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ce.<span class=\"__1 _32b\"> </span>iv <span class=\"__1 _285\"> </span>Inf<span class=\"__1 _201\"/>ras<span class=\"__1 _201\"/>tru<span class=\"__1 _201\"/>ctu<span class=\"__1 _201\"/>re fun<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>ris<span class=\"__1 _201\"/>es \u00a3<span class=\"__1 _201\"/>213m (31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>1: \u00a38<span class=\"__1 _201\"/>8m) of eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>cur<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s and p<span class=\"__1 _201\"/>oo<span class=\"__1 _201\"/>led i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt fun<span class=\"__1 _201\"/>ds an<span class=\"__1 _201\"/>d \u00a328<span class=\"__1 _201\"/>4m<span class=\"__1 _201\"/> (31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 2<span class=\"__1 _201\"/>021: \u00a3<span class=\"__1 _201\"/>29<span class=\"__1 _201\"/>2m) of deb<span class=\"__1 _201\"/>t sec<span class=\"__1 _201\"/>uri<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>ese i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts ar<span class=\"__1 _201\"/>e valu<span class=\"__1 _201\"/>ed in a<span class=\"__1 _201\"/>cco<span class=\"__1 _201\"/>rdan<span class=\"__1 _201\"/>ce wi<span class=\"__1 _201\"/>th the I<span class=\"__1 _201\"/>nter<span class=\"__1 _201\"/>natio<span class=\"__1 _201\"/>nal P<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>ate Equ<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y and Ventu<span class=\"__1 _201\"/>re<span class=\"__1 _32b\"> </span>As<span class=\"__1 _201\"/>so<span class=\"__1 _201\"/>ciati<span class=\"__1 _201\"/>on va<span class=\"__1 _201\"/>luati<span class=\"__1 _201\"/>on gu<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>line<span class=\"__1 _201\"/>s (late<span class=\"__1 _201\"/>st e<span class=\"__1 _201\"/>diti<span class=\"__1 _201\"/>on D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2). Valua<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s are al<span class=\"__1 _201\"/>so be<span class=\"__1 _201\"/>nch<span class=\"__1 _201\"/>mar<span class=\"__1 _201\"/>ked aga<span class=\"__1 _201\"/>ins<span class=\"__1 _201\"/>t com<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>abl<span class=\"__1 _201\"/>e infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>ture tr<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Th<span class=\"__1 _201\"/>e disc<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>t rate is m<span class=\"__1 _201\"/>ade u<span class=\"__1 _201\"/>p of cas<span class=\"__1 _201\"/>h flow<span class=\"__1 _201\"/>s from d<span class=\"__1 _201\"/>iv<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>nds du<span class=\"__1 _201\"/>e in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of t<span class=\"__1 _201\"/>he eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y inve<span class=\"__1 _201\"/>stm<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s and p<span class=\"__1 _201\"/>rin<span class=\"__1 _201\"/>cipa<span class=\"__1 _201\"/>l and i<span class=\"__1 _201\"/>ntere<span class=\"__1 _201\"/>st fr<span class=\"__1 _201\"/>om lo<span class=\"__1 _201\"/>an note<span class=\"__1 _201\"/>s in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/> of debt<span class=\"__1 _200\"/> inv<span class=\"__1 _200\"/>estments.<span class=\"__1 _32b\"> </span>v <span class=\"__1 _6c_1\"> </span>Th<span class=\"__1 _201\"/>e disc<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>t rate is m<span class=\"__1 _201\"/>ade u<span class=\"__1 _201\"/>p of a ris<span class=\"__1 _201\"/>k-free r<span class=\"__1 _201\"/>ate and a c<span class=\"__1 _201\"/>redi<span class=\"__1 _201\"/>t spre<span class=\"__1 _201\"/>ad. T<span class=\"__1 _201\"/>he r<span class=\"__1 _201\"/>isk-fre<span class=\"__1 _201\"/>e rate is t<span class=\"__1 _201\"/>aken fr<span class=\"__1 _201\"/>om an ap<span class=\"__1 _201\"/>pro<span class=\"__1 _201\"/>pri<span class=\"__1 _201\"/>ate gilt o<span class=\"__1 _201\"/>f com<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>abl<span class=\"__1 _201\"/>e dura<span class=\"__1 _201\"/>tion a<span class=\"__1 _201\"/>nd the<span class=\"__1 _201\"/> spr<span class=\"__1 _201\"/>ead i<span class=\"__1 _201\"/>s taken fr<span class=\"__1 _201\"/>om a ba<span class=\"__1 _201\"/>sket of co<span class=\"__1 _201\"/>mpa<span class=\"__1 _201\"/>rab<span class=\"__1 _201\"/>le se<span class=\"__1 _201\"/>cur<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>vi <span class=\"__1 _285\"> </span>Of th<span class=\"__1 _201\"/>e \u00a36,<span class=\"__1 _201\"/>65<span class=\"__1 _201\"/>0m (31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 2<span class=\"__1 _201\"/>021: \u00a3<span class=\"__1 _201\"/>10,5<span class=\"__1 _201\"/>29m) of l<span class=\"__1 _201\"/>evel 3 a<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>ets he<span class=\"__1 _201\"/>ld in s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der-ba<span class=\"__1 _201\"/>cked f<span class=\"__1 _201\"/>unds<span class=\"__1 _201\"/>, \u00a35<span class=\"__1 _201\"/>49<span class=\"__1 _201\"/>m (20<span class=\"__1 _201\"/>21: \u00a31,<span class=\"__1 _201\"/>027m) is he<span class=\"__1 _201\"/>ld by un<span class=\"__1 _201\"/>it-lin<span class=\"__1 _201\"/>ked<span class=\"__1 _32b\"> </span>bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>ese a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ts are i<span class=\"__1 _201\"/>nclu<span class=\"__1 _201\"/>de<span class=\"__1 _201\"/>d in the a<span class=\"__1 _201\"/>nal<span class=\"__1 _201\"/>ysis p<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>ente<span class=\"__1 _201\"/>d howe<span class=\"__1 _201\"/>ver, as the inv<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/>ment r<span class=\"__1 _201\"/>isk i<span class=\"__1 _201\"/>s bor<span class=\"__1 _201\"/>ne by th<span class=\"__1 _201\"/>e uni<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-li<span class=\"__1 _201\"/>nked p<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>ol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>s, th<span class=\"__1 _201\"/>ere is n<span class=\"__1 _201\"/>o<span class=\"__1 _32b\"> </span>impact on IFRS<span class=\"__1 _200\"/> profit a<span class=\"__1 _200\"/>fter tax<span class=\"__1 _200\"/> and shar<span class=\"__1 _200\"/>eholders\u2019 equi<span class=\"__1 _200\"/>ty.<span class=\"__1 _32b\"> </span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Fair<span class=\"__1 _200\"/> value <span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>He<span class=\"__1 _201\"/>ld in<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>shareholder<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>back<span class=\"__1 _200\"/>ed fund<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>aluation <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>technique<span class=\"__1 _32b\"> </span>Most signific<span class=\"__1 _201\"/>ant <span class=\"ls5_1 ws1_1\"> </span>unobser<span class=\"__1 _201\"/>vable input<span class=\"__1 _436\"> </span><span class=\"ls3_1 ws3_1\">Sens<span class=\"__1 _201\"/>itivity<span class=\"__1 _32b\"> </span></span>Change i<span class=\"__1 _200\"/>n <span class=\"ls5_1 ws1_1\"> </span>fair value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Impact on<span class=\"__1 _32b\"> </span>IFRS profit<span class=\"__1 _32b\"> </span>af<span class=\"__1 _201\"/>ter ta<span class=\"__1 _201\"/>x and<span class=\"__1 _201\"/> shareholders\u2019<span class=\"__1 _32b\"> </span>equit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inv<span class=\"__1 _200\"/>estment pr<span class=\"__1 _200\"/>operty<span class=\"__1 _32b\"> </span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>n use<span class=\"__1 _333\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>,93<span class=\"__1 _201\"/>4<span class=\"__1 _2c_1\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>965<span class=\"__1 _32b\"> </span></span></span>Income<span class=\"__1 _201\"/> capitalis<span class=\"__1 _201\"/>ation<span class=\"__1 _32b\"> </span>Equivalen<span class=\"__1 _200\"/>t yield<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _252\"> </span><span class=\"lsc_1 wsa_1\">2,<span class=\"__1 _201\"/>326<span class=\"__1 _8d_1\"> </span><span class=\"ls2a_1 ws2a_1\">163<span class=\"__1 _32b\"> </span></span></span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _256\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _232\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Es<span class=\"__1 _201\"/>timated re<span class=\"__1 _201\"/>ntal<span class=\"__1 _201\"/> value<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _8d_1\"> </span><span class=\"ls40_1 ws44_1\">(<span class=\"__1 _200\"/>1,621<span class=\"__1 _200\"/>)<span class=\"__1 _224\"> </span><span class=\"ls18_1 ws17_1\">(8<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _470\"> </span><span class=\"ls8_1 ws6_1\">1<span class=\"__1 _201\"/>,710<span class=\"__1 _344\"> </span><span class=\"ls3f_1 ws41_1\">80<span class=\"__1 _32b\"> </span></span></span>Propert<span class=\"__1 _201\"/>y under<span class=\"__1 _32b\"> </span>development<span class=\"__1 _32b\"> </span>764<span class=\"__1 _330\"> </span><span class=\"lsc_1 wsa_1\">26<span class=\"__1 _32b\"> </span></span>Development<span class=\"__1 _32b\"> </span>cost<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _472\"> </span><span class=\"ls23_1 ws22_1\">76<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _14a_1\"> </span><span class=\"ls5b_1 ws67_1\">(7<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _32b\"> </span>Equity-release<span class=\"__1 _32b\"> </span>mor<span class=\"__1 _201\"/>tg<span class=\"__1 _200\"/>ages<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>1,7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _228\"> </span>1,<span class=\"__1 _201\"/>72<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>flow<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>Illiquidit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>premium<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _311\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0)<span class=\"__1 _232\"> </span>(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>8)<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _8d_1\"> </span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _201\"/>5<span class=\"__1 _311\"> </span><span class=\"ls3d_1 ws3f_1\">1<span class=\"__1 _201\"/>74<span class=\"__1 _32b\"> </span></span></span>Current<span class=\"__1 _200\"/> propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>value<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _26e\"> </span><span class=\"ls92_1 ws68_1\">44<span class=\"__1 _13d_1\"> </span><span class=\"ls27_1 ws27_1\">50<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _b0_1\"> </span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>3)<span class=\"__1 _8c_1\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span>Assum<span class=\"__1 _201\"/>ed annual<span class=\"__1 _32b\"> </span>prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y grow<span class=\"__1 _201\"/>th<span class=\"__1 _32b\"> </span>rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 100<span class=\"__1 _201\"/>bps<span class=\"__1 _2b_1\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>7<span class=\"__1 _8d_1\"> </span><span class=\"ls45_1 ws49_1\">14<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10<span class=\"__1 _201\"/>0bps<span class=\"__1 _f7_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8)<span class=\"__1 _f4_1\"> </span><span class=\"ls52_1 ws5a_1\">(2<span class=\"__1 _201\"/>01)<span class=\"__1 _32b\"> </span></span></span>Assum<span class=\"__1 _201\"/>ed annual<span class=\"__1 _32b\"> </span>propert<span class=\"__1 _201\"/>y ren<span class=\"__1 _200\"/>tal<span class=\"__1 _32b\"> </span>yield<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 100<span class=\"__1 _201\"/>bps<span class=\"__1 _367\"> </span><span class=\"ls5b_1 ws67_1\">(8<span class=\"__1 _201\"/>3)<span class=\"__1 _9e_1\"> </span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10<span class=\"__1 _201\"/>0bps<span class=\"__1 _8d_1\"> </span><span class=\"ls22_1 ws21_1\">79<span class=\"__1 _13d_1\"> </span><span class=\"ls28_1 ws28_1\">89<span class=\"__1 _32b\"> </span></span></span>Other mortgage and<span class=\"__1 _32b\"> </span>retail l<span class=\"__1 _201\"/>oans<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>411<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _377\"> </span><span class=\"ls4a_1 ws50_1\">141<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _340\"> </span><span class=\"lsa_1 ws8_1\">(14<span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Equity securities and<span class=\"__1 _32b\"> </span>pooled in<span class=\"__1 _200\"/>vestment<span class=\"__1 _32b\"> </span>funds<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>10,<span class=\"__1 _201\"/>88<span class=\"__1 _201\"/>0<span class=\"__1 _12d_1\"> </span><span class=\"ls29_1 ws29_1\">84<span class=\"__1 _32b\"> </span></span>Net as<span class=\"__1 _201\"/>set<span class=\"__1 _32b\"> </span>statemen<span class=\"__1 _200\"/>ts<span class=\"__1 _32b\"> </span>Net asset value<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _a5_1\"> </span><span class=\"ls42_1 ws46_1\">1,08<span class=\"__1 _201\"/>8<span class=\"__1 _341\"> </span></span><span class=\"ls5_1\">1<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _288\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _465\"> </span>(1<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Infrastructur<span class=\"__1 _200\"/>e fund<span class=\"__1 _32b\"> </span>inv<span class=\"__1 _200\"/>estments<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>380<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>flow<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _478\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _250\"/>4)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _479\"> </span><span class=\"ls29_1 ws29_1\">34<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Debt securities<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>Private placement<span class=\"__1 _32b\"> </span>loans<span class=\"__1 _32b\"> </span>8<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>76<span class=\"__1 _253\"> </span><span class=\"ls15_1 ws14_1\">5,<span class=\"__1 _201\"/>225<span class=\"__1 _32b\"> </span></span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>flow<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 4<span class=\"__1 _201\"/>0bps<span class=\"__1 _8a_1\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>9)<span class=\"__1 _f7_1\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 4<span class=\"__1 _201\"/>0bp<span class=\"__1 _201\"/>s<span class=\"__1 _9e_1\"> </span><span class=\"ls1c_1 ws43_1\">728<span class=\"__1 _8c_1\"> </span></span><span class=\"ls5_1\">548<span class=\"__1 _32b\"> </span></span>Retail income s<span class=\"__1 _201\"/>trips<span class=\"__1 _288\"> </span><span class=\"ls42_1 ws46_1\">391<span class=\"__1 _8c_1\"> </span><span class=\"lsc_1 wsa_1\">3<span class=\"__1 _201\"/>31<span class=\"__1 _32b\"> </span></span></span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>flow<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _1ce_1\"> </span><span class=\"ls57_1 ws61_1\">(41)<span class=\"__1 _367\"> </span>(41)<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _329\"> </span><span class=\"ls32_1 ws33_1\">52<span class=\"__1 _a5_1\"> </span>52<span class=\"__1 _32b\"> </span></span>Unquoted<span class=\"__1 _200\"/> corporate<span class=\"__1 _32b\"> </span>bonds<span class=\"__1 _32b\"> </span>2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>11<span class=\"__1 _f4_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,11<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes,<span class=\"__1 _32b\"> </span>enterprise<span class=\"__1 _32b\"> </span>valuation,<span class=\"__1 _32b\"> </span>es<span class=\"__1 _201\"/>tim<span class=\"__1 _201\"/>ated<span class=\"__1 _201\"/> recove<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _1eb_1\"> </span><span class=\"ls42_1 ws46_1\">291<span class=\"__1 _2b_1\"> </span><span class=\"lse_1 wsc_1\">126<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _a3_1\"> </span><span class=\"ls52_1 ws5a_1\">(2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>1)<span class=\"__1 _232\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>26<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Derivative<span class=\"__1 _200\"/> assets<span class=\"__1 _340\"> </span><span class=\"ff2_1 ls1f_1 ws1e_1\">58<span class=\"__1 _333\"> </span>58<span class=\"__1 _32b\"> </span></span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>flow<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _401\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _a5_1\"> </span>(2<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _b0_1\"> </span><span class=\"ls5_1\">2<span class=\"__1 _9d_1\"> </span>2<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _478\"> </span><span class=\"ff2_1 ls1c_1 ws43_1\">46<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>28<span class=\"__1 _3f_1\"> </span><span class=\"ls4d_1 ws54_1\">10,<span class=\"__1 _201\"/>529<span class=\"__1 _32b\"> </span></span></span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:474.2671px;\">32<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>10 F<span class=\"__1 _200\"/>air va<span class=\"__1 _201\"/>lue o<span class=\"__1 _201\"/>f asse<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s at amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed c<span class=\"__1 _201\"/>ost<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:453.63757px;\">The t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s below s<span class=\"__1 _201\"/>how the as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s carr<span class=\"__1 _201\"/>ied at am<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cos<span class=\"__1 _201\"/>t on the s<span class=\"__1 _201\"/>tatement of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al posi<span class=\"__1 _201\"/>tion for w<span class=\"__1 _201\"/>hich f<span class=\"__1 _201\"/>air<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:437.13904px;\">valu<span class=\"__1 _201\"/>e is discl<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e asset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s that are c<span class=\"__1 _201\"/>arri<span class=\"__1 _201\"/>ed at amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed co<span class=\"__1 _201\"/>st, w<span class=\"__1 _201\"/>here th<span class=\"__1 _201\"/>e carr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing va<span class=\"__1 _201\"/>lue app<span class=\"__1 _201\"/>roximates th<span class=\"__1 _201\"/>e fair<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:420.64062px;\">valu<span class=\"__1 _201\"/>e, are exclud<span class=\"__1 _201\"/>ed from th<span class=\"__1 _201\"/>e anal<span class=\"__1 _201\"/>ysis be<span class=\"__1 _201\"/>low:</div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:204.87375px; bottom:391.7821px;\"> <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:337.75958px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:445.56525px; bottom:349.7611px;\">Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:462.94202px; bottom:337.75958px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:508.44977px; bottom:349.7611px;\">Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:527.41156px; bottom:337.75958px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:572.4374px; bottom:349.7611px;\">Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:590.2714px; bottom:337.75958px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:647.469px; bottom:361.76257px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:627.0399px; bottom:349.7611px;\">fair value<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:655.3299px; bottom:337.75958px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:710.7465px; bottom:373.7641px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 ws8e_1\" style=\"left:695.1204px; bottom:361.76257px;\">carrying <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:709.022px; bottom:349.7611px;\">value<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:337.75958px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:0.010047913px; bottom:318.00757px;\">Ass<span class=\"__1 _201\"/>ets:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:0.010047913px; bottom:298.24512px;\">Loans<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:472.1466px; bottom:298.25122px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls40_1 ws44_1\" style=\"left:519.84283px; bottom:298.25122px;\">369<span class=\"__1 _208\"> </span><span class=\"ls19_1 ws18_1\">1,64<span class=\"__1 _201\"/>8<span class=\"__1 _4a_1\"> </span><span class=\"ls4d_1 ws54_1\">2<span class=\"__1 _201\"/>,017<span class=\"__1 _5d_1\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls22_1 ws21_1\" style=\"left:0.010047913px; bottom:278.48877px;\">Liabilities:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:258.72626px;\">Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:472.1466px; bottom:258.73853px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls17_1 ws16_1\" style=\"left:509.4726px; bottom:258.73853px;\">6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>6<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">6<span class=\"__1 _1d8_1\"> </span><span class=\"lsb_1 ws32_1\">6<span class=\"__1 _201\"/>,422<span class=\"__1 _240\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>7</span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:204.87375px; bottom:223.84778px;\"> <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:169.82532px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:445.56525px; bottom:181.82678px;\">Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:462.94202px; bottom:169.82532px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:508.44977px; bottom:181.82678px;\">Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:527.41156px; bottom:169.82532px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:572.4374px; bottom:181.82678px;\">Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:590.2714px; bottom:169.82532px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:647.469px; bottom:193.82831px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:627.0399px; bottom:181.82678px;\">fair value<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:655.3299px; bottom:169.82532px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:710.7465px; bottom:205.82977px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 ws8e_1\" style=\"left:695.1204px; bottom:193.82831px;\">carrying <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:709.022px; bottom:181.82678px;\">value<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:169.82532px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:0.010047913px; bottom:150.07343px;\">Ass<span class=\"__1 _201\"/>ets:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:0.010047913px; bottom:130.31097px;\">Loans<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:472.1466px; bottom:130.31696px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls74_1 ws89_1\" style=\"left:522.3099px; bottom:130.31696px;\">512<span class=\"__1 _208\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,089<span class=\"__1 _14d_1\"> </span><span class=\"ls4d_1 ws54_1\">2,<span class=\"__1 _201\"/>601<span class=\"__1 _208\"> </span><span class=\"ls7f_1 ws93_1\">2,534<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls22_1 ws21_1\" style=\"left:0.010047913px; bottom:110.55444px;\">Liabilities:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:90.79193px;\">Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:472.1466px; bottom:90.80426px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls13_1 ws12_1\" style=\"left:511.38226px; bottom:90.80426px;\">7,<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>2<span class=\"__1 _345\"> </span><span class=\"ls4d_1 ws54_1\">2<span class=\"__1 _201\"/>01<span class=\"__1 _4a_1\"> </span></span>7,<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>3<span class=\"__1 _6b_1\"> </span>7,<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>7<span class=\"__1 _250\"/>1<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:51.77649px;\">The e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated fair v<span class=\"__1 _201\"/>alue of su<span class=\"__1 _201\"/>bordin<span class=\"__1 _201\"/>ated liabi<span class=\"__1 _201\"/>lities a<span class=\"__1 _201\"/>re base<span class=\"__1 _201\"/>d on the qu<span class=\"__1 _201\"/>oted mar<span class=\"__1 _201\"/>ket offer pr<span class=\"__1 _201\"/>ice. Th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue of the ot<span class=\"__1 _201\"/>her<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:35.278015px;\">ass<span class=\"__1 _201\"/>ets and l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies in the t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s above have be<span class=\"__1 _201\"/>en es<span class=\"__1 _201\"/>timated f<span class=\"__1 _201\"/>rom the dis<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d cash fl<span class=\"__1 _201\"/>ows exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be rec<span class=\"__1 _201\"/>eived o<span class=\"__1 _201\"/>r paid<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:18.77948px;\">Whe<span class=\"__1 _201\"/>re approp<span class=\"__1 _201\"/>riate, an o<span class=\"__1 _201\"/>bser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>able ma<span class=\"__1 _201\"/>rket interes<span class=\"__1 _201\"/>t rate has be<span class=\"__1 _201\"/>en us<span class=\"__1 _201\"/>ed and th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets and li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed wi<span class=\"__1 _201\"/>thin level 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:2.2810059px;\">Oth<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>wis<span class=\"__1 _201\"/>e, they are in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed as leve<span class=\"__1 _201\"/>l 3 asse<span class=\"__1 _201\"/>ts or liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:505.386px;\">32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-514": {
   "value": "32 F<span class=\"__1 _f_1\"/>air value methodology<span class=\"__1 _32b\"> </span>32.<span class=\"__1 _200\"/>1 De<span class=\"__1 _200\"/>termina<span class=\"__1 _200\"/>tion of<span class=\"__1 _200\"/> fair v<span class=\"__1 _200\"/>alue hier<span class=\"__1 _200\"/>arch<span class=\"__1 _200\"/>y<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ues of as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabi<span class=\"__1 _201\"/>lities fo<span class=\"__1 _201\"/>r which f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>uation is re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>d unde<span class=\"__1 _201\"/>r IFRS are d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed by the u<span class=\"__1 _201\"/>se of curre<span class=\"__1 _201\"/>nt market<span class=\"__1 _201\"/> bid p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s for exchang<span class=\"__1 _201\"/>e-<span class=\"__1 _201\"/>quote<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, by usin<span class=\"__1 _201\"/>g quotatio<span class=\"__1 _201\"/>ns from in<span class=\"__1 _201\"/>dep<span class=\"__1 _201\"/>ende<span class=\"__1 _201\"/>nt third par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es such a<span class=\"__1 _201\"/>s brokers an<span class=\"__1 _201\"/>d prici<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span>ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/>, or by us<span class=\"__1 _201\"/>ing app<span class=\"__1 _201\"/>ropri<span class=\"__1 _201\"/>ate valuatio<span class=\"__1 _201\"/>n techniq<span class=\"__1 _201\"/>ues<span class=\"__1 _201\"/>. Fair value is th<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nt for wh<span class=\"__1 _201\"/>ich an as<span class=\"__1 _201\"/>set cou<span class=\"__1 _201\"/>ld be exchan<span class=\"__1 _201\"/>ged o<span class=\"__1 _201\"/>r a<span class=\"__1 _32b\"> </span>liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y settl<span class=\"__1 _201\"/>ed in an a<span class=\"__1 _201\"/>rm\u2019s length tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>o prov<span class=\"__1 _201\"/>ide fu<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>her info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n on the ap<span class=\"__1 _201\"/>proach u<span class=\"__1 _201\"/>sed to dete<span class=\"__1 _201\"/>rmine a<span class=\"__1 _201\"/>nd mea<span class=\"__1 _201\"/>sure the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of cer<span class=\"__1 _201\"/>tain as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s, the<span class=\"__1 _201\"/> foll<span class=\"__1 _201\"/>owing f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e hier<span class=\"__1 _201\"/>archy categ<span class=\"__1 _201\"/>oris<span class=\"__1 _201\"/>ation ha<span class=\"__1 _201\"/>s bee<span class=\"__1 _201\"/>n used<span class=\"__1 _201\"/>. This h<span class=\"__1 _201\"/>ierarchy i<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on the in<span class=\"__1 _201\"/>puts to the f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e meas<span class=\"__1 _201\"/>ureme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span>and refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts the l<span class=\"__1 _201\"/>owest l<span class=\"__1 _201\"/>evel inpu<span class=\"__1 _201\"/>t that is sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>ant to that me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent.<span class=\"__1 _32b\"> </span>Level 1 \u2013 q<span class=\"__1 _201\"/>uoted pr<span class=\"__1 _201\"/>ices (unadju<span class=\"__1 _201\"/>sted) i<span class=\"__1 _201\"/>n acti<span class=\"__1 _201\"/>ve markets fo<span class=\"__1 _201\"/>r identi<span class=\"__1 _201\"/>cal as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _32b\"> </span>Level 1 p<span class=\"__1 _201\"/>rinci<span class=\"__1 _201\"/>pally i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es exchang<span class=\"__1 _201\"/>e-<span class=\"__1 _201\"/>liste<span class=\"__1 _201\"/>d equiti<span class=\"__1 _201\"/>es, m<span class=\"__1 _201\"/>utual fun<span class=\"__1 _201\"/>ds with q<span class=\"__1 _201\"/>uoted pr<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/>, exchang<span class=\"__1 _201\"/>e-tr<span class=\"__1 _201\"/>aded d<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>vatives s<span class=\"__1 _201\"/>uch as<span class=\"__1 _201\"/> future<span class=\"__1 _201\"/>s and opti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, and natio<span class=\"__1 _201\"/>nal gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt bon<span class=\"__1 _201\"/>ds, un<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>s there is ev<span class=\"__1 _201\"/>iden<span class=\"__1 _201\"/>ce that tra<span class=\"__1 _201\"/>ding in a gi<span class=\"__1 _201\"/>ven ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nt is so inf<span class=\"__1 _201\"/>reque<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span>that the m<span class=\"__1 _201\"/>arket coul<span class=\"__1 _201\"/>d not be co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ered ac<span class=\"__1 _201\"/>tive. I<span class=\"__1 _201\"/>t also in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es other fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al instr<span class=\"__1 _201\"/>ume<span class=\"__1 _201\"/>nts whe<span class=\"__1 _201\"/>re there is cl<span class=\"__1 _201\"/>ear evi<span class=\"__1 _201\"/>den<span class=\"__1 _201\"/>ce that the<span class=\"__1 _201\"/> valu<span class=\"__1 _201\"/>ation is ba<span class=\"__1 _201\"/>sed on a t<span class=\"__1 _201\"/>rade<span class=\"__1 _201\"/>d pric<span class=\"__1 _201\"/>e in an ac<span class=\"__1 _201\"/>tive mar<span class=\"__1 _201\"/>ket.<span class=\"__1 _32b\"> </span>Level 2 \u2013 in<span class=\"__1 _201\"/>puts oth<span class=\"__1 _201\"/>er than qu<span class=\"__1 _201\"/>oted pr<span class=\"__1 _201\"/>ices in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>d withi<span class=\"__1 _201\"/>n level 1 that are o<span class=\"__1 _201\"/>bser<span class=\"__1 _250\"/>vable e<span class=\"__1 _201\"/>ither d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tly (i.<span class=\"__1 _201\"/>e. as pri<span class=\"__1 _201\"/>ces) or indire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y (i.e.<span class=\"__1 _201\"/> der<span class=\"__1 _201\"/>ived f<span class=\"__1 _201\"/>rom pri<span class=\"__1 _201\"/>ces)<span class=\"__1 _32b\"> </span>Level 2 p<span class=\"__1 _201\"/>rinci<span class=\"__1 _201\"/>pally i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es cor<span class=\"__1 _201\"/>porate b<span class=\"__1 _201\"/>onds a<span class=\"__1 _201\"/>nd other n<span class=\"__1 _201\"/>ational a<span class=\"__1 _201\"/>nd non<span class=\"__1 _201\"/>-nati<span class=\"__1 _201\"/>onal gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt debt s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities wh<span class=\"__1 _201\"/>ich are val<span class=\"__1 _201\"/>ued<span class=\"__1 _201\"/> usin<span class=\"__1 _201\"/>g obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vable i<span class=\"__1 _201\"/>nputs<span class=\"__1 _201\"/>, toget<span class=\"__1 _201\"/>her with ove<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>-th<span class=\"__1 _201\"/>e-<span class=\"__1 _201\"/>coun<span class=\"__1 _201\"/>ter deri<span class=\"__1 _201\"/>vative<span class=\"__1 _201\"/>s such as fo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ward exchan<span class=\"__1 _201\"/>ge contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s and no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>quoted<span class=\"__1 _201\"/> inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds val<span class=\"__1 _201\"/>ued w<span class=\"__1 _201\"/>ith obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>e input<span class=\"__1 _201\"/>s. It al<span class=\"__1 _201\"/>so incl<span class=\"__1 _201\"/>udes i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent contr<span class=\"__1 _201\"/>act l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es with<span class=\"__1 _201\"/>out DP<span class=\"__1 _201\"/>F that are valu<span class=\"__1 _201\"/>ed usi<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span>obser<span class=\"__1 _201\"/>vable i<span class=\"__1 _200\"/>nputs.<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:963.3452px;\">Level 3 \u2013 s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant in<span class=\"__1 _201\"/>puts fo<span class=\"__1 _201\"/>r the as<span class=\"__1 _201\"/>set or lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y are not b<span class=\"__1 _201\"/>ased o<span class=\"__1 _201\"/>n obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>e market data (unobs<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vab<span class=\"__1 _201\"/>le inpu<span class=\"__1 _201\"/>ts<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:946.8467px;\">Level 3 p<span class=\"__1 _201\"/>rinci<span class=\"__1 _201\"/>pally i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s in pri<span class=\"__1 _201\"/>vate equit<span class=\"__1 _201\"/>y fu<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>, direc<span class=\"__1 _201\"/>tly he<span class=\"__1 _201\"/>ld inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s and inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts in pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:930.34827px;\">fund<span class=\"__1 _201\"/>s which a<span class=\"__1 _201\"/>re expos<span class=\"__1 _201\"/>ed to bes<span class=\"__1 _201\"/>poke prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties o<span class=\"__1 _201\"/>r risks a<span class=\"__1 _201\"/>nd inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s which are i<span class=\"__1 _201\"/>nternal<span class=\"__1 _201\"/>ly valu<span class=\"__1 _201\"/>ed or su<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>t to a sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:913.84973px;\">numb<span class=\"__1 _201\"/>er of uno<span class=\"__1 _201\"/>bser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>able as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>. It als<span class=\"__1 _201\"/>o inclu<span class=\"__1 _201\"/>des de<span class=\"__1 _201\"/>bt secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s which are r<span class=\"__1 _201\"/>arely tr<span class=\"__1 _201\"/>ade<span class=\"__1 _201\"/>d or trad<span class=\"__1 _201\"/>ed onl<span class=\"__1 _201\"/>y in pri<span class=\"__1 _201\"/>vately<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:897.3512px;\">ne<span class=\"__1 _201\"/>gotiated tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s and he<span class=\"__1 _201\"/>nce wh<span class=\"__1 _201\"/>ere it is di<span class=\"__1 _201\"/>fficult to as<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>t that th<span class=\"__1 _201\"/>eir val<span class=\"__1 _201\"/>uations h<span class=\"__1 _201\"/>ave been b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>e market data<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:872.60345px;\">32<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Valuati<span class=\"__1 _201\"/>on ap<span class=\"__1 _201\"/>proa<span class=\"__1 _201\"/>ch for l<span class=\"__1 _201\"/>evel 2 ass<span class=\"__1 _201\"/>ets an<span class=\"__1 _201\"/>d lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:851.974px;\">A sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant prop<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tion of th<span class=\"__1 _201\"/>e Group\u2019s level 2 as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s are corp<span class=\"__1 _201\"/>orate bo<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>, str<span class=\"__1 _201\"/>ucture<span class=\"__1 _201\"/>d sec<span class=\"__1 _201\"/>uritie<span class=\"__1 _201\"/>s and othe<span class=\"__1 _201\"/>r nation<span class=\"__1 _201\"/>al and no<span class=\"__1 _201\"/>n-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:835.47546px;\">natio<span class=\"__1 _201\"/>nal gover<span class=\"__1 _201\"/>nment d<span class=\"__1 _201\"/>ebt se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets, in l<span class=\"__1 _201\"/>ine with m<span class=\"__1 _201\"/>arket pra<span class=\"__1 _201\"/>ctice<span class=\"__1 _201\"/>, are gen<span class=\"__1 _201\"/>erall<span class=\"__1 _201\"/>y value<span class=\"__1 _201\"/>d usin<span class=\"__1 _201\"/>g inde<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>ent pr<span class=\"__1 _201\"/>icing<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:818.977px;\">ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices o<span class=\"__1 _201\"/>r quotes f<span class=\"__1 _201\"/>rom third pa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y bro<span class=\"__1 _201\"/>kers. T<span class=\"__1 _201\"/>hese v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>ns are subj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t to a numbe<span class=\"__1 _201\"/>r of monito<span class=\"__1 _201\"/>ring co<span class=\"__1 _201\"/>ntrols<span class=\"__1 _201\"/>, such as m<span class=\"__1 _201\"/>onthl<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:802.47845px;\">pri<span class=\"__1 _201\"/>ce vari<span class=\"__1 _201\"/>ances<span class=\"__1 _201\"/>, st<span class=\"__1 _201\"/>ale pr<span class=\"__1 _201\"/>ice revie<span class=\"__1 _201\"/>ws and var<span class=\"__1 _201\"/>ianc<span class=\"__1 _201\"/>e analy<span class=\"__1 _201\"/>sis on pr<span class=\"__1 _201\"/>ices a<span class=\"__1 _201\"/>chieve<span class=\"__1 _201\"/>d on subs<span class=\"__1 _201\"/>eque<span class=\"__1 _201\"/>nt trad<span class=\"__1 _201\"/>es.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:777.7307px;\">Pri<span class=\"__1 _201\"/>cing se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ere availa<span class=\"__1 _201\"/>ble, a<span class=\"__1 _201\"/>re used to ob<span class=\"__1 _201\"/>tain third pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty bro<span class=\"__1 _201\"/>ker quotes<span class=\"__1 _201\"/>. When p<span class=\"__1 _201\"/>rice<span class=\"__1 _201\"/>s are not avai<span class=\"__1 _201\"/>lable f<span class=\"__1 _201\"/>rom pri<span class=\"__1 _201\"/>cing<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:761.23224px;\">ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices<span class=\"__1 _201\"/>, quote<span class=\"__1 _201\"/>s are sourc<span class=\"__1 _201\"/>ed dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y from broker<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p seek<span class=\"__1 _201\"/>s to obtain a num<span class=\"__1 _201\"/>ber of qu<span class=\"__1 _201\"/>otes from di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>t brokers so a<span class=\"__1 _201\"/>s to<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:744.7337px;\">obtai<span class=\"__1 _201\"/>n the mos<span class=\"__1 _201\"/>t comp<span class=\"__1 _201\"/>rehen<span class=\"__1 _201\"/>sive info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n availab<span class=\"__1 _201\"/>le on the<span class=\"__1 _201\"/>ir executab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:719.98596px;\">Whe<span class=\"__1 _201\"/>re quotes are s<span class=\"__1 _201\"/>ource<span class=\"__1 _201\"/>d direc<span class=\"__1 _201\"/>tly fro<span class=\"__1 _201\"/>m brokers<span class=\"__1 _201\"/>, the pr<span class=\"__1 _201\"/>ice use<span class=\"__1 _201\"/>d in the va<span class=\"__1 _201\"/>luation i<span class=\"__1 _201\"/>s norm<span class=\"__1 _201\"/>ally s<span class=\"__1 _201\"/>elec<span class=\"__1 _201\"/>ted fro<span class=\"__1 _201\"/>m one of the q<span class=\"__1 _201\"/>uotes<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:703.4875px;\">bas<span class=\"__1 _201\"/>ed on a num<span class=\"__1 _201\"/>ber of f<span class=\"__1 _201\"/>acto<span class=\"__1 _201\"/>rs, in<span class=\"__1 _201\"/>cludi<span class=\"__1 _201\"/>ng the tim<span class=\"__1 _201\"/>eline<span class=\"__1 _201\"/>ss an<span class=\"__1 _201\"/>d regula<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>y of the qu<span class=\"__1 _201\"/>otes and the a<span class=\"__1 _201\"/>ccura<span class=\"__1 _201\"/>cy of the q<span class=\"__1 _201\"/>uotes con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>ring<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:686.98895px;\">the sp<span class=\"__1 _201\"/>reads prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e sele<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d quote is the o<span class=\"__1 _201\"/>ne whi<span class=\"__1 _201\"/>ch bes<span class=\"__1 _201\"/>t repre<span class=\"__1 _201\"/>sents a<span class=\"__1 _201\"/>n executab<span class=\"__1 _201\"/>le quote fo<span class=\"__1 _201\"/>r the sec<span class=\"__1 _201\"/>urit<span class=\"__1 _201\"/>y at the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:670.4905px;\">mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt date.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:645.74274px;\">32<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3 Level 3 as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd li<span class=\"__1 _201\"/>abi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:625.1132px;\">32<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3.<span class=\"__1 _200\"/>1 V<span class=\"__1 _200\"/>alu<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n app<span class=\"__1 _201\"/>roach f<span class=\"__1 _201\"/>or level 3<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:604.4837px;\">Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s value<span class=\"__1 _201\"/>d using v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n techni<span class=\"__1 _201\"/>ques in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>e financ<span class=\"__1 _201\"/>ial inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s which by natu<span class=\"__1 _201\"/>re do not have an ex<span class=\"__1 _201\"/>tern<span class=\"__1 _201\"/>ally qu<span class=\"__1 _201\"/>oted<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:587.9852px;\">pri<span class=\"__1 _201\"/>ce base<span class=\"__1 _201\"/>d on re<span class=\"__1 _201\"/>gular tra<span class=\"__1 _201\"/>des<span class=\"__1 _201\"/>, and fin<span class=\"__1 _201\"/>ancial i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents fo<span class=\"__1 _201\"/>r which m<span class=\"__1 _201\"/>arkets are no l<span class=\"__1 _201\"/>onge<span class=\"__1 _201\"/>r acti<span class=\"__1 _201\"/>ve as a resul<span class=\"__1 _201\"/>t of market con<span class=\"__1 _201\"/>ditio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:571.4867px;\">e.g. m<span class=\"__1 _201\"/>arket illiq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n techni<span class=\"__1 _201\"/>ques us<span class=\"__1 _201\"/>ed in<span class=\"__1 _201\"/>clude c<span class=\"__1 _201\"/>ompar<span class=\"__1 _201\"/>ison to re<span class=\"__1 _201\"/>cent ar<span class=\"__1 _201\"/>m\u2019<span class=\"__1 _200\"/>s leng<span class=\"__1 _201\"/>th trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, referenc<span class=\"__1 _201\"/>e to other<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:554.9882px;\">ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts that are s<span class=\"__1 _201\"/>ubsta<span class=\"__1 _201\"/>ntially th<span class=\"__1 _201\"/>e sam<span class=\"__1 _201\"/>e, disco<span class=\"__1 _201\"/>unted c<span class=\"__1 _201\"/>ash flow a<span class=\"__1 _201\"/>nalys<span class=\"__1 _201\"/>is, o<span class=\"__1 _201\"/>ption<span class=\"__1 _201\"/>-adjus<span class=\"__1 _201\"/>ted spre<span class=\"__1 _201\"/>ad mo<span class=\"__1 _201\"/>dels an<span class=\"__1 _201\"/>d, if ap<span class=\"__1 _201\"/>plic<span class=\"__1 _201\"/>able,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:538.48975px;\">enter<span class=\"__1 _201\"/>pris<span class=\"__1 _201\"/>e valuatio<span class=\"__1 _201\"/>n. Th<span class=\"__1 _201\"/>ese te<span class=\"__1 _201\"/>chniqu<span class=\"__1 _201\"/>es may inc<span class=\"__1 _201\"/>lude a nu<span class=\"__1 _201\"/>mber of a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ptions re<span class=\"__1 _201\"/>lating to var<span class=\"__1 _201\"/>iable<span class=\"__1 _201\"/>s such as c<span class=\"__1 _201\"/>redit r<span class=\"__1 _201\"/>isk and in<span class=\"__1 _201\"/>terest<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:521.9912px;\">rates<span class=\"__1 _201\"/>. Chang<span class=\"__1 _201\"/>es in as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons relatin<span class=\"__1 _201\"/>g to these v<span class=\"__1 _201\"/>ariab<span class=\"__1 _201\"/>les co<span class=\"__1 _201\"/>uld po<span class=\"__1 _201\"/>sitive<span class=\"__1 _201\"/>ly or ne<span class=\"__1 _201\"/>gative<span class=\"__1 _201\"/>ly impa<span class=\"__1 _201\"/>ct the re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ted f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue of thes<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:505.49274px;\">ins<span class=\"__1 _201\"/>trume<span class=\"__1 _201\"/>nts. W<span class=\"__1 _201\"/>hen d<span class=\"__1 _201\"/>etermini<span class=\"__1 _201\"/>ng the inp<span class=\"__1 _201\"/>uts into the v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n techni<span class=\"__1 _201\"/>ques us<span class=\"__1 _201\"/>ed pr<span class=\"__1 _201\"/>iori<span class=\"__1 _201\"/>ty is g<span class=\"__1 _201\"/>iven to pub<span class=\"__1 _201\"/>licly av<span class=\"__1 _201\"/>ailabl<span class=\"__1 _201\"/>e pric<span class=\"__1 _201\"/>es from<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:488.9942px;\">ind<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>dent s<span class=\"__1 _201\"/>ources w<span class=\"__1 _201\"/>hen avail<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>, but overa<span class=\"__1 _201\"/>ll the so<span class=\"__1 _201\"/>urce of pri<span class=\"__1 _201\"/>cing is ch<span class=\"__1 _201\"/>osen w<span class=\"__1 _201\"/>ith the ob<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>tive of ar<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>ing at a fai<span class=\"__1 _201\"/>r value<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:472.49573px;\">mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt that refl<span class=\"__1 _201\"/>ect<span class=\"__1 _201\"/>s the pr<span class=\"__1 _201\"/>ice at whi<span class=\"__1 _201\"/>ch an orde<span class=\"__1 _201\"/>rly tr<span class=\"__1 _201\"/>ansac<span class=\"__1 _201\"/>tion w<span class=\"__1 _201\"/>ould take pl<span class=\"__1 _201\"/>ace bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n market pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cipant<span class=\"__1 _201\"/>s on the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:455.9972px;\">mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt date.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:431.24945px;\">Whe<span class=\"__1 _201\"/>re cer<span class=\"__1 _201\"/>tain d<span class=\"__1 _201\"/>ebt sec<span class=\"__1 _201\"/>uritie<span class=\"__1 _201\"/>s are valu<span class=\"__1 _201\"/>ed usin<span class=\"__1 _201\"/>g broker qu<span class=\"__1 _201\"/>otes, ad<span class=\"__1 _201\"/>justm<span class=\"__1 _201\"/>ents may b<span class=\"__1 _201\"/>e require<span class=\"__1 _201\"/>d in limi<span class=\"__1 _201\"/>ted circums<span class=\"__1 _201\"/>tanc<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>his is<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:414.75098px;\">gen<span class=\"__1 _201\"/>erall<span class=\"__1 _201\"/>y whe<span class=\"__1 _201\"/>re it is deter<span class=\"__1 _201\"/>mine<span class=\"__1 _201\"/>d that the third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>ns obtain<span class=\"__1 _201\"/>ed do n<span class=\"__1 _201\"/>ot refle<span class=\"__1 _201\"/>ct fa<span class=\"__1 _201\"/>ir value (e.g. e<span class=\"__1 _201\"/>ither b<span class=\"__1 _201\"/>eca<span class=\"__1 _201\"/>use the va<span class=\"__1 _201\"/>lue is<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:398.25244px;\">sta<span class=\"__1 _201\"/>le and/or the valu<span class=\"__1 _201\"/>es are ex<span class=\"__1 _201\"/>treme<span class=\"__1 _201\"/>ly dive<span class=\"__1 _201\"/>rse in ra<span class=\"__1 _201\"/>nge). Thes<span class=\"__1 _201\"/>e are usua<span class=\"__1 _201\"/>lly se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es whi<span class=\"__1 _201\"/>ch are dist<span class=\"__1 _201\"/>ress<span class=\"__1 _201\"/>ed or that c<span class=\"__1 _201\"/>ould b<span class=\"__1 _201\"/>e subje<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:381.75397px;\">to a debt re<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>cture o<span class=\"__1 _201\"/>r where re<span class=\"__1 _201\"/>liabl<span class=\"__1 _201\"/>e market pri<span class=\"__1 _201\"/>ces are n<span class=\"__1 _201\"/>o long<span class=\"__1 _201\"/>er availab<span class=\"__1 _201\"/>le due to a<span class=\"__1 _201\"/>n inac<span class=\"__1 _201\"/>tive mar<span class=\"__1 _201\"/>ket or market disl<span class=\"__1 _201\"/>ocati<span class=\"__1 _201\"/>on.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:365.25546px;\">In the<span class=\"__1 _201\"/>se ins<span class=\"__1 _201\"/>tance<span class=\"__1 _201\"/>s, pr<span class=\"__1 _201\"/>ices a<span class=\"__1 _201\"/>re deri<span class=\"__1 _201\"/>ved usi<span class=\"__1 _201\"/>ng intern<span class=\"__1 _201\"/>al valuati<span class=\"__1 _201\"/>on tech<span class=\"__1 _201\"/>nique<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>ding tho<span class=\"__1 _201\"/>se des<span class=\"__1 _201\"/>crib<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>low with th<span class=\"__1 _201\"/>e obje<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:348.75696px;\">of arr<span class=\"__1 _201\"/>ivin<span class=\"__1 _201\"/>g at a fair va<span class=\"__1 _201\"/>lue me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent that refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts the pr<span class=\"__1 _201\"/>ice at wh<span class=\"__1 _201\"/>ich an ord<span class=\"__1 _201\"/>erly tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n would ta<span class=\"__1 _201\"/>ke place be<span class=\"__1 _201\"/>twe<span class=\"__1 _201\"/>en mar<span class=\"__1 _201\"/>ket<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:332.25848px;\">par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pants o<span class=\"__1 _201\"/>n the mea<span class=\"__1 _201\"/>surem<span class=\"__1 _201\"/>ent date. Th<span class=\"__1 _201\"/>e techni<span class=\"__1 _201\"/>ques us<span class=\"__1 _201\"/>ed re<span class=\"__1 _201\"/>quire a numb<span class=\"__1 _201\"/>er of as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons relati<span class=\"__1 _201\"/>ng to varia<span class=\"__1 _201\"/>bles s<span class=\"__1 _201\"/>uch as cre<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:315.75998px;\">ris<span class=\"__1 _201\"/>k and intere<span class=\"__1 _201\"/>st rates<span class=\"__1 _201\"/>. E<span class=\"__1 _201\"/>xampl<span class=\"__1 _201\"/>es of such v<span class=\"__1 _201\"/>ariab<span class=\"__1 _201\"/>les in<span class=\"__1 _201\"/>clude a<span class=\"__1 _201\"/>n average c<span class=\"__1 _201\"/>redit sp<span class=\"__1 _201\"/>read ba<span class=\"__1 _201\"/>sed on t<span class=\"__1 _201\"/>he cor<span class=\"__1 _201\"/>porate b<span class=\"__1 _201\"/>ond uni<span class=\"__1 _201\"/>verse a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:299.26147px;\">the rel<span class=\"__1 _201\"/>evant dur<span class=\"__1 _201\"/>ation of th<span class=\"__1 _201\"/>e asset b<span class=\"__1 _201\"/>eing v<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e input as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons are d<span class=\"__1 _201\"/>etermin<span class=\"__1 _201\"/>ed bas<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e bes<span class=\"__1 _201\"/>t availab<span class=\"__1 _201\"/>le infor<span class=\"__1 _201\"/>mation at<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:282.76297px;\">the me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent dates<span class=\"__1 _201\"/>. Se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es valu<span class=\"__1 _201\"/>ed in su<span class=\"__1 _201\"/>ch mann<span class=\"__1 _201\"/>er are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as l<span class=\"__1 _201\"/>evel 3 whe<span class=\"__1 _201\"/>re these s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant i<span class=\"__1 _201\"/>nputs a<span class=\"__1 _201\"/>re not bas<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:266.26447px;\">on ob<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>vab<span class=\"__1 _201\"/>le mar<span class=\"__1 _201\"/>ket data.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:241.51672px;\">Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in debt se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>ties were v<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/>d using mat<span class=\"__1 _201\"/>rix pr<span class=\"__1 _201\"/>icing<span class=\"__1 _201\"/>, which i<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on ass<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>sing the c<span class=\"__1 _201\"/>redit qu<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y of the und<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>ying<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:225.01822px;\">bor<span class=\"__1 _201\"/>rower an<span class=\"__1 _201\"/>d alloc<span class=\"__1 _201\"/>ating an i<span class=\"__1 _201\"/>nternal c<span class=\"__1 _201\"/>redit rati<span class=\"__1 _201\"/>ng whic<span class=\"__1 _201\"/>h is unob<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>vab<span class=\"__1 _201\"/>le. T<span class=\"__1 _201\"/>he intern<span class=\"__1 _201\"/>al credi<span class=\"__1 _201\"/>t rating imp<span class=\"__1 _201\"/>licitl<span class=\"__1 _201\"/>y inco<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ates<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:208.51971px;\">enviro<span class=\"__1 _201\"/>nmen<span class=\"__1 _201\"/>tal, so<span class=\"__1 _201\"/>cial an<span class=\"__1 _201\"/>d govern<span class=\"__1 _201\"/>ance (E<span class=\"__1 _201\"/>SG) consi<span class=\"__1 _201\"/>derati<span class=\"__1 _201\"/>ons thro<span class=\"__1 _201\"/>ugh the an<span class=\"__1 _201\"/>alys<span class=\"__1 _201\"/>ts view<span class=\"__1 _201\"/>s of the ind<span class=\"__1 _201\"/>ustr<span class=\"__1 _201\"/>y an<span class=\"__1 _201\"/>d iss<span class=\"__1 _201\"/>uer<span class=\"__1 _200\"/>. Unde<span class=\"__1 _201\"/>r matrix<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:192.02121px;\">pri<span class=\"__1 _201\"/>cing, th<span class=\"__1 _201\"/>ese d<span class=\"__1 _201\"/>ebt se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s are pri<span class=\"__1 _201\"/>ced by ta<span class=\"__1 _201\"/>king the cre<span class=\"__1 _201\"/>dit sp<span class=\"__1 _201\"/>reads on c<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>rable q<span class=\"__1 _201\"/>uoted pu<span class=\"__1 _201\"/>blic de<span class=\"__1 _201\"/>bt sec<span class=\"__1 _201\"/>uritie<span class=\"__1 _201\"/>s and ap<span class=\"__1 _201\"/>plyi<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:175.5227px;\">thes<span class=\"__1 _201\"/>e to the equ<span class=\"__1 _201\"/>ival<span class=\"__1 _201\"/>ent debt s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>, fac<span class=\"__1 _201\"/>torin<span class=\"__1 _201\"/>g in a spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>ed liqu<span class=\"__1 _201\"/>idit<span class=\"__1 _201\"/>y premi<span class=\"__1 _201\"/>um. Th<span class=\"__1 _201\"/>e sel<span class=\"__1 _201\"/>ecti<span class=\"__1 _201\"/>on of com<span class=\"__1 _201\"/>parab<span class=\"__1 _201\"/>le quo<span class=\"__1 _201\"/>ted publ<span class=\"__1 _201\"/>ic debt<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:159.02423px;\">se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s use<span class=\"__1 _201\"/>d to determin<span class=\"__1 _201\"/>e the cre<span class=\"__1 _201\"/>dit spre<span class=\"__1 _201\"/>ad is bas<span class=\"__1 _201\"/>ed on a cre<span class=\"__1 _201\"/>dit spre<span class=\"__1 _201\"/>ad matri<span class=\"__1 _201\"/>x that takes into ac<span class=\"__1 _201\"/>count th<span class=\"__1 _201\"/>e internal c<span class=\"__1 _201\"/>redit rat<span class=\"__1 _201\"/>ing,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:142.52573px;\">maturi<span class=\"__1 _201\"/>ty an<span class=\"__1 _201\"/>d curre<span class=\"__1 _201\"/>ncy of th<span class=\"__1 _201\"/>e debt se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>ty.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:117.77797px;\">The f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue est<span class=\"__1 _201\"/>imates are ma<span class=\"__1 _201\"/>de at a spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>c point in ti<span class=\"__1 _201\"/>me, ba<span class=\"__1 _201\"/>sed up<span class=\"__1 _201\"/>on any avail<span class=\"__1 _201\"/>able ma<span class=\"__1 _201\"/>rket inform<span class=\"__1 _201\"/>ation an<span class=\"__1 _201\"/>d judge<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s abou<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:101.279465px;\">the fin<span class=\"__1 _201\"/>ancial i<span class=\"__1 _201\"/>nstr<span class=\"__1 _201\"/>ument<span class=\"__1 _201\"/>s, inc<span class=\"__1 _201\"/>ludin<span class=\"__1 _201\"/>g estim<span class=\"__1 _201\"/>ates of the timi<span class=\"__1 _201\"/>ng and am<span class=\"__1 _201\"/>ount of exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted future c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ows and th<span class=\"__1 _201\"/>e credit s<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ing<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:84.780975px;\">of coun<span class=\"__1 _201\"/>terpar<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es. S<span class=\"__1 _201\"/>uch es<span class=\"__1 _201\"/>timates do n<span class=\"__1 _201\"/>ot refle<span class=\"__1 _201\"/>ct any p<span class=\"__1 _201\"/>remium o<span class=\"__1 _201\"/>r disco<span class=\"__1 _201\"/>unt that cou<span class=\"__1 _201\"/>ld resul<span class=\"__1 _201\"/>t from off<span class=\"__1 _201\"/>ering f<span class=\"__1 _201\"/>or sal<span class=\"__1 _201\"/>e at one tim<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:68.28247px;\">a sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant volum<span class=\"__1 _201\"/>e of a par<span class=\"__1 _201\"/>ticu<span class=\"__1 _201\"/>lar finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ent, n<span class=\"__1 _201\"/>or do they c<span class=\"__1 _201\"/>onsid<span class=\"__1 _201\"/>er the ta<span class=\"__1 _201\"/>x impa<span class=\"__1 _201\"/>ct of the re<span class=\"__1 _201\"/>alisati<span class=\"__1 _201\"/>on of unre<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:51.783966px;\">gains o<span class=\"__1 _201\"/>r los<span class=\"__1 _201\"/>ses fro<span class=\"__1 _201\"/>m sellin<span class=\"__1 _201\"/>g the fina<span class=\"__1 _201\"/>ncial in<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>ment b<span class=\"__1 _201\"/>eing fa<span class=\"__1 _201\"/>ir value<span class=\"__1 _201\"/>d. In s<span class=\"__1 _201\"/>ome c<span class=\"__1 _201\"/>ases<span class=\"__1 _201\"/>, the dis<span class=\"__1 _201\"/>clos<span class=\"__1 _201\"/>ed val<span class=\"__1 _201\"/>ue can<span class=\"__1 _201\"/>not be rea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d in<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:35.285477px;\">imme<span class=\"__1 _201\"/>diate set<span class=\"__1 _201\"/>tlem<span class=\"__1 _201\"/>ent of the fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al instr<span class=\"__1 _201\"/>umen<span class=\"__1 _201\"/>t. In acc<span class=\"__1 _201\"/>ordan<span class=\"__1 _201\"/>ce with the G<span class=\"__1 _201\"/>roup R<span class=\"__1 _201\"/>isk Framewo<span class=\"__1 _201\"/>rk, th<span class=\"__1 _201\"/>e esti<span class=\"__1 _201\"/>mated fai<span class=\"__1 _201\"/>r value of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:18.786972px;\">der<span class=\"__1 _201\"/>ivative fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al inst<span class=\"__1 _201\"/>rume<span class=\"__1 _201\"/>nts valu<span class=\"__1 _201\"/>ed inter<span class=\"__1 _201\"/>nally u<span class=\"__1 _201\"/>sing s<span class=\"__1 _201\"/>tanda<span class=\"__1 _201\"/>rd market pra<span class=\"__1 _201\"/>ctic<span class=\"__1 _201\"/>es are sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to asse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ent aga<span class=\"__1 _201\"/>inst ex<span class=\"__1 _201\"/>terna<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:0.010047913px; bottom:2.2884674px;\">counterpar<span class=\"__1 _201\"/>ties\u2019<span class=\"__1 _200\"/> valuations.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:994.4641px;\">32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:728.25146px;\">The i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p are exter<span class=\"__1 _201\"/>nall<span class=\"__1 _201\"/>y value<span class=\"__1 _201\"/>d by profes<span class=\"__1 _201\"/>sio<span class=\"__1 _201\"/>nally qu<span class=\"__1 _201\"/>alifi<span class=\"__1 _201\"/>ed ex<span class=\"__1 _201\"/>ternal v<span class=\"__1 _201\"/>aluer<span class=\"__1 _201\"/>s using th<span class=\"__1 _201\"/>e RIC<span class=\"__1 _201\"/>S valu<span class=\"__1 _201\"/>ation<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:711.7529px;\">sta<span class=\"__1 _201\"/>ndards<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup\u2019s investm<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s are pred<span class=\"__1 _201\"/>omina<span class=\"__1 _201\"/>ntly valu<span class=\"__1 _201\"/>ed usi<span class=\"__1 _201\"/>ng an inc<span class=\"__1 _201\"/>ome c<span class=\"__1 _201\"/>apitali<span class=\"__1 _201\"/>sation te<span class=\"__1 _201\"/>chniq<span class=\"__1 _201\"/>ue. Th<span class=\"__1 _201\"/>is techni<span class=\"__1 _201\"/>que<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:695.2545px;\">cal<span class=\"__1 _201\"/>culates th<span class=\"__1 _201\"/>e value th<span class=\"__1 _201\"/>rough the y<span class=\"__1 _201\"/>ield a<span class=\"__1 _201\"/>nd renta<span class=\"__1 _201\"/>l value d<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>ding on f<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tors such a<span class=\"__1 _201\"/>s the lea<span class=\"__1 _201\"/>se len<span class=\"__1 _201\"/>gth, bu<span class=\"__1 _201\"/>ilding q<span class=\"__1 _201\"/>ualit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, coven<span class=\"__1 _201\"/>ants<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:678.756px;\">and l<span class=\"__1 _201\"/>ocati<span class=\"__1 _201\"/>on. T<span class=\"__1 _200\"/>ypic<span class=\"__1 _201\"/>ally th<span class=\"__1 _201\"/>ese va<span class=\"__1 _201\"/>riabl<span class=\"__1 _201\"/>es use<span class=\"__1 _201\"/>d are com<span class=\"__1 _201\"/>pared to re<span class=\"__1 _201\"/>cent tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s with simi<span class=\"__1 _201\"/>lar feature<span class=\"__1 _201\"/>s to those b<span class=\"__1 _201\"/>eing va<span class=\"__1 _201\"/>lued<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:662.25745px;\">The v<span class=\"__1 _201\"/>aluatio<span class=\"__1 _201\"/>n of investm<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y inhe<span class=\"__1 _201\"/>rently c<span class=\"__1 _201\"/>aptures th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of clim<span class=\"__1 _201\"/>ate chang<span class=\"__1 _201\"/>e if it were lo<span class=\"__1 _201\"/>cated in a<span class=\"__1 _201\"/>n area sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:645.759px;\">to climate cha<span class=\"__1 _201\"/>nge event<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he key inputs of y<span class=\"__1 _201\"/>iel<span class=\"__1 _201\"/>d and renta<span class=\"__1 _201\"/>l value are p<span class=\"__1 _201\"/>roxies fo<span class=\"__1 _201\"/>r a rang<span class=\"__1 _201\"/>e of fac<span class=\"__1 _201\"/>tors wh<span class=\"__1 _201\"/>ich will i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>e climate<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:629.2605px;\">chan<span class=\"__1 _201\"/>ge. Th<span class=\"__1 _201\"/>e trend is towa<span class=\"__1 _201\"/>rds gree<span class=\"__1 _201\"/>ner bui<span class=\"__1 _201\"/>ldings a<span class=\"__1 _201\"/>chiev<span class=\"__1 _201\"/>ing bet<span class=\"__1 _201\"/>ter rent<span class=\"__1 _201\"/>s and yi<span class=\"__1 _201\"/>elds tha<span class=\"__1 _201\"/>n compa<span class=\"__1 _201\"/>rabl<span class=\"__1 _201\"/>e build<span class=\"__1 _201\"/>ings<span class=\"__1 _201\"/>, all other f<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tors<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws1b_1\" style=\"bottom:612.76196px;\">being equal.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:588.0142px;\">As th<span class=\"__1 _201\"/>e compa<span class=\"__1 _201\"/>riso<span class=\"__1 _201\"/>ns are not w<span class=\"__1 _201\"/>ith prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties that a<span class=\"__1 _201\"/>re vir<span class=\"__1 _201\"/>tuall<span class=\"__1 _201\"/>y identi<span class=\"__1 _201\"/>cal to the G<span class=\"__1 _201\"/>roup\u2019s investm<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s, adj<span class=\"__1 _201\"/>ustm<span class=\"__1 _201\"/>ents are<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:571.51575px;\">mad<span class=\"__1 _201\"/>e by the valu<span class=\"__1 _201\"/>ers wh<span class=\"__1 _201\"/>ere app<span class=\"__1 _201\"/>ropriate to th<span class=\"__1 _201\"/>e variab<span class=\"__1 _201\"/>les us<span class=\"__1 _201\"/>ed.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:546.76794px;\">The w<span class=\"__1 _201\"/>ay that climate<span class=\"__1 _201\"/>-relate<span class=\"__1 _201\"/>d fac<span class=\"__1 _201\"/>tors may in<span class=\"__1 _201\"/>fluen<span class=\"__1 _201\"/>ce key inputs fo<span class=\"__1 _201\"/>r level 3 ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents c<span class=\"__1 _201\"/>an be nu<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>d and co<span class=\"__1 _201\"/>mplex to id<span class=\"__1 _201\"/>entif<span class=\"__1 _201\"/>y.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:530.2695px;\">The i<span class=\"__1 _201\"/>nclus<span class=\"__1 _201\"/>ion of othe<span class=\"__1 _201\"/>r climate<span class=\"__1 _201\"/>-relate<span class=\"__1 _201\"/>d fac<span class=\"__1 _201\"/>tors into f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e is expe<span class=\"__1 _201\"/>cted to evol<span class=\"__1 _201\"/>ve over the c<span class=\"__1 _201\"/>oming ye<span class=\"__1 _201\"/>ars as val<span class=\"__1 _201\"/>uation too<span class=\"__1 _201\"/>lset<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:513.771px;\">prog<span class=\"__1 _201\"/>ress to all<span class=\"__1 _201\"/>ow more a<span class=\"__1 _201\"/>ccurate me<span class=\"__1 _201\"/>asurem<span class=\"__1 _201\"/>ent of clim<span class=\"__1 _201\"/>ate impac<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:489.0232px;\">32.<span class=\"__1 _201\"/>3.<span class=\"__1 _201\"/>2 A<span class=\"__1 _200\"/>nalysis<span class=\"__1 _200\"/> of in<span class=\"__1 _200\"/>ternally<span class=\"__1 _200\"/> valued<span class=\"__1 _200\"/> lev<span class=\"__1 _200\"/>el 3<span class=\"__1 _200\"/> financial instrumen<span class=\"__1 _200\"/>ts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:468.39374px;\">Level 3 fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l ass<span class=\"__1 _201\"/>ets, n<span class=\"__1 _201\"/>et of finan<span class=\"__1 _201\"/>cial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ich were inte<span class=\"__1 _201\"/>rnall<span class=\"__1 _201\"/>y value<span class=\"__1 _201\"/>d as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 were \u00a3<span class=\"__1 _201\"/>7<span class=\"__1 _f_1\"/>,1<span class=\"__1 _200\"/>15m<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:451.8952px;\">(2021: \u00a311,9<span class=\"__1 _201\"/>33<span class=\"__1 _201\"/>m<span class=\"__1 _200\"/>), repre<span class=\"__1 _201\"/>sentin<span class=\"__1 _201\"/>g 5.6% of th<span class=\"__1 _201\"/>e total fair-valued fi<span class=\"__1 _201\"/>nanc<span class=\"__1 _201\"/>ial ass<span class=\"__1 _201\"/>ets net of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al liabil<span class=\"__1 _201\"/>ities (20<span class=\"__1 _201\"/>21: 8.0%).<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:427.14746px;\">Inter<span class=\"__1 _201\"/>nal valu<span class=\"__1 _201\"/>ations are in<span class=\"__1 _201\"/>heren<span class=\"__1 _201\"/>tly more s<span class=\"__1 _201\"/>ubje<span class=\"__1 _201\"/>ctive t<span class=\"__1 _201\"/>han exte<span class=\"__1 _201\"/>rnal va<span class=\"__1 _201\"/>luation<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>ese inte<span class=\"__1 _201\"/>rnall<span class=\"__1 _201\"/>y value<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>ets an<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties pr<span class=\"__1 _201\"/>imari<span class=\"__1 _201\"/>ly<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:410.649px;\">cons<span class=\"__1 _201\"/>ist of th<span class=\"__1 _201\"/>e follow<span class=\"__1 _201\"/>ing items<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:385.90125px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Deb<span class=\"__1 _201\"/>t secur<span class=\"__1 _201\"/>ities of \u00a3<span class=\"__1 _201\"/>7<span class=\"__1 _200\"/>,08<span class=\"__1 _201\"/>3m as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2 (2021: \u00a310,<span class=\"__1 _201\"/>917<span class=\"__1 _200\"/>m), of which \u00a35<span class=\"__1 _201\"/>,8<span class=\"__1 _201\"/>85<span class=\"__1 _201\"/>m (2021: \u00a39,167m<span class=\"__1 _200\"/>) were val<span class=\"__1 _201\"/>ued us<span class=\"__1 _201\"/>ing<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws29_1\" style=\"left:13.281448px; bottom:369.4027px;\">disc<span class=\"__1 _201\"/>ounted c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ow mod<span class=\"__1 _201\"/>els with a<span class=\"__1 _201\"/>n interna<span class=\"__1 _201\"/>lly deve<span class=\"__1 _201\"/>lope<span class=\"__1 _201\"/>d disc<span class=\"__1 _201\"/>ount rate. T<span class=\"__1 _201\"/>he rema<span class=\"__1 _201\"/>ining d<span class=\"__1 _201\"/>ebt se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s were val<span class=\"__1 _201\"/>ued us<span class=\"__1 _201\"/>ing othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:352.90424px;\">valu<span class=\"__1 _201\"/>ation meth<span class=\"__1 _201\"/>odo<span class=\"__1 _201\"/>logi<span class=\"__1 _201\"/>es such a<span class=\"__1 _201\"/>s enterp<span class=\"__1 _201\"/>rise va<span class=\"__1 _201\"/>luation a<span class=\"__1 _201\"/>nd es<span class=\"__1 _201\"/>timated re<span class=\"__1 _201\"/>cover<span class=\"__1 _201\"/>y (such as li<span class=\"__1 _201\"/>quidator<span class=\"__1 _201\"/>s\u2019 repor<span class=\"__1 _201\"/>ts).<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:332.27472px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture f<span class=\"__1 _201\"/>und inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts in both d<span class=\"__1 _201\"/>ebt and e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s of \u00a3497m as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 (2021: \u00a3<span class=\"__1 _201\"/>380<span class=\"__1 _201\"/>m) were<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:315.77625px;\">valu<span class=\"__1 _201\"/>ed inter<span class=\"__1 _201\"/>nally u<span class=\"__1 _201\"/>sing a dis<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d cash fl<span class=\"__1 _201\"/>ow mod<span class=\"__1 _201\"/>el. T<span class=\"__1 _201\"/>he mos<span class=\"__1 _201\"/>t signi<span class=\"__1 _201\"/>fic<span class=\"__1 _201\"/>ant inpu<span class=\"__1 _201\"/>ts to the valu<span class=\"__1 _201\"/>ation are th<span class=\"__1 _201\"/>e forec<span class=\"__1 _201\"/>ast c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ows of<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:299.2777px;\">the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, disco<span class=\"__1 _201\"/>unt rate, an<span class=\"__1 _201\"/>d termin<span class=\"__1 _201\"/>al value a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ption<span class=\"__1 _201\"/>, all of whi<span class=\"__1 _201\"/>ch involve s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant ju<span class=\"__1 _201\"/>dgem<span class=\"__1 _201\"/>ent. T<span class=\"__1 _201\"/>he val<span class=\"__1 _201\"/>uation<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:282.77924px;\">is pe<span class=\"__1 _201\"/>rf<span class=\"__1 _201\"/>orme<span class=\"__1 _201\"/>d in acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with Inter<span class=\"__1 _201\"/>nation<span class=\"__1 _201\"/>al Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y and Venture Cap<span class=\"__1 _201\"/>ital As<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iation va<span class=\"__1 _201\"/>luation g<span class=\"__1 _201\"/>uidel<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:266.2807px;\">The<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s are hel<span class=\"__1 _201\"/>d by the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d pri<span class=\"__1 _201\"/>vate equit<span class=\"__1 _201\"/>y inf<span class=\"__1 _201\"/>rastr<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>ture fund<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:245.65125px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Equit<span class=\"__1 _201\"/>y rele<span class=\"__1 _201\"/>ase mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tgage lo<span class=\"__1 _201\"/>ans of \u00a39<span class=\"__1 _201\"/>34<span class=\"__1 _201\"/>m as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 (2021: \u00a31,723<span class=\"__1 _201\"/>m) and a cor<span class=\"__1 _201\"/>respo<span class=\"__1 _201\"/>nding l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y of \u00a3<span class=\"__1 _201\"/>246m<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:229.15271px;\">(2021: \u00a34<span class=\"__1 _201\"/>03m), whic<span class=\"__1 _201\"/>h were valu<span class=\"__1 _201\"/>ed inter<span class=\"__1 _201\"/>nally u<span class=\"__1 _201\"/>sing dis<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d cas<span class=\"__1 _201\"/>h flow mo<span class=\"__1 _201\"/>dels<span class=\"__1 _201\"/>. The i<span class=\"__1 _201\"/>nputs th<span class=\"__1 _201\"/>at are mos<span class=\"__1 _201\"/>t signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt to<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:212.65424px;\">the val<span class=\"__1 _201\"/>uation of th<span class=\"__1 _201\"/>ese l<span class=\"__1 _201\"/>oans are th<span class=\"__1 _201\"/>e disco<span class=\"__1 _201\"/>unt rate (consis<span class=\"__1 _201\"/>ting of an ob<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>va<span class=\"__1 _201\"/>ble ri<span class=\"__1 _201\"/>sk free r<span class=\"__1 _201\"/>ate and an uno<span class=\"__1 _201\"/>bser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>able il<span class=\"__1 _201\"/>liquid<span class=\"__1 _201\"/>ity<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:196.1557px;\">prem<span class=\"__1 _201\"/>ium), the current p<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y val<span class=\"__1 _201\"/>ue, the a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ed futu<span class=\"__1 _201\"/>re prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty grow<span class=\"__1 _201\"/>th an<span class=\"__1 _201\"/>d the as<span class=\"__1 _201\"/>sume<span class=\"__1 _201\"/>d future an<span class=\"__1 _201\"/>nual pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:179.65723px;\">rental y<span class=\"__1 _201\"/>ield<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:159.02771px;\">\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s of \u00a31,68<span class=\"__1 _201\"/>8m as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 (20<span class=\"__1 _201\"/>21: \u00a31,<span class=\"__1 _201\"/>24<span class=\"__1 _200\"/>1m<span class=\"__1 _200\"/>), for the th<span class=\"__1 _201\"/>ird par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y interes<span class=\"__1 _201\"/>t in cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated fund<span class=\"__1 _201\"/>s in resp<span class=\"__1 _201\"/>ect o<span class=\"__1 _201\"/>f<span class=\"__1 _32b\"> </span></span><span class=\"ws1_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:142.5292px;\">the co<span class=\"__1 _201\"/>nsoli<span class=\"__1 _201\"/>dated inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t funds<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch are non<span class=\"__1 _201\"/>-rec<span class=\"__1 _201\"/>ourse to th<span class=\"__1 _201\"/>e Group<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>se liabi<span class=\"__1 _201\"/>lities we<span class=\"__1 _201\"/>re value<span class=\"__1 _201\"/>d by referen<span class=\"__1 _201\"/>ce to the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:13.281448px; bottom:126.03073px;\">underlying assets.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:105.401215px;\">32<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3.<span class=\"__1 _201\"/>3 Govern<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>e of level 3 val<span class=\"__1 _201\"/>uati<span class=\"__1 _201\"/>ons<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:84.77173px;\">The G<span class=\"__1 _201\"/>roup\u2019s valuati<span class=\"__1 _201\"/>on pol<span class=\"__1 _201\"/>icies<span class=\"__1 _201\"/>, proc<span class=\"__1 _201\"/>edure<span class=\"__1 _201\"/>s and ana<span class=\"__1 _201\"/>lyse<span class=\"__1 _201\"/>s for ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents c<span class=\"__1 _201\"/>ategor<span class=\"__1 _201\"/>ised a<span class=\"__1 _201\"/>s level 3 are ove<span class=\"__1 _201\"/>rsee<span class=\"__1 _201\"/>n by busin<span class=\"__1 _201\"/>ess u<span class=\"__1 _201\"/>nit<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:68.273224px;\">comm<span class=\"__1 _201\"/>itte<span class=\"__1 _201\"/>es as par<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e Group\u2019s wid<span class=\"__1 _201\"/>er finan<span class=\"__1 _201\"/>cial rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ting gove<span class=\"__1 _201\"/>rnan<span class=\"__1 _201\"/>ce proc<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>he pro<span class=\"__1 _201\"/>cedu<span class=\"__1 _201\"/>res unde<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>taken inclu<span class=\"__1 _201\"/>de app<span class=\"__1 _201\"/>roval<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:51.77472px;\">of valu<span class=\"__1 _201\"/>ation meth<span class=\"__1 _201\"/>odo<span class=\"__1 _201\"/>logi<span class=\"__1 _201\"/>es, ve<span class=\"__1 _201\"/>rifi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n proce<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d resol<span class=\"__1 _201\"/>ution of si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant o<span class=\"__1 _201\"/>r compl<span class=\"__1 _201\"/>ex valuati<span class=\"__1 _201\"/>on iss<span class=\"__1 _201\"/>ues<span class=\"__1 _201\"/>. In und<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>taking t<span class=\"__1 _201\"/>hese<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:35.276215px;\">ac<span class=\"__1 _201\"/>tiviti<span class=\"__1 _201\"/>es, th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p makes use of th<span class=\"__1 _201\"/>e exten<span class=\"__1 _201\"/>sive exp<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tise of it<span class=\"__1 _201\"/>s Ass<span class=\"__1 _201\"/>et Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s. In ad<span class=\"__1 _201\"/>ditio<span class=\"__1 _201\"/>n, the G<span class=\"__1 _201\"/>roup has m<span class=\"__1 _201\"/>inimum<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:18.77771px;\">sta<span class=\"__1 _201\"/>ndards fo<span class=\"__1 _201\"/>r inde<span class=\"__1 _201\"/>pend<span class=\"__1 _201\"/>ent pr<span class=\"__1 _201\"/>ice ver<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ation to ens<span class=\"__1 _201\"/>ure valuati<span class=\"__1 _201\"/>on accu<span class=\"__1 _201\"/>racy i<span class=\"__1 _201\"/>s regula<span class=\"__1 _201\"/>rly in<span class=\"__1 _201\"/>dep<span class=\"__1 _201\"/>ende<span class=\"__1 _201\"/>ntly ver<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d. Adhe<span class=\"__1 _201\"/>rence to this<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:2.2792053px;\">pol<span class=\"__1 _201\"/>icy is m<span class=\"__1 _201\"/>onitore<span class=\"__1 _201\"/>d acros<span class=\"__1 _201\"/>s the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s units<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:759.37036px;\">32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div>32.<span class=\"__1 _201\"/>4 F<span class=\"__1 _f_1\"/>air value hierar<span class=\"__1 _200\"/>ch<span class=\"__1 _200\"/>y for<span class=\"__1 _200\"/> assets measur<span class=\"__1 _200\"/>ed a<span class=\"__1 _200\"/>t fair<span class=\"__1 _200\"/> value in<span class=\"__1 _200\"/> the c<span class=\"__1 _200\"/>onsolidated<span class=\"__1 _200\"/> stat<span class=\"__1 _200\"/>ement o<span class=\"__1 _200\"/>f financial<span class=\"__1 _200\"/> position<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s below p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nt the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s ass<span class=\"__1 _201\"/>ets me<span class=\"__1 _201\"/>asured at f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e by level of th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue hie<span class=\"__1 _201\"/>rarchy for e<span class=\"__1 _201\"/>ach com<span class=\"__1 _201\"/>pone<span class=\"__1 _201\"/>nt of<span class=\"__1 _32b\"> </span>busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s as set ou<span class=\"__1 _201\"/>t in Note 33<span class=\"__1 _201\"/>. <span class=\"__1 _24b\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _19f_1\"> </span><span class=\"ls2_1 ws2_1\">No<span class=\"__1 _201\"/>te<span class=\"__1 _32b\"> </span></span>Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>With-profits<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _206\"> </span>1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>2<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _1b8_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">4<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>5<span class=\"__1 _204\"> </span><span class=\"ls27_1 ws27_1\">5,322<span class=\"__1 _249\"> </span><span class=\"ls2a_1 ws2a_1\">13,<span class=\"__1 _201\"/>087<span class=\"__1 _290\"> </span><span class=\"lsd_1 wsb_1\">58,56<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span></span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>137<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>5<span class=\"__1 _253\"> </span><span class=\"ls27_1 ws27_1\">282<span class=\"__1 _32b\"> </span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _24c\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">13<span class=\"__1 _201\"/>,685<span class=\"__1 _327\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _201\"/>,380<span class=\"__1 _214\"> </span><span class=\"ls33_1 ws34_1\">4<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>25<span class=\"__1 _290\"> </span>4<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>,79<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _24d\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">52<span class=\"__1 _242\"> </span><span class=\"lsd_1 wsb_1\">2<span class=\"__1 _201\"/>,350<span class=\"__1 _353\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _242\"> </span><span class=\"ls32_1 ws33_1\">2<span class=\"__1 _201\"/>,4<span class=\"__1 _201\"/>03<span class=\"__1 _32b\"> </span></span></span></span></span>T<span class=\"__1 _f_1\"/>otal with-profits<span class=\"__1 _280\"> </span><span class=\"ls15_1 ws14_1\">53,892<span class=\"__1 _4c_1\"> </span><span class=\"ls24_1 ws23_1\">3<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>9<span class=\"__1 _327\"> </span><span class=\"lsc_1 wsa_1\">33<span class=\"__1 _201\"/>,090<span class=\"__1 _18a_1\"> </span></span>1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>1<span class=\"__1 _32b\"> </span></span></span>Unit-link<span class=\"__1 _200\"/>ed:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>497<span class=\"__1 _253\"> </span>497<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _1b8_1\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">10,788<span class=\"__1 _239\"> </span><span class=\"ls3c_1 ws3d_1\">51<span class=\"__1 _201\"/>5<span class=\"__1 _f4_1\"> </span><span class=\"ls1f_1 ws1e_1\">33<span class=\"__1 _4c_1\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>33<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span></span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _400\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">1,378<span class=\"__1 _242\"> </span><span class=\"lsc_1 wsa_1\">3<span class=\"__1 _201\"/>,069<span class=\"__1 _271\"> </span><span class=\"ls40_1 ws44_1\">19<span class=\"__1 _243\"> </span><span class=\"ls15_1 ws14_1\">4,466<span class=\"__1 _32b\"> </span></span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _10a_1\"> </span><span class=\"ff1_1 ls5_1\">5<span class=\"__1 _8d_1\"> </span>2<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>7<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> unit<span class=\"__1 _200\"/>-linked<span class=\"__1 _24e\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>2<span class=\"__1 _e7_1\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>1<span class=\"__1 _211\"> </span><span class=\"ls15_1 ws14_1\">3,<span class=\"__1 _201\"/>586<span class=\"__1 _223\"> </span><span class=\"ls27_1 ws27_1\">5<span class=\"__1 _201\"/>49<span class=\"__1 _290\"> </span><span class=\"ls38_1 ws38_1\">16,<span class=\"__1 _201\"/>306<span class=\"__1 _32b\"> </span></span></span></span></span>Annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>876<span class=\"__1 _c_1\"> </span>8<span class=\"__1 _201\"/>76<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _16a_1\"> </span><span class=\"ff1_1 ls5_1\">5<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _2b_1\"> </span>7<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>934<span class=\"__1 _237\"> </span>93<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _1a5_1\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">1,<span class=\"__1 _201\"/>617<span class=\"__1 _204\"> </span>6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>616<span class=\"__1 _208\"> </span><span class=\"ls24_1 ws23_1\">4<span class=\"__1 _e7_1\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>6<span class=\"__1 _249\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>399<span class=\"__1 _32b\"> </span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>265<span class=\"__1 _f4_1\"> </span><span class=\"ls3f_1 ws41_1\">25<span class=\"__1 _270\"> </span><span class=\"ls22_1 ws21_1\">290<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _24f\"> </span><span class=\"ls19_1 ws18_1\">1,622<span class=\"__1 _214\"> </span>6,<span class=\"__1 _201\"/>881<span class=\"__1 _282\"> </span><span class=\"lsc_1 wsa_1\">6<span class=\"__1 _201\"/>,003<span class=\"__1 _213\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>506<span class=\"__1 _32b\"> </span></span></span></span>Other:<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _450\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">162<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>58<span class=\"__1 _237\"> </span><span class=\"ls30_1 ws30_1\">220<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _451\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">686<span class=\"__1 _270\"> </span><span class=\"ls1f_1 ws1e_1\">440<span class=\"__1 _219\"> </span>40<span class=\"__1 _240\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>150<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>150<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal other<span class=\"__1 _1cc_1\"> </span><span class=\"ls53_1 ws5b_1\">848<span class=\"__1 _270\"> </span><span class=\"ls1c_1 ws43_1\">59<span class=\"__1 _201\"/>0<span class=\"__1 _219\"> </span><span class=\"ls15_1 ws14_1\">98<span class=\"__1 _204\"> </span><span class=\"ls22_1 ws21_1\">1,536<span class=\"__1 _32b\"> </span></span></span></span></span>Group:<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>16,<span class=\"__1 _201\"/>505<span class=\"__1 _213\"> </span>16,<span class=\"__1 _201\"/>505<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _32b\"> </span>33<span class=\"__1 _248\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls24_1 ws23_1\">5<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _250\"/>0<span class=\"__1 _214\"> </span><span class=\"ls22_1 ws21_1\">5<span class=\"__1 _201\"/>,837<span class=\"__1 _217\"> </span></span>1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>0<span class=\"__1 _248\"> </span>7<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>7<span class=\"__1 _32b\"> </span></span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>137<span class=\"__1 _204\"> </span><span class=\"ls7_1 ws5_1\">1,07<span class=\"__1 _201\"/>9<span class=\"__1 _4a_1\"> </span><span class=\"ls38_1 ws38_1\">1,216<span class=\"__1 _32b\"> </span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _32b\"> </span>33<span class=\"__1 _4c_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _290\"> </span><span class=\"ls30_1 ws30_1\">36<span class=\"__1 _201\"/>,505<span class=\"__1 _242\"> </span><span class=\"lsd_1 wsb_1\">8,950<span class=\"__1 _249\"> </span><span class=\"ls1c_1 ws43_1\">62<span class=\"__1 _201\"/>,821<span class=\"__1 _32b\"> </span></span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>33<span class=\"__1 _f4_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls32_1 ws33_1\">57<span class=\"__1 _204\"> </span><span class=\"ls33_1 ws34_1\">2<span class=\"__1 _201\"/>,76<span class=\"__1 _201\"/>7<span class=\"__1 _f4_1\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _282\"> </span><span class=\"lsd_1 wsb_1\">2<span class=\"__1 _201\"/>,8<span class=\"__1 _201\"/>50<span class=\"__1 _32b\"> </span></span></span></span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l ass<span class=\"__1 _201\"/>ets at fa<span class=\"__1 _201\"/>ir val<span class=\"__1 _201\"/>ue<span class=\"__1 _452\"> </span><span class=\"ls3f_1 ws41_1\">68,533<span class=\"__1 _290\"> </span><span class=\"ls10_1 wsf_1\">45,246<span class=\"__1 _18a_1\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>0<span class=\"__1 _1d1_1\"> </span><span class=\"ls3c_1 ws3d_1\">1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:222.405px; bottom:901.78845px;\"> <span class=\"__1 _453\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:871.76904px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _19f_1\"> </span><span class=\"ls2_1 ws2_1\">No<span class=\"__1 _201\"/>te<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:514.3968px; bottom:883.7705px;\">Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:530.9752px; bottom:871.76904px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:576.09px; bottom:883.7705px;\">Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:593.87085px; bottom:871.76904px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:638.2886px; bottom:883.7705px;\">Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.2604px; bottom:871.76904px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:712.6517px; bottom:883.7705px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:871.76904px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"bottom:852.01404px;\">With-profits<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:832.25146px;\">Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.8411px; bottom:832.2576px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls23_1 ws22_1\" style=\"left:637.2615px; bottom:832.2576px;\">17<span class=\"__1 _f_1\"/>,707<span class=\"__1 _242\"> </span>17<span class=\"__1 _200\"/>,707<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:812.4951px;\">Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _335\"> </span><span class=\"ls3a_1 ws3b_1\">45,599<span class=\"__1 _240\"> </span><span class=\"ls43_1 ws47_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>2<span class=\"__1 _4c_1\"> </span><span class=\"ls4d_1 ws54_1\">10,<span class=\"__1 _201\"/>88<span class=\"__1 _201\"/>4<span class=\"__1 _213\"> </span><span class=\"ls7_1 ws5_1\">60,6<span class=\"__1 _201\"/>45<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"bottom:792.7326px;\">Loans<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.8411px; bottom:792.74493px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls4a_1 ws50_1\" style=\"left:591.1923px; bottom:792.74493px;\">141<span class=\"__1 _272\"> </span>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>411<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>552<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws42_1\" style=\"bottom:772.9824px;\">Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _454\"> </span><span class=\"ls45_1 ws49_1\">28<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>14<span class=\"__1 _286\"> </span><span class=\"lsc_1 wsa_1\">21<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>75<span class=\"__1 _204\"> </span><span class=\"ls32_1 ws33_1\">5,6<span class=\"__1 _201\"/>75<span class=\"__1 _213\"> </span><span class=\"ls5_1 ws1_1\">54,964<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:753.2199px;\">Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _24d\"> </span><span class=\"ls3f_1 ws41_1\">65<span class=\"__1 _214\"> </span>2,55<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:666.1635px; bottom:753.23224px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lse_1 wsc_1\" style=\"left:705.3154px; bottom:753.23224px;\">2<span class=\"__1 _201\"/>,618<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:733.4697px;\">T<span class=\"__1 _f_1\"/>otal with-profits<span class=\"__1 _11f_1\"> </span><span class=\"ff2_1 ls40_1 ws44_1\">73,6<span class=\"__1 _201\"/>78<span class=\"__1 _282\"> </span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1<span class=\"__1 _245\"> </span><span class=\"ls1f_1 ws1e_1\">35,677<span class=\"__1 _258\"> </span><span class=\"ls13_1 ws12_1\">13<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"bottom:713.7072px;\">Unit-link<span class=\"__1 _200\"/>ed:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:693.94476px;\">Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.8411px; bottom:693.963px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsc_1 wsa_1\" style=\"left:652.0251px; bottom:693.963px;\">931<span class=\"__1 _231\"> </span>931<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:674.20056px;\">Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _455\"> </span><span class=\"ls8_1 ws6_1\">12<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>3<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">425<span class=\"__1 _1e_1\"> </span><span class=\"ls3d_1 ws3f_1\">74<span class=\"__1 _1cf_1\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>23<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws42_1\" style=\"bottom:654.43805px;\">Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _fd_1\"> </span><span class=\"ls3f_1 ws41_1\">3,949<span class=\"__1 _204\"> </span><span class=\"ls32_1 ws33_1\">2,<span class=\"__1 _201\"/>528<span class=\"__1 _232\"> </span><span class=\"ls10_1 wsf_1\">22<span class=\"__1 _211\"> </span><span class=\"ls1f_1 ws1e_1\">6,499<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:634.67554px;\">Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _10a_1\"> </span><span class=\"ls5_1\">3<span class=\"__1 _2b_1\"> </span>2<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:666.1635px; bottom:634.694px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:728.2778px; bottom:634.694px;\">5<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:614.93146px;\">T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> unit<span class=\"__1 _200\"/>-linked<span class=\"__1 _456\"> </span><span class=\"ff2_1 ls1f_1 ws1e_1\">16,<span class=\"__1 _200\"/>685<span class=\"__1 _214\"> </span><span class=\"ls3f_1 ws41_1\">2,955<span class=\"__1 _240\"> </span><span class=\"ls42_1 ws46_1\">1,02<span class=\"__1 _201\"/>7<span class=\"__1 _249\"> </span><span class=\"ls7_1 ws5_1\">20,667<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:595.169px;\">Annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:575.4065px;\">Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.8411px; bottom:575.4249px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls42_1 ws46_1\" style=\"left:639.60046px; bottom:575.4249px;\">1,06<span class=\"__1 _201\"/>0<span class=\"__1 _204\"> </span>1,060<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:555.6624px;\">Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _16a_1\"> </span><span class=\"ls5_1\">3<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:603.46906px; bottom:555.6686px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:665.00024px; bottom:555.6686px;\">2<span class=\"__1 _8d_1\"> </span>5<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"bottom:535.90607px;\">Loans<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.8411px; bottom:535.91223px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls8_1 ws6_1\" style=\"left:642.5637px; bottom:535.91223px;\">1,7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _7d_1\"> </span>1<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>23<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws42_1\" style=\"bottom:516.1497px;\">Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _fd_1\"> </span><span class=\"ls42_1 ws46_1\">5,03<span class=\"__1 _201\"/>6<span class=\"__1 _204\"> </span><span class=\"ls1c_1 ws43_1\">6,557<span class=\"__1 _204\"> </span><span class=\"ls1f_1 ws1e_1\">6,673<span class=\"__1 _4c_1\"> </span></span></span>18<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>266<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:496.3872px;\">Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.8411px; bottom:496.39954px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lse_1 wsc_1\" style=\"left:588.1575px; bottom:496.39954px;\">561<span class=\"__1 _f4_1\"> </span><span class=\"ls1f_1 ws1e_1\">58<span class=\"__1 _231\"> </span></span>619<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:476.63702px;\">T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _457\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">5,03<span class=\"__1 _201\"/>9<span class=\"__1 _220\"> </span><span class=\"ls13_1 ws12_1\">7,<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>8<span class=\"__1 _7d_1\"> </span><span class=\"ls74_1 ws89_1\">9,<span class=\"__1 _250\"/>51<span class=\"__1 _201\"/>6<span class=\"__1 _1cf_1\"> </span><span class=\"ls40_1 ws44_1\">21,67<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"bottom:456.8745px;\">Other:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:437.11206px;\">Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _1c5_1\"> </span><span class=\"ls56_1 ws5f_1\">179<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:603.46906px; bottom:437.1305px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:665.00024px; bottom:437.1305px;\">8<span class=\"__1 _231\"> </span><span class=\"ls42_1 ws46_1\">187<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws42_1\" style=\"bottom:417.36798px;\">Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _458\"> </span><span class=\"lsc_1 wsa_1\">731<span class=\"__1 _c_1\"> </span><span class=\"ls38_1 ws38_1\">59<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:666.1635px; bottom:417.37415px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsc_1 wsa_1\" style=\"left:703.3342px; bottom:417.37415px;\">1,3<span class=\"__1 _201\"/>30<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:397.61163px;\">Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.8411px; bottom:397.6178px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lse_1 wsc_1\" style=\"left:591.1923px; bottom:397.6178px;\">131<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:666.1635px; bottom:397.6178px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lse_1 wsc_1\" style=\"left:716.38727px; bottom:397.6178px;\">131<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"bottom:377.8553px;\">T<span class=\"__1 _f_1\"/>otal other<span class=\"__1 _459\"> </span><span class=\"ff2_1 ls4d_1 ws54_1\">910<span class=\"__1 _253\"> </span><span class=\"lsb_1 ws32_1\">730<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,64<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"bottom:358.09277px;\">Group:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:338.33026px;\">Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.8411px; bottom:338.34875px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws2a_1\" style=\"left:633.9291px; bottom:338.34875px;\">19,69<span class=\"__1 _201\"/>8<span class=\"__1 _245\"> </span>19,<span class=\"__1 _201\"/>698<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:318.58624px;\">Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs1_1 fc3_1 sc0_1 ls87_1 ws9d_1\" style=\"left:470.2602px; bottom:318.59238px;\">33<span class=\"__1 _245\"> </span><span class=\"fs3_1 fc2_1 ls74_1 ws89_1\">5<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>4<span class=\"__1 _204\"> </span><span class=\"ls15_1 ws14_1\">4,<span class=\"__1 _201\"/>587<span class=\"__1 _4c_1\"> </span><span class=\"ls4d_1 ws54_1\">10,9<span class=\"__1 _201\"/>68<span class=\"__1 _4c_1\"> </span><span class=\"ls3d_1 ws3f_1\">74<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"bottom:298.8299px;\">Loans<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.8411px; bottom:298.83603px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls4a_1 ws50_1\" style=\"left:591.1923px; bottom:298.83603px;\">141<span class=\"__1 _7d_1\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">3,<span class=\"__1 _201\"/>275<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws42_1\" style=\"bottom:279.07355px;\">Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs1_1 fc3_1 sc0_1 ls87_1 ws9d_1\" style=\"left:470.2602px; bottom:279.07968px;\">33<span class=\"__1 _217\"> </span><span class=\"fs3_1 fc2_1 ls13_1 ws12_1\">3<span class=\"__1 _250\"/>7,<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>0<span class=\"__1 _1c_1\"> </span><span class=\"ls7_1 ws5_1\">3<span class=\"__1 _201\"/>0,959<span class=\"__1 _286\"> </span><span class=\"lse_1 wsc_1\">12,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>70<span class=\"__1 _245\"> </span><span class=\"lsc_1 wsa_1\">81,059<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:259.31717px;\">Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs1_1 fc3_1 sc0_1 ls87_1 ws9d_1\" style=\"left:470.2602px; bottom:259.32333px;\">33<span class=\"__1 _1d_1\"> </span><span class=\"fs3_1 fc2_1 ls1f_1 ws1e_1\">68<span class=\"__1 _204\"> </span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>247<span class=\"__1 _f4_1\"> </span></span>58<span class=\"__1 _204\"> </span><span class=\"lsd_1 wsb_1\">3<span class=\"__1 _201\"/>,373<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:239.56082px;\">T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l ass<span class=\"__1 _201\"/>ets at fa<span class=\"__1 _201\"/>ir val<span class=\"__1 _201\"/>ue<span class=\"__1 _25a\"> </span><span class=\"ff2_1 lse_1 wsc_1\">96<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>312<span class=\"__1 _18a_1\"> </span><span class=\"ls5_1 ws1_1\">38,934<span class=\"__1 _18a_1\"> </span><span class=\"ls1c_1 ws43_1\">46<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>28<span class=\"__1 _216\"> </span><span class=\"lsc_1 wsa_1\">181,<span class=\"__1 _201\"/>47<span class=\"__1 _f_1\"/>4<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:200.53308px;\">32.<span class=\"__1 _201\"/>5 F<span class=\"__1 _f_1\"/>air value hierar<span class=\"__1 _200\"/>ch<span class=\"__1 _200\"/>y for<span class=\"__1 _200\"/> liabilities me<span class=\"__1 _200\"/>asured a<span class=\"__1 _200\"/>t fair<span class=\"__1 _200\"/> value<span class=\"__1 _200\"/> in the<span class=\"__1 _200\"/> consolidat<span class=\"__1 _200\"/>ed sta<span class=\"__1 _200\"/>tement<span class=\"__1 _200\"/> of financial<span class=\"__1 _200\"/> position<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:179.9036px;\">The t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s below p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nt the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s liabi<span class=\"__1 _201\"/>lities m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>d at fair va<span class=\"__1 _201\"/>lue by leve<span class=\"__1 _201\"/>l of the fai<span class=\"__1 _201\"/>r value hi<span class=\"__1 _201\"/>erarchy<span class=\"__1 _201\"/>:</div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:238.89029px; bottom:151.05408px;\"> <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:121.03458px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:514.3968px; bottom:133.03607px;\">Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:530.9752px; bottom:121.03458px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:576.09px; bottom:133.03607px;\">Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:593.87085px; bottom:121.03458px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:638.2886px; bottom:133.03607px;\">Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.2604px; bottom:121.03458px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:712.6517px; bottom:133.03607px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:121.03458px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:101.27942px;\">Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.8411px; bottom:101.27942px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls45_1 ws49_1\" style=\"left:571.09784px; bottom:101.27942px;\">11,<span class=\"__1 _201\"/>93<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:666.1635px; bottom:101.27942px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls45_1 ws49_1\" style=\"left:696.8715px; bottom:101.27942px;\">11,<span class=\"__1 _201\"/>93<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:81.51694px;\">Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds<span class=\"__1 _25b\"> </span><span class=\"ff1_1 ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _208\"> </span><span class=\"ls27_1 ws27_1\">1,329<span class=\"__1 _214\"> </span><span class=\"ls28_1 ws28_1\">1,688<span class=\"__1 _213\"> </span><span class=\"ls19_1 ws18_1\">10,<span class=\"__1 _201\"/>389<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:61.75444px;\">Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.8411px; bottom:61.76674px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:42.010376px;\">Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _454\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">95<span class=\"__1 _1d8_1\"> </span><span class=\"lsc_1 wsa_1\">4,0<span class=\"__1 _201\"/>81<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _204\"> </span><span class=\"ls24_1 ws23_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:22.247879px;\">Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.8411px; bottom:22.254028px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls10_1 wsf_1\" style=\"left:649.87305px; bottom:22.254028px;\">246<span class=\"__1 _223\"> </span>246<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:2.4915314px;\">T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities a<span class=\"__1 _200\"/>t fair<span class=\"__1 _200\"/> value<span class=\"__1 _25c\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>7<span class=\"__1 _248\"> </span>1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _204\"> </span><span class=\"ls28_1 ws28_1\">1,943<span class=\"__1 _4c_1\"> </span><span class=\"ls33_1 ws34_1\">26<span class=\"__1 _201\"/>,757<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:937.1594px;\">32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div> <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _200\"/>4,884<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _200\"/>4,884<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds<span class=\"__1 _25d\"> </span><span class=\"ls13_1 ws12_1\">7,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>0<span class=\"__1 _204\"> </span><span class=\"ls15_1 ws14_1\">4<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>25<span class=\"__1 _1b5_1\"> </span><span class=\"ls4a_1 ws50_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>41<span class=\"__1 _210\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>36<span class=\"__1 _32b\"> </span></span></span></span></span>Sub<span class=\"__1 _201\"/>ordinate<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _1a_1\"> </span>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _16e_1\"> </span><span class=\"lsd_1 wsb_1\">37<span class=\"__1 _211\"> </span><span class=\"ls5_1 ws1_1\">2,648<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _1d8_1\"> </span><span class=\"ls40_1 ws44_1\">2,6<span class=\"__1 _201\"/>89<span class=\"__1 _32b\"> </span></span></span></span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>403<span class=\"__1 _237\"> </span>403<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities a<span class=\"__1 _200\"/>t fair<span class=\"__1 _200\"/> value<span class=\"__1 _25e\"> </span><span class=\"ff2_1 ls13_1 ws12_1\">7,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>7<span class=\"__1 _242\"> </span><span class=\"ls8_1 ws6_1\">2<span class=\"__1 _201\"/>1,7<span class=\"__1 _201\"/>57<span class=\"__1 _204\"> </span><span class=\"ls5_1 ws1_1\">2,80<span class=\"__1 _200\"/>7<span class=\"__1 _282\"> </span><span class=\"lsc_1 wsa_1\">31,7<span class=\"__1 _201\"/>71<span class=\"__1 _32b\"> </span></span></span></span></span>32<span class=\"__1 _201\"/>.6 T<span class=\"__1 _200\"/>rans<span class=\"__1 _201\"/>fers b<span class=\"__1 _201\"/>etwee<span class=\"__1 _201\"/>n levels<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s poli<span class=\"__1 _201\"/>cy is to rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>e trans<span class=\"__1 _201\"/>fers i<span class=\"__1 _201\"/>nto and tran<span class=\"__1 _201\"/>sfer<span class=\"__1 _201\"/>s out of leve<span class=\"__1 _201\"/>ls as at the e<span class=\"__1 _201\"/>nd of each <span class=\"__1 _201\"/>half-year rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ting pe<span class=\"__1 _201\"/>rio<span class=\"__1 _201\"/>d, except<span class=\"__1 _201\"/> for mate<span class=\"__1 _201\"/>rial tra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs, w<span class=\"__1 _201\"/>hich are re<span class=\"__1 _201\"/>cogni<span class=\"__1 _201\"/>sed as of th<span class=\"__1 _201\"/>e date of the even<span class=\"__1 _201\"/>t or chang<span class=\"__1 _201\"/>e in circum<span class=\"__1 _201\"/>stanc<span class=\"__1 _201\"/>es that c<span class=\"__1 _201\"/>ause<span class=\"__1 _201\"/>d the trans<span class=\"__1 _201\"/>fer<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs are de<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>d to have occur<span class=\"__1 _201\"/>red whe<span class=\"__1 _201\"/>n there is a m<span class=\"__1 _201\"/>aterial ch<span class=\"__1 _201\"/>ange in th<span class=\"__1 _201\"/>e obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ved va<span class=\"__1 _201\"/>luation in<span class=\"__1 _201\"/>puts o<span class=\"__1 _201\"/>r a chang<span class=\"__1 _201\"/>e in the level<span class=\"__1 _201\"/> of trad<span class=\"__1 _201\"/>ing ac<span class=\"__1 _201\"/>tiviti<span class=\"__1 _201\"/>es of the s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>. <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022</span> <span class=\"__1 _361\"> </span><span class=\"ls2b_1 ws2b_1\">T<span class=\"__1 _f_1\"/>ransfers between le<span class=\"__1 _200\"/>vels<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y <span class=\"ls5_1 ws1_1\"> </span>securitie<span class=\"__1 _201\"/>s <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>and pooled <span class=\"ls5_1 ws1_1\"> </span>inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>funds<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Debt <span class=\"__1 _f_1\"/> securitie<span class=\"__1 _201\"/>s<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Derivativ<span class=\"__1 _200\"/>es<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>From level 1 to leve<span class=\"__1 _201\"/>l 2<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>7<span class=\"__1 _4a_1\"> </span><span class=\"ls15_1 ws14_1\">14,099<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span>From level 1 to leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _25f\"> </span><span class=\"ff1_1 ls5_1\">1<span class=\"__1 _1ce_1\"> </span>4<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _32b\"> </span>From level 2 to leve<span class=\"__1 _201\"/>l 1<span class=\"__1 _22b\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">17<span class=\"__1 _230\"> </span><span class=\"ls30_1 ws30_1\">2<span class=\"__1 _201\"/>20<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>237<span class=\"__1 _32b\"> </span>From level 2 to leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>582<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>582<span class=\"__1 _32b\"> </span>From level 3 to leve<span class=\"__1 _201\"/>l 1<span class=\"__1 _355\"> </span><span class=\"ff1_1 ls5_1\">9<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>9<span class=\"__1 _32b\"> </span>From level 3 to leve<span class=\"__1 _201\"/>l 2<span class=\"__1 _460\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">137<span class=\"__1 _264\"> </span><span class=\"ls15_1 ws14_1\">555<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>692<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>Mov<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nts ar<span class=\"__1 _201\"/>isi<span class=\"__1 _201\"/>ng fro<span class=\"__1 _201\"/>m refi<span class=\"__1 _201\"/>nem<span class=\"__1 _201\"/>ents m<span class=\"__1 _201\"/>ade to t<span class=\"__1 _201\"/>he Gr<span class=\"__1 _201\"/>oup\u2019s le<span class=\"__1 _201\"/>velli<span class=\"__1 _201\"/>ng po<span class=\"__1 _201\"/>lic<span class=\"__1 _201\"/>y dur<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>. <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021</span> <span class=\"__1 _361\"> </span><span class=\"ls2b_1 ws2b_1\">T<span class=\"__1 _f_1\"/>ransfers between le<span class=\"__1 _200\"/>vels<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y <span class=\"ls5_1 ws1_1\"> </span>securitie<span class=\"__1 _201\"/>s <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>and pooled <span class=\"ls5_1 ws1_1\"> </span>inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>funds<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Debt <span class=\"__1 _f_1\"/> securitie<span class=\"__1 _201\"/>s<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Derivativ<span class=\"__1 _200\"/>es<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>From level 1 to leve<span class=\"__1 _201\"/>l 2<span class=\"__1 _461\"> </span><span class=\"ls5_1\">1<span class=\"__1 _231\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>372<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>1,3<span class=\"__1 _201\"/>73<span class=\"__1 _32b\"> </span>From level 1 to leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _355\"> </span><span class=\"ls5_1\">5<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _32b\"> </span>From level 2 to leve<span class=\"__1 _201\"/>l 1<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>10,9<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>10,9<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span>From level 2 to leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>4<span class=\"__1 _201\"/>51<span class=\"__1 _229\"> </span><span class=\"lsf_1 wsd_1\">36<span class=\"__1 _201\"/>4<span class=\"__1 _12d_1\"> </span><span class=\"ls5_1 ws1_1\">54<span class=\"__1 _230\"> </span><span class=\"ls22_1 ws21_1\">869<span class=\"__1 _32b\"> </span></span></span></span>From level 3 to leve<span class=\"__1 _201\"/>l 1<span class=\"__1 _461\"> </span><span class=\"ls5_1\">1<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _299\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _32b\"> </span>From level 3 to leve<span class=\"__1 _201\"/>l 2<span class=\"__1 _339\"> </span><span class=\"ls1f_1 ws1e_1\">35<span class=\"__1 _392\"> </span><span class=\"ls56_1 ws5f_1\">17<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>207<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>Movemen<span class=\"__1 _200\"/>ts arsing<span class=\"__1 _200\"/> from r<span class=\"__1 _200\"/>efinements made<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> the Group<span class=\"__1 _200\"/>\u2019<span class=\"__1 _200\"/>s lev<span class=\"__1 _200\"/>elling policy<span class=\"__1 _200\"/> during t<span class=\"__1 _200\"/>he year<span class=\"__1 _200\"/> ended 31<span class=\"__1 _200\"/> December 2021.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Th<span class=\"__1 _201\"/>e tran<span class=\"__1 _201\"/>sfe<span class=\"__1 _201\"/>r of \u00a35<span class=\"__1 _201\"/>4m of d<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>vati<span class=\"__1 _201\"/>ves f<span class=\"__1 _201\"/>rom le<span class=\"__1 _201\"/>vel 2 to le<span class=\"__1 _201\"/>vel 3 co<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>sts o<span class=\"__1 _201\"/>f \u00a358<span class=\"__1 _201\"/>m of as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and \u00a34<span class=\"__1 _201\"/>m of lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:681.67334px;\">32.7 Reconcilia<span class=\"__1 _200\"/>tion of<span class=\"__1 _200\"/> mo<span class=\"__1 _200\"/>vements<span class=\"__1 _200\"/> in le<span class=\"__1 _200\"/>v<span class=\"__1 _200\"/>el 3 a<span class=\"__1 _200\"/>ssets and li<span class=\"__1 _200\"/>abilities<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:661.0438px;\">The m<span class=\"__1 _201\"/>oveme<span class=\"__1 _201\"/>nts duri<span class=\"__1 _201\"/>ng the yea<span class=\"__1 _201\"/>r of level 3 as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabi<span class=\"__1 _201\"/>lities h<span class=\"__1 _201\"/>eld at fa<span class=\"__1 _201\"/>ir value<span class=\"__1 _201\"/>, excludin<span class=\"__1 _201\"/>g asset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s held f<span class=\"__1 _201\"/>or sal<span class=\"__1 _201\"/>e, are<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:644.5453px;\">anal<span class=\"__1 _201\"/>yse<span class=\"__1 _201\"/>d in the tabl<span class=\"__1 _201\"/>es be<span class=\"__1 _201\"/>low:</div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:46.3236px; bottom:615.688px;\"> <span class=\"__1 _25b\"> </span><span class=\"ls1_1\">For t<span class=\"__1 _201\"/>he yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:113.2854px; bottom:549.67456px;\">At 1 Jan<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:136.24275px; bottom:537.67303px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws58_1\" style=\"left:158.41875px; bottom:597.67004px;\">T<span class=\"__1 _f_1\"/>otal gains/ <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls8f_1 wsa7_1\" style=\"left:177.72314px; bottom:585.6685px;\">(l<span class=\"__1 _201\"/>o<span class=\"__1 _201\"/>s<span class=\"__1 _201\"/>s<span class=\"__1 _201\"/>es)<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 lsd_1 wsb_1\" style=\"left:170.18925px; bottom:573.66705px;\">record<span class=\"__1 _201\"/>ed <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws69_1\" style=\"left:167.65276px; bottom:561.6655px;\">in income <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:164.9166px; bottom:549.66406px;\">statement<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:199.09079px; bottom:537.66254px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5c_1 ws6a_1\" style=\"left:234.228px; bottom:561.6655px;\">Foreig<span class=\"__1 _201\"/>n <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:224.9607px; bottom:549.66406px;\">exch<span class=\"__1 _200\"/>ange<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:256.53796px; bottom:537.66254px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 lsd_1 wsb_1\" style=\"left:284.49225px; bottom:561.6655px;\">Purchas<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls50_1 ws60_1\" style=\"left:286.92554px; bottom:549.66406px;\">and ot<span class=\"__1 _200\"/>her<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:333.76575px; bottom:553.16656px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:319.36844px; bottom:537.67004px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls50_1 ws60_1\" style=\"left:345.7911px; bottom:561.67303px;\">Sales and<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3e_1 ws40_1\" style=\"left:362.83813px; bottom:549.6716px;\">other<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls7d_1 ws90_1\" style=\"left:389.42386px; bottom:553.16656px;\">ii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:376.91925px; bottom:537.67004px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws2d_1\" style=\"left:409.46536px; bottom:573.67456px;\">T<span class=\"__1 _f_1\"/>rans<span class=\"__1 _201\"/>fer <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:417.3405px; bottom:561.67303px;\">to he<span class=\"__1 _201\"/>ld <span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:415.33725px; bottom:549.6716px;\">for sale<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:434.298px; bottom:537.67004px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls90_1 wsa8_1\" style=\"left:467.5227px; bottom:549.6716px;\">Settled<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls7d_1 ws90_1\" style=\"left:502.2243px; bottom:553.16656px;\">iii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:491.20093px; bottom:537.67004px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls50_1 ws56_1\" style=\"left:532.07806px; bottom:549.6716px;\">Issued<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:548.5428px; bottom:537.67004px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:576.09px; bottom:573.67456px;\">T<span class=\"__1 _f_1\"/>ransfers <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2_1 ws2_1\" style=\"left:603.46906px; bottom:561.67303px;\">into<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:591.1923px; bottom:549.6716px;\">leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:606.50385px; bottom:537.67004px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:633.9291px; bottom:573.67456px;\">T<span class=\"__1 _f_1\"/>ransfers <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:650.8767px; bottom:561.67303px;\">out o<span class=\"__1 _201\"/>f <span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:648.3675px; bottom:549.6716px;\">leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:662.9679px; bottom:537.67004px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:690.9135px; bottom:549.6716px;\">At 31 De<span class=\"__1 _201\"/>c<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:537.67004px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:517.9137px;\">Level 3 as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws2a_1\" style=\"bottom:498.15118px;\">Inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"bottom:483.15717px;\">propert<span class=\"__1 _201\"/>y<span class=\"__1 _13d_1\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">19,698<span class=\"__1 _248\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _204\"> </span><span class=\"ls30_1 ws30_1\">204<span class=\"__1 _243\"> </span><span class=\"ls19_1 ws18_1\">2<span class=\"__1 _201\"/>,699<span class=\"__1 _258\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>3)<span class=\"__1 _270\"> </span><span class=\"ls10_1 wsf_1\">24<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:500.46045px; bottom:483.15735px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:694.9349px; bottom:483.15735px;\">16,<span class=\"__1 _201\"/>505<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:463.39484px;\">Equity se<span class=\"__1 _201\"/>curities<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws5d_1\" style=\"bottom:448.40082px;\">and pooled<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:433.40686px;\">inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _2e_1\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">10,<span class=\"__1 _201\"/>968<span class=\"__1 _239\"> </span><span class=\"ls17_1 ws16_1\">419<span class=\"__1 _272\"> </span><span class=\"ls32_1 ws33_1\">128<span class=\"__1 _243\"> </span></span></span>3<span class=\"__1 _201\"/>,683<span class=\"__1 _290\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>3)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:443.5641px; bottom:433.401px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:616.24457px; bottom:433.401px;\">1<span class=\"__1 _204\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>6)<span class=\"__1 _462\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"bottom:413.6385px;\">Loans<span class=\"__1 _463\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _1c2_1\"> </span><span class=\"ls76_1 ws8b_1\">(<span class=\"__1 _201\"/>78<span class=\"__1 _201\"/>1)<span class=\"__1 _f7_1\"> </span><span class=\"ls5_1 ws1_1\">2<span class=\"__1 _c_1\"> </span><span class=\"ls19_1 ws18_1\">109<span class=\"__1 _212\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:443.5641px; bottom:413.64465px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls1d_1 ws1c_1\" style=\"left:469.16895px; bottom:413.64465px;\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:558.2964px; bottom:413.64465px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls7_1 ws5_1\" style=\"left:703.3342px; bottom:413.64465px;\">1,07<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws42_1\" style=\"bottom:393.88214px;\">Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _249\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>370<span class=\"__1 _217\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>1)<span class=\"__1 _256\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _223\"> </span><span class=\"ls7_1 ws5_1\">76<span class=\"__1 _201\"/>0<span class=\"__1 _204\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>18<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:443.5641px; bottom:393.8883px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls15_1 ws14_1\" style=\"left:597.65955px; bottom:393.8883px;\">586<span class=\"__1 _1d8_1\"> </span>(555<span class=\"__1 _200\"/>)<span class=\"__1 _a_1\"> </span><span class=\"lsd_1 wsb_1\">8<span class=\"__1 _201\"/>,950<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:374.1258px;\">Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _212\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">58<span class=\"__1 _345\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:265.81396px; bottom:374.13196px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:326.92816px; bottom:374.13196px;\">2<span class=\"__1 _e_1\"> </span><span class=\"ls26_1 ws26_1\">(3)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:443.5641px; bottom:374.13196px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:721.465px; bottom:374.13196px;\">26<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:354.36945px;\">T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"bottom:339.37543px;\">asset<span class=\"__1 _201\"/>s<span class=\"__1 _14a_1\"> </span><span class=\"lsb_1 ws32_1\">46<span class=\"__1 _201\"/>,228<span class=\"__1 _248\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>1)<span class=\"__1 _204\"> </span><span class=\"ls53_1 ws5b_1\">342<span class=\"__1 _204\"> </span><span class=\"ls3f_1 ws41_1\">7<span class=\"__1 _f_1\"/>,<span class=\"__1 _201\"/>253<span class=\"__1 _b_1\"> </span><span class=\"ls49_1 ws4f_1\">(<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _223\"> </span><span class=\"ls10_1 wsf_1\">24<span class=\"__1 _216\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>5)<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:558.2964px; bottom:339.3756px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls15_1 ws14_1\" style=\"left:598.9584px; bottom:339.3756px;\">587<span class=\"__1 _204\"> </span><span class=\"ls76_1 ws8b_1\">(<span class=\"__1 _201\"/>701)<span class=\"__1 _265\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>0<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls56_1 ws28_1\" style=\"bottom:319.6131px;\">Leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"bottom:304.61908px;\">liabilities:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:284.85657px;\">Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:269.8626px;\">interes<span class=\"__1 _201\"/>t in<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"bottom:254.86859px;\">consolidated<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws44_1\" style=\"bottom:239.87457px;\">funds<span class=\"__1 _464\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>41<span class=\"__1 _228\"> </span><span class=\"ls56_1 ws5f_1\">(22)<span class=\"__1 _237\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:329.04376px; bottom:239.86292px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls3c_1 ws3d_1\" style=\"left:486.534px; bottom:239.86292px;\">(8<span class=\"__1 _201\"/>9)<span class=\"__1 _204\"> </span><span class=\"ls1f_1 ws1e_1\">54<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:616.24457px; bottom:239.86292px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls28_1 ws28_1\" style=\"left:703.3342px; bottom:239.86292px;\">1,688<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:220.1004px;\">Bor<span class=\"__1 _201\"/>rowing<span class=\"__1 _201\"/>s and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:205.10638px;\">sub<span class=\"__1 _201\"/>ordinated<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"bottom:190.11237px;\">liabilities<span class=\"__1 _17c_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:208.43909px; bottom:190.10657px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls24_1 ws23_1\" style=\"left:472.75427px; bottom:190.10657px;\">(1<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:558.2964px; bottom:190.10657px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"bottom:170.35022px;\">Derivat<span class=\"__1 _200\"/>ive<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"bottom:155.3562px;\">liabilities<span class=\"__1 _bc_1\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">4<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:208.43909px; bottom:155.35022px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:326.92816px; bottom:155.35022px;\">5<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:385.83374px; bottom:155.35022px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:728.2778px; bottom:155.35022px;\">9<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:135.5877px;\">Other liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _253\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">403<span class=\"__1 _212\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:265.81396px; bottom:135.59387px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls3c_1 ws3d_1\" style=\"left:494.61078px; bottom:135.59387px;\">(9)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:558.2964px; bottom:135.59387px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls10_1 wsf_1\" style=\"left:714.1575px; bottom:135.59387px;\">246<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:115.83136px;\">T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"bottom:100.83734px;\">liabilities<span class=\"__1 _465\"> </span><span class=\"ls7_1 ws5_1\">2<span class=\"__1 _201\"/>,807<span class=\"__1 _6b_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _237\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1 ws1_1\">5<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:385.83374px; bottom:100.837494px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls1d_1 ws1c_1\" style=\"left:470.2602px; bottom:100.837494px;\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _208\"> </span><span class=\"ls1f_1 ws1e_1\">542<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:616.24457px; bottom:100.837494px;\">\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls28_1 ws28_1\" style=\"left:703.3342px; bottom:100.837494px;\">1,943<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:73.80853px;\">i <span class=\"__1 _2d_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed w<span class=\"__1 _201\"/>ithin p<span class=\"__1 _201\"/>urch<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>s and o<span class=\"__1 _201\"/>ther o<span class=\"__1 _201\"/>f \u00a33<span class=\"__1 _201\"/>,68<span class=\"__1 _201\"/>3m f<span class=\"__1 _201\"/>or Equ<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y sec<span class=\"__1 _201\"/>uri<span class=\"__1 _201\"/>ties a<span class=\"__1 _201\"/>nd po<span class=\"__1 _201\"/>ol<span class=\"__1 _201\"/>ed inve<span class=\"__1 _201\"/>stm<span class=\"__1 _201\"/>ent f<span class=\"__1 _201\"/>und<span class=\"__1 _201\"/>s for th<span class=\"__1 _201\"/>e year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 is \u00a31,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>16m<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:61.061554px;\">as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iated w<span class=\"__1 _201\"/>ith th<span class=\"__1 _201\"/>e de<span class=\"__1 _201\"/>cons<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>dati<span class=\"__1 _201\"/>on of th<span class=\"__1 _201\"/>e M&amp;G Eu<span class=\"__1 _201\"/>rop<span class=\"__1 _201\"/>ean Pr<span class=\"__1 _201\"/>ope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty Fun<span class=\"__1 _201\"/>d in th<span class=\"__1 _201\"/>e per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:44.18805px;\">ii <span class=\"__1 _2e_1\"> </span>In<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed w<span class=\"__1 _201\"/>ithin s<span class=\"__1 _201\"/>ale<span class=\"__1 _201\"/>s and o<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r of \u00a34,<span class=\"__1 _201\"/>64<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>m for In<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y for th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 is \u00a3<span class=\"__1 _201\"/>3,<span class=\"__1 _201\"/>95<span class=\"__1 _201\"/>5m as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iate<span class=\"__1 _201\"/>d with th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:31.44104px;\">de<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dati<span class=\"__1 _201\"/>on of th<span class=\"__1 _201\"/>e M&amp;G E<span class=\"__1 _201\"/>urop<span class=\"__1 _201\"/>ean P<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty Fun<span class=\"__1 _201\"/>d in th<span class=\"__1 _201\"/>e per<span class=\"__1 _201\"/>io<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:14.567535px;\">iii <span class=\"__1 _5a_1\"> </span>Inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>ed wi<span class=\"__1 _201\"/>thin s<span class=\"__1 _201\"/>ett<span class=\"__1 _201\"/>led f<span class=\"__1 _201\"/>or Lo<span class=\"__1 _201\"/>ans a<span class=\"__1 _201\"/>nd Bo<span class=\"__1 _201\"/>rrow<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/>s and su<span class=\"__1 _201\"/>bor<span class=\"__1 _201\"/>dina<span class=\"__1 _201\"/>ted lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s for th<span class=\"__1 _201\"/>e year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2 is th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct f<span class=\"__1 _201\"/>rom th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:1.8205566px;\">de<span class=\"__1 _201\"/>con<span class=\"__1 _201\"/>soli<span class=\"__1 _201\"/>dati<span class=\"__1 _201\"/>on of th<span class=\"__1 _201\"/>e bu<span class=\"__1 _201\"/>y-to-<span class=\"__1 _201\"/>let m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ges h<span class=\"__1 _201\"/>eld b<span class=\"__1 _201\"/>y a sec<span class=\"__1 _201\"/>urit<span class=\"__1 _201\"/>isat<span class=\"__1 _201\"/>ion ve<span class=\"__1 _201\"/>hic<span class=\"__1 _201\"/>le as a re<span class=\"__1 _201\"/>sult o<span class=\"__1 _201\"/>f the ch<span class=\"__1 _201\"/>ang<span class=\"__1 _201\"/>e in co<span class=\"__1 _201\"/>ntrol d<span class=\"__1 _201\"/>uri<span class=\"__1 _201\"/>ng the p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:712.79224px;\">32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div> <span class=\"__1 _13c_1\"> </span><span class=\"ls1_1\">For th<span class=\"__1 _201\"/>e year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>be<span class=\"__1 _201\"/>r 2021<span class=\"__1 _32b\"> </span></span>At 1 Jan<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal gains/ <span class=\"ls5_1 ws1_1\"> </span>(l<span class=\"__1 _201\"/>o<span class=\"__1 _201\"/>s<span class=\"__1 _201\"/>s<span class=\"__1 _201\"/>es)<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>record<span class=\"__1 _201\"/>ed in <span class=\"ls5_1 ws1_1\"> </span>income<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>statement<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>exch<span class=\"__1 _200\"/>ange<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Purchas<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>and ot<span class=\"__1 _200\"/>her<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Sales and<span class=\"__1 _32b\"> </span>other<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>rans<span class=\"__1 _201\"/>fer <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>to he<span class=\"__1 _201\"/>ld <span class=\"ls5_1\"> </span>for sale<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Settled<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Issued<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ransfers <span class=\"ls5_1 ws1_1\"> </span>into<span class=\"__1 _201\"/> <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ransfers <span class=\"ls5_1 ws1_1\"> </span>out o<span class=\"__1 _201\"/>f <span class=\"ls5_1\"> </span>leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>At 31 De<span class=\"__1 _201\"/>c<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Level 3 as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span>propert<span class=\"__1 _201\"/>y<span class=\"__1 _a3_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>258<span class=\"__1 _220\"> </span><span class=\"ls57_1 ws61_1\">(411<span class=\"__1 _201\"/>)<span class=\"__1 _286\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,002<span class=\"__1 _217\"> </span></span></span>(1,310)<span class=\"__1 _282\"> </span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>47<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>19,69<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span>Equity se<span class=\"__1 _201\"/>curities<span class=\"__1 _201\"/> and pooled<span class=\"__1 _32b\"> </span>inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _1d1_1\"> </span><span class=\"ls1f_1 ws1e_1\">8,458<span class=\"__1 _1b5_1\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>,147<span class=\"__1 _f4_1\"> </span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _282\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>30<span class=\"__1 _18a_1\"> </span></span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>456<span class=\"__1 _270\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>6)<span class=\"__1 _263\"> </span><span class=\"ls4d_1 ws54_1\">10,<span class=\"__1 _201\"/>96<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span>Loans<span class=\"__1 _466\"> </span><span class=\"ls32_1 ws33_1\">3,<span class=\"__1 _201\"/>220<span class=\"__1 _12d_1\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _f4_1\"> </span><span class=\"lsa_1 ws8_1\">(1)<span class=\"__1 _e_1\"> </span><span class=\"ls3a_1 ws3b_1\">99<span class=\"__1 _222\"> </span><span class=\"ls18_1 ws17_1\">(<span class=\"__1 _201\"/>20)<span class=\"__1 _32b\"> </span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _32b\"> </span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _217\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>58<span class=\"__1 _201\"/>4<span class=\"__1 _6b_1\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>1,3<span class=\"__1 _201\"/>29<span class=\"__1 _249\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>364<span class=\"__1 _3f_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _6f_1\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>70<span class=\"__1 _32b\"> </span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>58<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>58<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _201\"/> asset<span class=\"__1 _201\"/>s<span class=\"__1 _341\"> </span><span class=\"ff2_1 lsf_1 wsd_1\">4<span class=\"__1 _201\"/>3,368<span class=\"__1 _4a_1\"> </span><span class=\"lse_1 wsc_1\">3,<span class=\"__1 _201\"/>013<span class=\"__1 _3f_1\"> </span><span class=\"ls57_1 ws61_1\">(41<span class=\"__1 _201\"/>3)<span class=\"__1 _1cf_1\"> </span><span class=\"lsc_1 wsa_1\">5,<span class=\"__1 _201\"/>260<span class=\"__1 _327\"> </span></span>(4<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>8)<span class=\"__1 _243\"> </span><span class=\"ls46_1 ws4b_1\">(94<span class=\"__1 _201\"/>7)<span class=\"__1 _214\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>878<span class=\"__1 _204\"> </span><span class=\"ls5b_1 ws67_1\">(2<span class=\"__1 _201\"/>08)<span class=\"__1 _265\"> </span><span class=\"ls1c_1 ws43_1\">46<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>28<span class=\"__1 _32b\"> </span></span></span>Leve<span class=\"__1 _201\"/>l 3<span class=\"__1 _201\"/> liabilities:<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty<span class=\"__1 _201\"/> interes<span class=\"__1 _201\"/>t in<span class=\"__1 _201\"/> consolidated<span class=\"__1 _32b\"> </span>funds<span class=\"__1 _464\"> </span><span class=\"ls23_1 ws22_1\">1,4<span class=\"__1 _201\"/>07<span class=\"__1 _1e_1\"> </span><span class=\"ls42_1 ws46_1\">91<span class=\"__1 _264\"> </span><span class=\"ls5_1 ws1_1\">2<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(<span class=\"__1 _201\"/>711)<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">4<span class=\"__1 _201\"/>52<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>41<span class=\"__1 _32b\"> </span>Bor<span class=\"__1 _201\"/>rowing<span class=\"__1 _201\"/>s and<span class=\"__1 _201\"/> sub<span class=\"__1 _201\"/>ordinated<span class=\"__1 _201\"/> liabilities<span class=\"__1 _375\"> </span><span class=\"ls4d_1 ws54_1\">1,301<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(14<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span>Derivat<span class=\"__1 _200\"/>ive<span class=\"__1 _32b\"> </span>liabilities<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>4<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>4<span class=\"__1 _32b\"> </span>Other liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _253\"> </span><span class=\"ls3f_1 ws41_1\">409<span class=\"__1 _12d_1\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _ae_1\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(7)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>403<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _201\"/> liabilities<span class=\"__1 _341\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>7<span class=\"__1 _271\"> </span><span class=\"ls27_1 ws27_1\">92<span class=\"__1 _230\"> </span><span class=\"ls5_1 ws1_1\">2<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _267\"> </span>\u2014<span class=\"__1 _32b\"> </span>(8<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>0)<span class=\"__1 _208\"> </span><span class=\"ls32_1 ws33_1\">4<span class=\"__1 _201\"/>52<span class=\"__1 _1e_1\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>2,80<span class=\"__1 _200\"/>7<span class=\"__1 _32b\"> </span>32<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>8 Unre<span class=\"__1 _201\"/>ali<span class=\"__1 _201\"/>sed ga<span class=\"__1 _201\"/>ins a<span class=\"__1 _201\"/>nd los<span class=\"__1 _201\"/>ses i<span class=\"__1 _201\"/>n resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of level 3 as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd li<span class=\"__1 _201\"/>abi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>Unre<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d gains an<span class=\"__1 _201\"/>d los<span class=\"__1 _201\"/>ses rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of ass<span class=\"__1 _201\"/>ets and l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties cla<span class=\"__1 _201\"/>ssifi<span class=\"__1 _201\"/>ed as<span class=\"__1 _201\"/> level 3 th<span class=\"__1 _201\"/>at are hel<span class=\"__1 _201\"/>d at the end of th<span class=\"__1 _201\"/>e year are an<span class=\"__1 _201\"/>alys<span class=\"__1 _201\"/>ed as fol<span class=\"__1 _201\"/>lows:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _467\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _270\"> </span></span><span class=\"ls42_1 ws46_1\">918<span class=\"__1 _32b\"> </span></span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _468\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">452<span class=\"__1 _204\"> </span></span><span class=\"ls23_1 ws22_1\">2,<span class=\"__1 _201\"/>407<span class=\"__1 _32b\"> </span></span>Loans<span class=\"__1 _469\"> </span><span class=\"ff1_1 ls76_1 ws8b_1\">(<span class=\"__1 _201\"/>781)<span class=\"__1 _392\"> </span></span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _26a\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>)<span class=\"__1 _1b5_1\"> </span></span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Derivat<span class=\"__1 _200\"/>ives<span class=\"__1 _26b\"> </span><span class=\"ff1_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds<span class=\"__1 _1de_1\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">(9)<span class=\"__1 _252\"> </span></span><span class=\"ls74_1 ws89_1\">(51<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>Other fin<span class=\"__1 _201\"/>ancial liabilities<span class=\"__1 _fa_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(14<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _392\"> </span></span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _357\"> </span><span class=\"ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>07<span class=\"__1 _201\"/>)<span class=\"__1 _1cf_1\"> </span><span class=\"ff2_1 ls3a_1 ws3b_1\">2,94<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:848.37646px;\">32<span class=\"__1 _201\"/>.9 Fai<span class=\"__1 _201\"/>r valu<span class=\"__1 _201\"/>e level 3 inp<span class=\"__1 _201\"/>ut<span class=\"__1 _201\"/>s and se<span class=\"__1 _201\"/>nsi<span class=\"__1 _201\"/>tivi<span class=\"__1 _201\"/>ties<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:827.74695px;\">32<span class=\"__1 _201\"/>.9<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 L<span class=\"__1 _201\"/>ev<span class=\"__1 _200\"/>el 3 as<span class=\"__1 _201\"/>set i<span class=\"__1 _201\"/>npu<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:807.11743px;\">Whe<span class=\"__1 _201\"/>re pos<span class=\"__1 _201\"/>sible<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>es the s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y of the fa<span class=\"__1 _201\"/>ir value o<span class=\"__1 _201\"/>f level 3 as<span class=\"__1 _201\"/>sets to reas<span class=\"__1 _201\"/>onab<span class=\"__1 _201\"/>ly pos<span class=\"__1 _201\"/>sib<span class=\"__1 _201\"/>le chan<span class=\"__1 _201\"/>ges in the m<span class=\"__1 _201\"/>ost<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"bottom:790.619px;\">significant unobs<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vable inputs.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:765.8712px;\">The m<span class=\"__1 _201\"/>ost s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant un<span class=\"__1 _201\"/>obse<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vabl<span class=\"__1 _201\"/>e input<span class=\"__1 _201\"/>s in determ<span class=\"__1 _201\"/>ining th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue of leve<span class=\"__1 _201\"/>l 3 asse<span class=\"__1 _201\"/>ts are pres<span class=\"__1 _201\"/>ented w<span class=\"__1 _201\"/>ithin the ta<span class=\"__1 _201\"/>bles b<span class=\"__1 _201\"/>elow.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:736.9925px;\">Real e<span class=\"__1 _201\"/>state:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:354.19666px; bottom:714.6549px;\">Av<span class=\"__1 _200\"/>erage estimat<span class=\"__1 _200\"/>ed ren<span class=\"__1 _200\"/>tal val<span class=\"__1 _200\"/>ue<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:503.48608px; bottom:718.1514px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:580.36066px; bottom:714.6549px;\">Av<span class=\"__1 _200\"/>erage equivalent<span class=\"__1 _200\"/> yield<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:694.8939px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _f4_1\"> </span><span class=\"ls2b_1 ws2b_1\">Proper<span class=\"__1 _201\"/>ty type<span class=\"__1 _263\"> </span>Geographical location<span class=\"__1 _a4_1\"> </span><span class=\"ls3_1 ws3_1\">202<span class=\"__1 _201\"/>2<span class=\"__1 _a6_1\"> </span>2021<span class=\"__1 _463\"> </span>2022<span class=\"__1 _a6_1\"> </span>2021<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:526.96954px;\">Inv<span class=\"__1 _200\"/>estment pr<span class=\"__1 _200\"/>operty<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:142.97446px; bottom:655.3875px;\">Industrial<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws3b_1\" style=\"left:224.9607px; bottom:675.15px;\">UK<span class=\"__1 _26c\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">\u00a39<span class=\"__1 _463\"> </span></span><span class=\"ls28_1 ws28_1\">\u00a39<span class=\"__1 _375\"> </span><span class=\"ff1_1 ls8_1 ws6_1\">6.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1%<span class=\"__1 _ab_1\"> </span></span><span class=\"ls40_1 ws44_1\">4.9<span class=\"__1 _201\"/>8%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws2a_1\" style=\"left:224.9607px; bottom:655.3875px;\">Europ<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls41_1 ws45_1\" style=\"left:265.81396px; bottom:659.6316px;\">ii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls82_1 ws99_1\" style=\"left:406.88474px; bottom:655.38586px;\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _6a_1\"> </span><span class=\"ff2_1 ls3f_1 ws41_1\">\u20ac55<span class=\"__1 _262\"> </span></span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _465\"> </span><span class=\"ff2_1 ls40_1 ws44_1\">4<span class=\"__1 _201\"/>.4<span class=\"__1 _201\"/>3%<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:224.9607px; bottom:635.62335px;\">Asia/P<span class=\"__1 _201\"/>acific<span class=\"__1 _c4_1\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">$96<span class=\"__1 _6a_1\"> </span></span><span class=\"ls27_1 ws27_1\">$<span class=\"__1 _201\"/>98<span class=\"__1 _375\"> </span><span class=\"ff1_1 ls8_1 ws6_1\">6.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>1%<span class=\"__1 _9d_1\"> </span></span><span class=\"ls43_1 ws47_1\">5<span class=\"__1 _250\"/>.11<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:142.97446px; bottom:586.22986px;\">Office<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws3b_1\" style=\"left:224.9607px; bottom:615.86084px;\">UK<span class=\"__1 _26d\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">\u00a339<span class=\"__1 _26e\"> </span></span>\u00a334<span class=\"__1 _1eb_1\"> </span><span class=\"ff1_1 ls60_1 ws73_1\">6<span class=\"__1 _201\"/>.1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>%<span class=\"__1 _1d5_1\"> </span></span><span class=\"ls1f_1 ws1e_1\">5.42<span class=\"__1 _32b\"> </span></span><span class=\"ls1f_1 ws1e_1\">%<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws2a_1\" style=\"left:224.9607px; bottom:596.0984px;\">Europ<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls41_1 ws45_1\" style=\"left:265.81396px; bottom:600.36255px;\">ii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls82_1 ws99_1\" style=\"left:406.88474px; bottom:596.1168px;\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _b0_1\"> </span><span class=\"ff2_1 ls28_1 ws28_1\">\u20ac304<span class=\"__1 _262\"> </span></span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _465\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">4<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>26%<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:224.9607px; bottom:576.3543px;\">Asia/P<span class=\"__1 _201\"/>acific<span class=\"__1 _417\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">$442<span class=\"__1 _b0_1\"> </span></span><span class=\"ls27_1 ws27_1\">$509<span class=\"__1 _401\"> </span><span class=\"ff1_1 ls54_1 ws5c_1\">5.<span class=\"__1 _201\"/>48%<span class=\"__1 _465\"> </span></span><span class=\"lsc_1 wsa_1\">5.<span class=\"__1 _201\"/>26%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:224.9607px; bottom:556.5918px;\">Nor<span class=\"__1 _201\"/>th<span class=\"__1 _200\"/> America<span class=\"__1 _d3_1\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">$45<span class=\"__1 _379\"> </span></span><span class=\"ls7f_1 ws93_1\">$46<span class=\"__1 _375\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">5.7<span class=\"__1 _201\"/>5%<span class=\"__1 _465\"> </span></span><span class=\"ls45_1 ws49_1\">5<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>25%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:142.97446px; bottom:517.0796px;\">Residential<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws3b_1\" style=\"left:223.95645px; bottom:536.84204px;\">UK<span class=\"__1 _393\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">\u00a337<span class=\"__1 _26f\"> </span></span><span class=\"lsc_1 wsa_1\">\u00a331<span class=\"__1 _341\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">3<span class=\"__1 _201\"/>.9<span class=\"__1 _201\"/>6%<span class=\"__1 _1d5_1\"> </span></span><span class=\"ls8_1 ws6_1\">3<span class=\"__1 _201\"/>.7<span class=\"__1 _250\"/>7%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws2a_1\" style=\"left:223.95645px; bottom:517.0796px;\">Europ<span class=\"__1 _201\"/>e<span class=\"__1 _273\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">\u20ac330<span class=\"__1 _14a_1\"> </span></span>\u20ac24<span class=\"__1 _201\"/>4<span class=\"__1 _401\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">3<span class=\"__1 _201\"/>.62%<span class=\"__1 _470\"> </span></span><span class=\"ls8_1 ws6_1\">3<span class=\"__1 _201\"/>.7<span class=\"__1 _201\"/>2%<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:223.95645px; bottom:497.31708px;\">Asia/P<span class=\"__1 _201\"/>acific<span class=\"__1 _417\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">$258<span class=\"__1 _471\"> </span></span><span class=\"ls32_1 ws33_1\">$275<span class=\"__1 _17c_1\"> </span></span><span class=\"ff1_1\">5.<span class=\"__1 _201\"/>32%<span class=\"__1 _465\"> </span></span><span class=\"ls7_1 ws5_1\">4<span class=\"__1 _201\"/>.97%<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:142.97446px; bottom:457.8048px;\">Retail<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws3b_1\" style=\"left:223.95645px; bottom:477.56732px;\">UK<span class=\"__1 _393\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">\u00a32<span class=\"__1 _201\"/>7<span class=\"__1 _26e\"> </span></span><span class=\"ls1c_1 ws43_1\">\u00a328<span class=\"__1 _1eb_1\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">6.<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>%<span class=\"__1 _ab_1\"> </span></span><span class=\"ls52_1 ws5a_1\">6<span class=\"__1 _201\"/>.<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>4%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws2a_1\" style=\"left:223.95645px; bottom:457.8048px;\">Europ<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls41_1 ws45_1\" style=\"left:265.81396px; bottom:462.0681px;\">ii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls82_1 ws99_1\" style=\"left:406.88474px; bottom:457.8224px;\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _341\"> </span><span class=\"ff2_1 lsd_1 wsb_1\">\u20ac<span class=\"__1 _201\"/>537<span class=\"__1 _262\"> </span></span>n<span class=\"__1 _201\"/>/a<span class=\"__1 _465\"> </span><span class=\"ff2_1 ls38_1 ws38_1\">4<span class=\"__1 _201\"/>.2<span class=\"__1 _201\"/>9%<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:223.95645px; bottom:438.05988px;\">Asia/P<span class=\"__1 _201\"/>acific<span class=\"__1 _417\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">$295<span class=\"__1 _471\"> </span></span><span class=\"ls4d_1 ws54_1\">$<span class=\"__1 _201\"/>310<span class=\"__1 _401\"> </span></span><span class=\"ff1_1\">6.<span class=\"__1 _201\"/>92%<span class=\"__1 _1d5_1\"> </span></span><span class=\"ls8_1 ws6_1\">6<span class=\"__1 _201\"/>.75<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls42_1 ws46_1\" style=\"left:142.97446px; bottom:398.5476px;\">Oth<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws3b_1\" style=\"left:223.95645px; bottom:418.31012px;\">UK<span class=\"__1 _26d\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">\u00a338<span class=\"__1 _472\"> </span></span><span class=\"lsb_1 ws32_1\">\u00a327<span class=\"__1 _375\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">5.7<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>%<span class=\"__1 _329\"> </span></span><span class=\"ls19_1 ws18_1\">6<span class=\"__1 _201\"/>.40%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls2a_1 ws2a_1\" style=\"left:223.95645px; bottom:398.5476px;\">Europ<span class=\"__1 _201\"/>e<span class=\"__1 _405\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">\u20ac11<span class=\"__1 _201\"/>0<span class=\"__1 _471\"> </span></span><span class=\"lse_1 wsc_1\">\u20ac<span class=\"__1 _201\"/>132<span class=\"__1 _401\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">6.<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>5%<span class=\"__1 _ab_1\"> </span></span><span class=\"ls40_1 ws44_1\">5.<span class=\"__1 _201\"/>38%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:223.95645px; bottom:378.7851px;\">Asia/P<span class=\"__1 _201\"/>acific<span class=\"__1 _473\"> </span><span class=\"ff1_1 ls8_1 ws6_1\">$19<span class=\"__1 _201\"/>5<span class=\"__1 _1eb_1\"> </span></span><span class=\"lse_1 wsc_1\">$<span class=\"__1 _201\"/>213<span class=\"__1 _14a_1\"> </span><span class=\"ff1_1 ls6_1 ws52_1\">8<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>50%<span class=\"__1 _a5_1\"> </span></span><span class=\"ls42_1 ws46_1\">8<span class=\"__1 _201\"/>.00%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:351.768px;\">i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e avera<span class=\"__1 _201\"/>ge es<span class=\"__1 _201\"/>tim<span class=\"__1 _201\"/>ated re<span class=\"__1 _201\"/>ntal v<span class=\"__1 _201\"/>alu<span class=\"__1 _201\"/>e for th<span class=\"__1 _201\"/>e UK an<span class=\"__1 _201\"/>d No<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>h Ame<span class=\"__1 _201\"/>ric<span class=\"__1 _201\"/>a is qu<span class=\"__1 _201\"/>oted p<span class=\"__1 _201\"/>er s<span class=\"__1 _201\"/>quare f<span class=\"__1 _201\"/>oot<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>lst th<span class=\"__1 _201\"/>e aver<span class=\"__1 _201\"/>age e<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>mate<span class=\"__1 _201\"/>d renta<span class=\"__1 _201\"/>l val<span class=\"__1 _201\"/>ue for E<span class=\"__1 _201\"/>urop<span class=\"__1 _201\"/>e and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:17.541298px; bottom:339.021px;\">As<span class=\"__1 _201\"/>ia/P<span class=\"__1 _201\"/>aci<span class=\"__1 _201\"/>fic is q<span class=\"__1 _201\"/>uote<span class=\"__1 _201\"/>d per s<span class=\"__1 _201\"/>qua<span class=\"__1 _201\"/>re met<span class=\"__1 _201\"/>re in lin<span class=\"__1 _201\"/>e wit<span class=\"__1 _201\"/>h loc<span class=\"__1 _201\"/>al pr<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tice<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"bottom:322.2735px;\">ii <span class=\"__1 _2e_1\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 the<span class=\"__1 _201\"/>re are n<span class=\"__1 _201\"/>o equ<span class=\"__1 _201\"/>iva<span class=\"__1 _201\"/>len<span class=\"__1 _201\"/>t inpu<span class=\"__1 _201\"/>ts du<span class=\"__1 _201\"/>e to the d<span class=\"__1 _201\"/>eco<span class=\"__1 _201\"/>nso<span class=\"__1 _201\"/>lida<span class=\"__1 _201\"/>tion o<span class=\"__1 _201\"/>f the M&amp;<span class=\"__1 _201\"/>G Euro<span class=\"__1 _201\"/>pea<span class=\"__1 _201\"/>n Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 lsd_1 wse_1\" style=\"bottom:293.39734px;\">Other assets:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:272.7854px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _474\"> </span><span class=\"ls50_1 ws60_1\">Unobservable input<span class=\"__1 _ed_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _415\"> </span>2021<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:253.02902px;\">Retail<span class=\"__1 _200\"/> income strips<span class=\"__1 _425\"> </span><span class=\"ff2_1 ls6_1 ws1_1\">Di<span class=\"__1 _201\"/>scount r<span class=\"__1 _201\"/>ate<span class=\"__1 _14c_1\"> </span><span class=\"ff1_1\">1.0<span class=\"__1 _201\"/>6% to 5.0<span class=\"__1 _201\"/>0% <span class=\"__1 _258\"> </span></span><span class=\"lsa_1 ws49_1\">(1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>%)<span class=\"__1 _201\"/> t<span class=\"__1 _201\"/>o 3<span class=\"__1 _250\"/>.<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:203.63553px;\">Equity relea<span class=\"__1 _200\"/>se mortgages<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"left:303.44296px; bottom:233.26651px;\">Illiquidit<span class=\"__1 _201\"/>y premium<span class=\"__1 _475\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">2<span class=\"__1 _201\"/>.07%<span class=\"__1 _476\"> </span></span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:303.44296px; bottom:213.50403px;\">T<span class=\"__1 _f_1\"/>otal portfolio propert<span class=\"__1 _201\"/>y value<span class=\"__1 _1ac_1\"> </span><span class=\"ff1_1 ls47_1 wsa9_1\">c.<span class=\"__1 _200\"/> \u00a33.4<span class=\"__1 _200\"/>bn<span class=\"__1 _9d_1\"> </span><span class=\"ff2_1 ls3a_1 ws3b_1\">c.\u00a33.<span class=\"__1 _201\"/>3bn<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:303.44296px; bottom:193.74152px;\">As<span class=\"__1 _201\"/>sume<span class=\"__1 _201\"/>d prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty g<span class=\"__1 _201\"/>rowth r<span class=\"__1 _201\"/>ate<span class=\"__1 _d3_1\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>65%<span class=\"__1 _427\"> </span></span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>.0<span class=\"__1 _201\"/>5%<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:303.44296px; bottom:173.97903px;\">Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty re<span class=\"__1 _201\"/>ntal yi<span class=\"__1 _201\"/>eld<span class=\"__1 _1a8_1\"> </span><span class=\"ff1_1 ws52_1\">2<span class=\"__1 _201\"/>.0<span class=\"__1 _201\"/>0%<span class=\"__1 _18f_1\"> </span></span><span class=\"ls42_1 ws46_1\">2.0<span class=\"__1 _201\"/>0%<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls27_1 ws5d_1\" style=\"bottom:134.46677px;\">Privat<span class=\"__1 _200\"/>e placement loans<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h12_1 ff3_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:303.44296px; bottom:154.22928px;\">Cre<span class=\"__1 _201\"/>dit risk p<span class=\"__1 _201\"/>remiu<span class=\"__1 _201\"/>m:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:303.44296px; bottom:134.46677px;\">A<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>A to A<span class=\"__1 _391\"> </span><span class=\"ff1_1\">0.60% to 1.<span class=\"__1 _201\"/>81% <span class=\"__1 _210\"> </span></span>0.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>3% to 1.08%<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls22_1 ws6b_1\" style=\"left:303.44296px; bottom:114.704285px;\">BBB t<span class=\"__1 _200\"/>o BB<span class=\"__1 _383\"> </span><span class=\"ff1_1 ls6_1 ws1_1\">1.<span class=\"__1 _201\"/>45% to 5<span class=\"__1 _201\"/>.8<span class=\"__1 _201\"/>6% <span class=\"__1 _4c_1\"> </span><span class=\"ff2_1\">0.4<span class=\"__1 _201\"/>8% to 3.<span class=\"__1 _201\"/>59%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:94.94177px;\">Infrastructur<span class=\"__1 _200\"/>e fund<span class=\"__1 _200\"/> inv<span class=\"__1 _200\"/>estments<span class=\"__1 _c4_1\"> </span><span class=\"ff2_1 ls6_1 ws1_1\">Discou<span class=\"__1 _201\"/>nt rate<span class=\"__1 _eb_1\"> </span><span class=\"ff1_1\">7<span class=\"__1 _f_1\"/>.75% to 12%<span class=\"__1 _252\"> </span><span class=\"ff2_1\">7<span class=\"__1 _200\"/>.75% t<span class=\"__1 _200\"/>o 12%<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:55.914032px;\">32<span class=\"__1 _201\"/>.9<span class=\"__1 _201\"/>.2 L<span class=\"__1 _201\"/>evel 3 ass<span class=\"__1 _201\"/>et sen<span class=\"__1 _201\"/>sit<span class=\"__1 _201\"/>ivit<span class=\"__1 _201\"/>ies<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:35.284515px;\">The t<span class=\"__1 _201\"/>able b<span class=\"__1 _201\"/>elow prov<span class=\"__1 _201\"/>ides a b<span class=\"__1 _201\"/>reakdown of a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s within th<span class=\"__1 _201\"/>e level 3 fa<span class=\"__1 _201\"/>ir value h<span class=\"__1 _201\"/>iera<span class=\"__1 _201\"/>rchy by investm<span class=\"__1 _201\"/>ent t<span class=\"__1 _201\"/>ype<span class=\"__1 _201\"/>, the sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ity of t<span class=\"__1 _201\"/>he<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:18.78601px;\">mos<span class=\"__1 _201\"/>t signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt unob<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>va<span class=\"__1 _201\"/>ble inp<span class=\"__1 _201\"/>uts on th<span class=\"__1 _201\"/>eir fair v<span class=\"__1 _201\"/>alue, a<span class=\"__1 _201\"/>nd the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t on IFR<span class=\"__1 _201\"/>S profit af<span class=\"__1 _201\"/>ter ta<span class=\"__1 _201\"/>x and sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders\u2019 eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y for thos<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws5d_1\" style=\"bottom:2.2875214px;\">held wit<span class=\"__1 _200\"/>hin t<span class=\"__1 _200\"/>he shar<span class=\"__1 _200\"/>eholder back<span class=\"__1 _f_1\"/>e<span class=\"__1 _201\"/>d-fund<span class=\"__1 _200\"/>s.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:879.49536px;\">32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div> <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Fair<span class=\"__1 _200\"/> value <span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>He<span class=\"__1 _201\"/>ld in<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>shareholder<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>back<span class=\"__1 _200\"/>ed fund<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>aluation <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>technique<span class=\"__1 _32b\"> </span>Most signific<span class=\"__1 _201\"/>ant <span class=\"ls5_1 ws1_1\"> </span>unobser<span class=\"__1 _201\"/>vable input<span class=\"__1 _436\"> </span><span class=\"ls3_1 ws3_1\">Sens<span class=\"__1 _201\"/>itivity<span class=\"__1 _32b\"> </span></span>Change i<span class=\"__1 _200\"/>n <span class=\"ls5_1 ws1_1\"> </span>fair value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Impact on<span class=\"__1 _32b\"> </span>IFRS profit<span class=\"__1 _32b\"> </span>af<span class=\"__1 _201\"/>ter ta<span class=\"__1 _201\"/>x and<span class=\"__1 _201\"/> shareholders\u2019<span class=\"__1 _32b\"> </span>equit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Inv<span class=\"__1 _200\"/>estment pr<span class=\"__1 _200\"/>operty<span class=\"__1 _32b\"> </span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>n use<span class=\"__1 _330\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">15<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>71<span class=\"__1 _237\"> </span><span class=\"ls22_1 ws21_1\">1,368<span class=\"__1 _32b\"> </span></span></span>Income<span class=\"__1 _201\"/> capitalis<span class=\"__1 _201\"/>ation<span class=\"__1 _32b\"> </span>Equivalen<span class=\"__1 _200\"/>t yield<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _f7_1\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">1,715<span class=\"__1 _8a_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _f7_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>9)<span class=\"__1 _f7_1\"> </span>(1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>2)<span class=\"__1 _32b\"> </span></span>Es<span class=\"__1 _201\"/>timated re<span class=\"__1 _201\"/>ntal<span class=\"__1 _201\"/> value<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _271\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">(1,260)<span class=\"__1 _229\"> </span><span class=\"ls11_1 ws10_1\">(6<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span></span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _329\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">1<span class=\"__1 _201\"/>,316<span class=\"__1 _344\"> </span><span class=\"lsc_1 wsa_1\">70<span class=\"__1 _32b\"> </span></span></span>Propert<span class=\"__1 _201\"/>y under<span class=\"__1 _32b\"> </span>development<span class=\"__1 _32b\"> </span>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _376\"> </span><span class=\"ls5_1 ws1_1\">5<span class=\"__1 _32b\"> </span></span>Development<span class=\"__1 _32b\"> </span>cost<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _a4_1\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">113<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _465\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _32b\"> </span>Equity-release<span class=\"__1 _32b\"> </span>mor<span class=\"__1 _201\"/>tg<span class=\"__1 _200\"/>ages<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>934<span class=\"__1 _230\"> </span>93<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>flow<span class=\"__1 _32b\"> </span>ii<span class=\"__1 _32b\"> </span>Illiquidit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>premium<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _329\"> </span><span class=\"ff1_1 ls11_1 ws10_1\">(6<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _288\"> </span><span class=\"ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _a5_1\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">73<span class=\"__1 _330\"> </span><span class=\"lsb_1 ws32_1\">90<span class=\"__1 _32b\"> </span></span></span>Current<span class=\"__1 _200\"/> propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>value<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _a6_1\"> </span><span class=\"ff1_1 ls34_1 ws35_1\">44<span class=\"__1 _13d_1\"> </span><span class=\"ls1f_1 ws1e_1\">54<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _390\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">(5<span class=\"__1 _201\"/>3)<span class=\"__1 _288\"> </span><span class=\"ls11_1 ws10_1\">(6<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span></span></span>Assum<span class=\"__1 _201\"/>ed annual<span class=\"__1 _32b\"> </span>prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y grow<span class=\"__1 _201\"/>th<span class=\"__1 _32b\"> </span>rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 100<span class=\"__1 _201\"/>bps<span class=\"__1 _8a_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">12<span class=\"__1 _201\"/>7<span class=\"__1 _8a_1\"> </span>157<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 10<span class=\"__1 _201\"/>0bps<span class=\"__1 _345\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _f7_1\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>9)<span class=\"__1 _32b\"> </span></span></span>Assum<span class=\"__1 _201\"/>ed annual<span class=\"__1 _32b\"> </span>propert<span class=\"__1 _201\"/>y ren<span class=\"__1 _200\"/>tal<span class=\"__1 _32b\"> </span>yield<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 100<span class=\"__1 _201\"/>bps<span class=\"__1 _367\"> </span><span class=\"ff1_1 ls12_1 ws11_1\">(8<span class=\"__1 _201\"/>1)<span class=\"__1 _e_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10<span class=\"__1 _201\"/>0bps<span class=\"__1 _8d_1\"> </span><span class=\"ff1_1 ls78_1 ws24_1\">77<span class=\"__1 _13d_1\"> </span><span class=\"lsb_1 ws32_1\">96<span class=\"__1 _32b\"> </span></span></span>Other mortgage and<span class=\"__1 _32b\"> </span>retail l<span class=\"__1 _201\"/>oans<span class=\"__1 _32b\"> </span>145<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>iii<span class=\"__1 _32b\"> </span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _477\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">15<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _b0_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Equity securities and<span class=\"__1 _32b\"> </span>pooled in<span class=\"__1 _200\"/>vestment<span class=\"__1 _32b\"> </span>funds<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>12<span class=\"__1 _201\"/>,96<span class=\"__1 _201\"/>7<span class=\"__1 _12d_1\"> </span>93<span class=\"__1 _32b\"> </span>Net as<span class=\"__1 _201\"/>set<span class=\"__1 _32b\"> </span>statemen<span class=\"__1 _200\"/>ts<span class=\"__1 _32b\"> </span>Net asset value<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _a5_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">1,<span class=\"__1 _201\"/>297<span class=\"__1 _b0_1\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _230\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _13d_1\"> </span><span class=\"ls1f_1 ws1e_1\">(7)<span class=\"__1 _32b\"> </span></span></span>Infrastructur<span class=\"__1 _200\"/>e fund<span class=\"__1 _32b\"> </span>inv<span class=\"__1 _200\"/>estments<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>497<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>flow<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _1eb_1\"> </span><span class=\"ff1_1 ls23_1 ws22_1\">(<span class=\"__1 _201\"/>75)<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _471\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">88<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>Debt securities<span class=\"__1 _32b\"> </span>iv<span class=\"__1 _32b\"> </span>Private placement<span class=\"__1 _32b\"> </span>loans<span class=\"__1 _32b\"> </span>5,6<span class=\"__1 _201\"/>49<span class=\"__1 _223\"> </span><span class=\"lsb_1 ws32_1\">3,225<span class=\"__1 _32b\"> </span></span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>flow<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 4<span class=\"__1 _201\"/>0bps<span class=\"__1 _392\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>78)<span class=\"__1 _e_1\"> </span><span class=\"ls8_1 ws6_1\">(<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 4<span class=\"__1 _201\"/>0bp<span class=\"__1 _201\"/>s<span class=\"__1 _224\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">268<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>Retail income s<span class=\"__1 _201\"/>trips<span class=\"__1 _271\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">236<span class=\"__1 _229\"> </span><span class=\"ls40_1 ws44_1\">19<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>flow<span class=\"__1 _32b\"> </span>vi<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _465\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _9e_1\"> </span>(1<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _ab_1\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">17<span class=\"__1 _1c1_1\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _32b\"> </span></span></span>Unquoted<span class=\"__1 _200\"/> corporate<span class=\"__1 _32b\"> </span>bonds<span class=\"__1 _32b\"> </span>2<span class=\"__1 _201\"/>,781<span class=\"__1 _271\"> </span><span class=\"ls15_1 ws14_1\">800<span class=\"__1 _32b\"> </span></span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes,<span class=\"__1 _32b\"> </span>enterprise<span class=\"__1 _32b\"> </span>valuation,<span class=\"__1 _32b\"> </span>es<span class=\"__1 _201\"/>tim<span class=\"__1 _201\"/>ated<span class=\"__1 _201\"/> recove<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _17c_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">278<span class=\"__1 _a5_1\"> </span><span class=\"ls32_1 ws33_1\">97<span class=\"__1 _32b\"> </span></span></span>De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _344\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(<span class=\"__1 _201\"/>27<span class=\"__1 _201\"/>8)<span class=\"__1 _224\"> </span><span class=\"ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>Derivative<span class=\"__1 _200\"/> assets<span class=\"__1 _340\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _333\"> </span>26<span class=\"__1 _32b\"> </span></span>Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>flow<span class=\"__1 _32b\"> </span>v<span class=\"__1 _32b\"> </span>Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span>Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _401\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>)<span class=\"__1 _a5_1\"> </span>(1<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span>De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _14a_1\"> </span><span class=\"ff1_1 ls5_1\">1<span class=\"__1 _14a_1\"> </span>1<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _478\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>0<span class=\"__1 _270\"> </span><span class=\"lsd_1 wsb_1\">6,650<span class=\"__1 _32b\"> </span></span></span>i <span class=\"__1 _2d_1\"> </span>Th<span class=\"__1 _201\"/>e equ<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y-re<span class=\"__1 _201\"/>leas<span class=\"__1 _201\"/>e mo<span class=\"__1 _201\"/>rtg<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>s have a n<span class=\"__1 _201\"/>o-<span class=\"__1 _201\"/>neg<span class=\"__1 _201\"/>ativ<span class=\"__1 _201\"/>e equ<span class=\"__1 _201\"/>ity g<span class=\"__1 _201\"/>uar<span class=\"__1 _201\"/>ante<span class=\"__1 _201\"/>e (NN<span class=\"__1 _201\"/>EG) that c<span class=\"__1 _201\"/>aps t<span class=\"__1 _201\"/>he lo<span class=\"__1 _201\"/>an rep<span class=\"__1 _201\"/>aym<span class=\"__1 _201\"/>ent in th<span class=\"__1 _201\"/>e even<span class=\"__1 _201\"/>t of de<span class=\"__1 _201\"/>ath, o<span class=\"__1 _201\"/>r entr<span class=\"__1 _201\"/>y i<span class=\"__1 _201\"/>nto lo<span class=\"__1 _201\"/>ng-te<span class=\"__1 _201\"/>rm<span class=\"__1 _201\"/> ca<span class=\"__1 _201\"/>re, to be n<span class=\"__1 _201\"/>o gre<span class=\"__1 _201\"/>ater th<span class=\"__1 _201\"/>an the p<span class=\"__1 _201\"/>roce<span class=\"__1 _201\"/>ed<span class=\"__1 _201\"/>s from t<span class=\"__1 _201\"/>he sa<span class=\"__1 _201\"/>le of th<span class=\"__1 _201\"/>e pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y that t<span class=\"__1 _201\"/>he lo<span class=\"__1 _201\"/>ans ar<span class=\"__1 _201\"/>e sec<span class=\"__1 _201\"/>ured a<span class=\"__1 _201\"/>gai<span class=\"__1 _201\"/>nst<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>ii <span class=\"__1 _2e_1\"> </span>Future c<span class=\"__1 _201\"/>as<span class=\"__1 _201\"/>hflow<span class=\"__1 _201\"/>s are e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on as<span class=\"__1 _201\"/>sum<span class=\"__1 _201\"/>ptio<span class=\"__1 _201\"/>ns<span class=\"__1 _201\"/>, incl<span class=\"__1 _201\"/>udi<span class=\"__1 _201\"/>ng pre<span class=\"__1 _201\"/>paym<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>, dea<span class=\"__1 _201\"/>th and e<span class=\"__1 _201\"/>ntr<span class=\"__1 _201\"/>y in<span class=\"__1 _201\"/>to lon<span class=\"__1 _201\"/>g-ter<span class=\"__1 _201\"/>m ca<span class=\"__1 _201\"/>re, an<span class=\"__1 _201\"/>d dis<span class=\"__1 _201\"/>coun<span class=\"__1 _201\"/>ted us<span class=\"__1 _201\"/>ing a<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>app<span class=\"__1 _201\"/>rop<span class=\"__1 _201\"/>riate d<span class=\"__1 _201\"/>isc<span class=\"__1 _201\"/>ount r<span class=\"__1 _201\"/>ate. T<span class=\"__1 _201\"/>he NN<span class=\"__1 _201\"/>EG is ba<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d on a Bla<span class=\"__1 _201\"/>ck-Sch<span class=\"__1 _201\"/>ole<span class=\"__1 _201\"/>s opt<span class=\"__1 _201\"/>ion p<span class=\"__1 _201\"/>rici<span class=\"__1 _201\"/>ng va<span class=\"__1 _201\"/>luati<span class=\"__1 _201\"/>on uti<span class=\"__1 _201\"/>lis<span class=\"__1 _201\"/>ing a re<span class=\"__1 _201\"/>al wor<span class=\"__1 _201\"/>ld ap<span class=\"__1 _201\"/>pro<span class=\"__1 _201\"/>ach an<span class=\"__1 _201\"/>d usi<span class=\"__1 _201\"/>ng as<span class=\"__1 _201\"/>sump<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>inc<span class=\"__1 _201\"/>lud<span class=\"__1 _201\"/>ing th<span class=\"__1 _201\"/>e cur<span class=\"__1 _201\"/>rent p<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty v<span class=\"__1 _201\"/>alue<span class=\"__1 _201\"/>, futu<span class=\"__1 _201\"/>re pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y gro<span class=\"__1 _201\"/>wt<span class=\"__1 _201\"/>h and p<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty re<span class=\"__1 _201\"/>nta<span class=\"__1 _201\"/>l yie<span class=\"__1 _201\"/>lds<span class=\"__1 _201\"/>, and i<span class=\"__1 _201\"/>s rec<span class=\"__1 _201\"/>ogni<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/>d as a de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n to the va<span class=\"__1 _201\"/>lue o<span class=\"__1 _201\"/>f the lo<span class=\"__1 _201\"/>an.<span class=\"__1 _32b\"> </span>iii <span class=\"__1 _5a_1\"> </span>Qu<span class=\"__1 _201\"/>otes re<span class=\"__1 _201\"/>cei<span class=\"__1 _201\"/>ved f<span class=\"__1 _201\"/>rom an ex<span class=\"__1 _201\"/>te<span class=\"__1 _201\"/>rnal p<span class=\"__1 _201\"/>ri<span class=\"__1 _201\"/>cing s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ce.<span class=\"__1 _32b\"> </span>iv <span class=\"__1 _285\"> </span>Inf<span class=\"__1 _201\"/>ras<span class=\"__1 _201\"/>tru<span class=\"__1 _201\"/>ctu<span class=\"__1 _201\"/>re fun<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>ris<span class=\"__1 _201\"/>es \u00a3<span class=\"__1 _201\"/>213m (31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>1: \u00a38<span class=\"__1 _201\"/>8m) of eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>cur<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s and p<span class=\"__1 _201\"/>oo<span class=\"__1 _201\"/>led i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt fun<span class=\"__1 _201\"/>ds an<span class=\"__1 _201\"/>d \u00a328<span class=\"__1 _201\"/>4m<span class=\"__1 _201\"/> (31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 2<span class=\"__1 _201\"/>021: \u00a3<span class=\"__1 _201\"/>29<span class=\"__1 _201\"/>2m) of deb<span class=\"__1 _201\"/>t sec<span class=\"__1 _201\"/>uri<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>ese i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nts ar<span class=\"__1 _201\"/>e valu<span class=\"__1 _201\"/>ed in a<span class=\"__1 _201\"/>cco<span class=\"__1 _201\"/>rdan<span class=\"__1 _201\"/>ce wi<span class=\"__1 _201\"/>th the I<span class=\"__1 _201\"/>nter<span class=\"__1 _201\"/>natio<span class=\"__1 _201\"/>nal P<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>ate Equ<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y and Ventu<span class=\"__1 _201\"/>re<span class=\"__1 _32b\"> </span>As<span class=\"__1 _201\"/>so<span class=\"__1 _201\"/>ciati<span class=\"__1 _201\"/>on va<span class=\"__1 _201\"/>luati<span class=\"__1 _201\"/>on gu<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>line<span class=\"__1 _201\"/>s (late<span class=\"__1 _201\"/>st e<span class=\"__1 _201\"/>diti<span class=\"__1 _201\"/>on D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2). Valua<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s are al<span class=\"__1 _201\"/>so be<span class=\"__1 _201\"/>nch<span class=\"__1 _201\"/>mar<span class=\"__1 _201\"/>ked aga<span class=\"__1 _201\"/>ins<span class=\"__1 _201\"/>t com<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>abl<span class=\"__1 _201\"/>e infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>ture tr<span class=\"__1 _201\"/>ans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> Th<span class=\"__1 _201\"/>e disc<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>t rate is m<span class=\"__1 _201\"/>ade u<span class=\"__1 _201\"/>p of cas<span class=\"__1 _201\"/>h flow<span class=\"__1 _201\"/>s from d<span class=\"__1 _201\"/>iv<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>nds du<span class=\"__1 _201\"/>e in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of t<span class=\"__1 _201\"/>he eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y inve<span class=\"__1 _201\"/>stm<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/>s and p<span class=\"__1 _201\"/>rin<span class=\"__1 _201\"/>cipa<span class=\"__1 _201\"/>l and i<span class=\"__1 _201\"/>ntere<span class=\"__1 _201\"/>st fr<span class=\"__1 _201\"/>om lo<span class=\"__1 _201\"/>an note<span class=\"__1 _201\"/>s in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/> of debt<span class=\"__1 _200\"/> inv<span class=\"__1 _200\"/>estments.<span class=\"__1 _32b\"> </span>v <span class=\"__1 _6c_1\"> </span>Th<span class=\"__1 _201\"/>e disc<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>t rate is m<span class=\"__1 _201\"/>ade u<span class=\"__1 _201\"/>p of a ris<span class=\"__1 _201\"/>k-free r<span class=\"__1 _201\"/>ate and a c<span class=\"__1 _201\"/>redi<span class=\"__1 _201\"/>t spre<span class=\"__1 _201\"/>ad. T<span class=\"__1 _201\"/>he r<span class=\"__1 _201\"/>isk-fre<span class=\"__1 _201\"/>e rate is t<span class=\"__1 _201\"/>aken fr<span class=\"__1 _201\"/>om an ap<span class=\"__1 _201\"/>pro<span class=\"__1 _201\"/>pri<span class=\"__1 _201\"/>ate gilt o<span class=\"__1 _201\"/>f com<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>abl<span class=\"__1 _201\"/>e dura<span class=\"__1 _201\"/>tion a<span class=\"__1 _201\"/>nd the<span class=\"__1 _201\"/> spr<span class=\"__1 _201\"/>ead i<span class=\"__1 _201\"/>s taken fr<span class=\"__1 _201\"/>om a ba<span class=\"__1 _201\"/>sket of co<span class=\"__1 _201\"/>mpa<span class=\"__1 _201\"/>rab<span class=\"__1 _201\"/>le se<span class=\"__1 _201\"/>cur<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>vi <span class=\"__1 _285\"> </span>Of th<span class=\"__1 _201\"/>e \u00a36,<span class=\"__1 _201\"/>65<span class=\"__1 _201\"/>0m (31 De<span class=\"__1 _201\"/>cem<span class=\"__1 _201\"/>ber 2<span class=\"__1 _201\"/>021: \u00a3<span class=\"__1 _201\"/>10,5<span class=\"__1 _201\"/>29m) of l<span class=\"__1 _201\"/>evel 3 a<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>ets he<span class=\"__1 _201\"/>ld in s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der-ba<span class=\"__1 _201\"/>cked f<span class=\"__1 _201\"/>unds<span class=\"__1 _201\"/>, \u00a35<span class=\"__1 _201\"/>49<span class=\"__1 _201\"/>m (20<span class=\"__1 _201\"/>21: \u00a31,<span class=\"__1 _201\"/>027m) is he<span class=\"__1 _201\"/>ld by un<span class=\"__1 _201\"/>it-lin<span class=\"__1 _201\"/>ked<span class=\"__1 _32b\"> </span>bus<span class=\"__1 _201\"/>ine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>ese a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ts are i<span class=\"__1 _201\"/>nclu<span class=\"__1 _201\"/>de<span class=\"__1 _201\"/>d in the a<span class=\"__1 _201\"/>nal<span class=\"__1 _201\"/>ysis p<span class=\"__1 _201\"/>res<span class=\"__1 _201\"/>ente<span class=\"__1 _201\"/>d howe<span class=\"__1 _201\"/>ver, as the inv<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/>ment r<span class=\"__1 _201\"/>isk i<span class=\"__1 _201\"/>s bor<span class=\"__1 _201\"/>ne by th<span class=\"__1 _201\"/>e uni<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-li<span class=\"__1 _201\"/>nked p<span class=\"__1 _201\"/>oli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>ol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>s, th<span class=\"__1 _201\"/>ere is n<span class=\"__1 _201\"/>o<span class=\"__1 _32b\"> </span>impact on IFRS<span class=\"__1 _200\"/> profit a<span class=\"__1 _200\"/>fter tax<span class=\"__1 _200\"/> and shar<span class=\"__1 _200\"/>eholders\u2019 equi<span class=\"__1 _200\"/>ty.<span class=\"__1 _32b\"> </span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:63.160645px; bottom:783.6986px;\"> <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:705.68353px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:138.8139px; bottom:717.68506px;\">Fair<span class=\"__1 _200\"/> value <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:170.18925px; bottom:705.68353px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:223.95645px; bottom:741.6881px;\">He<span class=\"__1 _201\"/>ld in<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:196.30304px; bottom:729.6865px;\">shareholder<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls50_1 ws60_1\" style=\"left:199.09079px; bottom:717.68506px;\">back<span class=\"__1 _200\"/>ed fund<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:242.24011px; bottom:705.68353px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:261.85275px; bottom:717.68506px;\">V<span class=\"__1 _200\"/>aluation <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:261.85275px; bottom:705.68353px;\">technique<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2d_1 ws66_1\" style=\"left:371.3796px; bottom:717.68506px;\">Most signific<span class=\"__1 _201\"/>ant <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:371.3796px; bottom:705.68353px;\">unobser<span class=\"__1 _201\"/>vable input<span class=\"__1 _436\"> </span><span class=\"ls3_1 ws3_1\">Sens<span class=\"__1 _201\"/>itivity<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:610.8508px; bottom:729.6865px;\">Change i<span class=\"__1 _200\"/>n <span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:616.24457px; bottom:717.68506px;\">fair value<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:644.57117px; bottom:705.68353px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4b_1 ws94_1\" style=\"left:687.9546px; bottom:765.68054px;\">Impact on<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:683.17786px; bottom:753.6791px;\">IFRS profit<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:675.10693px; bottom:741.6776px;\">af<span class=\"__1 _201\"/>ter ta<span class=\"__1 _201\"/>x and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:669.10394px; bottom:729.676px;\">shareholders\u2019<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:699.057px; bottom:717.67456px;\">equit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls7e_1 ws91_1\" style=\"left:730.4907px; bottom:721.1769px;\">vi<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:705.6804px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:685.9241px;\">Inv<span class=\"__1 _200\"/>estment pr<span class=\"__1 _200\"/>operty<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:636.5306px;\">Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>n use<span class=\"__1 _333\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>,93<span class=\"__1 _201\"/>4<span class=\"__1 _2c_1\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>965<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:261.85275px; bottom:624.27783px;\">Income<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:261.85275px; bottom:609.2838px;\">capitalis<span class=\"__1 _201\"/>ation<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:371.3796px; bottom:656.293px;\">Equivalen<span class=\"__1 _200\"/>t yield<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:666.1743px;\">De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _252\"> </span><span class=\"lsc_1 wsa_1\">2,<span class=\"__1 _201\"/>326<span class=\"__1 _8d_1\"> </span><span class=\"ls2a_1 ws2a_1\">163<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:646.4118px;\">Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _256\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _232\"> </span>(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:371.3796px; bottom:624.27783px;\">Es<span class=\"__1 _201\"/>timated re<span class=\"__1 _201\"/>ntal<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:371.3796px; bottom:609.2838px;\">value<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:626.66205px;\">De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _8d_1\"> </span><span class=\"ls40_1 ws44_1\">(<span class=\"__1 _200\"/>1,621<span class=\"__1 _200\"/>)<span class=\"__1 _224\"> </span><span class=\"ls18_1 ws17_1\">(8<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:606.89954px;\">Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _470\"> </span><span class=\"ls8_1 ws6_1\">1<span class=\"__1 _201\"/>,710<span class=\"__1 _344\"> </span><span class=\"ls3f_1 ws41_1\">80<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:584.76556px;\">Propert<span class=\"__1 _201\"/>y under<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"bottom:569.77155px;\">development<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls23_1 ws22_1\" style=\"left:162.4533px; bottom:577.26855px;\">764<span class=\"__1 _330\"> </span><span class=\"lsc_1 wsa_1\">26<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:371.3796px; bottom:584.76556px;\">Development<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:371.3796px; bottom:569.77155px;\">cost<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:587.1498px;\">Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _472\"> </span><span class=\"ls23_1 ws22_1\">76<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:728.2778px; bottom:587.14233px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:567.386px;\">De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _14a_1\"> </span><span class=\"ls5b_1 ws67_1\">(7<span class=\"__1 _201\"/>6)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:728.2778px; bottom:567.386px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"bottom:547.6296px;\">Loans<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls15_1 ws14_1\" style=\"bottom:455.9826px;\">Equity-release<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"bottom:440.9886px;\">mor<span class=\"__1 _201\"/>tg<span class=\"__1 _200\"/>ages<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:63.160645px; bottom:445.22803px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls8_1 ws6_1\" style=\"left:155.89905px; bottom:448.4823px;\">1,7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _228\"> </span>1,<span class=\"__1 _201\"/>72<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"left:261.85275px; bottom:455.9793px;\">Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls7_1 ws5_1\" style=\"left:261.85275px; bottom:440.9853px;\">flow<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls41_1 ws45_1\" style=\"left:286.92554px; bottom:445.22803px;\">ii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:371.3796px; bottom:525.495px;\">Illiquidit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws44_1\" style=\"left:371.3796px; bottom:510.50104px;\">premium<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:527.8793px;\">Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _311\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0)<span class=\"__1 _232\"> </span>(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>8)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:508.11676px;\">De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _8d_1\"> </span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _201\"/>5<span class=\"__1 _311\"> </span><span class=\"ls3d_1 ws3f_1\">1<span class=\"__1 _201\"/>74<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:371.3796px; bottom:485.9828px;\">Current<span class=\"__1 _200\"/> propert<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:371.3796px; bottom:470.98877px;\">value<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:488.367px;\">Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _26e\"> </span><span class=\"ls92_1 ws68_1\">44<span class=\"__1 _13d_1\"> </span><span class=\"ls27_1 ws27_1\">50<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:468.6045px;\">De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _b0_1\"> </span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>3)<span class=\"__1 _8c_1\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:371.3796px; bottom:448.84198px;\">Assum<span class=\"__1 _201\"/>ed annual<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:371.3796px; bottom:433.84802px;\">prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y grow<span class=\"__1 _201\"/>th<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls21_1 ws20_1\" style=\"left:371.3796px; bottom:418.854px;\">rate<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:448.85474px;\">Incre<span class=\"__1 _201\"/>ase by 100<span class=\"__1 _201\"/>bps<span class=\"__1 _2b_1\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>7<span class=\"__1 _8d_1\"> </span><span class=\"ls45_1 ws49_1\">14<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:423.9795px;\">De<span class=\"__1 _201\"/>crease by 10<span class=\"__1 _201\"/>0bps<span class=\"__1 _f7_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8)<span class=\"__1 _f4_1\"> </span><span class=\"ls52_1 ws5a_1\">(2<span class=\"__1 _201\"/>01)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:371.3796px; bottom:399.10425px;\">Assum<span class=\"__1 _201\"/>ed annual<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:371.3796px; bottom:384.11023px;\">propert<span class=\"__1 _201\"/>y ren<span class=\"__1 _200\"/>tal<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:371.3796px; bottom:369.11627px;\">yield<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:399.117px;\">Incre<span class=\"__1 _201\"/>ase by 100<span class=\"__1 _201\"/>bps<span class=\"__1 _367\"> </span><span class=\"ls5b_1 ws67_1\">(8<span class=\"__1 _201\"/>3)<span class=\"__1 _9e_1\"> </span><span class=\"ls46_1 ws4b_1\">(9<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:374.24176px;\">De<span class=\"__1 _201\"/>crease by 10<span class=\"__1 _201\"/>0bps<span class=\"__1 _8d_1\"> </span><span class=\"ls22_1 ws21_1\">79<span class=\"__1 _13d_1\"> </span><span class=\"ls28_1 ws28_1\">89<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:346.98224px;\">Other mortgage and<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:331.98828px;\">retail l<span class=\"__1 _201\"/>oans<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls4a_1 ws50_1\" style=\"left:158.41875px; bottom:339.48523px;\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>411<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:252.6012px; bottom:339.4569px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:261.85275px; bottom:339.4569px;\">Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls41_1 ws45_1\" style=\"left:343.9797px; bottom:343.70264px;\">iii<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:371.3796px; bottom:339.4569px;\">Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:349.33813px;\">Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _377\"> </span><span class=\"ls4a_1 ws50_1\">141<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:728.2778px; bottom:349.33514px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:329.57867px;\">De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _340\"> </span><span class=\"lsa_1 ws8_1\">(14<span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:728.2778px; bottom:329.57867px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls22_1 ws6b_1\" style=\"bottom:309.82233px;\">Equity securities and<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:294.8283px;\">pooled in<span class=\"__1 _200\"/>vestment<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls40_1 ws44_1\" style=\"bottom:279.8343px;\">funds<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h7_1 ff1_1 fs4_1 fc2_1 sc0_1 ls91_1 wsaa_1\" style=\"left:34.9746px; bottom:284.06805px;\">iv<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls4d_1 ws54_1\" style=\"left:145.15276px; bottom:294.82233px;\">10,<span class=\"__1 _201\"/>88<span class=\"__1 _201\"/>0<span class=\"__1 _12d_1\"> </span><span class=\"ls29_1 ws29_1\">84<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsc_1 ws4d_1\" style=\"left:261.85275px; bottom:302.31934px;\">Net as<span class=\"__1 _201\"/>set<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:261.85275px; bottom:287.32532px;\">statemen<span class=\"__1 _200\"/>ts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:371.3796px; bottom:294.82233px;\">Net asset value<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:309.81628px;\">Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _a5_1\"> </span><span class=\"ls42_1 ws46_1\">1,08<span class=\"__1 _201\"/>8<span class=\"__1 _341\"> </span></span><span class=\"ls5_1\">1<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:284.94104px;\">De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _288\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _465\"> </span>(1<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:257.68158px;\">Infrastructur<span class=\"__1 _200\"/>e fund<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"bottom:242.68756px;\">inv<span class=\"__1 _200\"/>estments<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h7_1 ff1_1 fs4_1 fc2_1 sc0_1 ls91_1 wsaa_1\" style=\"left:74.4915px; bottom:246.9336px;\">iv<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3f_1 ws41_1\" style=\"left:162.4533px; bottom:250.18787px;\">380<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:252.6012px; bottom:250.18787px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"left:261.85275px; bottom:257.68787px;\">Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls7_1 ws5_1\" style=\"left:261.85275px; bottom:242.69385px;\">flow<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls59_1 ws63_1\" style=\"left:286.92554px; bottom:246.9336px;\">iv<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:371.3796px; bottom:250.18787px;\">Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:260.0691px;\">Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _478\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _250\"/>4)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:728.2778px; bottom:260.06598px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:240.30963px;\">De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _479\"> </span><span class=\"ls29_1 ws29_1\">34<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:728.2778px; bottom:240.30963px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls30_1 ws71_1\" style=\"bottom:220.55328px;\">Debt securities<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h7_1 ff1_1 fs4_1 fc2_1 sc0_1 ls91_1 wsaa_1\" style=\"left:91.77525px; bottom:224.79901px;\">iv<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws1b_1\" style=\"bottom:198.4188px;\">Private placement<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"bottom:183.4248px;\">loans<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls8_1 ws6_1\" style=\"left:153.1458px; bottom:190.92181px;\">8<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>76<span class=\"__1 _253\"> </span><span class=\"ls15_1 ws14_1\">5,<span class=\"__1 _201\"/>225<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"left:261.85275px; bottom:198.4188px;\">Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls7_1 ws5_1\" style=\"left:261.85275px; bottom:183.4248px;\">flow<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls59_1 ws63_1\" style=\"left:288.3453px; bottom:187.66455px;\">vi<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:371.3796px; bottom:190.9188px;\">Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:200.80005px;\">Incre<span class=\"__1 _201\"/>ase by 4<span class=\"__1 _201\"/>0bps<span class=\"__1 _8a_1\"> </span><span class=\"ls25_1 ws25_1\">(6<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>9)<span class=\"__1 _f7_1\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:181.03757px;\">De<span class=\"__1 _201\"/>crease by 4<span class=\"__1 _201\"/>0bp<span class=\"__1 _201\"/>s<span class=\"__1 _9e_1\"> </span><span class=\"ls1c_1 ws43_1\">728<span class=\"__1 _8c_1\"> </span></span><span class=\"ls5_1\">548<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:151.40656px;\">Retail income s<span class=\"__1 _201\"/>trips<span class=\"__1 _288\"> </span><span class=\"ls42_1 ws46_1\">391<span class=\"__1 _8c_1\"> </span><span class=\"lsc_1 wsa_1\">3<span class=\"__1 _201\"/>31<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"left:261.85275px; bottom:158.90356px;\">Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls7_1 ws5_1\" style=\"left:261.85275px; bottom:143.90955px;\">flow<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls59_1 ws63_1\" style=\"left:288.3453px; bottom:148.15186px;\">vi<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:371.3796px; bottom:151.4061px;\">Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:161.28735px;\">Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _1ce_1\"> </span><span class=\"ls57_1 ws61_1\">(41)<span class=\"__1 _367\"> </span>(41)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:141.52487px;\">De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _329\"> </span><span class=\"ls32_1 ws33_1\">52<span class=\"__1 _a5_1\"> </span>52<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:99.27136px;\">Unquoted<span class=\"__1 _200\"/> corporate<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"bottom:84.27734px;\">bonds<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls11_1 ws10_1\" style=\"left:155.89905px; bottom:91.77435px;\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>11<span class=\"__1 _f4_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,11<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:261.85275px; bottom:121.775116px;\">Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:261.85275px; bottom:106.7811px;\">enterprise<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:261.85275px; bottom:91.78711px;\">valuation,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls21_1 ws20_1\" style=\"left:261.85275px; bottom:76.79312px;\">es<span class=\"__1 _201\"/>tim<span class=\"__1 _201\"/>ated<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:261.85275px; bottom:61.799103px;\">recove<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:371.3796px; bottom:91.799866px;\">Brok<span class=\"__1 _200\"/>er quo<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:121.8006px;\">Incre<span class=\"__1 _201\"/>ase by 10%<span class=\"__1 _1eb_1\"> </span><span class=\"ls42_1 ws46_1\">291<span class=\"__1 _2b_1\"> </span><span class=\"lse_1 wsc_1\">126<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:102.03812px;\">De<span class=\"__1 _201\"/>crease by 10%<span class=\"__1 _a3_1\"> </span><span class=\"ls52_1 ws5a_1\">(2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>1)<span class=\"__1 _232\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>26<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls15_1 ws68_1\" style=\"bottom:32.155365px;\">Derivative<span class=\"__1 _200\"/> assets<span class=\"__1 _340\"> </span><span class=\"ff2_1 ls1f_1 ws1e_1\">58<span class=\"__1 _333\"> </span>58<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"left:261.85275px; bottom:39.652344px;\">Discounted cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls7_1 ws5_1\" style=\"left:261.85275px; bottom:24.658356px;\">flow<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 hc_1 ff2_1 fs4_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:288.3453px; bottom:28.882812px;\">v<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:371.3796px; bottom:32.137054px;\">Dis<span class=\"__1 _201\"/>count rate<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:42.01831px;\">Incre<span class=\"__1 _201\"/>ase by 50<span class=\"__1 _201\"/>bps<span class=\"__1 _401\"> </span><span class=\"ls33_1 ws34_1\">(2)<span class=\"__1 _a5_1\"> </span>(2<span class=\"__1 _32b\"> </span></span><span class=\"ls33_1 ws34_1\">)<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:472.75427px; bottom:22.255798px;\">De<span class=\"__1 _201\"/>crease by 5<span class=\"__1 _201\"/>0bps<span class=\"__1 _b0_1\"> </span><span class=\"ls5_1\">2<span class=\"__1 _9d_1\"> </span>2<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:2.4933167px;\">T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l level 3<span class=\"__1 _478\"> </span><span class=\"ff2_1 ls1c_1 ws43_1\">46<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>28<span class=\"__1 _3f_1\"> </span><span class=\"ls4d_1 ws54_1\">10,<span class=\"__1 _201\"/>529<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:817.3313px;\">32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div>32<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>10 F<span class=\"__1 _200\"/>air va<span class=\"__1 _201\"/>lue o<span class=\"__1 _201\"/>f asse<span class=\"__1 _201\"/>ts an<span class=\"__1 _201\"/>d lia<span class=\"__1 _201\"/>bil<span class=\"__1 _201\"/>itie<span class=\"__1 _201\"/>s at amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed c<span class=\"__1 _201\"/>ost<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s below s<span class=\"__1 _201\"/>how the as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s and liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s carr<span class=\"__1 _201\"/>ied at am<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cos<span class=\"__1 _201\"/>t on the s<span class=\"__1 _201\"/>tatement of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al posi<span class=\"__1 _201\"/>tion for w<span class=\"__1 _201\"/>hich f<span class=\"__1 _201\"/>air<span class=\"__1 _32b\"> </span>valu<span class=\"__1 _201\"/>e is discl<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e asset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s that are c<span class=\"__1 _201\"/>arri<span class=\"__1 _201\"/>ed at amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sed co<span class=\"__1 _201\"/>st, w<span class=\"__1 _201\"/>here th<span class=\"__1 _201\"/>e carr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>ing va<span class=\"__1 _201\"/>lue app<span class=\"__1 _201\"/>roximates th<span class=\"__1 _201\"/>e fair<span class=\"__1 _201\"/> valu<span class=\"__1 _201\"/>e, are exclud<span class=\"__1 _201\"/>ed from th<span class=\"__1 _201\"/>e anal<span class=\"__1 _201\"/>ysis be<span class=\"__1 _201\"/>low: <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>fair value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>carrying <span class=\"ls5_1 ws1_1\"> </span>value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Ass<span class=\"__1 _201\"/>ets:<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>369<span class=\"__1 _208\"> </span><span class=\"ls19_1 ws18_1\">1,64<span class=\"__1 _201\"/>8<span class=\"__1 _4a_1\"> </span><span class=\"ls4d_1 ws54_1\">2<span class=\"__1 _201\"/>,017<span class=\"__1 _5d_1\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span>Liabilities:<span class=\"__1 _32b\"> </span>Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>6<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">6<span class=\"__1 _1d8_1\"> </span><span class=\"lsb_1 ws32_1\">6<span class=\"__1 _201\"/>,422<span class=\"__1 _240\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>7</span></span></span> <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 1<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 2<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Leve<span class=\"__1 _201\"/>l 3<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>fair value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> <span class=\"ls5_1 ws1_1\"> </span>carrying <span class=\"ls5_1 ws1_1\"> </span>value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Ass<span class=\"__1 _201\"/>ets:<span class=\"__1 _32b\"> </span>Loans<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>512<span class=\"__1 _208\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,089<span class=\"__1 _14d_1\"> </span><span class=\"ls4d_1 ws54_1\">2,<span class=\"__1 _201\"/>601<span class=\"__1 _208\"> </span><span class=\"ls7f_1 ws93_1\">2,534<span class=\"__1 _32b\"> </span></span></span></span>Liabilities:<span class=\"__1 _32b\"> </span>Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>7,<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>2<span class=\"__1 _345\"> </span><span class=\"ls4d_1 ws54_1\">2<span class=\"__1 _201\"/>01<span class=\"__1 _4a_1\"> </span></span>7,<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>3<span class=\"__1 _6b_1\"> </span>7,<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>7<span class=\"__1 _250\"/>1<span class=\"__1 _32b\"> </span>The e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated fair v<span class=\"__1 _201\"/>alue of su<span class=\"__1 _201\"/>bordin<span class=\"__1 _201\"/>ated liabi<span class=\"__1 _201\"/>lities a<span class=\"__1 _201\"/>re base<span class=\"__1 _201\"/>d on the qu<span class=\"__1 _201\"/>oted mar<span class=\"__1 _201\"/>ket offer pr<span class=\"__1 _201\"/>ice. Th<span class=\"__1 _201\"/>e fair va<span class=\"__1 _201\"/>lue of the ot<span class=\"__1 _201\"/>her<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>ets and l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies in the t<span class=\"__1 _201\"/>able<span class=\"__1 _201\"/>s above have be<span class=\"__1 _201\"/>en es<span class=\"__1 _201\"/>timated f<span class=\"__1 _201\"/>rom the dis<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d cash fl<span class=\"__1 _201\"/>ows exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to be rec<span class=\"__1 _201\"/>eived o<span class=\"__1 _201\"/>r paid<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Whe<span class=\"__1 _201\"/>re approp<span class=\"__1 _201\"/>riate, an o<span class=\"__1 _201\"/>bser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>able ma<span class=\"__1 _201\"/>rket interes<span class=\"__1 _201\"/>t rate has be<span class=\"__1 _201\"/>en us<span class=\"__1 _201\"/>ed and th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets and li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed wi<span class=\"__1 _201\"/>thin level 2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/> Oth<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>wis<span class=\"__1 _201\"/>e, they are in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>ed as leve<span class=\"__1 _201\"/>l 3 asse<span class=\"__1 _201\"/>ts or liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>32 F<span class=\"__1 _f_1\"/>air value methodology con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-515": {
   "value": "33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis<span class=\"__1 _32b\"> </span>33<span class=\"__1 _201\"/>.1 Ri<span class=\"__1 _201\"/>sk ove<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ew<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s busin<span class=\"__1 _201\"/>ess invo<span class=\"__1 _201\"/>lves th<span class=\"__1 _201\"/>e accep<span class=\"__1 _201\"/>tance an<span class=\"__1 _201\"/>d manag<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt of risk<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup\u2019s risk m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment p<span class=\"__1 _201\"/>roces<span class=\"__1 _201\"/>s is gover<span class=\"__1 _201\"/>ned by<span class=\"__1 _201\"/> the Ri<span class=\"__1 _201\"/>sk Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent Framewo<span class=\"__1 _201\"/>rk (RM<span class=\"__1 _201\"/>F)<span class=\"__1 _201\"/>. The R<span class=\"__1 _201\"/>MF has b<span class=\"__1 _201\"/>een d<span class=\"__1 _201\"/>esign<span class=\"__1 _201\"/>ed to ide<span class=\"__1 _201\"/>ntif<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, mea<span class=\"__1 _201\"/>sure, man<span class=\"__1 _201\"/>age, m<span class=\"__1 _201\"/>onitor an<span class=\"__1 _201\"/>d repo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/> on the p<span class=\"__1 _201\"/>rinci<span class=\"__1 _201\"/>pal ris<span class=\"__1 _201\"/>ks of the G<span class=\"__1 _201\"/>roup. Ri<span class=\"__1 _201\"/>sk mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt is des<span class=\"__1 _201\"/>igne<span class=\"__1 _201\"/>d to increas<span class=\"__1 _201\"/>e the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s unde<span class=\"__1 _201\"/>rst<span class=\"__1 _201\"/>anding o<span class=\"__1 _201\"/>f the ris<span class=\"__1 _201\"/>ks inhere<span class=\"__1 _201\"/>nt in<span class=\"__1 _32b\"> </span>the bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s, i<span class=\"__1 _201\"/>mprove de<span class=\"__1 _201\"/>cisio<span class=\"__1 _201\"/>n-ma<span class=\"__1 _201\"/>king an<span class=\"__1 _201\"/>d prevent th<span class=\"__1 _201\"/>e Group f<span class=\"__1 _201\"/>rom faili<span class=\"__1 _201\"/>ng to achieve i<span class=\"__1 _201\"/>ts busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s obje<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ves, in<span class=\"__1 _201\"/>cludi<span class=\"__1 _201\"/>ng deli<span class=\"__1 _201\"/>ver<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> fair client outcomes<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The R<span class=\"__1 _201\"/>MF is c<span class=\"__1 _201\"/>odifi<span class=\"__1 _201\"/>ed thro<span class=\"__1 _201\"/>ugh ris<span class=\"__1 _201\"/>k poli<span class=\"__1 _201\"/>cies an<span class=\"__1 _201\"/>d busin<span class=\"__1 _201\"/>ess s<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ards whi<span class=\"__1 _201\"/>ch set out th<span class=\"__1 _201\"/>e manag<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt fram<span class=\"__1 _201\"/>ework fo<span class=\"__1 _201\"/>r k<span class=\"__1 _200\"/>ey ris<span class=\"__1 _201\"/>k ty<span class=\"__1 _201\"/>pes<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span>incl<span class=\"__1 _201\"/>uding r<span class=\"__1 _201\"/>isk app<span class=\"__1 _201\"/>etite, and m<span class=\"__1 _201\"/>inimum s<span class=\"__1 _201\"/>tand<span class=\"__1 _201\"/>ards for th<span class=\"__1 _201\"/>e Group\u2019s ope<span class=\"__1 _201\"/>rations<span class=\"__1 _201\"/>. T<span class=\"__1 _f_1\"/>o e<span class=\"__1 _201\"/>nsure co<span class=\"__1 _201\"/>mpleten<span class=\"__1 _201\"/>ess a<span class=\"__1 _201\"/>nd con<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>cy wh<span class=\"__1 _201\"/>en<span class=\"__1 _32b\"> </span>comp<span class=\"__1 _201\"/>arin<span class=\"__1 _201\"/>g risk inf<span class=\"__1 _201\"/>ormati<span class=\"__1 _201\"/>on acros<span class=\"__1 _201\"/>s the G<span class=\"__1 _201\"/>roup, a com<span class=\"__1 _201\"/>mon met<span class=\"__1 _201\"/>hodo<span class=\"__1 _201\"/>log<span class=\"__1 _201\"/>y for cate<span class=\"__1 _201\"/>gori<span class=\"__1 _201\"/>sing r<span class=\"__1 _201\"/>isk has b<span class=\"__1 _201\"/>een ad<span class=\"__1 _201\"/>opted<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Risk a<span class=\"__1 _201\"/>ppetite is t<span class=\"__1 _201\"/>he amo<span class=\"__1 _201\"/>unt and t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>e of risk th<span class=\"__1 _201\"/>at is acce<span class=\"__1 _201\"/>ptable to th<span class=\"__1 _201\"/>e Group, a<span class=\"__1 _201\"/>s determi<span class=\"__1 _201\"/>ned by th<span class=\"__1 _201\"/>e Board<span class=\"__1 _201\"/>, and is a fu<span class=\"__1 _201\"/>ncti<span class=\"__1 _201\"/>on of the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s strate<span class=\"__1 _201\"/>gic and b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss ob<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>tives a<span class=\"__1 _201\"/>nd its c<span class=\"__1 _201\"/>apital re<span class=\"__1 _201\"/>sourc<span class=\"__1 _201\"/>es. R<span class=\"__1 _201\"/>isk ap<span class=\"__1 _201\"/>petite there<span class=\"__1 _201\"/>fore refer<span class=\"__1 _201\"/>s to the Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s attitu<span class=\"__1 _201\"/>de towards<span class=\"__1 _201\"/> ris<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>-taking an<span class=\"__1 _201\"/>d wheth<span class=\"__1 _201\"/>er it is wi<span class=\"__1 _201\"/>lling an<span class=\"__1 _201\"/>d able to tol<span class=\"__1 _201\"/>erate eith<span class=\"__1 _201\"/>er a high o<span class=\"__1 _201\"/>r a low level<span class=\"__1 _201\"/>, or non<span class=\"__1 _201\"/>e of spe<span class=\"__1 _201\"/>cifi<span class=\"__1 _201\"/>c risks o<span class=\"__1 _201\"/>r risk gro<span class=\"__1 _201\"/>ups. A<span class=\"__1 _201\"/>s a<span class=\"__1 _32b\"> </span>resul<span class=\"__1 _201\"/>t, ris<span class=\"__1 _201\"/>k appeti<span class=\"__1 _201\"/>te has a centr<span class=\"__1 _201\"/>al role in i<span class=\"__1 _201\"/>nformi<span class=\"__1 _201\"/>ng dec<span class=\"__1 _201\"/>ision<span class=\"__1 _201\"/>-mak<span class=\"__1 _201\"/>ing acro<span class=\"__1 _201\"/>ss the G<span class=\"__1 _201\"/>roup an<span class=\"__1 _201\"/>d assis<span class=\"__1 _201\"/>ting in th<span class=\"__1 _201\"/>e optimi<span class=\"__1 _201\"/>sation of re<span class=\"__1 _201\"/>turn on<span class=\"__1 _201\"/> capital investe<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>A numb<span class=\"__1 _201\"/>er of ris<span class=\"__1 _201\"/>k fac<span class=\"__1 _201\"/>tors aff<span class=\"__1 _201\"/>ect th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s result<span class=\"__1 _201\"/>s and fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n. Th<span class=\"__1 _201\"/>e finan<span class=\"__1 _201\"/>cial ris<span class=\"__1 _201\"/>k categ<span class=\"__1 _201\"/>orie<span class=\"__1 _201\"/>s affec<span class=\"__1 _201\"/>ting th<span class=\"__1 _201\"/>e Group\u2019s<span class=\"__1 _32b\"> </span>finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d insur<span class=\"__1 _201\"/>ance as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liabi<span class=\"__1 _201\"/>lities a<span class=\"__1 _201\"/>re set out b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Ris<span class=\"__1 _201\"/>k ty<span class=\"__1 _201\"/>pe<span class=\"__1 _341\"> </span><span class=\"ls2b_1 ws57_1\">D<span class=\"__1 _201\"/>efinition<span class=\"__1 _32b\"> </span></span>Market risk<span class=\"__1 _271\"> </span><span class=\"ff2_1 ls6_1 ws1_1\">T<span class=\"__1 _201\"/>he ris<span class=\"__1 _201\"/>k of los<span class=\"__1 _201\"/>s or adve<span class=\"__1 _201\"/>rse ch<span class=\"__1 _201\"/>ange in th<span class=\"__1 _201\"/>e finan<span class=\"__1 _201\"/>cial situati<span class=\"__1 _201\"/>on of the b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss or th<span class=\"__1 _201\"/>at of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s clie<span class=\"__1 _201\"/>nts<span class=\"__1 _32b\"> </span></span>resul<span class=\"__1 _201\"/>ting, di<span class=\"__1 _201\"/>rec<span class=\"__1 _201\"/>tly or in<span class=\"__1 _201\"/>direc<span class=\"__1 _201\"/>tly, from fluc<span class=\"__1 _201\"/>tuation<span class=\"__1 _201\"/>s in the leve<span class=\"__1 _201\"/>l or volatil<span class=\"__1 _201\"/>ity of m<span class=\"__1 _201\"/>arket pri<span class=\"__1 _201\"/>ces of as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>liabilities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Cred<span class=\"__1 _201\"/>it ris<span class=\"__1 _201\"/>k<span class=\"__1 _8d_1\"> </span><span class=\"ff2_1\">T<span class=\"__1 _201\"/>he risk o<span class=\"__1 _201\"/>f loss o<span class=\"__1 _201\"/>r adver<span class=\"__1 _201\"/>se chan<span class=\"__1 _201\"/>ge in the fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al situatio<span class=\"__1 _201\"/>n of the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s, o<span class=\"__1 _201\"/>r that of the G<span class=\"__1 _201\"/>roup\u2019s clients<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> </span>resul<span class=\"__1 _201\"/>ting from fl<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>tuations in th<span class=\"__1 _201\"/>e credi<span class=\"__1 _201\"/>t stan<span class=\"__1 _201\"/>ding of is<span class=\"__1 _201\"/>suer<span class=\"__1 _201\"/>s of secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s, co<span class=\"__1 _201\"/>unterpa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>es and a<span class=\"__1 _201\"/>ny debtors i<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>the fo<span class=\"__1 _201\"/>rm of def<span class=\"__1 _201\"/>ault or oth<span class=\"__1 _201\"/>er sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant credi<span class=\"__1 _201\"/>t event, su<span class=\"__1 _201\"/>ch as dow<span class=\"__1 _201\"/>ngrad<span class=\"__1 _201\"/>e or spre<span class=\"__1 _201\"/>ad wid<span class=\"__1 _201\"/>ening<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Demographic r<span class=\"__1 _200\"/>isk<span class=\"__1 _6e_1\"> </span><span class=\"ff2_1 ls6_1 ws1_1\">T<span class=\"__1 _201\"/>he ri<span class=\"__1 _201\"/>sk of los<span class=\"__1 _201\"/>s for the G<span class=\"__1 _201\"/>roup, or of a<span class=\"__1 _201\"/>dver<span class=\"__1 _201\"/>se chan<span class=\"__1 _201\"/>ge in the fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l situatio<span class=\"__1 _201\"/>n of the bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s, res<span class=\"__1 _201\"/>ulting f<span class=\"__1 _201\"/>rom<span class=\"__1 _32b\"> </span></span>chan<span class=\"__1 _201\"/>ges in th<span class=\"__1 _201\"/>e level, tre<span class=\"__1 _201\"/>nd or vol<span class=\"__1 _201\"/>atilit<span class=\"__1 _201\"/>y of a numb<span class=\"__1 _201\"/>er of dem<span class=\"__1 _201\"/>ogra<span class=\"__1 _201\"/>phic r<span class=\"__1 _201\"/>isk dri<span class=\"__1 _201\"/>vers<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/>se incl<span class=\"__1 _201\"/>ude:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>/long<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k: the r<span class=\"__1 _201\"/>isk of los<span class=\"__1 _201\"/>s, th<span class=\"__1 _201\"/>e inabi<span class=\"__1 _201\"/>lity to m<span class=\"__1 _201\"/>eet co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>tual or oth<span class=\"__1 _201\"/>er liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>, and/or profit<span class=\"__1 _201\"/> </span>volatil<span class=\"__1 _201\"/>ity re<span class=\"__1 _201\"/>sultin<span class=\"__1 _201\"/>g from ad<span class=\"__1 _201\"/>verse m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y and<span class=\"__1 _201\"/>/<span class=\"__1 _f_1\"/>o<span class=\"__1 _201\"/>r long<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce comp<span class=\"__1 _201\"/>ared to that e<span class=\"__1 _201\"/>stimate<span class=\"__1 _201\"/>d within<span class=\"__1 _201\"/> pri<span class=\"__1 _201\"/>cing, u<span class=\"__1 _201\"/>nder<span class=\"__1 _201\"/>w<span class=\"__1 _201\"/>riting a<span class=\"__1 _201\"/>nd valu<span class=\"__1 _201\"/>ation.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Mor<span class=\"__1 _201\"/>bidit<span class=\"__1 _201\"/>y ri<span class=\"__1 _201\"/>sk: th<span class=\"__1 _201\"/>e risk of l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>, the ina<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y to meet c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>tual o<span class=\"__1 _201\"/>r other lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d/<span class=\"__1 _200\"/>or profit vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> </span>resul<span class=\"__1 _201\"/>ting from a<span class=\"__1 _201\"/>dver<span class=\"__1 _201\"/>se mor<span class=\"__1 _201\"/>bidit<span class=\"__1 _201\"/>y exp<span class=\"__1 _201\"/>erie<span class=\"__1 _201\"/>nce co<span class=\"__1 _201\"/>mpare<span class=\"__1 _201\"/>d to that estim<span class=\"__1 _201\"/>ated withi<span class=\"__1 _201\"/>n pric<span class=\"__1 _201\"/>ing, un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/>wr<span class=\"__1 _201\"/>iting<span class=\"__1 _201\"/> and valuation.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Pers<span class=\"__1 _201\"/>isten<span class=\"__1 _201\"/>cy ris<span class=\"__1 _201\"/>k: the r<span class=\"__1 _201\"/>isk of lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, the inab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y to meet co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>tual or ot<span class=\"__1 _201\"/>her liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d/<span class=\"__1 _f_1\"/>o<span class=\"__1 _201\"/>r profit vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> </span>resul<span class=\"__1 _201\"/>ting from a<span class=\"__1 _201\"/>n adver<span class=\"__1 _201\"/>se pe<span class=\"__1 _201\"/>rsis<span class=\"__1 _201\"/>tency ex<span class=\"__1 _201\"/>peri<span class=\"__1 _201\"/>ence c<span class=\"__1 _201\"/>ompare<span class=\"__1 _201\"/>d to that es<span class=\"__1 _201\"/>timated w<span class=\"__1 _201\"/>ithin pri<span class=\"__1 _201\"/>cing an<span class=\"__1 _201\"/>d valuati<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>Expense and<span class=\"__1 _32b\"> </span>margin pricing risk<span class=\"__1 _32b\"> </span>The r<span class=\"__1 _201\"/>isk of lo<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>, the inab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y to meet c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>tual or ot<span class=\"__1 _201\"/>her liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d/<span class=\"__1 _200\"/>or profit vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y resu<span class=\"__1 _201\"/>lting fro<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span>adve<span class=\"__1 _201\"/>rse exp<span class=\"__1 _201\"/>erie<span class=\"__1 _201\"/>nce in exp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>es other th<span class=\"__1 _201\"/>an thos<span class=\"__1 _201\"/>e estim<span class=\"__1 _201\"/>ated withi<span class=\"__1 _201\"/>n prici<span class=\"__1 _201\"/>ng and va<span class=\"__1 _201\"/>luation w<span class=\"__1 _201\"/>hen co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ering<span class=\"__1 _201\"/> insurance<span class=\"__1 _200\"/> contracts or<span class=\"__1 _200\"/> funds under<span class=\"__1 _200\"/> management.<span class=\"__1 _32b\"> </span>Liquidity risk<span class=\"__1 _237\"> </span><span class=\"ff2_1 ls6_1 ws1_1\">T<span class=\"__1 _200\"/>reasur<span class=\"__1 _201\"/>y li<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y r<span class=\"__1 _201\"/>isk is the r<span class=\"__1 _201\"/>isk of lo<span class=\"__1 _201\"/>ss for th<span class=\"__1 _201\"/>e Group\u2019s busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s, or of a<span class=\"__1 _201\"/>dvers<span class=\"__1 _201\"/>e chang<span class=\"__1 _201\"/>es in its fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al<span class=\"__1 _32b\"> </span></span>situati<span class=\"__1 _201\"/>on, res<span class=\"__1 _201\"/>ulting f<span class=\"__1 _201\"/>rom the G<span class=\"__1 _201\"/>roup\u2019s inabilit<span class=\"__1 _201\"/>y to gen<span class=\"__1 _201\"/>erate su<span class=\"__1 _201\"/>fficie<span class=\"__1 _201\"/>nt cash re<span class=\"__1 _201\"/>sourc<span class=\"__1 _201\"/>es to mee<span class=\"__1 _201\"/>t financ<span class=\"__1 _201\"/>ial<span class=\"__1 _32b\"> </span>obli<span class=\"__1 _201\"/>gations (for exam<span class=\"__1 _201\"/>ple, c<span class=\"__1 _201\"/>laims<span class=\"__1 _201\"/>, credito<span class=\"__1 _201\"/>rs and pl<span class=\"__1 _201\"/>anne<span class=\"__1 _201\"/>d divi<span class=\"__1 _201\"/>dend<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) as they f<span class=\"__1 _201\"/>all due.<span class=\"__1 _201\"/> Fund liqu<span class=\"__1 _201\"/>idit<span class=\"__1 _201\"/>y risk i<span class=\"__1 _201\"/>s the ris<span class=\"__1 _201\"/>k of bein<span class=\"__1 _201\"/>g unabl<span class=\"__1 _201\"/>e to meet li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es aris<span class=\"__1 _201\"/>ing from a m<span class=\"__1 _201\"/>ismatch in li<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>und<span class=\"__1 _201\"/>erly<span class=\"__1 _201\"/>ing as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d the fre<span class=\"__1 _201\"/>quen<span class=\"__1 _201\"/>cy of liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts of the fun<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s exposu<span class=\"__1 _201\"/>re to risks ar<span class=\"__1 _201\"/>ising f<span class=\"__1 _201\"/>rom finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d insur<span class=\"__1 _201\"/>ance as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liab<span class=\"__1 _201\"/>ilities i<span class=\"__1 _201\"/>s differe<span class=\"__1 _201\"/>nt for ea<span class=\"__1 _201\"/>ch<span class=\"__1 _32b\"> </span>comp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nt of the Gro<span class=\"__1 _201\"/>up\u2019s busine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup\u2019s consol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatement of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al pos<span class=\"__1 _201\"/>ition is p<span class=\"__1 _201\"/>resente<span class=\"__1 _201\"/>d bel<span class=\"__1 _201\"/>ow for the di<span class=\"__1 _201\"/>fferent<span class=\"__1 _201\"/> components of<span class=\"__1 _200\"/> business.<span class=\"__1 _32b\"> </span>Analysis<span class=\"__1 _200\"/> of c<span class=\"__1 _200\"/>onsolidated<span class=\"__1 _200\"/> stat<span class=\"__1 _200\"/>ement<span class=\"__1 _200\"/> of financial<span class=\"__1 _200\"/> position<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> component o<span class=\"__1 _200\"/>f business <span class=\"__1 _c8_1\"> </span> <span class=\"__1 _329\"> </span><span class=\"ls2b_1 ws2b_1\">Shareholder<span class=\"__1 _200\"/>-back<span class=\"__1 _200\"/>ed funds<span class=\"__1 _330\"> </span><span class=\"ls5_1 ws1_1\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span>With-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>profits<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unit-link<span class=\"__1 _200\"/>ed<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Annuity <span class=\"ls5_1 ws1_1\"> </span>and ot<span class=\"__1 _200\"/>her <span class=\"ls5_1 ws1_1\"> </span>long-term <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>business<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Ass<span class=\"__1 _201\"/>ets:<span class=\"__1 _32b\"> </span>Goo<span class=\"__1 _201\"/>dwill and intangible as<span class=\"__1 _201\"/>sets<span class=\"__1 _15a_1\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">364<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>25<span class=\"__1 _1d8_1\"> </span><span class=\"ls28_1 ws28_1\">1,4<span class=\"__1 _201\"/>88<span class=\"__1 _208\"> </span><span class=\"ls15_1 ws14_1\">1,87<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></span>Deferred acquisition costs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>77<span class=\"__1 _1e_1\"> </span><span class=\"ls4d_1 ws54_1\">17<span class=\"__1 _1d_1\"> </span><span class=\"ls28_1 ws28_1\">94<span class=\"__1 _32b\"> </span></span></span>Defined benefit pension asset<span class=\"__1 _27a\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">13<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>10<span class=\"__1 _239\"> </span><span class=\"ls2a_1 ws2a_1\">132<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">15<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span>Inves<span class=\"__1 _201\"/>tment in j<span class=\"__1 _201\"/>oint ventu<span class=\"__1 _201\"/>res and as<span class=\"__1 _201\"/>so<span class=\"__1 _201\"/>ciates acc<span class=\"__1 _201\"/>ounted fo<span class=\"__1 _201\"/>r using th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>equ<span class=\"__1 _201\"/>ity m<span class=\"__1 _201\"/>ethod<span class=\"__1 _27b\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">413<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>413<span class=\"__1 _32b\"> </span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty, plant a<span class=\"__1 _201\"/>nd equ<span class=\"__1 _201\"/>ipmen<span class=\"__1 _201\"/>t<span class=\"__1 _27c\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">1,630<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>26<span class=\"__1 _253\"> </span><span class=\"ls32_1 ws33_1\">297<span class=\"__1 _204\"> </span><span class=\"lsd_1 wsb_1\">1,953<span class=\"__1 _32b\"> </span></span></span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _27d\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">4<span class=\"__1 _201\"/>97<span class=\"__1 _c_1\"> </span><span class=\"ls7_1 ws5_1\">876<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>16,<span class=\"__1 _201\"/>505<span class=\"__1 _32b\"> </span>Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>ets<span class=\"__1 _27e\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">27<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>499<span class=\"__1 _239\"> </span><span class=\"ls32_1 ws33_1\">125<span class=\"__1 _2c_1\"> </span><span class=\"ls3c_1 ws3d_1\">6<span class=\"__1 _201\"/>51<span class=\"__1 _32b\"> </span></span></span>Reinsurance assets<span class=\"__1 _27e\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">23<span class=\"__1 _1d_1\"> </span><span class=\"lsb_1 ws32_1\">85<span class=\"__1 _204\"> </span><span class=\"ls7_1 ws5_1\">1,078<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _27f\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">58,<span class=\"__1 _201\"/>564<span class=\"__1 _245\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>6<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _237\"> </span><span class=\"ls30_1 ws30_1\">220<span class=\"__1 _210\"> </span><span class=\"ls24_1 ws23_1\">7<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>7<span class=\"__1 _32b\"> </span></span></span></span></span></span>Loans<span class=\"__1 _350\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">1,<span class=\"__1 _201\"/>929<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>1,<span class=\"__1 _201\"/>401<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>3,3<span class=\"__1 _201\"/>30<span class=\"__1 _32b\"> </span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _df_1\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">44<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>90<span class=\"__1 _243\"> </span><span class=\"ls15_1 ws14_1\">4,4<span class=\"__1 _201\"/>66<span class=\"__1 _18a_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>399<span class=\"__1 _240\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>6<span class=\"__1 _4c_1\"> </span><span class=\"ls1c_1 ws43_1\">62<span class=\"__1 _201\"/>,821<span class=\"__1 _32b\"> </span></span></span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _480\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">2<span class=\"__1 _201\"/>,4<span class=\"__1 _201\"/>03<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _270\"> </span><span class=\"ls22_1 ws21_1\">290<span class=\"__1 _253\"> </span></span></span>150<span class=\"__1 _242\"> </span><span class=\"lsd_1 wsb_1\">2<span class=\"__1 _201\"/>,850<span class=\"__1 _32b\"> </span></span></span>Deposits<span class=\"__1 _251\"> </span><span class=\"ff1_1 ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _4a_1\"> </span></span><span class=\"ff1_1\">1,567<span class=\"__1 _1d8_1\"> </span><span class=\"ls7_1 ws5_1\">2<span class=\"__1 _201\"/>,07<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>21,<span class=\"__1 _201\"/>401<span class=\"__1 _32b\"> </span>Curre<span class=\"__1 _201\"/>nt tax an<span class=\"__1 _201\"/>d other ta<span class=\"__1 _201\"/>x asse<span class=\"__1 _201\"/>ts<span class=\"__1 _481\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">133<span class=\"__1 _f4_1\"> </span><span class=\"ls22_1 ws21_1\">29<span class=\"__1 _252\"> </span><span class=\"ls45_1 ws49_1\">114<span class=\"__1 _1e_1\"> </span></span></span>13<span class=\"__1 _237\"> </span><span class=\"ls15_1 ws14_1\">2<span class=\"__1 _201\"/>89<span class=\"__1 _32b\"> </span></span></span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _1b7_1\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">1,454<span class=\"__1 _237\"> </span><span class=\"ls27_1 ws27_1\">329<span class=\"__1 _239\"> </span><span class=\"ls18_1 ws17_1\">2<span class=\"__1 _201\"/>61<span class=\"__1 _237\"> </span><span class=\"ls22_1 ws21_1\">296<span class=\"__1 _242\"> </span><span class=\"ls1f_1 ws1e_1\">2<span class=\"__1 _201\"/>,340<span class=\"__1 _32b\"> </span></span></span></span></span></span>Assets held for sale<span class=\"__1 _276\"> </span><span class=\"ff1_1 ls1b_1 ws1a_1\">4<span class=\"__1 _201\"/>47<span class=\"__1 _f4_1\"> </span><span class=\"lsf_1 wsd_1\">79<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>158<span class=\"__1 _223\"> </span><span class=\"ls3f_1 ws41_1\">684<span class=\"__1 _32b\"> </span></span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _27a\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">2,<span class=\"__1 _201\"/>857<span class=\"__1 _237\"> </span><span class=\"lsd_1 wsb_1\">563<span class=\"__1 _223\"> </span><span class=\"ls30_1 ws30_1\">604<span class=\"__1 _270\"> </span>860<span class=\"__1 _242\"> </span><span class=\"ls28_1 ws28_1\">4<span class=\"__1 _201\"/>,884<span class=\"__1 _32b\"> </span></span></span></span></span>T<span class=\"__1 _f_1\"/>otal asset<span class=\"__1 _201\"/>s<span class=\"__1 _482\"> </span><span class=\"ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>9<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>6<span class=\"__1 _1c_1\"> </span></span><span class=\"ws38_1\">18<span class=\"__1 _201\"/>,958<span class=\"__1 _217\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>4<span class=\"__1 _214\"> </span><span class=\"ls15_1 ws14_1\">4<span class=\"__1 _201\"/>,922<span class=\"__1 _462\"> </span><span class=\"ls40_1 ws44_1\">191,<span class=\"__1 _201\"/>560<span class=\"__1 _32b\"> </span></span></span></span></span>Liabilities:<span class=\"__1 _32b\"> </span>Insuranc<span class=\"__1 _201\"/>e contract liabilities<span class=\"__1 _420\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">32<span class=\"__1 _201\"/>,299<span class=\"__1 _204\"> </span><span class=\"ls23_1 ws22_1\">4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>214<span class=\"__1 _249\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>29<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>49,<span class=\"__1 _201\"/>805<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ith disc<span class=\"__1 _201\"/>retionar<span class=\"__1 _250\"/>y par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ation fe<span class=\"__1 _201\"/>atures<span class=\"__1 _c_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">78,5<span class=\"__1 _201\"/>39<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>55<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>78,<span class=\"__1 _201\"/>594<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s<span class=\"__1 _8a_1\"> </span><span class=\"ff1_1 ls5_1\">3<span class=\"__1 _1c_1\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>0<span class=\"__1 _1d_1\"> </span><span class=\"ls53_1 ws5b_1\">34<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>11,<span class=\"__1 _201\"/>93<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span>Unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _294\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">1<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>0<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds<span class=\"__1 _1e6_1\"> </span><span class=\"ff1_1 ls10_1 wsf_1\">8,244<span class=\"__1 _243\"> </span><span class=\"lsc_1 wsa_1\">2,086<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">5<span class=\"__1 _1d_1\"> </span><span class=\"ls1f_1 ws1e_1\">54<span class=\"__1 _213\"> </span><span class=\"ls19_1 ws18_1\">10,3<span class=\"__1 _201\"/>89<span class=\"__1 _32b\"> </span></span></span></span></span></span>Sub<span class=\"__1 _201\"/>ordinated l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _483\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">3<span class=\"__1 _201\"/>,757<span class=\"__1 _1d_1\"> </span><span class=\"ls5_1 ws1_1\">45<span class=\"__1 _8d_1\"> </span>6<span class=\"__1 _1d8_1\"> </span></span>3<span class=\"__1 _201\"/>,72<span class=\"__1 _201\"/>9<span class=\"__1 _208\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>7<span class=\"__1 _32b\"> </span></span></span>Defin<span class=\"__1 _201\"/>ed benefit p<span class=\"__1 _201\"/>ension liabilit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>Deferre<span class=\"__1 _201\"/>d tax liabilities<span class=\"__1 _1d6_1\"> </span><span class=\"ff1_1 ls78_1\">777<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _311\"> </span>1<span class=\"__1 _223\"> </span><span class=\"ls15_1 ws14_1\">780<span class=\"__1 _32b\"> </span></span>Lease liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _484\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">85<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>15<span class=\"__1 _223\"> </span><span class=\"ls30_1 ws30_1\">320<span class=\"__1 _223\"> </span>4<span class=\"__1 _201\"/>20<span class=\"__1 _32b\"> </span></span>Current tax and other tax liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _25b\"> </span><span class=\"ff1_1 ls5_1 ws1_1\">9<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _271\"> </span><span class=\"ls43_1 ws47_1\">74<span class=\"__1 _1e_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _228\"> </span><span class=\"ls45_1 ws49_1\">113<span class=\"__1 _32b\"> </span></span></span></span></span></span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _1c9_1\"> </span><span class=\"ff1_1 ls2a_1 ws2a_1\">2,<span class=\"__1 _201\"/>213<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _4a_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>8<span class=\"__1 _231\"> </span><span class=\"ls32_1 ws33_1\">2<span class=\"__1 _201\"/>15<span class=\"__1 _204\"> </span><span class=\"ls24_1 ws23_1\">4<span class=\"__1 _e7_1\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span></span>Other fin<span class=\"__1 _201\"/>ancial liabilities<span class=\"__1 _485\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">1,928<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>89<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">155<span class=\"__1 _240\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _e7_1\"> </span>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _32b\"> </span></span></span>Provis<span class=\"__1 _201\"/>ions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>19<span class=\"__1 _1e_1\"> </span><span class=\"lsc_1 wsa_1\">71<span class=\"__1 _219\"> </span><span class=\"lsb_1 ws32_1\">90<span class=\"__1 _32b\"> </span></span></span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _f2_1\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">4,7<span class=\"__1 _201\"/>80<span class=\"__1 _223\"> </span><span class=\"ls3f_1 ws41_1\">688<span class=\"__1 _204\"> </span><span class=\"ls28_1 ws28_1\">1,<span class=\"__1 _200\"/>663<span class=\"__1 _253\"> </span><span class=\"ls6_1 ws52_1\">275<span class=\"__1 _1d8_1\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span></span></span></span></span></span>Liabilities he<span class=\"__1 _201\"/>ld for sale<span class=\"__1 _486\"> </span><span class=\"ff1_1 ls4d_1 ws54_1\">172<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>172<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities<span class=\"__1 _a7_1\"> </span><span class=\"ls49_1 ws4f_1\">1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7,<span class=\"__1 _201\"/>9<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>6<span class=\"__1 _249\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _201\"/>,958<span class=\"__1 _4c_1\"> </span></span>1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>2<span class=\"__1 _211\"> </span><span class=\"ls1f_1 ws1e_1\">4,834<span class=\"__1 _b1_1\"> </span><span class=\"ls33_1 ws34_1\">1<span class=\"__1 _201\"/>88<span class=\"__1 _201\"/>,73<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> equity<span class=\"__1 _487\"> </span><span class=\"ls22_1 ws21_1\">2,<span class=\"__1 _201\"/>830<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> equity and<span class=\"__1 _200\"/> liabilities<span class=\"__1 _397\"> </span><span class=\"ls40_1 ws44_1\">191,<span class=\"__1 _201\"/>560<span class=\"__1 _32b\"> </span></span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span> <span class=\"__1 _c8_1\"> </span> <span class=\"__1 _329\"> </span><span class=\"ls2b_1 ws2b_1\">Shareholder<span class=\"__1 _200\"/>-back<span class=\"__1 _200\"/>ed funds<span class=\"__1 _330\"> </span><span class=\"ls5_1 ws1_1\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span>Res<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>With-<span class=\"__1 _32b\"> </span>profits<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unit-link<span class=\"__1 _200\"/>ed<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Annuity <span class=\"ls5_1 ws1_1\"> </span>and ot<span class=\"__1 _200\"/>her <span class=\"ls5_1 ws1_1\"> </span>long-term <span class=\"__1 _f_1\"/><span class=\"ls5_1 ws1_1\"> </span>business<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Ass<span class=\"__1 _201\"/>ets:<span class=\"__1 _32b\"> </span>Goo<span class=\"__1 _201\"/>dwill and intangible as<span class=\"__1 _201\"/>sets<span class=\"__1 _488\"> </span><span class=\"ls1c_1 ws43_1\">286<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>27<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>302<span class=\"__1 _3f_1\"> </span><span class=\"lse_1 wsc_1\">1,<span class=\"__1 _201\"/>615<span class=\"__1 _32b\"> </span></span></span>Deferred acquisition costs<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>78<span class=\"__1 _1e_1\"> </span><span class=\"ls2a_1 ws2a_1\">16<span class=\"__1 _f4_1\"> </span><span class=\"ls3a_1 ws3b_1\">94<span class=\"__1 _32b\"> </span></span></span>Defined benefit pension asset<span class=\"__1 _27a\"> </span><span class=\"lsb_1 ws32_1\">27<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>11<span class=\"__1 _f4_1\"> </span><span class=\"ls5_1 ws1_1\">38<span class=\"__1 _32b\"> </span></span>Inves<span class=\"__1 _201\"/>tment in j<span class=\"__1 _201\"/>oint ventu<span class=\"__1 _201\"/>res and as<span class=\"__1 _201\"/>so<span class=\"__1 _201\"/>ciates acc<span class=\"__1 _201\"/>ounted fo<span class=\"__1 _201\"/>r using th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>equ<span class=\"__1 _201\"/>ity m<span class=\"__1 _201\"/>ethod<span class=\"__1 _19b_1\"> </span><span class=\"ls22_1 ws21_1\">469<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>469<span class=\"__1 _32b\"> </span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty, plant a<span class=\"__1 _201\"/>nd equ<span class=\"__1 _201\"/>ipmen<span class=\"__1 _201\"/>t<span class=\"__1 _402\"> </span><span class=\"ls27_1 ws27_1\">2,<span class=\"__1 _201\"/>239<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>27<span class=\"__1 _253\"> </span><span class=\"ls23_1 ws22_1\">2<span class=\"__1 _201\"/>70<span class=\"__1 _214\"> </span><span class=\"lsf_1 wsd_1\">2,536<span class=\"__1 _32b\"> </span></span></span>Investmen<span class=\"__1 _200\"/>t propert<span class=\"__1 _201\"/>y<span class=\"__1 _1df_1\"> </span><span class=\"ls23_1 ws22_1\">17<span class=\"__1 _f_1\"/>,707<span class=\"__1 _231\"> </span><span class=\"lsc_1 wsa_1\">931<span class=\"__1 _204\"> </span><span class=\"ls42_1 ws46_1\">1,06<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>19,69<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span>Defe<span class=\"__1 _201\"/>rred ta<span class=\"__1 _201\"/>x ass<span class=\"__1 _201\"/>ets<span class=\"__1 _4d_1\"> </span><span class=\"ls3f_1 ws41_1\">49<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _1d_1\"> </span><span class=\"ls22_1 ws21_1\">69<span class=\"__1 _e_1\"> </span><span class=\"ls11_1 ws10_1\">119<span class=\"__1 _32b\"> </span></span></span>Reinsurance assets<span class=\"__1 _27e\"> </span><span class=\"ls32_1 ws33_1\">20<span class=\"__1 _228\"> </span><span class=\"ls4d_1 ws54_1\">101<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,5<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>1,669<span class=\"__1 _32b\"> </span>Equit<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es and p<span class=\"__1 _201\"/>oole<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment f<span class=\"__1 _201\"/>unds<span class=\"__1 _489\"> </span><span class=\"ls7_1 ws5_1\">60,6<span class=\"__1 _201\"/>45<span class=\"__1 _286\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>23<span class=\"__1 _201\"/>2<span class=\"__1 _2b_1\"> </span></span></span><span class=\"ls5_1\">5<span class=\"__1 _231\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>7<span class=\"__1 _249\"> </span><span class=\"ls3d_1 ws3f_1\">74<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>9<span class=\"__1 _32b\"> </span></span></span></span>Loans<span class=\"__1 _28a\"> </span><span class=\"ls16_1 ws15_1\">3,578<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>2,<span class=\"__1 _201\"/>231<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>5,809<span class=\"__1 _32b\"> </span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _236\"> </span><span class=\"ls5_1 ws1_1\">54,964<span class=\"__1 _243\"> </span><span class=\"ls1f_1 ws1e_1\">6,499<span class=\"__1 _245\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>66<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,3<span class=\"__1 _201\"/>30<span class=\"__1 _245\"> </span>81,059<span class=\"__1 _32b\"> </span></span></span></span></span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _df_1\"> </span><span class=\"lse_1 wsc_1\">2<span class=\"__1 _201\"/>,618<span class=\"__1 _367\"> </span></span><span class=\"ls5_1\">5<span class=\"__1 _239\"> </span><span class=\"lse_1 wsc_1\">61<span class=\"__1 _201\"/>9<span class=\"__1 _e_1\"> </span>131<span class=\"__1 _208\"> </span><span class=\"lsd_1 wsb_1\">3,<span class=\"__1 _201\"/>373<span class=\"__1 _32b\"> </span></span></span></span>Deposits<span class=\"__1 _28b\"> </span><span class=\"ls45_1 ws49_1\">14<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>66<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,8<span class=\"__1 _201\"/>52<span class=\"__1 _5d_1\"> </span><span class=\"ls8_1 ws6_1\">1<span class=\"__1 _201\"/>,715<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span>Curre<span class=\"__1 _201\"/>nt tax an<span class=\"__1 _201\"/>d other ta<span class=\"__1 _201\"/>x asse<span class=\"__1 _201\"/>ts<span class=\"__1 _25b\"> </span><span class=\"lsc_1 wsa_1\">2<span class=\"__1 _201\"/>81<span class=\"__1 _353\"> </span></span><span class=\"ls5_1\">1<span class=\"__1 _1d_1\"> </span><span class=\"ls77_1 ws8c_1\">88<span class=\"__1 _8d_1\"> </span></span>5<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">375<span class=\"__1 _32b\"> </span></span></span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _425\"> </span><span class=\"lsc_1 wsa_1\">1,5<span class=\"__1 _201\"/>59<span class=\"__1 _223\"> </span><span class=\"ls3f_1 ws41_1\">3<span class=\"__1 _201\"/>80<span class=\"__1 _223\"> </span><span class=\"ls92_1 ws68_1\">443<span class=\"__1 _253\"> </span></span></span>265<span class=\"__1 _208\"> </span><span class=\"ls5_1 ws1_1\">2,64<span class=\"__1 _f_1\"/>7<span class=\"__1 _32b\"> </span></span></span>Assets held for sale<span class=\"__1 _28c\"> </span><span class=\"ls7f_1 ws93_1\">646<span class=\"__1 _c_1\"> </span><span class=\"ls2a_1 ws2a_1\">24<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>128<span class=\"__1 _240\"> </span><span class=\"ls42_1 ws46_1\">1,023<span class=\"__1 _32b\"> </span></span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _365\"> </span><span class=\"ls8_1 ws6_1\">3,7<span class=\"__1 _250\"/>73<span class=\"__1 _237\"> </span><span class=\"ls3f_1 ws41_1\">4<span class=\"__1 _201\"/>60<span class=\"__1 _7d_1\"> </span><span class=\"lse_1 wsc_1\">1,<span class=\"__1 _201\"/>012<span class=\"__1 _4a_1\"> </span><span class=\"lsc_1 wsa_1\">1,66<span class=\"__1 _201\"/>3<span class=\"__1 _243\"> </span></span></span>6,908<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>otal asset<span class=\"__1 _201\"/>s<span class=\"__1 _28d\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">162<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>27<span class=\"__1 _286\"> </span><span class=\"ls8_1 ws6_1\">2<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,710<span class=\"__1 _282\"> </span><span class=\"ls13_1 ws12_1\">2<span class=\"__1 _250\"/>7,<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>0<span class=\"__1 _240\"> </span><span class=\"lsd_1 wsb_1\">5,37<span class=\"__1 _201\"/>7<span class=\"__1 _216\"> </span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _32b\"> </span></span></span></span></span></span>Liabilities:<span class=\"__1 _32b\"> </span>Insuranc<span class=\"__1 _201\"/>e contract liabilities<span class=\"__1 _25d\"> </span><span class=\"ls7_1 ws5_1\">39,<span class=\"__1 _201\"/>203<span class=\"__1 _204\"> </span>4,<span class=\"__1 _201\"/>978<span class=\"__1 _245\"> </span><span class=\"ls2a_1 ws2a_1\">19,<span class=\"__1 _201\"/>042<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>63,<span class=\"__1 _201\"/>223<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ith disc<span class=\"__1 _201\"/>retionar<span class=\"__1 _250\"/>y par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ation fe<span class=\"__1 _201\"/>atures<span class=\"__1 _2c_1\"> </span><span class=\"ls8_1 ws6_1\">82<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>00<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>43<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>8<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _e7_1\"/>3<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ithou<span class=\"__1 _201\"/>t discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ticipati<span class=\"__1 _201\"/>on feature<span class=\"__1 _201\"/>s<span class=\"__1 _8d_1\"> </span><span class=\"ls5_1\">3<span class=\"__1 _4c_1\"> </span>14,835<span class=\"__1 _219\"> </span><span class=\"ls7f_1 ws93_1\">46<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _200\"/>4,884<span class=\"__1 _32b\"> </span>Unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund<span class=\"__1 _1c3_1\"> </span><span class=\"ls8_1 ws6_1\">1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>,72<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>16<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>23<span class=\"__1 _32b\"> </span>Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d funds<span class=\"__1 _28e\"> </span><span class=\"ls7_1 ws5_1\">9,8<span class=\"__1 _201\"/>35<span class=\"__1 _240\"> </span><span class=\"ls8_1 ws6_1\">2<span class=\"__1 _201\"/>,76<span class=\"__1 _201\"/>7<span class=\"__1 _2b_1\"> </span></span></span><span class=\"ls5_1\">9<span class=\"__1 _f4_1\"> </span><span class=\"ls15_1 ws14_1\">25<span class=\"__1 _210\"> </span><span class=\"lse_1 wsc_1\">12,<span class=\"__1 _201\"/>63<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span></span></span>Sub<span class=\"__1 _201\"/>ordinate<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties and o<span class=\"__1 _201\"/>ther bo<span class=\"__1 _201\"/>rrowin<span class=\"__1 _201\"/>gs<span class=\"__1 _9f_1\"> </span><span class=\"ls43_1 ws47_1\">5<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>17<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>107<span class=\"__1 _204\"> </span><span class=\"ls8_1 ws6_1\">3<span class=\"__1 _201\"/>,70<span class=\"__1 _201\"/>6<span class=\"__1 _211\"> </span><span class=\"ls15_1 ws14_1\">8<span class=\"__1 _201\"/>,930<span class=\"__1 _32b\"> </span></span></span>Defin<span class=\"__1 _201\"/>ed benefit p<span class=\"__1 _201\"/>ension liabilit<span class=\"__1 _201\"/>y<span class=\"__1 _16d_1\"> </span><span class=\"ls32_1 ws33_1\">20<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>30<span class=\"__1 _1d_1\"> </span><span class=\"ls29_1 ws29_1\">34<span class=\"__1 _1d_1\"> </span>84<span class=\"__1 _32b\"> </span></span>Deferre<span class=\"__1 _201\"/>d tax liabilities<span class=\"__1 _281\"> </span><span class=\"ls42_1 ws46_1\">1,<span class=\"__1 _201\"/>391<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>28<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>419<span class=\"__1 _32b\"> </span>Lease liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _28f\"> </span><span class=\"ls3f_1 ws41_1\">95<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _1e_1\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _2c_1\"> </span><span class=\"ls7_1 ws5_1\">2<span class=\"__1 _201\"/>97<span class=\"__1 _252\"> </span><span class=\"ls4a_1 ws50_1\">413<span class=\"__1 _32b\"> </span></span></span></span></span></span>Current tax and other tax liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _1bf_1\"> </span><span class=\"ls56_1 ws5f_1\">178<span class=\"__1 _f4_1\"> </span><span class=\"ls7f_1 ws93_1\">46<span class=\"__1 _e_1\"> </span><span class=\"ls11_1 ws10_1\">113<span class=\"__1 _271\"> </span><span class=\"ls10_1 wsf_1\">22<span class=\"__1 _c_1\"> </span><span class=\"ls38_1 ws38_1\">3<span class=\"__1 _201\"/>59<span class=\"__1 _32b\"> </span></span></span></span></span></span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _332\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>227<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _1a_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>7<span class=\"__1 _2c_1\"> </span><span class=\"ls22_1 ws21_1\">3<span class=\"__1 _201\"/>32<span class=\"__1 _1d8_1\"> </span><span class=\"ls40_1 ws44_1\">2,6<span class=\"__1 _201\"/>89<span class=\"__1 _32b\"> </span></span></span></span></span></span>Other fin<span class=\"__1 _201\"/>ancial liabilities<span class=\"__1 _490\"> </span><span class=\"ls40_1 ws44_1\">2,69<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>79<span class=\"__1 _e_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>3<span class=\"__1 _204\"> </span><span class=\"ls5_1 ws1_1\">2,8<span class=\"__1 _200\"/>82<span class=\"__1 _32b\"> </span></span></span>Provis<span class=\"__1 _201\"/>ions<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>26<span class=\"__1 _226\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>2<span class=\"__1 _231\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span>Accruals<span class=\"__1 _201\"/>, deferred incom<span class=\"__1 _201\"/>e and other liabilities<span class=\"__1 _491\"> </span><span class=\"ls3d_1 ws3f_1\">3<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>5<span class=\"__1 _14d_1\"> </span><span class=\"ls23_1 ws22_1\">1,07<span class=\"__1 _201\"/>8<span class=\"__1 _14d_1\"> </span><span class=\"lsc_1 wsa_1\">1,810<span class=\"__1 _f4_1\"> </span><span class=\"ls29_1 ws29_1\">33<span class=\"__1 _1d8_1\"> </span><span class=\"ls3f_1 ws41_1\">6,666<span class=\"__1 _32b\"> </span></span></span></span></span></span>Liabilities he<span class=\"__1 _201\"/>ld for sale<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> liabilities<span class=\"__1 _428\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">162<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>27<span class=\"__1 _286\"> </span><span class=\"ls8_1 ws6_1\">2<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>,71<span class=\"__1 _201\"/>0<span class=\"__1 _4c_1\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>478<span class=\"__1 _208\"> </span><span class=\"ls3d_1 ws3f_1\">4<span class=\"__1 _250\"/>,<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>74<span class=\"__1 _b_1\"> </span></span></span>213<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>89<span class=\"__1 _32b\"> </span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> equity<span class=\"__1 _492\"> </span><span class=\"ff2_1 ls47_1 ws4d_1\">5,345<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> equity and<span class=\"__1 _200\"/> liabilities<span class=\"__1 _300\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">2<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span>i <span class=\"__1 _2d_1\"> </span>Fol<span class=\"__1 _201\"/>lowi<span class=\"__1 _201\"/>ng a rev<span class=\"__1 _201\"/>iew of t<span class=\"__1 _201\"/>he Gr<span class=\"__1 _201\"/>oup\u2019s pre<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>tatio<span class=\"__1 _201\"/>n of ta<span class=\"__1 _201\"/>x pos<span class=\"__1 _201\"/>itio<span class=\"__1 _201\"/>ns wi<span class=\"__1 _201\"/>thin c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lid<span class=\"__1 _201\"/>ated i<span class=\"__1 _201\"/>nves<span class=\"__1 _201\"/>tme<span class=\"__1 _201\"/>nt fun<span class=\"__1 _201\"/>ds, c<span class=\"__1 _201\"/>omp<span class=\"__1 _201\"/>ara<span class=\"__1 _201\"/>tive am<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>ts have b<span class=\"__1 _201\"/>ee<span class=\"__1 _201\"/>n res<span class=\"__1 _201\"/>tated f<span class=\"__1 _201\"/>rom<span class=\"__1 _201\"/> tho<span class=\"__1 _201\"/>se pre<span class=\"__1 _201\"/>vio<span class=\"__1 _201\"/>usl<span class=\"__1 _201\"/>y rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/>. The r<span class=\"__1 _201\"/>est<span class=\"__1 _201\"/>atem<span class=\"__1 _201\"/>ent ha<span class=\"__1 _201\"/>s had n<span class=\"__1 _201\"/>o impa<span class=\"__1 _201\"/>ct o<span class=\"__1 _201\"/>n pro<span class=\"__1 _201\"/>fit for t<span class=\"__1 _201\"/>he yea<span class=\"__1 _201\"/>r or ne<span class=\"__1 _201\"/>t ass<span class=\"__1 _201\"/>ets<span class=\"__1 _201\"/>. Se<span class=\"__1 _201\"/>e Note 1<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1 for fu<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ther i<span class=\"__1 _201\"/>nfor<span class=\"__1 _201\"/>mati<span class=\"__1 _201\"/>on<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al ass<span class=\"__1 _201\"/>ets and l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es att<span class=\"__1 _201\"/>aching to th<span class=\"__1 _201\"/>e Group\u2019s busin<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>s are, to var<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng deg<span class=\"__1 _201\"/>rees<span class=\"__1 _201\"/>, subj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t to the risks d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>ibe<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>previ<span class=\"__1 _201\"/>ousl<span class=\"__1 _201\"/>y and the<span class=\"__1 _201\"/>se ris<span class=\"__1 _201\"/>ks may have a materi<span class=\"__1 _201\"/>al effe<span class=\"__1 _201\"/>ct on p<span class=\"__1 _201\"/>rofit or l<span class=\"__1 _201\"/>oss an<span class=\"__1 _201\"/>d shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers\u2019 equi<span class=\"__1 _201\"/>ty. This is di<span class=\"__1 _201\"/>scus<span class=\"__1 _201\"/>sed b<span class=\"__1 _201\"/>elow by<span class=\"__1 _201\"/> component o<span class=\"__1 _200\"/>f busi<span class=\"__1 _200\"/>ness.<span class=\"__1 _201\"/> 33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>33.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/> With-profits<span class=\"__1 _200\"/> business<span class=\"__1 _32b\"> </span>The W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund mainl<span class=\"__1 _201\"/>y contai<span class=\"__1 _201\"/>ns with-<span class=\"__1 _201\"/>profi<span class=\"__1 _201\"/>ts busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s but it als<span class=\"__1 _201\"/>o contai<span class=\"__1 _201\"/>ns som<span class=\"__1 _201\"/>e non-<span class=\"__1 _201\"/>profit b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss (unit<span class=\"__1 _200\"/>-lin<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed<span class=\"__1 _201\"/>, term<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>es and a<span class=\"__1 _201\"/>nnuitie<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>). As at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>d \u00a36,6<span class=\"__1 _201\"/>93m (20<span class=\"__1 _201\"/>21: \u00a39,<span class=\"__1 _201\"/>321m) of non<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>annuit<span class=\"__1 _201\"/>y liabilities.<span class=\"__1 _32b\"> </span>WPSF<span class=\"__1 _201\"/> The s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r expos<span class=\"__1 _201\"/>ure to the WP<span class=\"__1 _201\"/>SF busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s (incl<span class=\"__1 _201\"/>uding n<span class=\"__1 _201\"/>on-p<span class=\"__1 _201\"/>rofit an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y busin<span class=\"__1 _201\"/>ess o<span class=\"__1 _201\"/>f the WPS<span class=\"__1 _201\"/>F<span class=\"__1 _201\"/>) is sens<span class=\"__1 _201\"/>itive to mar<span class=\"__1 _201\"/>ket and<span class=\"__1 _32b\"> </span>credi<span class=\"__1 _201\"/>t risk thro<span class=\"__1 _201\"/>ugh the i<span class=\"__1 _201\"/>ndirec<span class=\"__1 _201\"/>t effe<span class=\"__1 _201\"/>ct of i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce on de<span class=\"__1 _201\"/>clare<span class=\"__1 _201\"/>d poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r bonu<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/>. The inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt ass<span class=\"__1 _201\"/>ets of<span class=\"__1 _201\"/> the WP<span class=\"__1 _201\"/>SF are s<span class=\"__1 _201\"/>ubje<span class=\"__1 _201\"/>ct to mar<span class=\"__1 _201\"/>ket and credit r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>. Chang<span class=\"__1 _201\"/>es in the<span class=\"__1 _201\"/>ir car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying va<span class=\"__1 _201\"/>lue, n<span class=\"__1 _201\"/>et of related ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s to asset-share l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es of<span class=\"__1 _201\"/> with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, aff<span class=\"__1 _201\"/>ect t<span class=\"__1 _201\"/>he level of un<span class=\"__1 _201\"/>allo<span class=\"__1 _201\"/>cated su<span class=\"__1 _201\"/>rplus o<span class=\"__1 _201\"/>f the fun<span class=\"__1 _201\"/>d. The<span class=\"__1 _201\"/>refore, th<span class=\"__1 _201\"/>e level of un<span class=\"__1 _201\"/>alloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus is p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticula<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/> sen<span class=\"__1 _201\"/>sitive to the l<span class=\"__1 _201\"/>evel of inves<span class=\"__1 _201\"/>tment retu<span class=\"__1 _201\"/>rns on th<span class=\"__1 _201\"/>e por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of the as<span class=\"__1 _201\"/>sets that re<span class=\"__1 _201\"/>pres<span class=\"__1 _201\"/>ents the s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s. H<span class=\"__1 _201\"/>owever<span class=\"__1 _200\"/>, as unallo<span class=\"__1 _201\"/>cated<span class=\"__1 _201\"/> surp<span class=\"__1 _201\"/>lus is ac<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>d for as a liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y unde<span class=\"__1 _201\"/>r IFRS 4<span class=\"__1 _201\"/>, move<span class=\"__1 _201\"/>ments i<span class=\"__1 _201\"/>n its valu<span class=\"__1 _201\"/>e do not aff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 profit a<span class=\"__1 _201\"/>nd equ<span class=\"__1 _201\"/>ity, so the<span class=\"__1 _201\"/> share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er is not d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tly exp<span class=\"__1 _201\"/>osed to ch<span class=\"__1 _201\"/>anges i<span class=\"__1 _201\"/>n the as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabili<span class=\"__1 _201\"/>ties wi<span class=\"__1 _201\"/>thin the WP<span class=\"__1 _201\"/>SF<span class=\"__1 _f_1\"/>.<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r result f<span class=\"__1 _201\"/>or mos<span class=\"__1 _201\"/>t busin<span class=\"__1 _201\"/>ess i<span class=\"__1 _201\"/>n the WP<span class=\"__1 _201\"/>SF is on<span class=\"__1 _201\"/>e-n<span class=\"__1 _201\"/>inth of the co<span class=\"__1 _201\"/>st of bo<span class=\"__1 _201\"/>nuse<span class=\"__1 _201\"/>s decl<span class=\"__1 _201\"/>ared to with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>For ce<span class=\"__1 _201\"/>rta<span class=\"__1 _201\"/>in with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, su<span class=\"__1 _201\"/>ch as thos<span class=\"__1 _201\"/>e investe<span class=\"__1 _201\"/>d in the Pr<span class=\"__1 _201\"/>uFund ran<span class=\"__1 _201\"/>ge of fun<span class=\"__1 _201\"/>ds, th<span class=\"__1 _201\"/>e bonu<span class=\"__1 _201\"/>ses rep<span class=\"__1 _201\"/>resent th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers\u2019 net retur<span class=\"__1 _201\"/>n base<span class=\"__1 _201\"/>d on the s<span class=\"__1 _201\"/>mooth<span class=\"__1 _201\"/>ed unit p<span class=\"__1 _201\"/>rice of th<span class=\"__1 _201\"/>e sel<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d investm<span class=\"__1 _201\"/>ent fun<span class=\"__1 _201\"/>d. Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>manc<span class=\"__1 _201\"/>e is a key<span class=\"__1 _32b\"> </span>dri<span class=\"__1 _201\"/>ver of bon<span class=\"__1 _201\"/>uses d<span class=\"__1 _201\"/>ecla<span class=\"__1 _201\"/>red, an<span class=\"__1 _201\"/>d hen<span class=\"__1 _201\"/>ce the sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der res<span class=\"__1 _201\"/>ults<span class=\"__1 _201\"/>. Due to th<span class=\"__1 _201\"/>e \u201csmo<span class=\"__1 _201\"/>othed\u201d b<span class=\"__1 _201\"/>asis of b<span class=\"__1 _201\"/>onus de<span class=\"__1 _201\"/>clar<span class=\"__1 _201\"/>ation, th<span class=\"__1 _201\"/>e sens<span class=\"__1 _201\"/>itivi<span class=\"__1 _201\"/>ty<span class=\"__1 _201\"/> to shor<span class=\"__1 _201\"/>t-term inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>mance a<span class=\"__1 _201\"/>nd other i<span class=\"__1 _201\"/>nsuran<span class=\"__1 _201\"/>ce ris<span class=\"__1 _201\"/>ks is relati<span class=\"__1 _201\"/>vely low. Howeve<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, l<span class=\"__1 _201\"/>ong-te<span class=\"__1 _201\"/>rm inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/> and persistency t<span class=\"__1 _200\"/>rends ma<span class=\"__1 _200\"/>y a<span class=\"__1 _200\"/>ffect future<span class=\"__1 _200\"/> shareholder t<span class=\"__1 _200\"/>ransfers.<span class=\"__1 _32b\"> </span>The e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k relating to th<span class=\"__1 _201\"/>e future sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>rs from th<span class=\"__1 _201\"/>e WPS<span class=\"__1 _201\"/>F is par<span class=\"__1 _201\"/>tia<span class=\"__1 _201\"/>lly he<span class=\"__1 _201\"/>dge<span class=\"__1 _201\"/>d, and th<span class=\"__1 _201\"/>is is des<span class=\"__1 _201\"/>crib<span class=\"__1 _201\"/>ed in Note 3<span class=\"__1 _201\"/>3.7<span class=\"__1 _200\"/>.<span class=\"__1 _f_1\"/>1.<span class=\"__1 _32b\"> </span>DCPSF<span class=\"__1 _32b\"> </span>The D<span class=\"__1 _201\"/>CPS<span class=\"__1 _201\"/>F is show<span class=\"__1 _201\"/>n as par<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s conso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>. For sim<span class=\"__1 _201\"/>ilar reas<span class=\"__1 _201\"/>ons to tho<span class=\"__1 _201\"/>se<span class=\"__1 _32b\"> </span>des<span class=\"__1 _201\"/>crib<span class=\"__1 _201\"/>ed in relat<span class=\"__1 _201\"/>ion to the WP<span class=\"__1 _201\"/>SF<span class=\"__1 _f_1\"/>, s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs are not di<span class=\"__1 _201\"/>rectl<span class=\"__1 _201\"/>y expos<span class=\"__1 _201\"/>ed to the m<span class=\"__1 _201\"/>ovement<span class=\"__1 _201\"/>s in the as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liabi<span class=\"__1 _201\"/>lities of<span class=\"__1 _201\"/> the D<span class=\"__1 _201\"/>CPSF<span class=\"__1 _200\"/>. Instea<span class=\"__1 _201\"/>d, the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 exposure i<span class=\"__1 _201\"/>s through th<span class=\"__1 _201\"/>e charge<span class=\"__1 _201\"/>s aris<span class=\"__1 _201\"/>ing on the b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess le<span class=\"__1 _201\"/>ss th<span class=\"__1 _201\"/>e expens<span class=\"__1 _201\"/>es inc<span class=\"__1 _201\"/>urred<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/>s incurre<span class=\"__1 _201\"/>d on the b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss are d<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>dent o<span class=\"__1 _201\"/>n the valu<span class=\"__1 _201\"/>e of the fun<span class=\"__1 _201\"/>ds unde<span class=\"__1 _201\"/>r mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt and are th<span class=\"__1 _201\"/>erefore in<span class=\"__1 _201\"/>direc<span class=\"__1 _201\"/>tly<span class=\"__1 _201\"/> expo<span class=\"__1 _201\"/>sed to mar<span class=\"__1 _201\"/>ket risk<span class=\"__1 _201\"/>, credit r<span class=\"__1 _201\"/>isk and p<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>istenc<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k.<span class=\"__1 _201\"/> SAIF<span class=\"__1 _201\"/> Up until 1 A<span class=\"__1 _201\"/>pril 20<span class=\"__1 _201\"/>21 SAIF w<span class=\"__1 _201\"/>as a ring<span class=\"__1 _201\"/>-fenc<span class=\"__1 _201\"/>ed fun<span class=\"__1 _201\"/>d, sho<span class=\"__1 _201\"/>wn as par<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d statem<span class=\"__1 _201\"/>ent of fina<span class=\"__1 _201\"/>ncial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n,<span class=\"__1 _201\"/> in whi<span class=\"__1 _201\"/>ch, ap<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t from as<span class=\"__1 _201\"/>set man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent fee<span class=\"__1 _201\"/>s, sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s have no entitl<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nt to the profi<span class=\"__1 _201\"/>ts of the fu<span class=\"__1 _201\"/>nd. O<span class=\"__1 _201\"/>n 1 April 2<span class=\"__1 _201\"/>021 SAI<span class=\"__1 _201\"/>F<span class=\"__1 _32b\"> </span>merg<span class=\"__1 _201\"/>ed wit<span class=\"__1 _201\"/>h P<span class=\"__1 _f_1\"/>AC\u2019s WP<span class=\"__1 _201\"/>SF and th<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets and li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es of SAI<span class=\"__1 _201\"/>F were com<span class=\"__1 _201\"/>bine<span class=\"__1 _201\"/>d with thos<span class=\"__1 _201\"/>e of the WP<span class=\"__1 _201\"/>SF<span class=\"__1 _f_1\"/>. S<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>rs will<span class=\"__1 _201\"/> contin<span class=\"__1 _201\"/>ue to have no ent<span class=\"__1 _201\"/>itleme<span class=\"__1 _201\"/>nt to profit tr<span class=\"__1 _201\"/>ansf<span class=\"__1 _201\"/>ers and w<span class=\"__1 _201\"/>ill cont<span class=\"__1 _201\"/>inue to rec<span class=\"__1 _201\"/>eive as<span class=\"__1 _201\"/>set man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent fee<span class=\"__1 _201\"/>s. Acc<span class=\"__1 _201\"/>ordingl<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span>profi<span class=\"__1 _201\"/>t and sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders\u2019 fu<span class=\"__1 _201\"/>nds are not s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>ve to the dire<span class=\"__1 _201\"/>ct eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts of ris<span class=\"__1 _201\"/>k attach<span class=\"__1 _201\"/>ing to SAI<span class=\"__1 _201\"/>F\u2019s asset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>33.<span class=\"__1 _200\"/>1.2 Unit<span class=\"__1 _200\"/>-linked<span class=\"__1 _200\"/> business<span class=\"__1 _32b\"> </span>Unit-linked b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss rep<span class=\"__1 _201\"/>resent<span class=\"__1 _201\"/>s a comp<span class=\"__1 _201\"/>arative<span class=\"__1 _201\"/>ly sma<span class=\"__1 _201\"/>ll propo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tion of the i<span class=\"__1 _201\"/>n-force b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess of th<span class=\"__1 _201\"/>e Group\u2019s insur<span class=\"__1 _201\"/>ance o<span class=\"__1 _201\"/>perati<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Due to p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es mov<span class=\"__1 _201\"/>ing in lin<span class=\"__1 _201\"/>e with att<span class=\"__1 _201\"/>aching a<span class=\"__1 _201\"/>sset v<span class=\"__1 _201\"/>alue move<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s, the s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 exposu<span class=\"__1 _201\"/>re to the unit-linked<span class=\"__1 _201\"/> busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s is not dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y affec<span class=\"__1 _201\"/>ted by mar<span class=\"__1 _201\"/>ket or credit r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>. Profit<span class=\"__1 _201\"/>s from unit-linked c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts pr<span class=\"__1 _201\"/>imari<span class=\"__1 _201\"/>ly ari<span class=\"__1 _201\"/>se from th<span class=\"__1 _201\"/>e excess of<span class=\"__1 _201\"/> charg<span class=\"__1 _201\"/>es to pol<span class=\"__1 _201\"/>icyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers for m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment of a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s over expe<span class=\"__1 _201\"/>nses in<span class=\"__1 _201\"/>curre<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e charge<span class=\"__1 _201\"/>s recei<span class=\"__1 _201\"/>ved are s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>ve to the movem<span class=\"__1 _201\"/>ent<span class=\"__1 _201\"/> in fun<span class=\"__1 _201\"/>ds unde<span class=\"__1 _201\"/>r mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt due to inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>mance<span class=\"__1 _201\"/>, as well as p<span class=\"__1 _201\"/>ersis<span class=\"__1 _201\"/>tenc<span class=\"__1 _201\"/>y exper<span class=\"__1 _201\"/>ien<span class=\"__1 _201\"/>ce. Th<span class=\"__1 _201\"/>e accou<span class=\"__1 _201\"/>nting imp<span class=\"__1 _201\"/>act of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>expe<span class=\"__1 _201\"/>nses in<span class=\"__1 _201\"/>curre<span class=\"__1 _201\"/>d is dep<span class=\"__1 _201\"/>ende<span class=\"__1 _201\"/>nt upo<span class=\"__1 _201\"/>n the amo<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>sation o<span class=\"__1 _201\"/>f acquis<span class=\"__1 _201\"/>ition co<span class=\"__1 _201\"/>sts in li<span class=\"__1 _201\"/>ne with th<span class=\"__1 _201\"/>e emerg<span class=\"__1 _201\"/>ence o<span class=\"__1 _201\"/>f margins (for ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) and am<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tisatio<span class=\"__1 _201\"/>n in line w<span class=\"__1 _201\"/>ith ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice prov<span class=\"__1 _201\"/>isio<span class=\"__1 _201\"/>n (<span class=\"__1 _200\"/>for the inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt comp<span class=\"__1 _201\"/>onen<span class=\"__1 _201\"/>t of investm<span class=\"__1 _201\"/>ent co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts).<span class=\"__1 _32b\"> </span>By v<span class=\"__1 _201\"/>ir<span class=\"__1 _201\"/>tue of the de<span class=\"__1 _201\"/>sign fe<span class=\"__1 _201\"/>atures of mo<span class=\"__1 _201\"/>st of the c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wh<span class=\"__1 _201\"/>ich provi<span class=\"__1 _201\"/>de low l<span class=\"__1 _201\"/>evels of mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y cover<span class=\"__1 _200\"/>, the profi<span class=\"__1 _201\"/>t is relati<span class=\"__1 _201\"/>vely<span class=\"__1 _201\"/> insensitiv<span class=\"__1 _200\"/>e t<span class=\"__1 _200\"/>o changes<span class=\"__1 _200\"/> in mortality experience. Amoun<span class=\"__1 _200\"/>ts under un<span class=\"__1 _200\"/>it<span class=\"__1 _200\"/>-lin<span class=\"__1 _200\"/>ked<span class=\"__1 _200\"/> contracts ar<span class=\"__1 _200\"/>e generally r<span class=\"__1 _200\"/>epayable<span class=\"__1 _200\"/> on demand a<span class=\"__1 _200\"/>nd<span class=\"__1 _32b\"> </span>the G<span class=\"__1 _201\"/>roup is res<span class=\"__1 _201\"/>pons<span class=\"__1 _201\"/>ible fo<span class=\"__1 _201\"/>r ensur<span class=\"__1 _201\"/>ing the<span class=\"__1 _201\"/>re is suffi<span class=\"__1 _201\"/>cient li<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y wi<span class=\"__1 _201\"/>thin the as<span class=\"__1 _201\"/>set p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio to enab<span class=\"__1 _201\"/>le liab<span class=\"__1 _201\"/>ilities to un<span class=\"__1 _201\"/>it<span class=\"__1 _200\"/>-linked<span class=\"__1 _201\"/> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers to be m<span class=\"__1 _201\"/>et as they f<span class=\"__1 _201\"/>all due.<span class=\"__1 _201\"/> In the c<span class=\"__1 _201\"/>onsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t of financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition by co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ent of bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s, th<span class=\"__1 _201\"/>e unit-linked bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s is sho<span class=\"__1 _201\"/>wn as havin<span class=\"__1 _201\"/>g no<span class=\"__1 _201\"/> contr<span class=\"__1 _201\"/>ibutio<span class=\"__1 _201\"/>n to shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 equi<span class=\"__1 _201\"/>ty. This is b<span class=\"__1 _201\"/>eca<span class=\"__1 _201\"/>use the s<span class=\"__1 _201\"/>urplu<span class=\"__1 _201\"/>s asse<span class=\"__1 _201\"/>ts of the uni<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-linked b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss have be<span class=\"__1 _201\"/>en all<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d to the<span class=\"__1 _32b\"> </span>\u201cannuit<span class=\"__1 _201\"/>y an<span class=\"__1 _201\"/>d other l<span class=\"__1 _201\"/>ong-ter<span class=\"__1 _201\"/>m busin<span class=\"__1 _201\"/>ess\u201d co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ent for p<span class=\"__1 _201\"/>resen<span class=\"__1 _201\"/>tation pu<span class=\"__1 _201\"/>rpos<span class=\"__1 _201\"/>es as they a<span class=\"__1 _201\"/>re poo<span class=\"__1 _201\"/>led wi<span class=\"__1 _201\"/>th the sur<span class=\"__1 _201\"/>plus as<span class=\"__1 _201\"/>sets of th<span class=\"__1 _201\"/>is<span class=\"__1 _32b\"> </span>busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s. D<span class=\"__1 _201\"/>espite thi<span class=\"__1 _201\"/>s prese<span class=\"__1 _201\"/>ntation<span class=\"__1 _201\"/>, share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers are exp<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>d to the ris<span class=\"__1 _201\"/>ks arisi<span class=\"__1 _201\"/>ng from un<span class=\"__1 _201\"/>it<span class=\"__1 _200\"/>-linked b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss as de<span class=\"__1 _201\"/>scri<span class=\"__1 _201\"/>bed ab<span class=\"__1 _201\"/>ove.<span class=\"__1 _201\"/> 33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>33.<span class=\"__1 _200\"/>1.3 Annuity<span class=\"__1 _200\"/> and other<span class=\"__1 _200\"/> long-term<span class=\"__1 _200\"/> business<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>backed a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y liabi<span class=\"__1 _201\"/>lities a<span class=\"__1 _201\"/>re expos<span class=\"__1 _201\"/>ed to market move<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s, but t<span class=\"__1 _201\"/>hese a<span class=\"__1 _201\"/>re close<span class=\"__1 _201\"/>ly matche<span class=\"__1 _201\"/>d with as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/> of an app<span class=\"__1 _201\"/>ropr<span class=\"__1 _201\"/>iate duratio<span class=\"__1 _201\"/>n. Th<span class=\"__1 _201\"/>e level of matchi<span class=\"__1 _201\"/>ng from yea<span class=\"__1 _201\"/>r to year can v<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y dep<span class=\"__1 _201\"/>endi<span class=\"__1 _201\"/>ng on man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent ac<span class=\"__1 _201\"/>tions a<span class=\"__1 _201\"/>nd eco<span class=\"__1 _201\"/>nomi<span class=\"__1 _201\"/>c<span class=\"__1 _32b\"> </span>fac<span class=\"__1 _201\"/>tors an<span class=\"__1 _201\"/>d therefo<span class=\"__1 _201\"/>re it is po<span class=\"__1 _201\"/>ssib<span class=\"__1 _201\"/>le for a de<span class=\"__1 _201\"/>gree of m<span class=\"__1 _201\"/>ismatchin<span class=\"__1 _201\"/>g expos<span class=\"__1 _201\"/>ure to aris<span class=\"__1 _201\"/>e. Asid<span class=\"__1 _201\"/>e from th<span class=\"__1 _201\"/>e extent of a<span class=\"__1 _201\"/>ny asset<span class=\"__1 _201\"/>/lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>durati<span class=\"__1 _201\"/>on mism<span class=\"__1 _201\"/>atch, the s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y to market ri<span class=\"__1 _201\"/>sk aris<span class=\"__1 _201\"/>ing from m<span class=\"__1 _201\"/>ovemen<span class=\"__1 _201\"/>ts in the va<span class=\"__1 _201\"/>lue of ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y liabili<span class=\"__1 _201\"/>ties net o<span class=\"__1 _201\"/>f coverin<span class=\"__1 _201\"/>g asse<span class=\"__1 _201\"/>ts is<span class=\"__1 _201\"/> broa<span class=\"__1 _201\"/>dly ne<span class=\"__1 _201\"/>utral. H<span class=\"__1 _201\"/>owever<span class=\"__1 _200\"/>, the as<span class=\"__1 _201\"/>sets he<span class=\"__1 _201\"/>ld in exces<span class=\"__1 _201\"/>s of the lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s, w<span class=\"__1 _201\"/>hich ba<span class=\"__1 _201\"/>ck the ca<span class=\"__1 _201\"/>pital re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents of th<span class=\"__1 _201\"/>e annuit<span class=\"__1 _201\"/>y bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> resul<span class=\"__1 _201\"/>t in expos<span class=\"__1 _201\"/>ure to market ris<span class=\"__1 _201\"/>k. T<span class=\"__1 _201\"/>hese a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s are prim<span class=\"__1 _201\"/>aril<span class=\"__1 _201\"/>y debt se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders are d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tly expo<span class=\"__1 _201\"/>sed to cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k (<span class=\"__1 _200\"/>ass<span class=\"__1 _201\"/>et defau<span class=\"__1 _201\"/>lt, dow<span class=\"__1 _201\"/>ngra<span class=\"__1 _201\"/>de and sp<span class=\"__1 _201\"/>read wi<span class=\"__1 _201\"/>denin<span class=\"__1 _201\"/>g) arisi<span class=\"__1 _201\"/>ng on the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s held w<span class=\"__1 _201\"/>ithin<span class=\"__1 _201\"/> the sha<span class=\"__1 _200\"/>reholder<span class=\"__1 _f_1\"/>-back<span class=\"__1 _200\"/>ed funds, and<span class=\"__1 _200\"/> the co<span class=\"__1 _200\"/>rresponding<span class=\"__1 _200\"/> impact on t<span class=\"__1 _200\"/>he measur<span class=\"__1 _200\"/>ement o<span class=\"__1 _200\"/>f the<span class=\"__1 _200\"/> liabi<span class=\"__1 _200\"/>lities. The<span class=\"__1 _200\"/> shareholder<span class=\"__1 _337\"/>-backed<span class=\"__1 _32b\"> </span>annui<span class=\"__1 _201\"/>ty re<span class=\"__1 _201\"/>sults a<span class=\"__1 _201\"/>re par<span class=\"__1 _201\"/>ticula<span class=\"__1 _201\"/>rly s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>ve to change<span class=\"__1 _201\"/>s in ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns abo<span class=\"__1 _201\"/>ut future m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y improve<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s which im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t the<span class=\"__1 _201\"/> mea<span class=\"__1 _201\"/>sureme<span class=\"__1 _201\"/>nt of the lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d also to the v<span class=\"__1 _201\"/>arian<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n actu<span class=\"__1 _201\"/>al and exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lity ex<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ience e<span class=\"__1 _201\"/>ach year. The resul<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>are als<span class=\"__1 _201\"/>o sens<span class=\"__1 _201\"/>itive to chan<span class=\"__1 _201\"/>ges in exp<span class=\"__1 _201\"/>ense l<span class=\"__1 _201\"/>evels over th<span class=\"__1 _201\"/>e long<span class=\"__1 _201\"/>er term<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Als<span class=\"__1 _201\"/>o includ<span class=\"__1 _201\"/>ed wi<span class=\"__1 _201\"/>thin this co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ent of bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s are the G<span class=\"__1 _201\"/>roup\u2019s lifetime m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tgage a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ose val<span class=\"__1 _201\"/>ue can v<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y in lin<span class=\"__1 _201\"/>e with<span class=\"__1 _201\"/> mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>et and d<span class=\"__1 _201\"/>emo<span class=\"__1 _201\"/>graphi<span class=\"__1 _201\"/>c fac<span class=\"__1 _201\"/>tors<span class=\"__1 _201\"/>. Furth<span class=\"__1 _201\"/>er deta<span class=\"__1 _201\"/>il on the va<span class=\"__1 _201\"/>luation of th<span class=\"__1 _201\"/>ese as<span class=\"__1 _201\"/>set<span class=\"__1 _201\"/>s is provid<span class=\"__1 _201\"/>ed in N<span class=\"__1 _201\"/>ote 33<span class=\"__1 _201\"/>.3<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/> The a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s of the othe<span class=\"__1 _201\"/>r long<span class=\"__1 _201\"/>-term bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s, w<span class=\"__1 _201\"/>hich in<span class=\"__1 _201\"/>clude<span class=\"__1 _201\"/>s lega<span class=\"__1 _201\"/>cy prote<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, are not s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant i<span class=\"__1 _201\"/>n the<span class=\"__1 _32b\"> </span>contex<span class=\"__1 _201\"/>t of the G<span class=\"__1 _201\"/>roup\u2019s financia<span class=\"__1 _201\"/>l ass<span class=\"__1 _201\"/>ets and li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es and th<span class=\"__1 _201\"/>erefore d<span class=\"__1 _201\"/>o not contr<span class=\"__1 _201\"/>ibute sig<span class=\"__1 _201\"/>nific<span class=\"__1 _201\"/>antly to th<span class=\"__1 _201\"/>e Group\u2019s risk ex<span class=\"__1 _201\"/>posu<span class=\"__1 _201\"/>re.<span class=\"__1 _32b\"> </span>33.<span class=\"__1 _200\"/>1.4 Other<span class=\"__1 _32b\"> </span>This i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>es the fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l asse<span class=\"__1 _201\"/>ts and li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es of the G<span class=\"__1 _201\"/>roup\u2019s asset ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>, platf<span class=\"__1 _201\"/>orm bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s and oth<span class=\"__1 _201\"/>er Gro<span class=\"__1 _201\"/>up-<span class=\"__1 _201\"/>level<span class=\"__1 _201\"/> func<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>ns, in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g, cen<span class=\"__1 _201\"/>tral and tre<span class=\"__1 _201\"/>asur<span class=\"__1 _201\"/>y op<span class=\"__1 _201\"/>erati<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup is exp<span class=\"__1 _201\"/>osed to m<span class=\"__1 _201\"/>arket and cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k in resp<span class=\"__1 _201\"/>ect o<span class=\"__1 _201\"/>f financ<span class=\"__1 _201\"/>ial ass<span class=\"__1 _201\"/>ets<span class=\"__1 _201\"/> hel<span class=\"__1 _201\"/>d by the \u201cother<span class=\"__1 _201\"/>\u201d comp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nt of busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s, alth<span class=\"__1 _201\"/>ough th<span class=\"__1 _201\"/>is direc<span class=\"__1 _201\"/>t expo<span class=\"__1 _201\"/>sure to market an<span class=\"__1 _201\"/>d credit r<span class=\"__1 _201\"/>isk is not s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant to th<span class=\"__1 _201\"/>e result<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>of the G<span class=\"__1 _201\"/>roup.<span class=\"__1 _201\"/> The o<span class=\"__1 _201\"/>ngoi<span class=\"__1 _201\"/>ng profi<span class=\"__1 _201\"/>t arisin<span class=\"__1 _201\"/>g from the a<span class=\"__1 _201\"/>sset m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss is exp<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>d to the ris<span class=\"__1 _201\"/>k that chang<span class=\"__1 _201\"/>es in mar<span class=\"__1 _201\"/>ket price<span class=\"__1 _201\"/>s, su<span class=\"__1 _201\"/>ch<span class=\"__1 _32b\"> </span>as fore<span class=\"__1 _201\"/>ign exchang<span class=\"__1 _201\"/>e rates<span class=\"__1 _201\"/>, interes<span class=\"__1 _201\"/>t rates<span class=\"__1 _201\"/>, equit<span class=\"__1 _201\"/>y pr<span class=\"__1 _201\"/>ices an<span class=\"__1 _201\"/>d prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty w<span class=\"__1 _201\"/>ill affe<span class=\"__1 _201\"/>ct in<span class=\"__1 _201\"/>come e<span class=\"__1 _201\"/>arne<span class=\"__1 _201\"/>d from inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>ac<span class=\"__1 _201\"/>tiviti<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>he pro<span class=\"__1 _201\"/>fit aris<span class=\"__1 _201\"/>ing from th<span class=\"__1 _201\"/>is busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s is also s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>ve to the level of n<span class=\"__1 _201\"/>et clie<span class=\"__1 _201\"/>nt flows an<span class=\"__1 _201\"/>d to the level of ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es.<span class=\"__1 _201\"/> 33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 IFR<span class=\"__1 _201\"/>S profi<span class=\"__1 _201\"/>t afte<span class=\"__1 _201\"/>r tax an<span class=\"__1 _201\"/>d With<span class=\"__1 _201\"/>-P<span class=\"__1 _201\"/>rofit<span class=\"__1 _201\"/>s Fund l<span class=\"__1 _201\"/>iab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y sen<span class=\"__1 _201\"/>sit<span class=\"__1 _201\"/>ivit<span class=\"__1 _201\"/>y ana<span class=\"__1 _201\"/>lysis<span class=\"__1 _32b\"> </span>33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 I<span class=\"__1 _201\"/>FRS pr<span class=\"__1 _201\"/>ofit af<span class=\"__1 _201\"/>ter tax s<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>itiv<span class=\"__1 _201\"/>ity a<span class=\"__1 _201\"/>nalys<span class=\"__1 _201\"/>is<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>ts on I<span class=\"__1 _201\"/>FRS pro<span class=\"__1 _201\"/>fit afte<span class=\"__1 _201\"/>r tax and s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 equit<span class=\"__1 _201\"/>y to the key eco<span class=\"__1 _201\"/>nomi<span class=\"__1 _201\"/>c and no<span class=\"__1 _201\"/>n-<span class=\"__1 _201\"/>econ<span class=\"__1 _201\"/>omic r<span class=\"__1 _201\"/>isks wh<span class=\"__1 _201\"/>ich may imp<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/> profi<span class=\"__1 _201\"/>t are summa<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>d bel<span class=\"__1 _201\"/>ow. These r<span class=\"__1 _201\"/>isks are d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>ibed i<span class=\"__1 _201\"/>n fur<span class=\"__1 _201\"/>ther d<span class=\"__1 _201\"/>etail thro<span class=\"__1 _201\"/>ughou<span class=\"__1 _201\"/>t this note, in<span class=\"__1 _201\"/>cludi<span class=\"__1 _201\"/>ng the dis<span class=\"__1 _201\"/>closu<span class=\"__1 _201\"/>re of<span class=\"__1 _32b\"> </span>additional mark<span class=\"__1 _200\"/>et risk sensit<span class=\"__1 _200\"/>ivities.<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _493\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Economic sensitivities<span class=\"__1 _32b\"> </span>100b<span class=\"__1 _201\"/>p increa<span class=\"__1 _201\"/>se in intere<span class=\"__1 _201\"/>st rates<span class=\"__1 _32b\"> </span>33.3.<span class=\"__1 _200\"/>1<span class=\"__1 _220\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls18_1 ws17_1\">(<span class=\"__1 _201\"/>261<span class=\"__1 _201\"/>)<span class=\"__1 _240\"> </span><span class=\"ff2_1\">(89<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span>100b<span class=\"__1 _201\"/>p dec<span class=\"__1 _201\"/>rease in inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ates<span class=\"__1 _32b\"> </span>33.3.<span class=\"__1 _200\"/>1<span class=\"__1 _223\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls15_1 ws14_1\">289<span class=\"__1 _14d_1\"> </span><span class=\"ff2_1 ls3d_1 ws3f_1\">1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>74<span class=\"__1 _32b\"> </span></span></span>10% fall i<span class=\"__1 _201\"/>n equit<span class=\"__1 _201\"/>y an<span class=\"__1 _201\"/>d prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty ma<span class=\"__1 _201\"/>rkets (<span class=\"__1 _200\"/>excludi<span class=\"__1 _201\"/>ng hed<span class=\"__1 _201\"/>ges)<span class=\"__1 _32b\"> </span>33.3.2<span class=\"__1 _252\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls17_1 ws16_1\">(7<span class=\"__1 _201\"/>8)<span class=\"__1 _253\"> </span><span class=\"ff2_1 ls46_1 ws4b_1\">(95<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>10% fall i<span class=\"__1 _201\"/>n equit<span class=\"__1 _201\"/>y an<span class=\"__1 _201\"/>d prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty ma<span class=\"__1 _201\"/>rkets<span class=\"__1 _32b\"> </span>33.3.2<span class=\"__1 _1d_1\"> </span><span class=\"ff1_1 fs3_1 fc2_1 lsb_1 ws32_1\">28<span class=\"__1 _f4_1\"> </span><span class=\"ff2_1 ls1c_1 ws43_1\">28<span class=\"__1 _32b\"> </span></span></span>5bp<span class=\"__1 _201\"/>s increas<span class=\"__1 _201\"/>e in credi<span class=\"__1 _201\"/>t defau<span class=\"__1 _201\"/>lt/downgra<span class=\"__1 _201\"/>de allo<span class=\"__1 _201\"/>wance<span class=\"__1 _32b\"> </span>33.4<span class=\"__1 _231\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _253\"> </span><span class=\"ff2_1 ls17_1 ws16_1\">(6<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span></span>Non-economic sensitivities<span class=\"__1 _32b\"> </span>1%<span class=\"__1 _200\"/> decrease in base annuitant mor<span class=\"__1 _201\"/>tality assumptions<span class=\"__1 _32b\"> </span>33.5<span class=\"__1 _231\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls56_1 ws5f_1\">(<span class=\"__1 _201\"/>22)<span class=\"__1 _c_1\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span></span>5% increas<span class=\"__1 _201\"/>e in mainte<span class=\"__1 _201\"/>nance ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>e assu<span class=\"__1 _201\"/>mptions<span class=\"__1 _32b\"> </span>33.5<span class=\"__1 _228\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>0)<span class=\"__1 _228\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(13<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span></span></span>0.<span class=\"__1 _201\"/>25% incre<span class=\"__1 _201\"/>ase in ann<span class=\"__1 _201\"/>uitant m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y improve<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>33.5<span class=\"__1 _231\"> </span><span class=\"ff1_1 fs3_1 fc2_1 ls56_1 ws5f_1\">(<span class=\"__1 _201\"/>22)<span class=\"__1 _c_1\"> </span><span class=\"ff2_1 ls57_1 ws61_1\">(4<span class=\"__1 _250\"/>6)<span class=\"__1 _32b\"> </span></span></span>The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>iviti<span class=\"__1 _201\"/>es captu<span class=\"__1 _201\"/>re the imm<span class=\"__1 _201\"/>ediate effe<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s of an event o<span class=\"__1 _201\"/>ccurr<span class=\"__1 _201\"/>ing, as o<span class=\"__1 _201\"/>ppos<span class=\"__1 _201\"/>ed to the l<span class=\"__1 _201\"/>onge<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>-ter<span class=\"__1 _201\"/>m or se<span class=\"__1 _201\"/>cond<span class=\"__1 _201\"/>-ord<span class=\"__1 _201\"/>er effe<span class=\"__1 _201\"/>ct<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>whic<span class=\"__1 _201\"/>h may impac<span class=\"__1 _201\"/>t futu<span class=\"__1 _201\"/>re profit<span class=\"__1 _201\"/>s, and d<span class=\"__1 _201\"/>o not refl<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t manag<span class=\"__1 _201\"/>ement a<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns whi<span class=\"__1 _201\"/>ch coul<span class=\"__1 _201\"/>d be taken to mitig<span class=\"__1 _201\"/>ate the impa<span class=\"__1 _201\"/>cts of th<span class=\"__1 _201\"/>ese<span class=\"__1 _201\"/> eve<span class=\"__1 _200\"/>nts oc<span class=\"__1 _200\"/>curring.<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>nterest r<span class=\"__1 _201\"/>ate stres<span class=\"__1 _201\"/>ses re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t a para<span class=\"__1 _201\"/>llel sh<span class=\"__1 _201\"/>if<span class=\"__1 _201\"/>t in the nom<span class=\"__1 _201\"/>inal rate of inte<span class=\"__1 _201\"/>rest at al<span class=\"__1 _201\"/>l duratio<span class=\"__1 _201\"/>ns. A<span class=\"__1 _201\"/>s des<span class=\"__1 _201\"/>cribe<span class=\"__1 _201\"/>d in Note 3<span class=\"__1 _201\"/>3.<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1, t<span class=\"__1 _201\"/>he<span class=\"__1 _32b\"> </span>impa<span class=\"__1 _201\"/>ct on I<span class=\"__1 _201\"/>FRS pro<span class=\"__1 _201\"/>fit af<span class=\"__1 _201\"/>ter tax pre<span class=\"__1 _201\"/>domi<span class=\"__1 _201\"/>nantly a<span class=\"__1 _201\"/>rise<span class=\"__1 _201\"/>s from as<span class=\"__1 _201\"/>sets h<span class=\"__1 _201\"/>eld in exces<span class=\"__1 _201\"/>s of the lia<span class=\"__1 _201\"/>biliti<span class=\"__1 _201\"/>es.<span class=\"__1 _32b\"> </span>The e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y and p<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y se<span class=\"__1 _201\"/>nsitiv<span class=\"__1 _201\"/>ities a<span class=\"__1 _201\"/>re prese<span class=\"__1 _201\"/>nted both excl<span class=\"__1 _201\"/>uding an<span class=\"__1 _201\"/>d inclu<span class=\"__1 _201\"/>ding th<span class=\"__1 _201\"/>e equit<span class=\"__1 _201\"/>y he<span class=\"__1 _201\"/>dge<span class=\"__1 _201\"/>s relating to fu<span class=\"__1 _201\"/>ture share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>trans<span class=\"__1 _201\"/>fers<span class=\"__1 _201\"/>. As th<span class=\"__1 _201\"/>e major<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y of the he<span class=\"__1 _201\"/>dges a<span class=\"__1 _201\"/>re in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r trans<span class=\"__1 _201\"/>fers ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to ari<span class=\"__1 _201\"/>se in future ye<span class=\"__1 _201\"/>ars<span class=\"__1 _201\"/>, which d<span class=\"__1 _201\"/>o not<span class=\"__1 _201\"/> impa<span class=\"__1 _201\"/>ct IF<span class=\"__1 _201\"/>RS profi<span class=\"__1 _201\"/>t afte<span class=\"__1 _201\"/>r tax until th<span class=\"__1 _201\"/>ese em<span class=\"__1 _201\"/>erge, th<span class=\"__1 _201\"/>e fair v<span class=\"__1 _201\"/>alue move<span class=\"__1 _201\"/>ment in th<span class=\"__1 _201\"/>ese h<span class=\"__1 _201\"/>edge<span class=\"__1 _201\"/>s creates a tem<span class=\"__1 _201\"/>pora<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y mismatch w<span class=\"__1 _201\"/>ithin<span class=\"__1 _201\"/> IFR<span class=\"__1 _201\"/>S profit af<span class=\"__1 _201\"/>ter ta<span class=\"__1 _201\"/>x. For th<span class=\"__1 _201\"/>is reaso<span class=\"__1 _201\"/>n the pres<span class=\"__1 _201\"/>entatio<span class=\"__1 _201\"/>n of this se<span class=\"__1 _201\"/>nsitiv<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, excluding th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of the<span class=\"__1 _201\"/>se he<span class=\"__1 _201\"/>dges<span class=\"__1 _201\"/>, give<span class=\"__1 _201\"/>s the mo<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/> appro<span class=\"__1 _201\"/>priate re<span class=\"__1 _201\"/>prese<span class=\"__1 _201\"/>ntation of th<span class=\"__1 _201\"/>e Group\u2019s expos<span class=\"__1 _201\"/>ure to equi<span class=\"__1 _201\"/>ty an<span class=\"__1 _201\"/>d prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>redit de<span class=\"__1 _201\"/>fault<span class=\"__1 _201\"/>/<span class=\"__1 _200\"/>downg<span class=\"__1 _201\"/>rade s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y repre<span class=\"__1 _201\"/>sents a 5<span class=\"__1 _201\"/>bp incre<span class=\"__1 _201\"/>ase in th<span class=\"__1 _201\"/>e assum<span class=\"__1 _201\"/>ed leve<span class=\"__1 _201\"/>l of defa<span class=\"__1 _201\"/>ults an<span class=\"__1 _201\"/>d downg<span class=\"__1 _201\"/>rade<span class=\"__1 _201\"/>s allowe<span class=\"__1 _201\"/>d for<span class=\"__1 _201\"/> withi<span class=\"__1 _201\"/>n the valu<span class=\"__1 _201\"/>ation intere<span class=\"__1 _201\"/>st rate wh<span class=\"__1 _201\"/>en valu<span class=\"__1 _201\"/>ing po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s in resp<span class=\"__1 _201\"/>ect of n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>profit a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>nnuitan<span class=\"__1 _201\"/>t mor<span class=\"__1 _201\"/>tali<span class=\"__1 _201\"/>ty s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y is a 1% reduc<span class=\"__1 _201\"/>tion in th<span class=\"__1 _201\"/>e mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity r<span class=\"__1 _201\"/>ates for imm<span class=\"__1 _201\"/>ediate an<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red ann<span class=\"__1 _201\"/>uitants w<span class=\"__1 _201\"/>ith no cha<span class=\"__1 _201\"/>nge<span class=\"__1 _201\"/> to mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity im<span class=\"__1 _201\"/>proveme<span class=\"__1 _201\"/>nt rates<span class=\"__1 _201\"/>, for the G<span class=\"__1 _201\"/>roup\u2019s non-<span class=\"__1 _201\"/>profit a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he 0.<span class=\"__1 _201\"/>25% per a<span class=\"__1 _201\"/>nnum mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y improve<span class=\"__1 _201\"/>ments<span class=\"__1 _201\"/> sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ity in<span class=\"__1 _201\"/>creas<span class=\"__1 _201\"/>es the rate at wh<span class=\"__1 _201\"/>ich mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y rates are exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to dec<span class=\"__1 _201\"/>line relati<span class=\"__1 _201\"/>ve to the be<span class=\"__1 _201\"/>st es<span class=\"__1 _201\"/>timate as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>n.<span class=\"__1 _201\"/> The m<span class=\"__1 _201\"/>aintenan<span class=\"__1 _201\"/>ce expe<span class=\"__1 _201\"/>nse se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y is a 5% increas<span class=\"__1 _201\"/>e in future m<span class=\"__1 _201\"/>aintenan<span class=\"__1 _201\"/>ce expe<span class=\"__1 _201\"/>nse as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons acros<span class=\"__1 _201\"/>s all lin<span class=\"__1 _201\"/>es of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The c<span class=\"__1 _201\"/>redit de<span class=\"__1 _201\"/>fault<span class=\"__1 _201\"/>/<span class=\"__1 _200\"/>downg<span class=\"__1 _201\"/>rade al<span class=\"__1 _201\"/>lowanc<span class=\"__1 _201\"/>e, annui<span class=\"__1 _201\"/>tant mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y and mai<span class=\"__1 _201\"/>ntenanc<span class=\"__1 _201\"/>e expens<span class=\"__1 _201\"/>e sens<span class=\"__1 _201\"/>itivi<span class=\"__1 _201\"/>ties sh<span class=\"__1 _201\"/>ow the imp<span class=\"__1 _201\"/>act o<span class=\"__1 _201\"/>n IFRS<span class=\"__1 _201\"/> profi<span class=\"__1 _201\"/>t after t<span class=\"__1 _201\"/>ax of chan<span class=\"__1 _201\"/>ges in th<span class=\"__1 _201\"/>e Group\u2019s key estimate<span class=\"__1 _201\"/>s and as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns whe<span class=\"__1 _201\"/>n valuin<span class=\"__1 _201\"/>g poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r liabil<span class=\"__1 _201\"/>ities as d<span class=\"__1 _201\"/>escr<span class=\"__1 _201\"/>ibed i<span class=\"__1 _201\"/>n Note<span class=\"__1 _32b\"> </span>1.4 a<span class=\"__1 _201\"/>nd Note 26<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1. T<span class=\"__1 _201\"/>he imp<span class=\"__1 _201\"/>act of t<span class=\"__1 _201\"/>his sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ity o<span class=\"__1 _201\"/>n IFRS p<span class=\"__1 _201\"/>rofit af<span class=\"__1 _201\"/>ter tax is d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tly throu<span class=\"__1 _201\"/>gh a chan<span class=\"__1 _201\"/>ge in the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es.<span class=\"__1 _201\"/> 33.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.2 With-<span class=\"__1 _201\"/>Profits F<span class=\"__1 _200\"/>und liability sensitivity analysis<span class=\"__1 _32b\"> </span>For bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s wri<span class=\"__1 _201\"/>tten in th<span class=\"__1 _201\"/>e Group\u2019s With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund, th<span class=\"__1 _201\"/>e chang<span class=\"__1 _201\"/>e in the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s is direc<span class=\"__1 _201\"/>tly o<span class=\"__1 _201\"/>ffset by a<span class=\"__1 _201\"/> cor<span class=\"__1 _201\"/>respo<span class=\"__1 _201\"/>nding c<span class=\"__1 _201\"/>hange i<span class=\"__1 _201\"/>n unallo<span class=\"__1 _201\"/>cated s<span class=\"__1 _201\"/>urpl<span class=\"__1 _201\"/>us of the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund an<span class=\"__1 _201\"/>d theref<span class=\"__1 _201\"/>ore has no i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t on IFR<span class=\"__1 _201\"/>S profit af<span class=\"__1 _201\"/>ter ta<span class=\"__1 _201\"/>x.<span class=\"__1 _32b\"> </span>Pers<span class=\"__1 _201\"/>isten<span class=\"__1 _201\"/>cy as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons and m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y as<span class=\"__1 _201\"/>sumptio<span class=\"__1 _201\"/>ns in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of the an<span class=\"__1 _201\"/>nuities i<span class=\"__1 _201\"/>n the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits fun<span class=\"__1 _201\"/>d are key judge<span class=\"__1 _201\"/>ments i<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>deter<span class=\"__1 _201\"/>mining th<span class=\"__1 _201\"/>e With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y valuati<span class=\"__1 _201\"/>ons but h<span class=\"__1 _201\"/>ave no impa<span class=\"__1 _201\"/>ct on I<span class=\"__1 _201\"/>FRS pro<span class=\"__1 _201\"/>fit af<span class=\"__1 _201\"/>ter tax<span class=\"__1 _201\"/>. The im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t from<span class=\"__1 _201\"/> thos<span class=\"__1 _201\"/>e sens<span class=\"__1 _201\"/>itiviti<span class=\"__1 _201\"/>es on th<span class=\"__1 _201\"/>e polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r liabili<span class=\"__1 _201\"/>ties wit<span class=\"__1 _201\"/>hin the Wit<span class=\"__1 _201\"/>h-P<span class=\"__1 _201\"/>rofits Fund a<span class=\"__1 _201\"/>re shown in t<span class=\"__1 _201\"/>he tabl<span class=\"__1 _201\"/>e belo<span class=\"__1 _201\"/>w:<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _493\"> </span><span class=\"ls2_1 ws2_1\">Note<span class=\"__1 _32b\"> </span></span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Non-economic sensitivities<span class=\"__1 _32b\"> </span>10% incre<span class=\"__1 _201\"/>ase in p<span class=\"__1 _201\"/>ersis<span class=\"__1 _201\"/>tenc<span class=\"__1 _201\"/>y assu<span class=\"__1 _201\"/>mptions<span class=\"__1 _494\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">84<span class=\"__1 _345\"> </span></span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>3)<span class=\"__1 _32b\"> </span></span>10% de<span class=\"__1 _201\"/>crease in p<span class=\"__1 _201\"/>ersi<span class=\"__1 _201\"/>stenc<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>umptio<span class=\"__1 _201\"/>ns<span class=\"__1 _495\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(5<span class=\"__1 _201\"/>8)<span class=\"__1 _226\"> </span></span><span class=\"ls1c_1 ws43_1\">57<span class=\"__1 _32b\"> </span></span>1% decreas<span class=\"__1 _201\"/>e in bas<span class=\"__1 _201\"/>e mor<span class=\"__1 _201\"/>tali<span class=\"__1 _201\"/>ty as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons<span class=\"__1 _7c_1\"> </span><span class=\"ff1_1 ls77_1 ws8c_1\">42<span class=\"__1 _219\"> </span></span><span class=\"ls5_1\">64<span class=\"__1 _32b\"> </span></span>0.<span class=\"__1 _201\"/>25% incre<span class=\"__1 _201\"/>ase in mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y improve<span class=\"__1 _201\"/>ments<span class=\"__1 _395\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">38<span class=\"__1 _253\"> </span></span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _32b\"> </span></span>A redu<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n in laps<span class=\"__1 _201\"/>e rates incre<span class=\"__1 _201\"/>ases th<span class=\"__1 _201\"/>e liabi<span class=\"__1 _201\"/>lity f<span class=\"__1 _201\"/>or tradi<span class=\"__1 _201\"/>tional w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s produ<span class=\"__1 _201\"/>cts as a re<span class=\"__1 _201\"/>sult of th<span class=\"__1 _201\"/>e asso<span class=\"__1 _201\"/>ciated hi<span class=\"__1 _201\"/>gh cos<span class=\"__1 _201\"/>t of<span class=\"__1 _32b\"> </span>guar<span class=\"__1 _201\"/>antees<span class=\"__1 _201\"/>, but re<span class=\"__1 _201\"/>duce<span class=\"__1 _201\"/>s the liab<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y for Pr<span class=\"__1 _201\"/>uFund prod<span class=\"__1 _201\"/>uct<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>whi<span class=\"__1 _201\"/>ch have a low cos<span class=\"__1 _201\"/>t of guar<span class=\"__1 _201\"/>antees) by redu<span class=\"__1 _201\"/>cing char<span class=\"__1 _201\"/>ge inco<span class=\"__1 _201\"/>me<span class=\"__1 _32b\"> </span>rece<span class=\"__1 _201\"/>ived<span class=\"__1 _201\"/>. Duri<span class=\"__1 _201\"/>ng the yea<span class=\"__1 _201\"/>r ende<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021, th<span class=\"__1 _201\"/>e increa<span class=\"__1 _201\"/>se in the co<span class=\"__1 _201\"/>st of gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>s on tradi<span class=\"__1 _201\"/>tional w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s produ<span class=\"__1 _201\"/>cts<span class=\"__1 _201\"/> out<span class=\"__1 _201\"/>weigh<span class=\"__1 _201\"/>ed the i<span class=\"__1 _201\"/>ncreas<span class=\"__1 _201\"/>e in charg<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e recei<span class=\"__1 _201\"/>ved on P<span class=\"__1 _201\"/>ruFund p<span class=\"__1 _201\"/>roduc<span class=\"__1 _201\"/>ts fol<span class=\"__1 _201\"/>lowin<span class=\"__1 _201\"/>g a decre<span class=\"__1 _201\"/>ase in lap<span class=\"__1 _201\"/>se rates<span class=\"__1 _201\"/>, resul<span class=\"__1 _201\"/>ting in a net<span class=\"__1 _201\"/> incre<span class=\"__1 _201\"/>ase in lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. Howeve<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, th<span class=\"__1 _201\"/>e cost of g<span class=\"__1 _201\"/>uarante<span class=\"__1 _201\"/>es is se<span class=\"__1 _201\"/>nsitive to in<span class=\"__1 _201\"/>terest r<span class=\"__1 _201\"/>ates, an<span class=\"__1 _201\"/>d follo<span class=\"__1 _201\"/>wing the l<span class=\"__1 _201\"/>arge in<span class=\"__1 _201\"/>crease in i<span class=\"__1 _201\"/>nterest<span class=\"__1 _201\"/> rates du<span class=\"__1 _201\"/>ring th<span class=\"__1 _201\"/>e year end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>, the incre<span class=\"__1 _201\"/>ase in the c<span class=\"__1 _201\"/>ost of gu<span class=\"__1 _201\"/>arante<span class=\"__1 _201\"/>es foll<span class=\"__1 _201\"/>owing a re<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tion in la<span class=\"__1 _201\"/>pse rates i<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>out<span class=\"__1 _201\"/>weigh<span class=\"__1 _201\"/>ed by the i<span class=\"__1 _201\"/>ncreas<span class=\"__1 _201\"/>e in charg<span class=\"__1 _201\"/>e incom<span class=\"__1 _201\"/>e recei<span class=\"__1 _201\"/>ved on P<span class=\"__1 _201\"/>ruFund p<span class=\"__1 _201\"/>roduc<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>33<span class=\"__1 _201\"/>.3 M<span class=\"__1 _201\"/>arket ri<span class=\"__1 _201\"/>sk<span class=\"__1 _32b\"> </span>Mar<span class=\"__1 _201\"/>ket risk is the r<span class=\"__1 _201\"/>isk of lo<span class=\"__1 _201\"/>ss or a<span class=\"__1 _201\"/>dvers<span class=\"__1 _201\"/>e chang<span class=\"__1 _201\"/>e in the fina<span class=\"__1 _201\"/>ncial s<span class=\"__1 _201\"/>ituation of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s busin<span class=\"__1 _201\"/>ess o<span class=\"__1 _201\"/>r that of the G<span class=\"__1 _201\"/>roup\u2019s clients<span class=\"__1 _201\"/> resul<span class=\"__1 _201\"/>ting, di<span class=\"__1 _201\"/>rec<span class=\"__1 _201\"/>tly or in<span class=\"__1 _201\"/>direc<span class=\"__1 _201\"/>tly, from fluc<span class=\"__1 _201\"/>tuation<span class=\"__1 _201\"/>s in the leve<span class=\"__1 _201\"/>l or volatil<span class=\"__1 _201\"/>ity of m<span class=\"__1 _201\"/>arket pri<span class=\"__1 _201\"/>ces of as<span class=\"__1 _201\"/>sets an<span class=\"__1 _201\"/>d liabil<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Mar<span class=\"__1 _201\"/>ket risk com<span class=\"__1 _201\"/>pris<span class=\"__1 _201\"/>es six t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>es of ris<span class=\"__1 _201\"/>k, na<span class=\"__1 _201\"/>mely<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Interes<span class=\"__1 _201\"/>t rate ris<span class=\"__1 _201\"/>k: flu<span class=\"__1 _201\"/>ctuati<span class=\"__1 _201\"/>ons in the l<span class=\"__1 _201\"/>evel and vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y of intere<span class=\"__1 _201\"/>st rates o<span class=\"__1 _201\"/>r the shap<span class=\"__1 _201\"/>e or cur<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ature of the yi<span class=\"__1 _201\"/>eld cur<span class=\"__1 _201\"/>ve o<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span></span>spread rel<span class=\"__1 _200\"/>ationships<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Infl<span class=\"__1 _201\"/>ation ris<span class=\"__1 _201\"/>k: flu<span class=\"__1 _201\"/>ctuati<span class=\"__1 _201\"/>ons in ac<span class=\"__1 _201\"/>tual or i<span class=\"__1 _201\"/>mplie<span class=\"__1 _201\"/>d inflati<span class=\"__1 _201\"/>on rates<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Equit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k: flu<span class=\"__1 _201\"/>ctuatio<span class=\"__1 _201\"/>ns in the l<span class=\"__1 _201\"/>evel or vol<span class=\"__1 _201\"/>atilit<span class=\"__1 _201\"/>y of equi<span class=\"__1 _201\"/>ty inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>: fluc<span class=\"__1 _201\"/>tuations i<span class=\"__1 _201\"/>n the level o<span class=\"__1 _201\"/>r volatilit<span class=\"__1 _201\"/>y of pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Curre<span class=\"__1 _201\"/>ncy r<span class=\"__1 _201\"/>isk: fl<span class=\"__1 _201\"/>uctu<span class=\"__1 _201\"/>ations<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding tr<span class=\"__1 _201\"/>anslati<span class=\"__1 _201\"/>on risk<span class=\"__1 _201\"/>, in the l<span class=\"__1 _201\"/>evel or vol<span class=\"__1 _201\"/>atilit<span class=\"__1 _201\"/>y of curren<span class=\"__1 _201\"/>cy exp<span class=\"__1 _201\"/>osure<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Alter<span class=\"__1 _201\"/>native inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts ris<span class=\"__1 _201\"/>k: fluc<span class=\"__1 _201\"/>tuatio<span class=\"__1 _201\"/>ns in the l<span class=\"__1 _201\"/>evel or volati<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y of altern<span class=\"__1 _201\"/>ative inves<span class=\"__1 _201\"/>tment exp<span class=\"__1 _201\"/>osure<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>other tha<span class=\"__1 _201\"/>n those<span class=\"__1 _201\"/> </span>detai<span class=\"__1 _201\"/>led ab<span class=\"__1 _201\"/>ove<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>The p<span class=\"__1 _201\"/>rimar<span class=\"__1 _250\"/>y market ris<span class=\"__1 _201\"/>ks that the G<span class=\"__1 _201\"/>roup fa<span class=\"__1 _201\"/>ces are e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k, pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y risk a<span class=\"__1 _201\"/>nd interes<span class=\"__1 _201\"/>t rate ris<span class=\"__1 _201\"/>k. Mo<span class=\"__1 _201\"/>st as<span class=\"__1 _201\"/>sets th<span class=\"__1 _201\"/>e Group h<span class=\"__1 _201\"/>olds<span class=\"__1 _201\"/> are inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s that are eith<span class=\"__1 _201\"/>er eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y or prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty-t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>e inves<span class=\"__1 _201\"/>tments a<span class=\"__1 _201\"/>nd sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to equit<span class=\"__1 _201\"/>y or p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y pr<span class=\"__1 _201\"/>ice ris<span class=\"__1 _201\"/>k, or b<span class=\"__1 _201\"/>onds<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> mor<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ges an<span class=\"__1 _201\"/>d cash d<span class=\"__1 _201\"/>epos<span class=\"__1 _201\"/>its<span class=\"__1 _201\"/>, the valu<span class=\"__1 _201\"/>es of whi<span class=\"__1 _201\"/>ch are subj<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t to interest r<span class=\"__1 _201\"/>ate risk<span class=\"__1 _201\"/>. Alter<span class=\"__1 _201\"/>native inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts may exhib<span class=\"__1 _201\"/>it some o<span class=\"__1 _201\"/>r all<span class=\"__1 _201\"/> of thes<span class=\"__1 _201\"/>e risk<span class=\"__1 _201\"/>s depe<span class=\"__1 _201\"/>nding o<span class=\"__1 _201\"/>n the t<span class=\"__1 _201\"/>ype of i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent. Th<span class=\"__1 _201\"/>e amou<span class=\"__1 _201\"/>nt of risk b<span class=\"__1 _201\"/>orn<span class=\"__1 _201\"/>e by the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers de<span class=\"__1 _201\"/>pen<span class=\"__1 _201\"/>ds on the ex<span class=\"__1 _201\"/>tent<span class=\"__1 _201\"/> to which i<span class=\"__1 _201\"/>ts clie<span class=\"__1 _201\"/>nts share t<span class=\"__1 _201\"/>he inves<span class=\"__1 _201\"/>tment r<span class=\"__1 _201\"/>isk throu<span class=\"__1 _201\"/>gh the s<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>ture of the G<span class=\"__1 _201\"/>roup\u2019s produc<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>. In par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ular<span class=\"__1 _200\"/>, the share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er is on<span class=\"__1 _201\"/>ly<span class=\"__1 _32b\"> </span>direc<span class=\"__1 _201\"/>tly ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to market ris<span class=\"__1 _201\"/>k on the as<span class=\"__1 _201\"/>sets h<span class=\"__1 _201\"/>eld wi<span class=\"__1 _201\"/>thin the \u201cann<span class=\"__1 _201\"/>uities a<span class=\"__1 _201\"/>nd other l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>-term bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s\u201d and \u201cother<span class=\"__1 _201\"/>\u201d comp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nts of<span class=\"__1 _32b\"> </span>busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s, wh<span class=\"__1 _201\"/>ich are pre<span class=\"__1 _201\"/>domi<span class=\"__1 _201\"/>nantly d<span class=\"__1 _201\"/>ebt se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s and inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ties in re<span class=\"__1 _201\"/>spec<span class=\"__1 _201\"/>t of the a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y fun<span class=\"__1 _201\"/>ds.<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>plit of th<span class=\"__1 _201\"/>e Group\u2019s invest<span class=\"__1 _201\"/>ments b<span class=\"__1 _201\"/>etw<span class=\"__1 _201\"/>een e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y inves<span class=\"__1 _201\"/>tments a<span class=\"__1 _201\"/>nd interes<span class=\"__1 _201\"/>t<span class=\"__1 _200\"/>-se<span class=\"__1 _201\"/>nsitive in<span class=\"__1 _201\"/>stru<span class=\"__1 _201\"/>ments d<span class=\"__1 _201\"/>epe<span class=\"__1 _201\"/>nds pr<span class=\"__1 _201\"/>incipa<span class=\"__1 _201\"/>lly on th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>t<span class=\"__1 _201\"/>ype of li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ted by tho<span class=\"__1 _201\"/>se inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s and the am<span class=\"__1 _201\"/>ount of c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l the Gro<span class=\"__1 _201\"/>up has avail<span class=\"__1 _201\"/>able. T<span class=\"__1 _201\"/>his mix of l<span class=\"__1 _201\"/>iabili<span class=\"__1 _201\"/>ties all<span class=\"__1 _201\"/>ows<span class=\"__1 _32b\"> </span>the G<span class=\"__1 _201\"/>roup to inves<span class=\"__1 _201\"/>t a subs<span class=\"__1 _201\"/>tantial p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tion of it<span class=\"__1 _201\"/>s investm<span class=\"__1 _201\"/>ent fun<span class=\"__1 _201\"/>ds in eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y and pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y invest<span class=\"__1 _201\"/>ments th<span class=\"__1 _201\"/>at the Gro<span class=\"__1 _201\"/>up beli<span class=\"__1 _201\"/>eves<span class=\"__1 _201\"/> prod<span class=\"__1 _201\"/>uce greate<span class=\"__1 _201\"/>r returns over th<span class=\"__1 _201\"/>e lon<span class=\"__1 _201\"/>g-term<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Mar<span class=\"__1 _201\"/>ket risk is man<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>d through a ro<span class=\"__1 _201\"/>bust m<span class=\"__1 _201\"/>arket ris<span class=\"__1 _201\"/>k framew<span class=\"__1 _201\"/>ork wh<span class=\"__1 _201\"/>ich incl<span class=\"__1 _201\"/>udes<span class=\"__1 _201\"/>: poli<span class=\"__1 _201\"/>cies<span class=\"__1 _201\"/>, risk a<span class=\"__1 _201\"/>ppetite s<span class=\"__1 _201\"/>tatement<span class=\"__1 _201\"/>s and ri<span class=\"__1 _201\"/>sk limit<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>and tr<span class=\"__1 _201\"/>igge<span class=\"__1 _201\"/>rs cover<span class=\"__1 _201\"/>ing key market ris<span class=\"__1 _201\"/>k exposu<span class=\"__1 _201\"/>res; as<span class=\"__1 _201\"/>set and l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>y ma<span class=\"__1 _201\"/>nagem<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>gramm<span class=\"__1 _201\"/>es; a qu<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y of cap<span class=\"__1 _201\"/>ital fra<span class=\"__1 _201\"/>mewor<span class=\"__1 _201\"/>k;<span class=\"__1 _32b\"> </span>str<span class=\"__1 _201\"/>ategic as<span class=\"__1 _201\"/>set all<span class=\"__1 _201\"/>ocati<span class=\"__1 _201\"/>ons; inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt and he<span class=\"__1 _201\"/>dgin<span class=\"__1 _201\"/>g strateg<span class=\"__1 _201\"/>ies; an<span class=\"__1 _201\"/>d inves<span class=\"__1 _201\"/>tment co<span class=\"__1 _201\"/>nstr<span class=\"__1 _201\"/>aints<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _32b\"> </span>33<span class=\"__1 _201\"/>.3<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1 Intere<span class=\"__1 _201\"/>st rate r<span class=\"__1 _201\"/>isk a<span class=\"__1 _201\"/>nd infl<span class=\"__1 _201\"/>atio<span class=\"__1 _201\"/>n ris<span class=\"__1 _201\"/>k<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>ajor<span class=\"__1 _201\"/>ity of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s interes<span class=\"__1 _201\"/>t rate expos<span class=\"__1 _201\"/>ure aris<span class=\"__1 _201\"/>es from s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>backed ann<span class=\"__1 _201\"/>uities<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e liabil<span class=\"__1 _201\"/>ities are exp<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>d to<span class=\"__1 _32b\"> </span>interes<span class=\"__1 _201\"/>t rate movem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, but th<span class=\"__1 _201\"/>ese are cl<span class=\"__1 _201\"/>osel<span class=\"__1 _201\"/>y matche<span class=\"__1 _201\"/>d with as<span class=\"__1 _201\"/>sets of an a<span class=\"__1 _201\"/>pprop<span class=\"__1 _201\"/>riate durati<span class=\"__1 _201\"/>on. T<span class=\"__1 _201\"/>he matchin<span class=\"__1 _201\"/>g of ass<span class=\"__1 _201\"/>ets of<span class=\"__1 _201\"/> appro<span class=\"__1 _201\"/>priate du<span class=\"__1 _201\"/>ration to th<span class=\"__1 _201\"/>e annuit<span class=\"__1 _201\"/>y liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s is base<span class=\"__1 _201\"/>d on man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent of reg<span class=\"__1 _201\"/>ulator<span class=\"__1 _201\"/>y c<span class=\"__1 _201\"/>apital re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ting re<span class=\"__1 _201\"/>quirem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e asset<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>hel<span class=\"__1 _201\"/>d in excess o<span class=\"__1 _201\"/>f the liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch back th<span class=\"__1 _201\"/>e capi<span class=\"__1 _201\"/>tal requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts of the an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, resu<span class=\"__1 _201\"/>lt in an exp<span class=\"__1 _201\"/>osure to intere<span class=\"__1 _201\"/>st<span class=\"__1 _32b\"> </span>rate ris<span class=\"__1 _201\"/>k.<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s for the w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits a<span class=\"__1 _201\"/>nd unit-linked co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ents of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss are se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>ve to interest r<span class=\"__1 _201\"/>ates, b<span class=\"__1 _201\"/>ut the<span class=\"__1 _201\"/> share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er is not d<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tly exp<span class=\"__1 _201\"/>osed to ch<span class=\"__1 _201\"/>anges i<span class=\"__1 _201\"/>n the valu<span class=\"__1 _201\"/>e of thes<span class=\"__1 _201\"/>e ass<span class=\"__1 _201\"/>ets and li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>he sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der is in<span class=\"__1 _201\"/>direc<span class=\"__1 _201\"/>tly exp<span class=\"__1 _201\"/>ose<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>to interes<span class=\"__1 _201\"/>t rate risk t<span class=\"__1 _201\"/>hrough th<span class=\"__1 _201\"/>e value of f<span class=\"__1 _201\"/>uture sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der tra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs from wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss and c<span class=\"__1 _201\"/>harge<span class=\"__1 _201\"/>s levie<span class=\"__1 _201\"/>d on unit-linke<span class=\"__1 _32b\"> </span>d<span class=\"__1 _201\"/> and asset manageme<span class=\"__1 _201\"/>nt business.<span class=\"__1 _32b\"> </span>The e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated sens<span class=\"__1 _201\"/>itivi<span class=\"__1 _201\"/>ty of p<span class=\"__1 _201\"/>rofit to a movem<span class=\"__1 _201\"/>ent in inte<span class=\"__1 _201\"/>rest rate<span class=\"__1 _201\"/>s downwa<span class=\"__1 _201\"/>rds of 1% and upwards of 1% and 2<span class=\"__1 _201\"/>% is noted in t<span class=\"__1 _201\"/>he<span class=\"__1 _32b\"> </span>tables below: <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Decre<span class=\"__1 _200\"/>ase <span class=\"__1 _f_1\"/> of<span class=\"__1 _201\"/> 1%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Increa<span class=\"__1 _201\"/>se <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>of<span class=\"__1 _201\"/> 1%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Increa<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>e <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>of 2<span class=\"__1 _32b\"> </span>%<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3<span class=\"__1 _32b\"> </span>m<span class=\"__1 _32b\"> </span>Car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying v<span class=\"__1 _201\"/>alue of d<span class=\"__1 _201\"/>ebt se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s and de<span class=\"__1 _201\"/>rivati<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/> <span class=\"__1 _496\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">1,4<span class=\"__1 _201\"/>08<span class=\"__1 _286\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4)<span class=\"__1 _290\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span><span class=\"ff1_1 lsd_1 wsb_1\"><span class=\"ls1d_1 ws1c_1\"><span class=\"ls3c_1 ws3d_1\">)<span class=\"__1 _32b\"> </span></span></span></span>Policy<span class=\"__1 _201\"/>holder liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _497\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _220\"> </span><span class=\"ls15_1 ws14_1\">886<span class=\"__1 _204\"> </span><span class=\"ls19_1 ws18_1\">1,65<span class=\"__1 _32b\"> </span></span></span></span><span class=\"ff1_1 ls1d_1 ws1c_1\"><span class=\"ls15_1 ws14_1\"><span class=\"ls19_1 ws18_1\">8<span class=\"__1 _32b\"> </span></span></span></span>Relate<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red tax e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/> <span class=\"__1 _fd_1\"> </span><span class=\"ff1_1 ls52_1 ws5a_1\">(9<span class=\"__1 _201\"/>6)<span class=\"__1 _e_1\"> </span><span class=\"ls15_1 ws14_1\">87<span class=\"__1 _253\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _32b\"> </span></span></span></span><span class=\"ff1_1 ls52_1 ws5a_1\"><span class=\"ls15_1 ws14_1\"><span class=\"ls38_1 ws38_1\">8<span class=\"__1 _32b\"> </span></span></span></span>Net s<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>itiv<span class=\"__1 _201\"/>ity of p<span class=\"__1 _201\"/>rofit a<span class=\"__1 _201\"/>fter ta<span class=\"__1 _201\"/>x and s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y <span class=\"__1 _c8_1\"> </span><span class=\"ls15_1 ws14_1\">289<span class=\"__1 _212\"> </span><span class=\"ls18_1 ws17_1\">(<span class=\"__1 _201\"/>261)<span class=\"__1 _208\"> </span>(5<span class=\"__1 _201\"/>03<span class=\"__1 _201\"/>)</span></span> <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Decre<span class=\"__1 _200\"/>ase <span class=\"__1 _f_1\"/> of<span class=\"__1 _201\"/> 1%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Increa<span class=\"__1 _201\"/>se <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>of<span class=\"__1 _201\"/> 1%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Increa<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>e <span class=\"__1 _200\"/><span class=\"ls5_1 ws1_1\"> </span>of 2<span class=\"__1 _32b\"> </span>%<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3<span class=\"__1 _32b\"> </span>m<span class=\"__1 _32b\"> </span>Car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ying v<span class=\"__1 _201\"/>alue of d<span class=\"__1 _201\"/>ebt se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s and de<span class=\"__1 _201\"/>rivati<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/> <span class=\"__1 _365\"> </span><span class=\"ls2a_1 ws2a_1\">3,<span class=\"__1 _201\"/>319<span class=\"__1 _243\"> </span><span class=\"ls8_1 ws6_1\">(2<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>3)<span class=\"__1 _210\"> </span><span class=\"ls43_1 ws47_1\">(<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>9<span class=\"__1 _32b\"> </span></span></span></span><span class=\"ls2a_1 ws2a_1\"><span class=\"ls8_1 ws6_1\"><span class=\"ls43_1 ws47_1\">)<span class=\"__1 _32b\"> </span></span></span></span>Policy<span class=\"__1 _201\"/>holder liabilitie<span class=\"__1 _201\"/>s<span class=\"__1 _11b_1\"> </span><span class=\"lsa_1 ws8_1\">(1,<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _243\"> </span><span class=\"lsc_1 wsa_1\">1,58<span class=\"__1 _201\"/>6<span class=\"__1 _4a_1\"> </span>2<span class=\"__1 _201\"/>,93<span class=\"__1 _32b\"> </span></span></span><span class=\"lsa_1 ws8_1\"><span class=\"lsc_1 wsa_1\">1<span class=\"__1 _32b\"> </span></span></span>Relate<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red tax e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/> <span class=\"__1 _454\"> </span><span class=\"ls1f_1 ws1e_1\">(<span class=\"__1 _f_1\"/>358)<span class=\"__1 _6b_1\"> </span><span class=\"ls7_1 ws5_1\">297<span class=\"__1 _2c_1\"> </span><span class=\"ls1c_1 ws43_1\">55<span class=\"__1 _32b\"> </span></span></span></span><span class=\"ls1f_1 ws1e_1\"><span class=\"ls7_1 ws5_1\"><span class=\"ls1c_1 ws43_1\">7<span class=\"__1 _32b\"> </span></span></span></span>Net s<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>itiv<span class=\"__1 _201\"/>ity of p<span class=\"__1 _201\"/>rofit a<span class=\"__1 _201\"/>fter ta<span class=\"__1 _201\"/>x and s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y <span class=\"__1 _498\"> </span><span class=\"ff2_1 ls3d_1 ws3f_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>74<span class=\"__1 _272\"> </span><span class=\"ls18_1 ws17_1\">(8<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>0)<span class=\"__1 _242\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span></span><span class=\"ff2_1 ls3d_1 ws3f_1\"><span class=\"ls18_1 ws17_1\"><span class=\"lsa_1 ws8_1\"><span class=\"__1 _201\"/>1)<span class=\"__1 _32b\"> </span></span></span></span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of the c<span class=\"__1 _201\"/>arr<span class=\"__1 _201\"/>yi<span class=\"__1 _201\"/>ng valu<span class=\"__1 _201\"/>e of ass<span class=\"__1 _201\"/>ets, p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es and d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d tax eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts are in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder-<span class=\"__1 _32b\"> </span>backed b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss on<span class=\"__1 _201\"/>ly<span class=\"__1 _200\"/>, with th<span class=\"__1 _201\"/>e major<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y of the imp<span class=\"__1 _201\"/>act ar<span class=\"__1 _201\"/>ising f<span class=\"__1 _201\"/>rom the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder-backed ann<span class=\"__1 _201\"/>uities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Infl<span class=\"__1 _201\"/>ation ris<span class=\"__1 _201\"/>k prim<span class=\"__1 _201\"/>aril<span class=\"__1 _201\"/>y arise<span class=\"__1 _201\"/>s from ce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ain annui<span class=\"__1 _201\"/>ty co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts that have b<span class=\"__1 _201\"/>enefi<span class=\"__1 _201\"/>t esc<span class=\"__1 _201\"/>alation l<span class=\"__1 _201\"/>inked to a pri<span class=\"__1 _201\"/>ce index<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group<span class=\"__1 _201\"/> mana<span class=\"__1 _201\"/>ges thi<span class=\"__1 _201\"/>s exposu<span class=\"__1 _201\"/>re by matching in<span class=\"__1 _201\"/>flation<span class=\"__1 _201\"/>-linked a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y liab<span class=\"__1 _201\"/>ilities w<span class=\"__1 _201\"/>ith cor<span class=\"__1 _201\"/>respo<span class=\"__1 _201\"/>ndin<span class=\"__1 _201\"/>g inflatio<span class=\"__1 _201\"/>n-li<span class=\"__1 _201\"/>nked ass<span class=\"__1 _201\"/>ets.<span class=\"__1 _32b\"> </span>33<span class=\"__1 _201\"/>.3<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y and p<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k<span class=\"__1 _32b\"> </span>Whil<span class=\"__1 _201\"/>e the Gro<span class=\"__1 _201\"/>up hol<span class=\"__1 _201\"/>ds signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt amou<span class=\"__1 _201\"/>nts of eq<span class=\"__1 _201\"/>uity a<span class=\"__1 _201\"/>nd prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y asse<span class=\"__1 _201\"/>ts on its c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial pos<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span>the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 exposure to e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y and pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k for the wi<span class=\"__1 _201\"/>th-p<span class=\"__1 _201\"/>rofits an<span class=\"__1 _201\"/>d unit-linked bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s is limite<span class=\"__1 _201\"/>d as the r<span class=\"__1 _201\"/>isk is<span class=\"__1 _201\"/> pred<span class=\"__1 _201\"/>omina<span class=\"__1 _201\"/>ntly bo<span class=\"__1 _201\"/>rne by th<span class=\"__1 _201\"/>e poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>. In<span class=\"__1 _201\"/>stead<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s dire<span class=\"__1 _201\"/>ct exp<span class=\"__1 _201\"/>osure to this r<span class=\"__1 _201\"/>isk ari<span class=\"__1 _201\"/>ses fro<span class=\"__1 _201\"/>m the \u201cannui<span class=\"__1 _201\"/>ties an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>other l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>-term bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s\u201d compo<span class=\"__1 _201\"/>nent<span class=\"__1 _201\"/>\u2019s holdin<span class=\"__1 _201\"/>gs in eq<span class=\"__1 _201\"/>uity s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities a<span class=\"__1 _201\"/>nd prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty, which a<span class=\"__1 _201\"/>re not he<span class=\"__1 _201\"/>dged o<span class=\"__1 _201\"/>r matche<span class=\"__1 _201\"/>d by<span class=\"__1 _32b\"> </span>corresp<span class=\"__1 _201\"/>onding liabilities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Exc<span class=\"__1 _201\"/>luding a<span class=\"__1 _201\"/>ny long<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>-term, in<span class=\"__1 _201\"/>direc<span class=\"__1 _201\"/>t effe<span class=\"__1 _201\"/>cts o<span class=\"__1 _201\"/>n profit d<span class=\"__1 _201\"/>ue to the futu<span class=\"__1 _201\"/>re value of s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder t<span class=\"__1 _201\"/>rans<span class=\"__1 _201\"/>fers fro<span class=\"__1 _201\"/>m with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/> and ch<span class=\"__1 _201\"/>arges l<span class=\"__1 _201\"/>evie<span class=\"__1 _201\"/>d on unit-linked an<span class=\"__1 _201\"/>d asse<span class=\"__1 _201\"/>t manag<span class=\"__1 _201\"/>ement b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, a fall i<span class=\"__1 _201\"/>n the fair v<span class=\"__1 _201\"/>alue of th<span class=\"__1 _201\"/>ese inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts woul<span class=\"__1 _201\"/>d have given<span class=\"__1 _201\"/> ris<span class=\"__1 _201\"/>e to the foll<span class=\"__1 _201\"/>owing eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts on pre<span class=\"__1 _201\"/>-tax p<span class=\"__1 _201\"/>rofit, p<span class=\"__1 _201\"/>rofit af<span class=\"__1 _201\"/>ter tax<span class=\"__1 _201\"/>, and s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 equit<span class=\"__1 _201\"/>y. The majo<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>y of the se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y aris<span class=\"__1 _201\"/>es in<span class=\"__1 _201\"/> resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of investm<span class=\"__1 _201\"/>ent pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>ets he<span class=\"__1 _201\"/>ld in the an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y fund<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of the se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vitie<span class=\"__1 _201\"/>s excluding e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y he<span class=\"__1 _201\"/>dges i<span class=\"__1 _201\"/>s shown b<span class=\"__1 _201\"/>elow. <span class=\"__1 _499\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _15f_1\"> </span>2021<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 20%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 10%<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 20%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 10%<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Pre<span class=\"__1 _201\"/>-tax profi<span class=\"__1 _201\"/>t<span class=\"__1 _f8_1\"> </span><span class=\"ff1_1 ls17_1 ws16_1\">(20<span class=\"__1 _201\"/>8)<span class=\"__1 _14d_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>)<span class=\"__1 _252\"> </span></span></span><span class=\"ls33_1 ws34_1\">(252)<span class=\"__1 _220\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span></span></span>Relate<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red tax e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>ts<span class=\"__1 _19a_1\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">52<span class=\"__1 _f4_1\"> </span><span class=\"ls30_1 ws30_1\">26<span class=\"__1 _311\"> </span></span></span><span class=\"ls5_1\">64<span class=\"__1 _1d_1\"> </span><span class=\"ls28_1 ws28_1\">30<span class=\"__1 _32b\"> </span></span></span>Net s<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>itiv<span class=\"__1 _201\"/>ity of p<span class=\"__1 _201\"/>rofit a<span class=\"__1 _201\"/>fter ta<span class=\"__1 _201\"/>x and s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y<span class=\"__1 _393\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _223\"> </span><span class=\"ls17_1 ws16_1\">(<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>8)<span class=\"__1 _345\"> </span><span class=\"ff2_1 lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _253\"> </span><span class=\"ls46_1 ws4b_1\">(95)<span class=\"__1 _32b\"> </span></span></span></span></span>A 10% or 20% in<span class=\"__1 _201\"/>crease i<span class=\"__1 _201\"/>n their va<span class=\"__1 _201\"/>lue wou<span class=\"__1 _201\"/>ld have an app<span class=\"__1 _201\"/>roximatel<span class=\"__1 _201\"/>y equal a<span class=\"__1 _201\"/>nd opp<span class=\"__1 _201\"/>osite eff<span class=\"__1 _201\"/>ect o<span class=\"__1 _201\"/>n profit a<span class=\"__1 _201\"/>nd share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y to<span class=\"__1 _32b\"> </span>the se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vities s<span class=\"__1 _201\"/>hown a<span class=\"__1 _201\"/>bove. Th<span class=\"__1 _201\"/>e market ris<span class=\"__1 _201\"/>k sens<span class=\"__1 _201\"/>itivit<span class=\"__1 _201\"/>ies sh<span class=\"__1 _201\"/>own above re<span class=\"__1 _201\"/>flec<span class=\"__1 _201\"/>t the imp<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>t of tempor<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y mar<span class=\"__1 _201\"/>ket movement<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>In the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k sensi<span class=\"__1 _201\"/>tivit<span class=\"__1 _201\"/>y ana<span class=\"__1 _201\"/>lysis s<span class=\"__1 _201\"/>hown ab<span class=\"__1 _201\"/>ove, the G<span class=\"__1 _201\"/>roup has c<span class=\"__1 _201\"/>onsi<span class=\"__1 _201\"/>dered th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of an in<span class=\"__1 _201\"/>stanta<span class=\"__1 _201\"/>neo<span class=\"__1 _201\"/>us 10% or 20% f<span class=\"__1 _201\"/>all in<span class=\"__1 _201\"/> equ<span class=\"__1 _201\"/>ity m<span class=\"__1 _201\"/>arkets<span class=\"__1 _201\"/>. If equi<span class=\"__1 _201\"/>ty m<span class=\"__1 _201\"/>arkets were to fa<span class=\"__1 _201\"/>ll by more tha<span class=\"__1 _201\"/>n 20%, th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p believe<span class=\"__1 _201\"/>s that this wo<span class=\"__1 _201\"/>uld not b<span class=\"__1 _201\"/>e an ins<span class=\"__1 _201\"/>tantan<span class=\"__1 _201\"/>eous f<span class=\"__1 _201\"/>all<span class=\"__1 _201\"/> but rath<span class=\"__1 _201\"/>er woul<span class=\"__1 _201\"/>d be exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to occur ove<span class=\"__1 _201\"/>r a per<span class=\"__1 _201\"/>iod of tim<span class=\"__1 _201\"/>e, duri<span class=\"__1 _201\"/>ng whic<span class=\"__1 _201\"/>h the Gro<span class=\"__1 _201\"/>up would b<span class=\"__1 _201\"/>e able to p<span class=\"__1 _201\"/>ut in pla<span class=\"__1 _201\"/>ce mitigati<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span>management actions.<span class=\"__1 _32b\"> </span>As n<span class=\"__1 _201\"/>oted above, t<span class=\"__1 _201\"/>he anal<span class=\"__1 _201\"/>ysis exclu<span class=\"__1 _201\"/>des the i<span class=\"__1 _201\"/>ndirec<span class=\"__1 _201\"/>t exp<span class=\"__1 _201\"/>osure of on<span class=\"__1 _201\"/>going p<span class=\"__1 _201\"/>rofit to eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y and pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y risk th<span class=\"__1 _201\"/>rough th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t on<span class=\"__1 _201\"/> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er bon<span class=\"__1 _201\"/>uses o<span class=\"__1 _201\"/>n with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess a<span class=\"__1 _201\"/>nd charg<span class=\"__1 _201\"/>es lev<span class=\"__1 _201\"/>ied on u<span class=\"__1 _201\"/>nit<span class=\"__1 _200\"/>-linked a<span class=\"__1 _201\"/>nd ass<span class=\"__1 _201\"/>et mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s. For w<span class=\"__1 _201\"/>ith-<span class=\"__1 _32b\"> </span>profi<span class=\"__1 _201\"/>ts busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s, the i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of market ri<span class=\"__1 _201\"/>sk is red<span class=\"__1 _201\"/>uced d<span class=\"__1 _201\"/>ue to the \u201csm<span class=\"__1 _201\"/>oothe<span class=\"__1 _201\"/>d\u201d bas<span class=\"__1 _201\"/>is of bon<span class=\"__1 _201\"/>us decl<span class=\"__1 _201\"/>aratio<span class=\"__1 _201\"/>n, so th<span class=\"__1 _201\"/>e sensi<span class=\"__1 _201\"/>tivit<span class=\"__1 _201\"/>y to<span class=\"__1 _32b\"> </span>sho<span class=\"__1 _201\"/>rt-term inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>mance i<span class=\"__1 _201\"/>s relative<span class=\"__1 _201\"/>ly low. Howeve<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, lo<span class=\"__1 _201\"/>ng-ter<span class=\"__1 _201\"/>m investm<span class=\"__1 _201\"/>ent pe<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>forma<span class=\"__1 _201\"/>nce may aff<span class=\"__1 _201\"/>ect f<span class=\"__1 _201\"/>uture sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/> trans<span class=\"__1 _201\"/>fers<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group h<span class=\"__1 _201\"/>as entere<span class=\"__1 _201\"/>d into a par<span class=\"__1 _201\"/>tial e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y he<span class=\"__1 _201\"/>dge of the s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r trans<span class=\"__1 _201\"/>fers exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to emer<span class=\"__1 _201\"/>ge from th<span class=\"__1 _201\"/>e WPS<span class=\"__1 _201\"/>F in<span class=\"__1 _32b\"> </span>orde<span class=\"__1 _201\"/>r to mitigate this r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>. Due to the m<span class=\"__1 _201\"/>ismatch that re<span class=\"__1 _201\"/>sults f<span class=\"__1 _201\"/>rom a diffe<span class=\"__1 _201\"/>rence in<span class=\"__1 _201\"/> the timin<span class=\"__1 _201\"/>g of fair va<span class=\"__1 _201\"/>lue movem<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>n the he<span class=\"__1 _201\"/>dges<span class=\"__1 _201\"/> and th<span class=\"__1 _201\"/>e emerg<span class=\"__1 _201\"/>ence of t<span class=\"__1 _201\"/>he unde<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/>ing sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der tra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs, th<span class=\"__1 _201\"/>e above se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vitie<span class=\"__1 _201\"/>s do not in<span class=\"__1 _201\"/>clude th<span class=\"__1 _201\"/>e impac<span class=\"__1 _201\"/>t of the<span class=\"__1 _201\"/>se he<span class=\"__1 _201\"/>dges a<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>this gi<span class=\"__1 _201\"/>ves the m<span class=\"__1 _201\"/>ost ap<span class=\"__1 _201\"/>propr<span class=\"__1 _201\"/>iate repres<span class=\"__1 _201\"/>entatio<span class=\"__1 _201\"/>n of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s expos<span class=\"__1 _201\"/>ure to equi<span class=\"__1 _201\"/>ty an<span class=\"__1 _201\"/>d prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty r<span class=\"__1 _201\"/>isk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t of the se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vitie<span class=\"__1 _201\"/>s allowin<span class=\"__1 _201\"/>g for the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y he<span class=\"__1 _201\"/>dges i<span class=\"__1 _201\"/>s shown b<span class=\"__1 _201\"/>elow. <span class=\"__1 _22c\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _15f_1\"> </span>2021<span class=\"__1 _32b\"> </span></span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 20%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 10%<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 20%<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Dec<span class=\"__1 _201\"/>rease<span class=\"ls5_1 ws1_1\"> </span>of 10%<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Pre<span class=\"__1 _201\"/>-tax profi<span class=\"__1 _201\"/>t<span class=\"__1 _448\"> </span><span class=\"ff1_1 ls1c_1 ws43_1\">62<span class=\"__1 _f4_1\"> </span><span class=\"ls22_1 ws21_1\">37<span class=\"__1 _13d_1\"> </span></span></span><span class=\"ls23_1 ws22_1\">71<span class=\"__1 _f4_1\"> </span></span><span class=\"ls5_1\">38<span class=\"__1 _32b\"> </span></span>Relate<span class=\"__1 _201\"/>d defer<span class=\"__1 _201\"/>red tax e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>ts<span class=\"__1 _ea_1\"> </span><span class=\"ff1_1 ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _219\"> </span><span class=\"ls3c_1 ws3d_1\">(<span class=\"__1 _201\"/>9)<span class=\"__1 _288\"> </span></span></span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _231\"> </span>(1<span class=\"__1 _201\"/>0)<span class=\"__1 _32b\"> </span></span>Net s<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>itiv<span class=\"__1 _201\"/>ity of p<span class=\"__1 _201\"/>rofit a<span class=\"__1 _201\"/>fter ta<span class=\"__1 _201\"/>x and s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders\u2019 e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y<span class=\"__1 _29a\"> </span><span class=\"ls1b_1 ws1a_1\">47<span class=\"__1 _f4_1\"> </span><span class=\"lsb_1 ws32_1\">28<span class=\"__1 _353\"> </span><span class=\"ff2_1 ls7f_1 ws93_1\">53<span class=\"__1 _f4_1\"> </span><span class=\"ls1c_1 ws43_1\">28<span class=\"__1 _32b\"> </span></span></span></span></span>33.<span class=\"__1 _201\"/>3.3 Currenc<span class=\"__1 _200\"/>y risk<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup inve<span class=\"__1 _201\"/>sts si<span class=\"__1 _201\"/>gnifi<span class=\"__1 _201\"/>cant am<span class=\"__1 _201\"/>ounts o<span class=\"__1 _201\"/>f polic<span class=\"__1 _201\"/>yh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r funds in ove<span class=\"__1 _201\"/>rsea<span class=\"__1 _201\"/>s ass<span class=\"__1 _201\"/>ets as par<span class=\"__1 _201\"/>t of it<span class=\"__1 _201\"/>s inves<span class=\"__1 _201\"/>tment s<span class=\"__1 _201\"/>trategy. The di<span class=\"__1 _201\"/>rec<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>curre<span class=\"__1 _201\"/>ncy r<span class=\"__1 _201\"/>isk exp<span class=\"__1 _201\"/>osure to the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder f<span class=\"__1 _201\"/>rom the wi<span class=\"__1 _201\"/>th-pro<span class=\"__1 _201\"/>fits an<span class=\"__1 _201\"/>d unit-linked com<span class=\"__1 _201\"/>pone<span class=\"__1 _201\"/>nts of bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s is mini<span class=\"__1 _201\"/>mal, al<span class=\"__1 _201\"/>thoug<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder is i<span class=\"__1 _201\"/>ndire<span class=\"__1 _201\"/>ctly ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to curren<span class=\"__1 _201\"/>cy ri<span class=\"__1 _201\"/>sk in relati<span class=\"__1 _201\"/>on to the futu<span class=\"__1 _201\"/>re value of s<span class=\"__1 _201\"/>hareho<span class=\"__1 _201\"/>lde<span class=\"__1 _201\"/>r trans<span class=\"__1 _201\"/>fers fro<span class=\"__1 _201\"/>m with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s and cha<span class=\"__1 _201\"/>rges lev<span class=\"__1 _201\"/>ied o<span class=\"__1 _201\"/>n unit-linked and as<span class=\"__1 _201\"/>set m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. Curren<span class=\"__1 _201\"/>cy ris<span class=\"__1 _201\"/>k expos<span class=\"__1 _201\"/>ure aris<span class=\"__1 _201\"/>ing from ove<span class=\"__1 _201\"/>rsea<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>ass<span class=\"__1 _201\"/>ets he<span class=\"__1 _201\"/>ld by the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder<span class=\"__1 _200\"/>-ba<span class=\"__1 _201\"/>cked annui<span class=\"__1 _201\"/>ty an<span class=\"__1 _201\"/>d other l<span class=\"__1 _201\"/>ong-ter<span class=\"__1 _201\"/>m busin<span class=\"__1 _201\"/>ess i<span class=\"__1 _201\"/>s mitigate<span class=\"__1 _201\"/>d through th<span class=\"__1 _201\"/>e use of de<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>atives<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up hel<span class=\"__1 _201\"/>d 50% (2021: 4<span class=\"__1 _201\"/>4%<span class=\"__1 _200\"/>) and 13% (2021: 9<span class=\"__1 _201\"/>%<span class=\"__1 _200\"/>) of its fina<span class=\"__1 _201\"/>ncial as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd fina<span class=\"__1 _201\"/>ncial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tivel<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, in curren<span class=\"__1 _201\"/>cies<span class=\"__1 _201\"/>, mainl<span class=\"__1 _201\"/>y US dol<span class=\"__1 _201\"/>lar and e<span class=\"__1 _201\"/>uro, other th<span class=\"__1 _201\"/>an pou<span class=\"__1 _201\"/>nds ste<span class=\"__1 _201\"/>rling<span class=\"__1 _201\"/>, the fun<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>nal cur<span class=\"__1 _201\"/>renc<span class=\"__1 _201\"/>y of the Gro<span class=\"__1 _201\"/>up.<span class=\"__1 _32b\"> </span>Of th<span class=\"__1 _201\"/>ese fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l asset<span class=\"__1 _201\"/>s, as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>022<span class=\"__1 _201\"/>, 7<span class=\"__1 _f_1\"/>4% (2021: 71%<span class=\"__1 _200\"/>) are hel<span class=\"__1 _201\"/>d by the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund, a<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g the fun<span class=\"__1 _201\"/>d to<span class=\"__1 _32b\"> </span>obtai<span class=\"__1 _201\"/>n exposu<span class=\"__1 _201\"/>re to foreign e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ets<span class=\"__1 _201\"/>. Of th<span class=\"__1 _201\"/>ese fin<span class=\"__1 _201\"/>ancial l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>, as at 31 De<span class=\"__1 _201\"/>cembe<span class=\"__1 _201\"/>r 202<span class=\"__1 _201\"/>2, 9<span class=\"__1 _201\"/>6% (2021: 8<span class=\"__1 _201\"/>6%<span class=\"__1 _200\"/>) are hel<span class=\"__1 _201\"/>d by the<span class=\"__1 _32b\"> </span>With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund, m<span class=\"__1 _201\"/>ainly re<span class=\"__1 _201\"/>lating to fore<span class=\"__1 _201\"/>ign cur<span class=\"__1 _201\"/>rency b<span class=\"__1 _201\"/>orrow<span class=\"__1 _201\"/>ings<span class=\"__1 _201\"/>. The exch<span class=\"__1 _201\"/>ange ri<span class=\"__1 _201\"/>sks inhe<span class=\"__1 _201\"/>rent in th<span class=\"__1 _201\"/>ese exp<span class=\"__1 _201\"/>osures a<span class=\"__1 _201\"/>re mitigated<span class=\"__1 _201\"/> throu<span class=\"__1 _201\"/>gh the use of d<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>vatives<span class=\"__1 _201\"/>, main<span class=\"__1 _201\"/>ly for<span class=\"__1 _201\"/>wa<span class=\"__1 _201\"/>rd curren<span class=\"__1 _201\"/>cy co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts.<span class=\"__1 _32b\"> </span>For the ye<span class=\"__1 _201\"/>ar end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, exch<span class=\"__1 _201\"/>ange gai<span class=\"__1 _201\"/>ns of \u00a356<span class=\"__1 _201\"/>2m (2021: lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of \u00a3120m) were reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in the in<span class=\"__1 _201\"/>come<span class=\"__1 _201\"/> statem<span class=\"__1 _201\"/>ent; m<span class=\"__1 _201\"/>ainly ar<span class=\"__1 _201\"/>ising o<span class=\"__1 _201\"/>n ass<span class=\"__1 _201\"/>ets hel<span class=\"__1 _201\"/>d by the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund<span class=\"__1 _201\"/>, the majo<span class=\"__1 _201\"/>rit<span class=\"__1 _201\"/>y of whi<span class=\"__1 _201\"/>ch are off<span class=\"__1 _201\"/>set by chan<span class=\"__1 _201\"/>ges in w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits<span class=\"__1 _201\"/> and un<span class=\"__1 _201\"/>it<span class=\"__1 _200\"/>-linked li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>his exclud<span class=\"__1 _201\"/>es exchan<span class=\"__1 _201\"/>ge gains a<span class=\"__1 _201\"/>nd los<span class=\"__1 _201\"/>ses ar<span class=\"__1 _201\"/>ising o<span class=\"__1 _201\"/>n forei<span class=\"__1 _201\"/>gn curren<span class=\"__1 _201\"/>cy inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts mea<span class=\"__1 _201\"/>sured at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L,<span class=\"__1 _201\"/> whic<span class=\"__1 _201\"/>h are inclu<span class=\"__1 _201\"/>ded a<span class=\"__1 _201\"/>s par<span class=\"__1 _201\"/>t of gains a<span class=\"__1 _201\"/>nd los<span class=\"__1 _201\"/>ses i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ed in inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t return, w<span class=\"__1 _201\"/>hich is s<span class=\"__1 _201\"/>hown in N<span class=\"__1 _201\"/>ote 4.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup is a<span class=\"__1 _201\"/>lso exp<span class=\"__1 _201\"/>osed to s<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>tural cu<span class=\"__1 _201\"/>rrenc<span class=\"__1 _201\"/>y trans<span class=\"__1 _201\"/>lation r<span class=\"__1 _201\"/>isk as a re<span class=\"__1 _201\"/>sult of over<span class=\"__1 _201\"/>seas op<span class=\"__1 _201\"/>erati<span class=\"__1 _201\"/>ons whi<span class=\"__1 _201\"/>ch contr<span class=\"__1 _201\"/>ibute to equ<span class=\"__1 _201\"/>ity.<span class=\"__1 _32b\"> </span>The a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s and lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s of foreig<span class=\"__1 _201\"/>n oper<span class=\"__1 _201\"/>ations a<span class=\"__1 _201\"/>re transl<span class=\"__1 _201\"/>ated into the G<span class=\"__1 _201\"/>roup\u2019s present<span class=\"__1 _201\"/>ational cu<span class=\"__1 _201\"/>rrenc<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, pou<span class=\"__1 _201\"/>nds ste<span class=\"__1 _201\"/>rling<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Foreig<span class=\"__1 _201\"/>n exchange d<span class=\"__1 _201\"/>iffere<span class=\"__1 _201\"/>nces a<span class=\"__1 _201\"/>risin<span class=\"__1 _201\"/>g from this tr<span class=\"__1 _201\"/>anslati<span class=\"__1 _201\"/>on of forei<span class=\"__1 _201\"/>gn ope<span class=\"__1 _201\"/>ration<span class=\"__1 _201\"/>s are repo<span class=\"__1 _201\"/>rte<span class=\"__1 _201\"/>d as an item of oth<span class=\"__1 _201\"/>er com<span class=\"__1 _201\"/>prehe<span class=\"__1 _201\"/>nsive<span class=\"__1 _201\"/> inco<span class=\"__1 _201\"/>me and a<span class=\"__1 _201\"/>ccumul<span class=\"__1 _201\"/>ated in the tr<span class=\"__1 _201\"/>anslati<span class=\"__1 _201\"/>on rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>4 Credit r<span class=\"__1 _201\"/>isk<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s exposu<span class=\"__1 _201\"/>re to credit r<span class=\"__1 _201\"/>isk pr<span class=\"__1 _201\"/>imaril<span class=\"__1 _201\"/>y aris<span class=\"__1 _201\"/>es from th<span class=\"__1 _201\"/>e annuit<span class=\"__1 _201\"/>y fu<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>, which h<span class=\"__1 _201\"/>old sub<span class=\"__1 _201\"/>stanti<span class=\"__1 _201\"/>al volum<span class=\"__1 _201\"/>es of pub<span class=\"__1 _201\"/>lic and p<span class=\"__1 _201\"/>rivate<span class=\"__1 _201\"/> fixed i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e investm<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>n which a c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain leve<span class=\"__1 _201\"/>l of defau<span class=\"__1 _201\"/>lts and d<span class=\"__1 _201\"/>owngr<span class=\"__1 _201\"/>ades a<span class=\"__1 _201\"/>re expec<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/>. The se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y of IFRS p<span class=\"__1 _201\"/>rofit af<span class=\"__1 _201\"/>ter<span class=\"__1 _201\"/> tax an<span class=\"__1 _201\"/>d IFRS s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 equit<span class=\"__1 _201\"/>y to a chan<span class=\"__1 _201\"/>ge in the cre<span class=\"__1 _201\"/>dit def<span class=\"__1 _201\"/>ault an<span class=\"__1 _201\"/>d down<span class=\"__1 _201\"/>grade a<span class=\"__1 _201\"/>llowan<span class=\"__1 _201\"/>ce withi<span class=\"__1 _201\"/>n the valuat<span class=\"__1 _201\"/>ion rate of intere<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/> of share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der<span class=\"__1 _200\"/>-bac<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed n<span class=\"__1 _201\"/>on-p<span class=\"__1 _201\"/>rofit an<span class=\"__1 _201\"/>nuities i<span class=\"__1 _201\"/>s shown i<span class=\"__1 _201\"/>n Note 33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Whil<span class=\"__1 _201\"/>e the with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts and u<span class=\"__1 _201\"/>nit<span class=\"__1 _200\"/>-linked f<span class=\"__1 _201\"/>unds have l<span class=\"__1 _201\"/>arge ho<span class=\"__1 _201\"/>lding<span class=\"__1 _201\"/>s of asse<span class=\"__1 _201\"/>ts subj<span class=\"__1 _201\"/>ect to cre<span class=\"__1 _201\"/>dit ri<span class=\"__1 _201\"/>sk, th<span class=\"__1 _201\"/>e shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r result<span class=\"__1 _201\"/>s of the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up are not dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y expos<span class=\"__1 _201\"/>ed to cred<span class=\"__1 _201\"/>it defau<span class=\"__1 _201\"/>lts on as<span class=\"__1 _201\"/>sets h<span class=\"__1 _201\"/>eld in th<span class=\"__1 _201\"/>ese co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ents of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. However, the shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r is<span class=\"__1 _32b\"> </span>indi<span class=\"__1 _201\"/>rectl<span class=\"__1 _201\"/>y expos<span class=\"__1 _201\"/>ed to cred<span class=\"__1 _201\"/>it risk f<span class=\"__1 _201\"/>rom thes<span class=\"__1 _201\"/>e comp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nts of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s in relatio<span class=\"__1 _201\"/>n to the future v<span class=\"__1 _201\"/>alue of sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder tr<span class=\"__1 _201\"/>ansf<span class=\"__1 _201\"/>ers from<span class=\"__1 _201\"/> with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s and cha<span class=\"__1 _201\"/>rges lev<span class=\"__1 _201\"/>ied o<span class=\"__1 _201\"/>n unit-linked and a<span class=\"__1 _201\"/>sset m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. The dire<span class=\"__1 _201\"/>ct ex<span class=\"__1 _201\"/>posure of t<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span>share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers\u2019 eq<span class=\"__1 _201\"/>uity to cre<span class=\"__1 _201\"/>dit def<span class=\"__1 _201\"/>ault r<span class=\"__1 _201\"/>isk in the \u201c<span class=\"__1 _201\"/>Othe<span class=\"__1 _201\"/>r\u201d com<span class=\"__1 _201\"/>pon<span class=\"__1 _201\"/>ent is sma<span class=\"__1 _201\"/>ll in the co<span class=\"__1 _201\"/>ntext of th<span class=\"__1 _201\"/>e Group.<span class=\"__1 _32b\"> </span>Credi<span class=\"__1 _201\"/>t risk is m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>d throug<span class=\"__1 _201\"/>h a robus<span class=\"__1 _201\"/>t credit a<span class=\"__1 _201\"/>nd cou<span class=\"__1 _201\"/>nterpar<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y fra<span class=\"__1 _201\"/>mewor<span class=\"__1 _201\"/>k which in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es: po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s, s<span class=\"__1 _201\"/>tandard<span class=\"__1 _201\"/>s, ap<span class=\"__1 _201\"/>petite<span class=\"__1 _201\"/> statem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, limit<span class=\"__1 _201\"/>s and tri<span class=\"__1 _201\"/>gger<span class=\"__1 _201\"/>s (incl<span class=\"__1 _201\"/>uding re<span class=\"__1 _201\"/>levant gove<span class=\"__1 _201\"/>rnan<span class=\"__1 _201\"/>ce and co<span class=\"__1 _201\"/>ntrols); inves<span class=\"__1 _201\"/>tment co<span class=\"__1 _201\"/>nstr<span class=\"__1 _201\"/>aints an<span class=\"__1 _201\"/>d limits o<span class=\"__1 _201\"/>n the as<span class=\"__1 _201\"/>set<span class=\"__1 _32b\"> </span>por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>os, in re<span class=\"__1 _201\"/>lation to cre<span class=\"__1 _201\"/>dit ratin<span class=\"__1 _201\"/>g, sen<span class=\"__1 _201\"/>iorit<span class=\"__1 _201\"/>y, sec<span class=\"__1 _201\"/>tor and is<span class=\"__1 _201\"/>suer, and counter<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s in par<span class=\"__1 _201\"/>ticul<span class=\"__1 _201\"/>ar for de<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>atives<span class=\"__1 _201\"/>, reinsu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>cas<span class=\"__1 _201\"/>h; and a rob<span class=\"__1 _201\"/>ust cre<span class=\"__1 _201\"/>dit ratin<span class=\"__1 _201\"/>g proce<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>33.<span class=\"__1 _201\"/>4.<span class=\"__1 _200\"/>1 Financial assets<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>es prov<span class=\"__1 _201\"/>ide an an<span class=\"__1 _201\"/>alysi<span class=\"__1 _201\"/>s of the qual<span class=\"__1 _201\"/>ity of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al ass<span class=\"__1 _201\"/>ets whi<span class=\"__1 _201\"/>ch are expo<span class=\"__1 _201\"/>sed to cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k. Th<span class=\"__1 _201\"/>e finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/> bel<span class=\"__1 _201\"/>ow are anal<span class=\"__1 _201\"/>yse<span class=\"__1 _201\"/>d accord<span class=\"__1 _201\"/>ing to exte<span class=\"__1 _201\"/>rnal cre<span class=\"__1 _201\"/>dit ratin<span class=\"__1 _201\"/>gs iss<span class=\"__1 _201\"/>ued<span class=\"__1 _201\"/>, with eq<span class=\"__1 _201\"/>uival<span class=\"__1 _201\"/>ent ratin<span class=\"__1 _201\"/>gs issu<span class=\"__1 _201\"/>ed by di<span class=\"__1 _201\"/>fferent r<span class=\"__1 _201\"/>atings ag<span class=\"__1 _201\"/>enci<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>group<span class=\"__1 _201\"/>ed tog<span class=\"__1 _201\"/>ether<span class=\"__1 _200\"/>. As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span>AAA<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A<span class=\"__1 _201\"/>A+ to AA-<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A+ to A-<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>BBB+ t<span class=\"__1 _200\"/>o<span class=\"__1 _32b\"> </span>BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Below<span class=\"__1 _200\"/> BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _a4_1\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">38<span class=\"__1 _f4_1\"> </span><span class=\"ls27_1 ws27_1\">82<span class=\"__1 _c_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>0<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">155<span class=\"__1 _1d_1\"> </span><span class=\"ls10_1 wsf_1\">64<span class=\"__1 _4a_1\"> </span><span class=\"ls18_1 ws17_1\">1,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>61<span class=\"__1 _243\"> </span></span></span></span></span></span>2,340<span class=\"__1 _32b\"> </span></span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _423\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">224<span class=\"__1 _211\"> </span><span class=\"lsc_1 wsa_1\">1,06<span class=\"__1 _201\"/>0<span class=\"__1 _243\"> </span><span class=\"ls53_1 ws5b_1\">3,342<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>4<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _219\"> </span></span></span></span></span>96<span class=\"__1 _243\"> </span><span class=\"ls28_1 ws28_1\">4,884<span class=\"__1 _32b\"> </span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _366\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">6<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>51<span class=\"__1 _4c_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,632<span class=\"__1 _206\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>74<span class=\"__1 _206\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _204\"> </span><span class=\"ls22_1 ws21_1\">4<span class=\"__1 _201\"/>,377<span class=\"__1 _4c_1\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>24<span class=\"__1 _201\"/>0<span class=\"__1 _249\"> </span><span class=\"ls1c_1 ws43_1\">62<span class=\"__1 _201\"/>,821<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Deposits<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>11<span class=\"__1 _249\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>52<span class=\"__1 _243\"> </span><span class=\"ls1c_1 ws43_1\">3<span class=\"__1 _201\"/>,594<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>844<span class=\"__1 _4c_1\"> </span><span class=\"ls40_1 ws44_1\">21,<span class=\"__1 _201\"/>401<span class=\"__1 _32b\"> </span></span>Loa<span class=\"__1 _201\"/>ns held at f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>934<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">5<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">143<span class=\"__1 _239\"> </span><span class=\"ls2a_1 ws2a_1\">134<span class=\"__1 _4a_1\"> </span><span class=\"ls38_1 ws38_1\">1,<span class=\"__1 _201\"/>216<span class=\"__1 _32b\"> </span></span></span></span></span>Loa<span class=\"__1 _201\"/>ns held at a<span class=\"__1 _201\"/>mor<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cos<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>105<span class=\"__1 _253\"> </span><span class=\"ls40_1 ws44_1\">169<span class=\"__1 _223\"> </span><span class=\"ls1f_1 ws1e_1\">540<span class=\"__1 _243\"> </span><span class=\"ls22_1 ws21_1\">1,300<span class=\"__1 _7d_1\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span></span>Reinsurance assets<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _201\"/>47<span class=\"__1 _223\"> </span><span class=\"ls15_1 ws14_1\">666<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>272<span class=\"__1 _240\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _29b\"> </span><span class=\"ls2a_1 ws2a_1\">6,<span class=\"__1 _201\"/>913<span class=\"__1 _1c_1\"> </span><span class=\"lsc_1 wsa_1\">16<span class=\"__1 _201\"/>,032<span class=\"__1 _217\"> </span></span>31,<span class=\"__1 _201\"/>913<span class=\"__1 _249\"> </span><span class=\"ls32_1 ws33_1\">20,<span class=\"__1 _201\"/>215<span class=\"__1 _4a_1\"> </span><span class=\"ls24_1 ws23_1\">5<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>2<span class=\"__1 _248\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>7<span class=\"__1 _213\"> </span><span class=\"ls1c_1 ws43_1\">95,9<span class=\"__1 _201\"/>62<span class=\"__1 _32b\"> </span></span></span></span></span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span>AAA<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A<span class=\"__1 _201\"/>A+ to AA-<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A+ to A-<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>BBB+ t<span class=\"__1 _200\"/>o<span class=\"__1 _32b\"> </span>BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Below<span class=\"__1 _200\"/> BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _29c\"> </span><span class=\"ls3f_1 ws41_1\">72<span class=\"__1 _1d_1\"> </span><span class=\"ls28_1 ws28_1\">89<span class=\"__1 _239\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>8<span class=\"__1 _252\"> </span><span class=\"ls2a_1 ws2a_1\">1<span class=\"__1 _201\"/>97<span class=\"__1 _1d_1\"> </span><span class=\"ls5_1 ws1_1\">64<span class=\"__1 _214\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,087<span class=\"__1 _208\"> </span></span>2,64<span class=\"__1 _200\"/>7<span class=\"__1 _32b\"> </span></span></span></span></span></span>Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>840<span class=\"__1 _1d8_1\"> </span><span class=\"ls28_1 ws28_1\">5,396<span class=\"__1 _253\"> </span><span class=\"ls1c_1 ws43_1\">562<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _228\"> </span><span class=\"ls4d_1 ws54_1\">101<span class=\"__1 _243\"> </span><span class=\"ls3f_1 ws41_1\">6,908<span class=\"__1 _32b\"> </span></span></span></span></span></span>Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _f6_1\"> </span><span class=\"ls13_1 ws12_1\">7,<span class=\"__1 _e7_1\"/>8<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _217\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>,09<span class=\"__1 _201\"/>3<span class=\"__1 _248\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>3<span class=\"__1 _217\"> </span><span class=\"ls2a_1 ws2a_1\">19,05<span class=\"__1 _201\"/>8<span class=\"__1 _1d8_1\"> </span><span class=\"ls1f_1 ws1e_1\">6,589<span class=\"__1 _245\"> </span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>59<span class=\"__1 _245\"> </span><span class=\"lsc_1 wsa_1\">81,059<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Deposits<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>4,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>76<span class=\"__1 _4a_1\"> </span><span class=\"ls13_1 ws12_1\">7,<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>7<span class=\"__1 _208\"> </span><span class=\"lsd_1 wsb_1\">4,<span class=\"__1 _201\"/>278<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>2<span class=\"__1 _282\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span></span>Loa<span class=\"__1 _201\"/>ns held at f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue<span class=\"__1 _20e\"> </span><span class=\"lsd_1 wsb_1\">78<span class=\"__1 _201\"/>9<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>956<span class=\"__1 _1d_1\"> </span><span class=\"ls3f_1 ws41_1\">60<span class=\"__1 _1e_1\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _1d_1\"> </span><span class=\"ls27_1 ws27_1\">50<span class=\"__1 _237\"> </span><span class=\"ls30_1 ws30_1\">402<span class=\"__1 _208\"> </span><span class=\"ls32_1 ws33_1\">3,<span class=\"__1 _201\"/>275<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Loa<span class=\"__1 _201\"/>ns held at a<span class=\"__1 _201\"/>mor<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cos<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>69<span class=\"__1 _252\"> </span><span class=\"ls56_1 ws5f_1\">175<span class=\"__1 _2c_1\"> </span><span class=\"ls1c_1 ws43_1\">285<span class=\"__1 _211\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,005<span class=\"__1 _214\"> </span><span class=\"ls7f_1 ws93_1\">2,534<span class=\"__1 _32b\"> </span></span></span></span></span>Reinsurance assets<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>750<span class=\"__1 _345\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _250\"/>3)<span class=\"__1 _243\"> </span><span class=\"ls42_1 ws46_1\">1,053<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>(9<span class=\"__1 _201\"/>1)<span class=\"__1 _242\"> </span><span class=\"lsc_1 wsa_1\">1,66<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _29d\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">8<span class=\"__1 _201\"/>,71<span class=\"__1 _201\"/>8<span class=\"__1 _210\"> </span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>4<span class=\"__1 _245\"> </span><span class=\"ls13_1 ws12_1\">2<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>0<span class=\"__1 _286\"> </span><span class=\"ls4a_1 ws50_1\">2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>41<span class=\"__1 _208\"> </span><span class=\"ls7_1 ws5_1\">6,9<span class=\"__1 _201\"/>97<span class=\"__1 _213\"> </span><span class=\"ls10_1 wsf_1\">20,985<span class=\"__1 _327\"> </span><span class=\"ls11_1 ws10_1\">115<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>72<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>The c<span class=\"__1 _201\"/>redit rati<span class=\"__1 _201\"/>ngs<span class=\"__1 _201\"/>, inform<span class=\"__1 _201\"/>ation or d<span class=\"__1 _201\"/>ata contain<span class=\"__1 _201\"/>ed in thi<span class=\"__1 _201\"/>s repor<span class=\"__1 _201\"/>t w<span class=\"__1 _201\"/>hich are at<span class=\"__1 _201\"/>tribu<span class=\"__1 _201\"/>ted and s<span class=\"__1 _201\"/>peci<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>lly prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d by Standard &amp;<span class=\"__1 _201\"/> Poo<span class=\"__1 _201\"/>r\u2019s, M<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>y\u2019s and Fitch an<span class=\"__1 _201\"/>d their re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve affiliates a<span class=\"__1 _201\"/>nd supp<span class=\"__1 _201\"/>liers (\u201c<span class=\"__1 _201\"/>Content P<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>rs\u201d) is refe<span class=\"__1 _201\"/>rred to he<span class=\"__1 _201\"/>re as the \u201cC<span class=\"__1 _201\"/>ontent<span class=\"__1 _201\"/>\u201d<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>Repro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tion of a<span class=\"__1 _201\"/>ny content in any f<span class=\"__1 _201\"/>orm is pro<span class=\"__1 _201\"/>hibite<span class=\"__1 _201\"/>d except with th<span class=\"__1 _201\"/>e prio<span class=\"__1 _201\"/>r writ<span class=\"__1 _201\"/>ten pe<span class=\"__1 _201\"/>rmis<span class=\"__1 _201\"/>sion of th<span class=\"__1 _201\"/>e releva<span class=\"__1 _201\"/>nt par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The C<span class=\"__1 _201\"/>ontent<span class=\"__1 _201\"/> Provi<span class=\"__1 _201\"/>ders d<span class=\"__1 _201\"/>o not guar<span class=\"__1 _201\"/>antee the a<span class=\"__1 _201\"/>ccura<span class=\"__1 _201\"/>cy, adequa<span class=\"__1 _201\"/>cy, comple<span class=\"__1 _201\"/>tenes<span class=\"__1 _201\"/>s, tim<span class=\"__1 _201\"/>eline<span class=\"__1 _201\"/>ss or ava<span class=\"__1 _201\"/>ilabil<span class=\"__1 _201\"/>ity of a<span class=\"__1 _201\"/>ny Content a<span class=\"__1 _201\"/>nd are not<span class=\"__1 _201\"/> resp<span class=\"__1 _201\"/>onsib<span class=\"__1 _201\"/>le for a<span class=\"__1 _201\"/>ny error<span class=\"__1 _201\"/>s or omis<span class=\"__1 _201\"/>sion<span class=\"__1 _201\"/>s (neglig<span class=\"__1 _201\"/>ent or othe<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>wise), regard<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>s of the ca<span class=\"__1 _201\"/>use, or f<span class=\"__1 _201\"/>or the res<span class=\"__1 _201\"/>ults obt<span class=\"__1 _201\"/>ained f<span class=\"__1 _201\"/>rom the<span class=\"__1 _201\"/> use of s<span class=\"__1 _201\"/>uch Con<span class=\"__1 _201\"/>tent. Th<span class=\"__1 _201\"/>e Conten<span class=\"__1 _201\"/>t Provide<span class=\"__1 _201\"/>rs expre<span class=\"__1 _201\"/>ssl<span class=\"__1 _201\"/>y discl<span class=\"__1 _201\"/>aim liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y for any dam<span class=\"__1 _201\"/>ages<span class=\"__1 _201\"/>, cos<span class=\"__1 _201\"/>ts, ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es, l<span class=\"__1 _201\"/>egal f<span class=\"__1 _201\"/>ees<span class=\"__1 _201\"/>, or los<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/> (inc<span class=\"__1 _201\"/>luding l<span class=\"__1 _201\"/>ost in<span class=\"__1 _201\"/>come o<span class=\"__1 _201\"/>r los<span class=\"__1 _201\"/>t profit an<span class=\"__1 _201\"/>d opp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tunit<span class=\"__1 _201\"/>y cos<span class=\"__1 _201\"/>ts) in conne<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n with any us<span class=\"__1 _201\"/>e of the Co<span class=\"__1 _201\"/>ntent. A refe<span class=\"__1 _201\"/>rence to a pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cular<span class=\"__1 _201\"/> inves<span class=\"__1 _201\"/>tment o<span class=\"__1 _201\"/>r secur<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, a rating or a<span class=\"__1 _201\"/>ny obser<span class=\"__1 _250\"/>vation co<span class=\"__1 _201\"/>ncer<span class=\"__1 _201\"/>ning an i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent that is pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t of the Con<span class=\"__1 _201\"/>tent is not a re<span class=\"__1 _201\"/>comm<span class=\"__1 _201\"/>endatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>to buy, sell or h<span class=\"__1 _201\"/>old any s<span class=\"__1 _201\"/>uch inves<span class=\"__1 _201\"/>tment o<span class=\"__1 _201\"/>r secur<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, nor do<span class=\"__1 _201\"/>es it ad<span class=\"__1 _201\"/>dress th<span class=\"__1 _201\"/>e suita<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y of an inves<span class=\"__1 _201\"/>tment o<span class=\"__1 _201\"/>r sec<span class=\"__1 _201\"/>urit<span class=\"__1 _201\"/>y and sh<span class=\"__1 _201\"/>ould n<span class=\"__1 _201\"/>ot<span class=\"__1 _32b\"> </span>be rel<span class=\"__1 _201\"/>ied on a<span class=\"__1 _201\"/>s investm<span class=\"__1 _201\"/>ent ad<span class=\"__1 _201\"/>vice.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1009.1577px;\">In the ta<span class=\"__1 _201\"/>ble ab<span class=\"__1 _201\"/>ove, A<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>A is the hig<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>t pos<span class=\"__1 _201\"/>sible r<span class=\"__1 _201\"/>ating. I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent gra<span class=\"__1 _201\"/>de finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets are c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d within th<span class=\"__1 _201\"/>e rang<span class=\"__1 _201\"/>e of AA<span class=\"__1 _201\"/>A to<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:992.6592px;\">BBB r<span class=\"__1 _201\"/>atings<span class=\"__1 _201\"/>. Finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets w<span class=\"__1 _201\"/>hich fa<span class=\"__1 _201\"/>ll outs<span class=\"__1 _201\"/>ide this r<span class=\"__1 _201\"/>ange are c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as bel<span class=\"__1 _201\"/>ow BBB<span class=\"__1 _201\"/>- and are n<span class=\"__1 _201\"/>on-i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent gra<span class=\"__1 _201\"/>de.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:967.9115px;\">The G<span class=\"__1 _201\"/>roup is ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to the ris<span class=\"__1 _201\"/>k of counter<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y defa<span class=\"__1 _201\"/>ult on it<span class=\"__1 _201\"/>s reinsur<span class=\"__1 _201\"/>ance as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group ev<span class=\"__1 _201\"/>aluates th<span class=\"__1 _201\"/>e financ<span class=\"__1 _201\"/>ial con<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:951.41296px;\">of its rei<span class=\"__1 _201\"/>nsurer<span class=\"__1 _201\"/>s and mo<span class=\"__1 _201\"/>nitors co<span class=\"__1 _201\"/>ncentr<span class=\"__1 _201\"/>ation of cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k to minimi<span class=\"__1 _201\"/>se its exp<span class=\"__1 _201\"/>osure fro<span class=\"__1 _201\"/>m reinsu<span class=\"__1 _201\"/>rer inso<span class=\"__1 _201\"/>lvenc<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>. The sp<span class=\"__1 _201\"/>lit of the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:934.9145px;\">reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e asse<span class=\"__1 _201\"/>t by credit r<span class=\"__1 _201\"/>ating is sh<span class=\"__1 _201\"/>own above<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:910.16675px;\">Of th<span class=\"__1 _201\"/>e total loa<span class=\"__1 _201\"/>ns and ac<span class=\"__1 _201\"/>crue<span class=\"__1 _201\"/>d invest<span class=\"__1 _201\"/>ment in<span class=\"__1 _201\"/>come &amp; oth<span class=\"__1 _201\"/>er debto<span class=\"__1 _201\"/>rs hel<span class=\"__1 _201\"/>d as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, \u00a3<span class=\"__1 _201\"/>31m (2021: \u00a364<span class=\"__1 _201\"/>m) were pas<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:893.6682px;\">their d<span class=\"__1 _201\"/>ue date but we<span class=\"__1 _201\"/>re not imp<span class=\"__1 _201\"/>aired<span class=\"__1 _201\"/>. Of the tota<span class=\"__1 _201\"/>l past d<span class=\"__1 _201\"/>ue but n<span class=\"__1 _201\"/>ot impaire<span class=\"__1 _201\"/>d, all w<span class=\"__1 _201\"/>ere les<span class=\"__1 _201\"/>s than on<span class=\"__1 _201\"/>e year pas<span class=\"__1 _201\"/>t thei<span class=\"__1 _201\"/>r due date.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:877.16974px;\">The G<span class=\"__1 _201\"/>roup exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts full re<span class=\"__1 _201\"/>cover<span class=\"__1 _201\"/>y of th<span class=\"__1 _201\"/>ese lo<span class=\"__1 _201\"/>ans an<span class=\"__1 _201\"/>d accru<span class=\"__1 _201\"/>ed inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t incom<span class=\"__1 _201\"/>e &amp; other d<span class=\"__1 _201\"/>ebtors<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:852.422px;\">Loa<span class=\"__1 _201\"/>ns that were im<span class=\"__1 _201\"/>paired a<span class=\"__1 _201\"/>re not sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant to the G<span class=\"__1 _201\"/>roup. Fur<span class=\"__1 _201\"/>ther in<span class=\"__1 _201\"/>formati<span class=\"__1 _201\"/>on on the l<span class=\"__1 _201\"/>oans p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio is prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d in Note 18<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:827.6742px;\">Deb<span class=\"__1 _201\"/>t secur<span class=\"__1 _201\"/>ities w<span class=\"__1 _201\"/>ith no ex<span class=\"__1 _201\"/>ternal c<span class=\"__1 _201\"/>redit rat<span class=\"__1 _201\"/>ing are cla<span class=\"__1 _201\"/>ssifi<span class=\"__1 _201\"/>ed as \u201coth<span class=\"__1 _201\"/>er\u201d. The foll<span class=\"__1 _201\"/>owing ta<span class=\"__1 _201\"/>ble sh<span class=\"__1 _201\"/>ows the ma<span class=\"__1 _201\"/>jorit<span class=\"__1 _201\"/>y of de<span class=\"__1 _201\"/>bt sec<span class=\"__1 _201\"/>uritie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:811.1757px;\">show<span class=\"__1 _201\"/>n as \u201cother<span class=\"__1 _201\"/>\u201d are allo<span class=\"__1 _201\"/>cated a<span class=\"__1 _201\"/>n interna<span class=\"__1 _201\"/>l rating an<span class=\"__1 _201\"/>d are cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d to be of inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t grade q<span class=\"__1 _201\"/>ualit<span class=\"__1 _201\"/>y:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:770.30176px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:645.43665px; bottom:782.3033px;\">2022<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:655.3299px; bottom:770.30176px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:711.75px; bottom:782.3033px;\">2021<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:770.30176px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls96_1 ws4c_1\" style=\"left:0.010047913px; bottom:750.5454px;\">AAA<span class=\"__1 _21c\"> </span><span class=\"ff1_1 ls1a_1 ws19_1\">43<span class=\"__1 _232\"> </span></span><span class=\"ls7f_1 ws93_1\">53<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:730.7829px;\">A<span class=\"__1 _201\"/>A+ t<span class=\"__1 _200\"/>o A<span class=\"__1 _201\"/>A-<span class=\"__1 _7e_1\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">1,548<span class=\"__1 _4a_1\"> </span></span><span class=\"lsc_1 wsa_1\">3,3<span class=\"__1 _201\"/>26<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:711.02045px;\">A+ t<span class=\"__1 _200\"/>o A-<span class=\"__1 _29e\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">3,844<span class=\"__1 _240\"> </span></span><span class=\"ls4d_1 ws54_1\">5,<span class=\"__1 _201\"/>301<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls22_1 ws6b_1\" style=\"left:0.010047913px; bottom:691.25793px;\">BBB+ t<span class=\"__1 _200\"/>o BBB-<span class=\"__1 _29f\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">1,845<span class=\"__1 _7d_1\"> </span></span><span class=\"ls4d_1 ws54_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>215<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls22_1 ws6b_1\" style=\"left:0.010047913px; bottom:671.4954px;\">Below BBB-<span class=\"__1 _2a0\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">786<span class=\"__1 _2c_1\"> </span></span><span class=\"ls38_1 ws38_1\">859<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls21_1 ws20_1\" style=\"left:0.010047913px; bottom:651.7329px;\">Un<span class=\"__1 _201\"/>rate<span class=\"__1 _201\"/>d<span class=\"__1 _2a1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>4<span class=\"__1 _208\"> </span></span><span class=\"ls40_1 ws44_1\">3,605<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls75_1 ws8a_1\" style=\"left:0.010047913px; bottom:631.9704px;\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _23e\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>40<span class=\"__1 _1cf_1\"> </span><span class=\"ff2_1 ls4d_1 ws54_1\">15<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>59<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls30_1 ws71_1\" style=\"left:0.010047913px; bottom:592.9427px;\">33.<span class=\"__1 _201\"/>4.<span class=\"__1 _201\"/>2 Debt securiti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:572.3132px;\">The t<span class=\"__1 _201\"/>able b<span class=\"__1 _201\"/>elow pre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s debt s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities by as<span class=\"__1 _201\"/>set c<span class=\"__1 _201\"/>ategor<span class=\"__1 _201\"/>y a<span class=\"__1 _201\"/>nd exte<span class=\"__1 _201\"/>rnal cre<span class=\"__1 _201\"/>dit ratin<span class=\"__1 _201\"/>g issu<span class=\"__1 _201\"/>ed for e<span class=\"__1 _201\"/>ach com<span class=\"__1 _201\"/>pone<span class=\"__1 _201\"/>nt of<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:555.8147px;\">busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s as set ou<span class=\"__1 _201\"/>t in Note 33<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:502.99384px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls95_1 wsad_1\" style=\"left:333.1875px; bottom:514.9953px;\">AAA<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:341.55524px; bottom:502.99384px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:365.5491px; bottom:514.9953px;\">A<span class=\"__1 _201\"/>A+ to AA-<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:404.3085px; bottom:502.99384px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:443.34644px; bottom:514.9953px;\">A+ to A-<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:467.4414px; bottom:502.99384px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 wsae_1\" style=\"left:505.9353px; bottom:526.9968px;\">BBB+ t<span class=\"__1 _200\"/>o<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 ws8e_1\" style=\"left:519.84283px; bottom:514.9953px;\">BBB-<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:531.01154px; bottom:502.99384px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 wsae_1\" style=\"left:550.6557px; bottom:514.9953px;\">Below<span class=\"__1 _200\"/> BBB-<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:593.3196px; bottom:502.99384px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3e_1 ws40_1\" style=\"left:642.2124px; bottom:514.9953px;\">Othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:670.42334px; bottom:518.4903px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.436px; bottom:502.99384px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:710.7465px; bottom:514.9953px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:719.436px; bottom:502.99384px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:483.2375px;\">Gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt soverei<span class=\"__1 _201\"/>gn debt<span class=\"__1 _394\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">4,<span class=\"__1 _201\"/>325<span class=\"__1 _4a_1\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>41<span class=\"__1 _4a_1\"> </span><span class=\"ls22_1 ws21_1\">1,379<span class=\"__1 _208\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>4<span class=\"__1 _204\"> </span><span class=\"lsc_1 wsa_1\">1,0<span class=\"__1 _201\"/>62<span class=\"__1 _239\"> </span><span class=\"ls38_1 ws38_1\">187<span class=\"__1 _249\"> </span><span class=\"ls33_1 ws34_1\">1<span class=\"__1 _201\"/>6,7<span class=\"__1 _201\"/>88<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:12.7584px; bottom:463.47498px;\">With-profits<span class=\"__1 _c8_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">3<span class=\"__1 _201\"/>,382<span class=\"__1 _243\"> </span><span class=\"ls19_1 ws18_1\">4<span class=\"__1 _201\"/>,633<span class=\"__1 _208\"> </span><span class=\"ls32_1 ws33_1\">1,<span class=\"__1 _201\"/>297<span class=\"__1 _204\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _204\"> </span><span class=\"lsc_1 wsa_1\">1,058<span class=\"__1 _239\"> </span><span class=\"ls38_1 ws38_1\">187<span class=\"__1 _249\"> </span></span></span></span>12<span class=\"__1 _201\"/>,663<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:12.7584px; bottom:443.71246px;\">Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _412\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">211<span class=\"__1 _c_1\"> </span><span class=\"ls15_1 ws14_1\">923<span class=\"__1 _271\"> </span><span class=\"ls19_1 ws18_1\">81<span class=\"__1 _1d_1\"> </span><span class=\"lsb_1 ws32_1\">58<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:602.55493px; bottom:443.7248px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls3f_1 ws41_1\" style=\"left:702.8064px; bottom:443.7248px;\">1,273<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff3_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:423.96228px;\">Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _15f_1\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">671<span class=\"__1 _208\"> </span><span class=\"ls32_1 ws33_1\">1,<span class=\"__1 _201\"/>497<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:477.07953px; bottom:423.9684px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:531.01154px; bottom:423.9684px;\">26<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:602.55493px; bottom:423.9684px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls24_1 ws23_1\" style=\"left:702.8064px; bottom:423.9684px;\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>4<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff3_1 fs3_1 fc2_1 sc0_1 ls54_1 ws5c_1\" style=\"left:12.7584px; bottom:404.20593px;\">Othe<span class=\"__1 _201\"/>r<span class=\"__1 _1b3_1\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">61<span class=\"__1 _237\"> </span><span class=\"lsb_1 ws32_1\">588<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:665.6466px; bottom:404.2119px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:710.7465px; bottom:404.2119px;\">658<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:384.44943px;\">Qua<span class=\"__1 _201\"/>si-s<span class=\"__1 _201\"/>overeign an<span class=\"__1 _201\"/>d publ<span class=\"__1 _201\"/>ic sec<span class=\"__1 _201\"/>tor de<span class=\"__1 _201\"/>bt<span class=\"__1 _bd_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">329<span class=\"__1 _243\"> </span><span class=\"ls15_1 ws14_1\">1,<span class=\"__1 _201\"/>800<span class=\"__1 _237\"> </span></span>328<span class=\"__1 _231\"> </span><span class=\"ls4d_1 ws54_1\">175<span class=\"__1 _1e_1\"> </span><span class=\"lsd_1 wsb_1\">21<span class=\"__1 _223\"> </span><span class=\"ls30_1 ws30_1\">305<span class=\"__1 _243\"> </span></span>2<span class=\"__1 _201\"/>,958<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:12.7584px; bottom:364.68692px;\">With-profits<span class=\"__1 _b5_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">257<span class=\"__1 _237\"> </span><span class=\"ls28_1 ws28_1\">94<span class=\"__1 _201\"/>2<span class=\"__1 _223\"> </span><span class=\"lsd_1 wsb_1\">250<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">17<span class=\"__1 _201\"/>2<span class=\"__1 _1e_1\"> </span></span>21<span class=\"__1 _239\"> </span><span class=\"ls18_1 ws17_1\">261<span class=\"__1 _214\"> </span></span></span></span>1,<span class=\"__1 _201\"/>903<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:12.7584px; bottom:344.9244px;\">Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _2a2\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">34<span class=\"__1 _1d_1\"> </span><span class=\"ls1f_1 ws1e_1\">83<span class=\"__1 _232\"> </span><span class=\"ls32_1 ws33_1\">15<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:602.55493px; bottom:344.94287px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:663.6226px; bottom:344.94287px;\">2<span class=\"__1 _239\"> </span><span class=\"ls2a_1 ws2a_1\">137<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff3_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:325.18036px;\">Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _408\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">38<span class=\"__1 _2c_1\"> </span><span class=\"ls6_1 ws52_1\">7<span class=\"__1 _201\"/>75<span class=\"__1 _1d_1\"> </span><span class=\"ls28_1 ws28_1\">63<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.64px; bottom:325.18652px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls77_1 ws8c_1\" style=\"left:656.436px; bottom:325.18652px;\">42<span class=\"__1 _253\"> </span><span class=\"ls38_1 ws38_1\">918<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:305.424px;\">Corporate deb<span class=\"__1 _200\"/>t<span class=\"__1 _2a3\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">1,368<span class=\"__1 _211\"> </span><span class=\"ls40_1 ws44_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>952<span class=\"__1 _211\"> </span><span class=\"ls32_1 ws33_1\">9,623<span class=\"__1 _245\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _201\"/>,5<span class=\"__1 _201\"/>27<span class=\"__1 _243\"> </span><span class=\"lsd_1 wsb_1\">3,250<span class=\"__1 _211\"> </span></span></span>9,<span class=\"__1 _201\"/>23<span class=\"__1 _201\"/>5<span class=\"__1 _290\"> </span>39,95<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:12.7584px; bottom:285.66153px;\">With-profits<span class=\"__1 _293\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">760<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">1<span class=\"__1 _201\"/>,812<span class=\"__1 _240\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>1<span class=\"__1 _1c_1\"> </span><span class=\"ls19_1 ws18_1\">10,<span class=\"__1 _201\"/>33<span class=\"__1 _201\"/>3<span class=\"__1 _243\"> </span>2<span class=\"__1 _201\"/>,695<span class=\"__1 _243\"> </span><span class=\"lsc_1 wsa_1\">5<span class=\"__1 _201\"/>,032<span class=\"__1 _249\"> </span></span></span>2<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:12.7584px; bottom:265.89902px;\">Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _1b4_1\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">87<span class=\"__1 _253\"> </span><span class=\"ls38_1 ws38_1\">180<span class=\"__1 _2c_1\"> </span><span class=\"lsf_1 wsd_1\">772<span class=\"__1 _208\"> </span><span class=\"ls1b_1 ws1a_1\">1<span class=\"__1 _201\"/>,47<span class=\"__1 _201\"/>3<span class=\"__1 _c_1\"> </span><span class=\"ls27_1 ws27_1\">382<span class=\"__1 _1d_1\"> </span><span class=\"ls3f_1 ws41_1\">53<span class=\"__1 _214\"> </span></span></span>2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>947<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff3_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:246.1365px;\">Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _b3_1\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">326<span class=\"__1 _237\"> </span><span class=\"lsc_1 wsa_1\">8<span class=\"__1 _201\"/>70<span class=\"__1 _204\"> </span><span class=\"ls28_1 ws28_1\">1,542<span class=\"__1 _204\"> </span><span class=\"ls19_1 ws18_1\">1,68<span class=\"__1 _201\"/>7<span class=\"__1 _253\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>8<span class=\"__1 _204\"> </span><span class=\"ls24_1 ws23_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>0<span class=\"__1 _208\"> </span><span class=\"ls33_1 ws34_1\">8,7<span class=\"__1 _201\"/>23<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff3_1 fs3_1 fc2_1 sc0_1 ls54_1 ws5c_1\" style=\"left:12.7584px; bottom:226.37402px;\">Othe<span class=\"__1 _201\"/>r<span class=\"__1 _22c\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">195<span class=\"__1 _219\"> </span><span class=\"lsb_1 ws32_1\">90<span class=\"__1 _1d_1\"> </span>58<span class=\"__1 _1d_1\"> </span><span class=\"ls53_1 ws5b_1\">34<span class=\"__1 _1d_1\"> </span><span class=\"ls3f_1 ws41_1\">25<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:665.6466px; bottom:226.4049px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:710.7465px; bottom:226.4049px;\">402<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws5d_1\" style=\"left:0.010047913px; bottom:206.64243px;\">Asset<span class=\"__1 _200\"/>-back<span class=\"__1 _200\"/>ed securi<span class=\"__1 _200\"/>ties<span class=\"__1 _2a4\"> </span><span class=\"ff1_1 ls1c_1 ws43_1\">629<span class=\"__1 _237\"> </span><span class=\"ls22_1 ws21_1\">239<span class=\"__1 _237\"> </span><span class=\"ls34_1 ws35_1\">444<span class=\"__1 _239\"> </span><span class=\"ls3c_1 ws3d_1\">251<span class=\"__1 _f4_1\"> </span></span>44<span class=\"__1 _4a_1\"> </span><span class=\"ls3c_1 ws3d_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>3<span class=\"__1 _208\"> </span><span class=\"ls24_1 ws23_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:12.7584px; bottom:186.87991px;\">With-profits<span class=\"__1 _293\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">398<span class=\"__1 _253\"> </span><span class=\"ls32_1 ws33_1\">158<span class=\"__1 _237\"> </span><span class=\"ls30_1 ws30_1\">208<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">144<span class=\"__1 _f4_1\"> </span><span class=\"ls34_1 ws35_1\">44<span class=\"__1 _1d8_1\"> </span></span></span></span></span>1,3<span class=\"__1 _201\"/>89<span class=\"__1 _204\"> </span><span class=\"ls17_1 ws16_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>41<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:12.7584px; bottom:167.11742px;\">Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _1bf_1\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">30<span class=\"__1 _271\"> </span><span class=\"lsd_1 wsb_1\">21<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _271\"> </span></span></span></span><span class=\"ff1_1\">31<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:602.55493px; bottom:167.13573px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:663.6226px; bottom:167.13573px;\">9<span class=\"__1 _c_1\"> </span><span class=\"ls19_1 ws18_1\">109<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff3_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:12.7584px; bottom:147.37321px;\">Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _408\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">95<span class=\"__1 _219\"> </span><span class=\"ls30_1 ws30_1\">60<span class=\"__1 _2c_1\"> </span><span class=\"ls38_1 ws38_1\">218<span class=\"__1 _232\"> </span><span class=\"ls7_1 ws5_1\">76<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:602.55493px; bottom:147.37936px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls45_1 ws49_1\" style=\"left:651.5727px; bottom:147.37936px;\">115<span class=\"__1 _237\"> </span><span class=\"lsd_1 wsb_1\">56<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff3_1 fs3_1 fc2_1 sc0_1 ls54_1 ws5c_1\" style=\"left:12.7584px; bottom:127.61687px;\">Othe<span class=\"__1 _201\"/>r<span class=\"__1 _2a5\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">106<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:413.64014px; bottom:127.62302px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:711.75px; bottom:127.62302px;\">106<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:107.86052px;\">T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> debt securi<span class=\"__1 _200\"/>ties<span class=\"__1 _2a6\"> </span><span class=\"ls3c_1 ws3d_1\">6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>651<span class=\"__1 _4c_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,63<span class=\"__1 _201\"/>2<span class=\"__1 _248\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>74<span class=\"__1 _206\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _204\"> </span><span class=\"ls22_1 ws21_1\">4<span class=\"__1 _201\"/>,37<span class=\"__1 _201\"/>7<span class=\"__1 _249\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _1c_1\"> </span><span class=\"ls1c_1 ws43_1\">62<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>821<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:12.7584px; bottom:88.09802px;\">With-profits<span class=\"__1 _20c\"> </span><span class=\"ls33_1 ws34_1\">4<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>97<span class=\"__1 _204\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>5<span class=\"__1 _242\"> </span><span class=\"ls3f_1 ws41_1\">9,006<span class=\"__1 _245\"> </span></span></span>12<span class=\"__1 _201\"/>,75<span class=\"__1 _201\"/>5<span class=\"__1 _214\"> </span><span class=\"ls19_1 ws18_1\">3,<span class=\"__1 _201\"/>818<span class=\"__1 _243\"> </span><span class=\"ls40_1 ws44_1\">6,869<span class=\"__1 _290\"> </span></span></span>4<span class=\"__1 _201\"/>4,7<span class=\"__1 _201\"/>90<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:12.7584px; bottom:68.335526px;\">Unit-link<span class=\"__1 _200\"/>ed<span class=\"__1 _364\"> </span><span class=\"ls1c_1 ws43_1\">362<span class=\"__1 _204\"> </span><span class=\"ls7_1 ws5_1\">1,<span class=\"__1 _201\"/>207<span class=\"__1 _223\"> </span><span class=\"ls15_1 ws14_1\">886<span class=\"__1 _204\"> </span><span class=\"lsd_1 wsb_1\">1,565<span class=\"__1 _237\"> </span><span class=\"ls27_1 ws27_1\">382<span class=\"__1 _1d_1\"> </span><span class=\"ls10_1 wsf_1\">64<span class=\"__1 _242\"> </span></span></span></span>4<span class=\"__1 _201\"/>,466<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:12.7584px; bottom:48.573013px;\">Annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _2a7\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>0<span class=\"__1 _211\"> </span><span class=\"ls30_1 ws30_1\">3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>202<span class=\"__1 _214\"> </span><span class=\"ls27_1 ws27_1\">1,<span class=\"__1 _201\"/>823<span class=\"__1 _208\"> </span><span class=\"ls33_1 ws34_1\">1,78<span class=\"__1 _201\"/>9<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">148<span class=\"__1 _211\"> </span><span class=\"ls7_1 ws5_1\">4<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>07<span class=\"__1 _1c_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,399<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:12.7584px; bottom:28.810524px;\">Other<span class=\"__1 _16d_1\"> </span><span class=\"ls1c_1 ws43_1\">362<span class=\"__1 _237\"> </span><span class=\"ls27_1 ws27_1\">678<span class=\"__1 _1d_1\"> </span></span>59<span class=\"__1 _1d_1\"> </span><span class=\"ls1f_1 ws1e_1\">38<span class=\"__1 _1d_1\"> </span><span class=\"ls22_1 ws21_1\">29<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:665.6466px; bottom:28.84127px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls24_1 ws23_1\" style=\"left:703.9338px; bottom:28.84127px;\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc2_1 sc0_1 ls1_1 ws1_1\" style=\"left:0.010047913px; bottom:1.8123169px;\">i De<span class=\"__1 _201\"/>bt se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s with n<span class=\"__1 _201\"/>o exte<span class=\"__1 _201\"/>rn<span class=\"__1 _201\"/>al cre<span class=\"__1 _201\"/>dit ra<span class=\"__1 _201\"/>ting a<span class=\"__1 _201\"/>re clas<span class=\"__1 _201\"/>si<span class=\"__1 _201\"/>fie<span class=\"__1 _201\"/>d as \u201cO<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r\u201d<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"left:0.010047913px; bottom:1040.2766px;\">33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span></div>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span>AAA<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A<span class=\"__1 _201\"/>A+ to AA-<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A+ to A-<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>BBB+ t<span class=\"__1 _200\"/>o<span class=\"__1 _32b\"> </span>BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Below<span class=\"__1 _200\"/> BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt soverei<span class=\"__1 _201\"/>gn debt<span class=\"__1 _394\"> </span><span class=\"ls42_1 ws46_1\">4,0<span class=\"__1 _201\"/>98<span class=\"__1 _248\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>9<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,3<span class=\"__1 _201\"/>82<span class=\"__1 _240\"> </span>1,<span class=\"__1 _201\"/>226<span class=\"__1 _5d_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _c_1\"> </span><span class=\"ls53_1 ws5b_1\">340<span class=\"__1 _4c_1\"> </span><span class=\"ls2a_1 ws2a_1\">19,4<span class=\"__1 _201\"/>80<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>With-profits<span class=\"__1 _2a8\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">2<span class=\"__1 _201\"/>,70<span class=\"__1 _201\"/>9<span class=\"__1 _240\"> </span><span class=\"ls74_1 ws89_1\">6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>51<span class=\"__1 _220\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>7<span class=\"__1 _272\"> </span>1<span class=\"__1 _250\"/>,11<span class=\"__1 _201\"/>0<span class=\"__1 _5d_1\"> </span>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _252\"> </span><span class=\"ls4d_1 ws54_1\">201<span class=\"__1 _286\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>973<span class=\"__1 _32b\"> </span></span></span></span></span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _1c5_1\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">24<span class=\"__1 _201\"/>5<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,8<span class=\"__1 _201\"/>58<span class=\"__1 _239\"> </span></span>16<span class=\"__1 _201\"/>4<span class=\"__1 _271\"> </span><span class=\"ls23_1 ws22_1\">76<span class=\"__1 _232\"> </span><span class=\"lsc_1 wsa_1\">26<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _208\"> </span><span class=\"lsd_1 wsb_1\">2,<span class=\"__1 _201\"/>372<span class=\"__1 _32b\"> </span></span></span></span></span></span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _417\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _204\"> </span><span class=\"ls42_1 ws46_1\">2,0<span class=\"__1 _201\"/>93<span class=\"__1 _230\"> </span><span class=\"ls40_1 ws44_1\">21<span class=\"__1 _f4_1\"> </span><span class=\"ls5_1 ws1_1\">38<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>136<span class=\"__1 _204\"> </span><span class=\"ls15_1 ws14_1\">3,3<span class=\"__1 _201\"/>93<span class=\"__1 _32b\"> </span></span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _2a9\"> </span><span class=\"ff2_1 ls28_1 ws28_1\">39<span class=\"__1 _253\"> </span><span class=\"ls7_1 ws5_1\">697<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>74<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span>Qua<span class=\"__1 _201\"/>si-s<span class=\"__1 _201\"/>overeign an<span class=\"__1 _201\"/>d publ<span class=\"__1 _201\"/>ic sec<span class=\"__1 _201\"/>tor de<span class=\"__1 _201\"/>bt<span class=\"__1 _bd_1\"> </span><span class=\"ls27_1 ws27_1\">509<span class=\"__1 _1d8_1\"> </span><span class=\"ls40_1 ws44_1\">2,60<span class=\"__1 _201\"/>5<span class=\"__1 _c_1\"> </span><span class=\"ls1f_1 ws1e_1\">358<span class=\"__1 _e_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>2<span class=\"__1 _271\"> </span><span class=\"ls45_1 ws49_1\">47<span class=\"__1 _252\"> </span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _201\"/>8<span class=\"__1 _14d_1\"> </span><span class=\"ls43_1 ws47_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>With-profits<span class=\"__1 _368\"> </span><span class=\"ff2_1 ls7_1 ws5_1\">297<span class=\"__1 _5d_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>7<span class=\"__1 _2c_1\"> </span></span></span><span class=\"ff2_1\">328<span class=\"__1 _345\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>0<span class=\"__1 _264\"> </span><span class=\"ls4a_1 ws50_1\">41<span class=\"__1 _c_1\"> </span><span class=\"ls7f_1 ws93_1\">464<span class=\"__1 _204\"> </span><span class=\"lsd_1 wsb_1\">2,4<span class=\"__1 _201\"/>37<span class=\"__1 _32b\"> </span></span></span></span></span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _2a2\"> </span><span class=\"ff2_1 ls47_1 ws4d_1\">45<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _201\"/>6<span class=\"__1 _230\"> </span><span class=\"ls40_1 ws44_1\">21<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">2<span class=\"__1 _8d_1\"> </span>6<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _253\"> </span><span class=\"ls27_1 ws27_1\">234<span class=\"__1 _32b\"> </span></span></span></span></span></span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _b7_1\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">16<span class=\"__1 _201\"/>7<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>252<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>50<span class=\"__1 _240\"> </span><span class=\"ls45_1 ws49_1\">1,<span class=\"__1 _201\"/>478<span class=\"__1 _32b\"> </span></span>Corporate deb<span class=\"__1 _200\"/>t<span class=\"__1 _2aa\"> </span><span class=\"lsc_1 wsa_1\">1,93<span class=\"__1 _201\"/>8<span class=\"__1 _214\"> </span><span class=\"ls32_1 ws33_1\">3,<span class=\"__1 _201\"/>842<span class=\"__1 _204\"> </span><span class=\"ls74_1 ws89_1\">11<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>51<span class=\"__1 _1cf_1\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>0<span class=\"__1 _208\"> </span><span class=\"ls3a_1 ws3b_1\">5,353<span class=\"__1 _248\"> </span><span class=\"ls45_1 ws49_1\">13<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>314<span class=\"__1 _18a_1\"> </span><span class=\"ls40_1 ws44_1\">5<span class=\"__1 _201\"/>3,6<span class=\"__1 _201\"/>48<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>With-profits<span class=\"__1 _455\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>29<span class=\"__1 _201\"/>6<span class=\"__1 _1d8_1\"> </span><span class=\"ls32_1 ws33_1\">2,<span class=\"__1 _201\"/>208<span class=\"__1 _1d8_1\"> </span><span class=\"ls5_1 ws1_1\">8,543<span class=\"__1 _210\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>376<span class=\"__1 _240\"> </span><span class=\"ls74_1 ws89_1\">4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>51<span class=\"__1 _14d_1\"> </span><span class=\"ls3d_1 ws3f_1\">6<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>7<span class=\"__1 _286\"> </span><span class=\"ls40_1 ws44_1\">36,<span class=\"__1 _201\"/>821<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _412\"> </span><span class=\"ff2_1 ls4d_1 ws54_1\">157<span class=\"__1 _253\"> </span><span class=\"ls27_1 ws27_1\">23<span class=\"__1 _201\"/>3<span class=\"__1 _1b5_1\"> </span><span class=\"ls56_1 ws5f_1\">1<span class=\"__1 _201\"/>,017<span class=\"__1 _14d_1\"> </span><span class=\"ls8_1 ws6_1\">1,7<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>8<span class=\"__1 _252\"> </span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _201\"/>9<span class=\"__1 _229\"> </span>51<span class=\"__1 _4a_1\"> </span></span>3<span class=\"__1 _201\"/>,76<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _a2_1\"> </span><span class=\"ff2_1 ls56_1 ws5f_1\">317<span class=\"__1 _240\"> </span><span class=\"ls23_1 ws22_1\">1,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>07<span class=\"__1 _214\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,087<span class=\"__1 _208\"> </span><span class=\"ls22_1 ws21_1\">2,<span class=\"__1 _201\"/>279<span class=\"__1 _252\"> </span><span class=\"ls4d_1 ws54_1\">157<span class=\"__1 _240\"> </span><span class=\"ls74_1 ws89_1\">6<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>51<span class=\"__1 _201\"/>5<span class=\"__1 _210\"> </span><span class=\"lse_1 wsc_1\">1<span class=\"__1 _201\"/>2,<span class=\"__1 _201\"/>662<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _324\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">168<span class=\"__1 _1d_1\"> </span><span class=\"ls3a_1 ws3b_1\">94<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">104<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _232\"> </span><span class=\"lsc_1 wsa_1\">26<span class=\"__1 _353\"> </span></span>1<span class=\"__1 _270\"> </span><span class=\"ls28_1 ws28_1\">400<span class=\"__1 _32b\"> </span></span></span></span></span></span>Asset<span class=\"__1 _200\"/>-back<span class=\"__1 _200\"/>ed securi<span class=\"__1 _200\"/>ties<span class=\"__1 _294\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>312<span class=\"__1 _2c_1\"> </span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>47<span class=\"__1 _252\"> </span><span class=\"lse_1 wsc_1\">612<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">270<span class=\"__1 _f4_1\"> </span><span class=\"ls5_1 ws1_1\">54<span class=\"__1 _5d_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>7<span class=\"__1 _240\"> </span><span class=\"ls8_1 ws6_1\">3<span class=\"__1 _201\"/>,78<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>With-profits<span class=\"__1 _368\"> </span><span class=\"ff2_1 ls7_1 ws5_1\">972<span class=\"__1 _253\"> </span></span><span class=\"ff2_1\">228<span class=\"__1 _253\"> </span><span class=\"ls27_1 ws27_1\">299<span class=\"__1 _252\"> </span><span class=\"ls45_1 ws49_1\">142<span class=\"__1 _232\"> </span><span class=\"ls7f_1 ws93_1\">53<span class=\"__1 _208\"> </span><span class=\"ls42_1 ws46_1\">1,039<span class=\"__1 _4a_1\"> </span><span class=\"ls8_1 ws6_1\">2<span class=\"__1 _201\"/>,73<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span></span></span></span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _2a2\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">38<span class=\"__1 _232\"> </span><span class=\"ls10_1 wsf_1\">22<span class=\"__1 _1e_1\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _f4_1\"> </span></span></span>38<span class=\"__1 _353\"> </span>1<span class=\"__1 _288\"> </span><span class=\"ls11_1 ws10_1\">1<span class=\"__1 _201\"/>1<span class=\"__1 _252\"> </span><span class=\"lse_1 wsc_1\">128<span class=\"__1 _32b\"> </span></span></span></span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _1fe\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">114<span class=\"__1 _271\"> </span><span class=\"ls7_1 ws5_1\">97<span class=\"__1 _253\"> </span><span class=\"ls27_1 ws27_1\">29<span class=\"__1 _201\"/>5<span class=\"__1 _219\"> </span><span class=\"lsf_1 wsd_1\">90<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>137<span class=\"__1 _239\"> </span><span class=\"lsb_1 ws32_1\">733<span class=\"__1 _32b\"> </span></span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _2ab\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">188<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>188<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> debt securi<span class=\"__1 _200\"/>ties<span class=\"__1 _20e\"> </span><span class=\"ff2_1 ls13_1 ws12_1\">7,<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>7<span class=\"__1 _217\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>,093<span class=\"__1 _206\"> </span><span class=\"ls43_1 ws47_1\">14<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>3<span class=\"__1 _245\"> </span><span class=\"ls2a_1 ws2a_1\">19<span class=\"__1 _201\"/>,058<span class=\"__1 _1d8_1\"> </span><span class=\"ls1f_1 ws1e_1\">6,589<span class=\"__1 _217\"> </span><span class=\"ls4d_1 ws54_1\">15,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>59<span class=\"__1 _245\"> </span><span class=\"lsc_1 wsa_1\">81,059<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>With-profits<span class=\"__1 _366\"> </span><span class=\"ff2_1 ls3d_1 ws3f_1\">5<span class=\"__1 _250\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>74<span class=\"__1 _217\"> </span><span class=\"ls4d_1 ws54_1\">10,<span class=\"__1 _201\"/>28<span class=\"__1 _201\"/>4<span class=\"__1 _217\"> </span>10,<span class=\"__1 _201\"/>36<span class=\"__1 _201\"/>7<span class=\"__1 _286\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _200\"/>4,<span class=\"__1 _200\"/>738<span class=\"__1 _243\"> </span><span class=\"ls27_1 ws27_1\">5,850<span class=\"__1 _4a_1\"> </span><span class=\"ls74_1 ws89_1\">8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>51<span class=\"__1 _18a_1\"> </span></span></span>54,964<span class=\"__1 _32b\"> </span></span></span></span>Unit-link<span class=\"__1 _200\"/>ed<span class=\"__1 _364\"> </span><span class=\"ff2_1 ls10_1 wsf_1\">485<span class=\"__1 _1d8_1\"> </span><span class=\"lsc_1 wsa_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>269<span class=\"__1 _4a_1\"> </span>1,2<span class=\"__1 _201\"/>20<span class=\"__1 _204\"> </span>1,9<span class=\"__1 _201\"/>04<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">552<span class=\"__1 _1d_1\"> </span><span class=\"ls22_1 ws21_1\">69<span class=\"__1 _1d8_1\"> </span><span class=\"ls1f_1 ws1e_1\">6,499<span class=\"__1 _32b\"> </span></span></span></span></span></span>Annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _464\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">1,7<span class=\"__1 _201\"/>03<span class=\"__1 _4a_1\"> </span><span class=\"ls3d_1 ws3f_1\">4<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>9<span class=\"__1 _7d_1\"> </span><span class=\"ls4a_1 ws50_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>2<span class=\"__1 _204\"> </span><span class=\"ls23_1 ws22_1\">2<span class=\"__1 _201\"/>,4<span class=\"__1 _201\"/>07<span class=\"__1 _252\"> </span><span class=\"ls4d_1 ws54_1\">157<span class=\"__1 _1d8_1\"> </span><span class=\"ls5_1 ws1_1\">6,838<span class=\"__1 _4c_1\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>266<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Other<span class=\"__1 _16d_1\"> </span><span class=\"ff2_1 ls3f_1 ws41_1\">395<span class=\"__1 _252\"> </span><span class=\"ls42_1 ws46_1\">791<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">104<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _1d_1\"> </span><span class=\"ls28_1 ws28_1\">30<span class=\"__1 _311\"> </span></span>1<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,3<span class=\"__1 _201\"/>30<span class=\"__1 _32b\"> </span></span></span></span></span></span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 co<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate debt exp<span class=\"__1 _201\"/>osure to ban<span class=\"__1 _201\"/>ks amoun<span class=\"__1 _201\"/>ted to \u00a38<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>73m (<span class=\"__1 _201\"/>2021: \u00a39,6<span class=\"__1 _201\"/>66m).<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s hold<span class=\"__1 _201\"/>ings in as<span class=\"__1 _201\"/>set-backed s<span class=\"__1 _201\"/>ecuri<span class=\"__1 _201\"/>ties (A<span class=\"__1 _201\"/>BS) which are p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nted withi<span class=\"__1 _201\"/>n debt se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>ties on th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on. T<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s hold<span class=\"__1 _201\"/>ings in A<span class=\"__1 _201\"/>BS, w<span class=\"__1 _201\"/>hich co<span class=\"__1 _201\"/>mpris<span class=\"__1 _201\"/>e resid<span class=\"__1 _201\"/>ential m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tgage<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>acked se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s (RM<span class=\"__1 _201\"/>BS),<span class=\"__1 _32b\"> </span>comm<span class=\"__1 _201\"/>ercial m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tgage<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>acked se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s (CMBS), collater<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d debt o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>ons (CDO) funds a<span class=\"__1 _201\"/>nd other a<span class=\"__1 _201\"/>sset-bac<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed s<span class=\"__1 _201\"/>ecuri<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/> are sh<span class=\"__1 _201\"/>own withi<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>e above.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s exposu<span class=\"__1 _201\"/>re to sovereig<span class=\"__1 _201\"/>n debt are an<span class=\"__1 _201\"/>alys<span class=\"__1 _201\"/>ed by is<span class=\"__1 _201\"/>suer as f<span class=\"__1 _201\"/>ollows<span class=\"__1 _201\"/>: <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>With-profits<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unit-link<span class=\"__1 _200\"/>ed<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Annuity and<span class=\"__1 _32b\"> </span>other long-<span class=\"__1 _32b\"> </span>term bu<span class=\"__1 _200\"/>siness<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Sovere<span class=\"__1 _201\"/>ign de<span class=\"__1 _201\"/>bt secur<span class=\"__1 _201\"/>ities by c<span class=\"__1 _201\"/>ountr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>United<span class=\"__1 _200\"/> Kingdom<span class=\"__1 _332\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>290<span class=\"__1 _2c_1\"> </span><span class=\"ls1b_1 ws1a_1\">9<span class=\"__1 _201\"/>47<span class=\"__1 _223\"> </span></span>1,<span class=\"__1 _201\"/>239<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">57<span class=\"__1 _201\"/>8<span class=\"__1 _211\"> </span><span class=\"lsc_1 wsa_1\">5<span class=\"__1 _201\"/>,054<span class=\"__1 _32b\"> </span></span></span></span>Ge<span class=\"__1 _201\"/>rma<span class=\"__1 _201\"/>ny<span class=\"__1 _2ac\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">503<span class=\"__1 _232\"> </span><span class=\"ls22_1 ws21_1\">39<span class=\"__1 _230\"> </span><span class=\"ls40_1 ws44_1\">201<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>74<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er Europ<span class=\"__1 _201\"/>ean Co<span class=\"__1 _201\"/>untrie<span class=\"__1 _201\"/>s<span class=\"__1 _16d_1\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">1,<span class=\"__1 _201\"/>223<span class=\"__1 _1e_1\"> </span><span class=\"ls32_1 ws33_1\">57<span class=\"__1 _232\"> </span><span class=\"ls15_1 ws14_1\">58<span class=\"__1 _201\"/>6<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>870<span class=\"__1 _32b\"> </span></span></span></span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> Europe<span class=\"__1 _21d\"> </span><span class=\"lsc_1 wsa_1\">4,01<span class=\"__1 _201\"/>6<span class=\"__1 _204\"> </span>1,04<span class=\"__1 _201\"/>3<span class=\"__1 _6b_1\"> </span><span class=\"ls30_1 ws30_1\">2<span class=\"__1 _201\"/>,026<span class=\"__1 _2c_1\"> </span><span class=\"ls27_1 ws27_1\">582<span class=\"__1 _4a_1\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>7<span class=\"__1 _32b\"> </span></span></span></span></span>Un<span class=\"__1 _201\"/>ited S<span class=\"__1 _201\"/>tates<span class=\"__1 _2ad\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">1,990<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">6<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>23<span class=\"__1 _204\"> </span><span class=\"ls40_1 ws44_1\">2<span class=\"__1 _201\"/>,019<span class=\"__1 _32b\"> </span></span>Indonesia<span class=\"__1 _28b\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">891<span class=\"__1 _229\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>903<span class=\"__1 _32b\"> </span>Malaysia<span class=\"__1 _2ae\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">566<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>5<span class=\"__1 _201\"/>74<span class=\"__1 _32b\"> </span>Sou<span class=\"__1 _201\"/>th Korea<span class=\"__1 _2af\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">760<span class=\"__1 _264\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>772<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _11f_1\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">4,440<span class=\"__1 _252\"> </span><span class=\"ls40_1 ws44_1\">192<span class=\"__1 _1e_1\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _201\"/>8<span class=\"__1 _232\"> </span><span class=\"ls3f_1 ws41_1\">53<span class=\"__1 _1d8_1\"> </span><span class=\"lsb_1 ws32_1\">4<span class=\"__1 _201\"/>,853<span class=\"__1 _32b\"> </span></span></span></span></span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _11f_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,663<span class=\"__1 _240\"> </span><span class=\"ls3f_1 ws41_1\">1,273<span class=\"__1 _c_1\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>4<span class=\"__1 _2c_1\"> </span><span class=\"lsd_1 wsb_1\">658<span class=\"__1 _217\"> </span><span class=\"ls33_1 ws34_1\">16<span class=\"__1 _201\"/>,78<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span></span></span></span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:200.87341px; bottom:832.3783px;\"> <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:778.3557px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:409.54034px; bottom:790.3573px;\">With-profits<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:453.7398px; bottom:778.3557px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:480.64697px; bottom:790.3573px;\">Unit-link<span class=\"__1 _200\"/>ed<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:517.9086px; bottom:778.3557px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:546.65985px; bottom:814.3602px;\">Annuity and<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:552.201px; bottom:802.35876px;\">other long-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls50_1 wsaf_1\" style=\"left:537.8211px; bottom:790.3573px;\">term bu<span class=\"__1 _200\"/>siness<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:590.2714px; bottom:778.3557px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3e_1 ws40_1\" style=\"left:640.9338px; bottom:790.3573px;\">Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:654.2109px; bottom:778.3557px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:710.7465px; bottom:790.3573px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:718.3406px; bottom:778.3557px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:758.60376px;\">Sovere<span class=\"__1 _201\"/>ign de<span class=\"__1 _201\"/>bt secur<span class=\"__1 _201\"/>ities by c<span class=\"__1 _201\"/>ountr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:738.84125px;\">United<span class=\"__1 _200\"/> Kingdom<span class=\"__1 _2b0\"> </span><span class=\"ls32_1 ws33_1\">4,<span class=\"__1 _201\"/>552<span class=\"__1 _4a_1\"> </span><span class=\"lsc_1 wsa_1\">1,8<span class=\"__1 _201\"/>60<span class=\"__1 _c_1\"> </span>1,98<span class=\"__1 _201\"/>8<span class=\"__1 _253\"> </span><span class=\"ls1f_1 ws1e_1\">688<span class=\"__1 _214\"> </span><span class=\"ls42_1 ws46_1\">9,0<span class=\"__1 _201\"/>88<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls4d_1 ws54_1\" style=\"left:0.010047913px; bottom:719.07874px;\">Ge<span class=\"__1 _201\"/>rma<span class=\"__1 _201\"/>ny<span class=\"__1 _238\"> </span><span class=\"ls56_1 ws5f_1\">17<span class=\"__1 _201\"/>8<span class=\"__1 _288\"> </span><span class=\"lsc_1 wsa_1\">31<span class=\"__1 _264\"> </span></span></span>15<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:663.6226px; bottom:719.09106px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:710.7465px; bottom:719.09106px;\">359<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:699.32855px;\">Oth<span class=\"__1 _201\"/>er Europ<span class=\"__1 _201\"/>ean Co<span class=\"__1 _201\"/>untrie<span class=\"__1 _201\"/>s<span class=\"__1 _2b1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _1e_1\"> </span><span class=\"ls15_1 ws14_1\">93<span class=\"__1 _271\"> </span><span class=\"lsf_1 wsd_1\">984<span class=\"__1 _224\"> </span><span class=\"ls56_1 ws5f_1\">17<span class=\"__1 _4a_1\"> </span><span class=\"ls1c_1 ws43_1\">2,<span class=\"__1 _201\"/>282<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:679.56604px;\">T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> Europe<span class=\"__1 _1a4_1\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">5,<span class=\"__1 _201\"/>918<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,9<span class=\"__1 _201\"/>84<span class=\"__1 _231\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>2<span class=\"__1 _231\"> </span><span class=\"ls23_1 ws22_1\">70<span class=\"__1 _201\"/>5<span class=\"__1 _211\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls21_1 ws1e_1\" style=\"left:0.010047913px; bottom:659.8035px;\">Un<span class=\"__1 _201\"/>ited S<span class=\"__1 _201\"/>tates<span class=\"__1 _1a4_1\"> </span><span class=\"ls8_1 ws6_1\">1,76<span class=\"__1 _201\"/>3<span class=\"__1 _226\"> </span><span class=\"lse_1 wsc_1\">137<span class=\"__1 _376\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _264\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _212\"> </span><span class=\"ls11_1 ws10_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>911<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws27_1\" style=\"left:0.010047913px; bottom:640.041px;\">Indonesia<span class=\"__1 _1fc\"> </span><span class=\"ls29_1 ws29_1\">843<span class=\"__1 _18b_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:598.7133px; bottom:640.0657px;\">\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls10_1 wsf_1\" style=\"left:710.7465px; bottom:640.0657px;\">854<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:0.010047913px; bottom:620.30316px;\">Malaysia<span class=\"__1 _280\"> </span><span class=\"ls4a_1 ws50_1\">5<span class=\"__1 _201\"/>41<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:598.7133px; bottom:620.30927px;\">\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3f_1 ws41_1\" style=\"left:710.7465px; bottom:620.30927px;\">549<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:600.5468px;\">Sou<span class=\"__1 _201\"/>th Korea<span class=\"__1 _2af\"> </span><span class=\"lsb_1 ws32_1\">734<span class=\"__1 _18b_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:598.7133px; bottom:600.5529px;\">\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3d_1 ws3f_1\" style=\"left:712.9595px; bottom:600.5529px;\">74<span class=\"__1 _250\"/>5<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls42_1 ws46_1\" style=\"left:0.010047913px; bottom:580.79047px;\">Oth<span class=\"__1 _201\"/>er<span class=\"__1 _1f1\"> </span><span class=\"ls3d_1 ws3f_1\">3<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>74<span class=\"__1 _e_1\"> </span><span class=\"ls40_1 ws44_1\">2<span class=\"__1 _201\"/>21<span class=\"__1 _230\"> </span><span class=\"ls23_1 ws22_1\">270<span class=\"__1 _264\"> </span><span class=\"lsb_1 ws32_1\">27<span class=\"__1 _208\"> </span></span></span>3<span class=\"__1 _201\"/>,692<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls75_1 ws8a_1\" style=\"left:0.010047913px; bottom:561.02795px;\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _14f_1\"> </span><span class=\"ff2_1 lse_1 wsc_1\">12,<span class=\"__1 _201\"/>973<span class=\"__1 _14d_1\"> </span><span class=\"lsd_1 wsb_1\">2,3<span class=\"__1 _201\"/>72<span class=\"__1 _270\"> </span><span class=\"ls15_1 ws14_1\">3,<span class=\"__1 _201\"/>393<span class=\"__1 _228\"> </span><span class=\"ls3d_1 ws3f_1\">74<span class=\"__1 _201\"/>2<span class=\"__1 _286\"> </span><span class=\"ls2a_1 ws2a_1\">19,4<span class=\"__1 _201\"/>80<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:522.0002px;\">As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 O<span class=\"__1 _201\"/>ther Europ<span class=\"__1 _201\"/>ean C<span class=\"__1 _201\"/>ountri<span class=\"__1 _201\"/>es incl<span class=\"__1 _201\"/>uded \u00a31<span class=\"__1 _201\"/>,40<span class=\"__1 _201\"/>3m (202<span class=\"__1 _201\"/>1: \u00a31,913m) and O<span class=\"__1 _201\"/>ther i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ed \u00a31,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>26m<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:505.5017px;\">(2021: \u00a31,0<span class=\"__1 _201\"/>00<span class=\"__1 _201\"/>m<span class=\"__1 _200\"/>) of Sup<span class=\"__1 _201\"/>ranatio<span class=\"__1 _201\"/>nal Gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt bon<span class=\"__1 _201\"/>ds.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:480.75397px;\">33.<span class=\"__1 _201\"/>4.3 De-<span class=\"__1 _201\"/>rec<span class=\"__1 _200\"/>ognition, collat<span class=\"__1 _200\"/>eral<span class=\"__1 _200\"/> and offsetting<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:456.00623px;\">Se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es len<span class=\"__1 _201\"/>ding an<span class=\"__1 _201\"/>d repurcha<span class=\"__1 _201\"/>se agre<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:439.5077px;\">The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s entered i<span class=\"__1 _201\"/>nto secur<span class=\"__1 _201\"/>ities l<span class=\"__1 _201\"/>endin<span class=\"__1 _201\"/>g and rep<span class=\"__1 _201\"/>urchase a<span class=\"__1 _201\"/>gree<span class=\"__1 _201\"/>ments w<span class=\"__1 _201\"/>hereby b<span class=\"__1 _201\"/>locks o<span class=\"__1 _201\"/>f secur<span class=\"__1 _201\"/>ities a<span class=\"__1 _201\"/>re trans<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d to third<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:423.00922px;\">par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s, pr<span class=\"__1 _201\"/>imar<span class=\"__1 _201\"/>ily maj<span class=\"__1 _201\"/>or brokera<span class=\"__1 _201\"/>ge firm<span class=\"__1 _201\"/>s, in excha<span class=\"__1 _201\"/>nge for c<span class=\"__1 _201\"/>ollater<span class=\"__1 _201\"/>al. T<span class=\"__1 _f_1\"/>y<span class=\"__1 _201\"/>pic<span class=\"__1 _201\"/>ally, the value o<span class=\"__1 _201\"/>f collater<span class=\"__1 _201\"/>al ass<span class=\"__1 _201\"/>ets pl<span class=\"__1 _201\"/>edge<span class=\"__1 _201\"/>d to the Gro<span class=\"__1 _201\"/>up<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:406.51068px;\">in the<span class=\"__1 _201\"/>se trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions is in exce<span class=\"__1 _201\"/>ss of th<span class=\"__1 _201\"/>e value of s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>, with the exce<span class=\"__1 _201\"/>ss dete<span class=\"__1 _201\"/>rmin<span class=\"__1 _201\"/>ed by the qu<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y of the col<span class=\"__1 _201\"/>lateral<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:390.0122px;\">ass<span class=\"__1 _201\"/>ets gra<span class=\"__1 _201\"/>nted. C<span class=\"__1 _201\"/>ollatera<span class=\"__1 _201\"/>l require<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s are cal<span class=\"__1 _201\"/>culated o<span class=\"__1 _201\"/>n a daily b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>. The se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>ties le<span class=\"__1 _201\"/>nt and se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to repurcha<span class=\"__1 _201\"/>se<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:373.51367px;\">agre<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s are not de<span class=\"__1 _201\"/>reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d from th<span class=\"__1 _201\"/>e Group\u2019s cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d statem<span class=\"__1 _201\"/>ent of fina<span class=\"__1 _201\"/>ncial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n. Co<span class=\"__1 _201\"/>llateral t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>ical<span class=\"__1 _201\"/>ly cons<span class=\"__1 _201\"/>ists o<span class=\"__1 _201\"/>f<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:357.0152px;\">cas<span class=\"__1 _201\"/>h, de<span class=\"__1 _201\"/>bt secu<span class=\"__1 _201\"/>rities<span class=\"__1 _201\"/>, eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y secur<span class=\"__1 _201\"/>ities a<span class=\"__1 _201\"/>nd let<span class=\"__1 _201\"/>ters of cre<span class=\"__1 _201\"/>dit. C<span class=\"__1 _201\"/>ash col<span class=\"__1 _201\"/>lateral re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d is reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed on the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:340.51672px;\">of finan<span class=\"__1 _201\"/>cial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n and a fina<span class=\"__1 _201\"/>ncial li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y for th<span class=\"__1 _201\"/>e oblig<span class=\"__1 _201\"/>ation fo<span class=\"__1 _201\"/>r the Gro<span class=\"__1 _201\"/>up to repay the c<span class=\"__1 _201\"/>ash is al<span class=\"__1 _201\"/>so reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d. N<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:324.0182px;\">coll<span class=\"__1 _201\"/>ateral rec<span class=\"__1 _201\"/>eive<span class=\"__1 _201\"/>d is not rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d statem<span class=\"__1 _201\"/>ent of fina<span class=\"__1 _201\"/>ncial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n. Co<span class=\"__1 _201\"/>llateral p<span class=\"__1 _201\"/>ledg<span class=\"__1 _201\"/>ed by the G<span class=\"__1 _201\"/>roup un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:307.5197px;\">revers<span class=\"__1 _201\"/>e repurch<span class=\"__1 _201\"/>ase arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s, asi<span class=\"__1 _201\"/>de from c<span class=\"__1 _201\"/>ash<span class=\"__1 _201\"/>, is not de<span class=\"__1 _201\"/>recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d from the c<span class=\"__1 _201\"/>onsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t of financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition as<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:291.02118px;\">the ri<span class=\"__1 _201\"/>sks and rew<span class=\"__1 _201\"/>ards are sti<span class=\"__1 _201\"/>ll retaine<span class=\"__1 _201\"/>d by the G<span class=\"__1 _201\"/>roup. Ca<span class=\"__1 _201\"/>sh coll<span class=\"__1 _201\"/>ateral pl<span class=\"__1 _201\"/>edg<span class=\"__1 _201\"/>ed is de<span class=\"__1 _201\"/>reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d as it is pl<span class=\"__1 _201\"/>edge<span class=\"__1 _201\"/>d und<span class=\"__1 _201\"/>er right to u<span class=\"__1 _201\"/>se<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:274.5227px;\">by the co<span class=\"__1 _201\"/>unterpa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y an<span class=\"__1 _201\"/>d a finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>set is rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed for th<span class=\"__1 _201\"/>e obli<span class=\"__1 _201\"/>gation fo<span class=\"__1 _201\"/>r the cou<span class=\"__1 _201\"/>nterpar<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y to re-<span class=\"__1 _201\"/>pay the c<span class=\"__1 _201\"/>ash to the G<span class=\"__1 _201\"/>roup.<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:249.77493px;\">As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up had \u00a3<span class=\"__1 _201\"/>3,6<span class=\"__1 _201\"/>38<span class=\"__1 _201\"/>m (2021: \u00a35<span class=\"__1 _201\"/>,64<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>m) of collatera<span class=\"__1 _201\"/>l ple<span class=\"__1 _201\"/>dged to th<span class=\"__1 _201\"/>e Group u<span class=\"__1 _201\"/>nder s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities le<span class=\"__1 _201\"/>nding a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:233.27646px;\">repurc<span class=\"__1 _201\"/>hase ag<span class=\"__1 _201\"/>reem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, prim<span class=\"__1 _201\"/>arily re<span class=\"__1 _201\"/>lating to the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund. Th<span class=\"__1 _201\"/>e cash a<span class=\"__1 _201\"/>nd se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s coll<span class=\"__1 _201\"/>ateral acc<span class=\"__1 _201\"/>epted un<span class=\"__1 _201\"/>der se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:216.77795px;\">len<span class=\"__1 _201\"/>ding ag<span class=\"__1 _201\"/>reeme<span class=\"__1 _201\"/>nts was \u00a3<span class=\"__1 _201\"/>5,471m (2021: \u00a3<span class=\"__1 _201\"/>5,021m). As at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up had ente<span class=\"__1 _201\"/>red into rever<span class=\"__1 _201\"/>se repurc<span class=\"__1 _201\"/>hase<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:200.27945px;\">trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions un<span class=\"__1 _201\"/>der wh<span class=\"__1 _201\"/>ich it purc<span class=\"__1 _201\"/>hase<span class=\"__1 _201\"/>d secur<span class=\"__1 _201\"/>ities a<span class=\"__1 _201\"/>nd had ta<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>en on th<span class=\"__1 _201\"/>e obli<span class=\"__1 _201\"/>gation to res<span class=\"__1 _201\"/>ell the s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>. The f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:183.78094px;\">coll<span class=\"__1 _201\"/>ateral he<span class=\"__1 _201\"/>ld in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of thes<span class=\"__1 _201\"/>e trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>ons was \u00a315<span class=\"__1 _201\"/>,316<span class=\"__1 _201\"/>m (2021: \u00a314<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>48<span class=\"__1 _201\"/>m).<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:154.90219px;\">Collat<span class=\"__1 _200\"/>eral and pledges<span class=\"__1 _200\"/> under derivativ<span class=\"__1 _200\"/>e tran<span class=\"__1 _200\"/>sactions<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:138.40369px;\">At 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>d pled<span class=\"__1 _201\"/>ged \u00a3<span class=\"__1 _201\"/>2,<span class=\"__1 _201\"/>818m (2<span class=\"__1 _201\"/>021: \u00a31,65<span class=\"__1 _201\"/>3m) for li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es and h<span class=\"__1 _201\"/>eld co<span class=\"__1 _201\"/>llateral of \u00a31<span class=\"__1 _201\"/>,318<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:121.90518px;\">(2021: \u00a31,7<span class=\"__1 _201\"/>75m) in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of over<span class=\"__1 _200\"/>-the-<span class=\"__1 _201\"/>co<span class=\"__1 _201\"/>unter der<span class=\"__1 _201\"/>ivative t<span class=\"__1 _201\"/>ransa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:97.15744px;\">The<span class=\"__1 _201\"/>se tran<span class=\"__1 _201\"/>sac<span class=\"__1 _201\"/>tions a<span class=\"__1 _201\"/>re condu<span class=\"__1 _201\"/>cted u<span class=\"__1 _201\"/>nder te<span class=\"__1 _201\"/>rms that are u<span class=\"__1 _201\"/>sual an<span class=\"__1 _201\"/>d custom<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y to collater<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g, wh<span class=\"__1 _201\"/>ere<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:80.658936px;\">relev<span class=\"__1 _201\"/>ant, s<span class=\"__1 _201\"/>tandard s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities l<span class=\"__1 _201\"/>endin<span class=\"__1 _201\"/>g and rep<span class=\"__1 _201\"/>urchase a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:51.78018px;\">Other colla<span class=\"__1 _200\"/>teral<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:35.281708px;\">At 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>d pled<span class=\"__1 _201\"/>ged c<span class=\"__1 _201\"/>ollatera<span class=\"__1 _201\"/>l of \u00a3552m (2<span class=\"__1 _201\"/>021: \u00a31,4<span class=\"__1 _201\"/>68<span class=\"__1 _201\"/>m) in respe<span class=\"__1 _201\"/>ct of oth<span class=\"__1 _201\"/>er trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>. This p<span class=\"__1 _201\"/>rimar<span class=\"__1 _201\"/>ily<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:18.783203px;\">aris<span class=\"__1 _201\"/>es from c<span class=\"__1 _201\"/>ollater<span class=\"__1 _201\"/>al ple<span class=\"__1 _201\"/>dge<span class=\"__1 _201\"/>d in relatio<span class=\"__1 _201\"/>n to deferre<span class=\"__1 _201\"/>d purch<span class=\"__1 _201\"/>ase con<span class=\"__1 _201\"/>sider<span class=\"__1 _201\"/>ation on l<span class=\"__1 _201\"/>ifetime (equit<span class=\"__1 _201\"/>y rel<span class=\"__1 _201\"/>ease) mor<span class=\"__1 _201\"/>tgag<span class=\"__1 _201\"/>es of \u00a32<span class=\"__1 _201\"/>87m<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:2.2846985px;\">(2021: \u00a3420<span class=\"__1 _201\"/>m), in additio<span class=\"__1 _201\"/>n to collater<span class=\"__1 _201\"/>al on rein<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce expos<span class=\"__1 _201\"/>ures of \u00a3<span class=\"__1 _201\"/>214m (2021: \u00a3<span class=\"__1 _201\"/>206<span class=\"__1 _201\"/>m).<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"left:0.010047913px; bottom:866.011px;\">33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span></div>Off<span class=\"__1 _201\"/>setting as<span class=\"__1 _201\"/>sets and liabilities<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s deri<span class=\"__1 _201\"/>vative in<span class=\"__1 _201\"/>strum<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, repu<span class=\"__1 _201\"/>rchase a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d secur<span class=\"__1 _201\"/>ities l<span class=\"__1 _201\"/>endi<span class=\"__1 _201\"/>ng agre<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s are subj<span class=\"__1 _201\"/>ect to m<span class=\"__1 _201\"/>aster n<span class=\"__1 _201\"/>ettin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span>arr<span class=\"__1 _201\"/>angem<span class=\"__1 _201\"/>ents a<span class=\"__1 _201\"/>nd coll<span class=\"__1 _201\"/>ateral ar<span class=\"__1 _201\"/>range<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s. A mas<span class=\"__1 _201\"/>ter net<span class=\"__1 _201\"/>ting ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t with a cou<span class=\"__1 _201\"/>nterpar<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y creates a r<span class=\"__1 _201\"/>ight of off<span class=\"__1 _201\"/>set fo<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>amo<span class=\"__1 _201\"/>unts due to an<span class=\"__1 _201\"/>d due fro<span class=\"__1 _201\"/>m that sam<span class=\"__1 _201\"/>e counter<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y that is enf<span class=\"__1 _201\"/>orceab<span class=\"__1 _201\"/>le in the eve<span class=\"__1 _201\"/>nt of a defa<span class=\"__1 _201\"/>ult or ba<span class=\"__1 _201\"/>nkruptc<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/> reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>s amo<span class=\"__1 _201\"/>unts sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to master n<span class=\"__1 _201\"/>ettin<span class=\"__1 _201\"/>g arra<span class=\"__1 _201\"/>ngem<span class=\"__1 _201\"/>ents on a g<span class=\"__1 _201\"/>ross ba<span class=\"__1 _201\"/>sis on th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>es pre<span class=\"__1 _201\"/>sent the g<span class=\"__1 _201\"/>ross an<span class=\"__1 _201\"/>d net info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n about t<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to maste<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>netting arrangemen<span class=\"__1 _200\"/>ts:<span class=\"__1 _32b\"> </span>Rel<span class=\"__1 _201\"/>ated a<span class=\"__1 _201\"/>mou<span class=\"__1 _201\"/>nts no<span class=\"__1 _201\"/>t off<span class=\"__1 _201\"/>set in t<span class=\"__1 _201\"/>he <span class=\"ls5_1\"> </span>consolidated statement o<span class=\"__1 _200\"/>f financial position<span class=\"__1 _426\"> </span><span class=\"ls5_1 ws1_1\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span>Gro<span class=\"__1 _201\"/>ss am<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>t<span class=\"ls5_1\"> </span>included in<span class=\"__1 _200\"/> the<span class=\"ls5_1 ws1_1\"> </span>consolidated<span class=\"ls5_1 ws1_1\"> </span>statement<span class=\"__1 _200\"/> of<span class=\"ls5_1 ws1_1\"> </span>financial position<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Financial<span class=\"ls5_1 ws1_1\"> </span>instruments<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Cash collateral<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Securiti<span class=\"__1 _201\"/>es<span class=\"ls5_1 ws1_1\"> </span>collateral<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net amount<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Financial assets<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _2b3\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">2<span class=\"__1 _201\"/>,560<span class=\"__1 _269\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _8a_1\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>9)<span class=\"__1 _471\"> </span><span class=\"ls3f_1 ws41_1\">277<span class=\"__1 _a4_1\"> </span><span class=\"lsb_1 ws32_1\">235<span class=\"__1 _32b\"> </span></span></span></span></span>Rever<span class=\"__1 _201\"/>se repurc<span class=\"__1 _201\"/>hase ag<span class=\"__1 _201\"/>reeme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/> <span class=\"__1 _373\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">18<span class=\"__1 _201\"/>,892<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _330\"> </span><span class=\"ls32_1 ws33_1\">3<span class=\"__1 _201\"/>,597<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _387\"> </span><span class=\"ls40_1 ws44_1\">21,4<span class=\"__1 _201\"/>52<span class=\"__1 _269\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _8a_1\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>9)<span class=\"__1 _271\"> </span>(15<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>8)<span class=\"__1 _269\"> </span><span class=\"ls27_1 ws27_1\">3,<span class=\"__1 _201\"/>832<span class=\"__1 _32b\"> </span></span></span></span>Financial li<span class=\"__1 _200\"/>abilities:<span class=\"__1 _32b\"> </span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _c3_1\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">3<span class=\"__1 _201\"/>,705<span class=\"__1 _330\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _478\"> </span>(1<span class=\"__1 _201\"/>8)<span class=\"__1 _2b_1\"> </span><span class=\"ls21_1 ws20_1\">(2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>317<span class=\"__1 _201\"/>)<span class=\"__1 _2b4\"> </span><span class=\"ls78_1 ws24_1\">77<span class=\"__1 _32b\"> </span></span></span></span></span>Se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es len<span class=\"__1 _201\"/>ding an<span class=\"__1 _201\"/>d repurcha<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/> agreements<span class=\"__1 _2b5\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">939<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(93<span class=\"__1 _201\"/>8)<span class=\"__1 _476\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> financial liabilitie<span class=\"__1 _200\"/>s<span class=\"__1 _9c_1\"> </span><span class=\"ls19_1 ws18_1\">4,6<span class=\"__1 _201\"/>44<span class=\"__1 _330\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3)<span class=\"__1 _478\"> </span>(1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _9e_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _26e\"> </span><span class=\"ls27_1 ws27_1\">78<span class=\"__1 _32b\"> </span></span></span></span></span>Rel<span class=\"__1 _201\"/>ated a<span class=\"__1 _201\"/>mou<span class=\"__1 _201\"/>nts no<span class=\"__1 _201\"/>t off<span class=\"__1 _201\"/>set in t<span class=\"__1 _201\"/>he<span class=\"ls5_1\"> </span>consolidated statement o<span class=\"__1 _200\"/>f financial position<span class=\"__1 _426\"> </span><span class=\"ls5_1 ws1_1\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span>Gro<span class=\"__1 _201\"/>ss am<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>t<span class=\"ls5_1\"> </span>included in<span class=\"__1 _200\"/> the<span class=\"ls5_1 ws1_1\"> </span>consolidated<span class=\"ls5_1 ws1_1\"> </span>statement<span class=\"__1 _200\"/> of<span class=\"ls5_1 ws1_1\"> </span>financial position<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Financial<span class=\"ls5_1 ws1_1\"> </span>instruments<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Cash collateral<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Securiti<span class=\"__1 _201\"/>es<span class=\"ls5_1 ws1_1\"> </span>collateral<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Net amount<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Financial assets<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _2b6\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>1<span class=\"__1 _470\"> </span>(1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _330\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _374\"> </span>(1<span class=\"__1 _201\"/>4)<span class=\"__1 _479\"> </span><span class=\"ls2a_1 ws2a_1\">216<span class=\"__1 _32b\"> </span></span></span></span>Rever<span class=\"__1 _201\"/>se repurc<span class=\"__1 _201\"/>hase ag<span class=\"__1 _201\"/>reeme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/> <span class=\"__1 _297\"> </span><span class=\"ls1f_1 ws1e_1\">17<span class=\"__1 _337\"/>,458<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(14<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>)<span class=\"__1 _1c1_1\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span>T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _f2_1\"> </span><span class=\"ff2_1 ls3f_1 ws41_1\">20<span class=\"__1 _200\"/>,609<span class=\"__1 _a3_1\"> </span><span class=\"ls43_1 ws47_1\">(1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _330\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,7<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _230\"> </span><span class=\"ls5_1 ws1_1\">(<span class=\"__1 _f_1\"/>14,338<span class=\"__1 _f_1\"/>)<span class=\"__1 _333\"> </span><span class=\"ls27_1 ws27_1\">3<span class=\"__1 _201\"/>,350<span class=\"__1 _32b\"> </span></span></span></span></span></span>Financial li<span class=\"__1 _200\"/>abilities:<span class=\"__1 _32b\"> </span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _c3_1\"> </span><span class=\"ls27_1 ws27_1\">2<span class=\"__1 _201\"/>,290<span class=\"__1 _1d5_1\"> </span><span class=\"ls43_1 ws47_1\">(1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _471\"> </span><span class=\"lsa_1 ws8_1\">(11<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _376\"> </span><span class=\"ls46_1 ws4b_1\">(93<span class=\"__1 _201\"/>3)<span class=\"__1 _26e\"> </span><span class=\"ls38_1 ws38_1\">59<span class=\"__1 _32b\"> </span></span></span></span></span></span>Se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es len<span class=\"__1 _201\"/>ding an<span class=\"__1 _201\"/>d repurcha<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/> agreements<span class=\"__1 _2b5\"> </span><span class=\"ls77_1 ws8c_1\">884<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>(8<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> financial liabilitie<span class=\"__1 _200\"/>s<span class=\"__1 _ba_1\"> </span><span class=\"ff2_1 ls3d_1 ws3f_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>74<span class=\"__1 _12f_1\"> </span><span class=\"ls43_1 ws47_1\">(1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _17c_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>12<span class=\"__1 _201\"/>)<span class=\"__1 _13d_1\"> </span><span class=\"lsc_1 wsa_1\">(1,817)<span class=\"__1 _a6_1\"> </span><span class=\"ls38_1 ws38_1\">59<span class=\"__1 _32b\"> </span></span></span></span></span></span>In the ta<span class=\"__1 _201\"/>bles a<span class=\"__1 _201\"/>bove, the a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s of ass<span class=\"__1 _201\"/>ets or lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>ded o<span class=\"__1 _201\"/>n the cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n would b<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>off<span class=\"__1 _201\"/>set firs<span class=\"__1 _201\"/>t by finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents that h<span class=\"__1 _201\"/>ave the righ<span class=\"__1 _201\"/>t of offs<span class=\"__1 _201\"/>et unde<span class=\"__1 _201\"/>r maste<span class=\"__1 _201\"/>r netti<span class=\"__1 _201\"/>ng or sim<span class=\"__1 _201\"/>ilar arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s, with a<span class=\"__1 _201\"/>ny remaini<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span>amo<span class=\"__1 _201\"/>unt redu<span class=\"__1 _201\"/>ced by the a<span class=\"__1 _201\"/>mount of c<span class=\"__1 _201\"/>ash an<span class=\"__1 _201\"/>d secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s collater<span class=\"__1 _201\"/>al. Th<span class=\"__1 _201\"/>e actu<span class=\"__1 _201\"/>al amo<span class=\"__1 _201\"/>unt of coll<span class=\"__1 _201\"/>ateral may be g<span class=\"__1 _201\"/>reater than th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>amo<span class=\"__1 _201\"/>unts pre<span class=\"__1 _201\"/>sented i<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>es. R<span class=\"__1 _201\"/>everse re<span class=\"__1 _201\"/>purcha<span class=\"__1 _201\"/>se agre<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s show<span class=\"__1 _201\"/>n in the tab<span class=\"__1 _201\"/>les ab<span class=\"__1 _201\"/>ove are inclu<span class=\"__1 _201\"/>ded w<span class=\"__1 _201\"/>ithin de<span class=\"__1 _201\"/>posit<span class=\"__1 _201\"/>s on the<span class=\"__1 _201\"/> cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>33.5 Demographic and<span class=\"__1 _200\"/> expense<span class=\"__1 _200\"/> risk<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup is ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt levels of d<span class=\"__1 _201\"/>emo<span class=\"__1 _201\"/>graph<span class=\"__1 _201\"/>ic risk<span class=\"__1 _201\"/>. Thi<span class=\"__1 _201\"/>s arise<span class=\"__1 _201\"/>s mainl<span class=\"__1 _201\"/>y from the a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s in the fo<span class=\"__1 _201\"/>rm<span class=\"__1 _32b\"> </span>of lon<span class=\"__1 _201\"/>gevit<span class=\"__1 _201\"/>y ri<span class=\"__1 _201\"/>sk, w<span class=\"__1 _201\"/>hich is the r<span class=\"__1 _201\"/>isk of un<span class=\"__1 _201\"/>expe<span class=\"__1 _201\"/>cted ch<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>s in the life ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>tanc<span class=\"__1 _201\"/>y (lon<span class=\"__1 _201\"/>gevit<span class=\"__1 _201\"/>y) of poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>. If mor<span class=\"__1 _201\"/>tal<span class=\"__1 _201\"/>ity<span class=\"__1 _201\"/> improve<span class=\"__1 _201\"/>ment r<span class=\"__1 _201\"/>ates signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>ntly excee<span class=\"__1 _201\"/>d the leve<span class=\"__1 _201\"/>l assu<span class=\"__1 _201\"/>med<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s resul<span class=\"__1 _201\"/>ts coul<span class=\"__1 _201\"/>d be ad<span class=\"__1 _201\"/>verse<span class=\"__1 _201\"/>ly affe<span class=\"__1 _201\"/>cted<span class=\"__1 _201\"/>. Furth<span class=\"__1 _201\"/>er to this<span class=\"__1 _201\"/>, any<span class=\"__1 _32b\"> </span>majo<span class=\"__1 _201\"/>r medi<span class=\"__1 _201\"/>cal b<span class=\"__1 _201\"/>reakth<span class=\"__1 _201\"/>rough (for examp<span class=\"__1 _201\"/>le, in th<span class=\"__1 _201\"/>e treatment o<span class=\"__1 _201\"/>f canc<span class=\"__1 _201\"/>er or othe<span class=\"__1 _201\"/>r life<span class=\"__1 _201\"/>-threatenin<span class=\"__1 _201\"/>g disea<span class=\"__1 _201\"/>ses) that would re<span class=\"__1 _201\"/>quire th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>Gro<span class=\"__1 _201\"/>up to streng<span class=\"__1 _201\"/>then it<span class=\"__1 _201\"/>s long<span class=\"__1 _201\"/>evit<span class=\"__1 _201\"/>y ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s would h<span class=\"__1 _201\"/>ave an impac<span class=\"__1 _201\"/>t on the G<span class=\"__1 _201\"/>roup\u2019s result<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>Longevity risk f<span class=\"__1 _200\"/>or bot<span class=\"__1 _200\"/>h shar<span class=\"__1 _200\"/>eholder<span class=\"__1 _f_1\"/>-backed bu<span class=\"__1 _200\"/>siness and<span class=\"__1 _200\"/> policyholder<span class=\"__1 _f_1\"/>-backed busi<span class=\"__1 _200\"/>ness has been<span class=\"__1 _200\"/> predominan<span class=\"__1 _200\"/>tly<span class=\"__1 _32b\"> </span>mana<span class=\"__1 _201\"/>ged thro<span class=\"__1 _201\"/>ugh:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">regu<span class=\"__1 _201\"/>lar review<span class=\"__1 _201\"/>s of bes<span class=\"__1 _201\"/>t est<span class=\"__1 _201\"/>imate ass<span class=\"__1 _201\"/>umption<span class=\"__1 _201\"/>s, sup<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ted by d<span class=\"__1 _201\"/>etaile<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ments o<span class=\"__1 _201\"/>f actua<span class=\"__1 _201\"/>l mor<span class=\"__1 _201\"/>tali<span class=\"__1 _201\"/>ty exp<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ence ve<span class=\"__1 _201\"/>rsus the<span class=\"__1 _201\"/> </span>best estimate assumptions;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">lon<span class=\"__1 _201\"/>gevit<span class=\"__1 _201\"/>y res<span class=\"__1 _201\"/>earch; an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">longevity reinsu<span class=\"__1 _200\"/>rance arrangements.<span class=\"__1 _32b\"> </span></span>Oth<span class=\"__1 _201\"/>er dem<span class=\"__1 _201\"/>ogra<span class=\"__1 _201\"/>phic r<span class=\"__1 _201\"/>isks suc<span class=\"__1 _201\"/>h as per<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>cy ri<span class=\"__1 _201\"/>sk and n<span class=\"__1 _201\"/>on-an<span class=\"__1 _201\"/>nuitant m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y ri<span class=\"__1 _201\"/>sk, as we<span class=\"__1 _201\"/>ll as expe<span class=\"__1 _201\"/>nse ri<span class=\"__1 _201\"/>sk, a<span class=\"__1 _201\"/>re subje<span class=\"__1 _201\"/>ct to reg<span class=\"__1 _201\"/>ular<span class=\"__1 _201\"/> review<span class=\"__1 _201\"/>s and ac<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>, with f<span class=\"__1 _201\"/>reque<span class=\"__1 _201\"/>ncy a<span class=\"__1 _201\"/>nd intens<span class=\"__1 _201\"/>ity p<span class=\"__1 _201\"/>ropor<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>onate to the mater<span class=\"__1 _201\"/>ialit<span class=\"__1 _201\"/>y of the r<span class=\"__1 _201\"/>isk. Fur<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r detail<span class=\"__1 _201\"/>s of the se<span class=\"__1 _201\"/>nsitiv<span class=\"__1 _201\"/>ity o<span class=\"__1 _201\"/>f<span class=\"__1 _32b\"> </span>profi<span class=\"__1 _201\"/>t and sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders\u2019 e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y to demo<span class=\"__1 _201\"/>graph<span class=\"__1 _201\"/>ic ris<span class=\"__1 _201\"/>ks are des<span class=\"__1 _201\"/>crib<span class=\"__1 _201\"/>ed bel<span class=\"__1 _201\"/>ow by the co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ents of bu<span class=\"__1 _201\"/>sine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. The se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y of IFRS<span class=\"__1 _201\"/> profi<span class=\"__1 _201\"/>t after t<span class=\"__1 _201\"/>ax and I<span class=\"__1 _201\"/>FRS sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders\u2019 e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y to annuita<span class=\"__1 _201\"/>nt mor<span class=\"__1 _201\"/>tali<span class=\"__1 _201\"/>ty an<span class=\"__1 _201\"/>d expe<span class=\"__1 _201\"/>nse ris<span class=\"__1 _201\"/>k is provi<span class=\"__1 _201\"/>ded in N<span class=\"__1 _201\"/>ote 33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/> 33.5<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 Wi<span class=\"__1 _200\"/>th-profits busi<span class=\"__1 _200\"/>ness<span class=\"__1 _32b\"> </span>Mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y and othe<span class=\"__1 _201\"/>r demo<span class=\"__1 _201\"/>grap<span class=\"__1 _201\"/>hic ris<span class=\"__1 _201\"/>ks are relati<span class=\"__1 _201\"/>vely min<span class=\"__1 _201\"/>or fa<span class=\"__1 _201\"/>ctors i<span class=\"__1 _201\"/>n the deter<span class=\"__1 _201\"/>minatio<span class=\"__1 _201\"/>n of the po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der bo<span class=\"__1 _201\"/>nus rates<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Adver<span class=\"__1 _201\"/>se pe<span class=\"__1 _201\"/>rsis<span class=\"__1 _201\"/>tency ex<span class=\"__1 _201\"/>peri<span class=\"__1 _201\"/>ence c<span class=\"__1 _201\"/>an affe<span class=\"__1 _201\"/>ct th<span class=\"__1 _201\"/>e level of pro<span class=\"__1 _201\"/>fitabil<span class=\"__1 _201\"/>ity f<span class=\"__1 _201\"/>rom with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts contr<span class=\"__1 _201\"/>act<span class=\"__1 _201\"/>s, bu<span class=\"__1 _201\"/>t in any give<span class=\"__1 _201\"/>n year the<span class=\"__1 _201\"/> share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers\u2019 sha<span class=\"__1 _201\"/>re of cost of b<span class=\"__1 _201\"/>onus m<span class=\"__1 _201\"/>ay only b<span class=\"__1 _201\"/>e margina<span class=\"__1 _201\"/>lly affe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d. Howeve<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, al<span class=\"__1 _201\"/>tered pe<span class=\"__1 _201\"/>rsis<span class=\"__1 _201\"/>tenc<span class=\"__1 _201\"/>y trends may aff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t future<span class=\"__1 _201\"/> expected shar<span class=\"__1 _200\"/>eholder transfers.<span class=\"__1 _32b\"> </span>33.<span class=\"__1 _201\"/>5.2 Unit-link<span class=\"__1 _200\"/>ed business<span class=\"__1 _32b\"> </span>By v<span class=\"__1 _201\"/>ir<span class=\"__1 _201\"/>tue of the de<span class=\"__1 _201\"/>sign fe<span class=\"__1 _201\"/>atures of mo<span class=\"__1 _201\"/>st of the c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wh<span class=\"__1 _201\"/>ich provi<span class=\"__1 _201\"/>de low l<span class=\"__1 _201\"/>evels of mo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y cover<span class=\"__1 _200\"/>, profit is re<span class=\"__1 _201\"/>lativel<span class=\"__1 _201\"/>y inse<span class=\"__1 _201\"/>nsitive<span class=\"__1 _201\"/> to chang<span class=\"__1 _201\"/>es in mo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>talit<span class=\"__1 _201\"/>y expe<span class=\"__1 _201\"/>rien<span class=\"__1 _201\"/>ce. Per<span class=\"__1 _201\"/>sisten<span class=\"__1 _201\"/>cy exp<span class=\"__1 _201\"/>erie<span class=\"__1 _201\"/>nce var<span class=\"__1 _201\"/>ianc<span class=\"__1 _201\"/>es can a<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t the leve<span class=\"__1 _201\"/>l of profit in th<span class=\"__1 _201\"/>e year<span class=\"__1 _200\"/>. The sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder i<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>also ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to varia<span class=\"__1 _201\"/>nces in ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es relati<span class=\"__1 _201\"/>ve to the charg<span class=\"__1 _201\"/>es lev<span class=\"__1 _201\"/>ied on t<span class=\"__1 _201\"/>hese p<span class=\"__1 _201\"/>roduc<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>33.<span class=\"__1 _201\"/>5.3 Annuity and<span class=\"__1 _200\"/> other long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _32b\"> </span>Profi<span class=\"__1 _201\"/>ts from sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder-backed ann<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y busin<span class=\"__1 _201\"/>ess are m<span class=\"__1 _201\"/>ost s<span class=\"__1 _201\"/>ensiti<span class=\"__1 _201\"/>ve to the foll<span class=\"__1 _201\"/>owing d<span class=\"__1 _201\"/>emo<span class=\"__1 _201\"/>graph<span class=\"__1 _201\"/>ic and exp<span class=\"__1 _201\"/>ense r<span class=\"__1 _201\"/>isks:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The ex<span class=\"__1 _201\"/>tent to wh<span class=\"__1 _201\"/>ich chan<span class=\"__1 _201\"/>ges to the as<span class=\"__1 _201\"/>sum<span class=\"__1 _201\"/>ed rate of imp<span class=\"__1 _201\"/>rovemen<span class=\"__1 _201\"/>ts in mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y give ris<span class=\"__1 _201\"/>e to chang<span class=\"__1 _201\"/>es in the m<span class=\"__1 _201\"/>easure<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/> </span>of liabilities;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The v<span class=\"__1 _201\"/>arian<span class=\"__1 _201\"/>ce bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n actu<span class=\"__1 _201\"/>al and exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lity ex<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>ience<span class=\"__1 _201\"/>, and its i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t on cur<span class=\"__1 _201\"/>rent mor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y assu<span class=\"__1 _201\"/>mptions<span class=\"__1 _201\"/>; and<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Chang<span class=\"__1 _201\"/>es in mai<span class=\"__1 _201\"/>ntenanc<span class=\"__1 _201\"/>e expen<span class=\"__1 _201\"/>se level<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></span>The r<span class=\"__1 _201\"/>isk ar<span class=\"__1 _201\"/>ising f<span class=\"__1 _201\"/>rom the othe<span class=\"__1 _201\"/>r long<span class=\"__1 _201\"/>-term bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s is not s<span class=\"__1 _201\"/>ignifi<span class=\"__1 _201\"/>cant i<span class=\"__1 _201\"/>n the contex<span class=\"__1 _201\"/>t of the G<span class=\"__1 _201\"/>roup\u2019s overall liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>33<span class=\"__1 _201\"/>.6 Li<span class=\"__1 _201\"/>qui<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/>y risk<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup is ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to two t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>es of liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">T<span class=\"__1 _f_1\"/>rea<span class=\"__1 _201\"/>sur<span class=\"__1 _201\"/>y liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k is the ris<span class=\"__1 _201\"/>k of los<span class=\"__1 _201\"/>s for the G<span class=\"__1 _201\"/>roup\u2019s busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, or of ad<span class=\"__1 _201\"/>verse c<span class=\"__1 _201\"/>hange<span class=\"__1 _201\"/>s in the fin<span class=\"__1 _201\"/>ancial s<span class=\"__1 _201\"/>ituation<span class=\"__1 _201\"/>, resul<span class=\"__1 _201\"/>ting from<span class=\"__1 _201\"/> </span>the G<span class=\"__1 _201\"/>roup\u2019s inabilit<span class=\"__1 _201\"/>y to gen<span class=\"__1 _201\"/>erate su<span class=\"__1 _201\"/>fficie<span class=\"__1 _201\"/>nt cash re<span class=\"__1 _201\"/>sourc<span class=\"__1 _201\"/>es to mee<span class=\"__1 _201\"/>t financ<span class=\"__1 _201\"/>ial obli<span class=\"__1 _201\"/>gations (for exam<span class=\"__1 _201\"/>ple, cl<span class=\"__1 _201\"/>aims<span class=\"__1 _201\"/>, credito<span class=\"__1 _201\"/>rs and<span class=\"__1 _201\"/> plan<span class=\"__1 _201\"/>ned di<span class=\"__1 _201\"/>vid<span class=\"__1 _201\"/>ends) as they fa<span class=\"__1 _201\"/>ll due;<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Fund liqu<span class=\"__1 _201\"/>idit<span class=\"__1 _201\"/>y risk i<span class=\"__1 _201\"/>s the ris<span class=\"__1 _201\"/>k of bein<span class=\"__1 _201\"/>g unabl<span class=\"__1 _201\"/>e to meet li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es aris<span class=\"__1 _201\"/>ing from a m<span class=\"__1 _201\"/>ismatch in li<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y of th<span class=\"__1 _201\"/>e under<span class=\"__1 _201\"/>lyi<span class=\"__1 _201\"/>ng ass<span class=\"__1 _201\"/>ets and<span class=\"__1 _201\"/> </span>the fre<span class=\"__1 _201\"/>quen<span class=\"__1 _201\"/>cy of lia<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y requ<span class=\"__1 _201\"/>ireme<span class=\"__1 _201\"/>nts of the fu<span class=\"__1 _201\"/>nd.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s IFRS re<span class=\"__1 _201\"/>sults a<span class=\"__1 _201\"/>re indire<span class=\"__1 _201\"/>ctly ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to fund li<span class=\"__1 _201\"/>quidi<span class=\"__1 _201\"/>ty r<span class=\"__1 _201\"/>isk, fo<span class=\"__1 _201\"/>r exampl<span class=\"__1 _201\"/>e, throu<span class=\"__1 _201\"/>gh reputati<span class=\"__1 _201\"/>onal da<span class=\"__1 _201\"/>mage l<span class=\"__1 _201\"/>eadin<span class=\"__1 _201\"/>g to lower<span class=\"__1 _201\"/> fund<span class=\"__1 _201\"/>s unde<span class=\"__1 _201\"/>r manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t and lowe<span class=\"__1 _201\"/>r revenue th<span class=\"__1 _201\"/>rough cha<span class=\"__1 _201\"/>rges co<span class=\"__1 _201\"/>llec<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/>. However<span class=\"__1 _200\"/>, as the eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t on the G<span class=\"__1 _201\"/>roup\u2019s IFRS res<span class=\"__1 _201\"/>ults is<span class=\"__1 _201\"/> indi<span class=\"__1 _201\"/>rect<span class=\"__1 _201\"/>, this ri<span class=\"__1 _201\"/>sk is not di<span class=\"__1 _201\"/>scus<span class=\"__1 _201\"/>sed fu<span class=\"__1 _201\"/>rth<span class=\"__1 _201\"/>er and th<span class=\"__1 _201\"/>e remain<span class=\"__1 _201\"/>der of th<span class=\"__1 _201\"/>is sec<span class=\"__1 _201\"/>tion ref<span class=\"__1 _201\"/>ers to treas<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>y liqui<span class=\"__1 _201\"/>dit<span class=\"__1 _201\"/>y risk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt in the G<span class=\"__1 _201\"/>roup se<span class=\"__1 _201\"/>eks to ens<span class=\"__1 _201\"/>ure that, even u<span class=\"__1 _201\"/>nder a<span class=\"__1 _201\"/>dvers<span class=\"__1 _201\"/>e cond<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup has a<span class=\"__1 _201\"/>cces<span class=\"__1 _201\"/>s to the fun<span class=\"__1 _201\"/>ds<span class=\"__1 _32b\"> </span>ne<span class=\"__1 _201\"/>cess<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y to cover s<span class=\"__1 _201\"/>urrend<span class=\"__1 _201\"/>ers<span class=\"__1 _201\"/>, withd<span class=\"__1 _201\"/>rawals a<span class=\"__1 _201\"/>nd maturi<span class=\"__1 _201\"/>ng liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y ris<span class=\"__1 _201\"/>k is caref<span class=\"__1 _201\"/>ully ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>d, in pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cular in re<span class=\"__1 _201\"/>lation to: ba<span class=\"__1 _201\"/>nk bala<span class=\"__1 _201\"/>nces<span class=\"__1 _201\"/>, cas<span class=\"__1 _201\"/>hflow fo<span class=\"__1 _201\"/>reca<span class=\"__1 _201\"/>sting<span class=\"__1 _201\"/>, appro<span class=\"__1 _201\"/>priate fu<span class=\"__1 _201\"/>nd mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span>(t<span class=\"__1 _200\"/>o ensu<span class=\"__1 _201\"/>re that ass<span class=\"__1 _201\"/>ets are no<span class=\"__1 _201\"/>t undul<span class=\"__1 _201\"/>y conce<span class=\"__1 _201\"/>ntrated in l<span class=\"__1 _201\"/>ess l<span class=\"__1 _201\"/>iquid inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts) and detai<span class=\"__1 _201\"/>led c<span class=\"__1 _201\"/>ash-fl<span class=\"__1 _201\"/>ow matchin<span class=\"__1 _201\"/>g for the an<span class=\"__1 _201\"/>nuit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s. Sp<span class=\"__1 _201\"/>eci<span class=\"__1 _201\"/>fic arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>re also in p<span class=\"__1 _201\"/>lace to man<span class=\"__1 _201\"/>age liq<span class=\"__1 _201\"/>uidit<span class=\"__1 _201\"/>y in the u<span class=\"__1 _201\"/>nit<span class=\"__1 _200\"/>-linked f<span class=\"__1 _201\"/>unds<span class=\"__1 _201\"/>, par<span class=\"__1 _201\"/>ticu<span class=\"__1 _201\"/>larl<span class=\"__1 _201\"/>y prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty fu<span class=\"__1 _201\"/>nds wh<span class=\"__1 _201\"/>ere<span class=\"__1 _32b\"> </span>the un<span class=\"__1 _201\"/>derl<span class=\"__1 _201\"/>ying a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s are relati<span class=\"__1 _201\"/>vely illi<span class=\"__1 _201\"/>quid<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>Financial in<div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:742.7827px;\">33<span class=\"__1 _201\"/>.6<span class=\"__1 _201\"/>.<span class=\"__1 _f_1\"/>1 Co<span class=\"__1 _201\"/>ntra<span class=\"__1 _201\"/>ctua<span class=\"__1 _201\"/>l matu<span class=\"__1 _201\"/>riti<span class=\"__1 _201\"/>es of fin<span class=\"__1 _201\"/>anc<span class=\"__1 _201\"/>ial li<span class=\"__1 _201\"/>abi<span class=\"__1 _201\"/>liti<span class=\"__1 _201\"/>es on a<span class=\"__1 _201\"/>n und<span class=\"__1 _201\"/>isco<span class=\"__1 _201\"/>unted c<span class=\"__1 _201\"/>ash fl<span class=\"__1 _201\"/>ow bas<span class=\"__1 _201\"/>is<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:722.1532px;\">The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e sets o<span class=\"__1 _201\"/>ut the con<span class=\"__1 _201\"/>trac<span class=\"__1 _201\"/>tual matur<span class=\"__1 _201\"/>ities of fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l liabili<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/>, excludin<span class=\"__1 _201\"/>g deri<span class=\"__1 _201\"/>vative lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s that are se<span class=\"__1 _201\"/>paratel<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:705.65466px;\">pres<span class=\"__1 _201\"/>ented in S<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tion 3<span class=\"__1 _201\"/>3.6<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2. T<span class=\"__1 _201\"/>he fin<span class=\"__1 _201\"/>ancial l<span class=\"__1 _201\"/>iabiliti<span class=\"__1 _201\"/>es are inc<span class=\"__1 _201\"/>lude<span class=\"__1 _201\"/>d in the co<span class=\"__1 _201\"/>lumn rel<span class=\"__1 _201\"/>ating to the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>tual matur<span class=\"__1 _201\"/>ities at th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:689.15625px;\">undi<span class=\"__1 _201\"/>scounte<span class=\"__1 _201\"/>d cas<span class=\"__1 _201\"/>h flows (in<span class=\"__1 _201\"/>cludi<span class=\"__1 _201\"/>ng contr<span class=\"__1 _201\"/>actu<span class=\"__1 _201\"/>al interes<span class=\"__1 _201\"/>t payme<span class=\"__1 _201\"/>nts and ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted be<span class=\"__1 _201\"/>nefit p<span class=\"__1 _201\"/>aymen<span class=\"__1 _201\"/>ts<span class=\"__1 _200\"/>) due to b<span class=\"__1 _201\"/>e paid, a<span class=\"__1 _201\"/>ssum<span class=\"__1 _201\"/>ing<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:672.6577px;\">con<span class=\"__1 _201\"/>ditions a<span class=\"__1 _201\"/>re consi<span class=\"__1 _201\"/>stent wi<span class=\"__1 _201\"/>th those at th<span class=\"__1 _201\"/>e year en<span class=\"__1 _201\"/>d. Th<span class=\"__1 _201\"/>e numbe<span class=\"__1 _201\"/>rs withi<span class=\"__1 _201\"/>n the com<span class=\"__1 _201\"/>parati<span class=\"__1 _201\"/>ve table h<span class=\"__1 _201\"/>ave been re<span class=\"__1 _201\"/>-p<span class=\"__1 _201\"/>resente<span class=\"__1 _201\"/>d to<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:656.15924px;\">incl<span class=\"__1 _201\"/>ude all cl<span class=\"__1 _201\"/>ass<span class=\"__1 _201\"/>es of fina<span class=\"__1 _201\"/>ncial lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s and ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>ally th<span class=\"__1 _201\"/>e subord<span class=\"__1 _201\"/>inated lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s and oth<span class=\"__1 _201\"/>er bor<span class=\"__1 _201\"/>rowing<span class=\"__1 _201\"/>s have bee<span class=\"__1 _201\"/>n adjus<span class=\"__1 _201\"/>ted to<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:639.6607px;\">refle<span class=\"__1 _201\"/>ct f<span class=\"__1 _201\"/>ully the c<span class=\"__1 _201\"/>orre<span class=\"__1 _201\"/>ct co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>tual und<span class=\"__1 _201\"/>iscou<span class=\"__1 _201\"/>nted cas<span class=\"__1 _201\"/>h flow matur<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y profil<span class=\"__1 _201\"/>e.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:574.79724px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:208.43909px; bottom:610.80176px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 ws8e_1\" style=\"left:190.7493px; bottom:598.8003px;\">carrying<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:206.27399px; bottom:586.79877px;\">value<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:216.07214px; bottom:574.79724px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:253.80795px; bottom:598.8003px;\">1 yea<span class=\"__1 _201\"/>r or<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:275.61435px; bottom:586.79877px;\">less<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:278.4651px; bottom:574.79724px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:303.44296px; bottom:598.8003px;\">Af<span class=\"__1 _201\"/>ter 1 ye<span class=\"__1 _201\"/>ar<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:311.8512px; bottom:586.79877px;\">to 5 yea<span class=\"__1 _201\"/>rs<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:341.94px; bottom:574.79724px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:386.96625px; bottom:610.80176px;\">Af<span class=\"__1 _201\"/>ter 5<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:369.6231px; bottom:598.8003px;\">yea<span class=\"__1 _201\"/>rs to 10<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5c_1 ws6a_1\" style=\"left:394.01385px; bottom:586.79877px;\">years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:405.2865px; bottom:574.79724px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:444.61713px; bottom:610.80176px;\">Af<span class=\"__1 _201\"/>ter 10<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:432.2691px; bottom:598.8003px;\">yea<span class=\"__1 _201\"/>rs to 15<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5c_1 ws6a_1\" style=\"left:456.35895px; bottom:586.79877px;\">years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:467.5227px; bottom:574.79724px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:509.0661px; bottom:610.80176px;\">Af<span class=\"__1 _201\"/>ter 15<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:493.51648px; bottom:598.8003px;\">yea<span class=\"__1 _201\"/>rs to 20<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5c_1 ws6a_1\" style=\"left:519.1908px; bottom:586.79877px;\">years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:530.9752px; bottom:574.79724px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:571.09784px; bottom:598.8003px;\">Ov<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5c_1 ws6a_1\" style=\"left:582.2124px; bottom:586.79877px;\">years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:593.87085px; bottom:574.79724px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:625.72424px; bottom:598.8003px;\">No s<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5c_1 ws6a_1\" style=\"left:632.7033px; bottom:586.79877px;\">maturit<span class=\"__1 _201\"/>y<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.2604px; bottom:574.79724px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws58_1\" style=\"left:679.0926px; bottom:610.80176px;\">T<span class=\"__1 _f_1\"/>otal undis-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2_1 ws2_1\" style=\"left:694.9349px; bottom:598.8003px;\">cou<span class=\"__1 _201\"/>nted<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:710.2248px; bottom:586.79877px;\">value<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:574.79724px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:555.0411px;\">Financial li<span class=\"__1 _200\"/>abilities:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:535.27856px;\">Investmen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>racts without<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"bottom:520.28455px;\">DPF<span class=\"__1 _475\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>37<span class=\"__1 _286\"> </span>11<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>37<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:350.71875px; bottom:520.2847px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls45_1 ws49_1\" style=\"left:696.8715px; bottom:520.2847px;\">11,<span class=\"__1 _201\"/>93<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:500.52222px;\">Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:485.5282px;\">cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated fund<span class=\"__1 _201\"/>s<span class=\"__1 _26f\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">10,38<span class=\"__1 _201\"/>9<span class=\"__1 _231\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>6<span class=\"__1 _237\"> </span><span class=\"lsd_1 wsb_1\">395<span class=\"__1 _253\"> </span></span></span>108<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:477.41925px; bottom:485.52838px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls27_1 ws27_1\" style=\"left:585.97577px; bottom:485.52838px;\">784<span class=\"__1 _242\"> </span><span class=\"ls15_1 ws14_1\">8<span class=\"__1 _201\"/>,986<span class=\"__1 _213\"> </span><span class=\"ls19_1 ws18_1\">10,<span class=\"__1 _201\"/>389<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:465.76587px;\">Subordinated liabilitie<span class=\"__1 _201\"/>s and<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:450.77185px;\">other b<span class=\"__1 _201\"/>orrow<span class=\"__1 _201\"/>ings<span class=\"__1 _2b7\"> </span><span class=\"ff1_1 ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>7<span class=\"__1 _c_1\"> </span><span class=\"ls15_1 ws14_1\">995<span class=\"__1 _243\"> </span><span class=\"ls32_1 ws33_1\">2<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>93<span class=\"__1 _214\"> </span><span class=\"lsb_1 ws32_1\">1,585<span class=\"__1 _223\"> </span><span class=\"lsd_1 wsb_1\">9<span class=\"__1 _201\"/>65<span class=\"__1 _208\"> </span><span class=\"ls19_1 ws18_1\">1<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>81<span class=\"__1 _206\"> </span><span class=\"lsc_1 wsa_1\">6<span class=\"__1 _201\"/>,080<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:666.1635px; bottom:450.77203px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls15_1 ws14_1\" style=\"left:694.9349px; bottom:450.77203px;\">13,899<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:431.00952px;\">Other fin<span class=\"__1 _201\"/>ancial liabilities<span class=\"__1 _a3_1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _c_1\"> </span><span class=\"ls32_1 ws33_1\">939<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:350.71875px; bottom:431.0157px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls3f_1 ws41_1\" style=\"left:639.60046px; bottom:431.0157px;\">1,233<span class=\"__1 _14d_1\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>2<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:411.25317px;\">Accru<span class=\"__1 _201\"/>als, d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d inco<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:396.25916px;\">and other liabilities<span class=\"__1 _1ac_1\"> </span><span class=\"ff1_1 ls43_1 ws47_1\">6<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>5<span class=\"__1 _211\"> </span><span class=\"ls1a_1 ws19_1\">6,438<span class=\"__1 _239\"> </span><span class=\"ls45_1 ws49_1\">110<span class=\"__1 _232\"> </span><span class=\"ls15_1 ws14_1\">87<span class=\"__1 _252\"> </span></span>114<span class=\"__1 _253\"> </span><span class=\"ls19_1 ws18_1\">109<span class=\"__1 _252\"> </span><span class=\"ls40_1 ws44_1\">191<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:666.1635px; bottom:396.25916px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls49_1 ws4f_1\" style=\"left:701.63385px; bottom:396.25916px;\">7,<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls75_1 ws8a_1\" style=\"bottom:376.49664px;\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _389\"> </span><span class=\"ls33_1 ws34_1\">3<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>,780<span class=\"__1 _213\"> </span><span class=\"ls19_1 ws18_1\">20,4<span class=\"__1 _201\"/>25<span class=\"__1 _243\"> </span><span class=\"ls15_1 ws14_1\">3,<span class=\"__1 _201\"/>498<span class=\"__1 _204\"> </span></span></span>1,78<span class=\"__1 _201\"/>0<span class=\"__1 _204\"> </span><span class=\"ls7_1 ws5_1\">1,079<span class=\"__1 _1d8_1\"> </span><span class=\"ls22_1 ws21_1\">1,390<span class=\"__1 _214\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>5<span class=\"__1 _245\"> </span><span class=\"ls19_1 ws18_1\">10,<span class=\"__1 _201\"/>219<span class=\"__1 _327\"> </span><span class=\"ls10_1 wsf_1\">45,4<span class=\"__1 _201\"/>46<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:305.61194px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:208.43909px; bottom:341.6164px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 ws8e_1\" style=\"left:190.7493px; bottom:329.61493px;\">carrying<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:206.27399px; bottom:317.6134px;\">value<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:216.07214px; bottom:305.61194px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:253.80795px; bottom:329.61493px;\">1 yea<span class=\"__1 _201\"/>r or<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:275.61435px; bottom:317.6134px;\">less<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:278.4651px; bottom:305.61194px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:303.44296px; bottom:329.61493px;\">Af<span class=\"__1 _201\"/>ter 1 ye<span class=\"__1 _201\"/>ar<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:311.8512px; bottom:317.6134px;\">to 5 yea<span class=\"__1 _201\"/>rs<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:341.94px; bottom:305.61194px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:386.96625px; bottom:341.6164px;\">Af<span class=\"__1 _201\"/>ter 5<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:369.6231px; bottom:329.61493px;\">yea<span class=\"__1 _201\"/>rs to 10<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5c_1 ws6a_1\" style=\"left:394.01385px; bottom:317.6134px;\">years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:405.2865px; bottom:305.61194px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:444.61713px; bottom:341.6164px;\">Af<span class=\"__1 _201\"/>ter 10<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:432.2691px; bottom:329.61493px;\">yea<span class=\"__1 _201\"/>rs to 15<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5c_1 ws6a_1\" style=\"left:456.35895px; bottom:317.6134px;\">years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:467.5227px; bottom:305.61194px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:509.0661px; bottom:341.6164px;\">Af<span class=\"__1 _201\"/>ter 15<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:493.51648px; bottom:329.61493px;\">yea<span class=\"__1 _201\"/>rs to 20<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5c_1 ws6a_1\" style=\"left:519.1908px; bottom:317.6134px;\">years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:530.9752px; bottom:305.61194px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:571.09784px; bottom:329.61493px;\">Ov<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5c_1 ws6a_1\" style=\"left:582.2124px; bottom:317.6134px;\">years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:593.87085px; bottom:305.61194px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:625.72424px; bottom:329.61493px;\">No s<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5c_1 ws6a_1\" style=\"left:632.7033px; bottom:317.6134px;\">maturit<span class=\"__1 _201\"/>y<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.2604px; bottom:305.61194px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws58_1\" style=\"left:679.0926px; bottom:341.6164px;\">T<span class=\"__1 _f_1\"/>otal undis-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2_1 ws2_1\" style=\"left:694.9349px; bottom:329.61493px;\">cou<span class=\"__1 _201\"/>nted<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:710.2248px; bottom:317.6134px;\">value<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:305.61194px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:285.8556px;\">Financial li<span class=\"__1 _200\"/>abilities:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:266.09308px;\">Investmen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>racts without<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"bottom:251.09906px;\">DPF<span class=\"__1 _2b8\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _200\"/>4,884<span class=\"__1 _249\"> </span>14,884<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:350.71875px; bottom:251.09924px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:696.8715px; bottom:251.09924px;\">1<span class=\"__1 _200\"/>4,884<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:231.33673px;\">Third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:216.34271px;\">cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated fund<span class=\"__1 _201\"/>s<span class=\"__1 _2b9\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>36<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">109<span class=\"__1 _2c_1\"> </span><span class=\"ls1c_1 ws43_1\">282<span class=\"__1 _2c_1\"> </span><span class=\"ls27_1 ws27_1\">232<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:477.41925px; bottom:216.3429px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls23_1 ws22_1\" style=\"left:588.1575px; bottom:216.3429px;\">507<span class=\"__1 _1cf_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>6<span class=\"__1 _210\"> </span><span class=\"lse_1 wsc_1\">12,<span class=\"__1 _201\"/>63<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:196.58038px;\">Subordinated liabilitie<span class=\"__1 _201\"/>s and<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:181.58636px;\">other b<span class=\"__1 _201\"/>orrow<span class=\"__1 _201\"/>ings<span class=\"__1 _1ad_1\"> </span><span class=\"ls15_1 ws14_1\">8<span class=\"__1 _201\"/>,930<span class=\"__1 _c_1\"> </span><span class=\"ls22_1 ws21_1\">696<span class=\"__1 _240\"> </span><span class=\"ls74_1 ws89_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>51<span class=\"__1 _201\"/>5<span class=\"__1 _4a_1\"> </span><span class=\"lsc_1 wsa_1\">1,69<span class=\"__1 _201\"/>4<span class=\"__1 _1b5_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>4<span class=\"__1 _5d_1\"> </span>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _208\"> </span><span class=\"ls40_1 ws44_1\">8,6<span class=\"__1 _201\"/>77<span class=\"__1 _271\"> </span><span class=\"ls7_1 ws5_1\">97<span class=\"__1 _1cf_1\"> </span></span></span></span></span>1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>51<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:161.82388px;\">Other fin<span class=\"__1 _201\"/>ancial liabilities<span class=\"__1 _a5_1\"> </span><span class=\"ls5_1 ws1_1\">2,882<span class=\"__1 _223\"> </span><span class=\"ls77_1 ws8c_1\">884<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:350.71875px; bottom:161.83017px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsc_1 wsa_1\" style=\"left:640.91895px; bottom:161.83017px;\">1,9<span class=\"__1 _201\"/>98<span class=\"__1 _214\"> </span><span class=\"ls5_1 ws1_1\">2,882<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:142.06766px;\">Accru<span class=\"__1 _201\"/>als, d<span class=\"__1 _201\"/>eferre<span class=\"__1 _201\"/>d inco<span class=\"__1 _201\"/>me<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:127.07367px;\">and other liabilities<span class=\"__1 _1ac_1\"> </span><span class=\"ls23_1 ws22_1\">6<span class=\"__1 _201\"/>,073<span class=\"__1 _214\"> </span><span class=\"ls40_1 ws44_1\">5,66<span class=\"__1 _201\"/>4<span class=\"__1 _232\"> </span><span class=\"ls1c_1 ws43_1\">57<span class=\"__1 _230\"> </span><span class=\"lsc_1 wsa_1\">81<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">103<span class=\"__1 _345\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>0<span class=\"__1 _226\"> </span>2<span class=\"__1 _201\"/>11<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:666.1635px; bottom:127.07382px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsc_1 wsa_1\" style=\"left:701.63385px; bottom:127.07382px;\">6,<span class=\"__1 _201\"/>226<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls75_1 ws8a_1\" style=\"bottom:107.31131px;\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _2ba\"> </span><span class=\"ff2_1 ls27_1 ws27_1\">45,4<span class=\"__1 _201\"/>05<span class=\"__1 _4c_1\"> </span><span class=\"lsd_1 wsb_1\">22<span class=\"__1 _201\"/>,23<span class=\"__1 _201\"/>7<span class=\"__1 _211\"> </span><span class=\"ls5_1 ws1_1\">2,854<span class=\"__1 _214\"> </span><span class=\"ls23_1 ws22_1\">2<span class=\"__1 _201\"/>,007<span class=\"__1 _14d_1\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>287<span class=\"__1 _208\"> </span>1,<span class=\"__1 _201\"/>29<span class=\"__1 _201\"/>8<span class=\"__1 _214\"> </span><span class=\"ls7_1 ws5_1\">9,3<span class=\"__1 _201\"/>95<span class=\"__1 _1cf_1\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>01<span class=\"__1 _4c_1\"> </span><span class=\"ls32_1 ws33_1\">52,6<span class=\"__1 _201\"/>79<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:68.28357px;\">Inves<span class=\"__1 _201\"/>tment c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>ts wi<span class=\"__1 _201\"/>thout D<span class=\"__1 _201\"/>PF are main<span class=\"__1 _201\"/>ly the G<span class=\"__1 _201\"/>roup\u2019s unit linked p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s. U<span class=\"__1 _201\"/>nit linked p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s usuall<span class=\"__1 _201\"/>y have<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:51.785065px;\">the opti<span class=\"__1 _201\"/>on to surre<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, in p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>t or in full<span class=\"__1 _201\"/>, their c<span class=\"__1 _201\"/>ontrac<span class=\"__1 _201\"/>t at any tim<span class=\"__1 _201\"/>e and as a res<span class=\"__1 _201\"/>ult the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>ts have be<span class=\"__1 _201\"/>en de<span class=\"__1 _201\"/>signate<span class=\"__1 _201\"/>d as payabl<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:35.28656px;\">withi<span class=\"__1 _201\"/>n one year i<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>e. A larg<span class=\"__1 _201\"/>e propo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ion of the un<span class=\"__1 _201\"/>it linked p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yhol<span class=\"__1 _201\"/>der lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s contai<span class=\"__1 _201\"/>n discreti<span class=\"__1 _201\"/>onar<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>urrend<span class=\"__1 _201\"/>er val<span class=\"__1 _201\"/>ues or<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:18.788055px;\">surre<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>r charge<span class=\"__1 _201\"/>s, me<span class=\"__1 _201\"/>aning th<span class=\"__1 _201\"/>at many of the G<span class=\"__1 _201\"/>roup\u2019s liabiliti<span class=\"__1 _201\"/>es are exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted to be he<span class=\"__1 _201\"/>ld for the l<span class=\"__1 _201\"/>ong<span class=\"__1 _201\"/>-term. S<span class=\"__1 _201\"/>uch sur<span class=\"__1 _201\"/>rende<span class=\"__1 _201\"/>rs woul<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:2.2895813px;\">be match<span class=\"__1 _201\"/>ed in pr<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>ce, if ne<span class=\"__1 _201\"/>ces<span class=\"__1 _201\"/>sar<span class=\"__1 _201\"/>y, by sale<span class=\"__1 _201\"/>s of unde<span class=\"__1 _201\"/>rlyi<span class=\"__1 _201\"/>ng ass<span class=\"__1 _201\"/>ets<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:773.9016px;\">33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span></div>Many of th<span class=\"__1 _201\"/>e Group\u2019s inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lios are in m<span class=\"__1 _201\"/>arketabl<span class=\"__1 _201\"/>e secur<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>, whi<span class=\"__1 _201\"/>ch can th<span class=\"__1 _201\"/>erefore b<span class=\"__1 _201\"/>e conver<span class=\"__1 _201\"/>ted q<span class=\"__1 _201\"/>uickl<span class=\"__1 _201\"/>y to liquid a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> As a re<span class=\"__1 _201\"/>sult an an<span class=\"__1 _201\"/>alysi<span class=\"__1 _201\"/>s of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s ass<span class=\"__1 _201\"/>ets by cont<span class=\"__1 _201\"/>ractu<span class=\"__1 _201\"/>al maturi<span class=\"__1 _201\"/>ty is n<span class=\"__1 _201\"/>ot cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d appro<span class=\"__1 _201\"/>priate to eval<span class=\"__1 _201\"/>uate the nature an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>exte<span class=\"__1 _201\"/>nt of the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s liqu<span class=\"__1 _201\"/>idit<span class=\"__1 _201\"/>y risk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>33.6<span class=\"__1 _201\"/>.2 Maturity analysis of derivativ<span class=\"__1 _200\"/>es<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>e shows th<span class=\"__1 _201\"/>e gros<span class=\"__1 _201\"/>s and net d<span class=\"__1 _201\"/>eriv<span class=\"__1 _201\"/>ative po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>s togethe<span class=\"__1 _201\"/>r with the m<span class=\"__1 _201\"/>aturit<span class=\"__1 _201\"/>y profi<span class=\"__1 _201\"/>le of the co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>tual<span class=\"__1 _201\"/> undiscounted cas<span class=\"__1 _201\"/>hflows:<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> carrying<span class=\"__1 _32b\"> </span>value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>1 yea<span class=\"__1 _201\"/>r or<span class=\"__1 _32b\"> </span>less<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 1 ye<span class=\"__1 _201\"/>ar<span class=\"__1 _32b\"> </span>to 5 yea<span class=\"__1 _201\"/>rs<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 5<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 10<span class=\"__1 _32b\"> </span>years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 10<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 15<span class=\"__1 _32b\"> </span>years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 15<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 20<span class=\"__1 _201\"/> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Ov<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>No s<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>maturit<span class=\"__1 _201\"/>y<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal undis-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>cou<span class=\"__1 _201\"/>nted<span class=\"__1 _201\"/> value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _261\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">2,8<span class=\"__1 _201\"/>50<span class=\"__1 _223\"> </span><span class=\"ls1f_1 ws1e_1\">384<span class=\"__1 _253\"> </span><span class=\"ls19_1 ws18_1\">816<span class=\"__1 _2c_1\"> </span><span class=\"lsb_1 ws32_1\">722<span class=\"__1 _c_1\"> </span><span class=\"ls40_1 ws44_1\">526<span class=\"__1 _237\"> </span><span class=\"ls15_1 ws14_1\">554<span class=\"__1 _204\"> </span></span></span>1,258<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>4,<span class=\"__1 _201\"/>260<span class=\"__1 _32b\"> </span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _2bb\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>5<span class=\"__1 _231\"> </span><span class=\"lsf_1 wsd_1\">772<span class=\"__1 _1d8_1\"> </span><span class=\"lsc_1 wsa_1\">1,06<span class=\"__1 _201\"/>6<span class=\"__1 _2c_1\"> </span><span class=\"lsd_1 wsb_1\">821<span class=\"__1 _240\"> </span></span></span></span>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>4<span class=\"__1 _253\"> </span><span class=\"ls32_1 ws33_1\">934<span class=\"__1 _204\"> </span><span class=\"ls19_1 ws18_1\">1,6<span class=\"__1 _201\"/>62<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span>Net derivativ<span class=\"__1 _200\"/>e position<span class=\"__1 _12d_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _4a_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>8)<span class=\"__1 _4a_1\"> </span><span class=\"ls3c_1 ws3d_1\">(2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>0)<span class=\"__1 _270\"> </span>(9<span class=\"__1 _201\"/>9)<span class=\"__1 _4a_1\"> </span><span class=\"ls11_1 ws10_1\">(63<span class=\"__1 _201\"/>8)<span class=\"__1 _208\"> </span></span></span>(3<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>0)<span class=\"__1 _208\"> </span><span class=\"ls9_1 ws7_1\">(4<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>(<span class=\"__1 _201\"/>2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>9)<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/> carrying<span class=\"__1 _32b\"> </span>value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>1 yea<span class=\"__1 _201\"/>r or<span class=\"__1 _32b\"> </span>less<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 1 ye<span class=\"__1 _201\"/>ar<span class=\"__1 _32b\"> </span>to 5 yea<span class=\"__1 _201\"/>rs<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 5<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 10<span class=\"__1 _32b\"> </span>years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 10<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 15<span class=\"__1 _32b\"> </span>years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Af<span class=\"__1 _201\"/>ter 15<span class=\"__1 _201\"/> yea<span class=\"__1 _201\"/>rs to 20<span class=\"__1 _201\"/> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Ov<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/> years<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>No s<span class=\"__1 _201\"/>tate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>maturit<span class=\"__1 _201\"/>y<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal undis-<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>cou<span class=\"__1 _201\"/>nted<span class=\"__1 _201\"/> value<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _bb_1\"> </span><span class=\"lsd_1 wsb_1\">3,373<span class=\"__1 _c_1\"> </span><span class=\"ls1f_1 ws1e_1\">354<span class=\"__1 _239\"> </span><span class=\"ls3d_1 ws3f_1\">6<span class=\"__1 _250\"/>74<span class=\"__1 _228\"> </span><span class=\"lsc_1 wsa_1\">7<span class=\"__1 _201\"/>31<span class=\"__1 _239\"> </span></span>6<span class=\"__1 _201\"/>74<span class=\"__1 _253\"> </span><span class=\"lsf_1 wsd_1\">886<span class=\"__1 _243\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,00<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>5,<span class=\"__1 _201\"/>324<span class=\"__1 _32b\"> </span>Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _2a7\"> </span><span class=\"ls40_1 ws44_1\">2,689<span class=\"__1 _e_1\"> </span><span class=\"ls11_1 ws10_1\">6<span class=\"__1 _201\"/>11<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">652<span class=\"__1 _231\"> </span><span class=\"ls4a_1 ws50_1\">6<span class=\"__1 _201\"/>41<span class=\"__1 _2c_1\"> </span><span class=\"ls1c_1 ws43_1\">6<span class=\"__1 _201\"/>57<span class=\"__1 _237\"> </span><span class=\"ls7f_1 ws93_1\">53<span class=\"__1 _201\"/>8<span class=\"__1 _7d_1\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>313<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>412<span class=\"__1 _32b\"> </span>Net derivativ<span class=\"__1 _200\"/>e position<span class=\"__1 _375\"> </span><span class=\"ff2_1 ls1f_1 ws1e_1\">684<span class=\"__1 _6b_1\"> </span><span class=\"ls7_1 ws5_1\">(25<span class=\"__1 _201\"/>7)<span class=\"__1 _e_1\"> </span><span class=\"ls10_1 wsf_1\">2<span class=\"__1 _201\"/>2<span class=\"__1 _256\"> </span><span class=\"lsf_1 wsd_1\">90<span class=\"__1 _229\"> </span><span class=\"ls56_1 ws5f_1\">17<span class=\"__1 _c_1\"> </span><span class=\"ls29_1 ws29_1\">348<span class=\"__1 _c_1\"> </span><span class=\"ls27_1 ws27_1\">692<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>912<span class=\"__1 _32b\"> </span>33.7 Deriv<span class=\"__1 _200\"/>ativ<span class=\"__1 _200\"/>es and<span class=\"__1 _200\"/> hedging<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup us<span class=\"__1 _201\"/>es der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ves for th<span class=\"__1 _201\"/>e purp<span class=\"__1 _201\"/>ose of effi<span class=\"__1 _201\"/>cient p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent or th<span class=\"__1 _201\"/>e reduc<span class=\"__1 _201\"/>tion i<span class=\"__1 _201\"/>n investm<span class=\"__1 _201\"/>ent ris<span class=\"__1 _201\"/>k. In d<span class=\"__1 _201\"/>oing s<span class=\"__1 _201\"/>o, the<span class=\"__1 _201\"/> Gro<span class=\"__1 _201\"/>up obtains c<span class=\"__1 _201\"/>ost-eff<span class=\"__1 _201\"/>ecti<span class=\"__1 _201\"/>ve and effi<span class=\"__1 _201\"/>cient ex<span class=\"__1 _201\"/>posure to v<span class=\"__1 _201\"/>ario<span class=\"__1 _201\"/>us markets an<span class=\"__1 _201\"/>d mana<span class=\"__1 _201\"/>ges exp<span class=\"__1 _201\"/>osure to eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, interest r<span class=\"__1 _201\"/>ate, curre<span class=\"__1 _201\"/>ncy,<span class=\"__1 _32b\"> </span>credi<span class=\"__1 _201\"/>t and othe<span class=\"__1 _201\"/>r busin<span class=\"__1 _201\"/>ess r<span class=\"__1 _201\"/>isks<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup has o<span class=\"__1 _201\"/>pted not to ap<span class=\"__1 _201\"/>ply h<span class=\"__1 _201\"/>edge a<span class=\"__1 _201\"/>ccounti<span class=\"__1 _201\"/>ng to der<span class=\"__1 _201\"/>ivative<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup us<span class=\"__1 _201\"/>es var<span class=\"__1 _201\"/>ious inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ate deri<span class=\"__1 _201\"/>vative ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents su<span class=\"__1 _201\"/>ch as interes<span class=\"__1 _201\"/>t rate swa<span class=\"__1 _201\"/>ps and s<span class=\"__1 _201\"/>waption<span class=\"__1 _201\"/>s to reduc<span class=\"__1 _201\"/>e exposu<span class=\"__1 _201\"/>re<span class=\"__1 _32b\"> </span>to interes<span class=\"__1 _201\"/>t rate volatil<span class=\"__1 _201\"/>ity. The G<span class=\"__1 _201\"/>roup als<span class=\"__1 _201\"/>o uses v<span class=\"__1 _201\"/>ario<span class=\"__1 _201\"/>us curren<span class=\"__1 _201\"/>cy de<span class=\"__1 _201\"/>rivati<span class=\"__1 _201\"/>ves in ord<span class=\"__1 _201\"/>er to limit vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y due to fo<span class=\"__1 _201\"/>reign cur<span class=\"__1 _201\"/>renc<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>exchang<span class=\"__1 _201\"/>e rate fluc<span class=\"__1 _201\"/>tuation<span class=\"__1 _201\"/>s arisi<span class=\"__1 _201\"/>ng on se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es den<span class=\"__1 _201\"/>ominate<span class=\"__1 _201\"/>d in curre<span class=\"__1 _201\"/>ncie<span class=\"__1 _201\"/>s other tha<span class=\"__1 _201\"/>n poun<span class=\"__1 _201\"/>ds ster<span class=\"__1 _201\"/>ling.<span class=\"__1 _32b\"> </span>All over-the-<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>r deri<span class=\"__1 _201\"/>vative tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s are cond<span class=\"__1 _201\"/>ucte<span class=\"__1 _201\"/>d unde<span class=\"__1 _201\"/>r stan<span class=\"__1 _201\"/>dardise<span class=\"__1 _201\"/>d ISDA (Inte<span class=\"__1 _201\"/>rnatio<span class=\"__1 _201\"/>nal Swaps a<span class=\"__1 _201\"/>nd De<span class=\"__1 _201\"/>rivati<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/> As<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ation In<span class=\"__1 _201\"/>c<span class=\"__1 _200\"/>) maste<span class=\"__1 _201\"/>r agree<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>nd CSA (Cred<span class=\"__1 _201\"/>it Supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t Annexe<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>). The G<span class=\"__1 _201\"/>roup has c<span class=\"__1 _201\"/>ollatera<span class=\"__1 _201\"/>l agree<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s bet<span class=\"__1 _201\"/>ween th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>indi<span class=\"__1 _201\"/>vidu<span class=\"__1 _201\"/>al entitie<span class=\"__1 _201\"/>s in the G<span class=\"__1 _201\"/>roup, of wh<span class=\"__1 _201\"/>ich the Co<span class=\"__1 _201\"/>mpany is o<span class=\"__1 _201\"/>ne, an<span class=\"__1 _201\"/>d releva<span class=\"__1 _201\"/>nt counter<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>ties i<span class=\"__1 _201\"/>n place u<span class=\"__1 _201\"/>nder e<span class=\"__1 _201\"/>ach of the<span class=\"__1 _201\"/>se mar<span class=\"__1 _201\"/>ket<span class=\"__1 _32b\"> </span>mas<span class=\"__1 _201\"/>ter agree<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p also ha<span class=\"__1 _201\"/>s the abili<span class=\"__1 _201\"/>ty to en<span class=\"__1 _201\"/>ter into clea<span class=\"__1 _201\"/>red der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve positi<span class=\"__1 _201\"/>ons und<span class=\"__1 _201\"/>er EMI<span class=\"__1 _201\"/>R (Europ<span class=\"__1 _201\"/>ean Mar<span class=\"__1 _201\"/>ket<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture R<span class=\"__1 _201\"/>egulati<span class=\"__1 _201\"/>on).<span class=\"__1 _32b\"> </span>The tota<span class=\"__1 _201\"/>l fair va<span class=\"__1 _201\"/>lue bal<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>s of deri<span class=\"__1 _201\"/>vative as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>re shown i<span class=\"__1 _201\"/>n Note 19.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>re are he<span class=\"__1 _201\"/>dging ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>ts in pla<span class=\"__1 _201\"/>ce for the w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profits l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>. In addi<span class=\"__1 _201\"/>tion to som<span class=\"__1 _201\"/>e produ<span class=\"__1 _201\"/>ct-spe<span class=\"__1 _201\"/>cific a<span class=\"__1 _201\"/>rrang<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nts, th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>main o<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>tive of th<span class=\"__1 _201\"/>e hed<span class=\"__1 _201\"/>ging arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s is to broadl<span class=\"__1 _201\"/>y match a subs<span class=\"__1 _201\"/>et of the ma<span class=\"__1 _201\"/>rket<span class=\"__1 _200\"/>-con<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>nt liabil<span class=\"__1 _201\"/>ities an<span class=\"__1 _201\"/>d henc<span class=\"__1 _201\"/>e protec<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>the c<span class=\"__1 _201\"/>apital p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n of the wit<span class=\"__1 _201\"/>h-pro<span class=\"__1 _201\"/>fits bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s agai<span class=\"__1 _201\"/>nst ad<span class=\"__1 _201\"/>verse m<span class=\"__1 _201\"/>arket movem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>. The a<span class=\"__1 _201\"/>ctual a<span class=\"__1 _201\"/>nd req<span class=\"__1 _201\"/>uired he<span class=\"__1 _201\"/>dgin<span class=\"__1 _201\"/>g positi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/> are mo<span class=\"__1 _201\"/>nitored at l<span class=\"__1 _201\"/>east m<span class=\"__1 _201\"/>onthl<span class=\"__1 _201\"/>y and reb<span class=\"__1 _201\"/>alance<span class=\"__1 _201\"/>d if req<span class=\"__1 _201\"/>uired<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er Ar<span class=\"__1 _201\"/>ticl<span class=\"__1 _201\"/>e 1<span class=\"__1 _200\"/>1 of the U<span class=\"__1 _201\"/>K Europe<span class=\"__1 _201\"/>an Market Inf<span class=\"__1 _201\"/>rastr<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>ture Regu<span class=\"__1 _201\"/>lation on d<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>vatives<span class=\"__1 _201\"/>, centr<span class=\"__1 _201\"/>al coun<span class=\"__1 _201\"/>terpar<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es and tr<span class=\"__1 _201\"/>ade<span class=\"__1 _201\"/> repo<span class=\"__1 _201\"/>sitori<span class=\"__1 _201\"/>es (EMI<span class=\"__1 _201\"/>R) and th<span class=\"__1 _201\"/>e T<span class=\"__1 _f_1\"/>ech<span class=\"__1 _201\"/>nica<span class=\"__1 _201\"/>l Standard<span class=\"__1 _201\"/>s onsh<span class=\"__1 _201\"/>oring C<span class=\"__1 _201\"/>ommi<span class=\"__1 _201\"/>ssio<span class=\"__1 _201\"/>n Del<span class=\"__1 _201\"/>egated R<span class=\"__1 _201\"/>egulati<span class=\"__1 _201\"/>on (EU) 2<span class=\"__1 _201\"/>016/<span class=\"__1 _200\"/>22<span class=\"__1 _201\"/>5<span class=\"__1 _200\"/>1 suppl<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>ing<span class=\"__1 _32b\"> </span>EMI<span class=\"__1 _201\"/>R, ma<span class=\"__1 _201\"/>rket par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ants tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>ting in n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>cle<span class=\"__1 _201\"/>ared OTC der<span class=\"__1 _201\"/>ivative<span class=\"__1 _201\"/>s are requ<span class=\"__1 _201\"/>ired to exchang<span class=\"__1 _201\"/>e collate<span class=\"__1 _201\"/>ral to cover va<span class=\"__1 _201\"/>riatio<span class=\"__1 _201\"/>n and<span class=\"__1 _201\"/> initia<span class=\"__1 _201\"/>l margin<span class=\"__1 _201\"/>. However, trades b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en cou<span class=\"__1 _201\"/>nterpar<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es bel<span class=\"__1 _201\"/>ongi<span class=\"__1 _201\"/>ng to the sam<span class=\"__1 _201\"/>e group are exe<span class=\"__1 _201\"/>mpt from th<span class=\"__1 _201\"/>ese ma<span class=\"__1 _201\"/>rgin requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>subjec<span class=\"__1 _201\"/>t to certain criter<span class=\"__1 _201\"/>ia.<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Capit<span class=\"__1 _201\"/>al Plc (L<span class=\"__1 _201\"/>egal Enti<span class=\"__1 _201\"/>ty I<span class=\"__1 _201\"/>denti<span class=\"__1 _201\"/>fier refe<span class=\"__1 _201\"/>rence (L<span class=\"__1 _201\"/>EI) CHW8<span class=\"__1 _201\"/>NHK<span class=\"__1 _201\"/>26<span class=\"__1 _201\"/>8SF<span class=\"__1 _201\"/>PT<span class=\"__1 _201\"/>V63<span class=\"__1 _201\"/>Z64) has entere<span class=\"__1 _201\"/>d into such d<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>vative<span class=\"__1 _201\"/> agre<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s with the f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing group e<span class=\"__1 _201\"/>ntities<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>ese co<span class=\"__1 _201\"/>unterp<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty p<span class=\"__1 _201\"/>airing<span class=\"__1 _201\"/>s meet th<span class=\"__1 _201\"/>e criter<span class=\"__1 _201\"/>ia to be eli<span class=\"__1 _201\"/>gible fo<span class=\"__1 _201\"/>r intra<span class=\"__1 _201\"/>-gro<span class=\"__1 _201\"/>up<span class=\"__1 _32b\"> </span>exemptio<span class=\"__1 _201\"/>ns to the marg<span class=\"__1 _201\"/>in requi<span class=\"__1 _201\"/>rement<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span>December<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _32b\"> </span>Decembe<span class=\"__1 _32b\"> </span>202<span class=\"__1 _32b\"> </span>Counterparty<span class=\"__1 _477\"> </span><span class=\"ls3e_1 ws65_1\">L<span class=\"__1 _201\"/>egal Entit<span class=\"__1 _201\"/>y Identifi<span class=\"__1 _201\"/>er<span class=\"__1 _1ce_1\"> </span><span class=\"ls2d_1 ws66_1\">Relationship<span class=\"__1 _200\"/> betwe<span class=\"__1 _201\"/>en parties<span class=\"__1 _32b\"> </span></span></span>Ty<span class=\"__1 _201\"/>p<span class=\"__1 _250\"/>e<span class=\"__1 _201\"/> o<span class=\"__1 _201\"/>f<span class=\"__1 _201\"/> exemp<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span>Aggre<span class=\"__1 _201\"/>gate<span class=\"__1 _201\"/> notional<span class=\"__1 _32b\"> </span>of OTC<span class=\"__1 _201\"/> derivat<span class=\"__1 _200\"/>ives<span class=\"__1 _32b\"> </span>contract<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Aggre<span class=\"__1 _201\"/>gat<span class=\"__1 _32b\"> </span>notiona<span class=\"__1 _32b\"> </span>of OT<span class=\"__1 _32b\"> </span>derivat<span class=\"__1 _200\"/>ive<span class=\"__1 _32b\"> </span>contrac<span class=\"__1 _32b\"> </span>\u00a3<span class=\"__1 _32b\"> </span>Prude<span class=\"__1 _201\"/>ntial Lifetime<span class=\"__1 _32b\"> </span>Mor<span class=\"__1 _201\"/>tgages Limited<span class=\"__1 _223\"> </span><span class=\"lsb_1 ws32_1\">5<span class=\"__1 _201\"/>493001<span class=\"__1 _200\"/>GSK4HF84IOB02<span class=\"__1 _32b\"> </span></span>M&amp;G p<span class=\"__1 _201\"/>lc is the ul<span class=\"__1 _201\"/>timate Paren<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>Com<span class=\"__1 _201\"/>pany for b<span class=\"__1 _201\"/>oth par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s<span class=\"__1 _477\"> </span><span class=\"ls5a_1 ws64_1\">Ful<span class=\"__1 _201\"/>l<span class=\"__1 _268\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">37<span class=\"__1 _333\"> </span></span><span class=\"lsd_1 wsb_1\">3<span class=\"__1 _32b\"> </span></span></span>M&amp;G FA Limited<span class=\"__1 _2b_1\"> </span><span class=\"ls28_1 ws28_1\">213800<span class=\"__1 _200\"/>TFNC2ZYHSGTN<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>1<span class=\"__1 _32b\"> </span></span>M&amp;G p<span class=\"__1 _201\"/>lc is the ul<span class=\"__1 _201\"/>timate Paren<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>Com<span class=\"__1 _201\"/>pany for b<span class=\"__1 _201\"/>oth par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s<span class=\"__1 _477\"> </span><span class=\"ls5a_1 ws64_1\">Ful<span class=\"__1 _201\"/>l<span class=\"__1 _472\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">255<span class=\"__1 _271\"> </span></span><span class=\"ls32_1 ws33_1\">20<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>33.7<span class=\"__1 _f_1\"/>.<span class=\"__1 _f_1\"/>1 Hedges in respect o<span class=\"__1 _200\"/>f shareholder<span class=\"__1 _200\"/> transfer<span class=\"__1 _200\"/>s arising<span class=\"__1 _200\"/> from<span class=\"__1 _200\"/> the wit<span class=\"__1 _200\"/>h-profits business<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 exposu<span class=\"__1 _201\"/>re to market ris<span class=\"__1 _201\"/>k from with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s aris<span class=\"__1 _201\"/>es from th<span class=\"__1 _201\"/>e share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er trans<span class=\"__1 _201\"/>fers w<span class=\"__1 _201\"/>hich d<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>d on<span class=\"__1 _32b\"> </span>inves<span class=\"__1 _201\"/>tment retur<span class=\"__1 _201\"/>n of the fu<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>. Thes<span class=\"__1 _201\"/>e share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er trans<span class=\"__1 _201\"/>fer<span class=\"__1 _201\"/>s, whi<span class=\"__1 _201\"/>le smo<span class=\"__1 _201\"/>othed<span class=\"__1 _201\"/>, are par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cularl<span class=\"__1 _201\"/>y expos<span class=\"__1 _201\"/>ed to eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y risk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s entered i<span class=\"__1 _201\"/>nto a par<span class=\"__1 _201\"/>tial e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y hed<span class=\"__1 _201\"/>ge of the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>rs exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to emerg<span class=\"__1 _201\"/>e from the W<span class=\"__1 _201\"/>PSF i<span class=\"__1 _201\"/>n order<span class=\"__1 _201\"/> to mitigate thi<span class=\"__1 _201\"/>s risk<span class=\"__1 _201\"/>. The e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t for the ye<span class=\"__1 _201\"/>ar end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 was an un<span class=\"__1 _201\"/>realis<span class=\"__1 _201\"/>ed gain of \u00a3121m (20<span class=\"__1 _201\"/>21: unreal<span class=\"__1 _201\"/>ised l<span class=\"__1 _201\"/>oss of<span class=\"__1 _201\"/> \u00a32<span class=\"__1 _201\"/>27m) and a realis<span class=\"__1 _201\"/>ed los<span class=\"__1 _201\"/>s of \u00a3119m (2021: rea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d loss of \u00a3<span class=\"__1 _201\"/>81m).<span class=\"__1 _32b\"> </span>P<span class=\"__1 _200\"/>AC\u2019<span class=\"__1 _200\"/>s share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er fun<span class=\"__1 _201\"/>d has als<span class=\"__1 _201\"/>o entered i<span class=\"__1 _201\"/>nto a risk ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>ement w<span class=\"__1 _201\"/>ith the WP<span class=\"__1 _201\"/>SF in re<span class=\"__1 _201\"/>lation to the s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>trans<span class=\"__1 _201\"/>fers ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to em<span class=\"__1 _201\"/>erge fro<span class=\"__1 _201\"/>m the WP<span class=\"__1 _201\"/>SF<span class=\"__1 _f_1\"/>, sp<span class=\"__1 _201\"/>ecifi<span class=\"__1 _201\"/>call<span class=\"__1 _201\"/>y with re<span class=\"__1 _201\"/>gard to the Pr<span class=\"__1 _201\"/>uFund new b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss wr<span class=\"__1 _201\"/>itten d<span class=\"__1 _201\"/>uring 2<span class=\"__1 _201\"/>018 to 2020.<span class=\"__1 _32b\"> </span>This a<span class=\"__1 _201\"/>rran<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt was de<span class=\"__1 _201\"/>signe<span class=\"__1 _201\"/>d to protec<span class=\"__1 _201\"/>t the sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders a<span class=\"__1 _201\"/>gains<span class=\"__1 _201\"/>t extre<span class=\"__1 _201\"/>mely w<span class=\"__1 _201\"/>eak mar<span class=\"__1 _201\"/>ket returns<span class=\"__1 _201\"/>. This ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>ement re<span class=\"__1 _201\"/>sulted<span class=\"__1 _201\"/> in a \u00a38<span class=\"__1 _201\"/>m unreali<span class=\"__1 _201\"/>sed l<span class=\"__1 _201\"/>oss fo<span class=\"__1 _201\"/>r the year en<span class=\"__1 _201\"/>ded 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>022 (20<span class=\"__1 _201\"/>21: unreal<span class=\"__1 _201\"/>ised l<span class=\"__1 _201\"/>oss of \u00a3<span class=\"__1 _201\"/>36m).<span class=\"__1 _32b\"> </span>33.7<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>2 Other<span class=\"__1 _200\"/> shareholder hedging<span class=\"__1 _200\"/> arrangements<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er fund h<span class=\"__1 _201\"/>as purcha<span class=\"__1 _201\"/>sed inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ate swap ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents to prote<span class=\"__1 _201\"/>ct the c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l posit<span class=\"__1 _201\"/>ion aga<span class=\"__1 _201\"/>inst inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ate<span class=\"__1 _32b\"> </span>movem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>. For the ye<span class=\"__1 _201\"/>ar end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, th<span class=\"__1 _201\"/>ese in<span class=\"__1 _201\"/>strum<span class=\"__1 _201\"/>ents re<span class=\"__1 _201\"/>sulted in a<span class=\"__1 _201\"/>n unreali<span class=\"__1 _201\"/>sed l<span class=\"__1 _201\"/>oss of \u00a3<span class=\"__1 _201\"/>803m (<span class=\"__1 _201\"/>2021: unrea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>los<span class=\"__1 _201\"/>s of \u00a386<span class=\"__1 _201\"/>m) and a realis<span class=\"__1 _201\"/>ed lo<span class=\"__1 _201\"/>ss of \u00a318<span class=\"__1 _201\"/>6m (2021: re<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d loss o<span class=\"__1 _201\"/>f \u00a317<span class=\"__1 _200\"/>m).<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-570": {
   "value": "33.3 Market risk Market risk is the risk of loss or adverse change in the financial situation of the Group\u2019s business or that of the Group\u2019s clients resulting, directly or indirectly, from fluctuations in the level or volatility of market prices of assets and liabilities. Market risk comprises six types of risk, namely: \u2013  Interest rate risk: fluctuations in the level and volatility of interest rates or the shape or curvature of the yield curve or  spread relationships \u2013  Inflation risk: fluctuations in actual or implied inflation rates \u2013  Equity risk: fluctuations in the level or volatility of equity investments \u2013  Property risk: fluctuations in the level or volatility of property investments \u2013  Currency risk: fluctuations, including translation risk, in the level or volatility of currency exposures \u2013  Alternative investments risk: fluctuations in the level or volatility of alternative investment exposures (other than those detailed above) The primary market risks that the Group faces are equity risk, property risk and interest rate risk. Most assets the Group holds are investments that are either equity or property-type investments and subject to equity or property price risk, or bonds, mortgages and cash deposits, the values of which are subject to interest rate risk. Alternative investments may exhibit some or all of these risks depending on the type of investment. The amount of risk borne by the Group\u2019s shareholders depends on the extent to which its clients share the investment risk through the structure of the Group\u2019s products. In particular, the shareholder is only  directly exposed to market risk on the assets held within the \u201cannuities and other long-term business\u201d and \u201cother\u201d components of  business, which are predominantly debt securities and investment properties in respect of the annuity funds. The split of the Group\u2019s investments between equity investments and interest-sensitive instruments depends principally on the  type of liabilities supported by those investments and the amount of capital the Group has available. This mix of liabilities allows  the Group to invest a substantial portion of its investment funds in equity and property investments that the Group believes produce greater returns over the long-term.  Market risk is managed through a robust market risk framework which includes: policies, risk appetite statements and risk limits  and triggers covering key market risk exposures; asset and liability management programmes; a quality of capital framework;  strategic asset allocations; investment and hedging strategies; and investment constraints. 33.3.1 Interest rate risk and inflation risk The majority of the Group\u2019s interest rate exposure arises from shareholder-backed annuities. The liabilities are exposed to interest rate movements, but these are closely matched with assets of an appropriate duration. The matching of assets of appropriate duration to the annuity liabilities is based on management of regulatory capital reporting requirements. The assets held in excess of the liabilities, which back the capital requirements of the annuity business, result in an exposure to interest rate risk. The assets and liabilities for the with-profits and unit-linked components of business are sensitive to interest rates, but the shareholder is not directly exposed to changes in the value of these assets and liabilities. The shareholder is indirectly exposed to interest rate risk through the value of future shareholder transfers from with-profits business and charges levied on unit-linke and asset management business. The estimated sensitivity of profit to a movement in interest rates downwards of 1% and upwards of 1% and 2% is noted in the tables below:  2022 As at 31 December Decrease  of 1% \u00a3m Increase  of 1% \u00a3m Increas of 2 \u00a3 Carrying value of debt securities and derivatives  1,408 (1,234) (2,329 Policyholder liabilities (1,023) 886 1,65 Related deferred tax effects  (96) 87 16 Net sensitivity of profit after tax and shareholders\u2019 equity  289 (261) (503)  2021 As at 31 December Decrease  of 1% \u00a3m Increase  of 1% \u00a3m Increas of 2 \u00a3 Carrying value of debt securities and derivatives  3,319 (2,773) (5,189 Policyholder liabilities (1,887) 1,586 2,93 Related deferred tax effects  (358) 297 55 Net sensitivity of profit after tax and shareholders\u2019 equity  1,074 (890) (1,70 The impact of the carrying value of assets, policyholder liabilities and deferred tax effects are in respect of the shareholder- backed business only, with the majority of the impact arising from the shareholder-backed annuities. Inflation risk primarily arises from certain annuity contracts that have benefit escalation linked to a price index. The Group manages this exposure by matching inflation-linked annuity liabilities with corresponding inflation-linked assets. 33.3.2 Equity and property risk While the Group holds significant amounts of equity and property assets on its consolidated statement of financial position, the shareholders\u2019 exposure to equity and property risk for the with-profits and unit-linked business is limited as the risk is predominantly borne by the policyholder. Instead, the Group\u2019s direct exposure to this risk arises from the \u201cannuities and other long-term business\u201d component\u2019s holdings in equity securities and property, which are not hedged or matched by corresponding liabilities. Excluding any longer-term, indirect effects on profit due to the future value of shareholder transfers from with-profits business and charges levied on unit-linked and asset management business, a fall in the fair value of these investments would have given rise to the following effects on pre-tax profit, profit after tax, and shareholders\u2019 equity. The majority of the sensitivity arises in respect of investment property assets held in the annuity funds. 33 Risk management and sensitivity analysis continued The impact of the sensitivities excluding equity hedges is shown below.  2022 2021 For the year ended 31 December Decrease of 20% \u00a3m Decrease of 10% \u00a3m Decrease of 20% \u00a3m Decrease of 10% \u00a3m Pre-tax profit (208) (104) (252) (125) Related deferred tax effects 52 26 64 30 Net sensitivity of profit after tax and shareholders\u2019 equity (156) (78) (188) (95) A 10% or 20% increase in their value would have an approximately equal and opposite effect on profit and shareholders\u2019 equity to  the sensitivities shown above. The market risk sensitivities shown above reflect the impact of temporary market movements. In the equity risk sensitivity analysis shown above, the Group has considered the impact of an instantaneous 10% or 20% fall in equity markets. If equity markets were to fall by more than 20%, the Group believes that this would not be an instantaneous fall but rather would be expected to occur over a period of time, during which the Group would be able to put in place mitigating  management actions. As noted above, the analysis excludes the indirect exposure of ongoing profit to equity and property risk through the impact on policyholder bonuses on with-profits business and charges levied on unit-linked and asset management business. For with- profits business, the impact of market risk is reduced due to the \u201csmoothed\u201d basis of bonus declaration, so the sensitivity to  short-term investment performance is relatively low. However, long-term investment performance may affect future shareholder transfers. The Group has entered into a partial equity hedge of the shareholder transfers expected to emerge from the WPSF in  order to mitigate this risk. Due to the mismatch that results from a difference in the timing of fair value movements on the hedges and the emergence of the underlying shareholder transfers, the above sensitivities do not include the impact of these hedges as  this gives the most appropriate representation of the Group\u2019s exposure to equity and property risk. The impact of the sensitivities allowing for the equity hedges is shown below.  2022 2021 For the year ended 31 December Decrease of 20% \u00a3m Decrease of 10% \u00a3m Decrease of 20% \u00a3m Decrease of 10% \u00a3m Pre-tax profit 62 37 71 38 Related deferred tax effects (15) (9) (18) (10) Net sensitivity of profit after tax and shareholders\u2019 equity 47 28 53 28 33.3.3 Currency risk The Group invests significant amounts of policyholder funds in overseas assets as part of its investment strategy. The direct  currency risk exposure to the shareholder from the with-profits and unit-linked components of business is minimal, although  the shareholder is indirectly exposed to currency risk in relation to the future value of shareholder transfers from with-profits  business and charges levied on unit-linked and asset management business. Currency risk exposure arising from overseas  assets held by the shareholder-backed annuity and other long-term business is mitigated through the use of derivatives.  As at 31 December 2022, the Group held 50% (2021: 44%) and 13% (2021: 9%) of its financial assets and financial liabilities  respectively, in currencies, mainly US dollar and euro, other than pounds sterling, the functional currency of the Group.  Of these financial assets, as at 31 December 2022, 74% (2021: 71%) are held by the With-Profits Fund, allowing the fund to  obtain exposure to foreign equity markets. Of these financial liabilities, as at 31 December 2022, 96% (2021: 86%) are held by the  With-Profits Fund, mainly relating to foreign currency borrowings. The exchange risks inherent in these exposures are mitigated through the use of derivatives, mainly forward currency contracts. For the year ended 31 December 2022, exchange gains of \u00a3562m (2021: losses of \u00a3120m) were recognised in the income statement; mainly arising on assets held by the With-Profits Fund, the majority of which are offset by changes in with-profits and unit-linked liabilities. This excludes exchange gains and losses arising on foreign currency investments measured at FVTPL, which are included as part of gains and losses included in investment return, which is shown in Note 4. The Group is also exposed to structural currency translation risk as a result of overseas operations which contribute to equity.  The assets and liabilities of foreign operations are translated into the Group\u2019s presentational currency, pounds sterling.  Foreign exchange differences arising from this translation of foreign operations are reported as an item of other comprehensive income and accumulated in the translation reserve. 33 Risk management and sensitivity analysis continued ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-571": {
   "value": "<div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:931.1577px;\">33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>4 Credit r<span class=\"__1 _201\"/>isk<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:910.5282px;\">The G<span class=\"__1 _201\"/>roup\u2019s exposu<span class=\"__1 _201\"/>re to credit r<span class=\"__1 _201\"/>isk pr<span class=\"__1 _201\"/>imaril<span class=\"__1 _201\"/>y aris<span class=\"__1 _201\"/>es from th<span class=\"__1 _201\"/>e annuit<span class=\"__1 _201\"/>y fu<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>, which h<span class=\"__1 _201\"/>old sub<span class=\"__1 _201\"/>stanti<span class=\"__1 _201\"/>al volum<span class=\"__1 _201\"/>es of pub<span class=\"__1 _201\"/>lic and p<span class=\"__1 _201\"/>rivate<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:894.02966px;\">fixed i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e investm<span class=\"__1 _201\"/>ents o<span class=\"__1 _201\"/>n which a c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain leve<span class=\"__1 _201\"/>l of defau<span class=\"__1 _201\"/>lts and d<span class=\"__1 _201\"/>owngr<span class=\"__1 _201\"/>ades a<span class=\"__1 _201\"/>re expec<span class=\"__1 _201\"/>ted<span class=\"__1 _201\"/>. The se<span class=\"__1 _201\"/>nsiti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y of IFRS p<span class=\"__1 _201\"/>rofit af<span class=\"__1 _201\"/>ter<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:877.53125px;\">tax an<span class=\"__1 _201\"/>d IFRS s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 equit<span class=\"__1 _201\"/>y to a chan<span class=\"__1 _201\"/>ge in the cre<span class=\"__1 _201\"/>dit def<span class=\"__1 _201\"/>ault an<span class=\"__1 _201\"/>d down<span class=\"__1 _201\"/>grade a<span class=\"__1 _201\"/>llowan<span class=\"__1 _201\"/>ce withi<span class=\"__1 _201\"/>n the valuat<span class=\"__1 _201\"/>ion rate of intere<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:861.0327px;\">of share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der<span class=\"__1 _200\"/>-bac<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed n<span class=\"__1 _201\"/>on-p<span class=\"__1 _201\"/>rofit an<span class=\"__1 _201\"/>nuities i<span class=\"__1 _201\"/>s shown i<span class=\"__1 _201\"/>n Note 33<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:836.285px;\">Whil<span class=\"__1 _201\"/>e the with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts and u<span class=\"__1 _201\"/>nit<span class=\"__1 _200\"/>-linked f<span class=\"__1 _201\"/>unds have l<span class=\"__1 _201\"/>arge ho<span class=\"__1 _201\"/>lding<span class=\"__1 _201\"/>s of asse<span class=\"__1 _201\"/>ts subj<span class=\"__1 _201\"/>ect to cre<span class=\"__1 _201\"/>dit ri<span class=\"__1 _201\"/>sk, th<span class=\"__1 _201\"/>e shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r result<span class=\"__1 _201\"/>s of the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:819.7865px;\">Gro<span class=\"__1 _201\"/>up are not dire<span class=\"__1 _201\"/>ctl<span class=\"__1 _201\"/>y expos<span class=\"__1 _201\"/>ed to cred<span class=\"__1 _201\"/>it defau<span class=\"__1 _201\"/>lts on as<span class=\"__1 _201\"/>sets h<span class=\"__1 _201\"/>eld in th<span class=\"__1 _201\"/>ese co<span class=\"__1 _201\"/>mpon<span class=\"__1 _201\"/>ents of b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. However, the shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r is<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:803.28796px;\">indi<span class=\"__1 _201\"/>rectl<span class=\"__1 _201\"/>y expos<span class=\"__1 _201\"/>ed to cred<span class=\"__1 _201\"/>it risk f<span class=\"__1 _201\"/>rom thes<span class=\"__1 _201\"/>e comp<span class=\"__1 _201\"/>one<span class=\"__1 _201\"/>nts of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s in relatio<span class=\"__1 _201\"/>n to the future v<span class=\"__1 _201\"/>alue of sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder tr<span class=\"__1 _201\"/>ansf<span class=\"__1 _201\"/>ers from<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:786.7895px;\">with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s and cha<span class=\"__1 _201\"/>rges lev<span class=\"__1 _201\"/>ied o<span class=\"__1 _201\"/>n unit-linked and a<span class=\"__1 _201\"/>sset m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. The dire<span class=\"__1 _201\"/>ct ex<span class=\"__1 _201\"/>posure of t<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:770.29095px;\">share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers\u2019 eq<span class=\"__1 _201\"/>uity to cre<span class=\"__1 _201\"/>dit def<span class=\"__1 _201\"/>ault r<span class=\"__1 _201\"/>isk in the \u201c<span class=\"__1 _201\"/>Othe<span class=\"__1 _201\"/>r\u201d com<span class=\"__1 _201\"/>pon<span class=\"__1 _201\"/>ent is sma<span class=\"__1 _201\"/>ll in the co<span class=\"__1 _201\"/>ntext of th<span class=\"__1 _201\"/>e Group.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:745.5432px;\">Credi<span class=\"__1 _201\"/>t risk is m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>d throug<span class=\"__1 _201\"/>h a robus<span class=\"__1 _201\"/>t credit a<span class=\"__1 _201\"/>nd cou<span class=\"__1 _201\"/>nterpar<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y fra<span class=\"__1 _201\"/>mewor<span class=\"__1 _201\"/>k which in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>es: po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s, s<span class=\"__1 _201\"/>tandard<span class=\"__1 _201\"/>s, ap<span class=\"__1 _201\"/>petite<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:729.04474px;\">statem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, limit<span class=\"__1 _201\"/>s and tri<span class=\"__1 _201\"/>gger<span class=\"__1 _201\"/>s (incl<span class=\"__1 _201\"/>uding re<span class=\"__1 _201\"/>levant gove<span class=\"__1 _201\"/>rnan<span class=\"__1 _201\"/>ce and co<span class=\"__1 _201\"/>ntrols); inves<span class=\"__1 _201\"/>tment co<span class=\"__1 _201\"/>nstr<span class=\"__1 _201\"/>aints an<span class=\"__1 _201\"/>d limits o<span class=\"__1 _201\"/>n the as<span class=\"__1 _201\"/>set<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:712.5462px;\">por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>os, in re<span class=\"__1 _201\"/>lation to cre<span class=\"__1 _201\"/>dit ratin<span class=\"__1 _201\"/>g, sen<span class=\"__1 _201\"/>iorit<span class=\"__1 _201\"/>y, sec<span class=\"__1 _201\"/>tor and is<span class=\"__1 _201\"/>suer, and counter<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s in par<span class=\"__1 _201\"/>ticul<span class=\"__1 _201\"/>ar for de<span class=\"__1 _201\"/>riv<span class=\"__1 _201\"/>atives<span class=\"__1 _201\"/>, reinsu<span class=\"__1 _201\"/>rance a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:696.0477px;\">cas<span class=\"__1 _201\"/>h; and a rob<span class=\"__1 _201\"/>ust cre<span class=\"__1 _201\"/>dit ratin<span class=\"__1 _201\"/>g proce<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 ls15_1 ws68_1\" style=\"bottom:671.3px;\">33.<span class=\"__1 _201\"/>4.<span class=\"__1 _200\"/>1 Financial assets<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:650.6705px;\">The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>es prov<span class=\"__1 _201\"/>ide an an<span class=\"__1 _201\"/>alysi<span class=\"__1 _201\"/>s of the qual<span class=\"__1 _201\"/>ity of fi<span class=\"__1 _201\"/>nanci<span class=\"__1 _201\"/>al ass<span class=\"__1 _201\"/>ets whi<span class=\"__1 _201\"/>ch are expo<span class=\"__1 _201\"/>sed to cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k. Th<span class=\"__1 _201\"/>e finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:634.172px;\">bel<span class=\"__1 _201\"/>ow are anal<span class=\"__1 _201\"/>yse<span class=\"__1 _201\"/>d accord<span class=\"__1 _201\"/>ing to exte<span class=\"__1 _201\"/>rnal cre<span class=\"__1 _201\"/>dit ratin<span class=\"__1 _201\"/>gs iss<span class=\"__1 _201\"/>ued<span class=\"__1 _201\"/>, with eq<span class=\"__1 _201\"/>uival<span class=\"__1 _201\"/>ent ratin<span class=\"__1 _201\"/>gs issu<span class=\"__1 _201\"/>ed by di<span class=\"__1 _201\"/>fferent r<span class=\"__1 _201\"/>atings ag<span class=\"__1 _201\"/>enci<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:617.67346px;\">group<span class=\"__1 _201\"/>ed tog<span class=\"__1 _201\"/>ether<span class=\"__1 _200\"/>. </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:564.80145px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls95_1 wsad_1\" style=\"left:333.76575px; bottom:576.803px;\">AAA<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:341.94px; bottom:564.80145px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:365.72025px; bottom:576.803px;\">A<span class=\"__1 _201\"/>A+ to AA-<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:405.2865px; bottom:564.80145px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:443.5641px; bottom:576.803px;\">A+ to A-<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:467.5227px; bottom:564.80145px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 wsae_1\" style=\"left:506.175px; bottom:588.80444px;\">BBB+ t<span class=\"__1 _200\"/>o<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 ws8e_1\" style=\"left:520.4645px; bottom:576.803px;\">BBB-<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:530.9752px; bottom:564.80145px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 wsae_1\" style=\"left:551.4546px; bottom:576.803px;\">Below<span class=\"__1 _200\"/> BBB-<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:593.87085px; bottom:564.80145px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3e_1 ws40_1\" style=\"left:644.57117px; bottom:576.803px;\">Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.2604px; bottom:564.80145px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:712.6517px; bottom:576.803px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:564.80145px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:545.0451px;\">Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _a4_1\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">38<span class=\"__1 _f4_1\"> </span><span class=\"ls27_1 ws27_1\">82<span class=\"__1 _c_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>0<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">155<span class=\"__1 _1d_1\"> </span><span class=\"ls10_1 wsf_1\">64<span class=\"__1 _4a_1\"> </span><span class=\"ls18_1 ws17_1\">1,<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>61<span class=\"__1 _243\"> </span></span></span></span></span></span>2,340<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"bottom:525.2826px;\">Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _423\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">224<span class=\"__1 _211\"> </span><span class=\"lsc_1 wsa_1\">1,06<span class=\"__1 _201\"/>0<span class=\"__1 _243\"> </span><span class=\"ls53_1 ws5b_1\">3,342<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>4<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _219\"> </span></span></span></span></span>96<span class=\"__1 _243\"> </span><span class=\"ls28_1 ws28_1\">4,884<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws42_1\" style=\"bottom:505.52014px;\">Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _366\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">6<span class=\"__1 _201\"/>,6<span class=\"__1 _201\"/>51<span class=\"__1 _4c_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,632<span class=\"__1 _206\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>7<span class=\"__1 _250\"/>74<span class=\"__1 _206\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _204\"> </span><span class=\"ls22_1 ws21_1\">4<span class=\"__1 _201\"/>,377<span class=\"__1 _4c_1\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>24<span class=\"__1 _201\"/>0<span class=\"__1 _249\"> </span><span class=\"ls1c_1 ws43_1\">62<span class=\"__1 _201\"/>,821<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"bottom:485.75763px;\">Deposits<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:350.71875px; bottom:485.77606px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls45_1 ws49_1\" style=\"left:388.23224px; bottom:485.77606px;\">2<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>11<span class=\"__1 _249\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>,9<span class=\"__1 _201\"/>52<span class=\"__1 _243\"> </span><span class=\"ls1c_1 ws43_1\">3<span class=\"__1 _201\"/>,594<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:603.46906px; bottom:485.77606px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls53_1 ws5b_1\" style=\"left:648.3675px; bottom:485.77606px;\">844<span class=\"__1 _4c_1\"> </span><span class=\"ls40_1 ws44_1\">21,<span class=\"__1 _201\"/>401<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:466.01355px;\">Loa<span class=\"__1 _201\"/>ns held at f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:350.71875px; bottom:466.0197px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:459.62024px; bottom:466.0197px;\">934<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">5<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">143<span class=\"__1 _239\"> </span><span class=\"ls2a_1 ws2a_1\">134<span class=\"__1 _4a_1\"> </span><span class=\"ls38_1 ws38_1\">1,<span class=\"__1 _201\"/>216<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:446.2572px;\">Loa<span class=\"__1 _201\"/>ns held at a<span class=\"__1 _201\"/>mor<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cos<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:350.71875px; bottom:446.26337px;\">\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:460.8777px; bottom:446.26337px;\">105<span class=\"__1 _253\"> </span><span class=\"ls40_1 ws44_1\">169<span class=\"__1 _223\"> </span><span class=\"ls1f_1 ws1e_1\">540<span class=\"__1 _243\"> </span><span class=\"ls22_1 ws21_1\">1,300<span class=\"__1 _7d_1\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"bottom:426.50085px;\">Reinsurance assets<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:350.71875px; bottom:426.50702px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls1b_1 ws1a_1\" style=\"left:398.3364px; bottom:426.50702px;\">2<span class=\"__1 _201\"/>47<span class=\"__1 _223\"> </span><span class=\"ls15_1 ws14_1\">666<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:603.46906px; bottom:426.50702px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls3f_1 ws41_1\" style=\"left:649.87305px; bottom:426.50702px;\">272<span class=\"__1 _240\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls15_1 ws68_1\" style=\"bottom:406.7445px;\">T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _29b\"> </span><span class=\"ls2a_1 ws2a_1\">6,<span class=\"__1 _201\"/>913<span class=\"__1 _1c_1\"> </span><span class=\"lsc_1 wsa_1\">16<span class=\"__1 _201\"/>,032<span class=\"__1 _217\"> </span></span>31,<span class=\"__1 _201\"/>913<span class=\"__1 _249\"> </span><span class=\"ls32_1 ws33_1\">20,<span class=\"__1 _201\"/>215<span class=\"__1 _4a_1\"> </span><span class=\"ls24_1 ws23_1\">5<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>2<span class=\"__1 _248\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>7<span class=\"__1 _213\"> </span><span class=\"ls1c_1 ws43_1\">95,9<span class=\"__1 _201\"/>62<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:347.85962px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls95_1 wsad_1\" style=\"left:333.76575px; bottom:359.86115px;\">AAA<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:341.94px; bottom:347.85962px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:365.72025px; bottom:359.86115px;\">A<span class=\"__1 _201\"/>A+ to AA-<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:405.2865px; bottom:347.85962px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:443.5641px; bottom:359.86115px;\">A+ to A-<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:467.5227px; bottom:347.85962px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 wsae_1\" style=\"left:506.175px; bottom:371.8626px;\">BBB+ t<span class=\"__1 _200\"/>o<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 ws8e_1\" style=\"left:520.4645px; bottom:359.86115px;\">BBB-<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:530.9752px; bottom:347.85962px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 wsae_1\" style=\"left:551.4546px; bottom:359.86115px;\">Below<span class=\"__1 _200\"/> BBB-<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:593.87085px; bottom:347.85962px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3e_1 ws40_1\" style=\"left:644.57117px; bottom:359.86115px;\">Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.2604px; bottom:347.85962px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:712.6517px; bottom:359.86115px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:347.85962px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:328.10327px;\">Accrued in<span class=\"__1 _200\"/>vestment<span class=\"__1 _200\"/> income and<span class=\"__1 _200\"/> other deb<span class=\"__1 _200\"/>tors<span class=\"__1 _29c\"> </span><span class=\"ls3f_1 ws41_1\">72<span class=\"__1 _1d_1\"> </span><span class=\"ls28_1 ws28_1\">89<span class=\"__1 _239\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>8<span class=\"__1 _252\"> </span><span class=\"ls2a_1 ws2a_1\">1<span class=\"__1 _201\"/>97<span class=\"__1 _1d_1\"> </span><span class=\"ls5_1 ws1_1\">64<span class=\"__1 _214\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,087<span class=\"__1 _208\"> </span></span>2,64<span class=\"__1 _200\"/>7<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"bottom:308.34076px;\">Cash and cash equi<span class=\"__1 _201\"/>valents<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:350.71875px; bottom:308.34692px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls53_1 ws5b_1\" style=\"left:397.32526px; bottom:308.34692px;\">840<span class=\"__1 _1d8_1\"> </span><span class=\"ls28_1 ws28_1\">5,396<span class=\"__1 _253\"> </span><span class=\"ls1c_1 ws43_1\">562<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _228\"> </span><span class=\"ls4d_1 ws54_1\">101<span class=\"__1 _243\"> </span><span class=\"ls3f_1 ws41_1\">6,908<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws42_1\" style=\"bottom:288.5844px;\">Debt<span class=\"__1 _200\"/> secu<span class=\"__1 _200\"/>rit<span class=\"__1 _200\"/>ies<span class=\"__1 _f6_1\"> </span><span class=\"ls13_1 ws12_1\">7,<span class=\"__1 _e7_1\"/>8<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>7<span class=\"__1 _217\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>,09<span class=\"__1 _201\"/>3<span class=\"__1 _248\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>3<span class=\"__1 _217\"> </span><span class=\"ls2a_1 ws2a_1\">19,05<span class=\"__1 _201\"/>8<span class=\"__1 _1d8_1\"> </span><span class=\"ls1f_1 ws1e_1\">6,589<span class=\"__1 _245\"> </span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>59<span class=\"__1 _245\"> </span><span class=\"lsc_1 wsa_1\">81,059<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"bottom:268.82193px;\">Deposits<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:350.71875px; bottom:268.83423px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls23_1 ws22_1\" style=\"left:388.23224px; bottom:268.83423px;\">4,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>76<span class=\"__1 _4a_1\"> </span><span class=\"ls13_1 ws12_1\">7,<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>7<span class=\"__1 _208\"> </span><span class=\"lsd_1 wsb_1\">4,<span class=\"__1 _201\"/>278<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:603.46906px; bottom:268.83423px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws47_1\" style=\"left:644.57117px; bottom:268.83423px;\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>2<span class=\"__1 _282\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>3<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:249.07172px;\">Loa<span class=\"__1 _201\"/>ns held at f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue<span class=\"__1 _20e\"> </span><span class=\"lsd_1 wsb_1\">78<span class=\"__1 _201\"/>9<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>956<span class=\"__1 _1d_1\"> </span><span class=\"ls3f_1 ws41_1\">60<span class=\"__1 _1e_1\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _1d_1\"> </span><span class=\"ls27_1 ws27_1\">50<span class=\"__1 _237\"> </span><span class=\"ls30_1 ws30_1\">402<span class=\"__1 _208\"> </span><span class=\"ls32_1 ws33_1\">3,<span class=\"__1 _201\"/>275<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:229.30923px;\">Loa<span class=\"__1 _201\"/>ns held at a<span class=\"__1 _201\"/>mor<span class=\"__1 _201\"/>tise<span class=\"__1 _201\"/>d cos<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:350.71875px; bottom:229.32138px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls22_1 ws21_1\" style=\"left:467.5227px; bottom:229.32138px;\">69<span class=\"__1 _252\"> </span><span class=\"ls56_1 ws5f_1\">175<span class=\"__1 _2c_1\"> </span><span class=\"ls1c_1 ws43_1\">285<span class=\"__1 _211\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,005<span class=\"__1 _214\"> </span><span class=\"ls7f_1 ws93_1\">2,534<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"bottom:209.55887px;\">Reinsurance assets<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:350.71875px; bottom:209.56503px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:397.32526px; bottom:209.56503px;\">750<span class=\"__1 _345\"> </span><span class=\"ls57_1 ws61_1\">(4<span class=\"__1 _250\"/>3)<span class=\"__1 _243\"> </span><span class=\"ls42_1 ws46_1\">1,053<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:603.46906px; bottom:209.56503px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls52_1 ws5a_1\" style=\"left:655.0911px; bottom:209.56503px;\">(9<span class=\"__1 _201\"/>1)<span class=\"__1 _242\"> </span><span class=\"lsc_1 wsa_1\">1,66<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls15_1 ws68_1\" style=\"bottom:189.80252px;\">T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _29d\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">8<span class=\"__1 _201\"/>,71<span class=\"__1 _201\"/>8<span class=\"__1 _210\"> </span><span class=\"ls43_1 ws47_1\">2<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>4<span class=\"__1 _245\"> </span><span class=\"ls13_1 ws12_1\">2<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>0<span class=\"__1 _286\"> </span><span class=\"ls4a_1 ws50_1\">2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>41<span class=\"__1 _208\"> </span><span class=\"ls7_1 ws5_1\">6,9<span class=\"__1 _201\"/>97<span class=\"__1 _213\"> </span><span class=\"ls10_1 wsf_1\">20,985<span class=\"__1 _327\"> </span><span class=\"ls11_1 ws10_1\">115<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>72<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:150.77478px;\">The c<span class=\"__1 _201\"/>redit rati<span class=\"__1 _201\"/>ngs<span class=\"__1 _201\"/>, inform<span class=\"__1 _201\"/>ation or d<span class=\"__1 _201\"/>ata contain<span class=\"__1 _201\"/>ed in thi<span class=\"__1 _201\"/>s repor<span class=\"__1 _201\"/>t w<span class=\"__1 _201\"/>hich are at<span class=\"__1 _201\"/>tribu<span class=\"__1 _201\"/>ted and s<span class=\"__1 _201\"/>peci<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>lly prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d by Standard &amp;<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:134.27628px;\">Poo<span class=\"__1 _201\"/>r\u2019s, M<span class=\"__1 _201\"/>ood<span class=\"__1 _201\"/>y\u2019s and Fitch an<span class=\"__1 _201\"/>d their re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve affiliates a<span class=\"__1 _201\"/>nd supp<span class=\"__1 _201\"/>liers (\u201c<span class=\"__1 _201\"/>Content P<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>rs\u201d) is refe<span class=\"__1 _201\"/>rred to he<span class=\"__1 _201\"/>re as the \u201cC<span class=\"__1 _201\"/>ontent<span class=\"__1 _201\"/>\u201d<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:117.77777px;\">Repro<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tion of a<span class=\"__1 _201\"/>ny content in any f<span class=\"__1 _201\"/>orm is pro<span class=\"__1 _201\"/>hibite<span class=\"__1 _201\"/>d except with th<span class=\"__1 _201\"/>e prio<span class=\"__1 _201\"/>r writ<span class=\"__1 _201\"/>ten pe<span class=\"__1 _201\"/>rmis<span class=\"__1 _201\"/>sion of th<span class=\"__1 _201\"/>e releva<span class=\"__1 _201\"/>nt par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The C<span class=\"__1 _201\"/>ontent<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:101.27927px;\">Provi<span class=\"__1 _201\"/>ders d<span class=\"__1 _201\"/>o not guar<span class=\"__1 _201\"/>antee the a<span class=\"__1 _201\"/>ccura<span class=\"__1 _201\"/>cy, adequa<span class=\"__1 _201\"/>cy, comple<span class=\"__1 _201\"/>tenes<span class=\"__1 _201\"/>s, tim<span class=\"__1 _201\"/>eline<span class=\"__1 _201\"/>ss or ava<span class=\"__1 _201\"/>ilabil<span class=\"__1 _201\"/>ity of a<span class=\"__1 _201\"/>ny Content a<span class=\"__1 _201\"/>nd are not<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:84.78078px;\">resp<span class=\"__1 _201\"/>onsib<span class=\"__1 _201\"/>le for a<span class=\"__1 _201\"/>ny error<span class=\"__1 _201\"/>s or omis<span class=\"__1 _201\"/>sion<span class=\"__1 _201\"/>s (neglig<span class=\"__1 _201\"/>ent or othe<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>wise), regard<span class=\"__1 _201\"/>les<span class=\"__1 _201\"/>s of the ca<span class=\"__1 _201\"/>use, or f<span class=\"__1 _201\"/>or the res<span class=\"__1 _201\"/>ults obt<span class=\"__1 _201\"/>ained f<span class=\"__1 _201\"/>rom the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:68.28227px;\">use of s<span class=\"__1 _201\"/>uch Con<span class=\"__1 _201\"/>tent. Th<span class=\"__1 _201\"/>e Conten<span class=\"__1 _201\"/>t Provide<span class=\"__1 _201\"/>rs expre<span class=\"__1 _201\"/>ssl<span class=\"__1 _201\"/>y discl<span class=\"__1 _201\"/>aim liabi<span class=\"__1 _201\"/>lit<span class=\"__1 _201\"/>y for any dam<span class=\"__1 _201\"/>ages<span class=\"__1 _201\"/>, cos<span class=\"__1 _201\"/>ts, ex<span class=\"__1 _201\"/>pens<span class=\"__1 _201\"/>es, l<span class=\"__1 _201\"/>egal f<span class=\"__1 _201\"/>ees<span class=\"__1 _201\"/>, or los<span class=\"__1 _201\"/>ses<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:51.783768px;\">(inc<span class=\"__1 _201\"/>luding l<span class=\"__1 _201\"/>ost in<span class=\"__1 _201\"/>come o<span class=\"__1 _201\"/>r los<span class=\"__1 _201\"/>t profit an<span class=\"__1 _201\"/>d opp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tunit<span class=\"__1 _201\"/>y cos<span class=\"__1 _201\"/>ts) in conne<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n with any us<span class=\"__1 _201\"/>e of the Co<span class=\"__1 _201\"/>ntent. A refe<span class=\"__1 _201\"/>rence to a pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cular<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:35.285263px;\">inves<span class=\"__1 _201\"/>tment o<span class=\"__1 _201\"/>r secur<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, a rating or a<span class=\"__1 _201\"/>ny obser<span class=\"__1 _250\"/>vation co<span class=\"__1 _201\"/>ncer<span class=\"__1 _201\"/>ning an i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent that is pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t of the Con<span class=\"__1 _201\"/>tent is not a re<span class=\"__1 _201\"/>comm<span class=\"__1 _201\"/>endatio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:18.786774px;\">to buy, sell or h<span class=\"__1 _201\"/>old any s<span class=\"__1 _201\"/>uch inves<span class=\"__1 _201\"/>tment o<span class=\"__1 _201\"/>r secur<span class=\"__1 _201\"/>it<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, nor do<span class=\"__1 _201\"/>es it ad<span class=\"__1 _201\"/>dress th<span class=\"__1 _201\"/>e suita<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y of an inves<span class=\"__1 _201\"/>tment o<span class=\"__1 _201\"/>r sec<span class=\"__1 _201\"/>urit<span class=\"__1 _201\"/>y and sh<span class=\"__1 _201\"/>ould n<span class=\"__1 _201\"/>ot<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:2.288269px;\">be rel<span class=\"__1 _201\"/>ied on a<span class=\"__1 _201\"/>s investm<span class=\"__1 _201\"/>ent ad<span class=\"__1 _201\"/>vice.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:962.2766px;\">33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span></div>In the ta<span class=\"__1 _201\"/>ble ab<span class=\"__1 _201\"/>ove, A<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>A is the hig<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>t pos<span class=\"__1 _201\"/>sible r<span class=\"__1 _201\"/>ating. I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent gra<span class=\"__1 _201\"/>de finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets are c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d within th<span class=\"__1 _201\"/>e rang<span class=\"__1 _201\"/>e of AA<span class=\"__1 _201\"/>A to<span class=\"__1 _201\"/> BBB r<span class=\"__1 _201\"/>atings<span class=\"__1 _201\"/>. Finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>sets w<span class=\"__1 _201\"/>hich fa<span class=\"__1 _201\"/>ll outs<span class=\"__1 _201\"/>ide this r<span class=\"__1 _201\"/>ange are c<span class=\"__1 _201\"/>lass<span class=\"__1 _201\"/>ifie<span class=\"__1 _201\"/>d as bel<span class=\"__1 _201\"/>ow BBB<span class=\"__1 _201\"/>- and are n<span class=\"__1 _201\"/>on-i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent gra<span class=\"__1 _201\"/>de.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup is ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to the ris<span class=\"__1 _201\"/>k of counter<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y defa<span class=\"__1 _201\"/>ult on it<span class=\"__1 _201\"/>s reinsur<span class=\"__1 _201\"/>ance as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>e Group ev<span class=\"__1 _201\"/>aluates th<span class=\"__1 _201\"/>e financ<span class=\"__1 _201\"/>ial con<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/> of its rei<span class=\"__1 _201\"/>nsurer<span class=\"__1 _201\"/>s and mo<span class=\"__1 _201\"/>nitors co<span class=\"__1 _201\"/>ncentr<span class=\"__1 _201\"/>ation of cre<span class=\"__1 _201\"/>dit ris<span class=\"__1 _201\"/>k to minimi<span class=\"__1 _201\"/>se its exp<span class=\"__1 _201\"/>osure fro<span class=\"__1 _201\"/>m reinsu<span class=\"__1 _201\"/>rer inso<span class=\"__1 _201\"/>lvenc<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>. The sp<span class=\"__1 _201\"/>lit of the<span class=\"__1 _201\"/> reins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e asse<span class=\"__1 _201\"/>t by credit r<span class=\"__1 _201\"/>ating is sh<span class=\"__1 _201\"/>own above<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Of th<span class=\"__1 _201\"/>e total loa<span class=\"__1 _201\"/>ns and ac<span class=\"__1 _201\"/>crue<span class=\"__1 _201\"/>d invest<span class=\"__1 _201\"/>ment in<span class=\"__1 _201\"/>come &amp; oth<span class=\"__1 _201\"/>er debto<span class=\"__1 _201\"/>rs hel<span class=\"__1 _201\"/>d as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, \u00a3<span class=\"__1 _201\"/>31m (2021: \u00a364<span class=\"__1 _201\"/>m) were pas<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>their d<span class=\"__1 _201\"/>ue date but we<span class=\"__1 _201\"/>re not imp<span class=\"__1 _201\"/>aired<span class=\"__1 _201\"/>. Of the tota<span class=\"__1 _201\"/>l past d<span class=\"__1 _201\"/>ue but n<span class=\"__1 _201\"/>ot impaire<span class=\"__1 _201\"/>d, all w<span class=\"__1 _201\"/>ere les<span class=\"__1 _201\"/>s than on<span class=\"__1 _201\"/>e year pas<span class=\"__1 _201\"/>t thei<span class=\"__1 _201\"/>r due date.<span class=\"__1 _201\"/> The G<span class=\"__1 _201\"/>roup exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ts full re<span class=\"__1 _201\"/>cover<span class=\"__1 _201\"/>y of th<span class=\"__1 _201\"/>ese lo<span class=\"__1 _201\"/>ans an<span class=\"__1 _201\"/>d accru<span class=\"__1 _201\"/>ed inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t incom<span class=\"__1 _201\"/>e &amp; other d<span class=\"__1 _201\"/>ebtors<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Loa<span class=\"__1 _201\"/>ns that were im<span class=\"__1 _201\"/>paired a<span class=\"__1 _201\"/>re not sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant to the G<span class=\"__1 _201\"/>roup. Fur<span class=\"__1 _201\"/>ther in<span class=\"__1 _201\"/>formati<span class=\"__1 _201\"/>on on the l<span class=\"__1 _201\"/>oans p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio is prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d in Note 18<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Deb<span class=\"__1 _201\"/>t secur<span class=\"__1 _201\"/>ities w<span class=\"__1 _201\"/>ith no ex<span class=\"__1 _201\"/>ternal c<span class=\"__1 _201\"/>redit rat<span class=\"__1 _201\"/>ing are cla<span class=\"__1 _201\"/>ssifi<span class=\"__1 _201\"/>ed as \u201coth<span class=\"__1 _201\"/>er\u201d. The foll<span class=\"__1 _201\"/>owing ta<span class=\"__1 _201\"/>ble sh<span class=\"__1 _201\"/>ows the ma<span class=\"__1 _201\"/>jorit<span class=\"__1 _201\"/>y of de<span class=\"__1 _201\"/>bt sec<span class=\"__1 _201\"/>uritie<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>show<span class=\"__1 _201\"/>n as \u201cother<span class=\"__1 _201\"/>\u201d are allo<span class=\"__1 _201\"/>cated a<span class=\"__1 _201\"/>n interna<span class=\"__1 _201\"/>l rating an<span class=\"__1 _201\"/>d are cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d to be of inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t grade q<span class=\"__1 _201\"/>ualit<span class=\"__1 _201\"/>y:<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>AAA<span class=\"__1 _21c\"> </span><span class=\"ff1_1 ls1a_1 ws19_1\">43<span class=\"__1 _232\"> </span></span><span class=\"ls7f_1 ws93_1\">53<span class=\"__1 _32b\"> </span></span>A<span class=\"__1 _201\"/>A+ t<span class=\"__1 _200\"/>o A<span class=\"__1 _201\"/>A-<span class=\"__1 _7e_1\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">1,548<span class=\"__1 _4a_1\"> </span></span><span class=\"lsc_1 wsa_1\">3,3<span class=\"__1 _201\"/>26<span class=\"__1 _32b\"> </span></span>A+ t<span class=\"__1 _200\"/>o A-<span class=\"__1 _29e\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">3,844<span class=\"__1 _240\"> </span></span><span class=\"ls4d_1 ws54_1\">5,<span class=\"__1 _201\"/>301<span class=\"__1 _32b\"> </span></span>BBB+ t<span class=\"__1 _200\"/>o BBB-<span class=\"__1 _29f\"> </span><span class=\"ff1_1 ls28_1 ws28_1\">1,845<span class=\"__1 _7d_1\"> </span></span><span class=\"ls4d_1 ws54_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>215<span class=\"__1 _32b\"> </span></span>Below BBB-<span class=\"__1 _2a0\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">786<span class=\"__1 _2c_1\"> </span></span><span class=\"ls38_1 ws38_1\">859<span class=\"__1 _32b\"> </span></span>Un<span class=\"__1 _201\"/>rate<span class=\"__1 _201\"/>d<span class=\"__1 _2a1\"> </span><span class=\"ff1_1 ls24_1 ws23_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>4<span class=\"__1 _208\"> </span></span><span class=\"ls40_1 ws44_1\">3,605<span class=\"__1 _32b\"> </span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _23e\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>40<span class=\"__1 _1cf_1\"> </span><span class=\"ff2_1 ls4d_1 ws54_1\">15<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>59<span class=\"__1 _32b\"> </span></span></span>33.<span class=\"__1 _201\"/>4.<span class=\"__1 _201\"/>2 Debt securiti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>The t<span class=\"__1 _201\"/>able b<span class=\"__1 _201\"/>elow pre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s debt s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities by as<span class=\"__1 _201\"/>set c<span class=\"__1 _201\"/>ategor<span class=\"__1 _201\"/>y a<span class=\"__1 _201\"/>nd exte<span class=\"__1 _201\"/>rnal cre<span class=\"__1 _201\"/>dit ratin<span class=\"__1 _201\"/>g issu<span class=\"__1 _201\"/>ed for e<span class=\"__1 _201\"/>ach com<span class=\"__1 _201\"/>pone<span class=\"__1 _201\"/>nt of<span class=\"__1 _32b\"> </span>busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s as set ou<span class=\"__1 _201\"/>t in Note 33<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1.<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span>AAA<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A<span class=\"__1 _201\"/>A+ to AA-<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>A+ to A-<span class=\"ls5_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>BBB+ t<span class=\"__1 _200\"/>o<span class=\"__1 _32b\"> </span>BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Below<span class=\"__1 _200\"/> BBB-<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt soverei<span class=\"__1 _201\"/>gn debt<span class=\"__1 _394\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">4,<span class=\"__1 _201\"/>325<span class=\"__1 _4a_1\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>41<span class=\"__1 _4a_1\"> </span><span class=\"ls22_1 ws21_1\">1,379<span class=\"__1 _208\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>4<span class=\"__1 _204\"> </span><span class=\"lsc_1 wsa_1\">1,0<span class=\"__1 _201\"/>62<span class=\"__1 _239\"> </span><span class=\"ls38_1 ws38_1\">187<span class=\"__1 _249\"> </span><span class=\"ls33_1 ws34_1\">1<span class=\"__1 _201\"/>6,7<span class=\"__1 _201\"/>88<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>With-profits<span class=\"__1 _c8_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">3<span class=\"__1 _201\"/>,382<span class=\"__1 _243\"> </span><span class=\"ls19_1 ws18_1\">4<span class=\"__1 _201\"/>,633<span class=\"__1 _208\"> </span><span class=\"ls32_1 ws33_1\">1,<span class=\"__1 _201\"/>297<span class=\"__1 _204\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>6<span class=\"__1 _204\"> </span><span class=\"lsc_1 wsa_1\">1,058<span class=\"__1 _239\"> </span><span class=\"ls38_1 ws38_1\">187<span class=\"__1 _249\"> </span></span></span></span>12<span class=\"__1 _201\"/>,663<span class=\"__1 _32b\"> </span></span></span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _412\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">211<span class=\"__1 _c_1\"> </span><span class=\"ls15_1 ws14_1\">923<span class=\"__1 _271\"> </span><span class=\"ls19_1 ws18_1\">81<span class=\"__1 _1d_1\"> </span><span class=\"lsb_1 ws32_1\">58<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>1,273<span class=\"__1 _32b\"> </span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _15f_1\"> </span><span class=\"ff1_1 lsc_1 wsa_1\">671<span class=\"__1 _208\"> </span><span class=\"ls32_1 ws33_1\">1,<span class=\"__1 _201\"/>497<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _32b\"> </span>26<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>4<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _1b3_1\"> </span><span class=\"ff1_1 ls18_1 ws17_1\">61<span class=\"__1 _237\"> </span><span class=\"lsb_1 ws32_1\">588<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>658<span class=\"__1 _32b\"> </span>Qua<span class=\"__1 _201\"/>si-s<span class=\"__1 _201\"/>overeign an<span class=\"__1 _201\"/>d publ<span class=\"__1 _201\"/>ic sec<span class=\"__1 _201\"/>tor de<span class=\"__1 _201\"/>bt<span class=\"__1 _bd_1\"> </span><span class=\"ff1_1 ls27_1 ws27_1\">329<span class=\"__1 _243\"> </span><span class=\"ls15_1 ws14_1\">1,<span class=\"__1 _201\"/>800<span class=\"__1 _237\"> </span></span>328<span class=\"__1 _231\"> </span><span class=\"ls4d_1 ws54_1\">175<span class=\"__1 _1e_1\"> </span><span class=\"lsd_1 wsb_1\">21<span class=\"__1 _223\"> </span><span class=\"ls30_1 ws30_1\">305<span class=\"__1 _243\"> </span></span>2<span class=\"__1 _201\"/>,958<span class=\"__1 _32b\"> </span></span></span></span>With-profits<span class=\"__1 _b5_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">257<span class=\"__1 _237\"> </span><span class=\"ls28_1 ws28_1\">94<span class=\"__1 _201\"/>2<span class=\"__1 _223\"> </span><span class=\"lsd_1 wsb_1\">250<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">17<span class=\"__1 _201\"/>2<span class=\"__1 _1e_1\"> </span></span>21<span class=\"__1 _239\"> </span><span class=\"ls18_1 ws17_1\">261<span class=\"__1 _214\"> </span></span></span></span>1,<span class=\"__1 _201\"/>903<span class=\"__1 _32b\"> </span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _2a2\"> </span><span class=\"ff1_1 ls53_1 ws5b_1\">34<span class=\"__1 _1d_1\"> </span><span class=\"ls1f_1 ws1e_1\">83<span class=\"__1 _232\"> </span><span class=\"ls32_1 ws33_1\">15<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>2<span class=\"__1 _239\"> </span><span class=\"ls2a_1 ws2a_1\">137<span class=\"__1 _32b\"> </span></span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _408\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">38<span class=\"__1 _2c_1\"> </span><span class=\"ls6_1 ws52_1\">7<span class=\"__1 _201\"/>75<span class=\"__1 _1d_1\"> </span><span class=\"ls28_1 ws28_1\">63<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>42<span class=\"__1 _253\"> </span><span class=\"ls38_1 ws38_1\">918<span class=\"__1 _32b\"> </span></span>Corporate deb<span class=\"__1 _200\"/>t<span class=\"__1 _2a3\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">1,368<span class=\"__1 _211\"> </span><span class=\"ls40_1 ws44_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>952<span class=\"__1 _211\"> </span><span class=\"ls32_1 ws33_1\">9,623<span class=\"__1 _245\"> </span><span class=\"ls2a_1 ws2a_1\">13<span class=\"__1 _201\"/>,5<span class=\"__1 _201\"/>27<span class=\"__1 _243\"> </span><span class=\"lsd_1 wsb_1\">3,250<span class=\"__1 _211\"> </span></span></span>9,<span class=\"__1 _201\"/>23<span class=\"__1 _201\"/>5<span class=\"__1 _290\"> </span>39,95<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span>With-profits<span class=\"__1 _293\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">760<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">1<span class=\"__1 _201\"/>,812<span class=\"__1 _240\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>1<span class=\"__1 _1c_1\"> </span><span class=\"ls19_1 ws18_1\">10,<span class=\"__1 _201\"/>33<span class=\"__1 _201\"/>3<span class=\"__1 _243\"> </span>2<span class=\"__1 _201\"/>,695<span class=\"__1 _243\"> </span><span class=\"lsc_1 wsa_1\">5<span class=\"__1 _201\"/>,032<span class=\"__1 _249\"> </span></span></span>2<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _1b4_1\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">87<span class=\"__1 _253\"> </span><span class=\"ls38_1 ws38_1\">180<span class=\"__1 _2c_1\"> </span><span class=\"lsf_1 wsd_1\">772<span class=\"__1 _208\"> </span><span class=\"ls1b_1 ws1a_1\">1<span class=\"__1 _201\"/>,47<span class=\"__1 _201\"/>3<span class=\"__1 _c_1\"> </span><span class=\"ls27_1 ws27_1\">382<span class=\"__1 _1d_1\"> </span><span class=\"ls3f_1 ws41_1\">53<span class=\"__1 _214\"> </span></span></span>2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>947<span class=\"__1 _32b\"> </span></span></span></span></span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _b3_1\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">326<span class=\"__1 _237\"> </span><span class=\"lsc_1 wsa_1\">8<span class=\"__1 _201\"/>70<span class=\"__1 _204\"> </span><span class=\"ls28_1 ws28_1\">1,542<span class=\"__1 _204\"> </span><span class=\"ls19_1 ws18_1\">1,68<span class=\"__1 _201\"/>7<span class=\"__1 _253\"> </span><span class=\"ls23_1 ws22_1\">14<span class=\"__1 _201\"/>8<span class=\"__1 _204\"> </span><span class=\"ls24_1 ws23_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>0<span class=\"__1 _208\"> </span><span class=\"ls33_1 ws34_1\">8,7<span class=\"__1 _201\"/>23<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _22c\"> </span><span class=\"ff1_1 ls40_1 ws44_1\">195<span class=\"__1 _219\"> </span><span class=\"lsb_1 ws32_1\">90<span class=\"__1 _1d_1\"> </span>58<span class=\"__1 _1d_1\"> </span><span class=\"ls53_1 ws5b_1\">34<span class=\"__1 _1d_1\"> </span><span class=\"ls3f_1 ws41_1\">25<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>402<span class=\"__1 _32b\"> </span>Asset<span class=\"__1 _200\"/>-back<span class=\"__1 _200\"/>ed securi<span class=\"__1 _200\"/>ties<span class=\"__1 _2a4\"> </span><span class=\"ff1_1 ls1c_1 ws43_1\">629<span class=\"__1 _237\"> </span><span class=\"ls22_1 ws21_1\">239<span class=\"__1 _237\"> </span><span class=\"ls34_1 ws35_1\">444<span class=\"__1 _239\"> </span><span class=\"ls3c_1 ws3d_1\">251<span class=\"__1 _f4_1\"> </span></span>44<span class=\"__1 _4a_1\"> </span><span class=\"ls3c_1 ws3d_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>3<span class=\"__1 _208\"> </span><span class=\"ls24_1 ws23_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span></span></span></span></span>With-profits<span class=\"__1 _293\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">398<span class=\"__1 _253\"> </span><span class=\"ls32_1 ws33_1\">158<span class=\"__1 _237\"> </span><span class=\"ls30_1 ws30_1\">208<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">144<span class=\"__1 _f4_1\"> </span><span class=\"ls34_1 ws35_1\">44<span class=\"__1 _1d8_1\"> </span></span></span></span></span>1,3<span class=\"__1 _201\"/>89<span class=\"__1 _204\"> </span><span class=\"ls17_1 ws16_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>41<span class=\"__1 _32b\"> </span></span></span>Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _1bf_1\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">30<span class=\"__1 _271\"> </span><span class=\"lsd_1 wsb_1\">21<span class=\"__1 _271\"> </span><span class=\"ls38_1 ws38_1\">18<span class=\"__1 _271\"> </span></span></span></span><span class=\"ff1_1\">31<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _32b\"> </span>9<span class=\"__1 _c_1\"> </span><span class=\"ls19_1 ws18_1\">109<span class=\"__1 _32b\"> </span></span>Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _408\"> </span><span class=\"ff1_1 lsd_1 wsb_1\">95<span class=\"__1 _219\"> </span><span class=\"ls30_1 ws30_1\">60<span class=\"__1 _2c_1\"> </span><span class=\"ls38_1 ws38_1\">218<span class=\"__1 _232\"> </span><span class=\"ls7_1 ws5_1\">76<span class=\"__1 _32b\"> </span></span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>115<span class=\"__1 _237\"> </span><span class=\"lsd_1 wsb_1\">56<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span>Othe<span class=\"__1 _201\"/>r<span class=\"__1 _2a5\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">106<span class=\"__1 _32b\"> </span></span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>106<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> debt securi<span class=\"__1 _200\"/>ties<span class=\"__1 _2a6\"> </span><span class=\"ls3c_1 ws3d_1\">6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>651<span class=\"__1 _4c_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,63<span class=\"__1 _201\"/>2<span class=\"__1 _248\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>1<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>74<span class=\"__1 _206\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _204\"> </span><span class=\"ls22_1 ws21_1\">4<span class=\"__1 _201\"/>,37<span class=\"__1 _201\"/>7<span class=\"__1 _249\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _1c_1\"> </span><span class=\"ls1c_1 ws43_1\">62<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>821<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>With-profits<span class=\"__1 _20c\"> </span><span class=\"ls33_1 ws34_1\">4<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>97<span class=\"__1 _204\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>5<span class=\"__1 _242\"> </span><span class=\"ls3f_1 ws41_1\">9,006<span class=\"__1 _245\"> </span></span></span>12<span class=\"__1 _201\"/>,75<span class=\"__1 _201\"/>5<span class=\"__1 _214\"> </span><span class=\"ls19_1 ws18_1\">3,<span class=\"__1 _201\"/>818<span class=\"__1 _243\"> </span><span class=\"ls40_1 ws44_1\">6,869<span class=\"__1 _290\"> </span></span></span>4<span class=\"__1 _201\"/>4,7<span class=\"__1 _201\"/>90<span class=\"__1 _32b\"> </span></span>Unit-link<span class=\"__1 _200\"/>ed<span class=\"__1 _364\"> </span><span class=\"ls1c_1 ws43_1\">362<span class=\"__1 _204\"> </span><span class=\"ls7_1 ws5_1\">1,<span class=\"__1 _201\"/>207<span class=\"__1 _223\"> </span><span class=\"ls15_1 ws14_1\">886<span class=\"__1 _204\"> </span><span class=\"lsd_1 wsb_1\">1,565<span class=\"__1 _237\"> </span><span class=\"ls27_1 ws27_1\">382<span class=\"__1 _1d_1\"> </span><span class=\"ls10_1 wsf_1\">64<span class=\"__1 _242\"> </span></span></span></span>4<span class=\"__1 _201\"/>,466<span class=\"__1 _32b\"> </span></span></span></span>Annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _2a7\"> </span><span class=\"ls24_1 ws23_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>0<span class=\"__1 _211\"> </span><span class=\"ls30_1 ws30_1\">3<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>202<span class=\"__1 _214\"> </span><span class=\"ls27_1 ws27_1\">1,<span class=\"__1 _201\"/>823<span class=\"__1 _208\"> </span><span class=\"ls33_1 ws34_1\">1,78<span class=\"__1 _201\"/>9<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">148<span class=\"__1 _211\"> </span><span class=\"ls7_1 ws5_1\">4<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>07<span class=\"__1 _1c_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,399<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span>Other<span class=\"__1 _16d_1\"> </span><span class=\"ls1c_1 ws43_1\">362<span class=\"__1 _237\"> </span><span class=\"ls27_1 ws27_1\">678<span class=\"__1 _1d_1\"> </span></span>59<span class=\"__1 _1d_1\"> </span><span class=\"ls1f_1 ws1e_1\">38<span class=\"__1 _1d_1\"> </span><span class=\"ls22_1 ws21_1\">29<span class=\"__1 _32b\"> </span></span></span></span>\u2014<span class=\"__1 _32b\"> </span>1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>6<span class=\"__1 _32b\"> </span>i De<span class=\"__1 _201\"/>bt se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s with n<span class=\"__1 _201\"/>o exte<span class=\"__1 _201\"/>rn<span class=\"__1 _201\"/>al cre<span class=\"__1 _201\"/>dit ra<span class=\"__1 _201\"/>ting a<span class=\"__1 _201\"/>re clas<span class=\"__1 _201\"/>si<span class=\"__1 _201\"/>fie<span class=\"__1 _201\"/>d as \u201cO<span class=\"__1 _201\"/>the<span class=\"__1 _201\"/>r\u201d<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:914.8861px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls95_1 wsad_1\" style=\"left:333.76575px; bottom:926.8876px;\">AAA<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:341.94px; bottom:914.8861px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:365.72025px; bottom:926.8876px;\">A<span class=\"__1 _201\"/>A+ to AA-<span class=\"__1 _201\"/><span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:405.2865px; bottom:914.8861px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:443.5641px; bottom:926.8876px;\">A+ to A-<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:467.5227px; bottom:914.8861px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 wsae_1\" style=\"left:506.175px; bottom:938.88904px;\">BBB+ t<span class=\"__1 _200\"/>o<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 ws8e_1\" style=\"left:520.4645px; bottom:926.8876px;\">BBB-<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:530.9752px; bottom:914.8861px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls7b_1 wsae_1\" style=\"left:551.4546px; bottom:926.8876px;\">Below<span class=\"__1 _200\"/> BBB-<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:593.87085px; bottom:914.8861px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3e_1 ws40_1\" style=\"left:642.5637px; bottom:926.8876px;\">Othe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h4_1 ff2_1 fs2_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:670.1105px; bottom:930.38245px;\">i<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:656.2604px; bottom:914.8861px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:712.6517px; bottom:926.8876px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:914.8861px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:895.12976px;\">Gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt soverei<span class=\"__1 _201\"/>gn debt<span class=\"__1 _394\"> </span><span class=\"ls42_1 ws46_1\">4,0<span class=\"__1 _201\"/>98<span class=\"__1 _248\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>9<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,3<span class=\"__1 _201\"/>82<span class=\"__1 _240\"> </span>1,<span class=\"__1 _201\"/>226<span class=\"__1 _5d_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _c_1\"> </span><span class=\"ls53_1 ws5b_1\">340<span class=\"__1 _4c_1\"> </span><span class=\"ls2a_1 ws2a_1\">19,4<span class=\"__1 _201\"/>80<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:13.281448px; bottom:875.3672px;\">With-profits<span class=\"__1 _2a8\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">2<span class=\"__1 _201\"/>,70<span class=\"__1 _201\"/>9<span class=\"__1 _240\"> </span><span class=\"ls74_1 ws89_1\">6<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>51<span class=\"__1 _220\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>7<span class=\"__1 _272\"> </span>1<span class=\"__1 _250\"/>,11<span class=\"__1 _201\"/>0<span class=\"__1 _5d_1\"> </span>1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _252\"> </span><span class=\"ls4d_1 ws54_1\">201<span class=\"__1 _286\"> </span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>973<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:13.281448px; bottom:855.60474px;\">Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _1c5_1\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">24<span class=\"__1 _201\"/>5<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,8<span class=\"__1 _201\"/>58<span class=\"__1 _239\"> </span></span>16<span class=\"__1 _201\"/>4<span class=\"__1 _271\"> </span><span class=\"ls23_1 ws22_1\">76<span class=\"__1 _232\"> </span><span class=\"lsc_1 wsa_1\">26<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">3<span class=\"__1 _208\"> </span><span class=\"lsd_1 wsb_1\">2,<span class=\"__1 _201\"/>372<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff3_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:835.8422px;\">Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _417\"> </span><span class=\"ff2_1 ls43_1 ws47_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>5<span class=\"__1 _204\"> </span><span class=\"ls42_1 ws46_1\">2,0<span class=\"__1 _201\"/>93<span class=\"__1 _230\"> </span><span class=\"ls40_1 ws44_1\">21<span class=\"__1 _f4_1\"> </span><span class=\"ls5_1 ws1_1\">38<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:603.46906px; bottom:835.86066px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lse_1 wsc_1\" style=\"left:652.0251px; bottom:835.86066px;\">136<span class=\"__1 _204\"> </span><span class=\"ls15_1 ws14_1\">3,3<span class=\"__1 _201\"/>93<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff3_1 fs3_1 fc2_1 sc0_1 ls54_1 ws5c_1\" style=\"left:13.281448px; bottom:816.09814px;\">Othe<span class=\"__1 _201\"/>r<span class=\"__1 _2a9\"> </span><span class=\"ff2_1 ls28_1 ws28_1\">39<span class=\"__1 _253\"> </span><span class=\"ls7_1 ws5_1\">697<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:477.41925px; bottom:816.1043px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:538.6464px; bottom:816.1043px;\">2<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:666.1635px; bottom:816.1043px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3d_1 ws3f_1\" style=\"left:714.1575px; bottom:816.1043px;\">74<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:796.3418px;\">Qua<span class=\"__1 _201\"/>si-s<span class=\"__1 _201\"/>overeign an<span class=\"__1 _201\"/>d publ<span class=\"__1 _201\"/>ic sec<span class=\"__1 _201\"/>tor de<span class=\"__1 _201\"/>bt<span class=\"__1 _bd_1\"> </span><span class=\"ls27_1 ws27_1\">509<span class=\"__1 _1d8_1\"> </span><span class=\"ls40_1 ws44_1\">2,60<span class=\"__1 _201\"/>5<span class=\"__1 _c_1\"> </span><span class=\"ls1f_1 ws1e_1\">358<span class=\"__1 _e_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>2<span class=\"__1 _271\"> </span><span class=\"ls45_1 ws49_1\">47<span class=\"__1 _252\"> </span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _201\"/>8<span class=\"__1 _14d_1\"> </span><span class=\"ls43_1 ws47_1\">4<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:13.281448px; bottom:776.5793px;\">With-profits<span class=\"__1 _368\"> </span><span class=\"ff2_1 ls7_1 ws5_1\">297<span class=\"__1 _5d_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>7<span class=\"__1 _2c_1\"> </span></span></span><span class=\"ff2_1\">328<span class=\"__1 _345\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>0<span class=\"__1 _264\"> </span><span class=\"ls4a_1 ws50_1\">41<span class=\"__1 _c_1\"> </span><span class=\"ls7f_1 ws93_1\">464<span class=\"__1 _204\"> </span><span class=\"lsd_1 wsb_1\">2,4<span class=\"__1 _201\"/>37<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:13.281448px; bottom:756.81683px;\">Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _2a2\"> </span><span class=\"ff2_1 ls47_1 ws4d_1\">45<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _201\"/>6<span class=\"__1 _230\"> </span><span class=\"ls40_1 ws44_1\">21<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">2<span class=\"__1 _8d_1\"> </span>6<span class=\"__1 _8d_1\"> </span>4<span class=\"__1 _253\"> </span><span class=\"ls27_1 ws27_1\">234<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff3_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:737.0543px;\">Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _b7_1\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">16<span class=\"__1 _201\"/>7<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>252<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:539.8411px; bottom:737.0789px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws27_1\" style=\"left:656.2604px; bottom:737.0789px;\">50<span class=\"__1 _240\"> </span><span class=\"ls45_1 ws49_1\">1,<span class=\"__1 _201\"/>478<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:717.3164px;\">Corporate deb<span class=\"__1 _200\"/>t<span class=\"__1 _2aa\"> </span><span class=\"lsc_1 wsa_1\">1,93<span class=\"__1 _201\"/>8<span class=\"__1 _214\"> </span><span class=\"ls32_1 ws33_1\">3,<span class=\"__1 _201\"/>842<span class=\"__1 _204\"> </span><span class=\"ls74_1 ws89_1\">11<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>51<span class=\"__1 _1cf_1\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>4<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>0<span class=\"__1 _208\"> </span><span class=\"ls3a_1 ws3b_1\">5,353<span class=\"__1 _248\"> </span><span class=\"ls45_1 ws49_1\">13<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>314<span class=\"__1 _18a_1\"> </span><span class=\"ls40_1 ws44_1\">5<span class=\"__1 _201\"/>3,6<span class=\"__1 _201\"/>48<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:13.281448px; bottom:697.5539px;\">With-profits<span class=\"__1 _455\"> </span><span class=\"ff2_1 lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>29<span class=\"__1 _201\"/>6<span class=\"__1 _1d8_1\"> </span><span class=\"ls32_1 ws33_1\">2,<span class=\"__1 _201\"/>208<span class=\"__1 _1d8_1\"> </span><span class=\"ls5_1 ws1_1\">8,543<span class=\"__1 _210\"> </span><span class=\"lse_1 wsc_1\">13<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>376<span class=\"__1 _240\"> </span><span class=\"ls74_1 ws89_1\">4<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>51<span class=\"__1 _14d_1\"> </span><span class=\"ls3d_1 ws3f_1\">6<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _201\"/>7<span class=\"__1 _286\"> </span><span class=\"ls40_1 ws44_1\">36,<span class=\"__1 _201\"/>821<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:13.281448px; bottom:677.7914px;\">Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _412\"> </span><span class=\"ff2_1 ls4d_1 ws54_1\">157<span class=\"__1 _253\"> </span><span class=\"ls27_1 ws27_1\">23<span class=\"__1 _201\"/>3<span class=\"__1 _1b5_1\"> </span><span class=\"ls56_1 ws5f_1\">1<span class=\"__1 _201\"/>,017<span class=\"__1 _14d_1\"> </span><span class=\"ls8_1 ws6_1\">1,7<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>8<span class=\"__1 _252\"> </span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _201\"/>9<span class=\"__1 _229\"> </span>51<span class=\"__1 _4a_1\"> </span></span>3<span class=\"__1 _201\"/>,76<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff3_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:658.02893px;\">Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _a2_1\"> </span><span class=\"ff2_1 ls56_1 ws5f_1\">317<span class=\"__1 _240\"> </span><span class=\"ls23_1 ws22_1\">1,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>07<span class=\"__1 _214\"> </span><span class=\"ls42_1 ws46_1\">2<span class=\"__1 _201\"/>,087<span class=\"__1 _208\"> </span><span class=\"ls22_1 ws21_1\">2,<span class=\"__1 _201\"/>279<span class=\"__1 _252\"> </span><span class=\"ls4d_1 ws54_1\">157<span class=\"__1 _240\"> </span><span class=\"ls74_1 ws89_1\">6<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>51<span class=\"__1 _201\"/>5<span class=\"__1 _210\"> </span><span class=\"lse_1 wsc_1\">1<span class=\"__1 _201\"/>2,<span class=\"__1 _201\"/>662<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff3_1 fs3_1 fc2_1 sc0_1 ls54_1 ws5c_1\" style=\"left:13.281448px; bottom:638.2664px;\">Othe<span class=\"__1 _201\"/>r<span class=\"__1 _324\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">168<span class=\"__1 _1d_1\"> </span><span class=\"ls3a_1 ws3b_1\">94<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">104<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">7<span class=\"__1 _232\"> </span><span class=\"lsc_1 wsa_1\">26<span class=\"__1 _353\"> </span></span>1<span class=\"__1 _270\"> </span><span class=\"ls28_1 ws28_1\">400<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws5d_1\" style=\"bottom:618.5039px;\">Asset<span class=\"__1 _200\"/>-back<span class=\"__1 _200\"/>ed securi<span class=\"__1 _200\"/>ties<span class=\"__1 _294\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>312<span class=\"__1 _2c_1\"> </span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>47<span class=\"__1 _252\"> </span><span class=\"lse_1 wsc_1\">612<span class=\"__1 _2c_1\"> </span><span class=\"ls23_1 ws22_1\">270<span class=\"__1 _f4_1\"> </span><span class=\"ls5_1 ws1_1\">54<span class=\"__1 _5d_1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>7<span class=\"__1 _240\"> </span><span class=\"ls8_1 ws6_1\">3<span class=\"__1 _201\"/>,78<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:13.281448px; bottom:598.7414px;\">With-profits<span class=\"__1 _368\"> </span><span class=\"ff2_1 ls7_1 ws5_1\">972<span class=\"__1 _253\"> </span></span><span class=\"ff2_1\">228<span class=\"__1 _253\"> </span><span class=\"ls27_1 ws27_1\">299<span class=\"__1 _252\"> </span><span class=\"ls45_1 ws49_1\">142<span class=\"__1 _232\"> </span><span class=\"ls7f_1 ws93_1\">53<span class=\"__1 _208\"> </span><span class=\"ls42_1 ws46_1\">1,039<span class=\"__1 _4a_1\"> </span><span class=\"ls8_1 ws6_1\">2<span class=\"__1 _201\"/>,73<span class=\"__1 _201\"/>3<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff3_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"left:13.281448px; bottom:578.9789px;\">Unit<span class=\"__1 _f_1\"/>-<span class=\"__1 _201\"/>link<span class=\"__1 _200\"/>ed<span class=\"__1 _2a2\"> </span><span class=\"ff2_1 ls5_1 ws1_1\">38<span class=\"__1 _232\"> </span><span class=\"ls10_1 wsf_1\">22<span class=\"__1 _1e_1\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _f4_1\"> </span></span></span>38<span class=\"__1 _353\"> </span>1<span class=\"__1 _288\"> </span><span class=\"ls11_1 ws10_1\">1<span class=\"__1 _201\"/>1<span class=\"__1 _252\"> </span><span class=\"lse_1 wsc_1\">128<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff3_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:13.281448px; bottom:559.21643px;\">Annuit<span class=\"__1 _201\"/>y and oth<span class=\"__1 _201\"/>er long<span class=\"__1 _201\"/>-term busi<span class=\"__1 _201\"/>ness<span class=\"__1 _1fe\"> </span><span class=\"ff2_1 ls11_1 ws10_1\">114<span class=\"__1 _271\"> </span><span class=\"ls7_1 ws5_1\">97<span class=\"__1 _253\"> </span><span class=\"ls27_1 ws27_1\">29<span class=\"__1 _201\"/>5<span class=\"__1 _219\"> </span><span class=\"lsf_1 wsd_1\">90<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:603.46906px; bottom:559.2716px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lse_1 wsc_1\" style=\"left:652.0251px; bottom:559.2716px;\">137<span class=\"__1 _239\"> </span><span class=\"lsb_1 ws32_1\">733<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff3_1 fs3_1 fc2_1 sc0_1 ls54_1 ws5c_1\" style=\"left:13.281448px; bottom:539.5091px;\">Othe<span class=\"__1 _201\"/>r<span class=\"__1 _2ab\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">188<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:414.1698px; bottom:539.51526px;\">\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _b9_1\"> </span>\u2014<span class=\"__1 _a2_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls42_1 ws46_1\" style=\"left:714.1575px; bottom:539.51526px;\">188<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:519.75275px;\">T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> debt securi<span class=\"__1 _200\"/>ties<span class=\"__1 _20e\"> </span><span class=\"ff2_1 ls13_1 ws12_1\">7,<span class=\"__1 _250\"/>8<span class=\"__1 _250\"/>5<span class=\"__1 _250\"/>7<span class=\"__1 _217\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>,093<span class=\"__1 _206\"> </span><span class=\"ls43_1 ws47_1\">14<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>3<span class=\"__1 _245\"> </span><span class=\"ls2a_1 ws2a_1\">19<span class=\"__1 _201\"/>,058<span class=\"__1 _1d8_1\"> </span><span class=\"ls1f_1 ws1e_1\">6,589<span class=\"__1 _217\"> </span><span class=\"ls4d_1 ws54_1\">15,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>59<span class=\"__1 _245\"> </span><span class=\"lsc_1 wsa_1\">81,059<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:13.281448px; bottom:499.99023px;\">With-profits<span class=\"__1 _366\"> </span><span class=\"ff2_1 ls3d_1 ws3f_1\">5<span class=\"__1 _250\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _250\"/>74<span class=\"__1 _217\"> </span><span class=\"ls4d_1 ws54_1\">10,<span class=\"__1 _201\"/>28<span class=\"__1 _201\"/>4<span class=\"__1 _217\"> </span>10,<span class=\"__1 _201\"/>36<span class=\"__1 _201\"/>7<span class=\"__1 _286\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _200\"/>4,<span class=\"__1 _200\"/>738<span class=\"__1 _243\"> </span><span class=\"ls27_1 ws27_1\">5,850<span class=\"__1 _4a_1\"> </span><span class=\"ls74_1 ws89_1\">8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _250\"/>51<span class=\"__1 _18a_1\"> </span></span></span>54,964<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:13.281448px; bottom:480.22778px;\">Unit-link<span class=\"__1 _200\"/>ed<span class=\"__1 _364\"> </span><span class=\"ff2_1 ls10_1 wsf_1\">485<span class=\"__1 _1d8_1\"> </span><span class=\"lsc_1 wsa_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>269<span class=\"__1 _4a_1\"> </span>1,2<span class=\"__1 _201\"/>20<span class=\"__1 _204\"> </span>1,9<span class=\"__1 _201\"/>04<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">552<span class=\"__1 _1d_1\"> </span><span class=\"ls22_1 ws21_1\">69<span class=\"__1 _1d8_1\"> </span><span class=\"ls1f_1 ws1e_1\">6,499<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:13.281448px; bottom:460.46527px;\">Annuity and o<span class=\"__1 _200\"/>ther long-t<span class=\"__1 _200\"/>erm business<span class=\"__1 _464\"> </span><span class=\"ff2_1 ls8_1 ws6_1\">1,7<span class=\"__1 _201\"/>03<span class=\"__1 _4a_1\"> </span><span class=\"ls3d_1 ws3f_1\">4<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>9<span class=\"__1 _7d_1\"> </span><span class=\"ls4a_1 ws50_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>41<span class=\"__1 _201\"/>2<span class=\"__1 _204\"> </span><span class=\"ls23_1 ws22_1\">2<span class=\"__1 _201\"/>,4<span class=\"__1 _201\"/>07<span class=\"__1 _252\"> </span><span class=\"ls4d_1 ws54_1\">157<span class=\"__1 _1d8_1\"> </span><span class=\"ls5_1 ws1_1\">6,838<span class=\"__1 _4c_1\"> </span><span class=\"ls42_1 ws46_1\">18<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>266<span class=\"__1 _32b\"> </span></span></span></span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:13.281448px; bottom:440.70276px;\">Other<span class=\"__1 _16d_1\"> </span><span class=\"ff2_1 ls3f_1 ws41_1\">395<span class=\"__1 _252\"> </span><span class=\"ls42_1 ws46_1\">791<span class=\"__1 _239\"> </span><span class=\"ls4d_1 ws54_1\">104<span class=\"__1 _2b_1\"> </span><span class=\"ls5_1 ws1_1\">9<span class=\"__1 _1d_1\"> </span><span class=\"ls28_1 ws28_1\">30<span class=\"__1 _311\"> </span></span>1<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,3<span class=\"__1 _201\"/>30<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:401.675px;\">As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 co<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate debt exp<span class=\"__1 _201\"/>osure to ban<span class=\"__1 _201\"/>ks amoun<span class=\"__1 _201\"/>ted to \u00a38<span class=\"__1 _201\"/>,2<span class=\"__1 _201\"/>73m (<span class=\"__1 _201\"/>2021: \u00a39,6<span class=\"__1 _201\"/>66m).<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:376.92725px;\">The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s hold<span class=\"__1 _201\"/>ings in as<span class=\"__1 _201\"/>set-backed s<span class=\"__1 _201\"/>ecuri<span class=\"__1 _201\"/>ties (A<span class=\"__1 _201\"/>BS) which are p<span class=\"__1 _201\"/>rese<span class=\"__1 _201\"/>nted withi<span class=\"__1 _201\"/>n debt se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>ties on th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:360.42877px;\">statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on. T<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s hold<span class=\"__1 _201\"/>ings in A<span class=\"__1 _201\"/>BS, w<span class=\"__1 _201\"/>hich co<span class=\"__1 _201\"/>mpris<span class=\"__1 _201\"/>e resid<span class=\"__1 _201\"/>ential m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tgage<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>acked se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s (RM<span class=\"__1 _201\"/>BS),<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:343.93027px;\">comm<span class=\"__1 _201\"/>ercial m<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tgage<span class=\"__1 _201\"/>-b<span class=\"__1 _201\"/>acked se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s (CMBS), collater<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d debt o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>ons (CDO) funds a<span class=\"__1 _201\"/>nd other a<span class=\"__1 _201\"/>sset-bac<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>ed s<span class=\"__1 _201\"/>ecuri<span class=\"__1 _201\"/>ties<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:327.43176px;\">are sh<span class=\"__1 _201\"/>own withi<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>e above.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:302.68402px;\">The G<span class=\"__1 _201\"/>roup\u2019s exposu<span class=\"__1 _201\"/>re to sovereig<span class=\"__1 _201\"/>n debt are an<span class=\"__1 _201\"/>alys<span class=\"__1 _201\"/>ed by is<span class=\"__1 _201\"/>suer as f<span class=\"__1 _201\"/>ollows<span class=\"__1 _201\"/>:</div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls5_1 ws1_1\" style=\"left:201.91049px; bottom:273.8474px;\"> <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:219.82492px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:411.1641px; bottom:231.82642px;\">With-profits<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:455.14905px; bottom:219.82492px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:483.58588px; bottom:231.82642px;\">Unit-link<span class=\"__1 _200\"/>ed<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:519.1908px; bottom:219.82492px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:548.5428px; bottom:255.8294px;\">Annuity and<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:553.89px; bottom:243.82791px;\">other long-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls50_1 wsaf_1\" style=\"left:538.6464px; bottom:231.82642px;\">term bu<span class=\"__1 _200\"/>siness<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:591.1923px; bottom:219.82492px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3e_1 ws40_1\" style=\"left:642.5637px; bottom:231.82642px;\">Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:655.0911px; bottom:219.82492px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls51_1 ws59_1\" style=\"left:712.6517px; bottom:231.82642px;\">To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:219.82492px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:200.07275px;\">Sovere<span class=\"__1 _201\"/>ign de<span class=\"__1 _201\"/>bt secur<span class=\"__1 _201\"/>ities by c<span class=\"__1 _201\"/>ountr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:180.31027px;\">United<span class=\"__1 _200\"/> Kingdom<span class=\"__1 _332\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>290<span class=\"__1 _2c_1\"> </span><span class=\"ls1b_1 ws1a_1\">9<span class=\"__1 _201\"/>47<span class=\"__1 _223\"> </span></span>1,<span class=\"__1 _201\"/>239<span class=\"__1 _2c_1\"> </span><span class=\"ls32_1 ws33_1\">57<span class=\"__1 _201\"/>8<span class=\"__1 _211\"> </span><span class=\"lsc_1 wsa_1\">5<span class=\"__1 _201\"/>,054<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls4d_1 ws54_1\" style=\"bottom:160.54776px;\">Ge<span class=\"__1 _201\"/>rma<span class=\"__1 _201\"/>ny<span class=\"__1 _2ac\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">503<span class=\"__1 _232\"> </span><span class=\"ls22_1 ws21_1\">39<span class=\"__1 _230\"> </span><span class=\"ls40_1 ws44_1\">201<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:665.00024px; bottom:160.56006px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls43_1 ws47_1\" style=\"left:714.1575px; bottom:160.56006px;\">74<span class=\"__1 _250\"/>3<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:140.79755px;\">Oth<span class=\"__1 _201\"/>er Europ<span class=\"__1 _201\"/>ean Co<span class=\"__1 _201\"/>untrie<span class=\"__1 _201\"/>s<span class=\"__1 _16d_1\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">1,<span class=\"__1 _201\"/>223<span class=\"__1 _1e_1\"> </span><span class=\"ls32_1 ws33_1\">57<span class=\"__1 _232\"> </span><span class=\"ls15_1 ws14_1\">58<span class=\"__1 _201\"/>6<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">4<span class=\"__1 _208\"> </span><span class=\"lsc_1 wsa_1\">1,<span class=\"__1 _201\"/>870<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:121.035065px;\">T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> Europe<span class=\"__1 _21d\"> </span><span class=\"lsc_1 wsa_1\">4,01<span class=\"__1 _201\"/>6<span class=\"__1 _204\"> </span>1,04<span class=\"__1 _201\"/>3<span class=\"__1 _6b_1\"> </span><span class=\"ls30_1 ws30_1\">2<span class=\"__1 _201\"/>,026<span class=\"__1 _2c_1\"> </span><span class=\"ls27_1 ws27_1\">582<span class=\"__1 _4a_1\"> </span><span class=\"ls49_1 ws4f_1\">7,<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>6<span class=\"__1 _250\"/>7<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls21_1 ws1e_1\" style=\"bottom:101.27255px;\">Un<span class=\"__1 _201\"/>ited S<span class=\"__1 _201\"/>tates<span class=\"__1 _2ad\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">1,990<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">6<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:599.9631px; bottom:101.291px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls3f_1 ws41_1\" style=\"left:656.2604px; bottom:101.291px;\">23<span class=\"__1 _204\"> </span><span class=\"ls40_1 ws44_1\">2<span class=\"__1 _201\"/>,019<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws27_1\" style=\"bottom:81.5285px;\">Indonesia<span class=\"__1 _28b\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">891<span class=\"__1 _229\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:599.9631px; bottom:81.53465px;\">\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:711.5867px; bottom:81.53465px;\">903<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws43_1\" style=\"bottom:61.772156px;\">Malaysia<span class=\"__1 _2ae\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">566<span class=\"__1 _367\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:599.9631px; bottom:61.778305px;\">\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls43_1 ws47_1\" style=\"left:714.1575px; bottom:61.778305px;\">5<span class=\"__1 _201\"/>74<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:42.01581px;\">Sou<span class=\"__1 _201\"/>th Korea<span class=\"__1 _2af\"> </span><span class=\"ff1_1 ls7_1 ws5_1\">760<span class=\"__1 _264\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:599.9631px; bottom:42.021957px;\">\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsf_1 wsd_1\" style=\"left:714.1575px; bottom:42.021957px;\">772<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls42_1 ws46_1\" style=\"bottom:22.25946px;\">Oth<span class=\"__1 _201\"/>er<span class=\"__1 _11f_1\"> </span><span class=\"ff1_1 ls1f_1 ws1e_1\">4,440<span class=\"__1 _252\"> </span><span class=\"ls40_1 ws44_1\">192<span class=\"__1 _1e_1\"> </span><span class=\"ls38_1 ws38_1\">16<span class=\"__1 _201\"/>8<span class=\"__1 _232\"> </span><span class=\"ls3f_1 ws41_1\">53<span class=\"__1 _1d8_1\"> </span><span class=\"lsb_1 ws32_1\">4<span class=\"__1 _201\"/>,853<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls75_1 ws8a_1\" style=\"bottom:2.4969635px;\">To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _11f_1\"> </span><span class=\"ls32_1 ws33_1\">12<span class=\"__1 _201\"/>,663<span class=\"__1 _240\"> </span><span class=\"ls3f_1 ws41_1\">1,273<span class=\"__1 _c_1\"> </span><span class=\"ls24_1 ws23_1\">2<span class=\"__1 _250\"/>,1<span class=\"__1 _250\"/>9<span class=\"__1 _250\"/>4<span class=\"__1 _2c_1\"> </span><span class=\"lsd_1 wsb_1\">658<span class=\"__1 _217\"> </span><span class=\"ls33_1 ws34_1\">16<span class=\"__1 _201\"/>,78<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:972.5188px;\">33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span></div> <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>With-profits<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Unit-link<span class=\"__1 _200\"/>ed<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Annuity and<span class=\"__1 _32b\"> </span>other long-<span class=\"__1 _32b\"> </span>term bu<span class=\"__1 _200\"/>siness<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Othe<span class=\"__1 _201\"/>r<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>To<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Sovere<span class=\"__1 _201\"/>ign de<span class=\"__1 _201\"/>bt secur<span class=\"__1 _201\"/>ities by c<span class=\"__1 _201\"/>ountr<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>United<span class=\"__1 _200\"/> Kingdom<span class=\"__1 _2b0\"> </span><span class=\"ls32_1 ws33_1\">4,<span class=\"__1 _201\"/>552<span class=\"__1 _4a_1\"> </span><span class=\"lsc_1 wsa_1\">1,8<span class=\"__1 _201\"/>60<span class=\"__1 _c_1\"> </span>1,98<span class=\"__1 _201\"/>8<span class=\"__1 _253\"> </span><span class=\"ls1f_1 ws1e_1\">688<span class=\"__1 _214\"> </span><span class=\"ls42_1 ws46_1\">9,0<span class=\"__1 _201\"/>88<span class=\"__1 _32b\"> </span></span></span></span></span>Ge<span class=\"__1 _201\"/>rma<span class=\"__1 _201\"/>ny<span class=\"__1 _238\"> </span><span class=\"ls56_1 ws5f_1\">17<span class=\"__1 _201\"/>8<span class=\"__1 _288\"> </span><span class=\"lsc_1 wsa_1\">31<span class=\"__1 _264\"> </span></span></span>15<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span>\u2014<span class=\"__1 _32b\"> </span>359<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er Europ<span class=\"__1 _201\"/>ean Co<span class=\"__1 _201\"/>untrie<span class=\"__1 _201\"/>s<span class=\"__1 _2b1\"> </span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>8<span class=\"__1 _1e_1\"> </span><span class=\"ls15_1 ws14_1\">93<span class=\"__1 _271\"> </span><span class=\"lsf_1 wsd_1\">984<span class=\"__1 _224\"> </span><span class=\"ls56_1 ws5f_1\">17<span class=\"__1 _4a_1\"> </span><span class=\"ls1c_1 ws43_1\">2,<span class=\"__1 _201\"/>282<span class=\"__1 _32b\"> </span></span></span></span></span></span>T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> Europe<span class=\"__1 _1a4_1\"> </span><span class=\"ff2_1 ls42_1 ws46_1\">5,<span class=\"__1 _201\"/>918<span class=\"__1 _240\"> </span><span class=\"lsc_1 wsa_1\">1,9<span class=\"__1 _201\"/>84<span class=\"__1 _231\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>2<span class=\"__1 _231\"> </span><span class=\"ls23_1 ws22_1\">70<span class=\"__1 _201\"/>5<span class=\"__1 _211\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _32b\"> </span></span></span></span></span></span>Un<span class=\"__1 _201\"/>ited S<span class=\"__1 _201\"/>tates<span class=\"__1 _1a4_1\"> </span><span class=\"ls8_1 ws6_1\">1,76<span class=\"__1 _201\"/>3<span class=\"__1 _226\"> </span><span class=\"lse_1 wsc_1\">137<span class=\"__1 _376\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _264\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _212\"> </span><span class=\"ls11_1 ws10_1\">1<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>911<span class=\"__1 _32b\"> </span></span></span></span></span></span>Indonesia<span class=\"__1 _1fc\"> </span><span class=\"ls29_1 ws29_1\">843<span class=\"__1 _18b_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>854<span class=\"__1 _32b\"> </span>Malaysia<span class=\"__1 _280\"> </span><span class=\"ls4a_1 ws50_1\">5<span class=\"__1 _201\"/>41<span class=\"__1 _311\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>549<span class=\"__1 _32b\"> </span>Sou<span class=\"__1 _201\"/>th Korea<span class=\"__1 _2af\"> </span><span class=\"lsb_1 ws32_1\">734<span class=\"__1 _18b_1\"> </span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _32b\"> </span></span></span>\u2014<span class=\"__1 _17b_1\"> </span>\u2014<span class=\"__1 _32b\"> </span>74<span class=\"__1 _250\"/>5<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er<span class=\"__1 _1f1\"> </span><span class=\"ls3d_1 ws3f_1\">3<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>74<span class=\"__1 _e_1\"> </span><span class=\"ls40_1 ws44_1\">2<span class=\"__1 _201\"/>21<span class=\"__1 _230\"> </span><span class=\"ls23_1 ws22_1\">270<span class=\"__1 _264\"> </span><span class=\"lsb_1 ws32_1\">27<span class=\"__1 _208\"> </span></span></span>3<span class=\"__1 _201\"/>,692<span class=\"__1 _32b\"> </span></span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _14f_1\"> </span><span class=\"ff2_1 lse_1 wsc_1\">12,<span class=\"__1 _201\"/>973<span class=\"__1 _14d_1\"> </span><span class=\"lsd_1 wsb_1\">2,3<span class=\"__1 _201\"/>72<span class=\"__1 _270\"> </span><span class=\"ls15_1 ws14_1\">3,<span class=\"__1 _201\"/>393<span class=\"__1 _228\"> </span><span class=\"ls3d_1 ws3f_1\">74<span class=\"__1 _201\"/>2<span class=\"__1 _286\"> </span><span class=\"ls2a_1 ws2a_1\">19,4<span class=\"__1 _201\"/>80<span class=\"__1 _32b\"> </span></span></span></span></span></span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 O<span class=\"__1 _201\"/>ther Europ<span class=\"__1 _201\"/>ean C<span class=\"__1 _201\"/>ountri<span class=\"__1 _201\"/>es incl<span class=\"__1 _201\"/>uded \u00a31<span class=\"__1 _201\"/>,40<span class=\"__1 _201\"/>3m (202<span class=\"__1 _201\"/>1: \u00a31,913m) and O<span class=\"__1 _201\"/>ther i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>ed \u00a31,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>26m<span class=\"__1 _32b\"> </span>(2021: \u00a31,0<span class=\"__1 _201\"/>00<span class=\"__1 _201\"/>m<span class=\"__1 _200\"/>) of Sup<span class=\"__1 _201\"/>ranatio<span class=\"__1 _201\"/>nal Gove<span class=\"__1 _201\"/>rnme<span class=\"__1 _201\"/>nt bon<span class=\"__1 _201\"/>ds.<span class=\"__1 _32b\"> </span>33.<span class=\"__1 _201\"/>4.3 De-<span class=\"__1 _201\"/>rec<span class=\"__1 _200\"/>ognition, collat<span class=\"__1 _200\"/>eral<span class=\"__1 _200\"/> and offsetting<span class=\"__1 _32b\"> </span>Se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es len<span class=\"__1 _201\"/>ding an<span class=\"__1 _201\"/>d repurcha<span class=\"__1 _201\"/>se agre<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s entered i<span class=\"__1 _201\"/>nto secur<span class=\"__1 _201\"/>ities l<span class=\"__1 _201\"/>endin<span class=\"__1 _201\"/>g and rep<span class=\"__1 _201\"/>urchase a<span class=\"__1 _201\"/>gree<span class=\"__1 _201\"/>ments w<span class=\"__1 _201\"/>hereby b<span class=\"__1 _201\"/>locks o<span class=\"__1 _201\"/>f secur<span class=\"__1 _201\"/>ities a<span class=\"__1 _201\"/>re trans<span class=\"__1 _201\"/>ferre<span class=\"__1 _201\"/>d to third<span class=\"__1 _32b\"> </span>par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s, pr<span class=\"__1 _201\"/>imar<span class=\"__1 _201\"/>ily maj<span class=\"__1 _201\"/>or brokera<span class=\"__1 _201\"/>ge firm<span class=\"__1 _201\"/>s, in excha<span class=\"__1 _201\"/>nge for c<span class=\"__1 _201\"/>ollater<span class=\"__1 _201\"/>al. T<span class=\"__1 _f_1\"/>y<span class=\"__1 _201\"/>pic<span class=\"__1 _201\"/>ally, the value o<span class=\"__1 _201\"/>f collater<span class=\"__1 _201\"/>al ass<span class=\"__1 _201\"/>ets pl<span class=\"__1 _201\"/>edge<span class=\"__1 _201\"/>d to the Gro<span class=\"__1 _201\"/>up<span class=\"__1 _32b\"> </span>in the<span class=\"__1 _201\"/>se trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions is in exce<span class=\"__1 _201\"/>ss of th<span class=\"__1 _201\"/>e value of s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>rred<span class=\"__1 _201\"/>, with the exce<span class=\"__1 _201\"/>ss dete<span class=\"__1 _201\"/>rmin<span class=\"__1 _201\"/>ed by the qu<span class=\"__1 _201\"/>alit<span class=\"__1 _201\"/>y of the col<span class=\"__1 _201\"/>lateral<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>ets gra<span class=\"__1 _201\"/>nted. C<span class=\"__1 _201\"/>ollatera<span class=\"__1 _201\"/>l require<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s are cal<span class=\"__1 _201\"/>culated o<span class=\"__1 _201\"/>n a daily b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>. The se<span class=\"__1 _201\"/>curi<span class=\"__1 _201\"/>ties le<span class=\"__1 _201\"/>nt and se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to repurcha<span class=\"__1 _201\"/>se<span class=\"__1 _32b\"> </span>agre<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s are not de<span class=\"__1 _201\"/>reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d from th<span class=\"__1 _201\"/>e Group\u2019s cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d statem<span class=\"__1 _201\"/>ent of fina<span class=\"__1 _201\"/>ncial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n. Co<span class=\"__1 _201\"/>llateral t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>ical<span class=\"__1 _201\"/>ly cons<span class=\"__1 _201\"/>ists o<span class=\"__1 _201\"/>f<span class=\"__1 _32b\"> </span>cas<span class=\"__1 _201\"/>h, de<span class=\"__1 _201\"/>bt secu<span class=\"__1 _201\"/>rities<span class=\"__1 _201\"/>, eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y secur<span class=\"__1 _201\"/>ities a<span class=\"__1 _201\"/>nd let<span class=\"__1 _201\"/>ters of cre<span class=\"__1 _201\"/>dit. C<span class=\"__1 _201\"/>ash col<span class=\"__1 _201\"/>lateral re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d is reco<span class=\"__1 _201\"/>gnis<span class=\"__1 _201\"/>ed on the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span>of finan<span class=\"__1 _201\"/>cial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n and a fina<span class=\"__1 _201\"/>ncial li<span class=\"__1 _201\"/>abilit<span class=\"__1 _201\"/>y for th<span class=\"__1 _201\"/>e oblig<span class=\"__1 _201\"/>ation fo<span class=\"__1 _201\"/>r the Gro<span class=\"__1 _201\"/>up to repay the c<span class=\"__1 _201\"/>ash is al<span class=\"__1 _201\"/>so reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d. N<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>cas<span class=\"__1 _201\"/>h<span class=\"__1 _32b\"> </span>coll<span class=\"__1 _201\"/>ateral rec<span class=\"__1 _201\"/>eive<span class=\"__1 _201\"/>d is not rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed on th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d statem<span class=\"__1 _201\"/>ent of fina<span class=\"__1 _201\"/>ncial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n. Co<span class=\"__1 _201\"/>llateral p<span class=\"__1 _201\"/>ledg<span class=\"__1 _201\"/>ed by the G<span class=\"__1 _201\"/>roup un<span class=\"__1 _201\"/>der<span class=\"__1 _201\"/> revers<span class=\"__1 _201\"/>e repurch<span class=\"__1 _201\"/>ase arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s, asi<span class=\"__1 _201\"/>de from c<span class=\"__1 _201\"/>ash<span class=\"__1 _201\"/>, is not de<span class=\"__1 _201\"/>recog<span class=\"__1 _201\"/>nise<span class=\"__1 _201\"/>d from the c<span class=\"__1 _201\"/>onsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatemen<span class=\"__1 _201\"/>t of financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition as<span class=\"__1 _201\"/> the ri<span class=\"__1 _201\"/>sks and rew<span class=\"__1 _201\"/>ards are sti<span class=\"__1 _201\"/>ll retaine<span class=\"__1 _201\"/>d by the G<span class=\"__1 _201\"/>roup. Ca<span class=\"__1 _201\"/>sh coll<span class=\"__1 _201\"/>ateral pl<span class=\"__1 _201\"/>edg<span class=\"__1 _201\"/>ed is de<span class=\"__1 _201\"/>reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d as it is pl<span class=\"__1 _201\"/>edge<span class=\"__1 _201\"/>d und<span class=\"__1 _201\"/>er right to u<span class=\"__1 _201\"/>se<span class=\"__1 _32b\"> </span>by the co<span class=\"__1 _201\"/>unterpa<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y an<span class=\"__1 _201\"/>d a finan<span class=\"__1 _201\"/>cial as<span class=\"__1 _201\"/>set is rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed for th<span class=\"__1 _201\"/>e obli<span class=\"__1 _201\"/>gation fo<span class=\"__1 _201\"/>r the cou<span class=\"__1 _201\"/>nterpar<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y to re-<span class=\"__1 _201\"/>pay the c<span class=\"__1 _201\"/>ash to the G<span class=\"__1 _201\"/>roup.<span class=\"__1 _201\"/> As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up had \u00a3<span class=\"__1 _201\"/>3,6<span class=\"__1 _201\"/>38<span class=\"__1 _201\"/>m (2021: \u00a35<span class=\"__1 _201\"/>,64<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>m) of collatera<span class=\"__1 _201\"/>l ple<span class=\"__1 _201\"/>dged to th<span class=\"__1 _201\"/>e Group u<span class=\"__1 _201\"/>nder s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities le<span class=\"__1 _201\"/>nding a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>repurc<span class=\"__1 _201\"/>hase ag<span class=\"__1 _201\"/>reem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, prim<span class=\"__1 _201\"/>arily re<span class=\"__1 _201\"/>lating to the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund. Th<span class=\"__1 _201\"/>e cash a<span class=\"__1 _201\"/>nd se<span class=\"__1 _201\"/>curitie<span class=\"__1 _201\"/>s coll<span class=\"__1 _201\"/>ateral acc<span class=\"__1 _201\"/>epted un<span class=\"__1 _201\"/>der se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es<span class=\"__1 _32b\"> </span>len<span class=\"__1 _201\"/>ding ag<span class=\"__1 _201\"/>reeme<span class=\"__1 _201\"/>nts was \u00a3<span class=\"__1 _201\"/>5,471m (2021: \u00a3<span class=\"__1 _201\"/>5,021m). As at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up had ente<span class=\"__1 _201\"/>red into rever<span class=\"__1 _201\"/>se repurc<span class=\"__1 _201\"/>hase<span class=\"__1 _201\"/> trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions un<span class=\"__1 _201\"/>der wh<span class=\"__1 _201\"/>ich it purc<span class=\"__1 _201\"/>hase<span class=\"__1 _201\"/>d secur<span class=\"__1 _201\"/>ities a<span class=\"__1 _201\"/>nd had ta<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>en on th<span class=\"__1 _201\"/>e obli<span class=\"__1 _201\"/>gation to res<span class=\"__1 _201\"/>ell the s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities<span class=\"__1 _201\"/>. The f<span class=\"__1 _201\"/>air valu<span class=\"__1 _201\"/>e of the<span class=\"__1 _201\"/> coll<span class=\"__1 _201\"/>ateral he<span class=\"__1 _201\"/>ld in res<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>t of thes<span class=\"__1 _201\"/>e trans<span class=\"__1 _201\"/>acti<span class=\"__1 _201\"/>ons was \u00a315<span class=\"__1 _201\"/>,316<span class=\"__1 _201\"/>m (2021: \u00a314<span class=\"__1 _201\"/>,3<span class=\"__1 _201\"/>48<span class=\"__1 _201\"/>m).<span class=\"__1 _32b\"> </span>Collat<span class=\"__1 _200\"/>eral and pledges<span class=\"__1 _200\"/> under derivativ<span class=\"__1 _200\"/>e tran<span class=\"__1 _200\"/>sactions<span class=\"__1 _32b\"> </span>At 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>d pled<span class=\"__1 _201\"/>ged \u00a3<span class=\"__1 _201\"/>2,<span class=\"__1 _201\"/>818m (2<span class=\"__1 _201\"/>021: \u00a31,65<span class=\"__1 _201\"/>3m) for li<span class=\"__1 _201\"/>abiliti<span class=\"__1 _201\"/>es and h<span class=\"__1 _201\"/>eld co<span class=\"__1 _201\"/>llateral of \u00a31<span class=\"__1 _201\"/>,318<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span>(2021: \u00a31,7<span class=\"__1 _201\"/>75m) in resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t of over<span class=\"__1 _200\"/>-the-<span class=\"__1 _201\"/>co<span class=\"__1 _201\"/>unter der<span class=\"__1 _201\"/>ivative t<span class=\"__1 _201\"/>ransa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>se tran<span class=\"__1 _201\"/>sac<span class=\"__1 _201\"/>tions a<span class=\"__1 _201\"/>re condu<span class=\"__1 _201\"/>cted u<span class=\"__1 _201\"/>nder te<span class=\"__1 _201\"/>rms that are u<span class=\"__1 _201\"/>sual an<span class=\"__1 _201\"/>d custom<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y to collater<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g, wh<span class=\"__1 _201\"/>ere<span class=\"__1 _32b\"> </span>relev<span class=\"__1 _201\"/>ant, s<span class=\"__1 _201\"/>tandard s<span class=\"__1 _201\"/>ecur<span class=\"__1 _201\"/>ities l<span class=\"__1 _201\"/>endin<span class=\"__1 _201\"/>g and rep<span class=\"__1 _201\"/>urchase a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Other colla<span class=\"__1 _200\"/>teral<span class=\"__1 _32b\"> </span>At 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>d pled<span class=\"__1 _201\"/>ged c<span class=\"__1 _201\"/>ollatera<span class=\"__1 _201\"/>l of \u00a3552m (2<span class=\"__1 _201\"/>021: \u00a31,4<span class=\"__1 _201\"/>68<span class=\"__1 _201\"/>m) in respe<span class=\"__1 _201\"/>ct of oth<span class=\"__1 _201\"/>er trans<span class=\"__1 _201\"/>ac<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>. This p<span class=\"__1 _201\"/>rimar<span class=\"__1 _201\"/>ily<span class=\"__1 _201\"/> aris<span class=\"__1 _201\"/>es from c<span class=\"__1 _201\"/>ollater<span class=\"__1 _201\"/>al ple<span class=\"__1 _201\"/>dge<span class=\"__1 _201\"/>d in relatio<span class=\"__1 _201\"/>n to deferre<span class=\"__1 _201\"/>d purch<span class=\"__1 _201\"/>ase con<span class=\"__1 _201\"/>sider<span class=\"__1 _201\"/>ation on l<span class=\"__1 _201\"/>ifetime (equit<span class=\"__1 _201\"/>y rel<span class=\"__1 _201\"/>ease) mor<span class=\"__1 _201\"/>tgag<span class=\"__1 _201\"/>es of \u00a32<span class=\"__1 _201\"/>87m<span class=\"__1 _32b\"> </span>(2021: \u00a3420<span class=\"__1 _201\"/>m), in additio<span class=\"__1 _201\"/>n to collater<span class=\"__1 _201\"/>al on rein<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce expos<span class=\"__1 _201\"/>ures of \u00a3<span class=\"__1 _201\"/>214m (2021: \u00a3<span class=\"__1 _201\"/>206<span class=\"__1 _201\"/>m).<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc3_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:804.43896px;\">Off<span class=\"__1 _201\"/>setting as<span class=\"__1 _201\"/>sets and liabilities<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:787.9404px;\">The G<span class=\"__1 _201\"/>roup\u2019s deri<span class=\"__1 _201\"/>vative in<span class=\"__1 _201\"/>strum<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>, repu<span class=\"__1 _201\"/>rchase a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ents an<span class=\"__1 _201\"/>d secur<span class=\"__1 _201\"/>ities l<span class=\"__1 _201\"/>endi<span class=\"__1 _201\"/>ng agre<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s are subj<span class=\"__1 _201\"/>ect to m<span class=\"__1 _201\"/>aster n<span class=\"__1 _201\"/>ettin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:771.442px;\">arr<span class=\"__1 _201\"/>angem<span class=\"__1 _201\"/>ents a<span class=\"__1 _201\"/>nd coll<span class=\"__1 _201\"/>ateral ar<span class=\"__1 _201\"/>range<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s. A mas<span class=\"__1 _201\"/>ter net<span class=\"__1 _201\"/>ting ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t with a cou<span class=\"__1 _201\"/>nterpar<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y creates a r<span class=\"__1 _201\"/>ight of off<span class=\"__1 _201\"/>set fo<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:754.9435px;\">amo<span class=\"__1 _201\"/>unts due to an<span class=\"__1 _201\"/>d due fro<span class=\"__1 _201\"/>m that sam<span class=\"__1 _201\"/>e counter<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y that is enf<span class=\"__1 _201\"/>orceab<span class=\"__1 _201\"/>le in the eve<span class=\"__1 _201\"/>nt of a defa<span class=\"__1 _201\"/>ult or ba<span class=\"__1 _201\"/>nkruptc<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>. The G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:738.44495px;\">reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>s amo<span class=\"__1 _201\"/>unts sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to master n<span class=\"__1 _201\"/>ettin<span class=\"__1 _201\"/>g arra<span class=\"__1 _201\"/>ngem<span class=\"__1 _201\"/>ents on a g<span class=\"__1 _201\"/>ross ba<span class=\"__1 _201\"/>sis on th<span class=\"__1 _201\"/>e conso<span class=\"__1 _201\"/>lidated s<span class=\"__1 _201\"/>tateme<span class=\"__1 _201\"/>nt of finan<span class=\"__1 _201\"/>cial po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:713.6972px;\">The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>es pre<span class=\"__1 _201\"/>sent the g<span class=\"__1 _201\"/>ross an<span class=\"__1 _201\"/>d net info<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n about t<span class=\"__1 _201\"/>he Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to maste<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:697.1987px;\">netting arrangemen<span class=\"__1 _200\"/>ts:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:419.28px; bottom:668.33093px;\">Rel<span class=\"__1 _201\"/>ated a<span class=\"__1 _201\"/>mou<span class=\"__1 _201\"/>nts no<span class=\"__1 _201\"/>t off<span class=\"__1 _201\"/>set in t<span class=\"__1 _201\"/>he <span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:394.01385px; bottom:656.3294px;\">consolidated statement o<span class=\"__1 _200\"/>f financial position<span class=\"__1 _426\"> </span><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:578.3144px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>22<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:285.73245px; bottom:638.3114px;\">Gro<span class=\"__1 _201\"/>ss am<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>t<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls50_1 ws60_1\" style=\"left:282.1191px; bottom:626.30994px;\">included in<span class=\"__1 _200\"/> the<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:290.8353px; bottom:614.3084px;\">consolidated<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:292.32645px; bottom:602.30695px;\">statement<span class=\"__1 _200\"/> of<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:271.32047px; bottom:590.3054px;\">financial position<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:337.48065px; bottom:578.3039px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws55_1\" style=\"left:405.2865px; bottom:602.30695px;\">Financial<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:391.1745px; bottom:590.3054px;\">instruments<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:433.2885px; bottom:578.3039px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:472.75427px; bottom:590.3054px;\">Cash collateral<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:528.9135px; bottom:578.3039px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:591.1923px; bottom:602.30695px;\">Securiti<span class=\"__1 _201\"/>es<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:595.3398px; bottom:590.3054px;\">collateral<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:624.3489px; bottom:578.3039px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls14_1 ws92_1\" style=\"left:679.0926px; bottom:590.3054px;\">Net amount<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:578.3039px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls15_1 ws68_1\" style=\"bottom:558.55493px;\">Financial assets<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:538.7924px;\">Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _2b3\"> </span><span class=\"ff1_1 ls30_1 ws30_1\">2<span class=\"__1 _201\"/>,560<span class=\"__1 _269\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _8a_1\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>9)<span class=\"__1 _471\"> </span><span class=\"ls3f_1 ws41_1\">277<span class=\"__1 _a4_1\"> </span><span class=\"lsb_1 ws32_1\">235<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:519.0299px;\">Rever<span class=\"__1 _201\"/>se repurc<span class=\"__1 _201\"/>hase ag<span class=\"__1 _201\"/>reeme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/> <span class=\"__1 _373\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">18<span class=\"__1 _201\"/>,892<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:443.5641px; bottom:519.04236px;\">\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls1d_1 ws1c_1\" style=\"left:595.3398px; bottom:519.04236px;\">(1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _330\"> </span><span class=\"ls32_1 ws33_1\">3<span class=\"__1 _201\"/>,597<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls15_1 ws68_1\" style=\"bottom:499.27985px;\">T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _387\"> </span><span class=\"ls40_1 ws44_1\">21,4<span class=\"__1 _201\"/>52<span class=\"__1 _269\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _8a_1\"> </span>(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>9)<span class=\"__1 _271\"> </span>(15<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>8)<span class=\"__1 _269\"> </span><span class=\"ls27_1 ws27_1\">3,<span class=\"__1 _201\"/>832<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:479.5174px;\">Financial li<span class=\"__1 _200\"/>abilities:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:459.75488px;\">Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _c3_1\"> </span><span class=\"ff1_1 ls33_1 ws34_1\">3<span class=\"__1 _201\"/>,705<span class=\"__1 _330\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>)<span class=\"__1 _478\"> </span>(1<span class=\"__1 _201\"/>8)<span class=\"__1 _2b_1\"> </span><span class=\"ls21_1 ws20_1\">(2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>317<span class=\"__1 _201\"/>)<span class=\"__1 _2b4\"> </span><span class=\"ls78_1 ws24_1\">77<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:439.99237px;\">Se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es len<span class=\"__1 _201\"/>ding an<span class=\"__1 _201\"/>d repurcha<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h5_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"bottom:424.99835px;\">agreements<span class=\"__1 _2b5\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">939<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:443.5641px; bottom:425.01697px;\">\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls52_1 ws5a_1\" style=\"left:612.10693px; bottom:425.01697px;\">(93<span class=\"__1 _201\"/>8)<span class=\"__1 _476\"> </span><span class=\"ls5_1 ws1_1\">1<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:405.25446px;\">T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> financial liabilitie<span class=\"__1 _200\"/>s<span class=\"__1 _9c_1\"> </span><span class=\"ls19_1 ws18_1\">4,6<span class=\"__1 _201\"/>44<span class=\"__1 _330\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>3)<span class=\"__1 _478\"> </span>(1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>)<span class=\"__1 _9e_1\"> </span><span class=\"ls26_1 ws26_1\">(3<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>2<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _26e\"> </span><span class=\"ls27_1 ws27_1\">78<span class=\"__1 _32b\"> </span></span></span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:419.28px; bottom:370.37122px;\">Rel<span class=\"__1 _201\"/>ated a<span class=\"__1 _201\"/>mou<span class=\"__1 _201\"/>nts no<span class=\"__1 _201\"/>t off<span class=\"__1 _201\"/>set in t<span class=\"__1 _201\"/>he<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:394.01385px; bottom:358.3697px;\">consolidated statement o<span class=\"__1 _200\"/>f financial position<span class=\"__1 _426\"> </span><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:280.35474px;\">As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 20<span class=\"__1 _201\"/>21<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:285.73245px; bottom:340.35175px;\">Gro<span class=\"__1 _201\"/>ss am<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>t<span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls50_1 ws60_1\" style=\"left:282.1191px; bottom:328.35022px;\">included in<span class=\"__1 _200\"/> the<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:290.8353px; bottom:316.3487px;\">consolidated<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:292.32645px; bottom:304.34723px;\">statement<span class=\"__1 _200\"/> of<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:271.32047px; bottom:292.3457px;\">financial position<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:337.48065px; bottom:280.34424px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4f_1 ws55_1\" style=\"left:405.2865px; bottom:304.34723px;\">Financial<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:391.1745px; bottom:292.3457px;\">instruments<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:433.2885px; bottom:280.34424px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws2e_1\" style=\"left:472.75427px; bottom:292.3457px;\">Cash collateral<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:528.9135px; bottom:280.34424px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls3_1 ws3_1\" style=\"left:591.1923px; bottom:304.34723px;\">Securiti<span class=\"__1 _201\"/>es<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2e_1 ws6c_1\" style=\"left:595.3398px; bottom:292.3457px;\">collateral<span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:624.3489px; bottom:280.34424px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls14_1 ws92_1\" style=\"left:679.0926px; bottom:292.3457px;\">Net amount<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls4_1 ws4_1\" style=\"left:720.33765px; bottom:280.34424px;\">\u00a3m<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls15_1 ws68_1\" style=\"bottom:260.5951px;\">Financial assets<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:240.83258px;\">Der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve asse<span class=\"__1 _201\"/>ts<span class=\"__1 _2b6\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>1<span class=\"__1 _470\"> </span>(1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _330\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,7<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _374\"> </span>(1<span class=\"__1 _201\"/>4)<span class=\"__1 _479\"> </span><span class=\"ls2a_1 ws2a_1\">216<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:221.07007px;\">Rever<span class=\"__1 _201\"/>se repurc<span class=\"__1 _201\"/>hase ag<span class=\"__1 _201\"/>reeme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/> <span class=\"__1 _297\"> </span><span class=\"ls1f_1 ws1e_1\">17<span class=\"__1 _337\"/>,458<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:443.5641px; bottom:221.08237px;\">\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsa_1 ws8_1\" style=\"left:598.9584px; bottom:221.08237px;\">(14<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>)<span class=\"__1 _1c1_1\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 ls15_1 ws68_1\" style=\"bottom:201.31989px;\">T<span class=\"__1 _f_1\"/>otal financial assets<span class=\"__1 _f2_1\"> </span><span class=\"ff2_1 ls3f_1 ws41_1\">20<span class=\"__1 _200\"/>,609<span class=\"__1 _a3_1\"> </span><span class=\"ls43_1 ws47_1\">(1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _330\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>,7<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>)<span class=\"__1 _230\"> </span><span class=\"ls5_1 ws1_1\">(<span class=\"__1 _f_1\"/>14,338<span class=\"__1 _f_1\"/>)<span class=\"__1 _333\"> </span><span class=\"ls27_1 ws27_1\">3<span class=\"__1 _201\"/>,350<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:181.55737px;\">Financial li<span class=\"__1 _200\"/>abilities:<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:161.79486px;\">Deri<span class=\"__1 _201\"/>vative liabilities<span class=\"__1 _c3_1\"> </span><span class=\"ls27_1 ws27_1\">2<span class=\"__1 _201\"/>,290<span class=\"__1 _1d5_1\"> </span><span class=\"ls43_1 ws47_1\">(1<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _471\"> </span><span class=\"lsa_1 ws8_1\">(11<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _376\"> </span><span class=\"ls46_1 ws4b_1\">(93<span class=\"__1 _201\"/>3)<span class=\"__1 _26e\"> </span><span class=\"ls38_1 ws38_1\">59<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:142.03238px;\">Se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es len<span class=\"__1 _201\"/>ding an<span class=\"__1 _201\"/>d repurcha<span class=\"__1 _201\"/>se<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"bottom:127.03836px;\">agreements<span class=\"__1 _2b5\"> </span><span class=\"ls77_1 ws8c_1\">884<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:443.5641px; bottom:127.05698px;\">\u2014<span class=\"__1 _9c_1\"> </span>\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls17_1 ws16_1\" style=\"left:613.34625px; bottom:127.05698px;\">(8<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>4)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m2_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:729.28125px; bottom:127.05698px;\">\u2014<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:107.30063px;\">T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _200\"/> financial liabilitie<span class=\"__1 _200\"/>s<span class=\"__1 _ba_1\"> </span><span class=\"ff2_1 ls3d_1 ws3f_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>74<span class=\"__1 _12f_1\"> </span><span class=\"ls43_1 ws47_1\">(1<span class=\"__1 _201\"/>,1<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>)<span class=\"__1 _17c_1\"> </span><span class=\"lsa_1 ws8_1\">(1<span class=\"__1 _201\"/>12<span class=\"__1 _201\"/>)<span class=\"__1 _13d_1\"> </span><span class=\"lsc_1 wsa_1\">(1,817)<span class=\"__1 _a6_1\"> </span><span class=\"ls38_1 ws38_1\">59<span class=\"__1 _32b\"> </span></span></span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:68.27286px;\">In the ta<span class=\"__1 _201\"/>bles a<span class=\"__1 _201\"/>bove, the a<span class=\"__1 _201\"/>mount<span class=\"__1 _201\"/>s of ass<span class=\"__1 _201\"/>ets or lia<span class=\"__1 _201\"/>bilitie<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>ded o<span class=\"__1 _201\"/>n the cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n would b<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:51.774384px;\">off<span class=\"__1 _201\"/>set firs<span class=\"__1 _201\"/>t by finan<span class=\"__1 _201\"/>cial ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents that h<span class=\"__1 _201\"/>ave the righ<span class=\"__1 _201\"/>t of offs<span class=\"__1 _201\"/>et unde<span class=\"__1 _201\"/>r maste<span class=\"__1 _201\"/>r netti<span class=\"__1 _201\"/>ng or sim<span class=\"__1 _201\"/>ilar arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s, with a<span class=\"__1 _201\"/>ny remaini<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:35.27588px;\">amo<span class=\"__1 _201\"/>unt redu<span class=\"__1 _201\"/>ced by the a<span class=\"__1 _201\"/>mount of c<span class=\"__1 _201\"/>ash an<span class=\"__1 _201\"/>d secu<span class=\"__1 _201\"/>ritie<span class=\"__1 _201\"/>s collater<span class=\"__1 _201\"/>al. Th<span class=\"__1 _201\"/>e actu<span class=\"__1 _201\"/>al amo<span class=\"__1 _201\"/>unt of coll<span class=\"__1 _201\"/>ateral may be g<span class=\"__1 _201\"/>reater than th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:18.777374px;\">amo<span class=\"__1 _201\"/>unts pre<span class=\"__1 _201\"/>sented i<span class=\"__1 _201\"/>n the tabl<span class=\"__1 _201\"/>es. R<span class=\"__1 _201\"/>everse re<span class=\"__1 _201\"/>purcha<span class=\"__1 _201\"/>se agre<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s show<span class=\"__1 _201\"/>n in the tab<span class=\"__1 _201\"/>les ab<span class=\"__1 _201\"/>ove are inclu<span class=\"__1 _201\"/>ded w<span class=\"__1 _201\"/>ithin de<span class=\"__1 _201\"/>posit<span class=\"__1 _201\"/>s on the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:2.2788696px;\">cons<span class=\"__1 _201\"/>olid<span class=\"__1 _201\"/>ated statem<span class=\"__1 _201\"/>ent of fin<span class=\"__1 _201\"/>ancial p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:835.55786px;\">33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-572": {
   "value": "33.6 Liquidity risk The Group is exposed to two types of liquidity risk: \u2013  Treasury liquidity risk is the risk of loss for the Group\u2019s business, or of adverse changes in the financial situation, resulting from the Group\u2019s inability to generate sufficient cash resources to meet financial obligations (for example, claims, creditors and planned dividends) as they fall due; \u2013  Fund liquidity risk is the risk of being unable to meet liabilities arising from a mismatch in liquidity of the underlying assets and the frequency of liability requirements of the fund. The Group\u2019s IFRS results are indirectly exposed to fund liquidity risk, for example, through reputational damage leading to lower funds under management and lower revenue through charges collected. However, as the effect on the Group\u2019s IFRS results is indirect, this risk is not discussed further and the remainder of this section refers to treasury liquidity risk.  Liquidity management in the Group seeks to ensure that, even under adverse conditions, the Group has access to the funds  necessary to cover surrenders, withdrawals and maturing liabilities. Liquidity risk is carefully managed, in particular in relation to: bank balances, cashflow forecasting, appropriate fund management  (to ensure that assets are not unduly concentrated in less liquid investments) and detailed cash-flow matching for the annuity  business. Specific arrangements are also in place to manage liquidity in the unit-linked funds, particularly property funds where  the underlying assets are relatively illiquid. 33.6.1 Contractual maturities of financial liabilities on an undiscounted cash flow basis The following table sets out the contractual maturities of financial liabilities, excluding derivative liabilities that are separately presented in Section 33.6.2. The financial liabilities are included in the column relating to the contractual maturities at the undiscounted cash flows (including contractual interest payments and expected benefit payments) due to be paid, assuming conditions are consistent with those at the year end. The numbers within the comparative table have been re-presented to include all classes of financial liabilities and additionally the subordinated liabilities and other borrowings have been adjusted to reflect fully the correct contractual undiscounted cash flow maturity profile. As at 31 December 2022 Total carrying value \u00a3m 1 year or less \u00a3m After 1 year to 5 years \u00a3m After 5 years to 10 years \u00a3m After 10 years to 15 years \u00a3m After 15 years to 20 years \u00a3m Over 20 years \u00a3m No stated maturity \u00a3m Total undis- counted value \u00a3m Financial liabilities: Investment contracts without DPF 11,937 11,937 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 11,937 Third party interest in consolidated funds 10,389 116 395 108 \u2014 \u2014 784 8,986 10,389 Subordinated liabilities and other borrowings 7,537 995 2,993 1,585 965 1,281 6,080 \u2014 13,899 Other financial liabilities 2,172 939 \u2014 \u2014 \u2014 \u2014 \u2014 1,233 2,172 Accruals, deferred income and other liabilities 6,745 6,438 110 87 114 109 191 \u2014 7,049 Total 38,780 20,425 3,498 1,780 1,079 1,390 7,055 10,219 45,446 As at 31 December 2021 Total carrying value \u00a3m 1 year or less \u00a3m After 1 year to 5 years \u00a3m After 5 years to 10 years \u00a3m After 10 years to 15 years \u00a3m After 15 years to 20 years \u00a3m Over 20 years \u00a3m No stated maturity \u00a3m Total undis- counted value \u00a3m Financial liabilities: Investment contracts without DPF 14,884 14,884 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 14,884 Third party interest in consolidated funds 12,636 109 282 232 \u2014 \u2014 507 11,506 12,636 Subordinated liabilities and other borrowings 8,930 696 2,515 1,694 1,184 1,188 8,677 97 16,051 Other financial liabilities 2,882 884 \u2014 \u2014 \u2014 \u2014 \u2014 1,998 2,882 Accruals, deferred income and other liabilities 6,073 5,664 57 81 103 110 211 \u2014 6,226 Total 45,405 22,237 2,854 2,007 1,287 1,298 9,395 13,601 52,679 Investment contracts without DPF are mainly the Group\u2019s unit linked policyholder liabilities. Unit linked policyholders usually have the option to surrender, in part or in full, their contract at any time and as a result the contracts have been designated as payable within one year in the table. A large proportion of the unit linked policyholder liabilities contain discretionary surrender values or surrender charges, meaning that many of the Group\u2019s liabilities are expected to be held for the long-term. Such surrenders would be matched in practice, if necessary, by sales of underlying assets. 33 Risk management and sensitivity analysis continued ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-573": {
   "value": "<div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc0_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:451.8733px;\">33.7 Deriv<span class=\"__1 _200\"/>ativ<span class=\"__1 _200\"/>es and<span class=\"__1 _200\"/> hedging<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:431.24377px;\">The G<span class=\"__1 _201\"/>roup us<span class=\"__1 _201\"/>es der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ves for th<span class=\"__1 _201\"/>e purp<span class=\"__1 _201\"/>ose of effi<span class=\"__1 _201\"/>cient p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent or th<span class=\"__1 _201\"/>e reduc<span class=\"__1 _201\"/>tion i<span class=\"__1 _201\"/>n investm<span class=\"__1 _201\"/>ent ris<span class=\"__1 _201\"/>k. In d<span class=\"__1 _201\"/>oing s<span class=\"__1 _201\"/>o, the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:414.7453px;\">Gro<span class=\"__1 _201\"/>up obtains c<span class=\"__1 _201\"/>ost-eff<span class=\"__1 _201\"/>ecti<span class=\"__1 _201\"/>ve and effi<span class=\"__1 _201\"/>cient ex<span class=\"__1 _201\"/>posure to v<span class=\"__1 _201\"/>ario<span class=\"__1 _201\"/>us markets an<span class=\"__1 _201\"/>d mana<span class=\"__1 _201\"/>ges exp<span class=\"__1 _201\"/>osure to eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, interest r<span class=\"__1 _201\"/>ate, curre<span class=\"__1 _201\"/>ncy,<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:398.24677px;\">credi<span class=\"__1 _201\"/>t and othe<span class=\"__1 _201\"/>r busin<span class=\"__1 _201\"/>ess r<span class=\"__1 _201\"/>isks<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup has o<span class=\"__1 _201\"/>pted not to ap<span class=\"__1 _201\"/>ply h<span class=\"__1 _201\"/>edge a<span class=\"__1 _201\"/>ccounti<span class=\"__1 _201\"/>ng to der<span class=\"__1 _201\"/>ivative<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:373.49902px;\">The G<span class=\"__1 _201\"/>roup us<span class=\"__1 _201\"/>es var<span class=\"__1 _201\"/>ious inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ate deri<span class=\"__1 _201\"/>vative ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents su<span class=\"__1 _201\"/>ch as interes<span class=\"__1 _201\"/>t rate swa<span class=\"__1 _201\"/>ps and s<span class=\"__1 _201\"/>waption<span class=\"__1 _201\"/>s to reduc<span class=\"__1 _201\"/>e exposu<span class=\"__1 _201\"/>re<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:357.00055px;\">to interes<span class=\"__1 _201\"/>t rate volatil<span class=\"__1 _201\"/>ity. The G<span class=\"__1 _201\"/>roup als<span class=\"__1 _201\"/>o uses v<span class=\"__1 _201\"/>ario<span class=\"__1 _201\"/>us curren<span class=\"__1 _201\"/>cy de<span class=\"__1 _201\"/>rivati<span class=\"__1 _201\"/>ves in ord<span class=\"__1 _201\"/>er to limit vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y due to fo<span class=\"__1 _201\"/>reign cur<span class=\"__1 _201\"/>renc<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:340.502px;\">exchang<span class=\"__1 _201\"/>e rate fluc<span class=\"__1 _201\"/>tuation<span class=\"__1 _201\"/>s arisi<span class=\"__1 _201\"/>ng on se<span class=\"__1 _201\"/>curiti<span class=\"__1 _201\"/>es den<span class=\"__1 _201\"/>ominate<span class=\"__1 _201\"/>d in curre<span class=\"__1 _201\"/>ncie<span class=\"__1 _201\"/>s other tha<span class=\"__1 _201\"/>n poun<span class=\"__1 _201\"/>ds ster<span class=\"__1 _201\"/>ling.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:315.75427px;\">All over-the-<span class=\"__1 _201\"/>counte<span class=\"__1 _201\"/>r deri<span class=\"__1 _201\"/>vative tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>tion<span class=\"__1 _201\"/>s are cond<span class=\"__1 _201\"/>ucte<span class=\"__1 _201\"/>d unde<span class=\"__1 _201\"/>r stan<span class=\"__1 _201\"/>dardise<span class=\"__1 _201\"/>d ISDA (Inte<span class=\"__1 _201\"/>rnatio<span class=\"__1 _201\"/>nal Swaps a<span class=\"__1 _201\"/>nd De<span class=\"__1 _201\"/>rivati<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:299.2558px;\">As<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ation In<span class=\"__1 _201\"/>c<span class=\"__1 _200\"/>) maste<span class=\"__1 _201\"/>r agree<span class=\"__1 _201\"/>ments a<span class=\"__1 _201\"/>nd CSA (Cred<span class=\"__1 _201\"/>it Supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t Annexe<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>). The G<span class=\"__1 _201\"/>roup has c<span class=\"__1 _201\"/>ollatera<span class=\"__1 _201\"/>l agree<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s bet<span class=\"__1 _201\"/>ween th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:282.75726px;\">indi<span class=\"__1 _201\"/>vidu<span class=\"__1 _201\"/>al entitie<span class=\"__1 _201\"/>s in the G<span class=\"__1 _201\"/>roup, of wh<span class=\"__1 _201\"/>ich the Co<span class=\"__1 _201\"/>mpany is o<span class=\"__1 _201\"/>ne, an<span class=\"__1 _201\"/>d releva<span class=\"__1 _201\"/>nt counter<span class=\"__1 _201\"/>par<span class=\"__1 _201\"/>ties i<span class=\"__1 _201\"/>n place u<span class=\"__1 _201\"/>nder e<span class=\"__1 _201\"/>ach of the<span class=\"__1 _201\"/>se mar<span class=\"__1 _201\"/>ket<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:266.2588px;\">mas<span class=\"__1 _201\"/>ter agree<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p also ha<span class=\"__1 _201\"/>s the abili<span class=\"__1 _201\"/>ty to en<span class=\"__1 _201\"/>ter into clea<span class=\"__1 _201\"/>red der<span class=\"__1 _201\"/>ivati<span class=\"__1 _201\"/>ve positi<span class=\"__1 _201\"/>ons und<span class=\"__1 _201\"/>er EMI<span class=\"__1 _201\"/>R (Europ<span class=\"__1 _201\"/>ean Mar<span class=\"__1 _201\"/>ket<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:249.76028px;\">Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture R<span class=\"__1 _201\"/>egulati<span class=\"__1 _201\"/>on).<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:225.01251px;\">The tota<span class=\"__1 _201\"/>l fair va<span class=\"__1 _201\"/>lue bal<span class=\"__1 _201\"/>ance<span class=\"__1 _201\"/>s of deri<span class=\"__1 _201\"/>vative as<span class=\"__1 _201\"/>sets a<span class=\"__1 _201\"/>nd liab<span class=\"__1 _201\"/>ilities a<span class=\"__1 _201\"/>re shown i<span class=\"__1 _201\"/>n Note 19.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:200.26477px;\">The<span class=\"__1 _201\"/>re are he<span class=\"__1 _201\"/>dging ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>ts in pla<span class=\"__1 _201\"/>ce for the w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profits l<span class=\"__1 _201\"/>iabilit<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>. In addi<span class=\"__1 _201\"/>tion to som<span class=\"__1 _201\"/>e produ<span class=\"__1 _201\"/>ct-spe<span class=\"__1 _201\"/>cific a<span class=\"__1 _201\"/>rrang<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>nts, th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:183.76627px;\">main o<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>tive of th<span class=\"__1 _201\"/>e hed<span class=\"__1 _201\"/>ging arr<span class=\"__1 _201\"/>ange<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s is to broadl<span class=\"__1 _201\"/>y match a subs<span class=\"__1 _201\"/>et of the ma<span class=\"__1 _201\"/>rket<span class=\"__1 _200\"/>-con<span class=\"__1 _201\"/>siste<span class=\"__1 _201\"/>nt liabil<span class=\"__1 _201\"/>ities an<span class=\"__1 _201\"/>d henc<span class=\"__1 _201\"/>e protec<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:167.26776px;\">the c<span class=\"__1 _201\"/>apital p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n of the wit<span class=\"__1 _201\"/>h-pro<span class=\"__1 _201\"/>fits bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s agai<span class=\"__1 _201\"/>nst ad<span class=\"__1 _201\"/>verse m<span class=\"__1 _201\"/>arket movem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>. The a<span class=\"__1 _201\"/>ctual a<span class=\"__1 _201\"/>nd req<span class=\"__1 _201\"/>uired he<span class=\"__1 _201\"/>dgin<span class=\"__1 _201\"/>g positi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:150.76926px;\">are mo<span class=\"__1 _201\"/>nitored at l<span class=\"__1 _201\"/>east m<span class=\"__1 _201\"/>onthl<span class=\"__1 _201\"/>y and reb<span class=\"__1 _201\"/>alance<span class=\"__1 _201\"/>d if req<span class=\"__1 _201\"/>uired<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:126.021515px;\">Und<span class=\"__1 _201\"/>er Ar<span class=\"__1 _201\"/>ticl<span class=\"__1 _201\"/>e 1<span class=\"__1 _200\"/>1 of the U<span class=\"__1 _201\"/>K Europe<span class=\"__1 _201\"/>an Market Inf<span class=\"__1 _201\"/>rastr<span class=\"__1 _201\"/>uc<span class=\"__1 _201\"/>ture Regu<span class=\"__1 _201\"/>lation on d<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>vatives<span class=\"__1 _201\"/>, centr<span class=\"__1 _201\"/>al coun<span class=\"__1 _201\"/>terpar<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es and tr<span class=\"__1 _201\"/>ade<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:109.52301px;\">repo<span class=\"__1 _201\"/>sitori<span class=\"__1 _201\"/>es (EMI<span class=\"__1 _201\"/>R) and th<span class=\"__1 _201\"/>e T<span class=\"__1 _f_1\"/>ech<span class=\"__1 _201\"/>nica<span class=\"__1 _201\"/>l Standard<span class=\"__1 _201\"/>s onsh<span class=\"__1 _201\"/>oring C<span class=\"__1 _201\"/>ommi<span class=\"__1 _201\"/>ssio<span class=\"__1 _201\"/>n Del<span class=\"__1 _201\"/>egated R<span class=\"__1 _201\"/>egulati<span class=\"__1 _201\"/>on (EU) 2<span class=\"__1 _201\"/>016/<span class=\"__1 _200\"/>22<span class=\"__1 _201\"/>5<span class=\"__1 _200\"/>1 suppl<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>ing<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:93.024506px;\">EMI<span class=\"__1 _201\"/>R, ma<span class=\"__1 _201\"/>rket par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ants tra<span class=\"__1 _201\"/>nsac<span class=\"__1 _201\"/>ting in n<span class=\"__1 _201\"/>on-<span class=\"__1 _201\"/>cle<span class=\"__1 _201\"/>ared OTC der<span class=\"__1 _201\"/>ivative<span class=\"__1 _201\"/>s are requ<span class=\"__1 _201\"/>ired to exchang<span class=\"__1 _201\"/>e collate<span class=\"__1 _201\"/>ral to cover va<span class=\"__1 _201\"/>riatio<span class=\"__1 _201\"/>n and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:76.52603px;\">initia<span class=\"__1 _201\"/>l margin<span class=\"__1 _201\"/>. However, trades b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en cou<span class=\"__1 _201\"/>nterpar<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es bel<span class=\"__1 _201\"/>ongi<span class=\"__1 _201\"/>ng to the sam<span class=\"__1 _201\"/>e group are exe<span class=\"__1 _201\"/>mpt from th<span class=\"__1 _201\"/>ese ma<span class=\"__1 _201\"/>rgin requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:60.027527px;\">subjec<span class=\"__1 _201\"/>t to certain criter<span class=\"__1 _201\"/>ia.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:35.279785px;\">Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Capit<span class=\"__1 _201\"/>al Plc (L<span class=\"__1 _201\"/>egal Enti<span class=\"__1 _201\"/>ty I<span class=\"__1 _201\"/>denti<span class=\"__1 _201\"/>fier refe<span class=\"__1 _201\"/>rence (L<span class=\"__1 _201\"/>EI) CHW8<span class=\"__1 _201\"/>NHK<span class=\"__1 _201\"/>26<span class=\"__1 _201\"/>8SF<span class=\"__1 _201\"/>PT<span class=\"__1 _201\"/>V63<span class=\"__1 _201\"/>Z64) has entere<span class=\"__1 _201\"/>d into such d<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>vative<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:18.78128px;\">agre<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s with the f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing group e<span class=\"__1 _201\"/>ntities<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>ese co<span class=\"__1 _201\"/>unterp<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty p<span class=\"__1 _201\"/>airing<span class=\"__1 _201\"/>s meet th<span class=\"__1 _201\"/>e criter<span class=\"__1 _201\"/>ia to be eli<span class=\"__1 _201\"/>gible fo<span class=\"__1 _201\"/>r intra<span class=\"__1 _201\"/>-gro<span class=\"__1 _201\"/>up<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:2.2827759px;\">exemptio<span class=\"__1 _201\"/>ns to the marg<span class=\"__1 _201\"/>in requi<span class=\"__1 _201\"/>rement<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span> </div>As at 3<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span>December<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _32b\"> </span>Decembe<span class=\"__1 _32b\"> </span>202<span class=\"__1 _32b\"> </span>Counterparty<span class=\"__1 _477\"> </span><span class=\"ls3e_1 ws65_1\">L<span class=\"__1 _201\"/>egal Entit<span class=\"__1 _201\"/>y Identifi<span class=\"__1 _201\"/>er<span class=\"__1 _1ce_1\"> </span><span class=\"ls2d_1 ws66_1\">Relationship<span class=\"__1 _200\"/> betwe<span class=\"__1 _201\"/>en parties<span class=\"__1 _32b\"> </span></span></span>Ty<span class=\"__1 _201\"/>p<span class=\"__1 _250\"/>e<span class=\"__1 _201\"/> o<span class=\"__1 _201\"/>f<span class=\"__1 _201\"/> exemp<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span>Aggre<span class=\"__1 _201\"/>gate<span class=\"__1 _201\"/> notional<span class=\"__1 _32b\"> </span>of OTC<span class=\"__1 _201\"/> derivat<span class=\"__1 _200\"/>ives<span class=\"__1 _32b\"> </span>contract<span class=\"ls5_1 ws1_1\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Aggre<span class=\"__1 _201\"/>gat<span class=\"__1 _32b\"> </span>notiona<span class=\"__1 _32b\"> </span>of OT<span class=\"__1 _32b\"> </span>derivat<span class=\"__1 _200\"/>ive<span class=\"__1 _32b\"> </span>contrac<span class=\"__1 _32b\"> </span>\u00a3<span class=\"__1 _32b\"> </span>Prude<span class=\"__1 _201\"/>ntial Lifetime<span class=\"__1 _32b\"> </span>Mor<span class=\"__1 _201\"/>tgages Limited<span class=\"__1 _223\"> </span><span class=\"lsb_1 ws32_1\">5<span class=\"__1 _201\"/>493001<span class=\"__1 _200\"/>GSK4HF84IOB02<span class=\"__1 _32b\"> </span></span>M&amp;G p<span class=\"__1 _201\"/>lc is the ul<span class=\"__1 _201\"/>timate Paren<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>Com<span class=\"__1 _201\"/>pany for b<span class=\"__1 _201\"/>oth par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s<span class=\"__1 _477\"> </span><span class=\"ls5a_1 ws64_1\">Ful<span class=\"__1 _201\"/>l<span class=\"__1 _268\"> </span><span class=\"ff1_1 ls22_1 ws21_1\">37<span class=\"__1 _333\"> </span></span><span class=\"lsd_1 wsb_1\">3<span class=\"__1 _32b\"> </span></span></span>M&amp;G FA Limited<span class=\"__1 _2b_1\"> </span><span class=\"ls28_1 ws28_1\">213800<span class=\"__1 _200\"/>TFNC2ZYHSGTN<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>1<span class=\"__1 _32b\"> </span></span>M&amp;G p<span class=\"__1 _201\"/>lc is the ul<span class=\"__1 _201\"/>timate Paren<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>Com<span class=\"__1 _201\"/>pany for b<span class=\"__1 _201\"/>oth par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s<span class=\"__1 _477\"> </span><span class=\"ls5a_1 ws64_1\">Ful<span class=\"__1 _201\"/>l<span class=\"__1 _472\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">255<span class=\"__1 _271\"> </span></span><span class=\"ls32_1 ws33_1\">20<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span></span>33.7<span class=\"__1 _f_1\"/>.<span class=\"__1 _f_1\"/>1 Hedges in respect o<span class=\"__1 _200\"/>f shareholder<span class=\"__1 _200\"/> transfer<span class=\"__1 _200\"/>s arising<span class=\"__1 _200\"/> from<span class=\"__1 _200\"/> the wit<span class=\"__1 _200\"/>h-profits business<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019 exposu<span class=\"__1 _201\"/>re to market ris<span class=\"__1 _201\"/>k from with<span class=\"__1 _201\"/>-pro<span class=\"__1 _201\"/>fits bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s aris<span class=\"__1 _201\"/>es from th<span class=\"__1 _201\"/>e share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er trans<span class=\"__1 _201\"/>fers w<span class=\"__1 _201\"/>hich d<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>d on<span class=\"__1 _32b\"> </span>inves<span class=\"__1 _201\"/>tment retur<span class=\"__1 _201\"/>n of the fu<span class=\"__1 _201\"/>nds<span class=\"__1 _201\"/>. Thes<span class=\"__1 _201\"/>e share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er trans<span class=\"__1 _201\"/>fer<span class=\"__1 _201\"/>s, whi<span class=\"__1 _201\"/>le smo<span class=\"__1 _201\"/>othed<span class=\"__1 _201\"/>, are par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>cularl<span class=\"__1 _201\"/>y expos<span class=\"__1 _201\"/>ed to eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y risk<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s entered i<span class=\"__1 _201\"/>nto a par<span class=\"__1 _201\"/>tial e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y hed<span class=\"__1 _201\"/>ge of the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>rs exp<span class=\"__1 _201\"/>ecte<span class=\"__1 _201\"/>d to emerg<span class=\"__1 _201\"/>e from the W<span class=\"__1 _201\"/>PSF i<span class=\"__1 _201\"/>n order<span class=\"__1 _201\"/> to mitigate thi<span class=\"__1 _201\"/>s risk<span class=\"__1 _201\"/>. The e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t for the ye<span class=\"__1 _201\"/>ar end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 was an un<span class=\"__1 _201\"/>realis<span class=\"__1 _201\"/>ed gain of \u00a3121m (20<span class=\"__1 _201\"/>21: unreal<span class=\"__1 _201\"/>ised l<span class=\"__1 _201\"/>oss of<span class=\"__1 _201\"/> \u00a32<span class=\"__1 _201\"/>27m) and a realis<span class=\"__1 _201\"/>ed los<span class=\"__1 _201\"/>s of \u00a3119m (2021: rea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d loss of \u00a3<span class=\"__1 _201\"/>81m).<span class=\"__1 _32b\"> </span>P<span class=\"__1 _200\"/>AC\u2019<span class=\"__1 _200\"/>s share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er fun<span class=\"__1 _201\"/>d has als<span class=\"__1 _201\"/>o entered i<span class=\"__1 _201\"/>nto a risk ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>ement w<span class=\"__1 _201\"/>ith the WP<span class=\"__1 _201\"/>SF in re<span class=\"__1 _201\"/>lation to the s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>trans<span class=\"__1 _201\"/>fers ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to em<span class=\"__1 _201\"/>erge fro<span class=\"__1 _201\"/>m the WP<span class=\"__1 _201\"/>SF<span class=\"__1 _f_1\"/>, sp<span class=\"__1 _201\"/>ecifi<span class=\"__1 _201\"/>call<span class=\"__1 _201\"/>y with re<span class=\"__1 _201\"/>gard to the Pr<span class=\"__1 _201\"/>uFund new b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss wr<span class=\"__1 _201\"/>itten d<span class=\"__1 _201\"/>uring 2<span class=\"__1 _201\"/>018 to 2020.<span class=\"__1 _32b\"> </span>This a<span class=\"__1 _201\"/>rran<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt was de<span class=\"__1 _201\"/>signe<span class=\"__1 _201\"/>d to protec<span class=\"__1 _201\"/>t the sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders a<span class=\"__1 _201\"/>gains<span class=\"__1 _201\"/>t extre<span class=\"__1 _201\"/>mely w<span class=\"__1 _201\"/>eak mar<span class=\"__1 _201\"/>ket returns<span class=\"__1 _201\"/>. This ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>ement re<span class=\"__1 _201\"/>sulted<span class=\"__1 _201\"/> in a \u00a38<span class=\"__1 _201\"/>m unreali<span class=\"__1 _201\"/>sed l<span class=\"__1 _201\"/>oss fo<span class=\"__1 _201\"/>r the year en<span class=\"__1 _201\"/>ded 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>022 (20<span class=\"__1 _201\"/>21: unreal<span class=\"__1 _201\"/>ised l<span class=\"__1 _201\"/>oss of \u00a3<span class=\"__1 _201\"/>36m).<span class=\"__1 _32b\"> </span>33.7<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>2 Other<span class=\"__1 _200\"/> shareholder hedging<span class=\"__1 _200\"/> arrangements<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup\u2019s shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er fund h<span class=\"__1 _201\"/>as purcha<span class=\"__1 _201\"/>sed inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ate swap ins<span class=\"__1 _201\"/>trum<span class=\"__1 _201\"/>ents to prote<span class=\"__1 _201\"/>ct the c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l posit<span class=\"__1 _201\"/>ion aga<span class=\"__1 _201\"/>inst inte<span class=\"__1 _201\"/>rest r<span class=\"__1 _201\"/>ate<span class=\"__1 _32b\"> </span>movem<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>. For the ye<span class=\"__1 _201\"/>ar end<span class=\"__1 _201\"/>ed 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2, th<span class=\"__1 _201\"/>ese in<span class=\"__1 _201\"/>strum<span class=\"__1 _201\"/>ents re<span class=\"__1 _201\"/>sulted in a<span class=\"__1 _201\"/>n unreali<span class=\"__1 _201\"/>sed l<span class=\"__1 _201\"/>oss of \u00a3<span class=\"__1 _201\"/>803m (<span class=\"__1 _201\"/>2021: unrea<span class=\"__1 _201\"/>lise<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>los<span class=\"__1 _201\"/>s of \u00a386<span class=\"__1 _201\"/>m) and a realis<span class=\"__1 _201\"/>ed lo<span class=\"__1 _201\"/>ss of \u00a318<span class=\"__1 _201\"/>6m (2021: re<span class=\"__1 _201\"/>alise<span class=\"__1 _201\"/>d loss o<span class=\"__1 _201\"/>f \u00a317<span class=\"__1 _200\"/>m).<span class=\"__1 _32b\"> </span>33 Ris<span class=\"__1 _201\"/>k manageme<span class=\"__1 _201\"/>nt and sensitivit<span class=\"__1 _201\"/>y analysis continued<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-516": {
   "value": "34 Contingencies and r<span class=\"__1 _200\"/>elat<span class=\"__1 _200\"/>ed obligat<span class=\"__1 _200\"/>ions<span class=\"__1 _32b\"> </span>34<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1 Liti<span class=\"__1 _201\"/>gatio<span class=\"__1 _201\"/>n, ta<span class=\"__1 _201\"/>x and re<span class=\"__1 _201\"/>gul<span class=\"__1 _201\"/>ator<span class=\"__1 _201\"/>y matte<span class=\"__1 _201\"/>rs<span class=\"__1 _32b\"> </span>In ad<span class=\"__1 _201\"/>dition to the m<span class=\"__1 _201\"/>atter<span class=\"__1 _201\"/>s set out in N<span class=\"__1 _201\"/>ote 29 reg<span class=\"__1 _201\"/>arding re<span class=\"__1 _201\"/>gulator<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>ns in relati<span class=\"__1 _201\"/>on to annui<span class=\"__1 _201\"/>ty s<span class=\"__1 _201\"/>ales p<span class=\"__1 _201\"/>rac<span class=\"__1 _201\"/>tices<span class=\"__1 _201\"/>, and in N<span class=\"__1 _201\"/>ote 9.3<span class=\"__1 _201\"/> rega<span class=\"__1 _201\"/>rding the p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tfo<span class=\"__1 _201\"/>lio di<span class=\"__1 _201\"/>vide<span class=\"__1 _201\"/>nd tax li<span class=\"__1 _201\"/>tigation<span class=\"__1 _201\"/>, the G<span class=\"__1 _201\"/>roup is invol<span class=\"__1 _201\"/>ved in va<span class=\"__1 _201\"/>riou<span class=\"__1 _201\"/>s litigatio<span class=\"__1 _201\"/>n and reg<span class=\"__1 _201\"/>ulator<span class=\"__1 _201\"/>y is<span class=\"__1 _201\"/>sue<span class=\"__1 _201\"/>s. Whi<span class=\"__1 _201\"/>le the ou<span class=\"__1 _201\"/>tcome<span class=\"__1 _201\"/> of such l<span class=\"__1 _201\"/>itigatio<span class=\"__1 _201\"/>n and reg<span class=\"__1 _201\"/>ulator<span class=\"__1 _201\"/>y is<span class=\"__1 _201\"/>sues c<span class=\"__1 _201\"/>ann<span class=\"__1 _201\"/>ot be pre<span class=\"__1 _201\"/>dicte<span class=\"__1 _201\"/>d with ce<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>aint<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, the Dire<span class=\"__1 _201\"/>ctors b<span class=\"__1 _201\"/>elieve th<span class=\"__1 _201\"/>at their ul<span class=\"__1 _201\"/>timate outco<span class=\"__1 _201\"/>me will<span class=\"__1 _201\"/> not have a mate<span class=\"__1 _201\"/>rial ad<span class=\"__1 _201\"/>verse e<span class=\"__1 _201\"/>ffec<span class=\"__1 _201\"/>t on the G<span class=\"__1 _201\"/>roup\u2019s financ<span class=\"__1 _201\"/>ial con<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, result<span class=\"__1 _201\"/>s of ope<span class=\"__1 _201\"/>ration<span class=\"__1 _201\"/>s, or c<span class=\"__1 _201\"/>ash flo<span class=\"__1 _201\"/>ws.<span class=\"__1 _32b\"> </span>34<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2 Guarantees<span class=\"__1 _32b\"> </span>Gua<span class=\"__1 _201\"/>rantee f<span class=\"__1 _201\"/>unds prov<span class=\"__1 _201\"/>ide fo<span class=\"__1 _201\"/>r payme<span class=\"__1 _201\"/>nts to be ma<span class=\"__1 _201\"/>de to poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs on b<span class=\"__1 _201\"/>ehalf of in<span class=\"__1 _201\"/>sol<span class=\"__1 _201\"/>vent life ins<span class=\"__1 _201\"/>uranc<span class=\"__1 _201\"/>e comp<span class=\"__1 _201\"/>anies a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>are fina<span class=\"__1 _201\"/>nced by p<span class=\"__1 _201\"/>aymen<span class=\"__1 _201\"/>ts ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ed on s<span class=\"__1 _201\"/>olvent i<span class=\"__1 _201\"/>nsura<span class=\"__1 _201\"/>nce com<span class=\"__1 _201\"/>panie<span class=\"__1 _201\"/>s base<span class=\"__1 _201\"/>d on lo<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n, volu<span class=\"__1 _201\"/>me and t<span class=\"__1 _201\"/>yp<span class=\"__1 _201\"/>es of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> The e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated rese<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ve for futu<span class=\"__1 _201\"/>re guaran<span class=\"__1 _201\"/>tee fund a<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>ssm<span class=\"__1 _201\"/>ents is n<span class=\"__1 _201\"/>ot signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>nt, and a<span class=\"__1 _201\"/>dequ<span class=\"__1 _201\"/>ate reser<span class=\"__1 _201\"/>ve<span class=\"__1 _201\"/>s are availab<span class=\"__1 _201\"/>le for al<span class=\"__1 _201\"/>l<span class=\"__1 _32b\"> </span>antic<span class=\"__1 _200\"/>ipat<span class=\"__1 _200\"/>ed pa<span class=\"__1 _200\"/>yments for<span class=\"__1 _200\"/> known<span class=\"__1 _200\"/> insolvencies.<span class=\"__1 _32b\"> </span>M&amp;G p<span class=\"__1 _201\"/>lc ac<span class=\"__1 _201\"/>ts as guar<span class=\"__1 _201\"/>antor for c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y leas<span class=\"__1 _201\"/>es wh<span class=\"__1 _201\"/>ere a group c<span class=\"__1 _201\"/>ompany i<span class=\"__1 _201\"/>s a less<span class=\"__1 _201\"/>ee. T<span class=\"__1 _201\"/>he mos<span class=\"__1 _201\"/>t materi<span class=\"__1 _201\"/>al of thes<span class=\"__1 _201\"/>e is the<span class=\"__1 _201\"/> guar<span class=\"__1 _201\"/>antee prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d in resp<span class=\"__1 _201\"/>ect of t<span class=\"__1 _201\"/>he 10 Fench<span class=\"__1 _201\"/>urch Avenue le<span class=\"__1 _201\"/>ase bet<span class=\"__1 _201\"/>we<span class=\"__1 _201\"/>en Saxo<span class=\"__1 _201\"/>n Lan<span class=\"__1 _201\"/>d B.<span class=\"__1 _200\"/>V<span class=\"__1 _f_1\"/>. and M<span class=\"__1 _201\"/>&amp;G Cor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ate Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices Li<span class=\"__1 _201\"/>mited.<span class=\"__1 _32b\"> </span>On ac<span class=\"__1 _201\"/>quisiti<span class=\"__1 _201\"/>on of a con<span class=\"__1 _201\"/>trolling i<span class=\"__1 _201\"/>nterest i<span class=\"__1 _201\"/>n MGSA<span class=\"__1 _201\"/>, M&amp;<span class=\"__1 _201\"/>G Grou<span class=\"__1 _201\"/>p Limite<span class=\"__1 _201\"/>d provid<span class=\"__1 _201\"/>ed a guar<span class=\"__1 _201\"/>antee in re<span class=\"__1 _201\"/>spe<span class=\"__1 _201\"/>ct of an exi<span class=\"__1 _201\"/>sting l<span class=\"__1 _201\"/>oan fa<span class=\"__1 _201\"/>cilit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n Thes<span class=\"__1 _201\"/>ele, t<span class=\"__1 _201\"/>he sell<span class=\"__1 _201\"/>er of MG<span class=\"__1 _201\"/>SA<span class=\"__1 _201\"/>, and N<span class=\"__1 _201\"/>edban<span class=\"__1 _201\"/>k, a third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ty b<span class=\"__1 _201\"/>ank amo<span class=\"__1 _201\"/>unting to Z<span class=\"__1 _201\"/>AR 2<span class=\"__1 _201\"/>20m<span class=\"__1 _201\"/>. The gu<span class=\"__1 _201\"/>arantee i<span class=\"__1 _201\"/>s secure<span class=\"__1 _201\"/>d on 7<span class=\"__1 _201\"/>%<span class=\"__1 _32b\"> </span>of the sh<span class=\"__1 _201\"/>ares that T<span class=\"__1 _201\"/>hese<span class=\"__1 _201\"/>le retain<span class=\"__1 _201\"/>s in MGS<span class=\"__1 _201\"/>A.<span class=\"__1 _32b\"> </span>M&amp;G G<span class=\"__1 _201\"/>roup Re<span class=\"__1 _201\"/>gulated Ent<span class=\"__1 _201\"/>ity H<span class=\"__1 _201\"/>oldi<span class=\"__1 _201\"/>ng Com<span class=\"__1 _201\"/>pany Lim<span class=\"__1 _201\"/>ited is a gua<span class=\"__1 _201\"/>rantor fo<span class=\"__1 _201\"/>r the obli<span class=\"__1 _201\"/>gations o<span class=\"__1 _201\"/>f M&amp;G Co<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices L<span class=\"__1 _201\"/>imited to<span class=\"__1 _201\"/> mak<span class=\"__1 _200\"/>e paymen<span class=\"__1 _200\"/>ts under t<span class=\"__1 _200\"/>he Scottish Am<span class=\"__1 _200\"/>icable Staff<span class=\"__1 _200\"/> Pension Scheme.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ha<span class=\"__1 _201\"/>s also prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d other gu<span class=\"__1 _201\"/>arante<span class=\"__1 _201\"/>es and co<span class=\"__1 _201\"/>mmitm<span class=\"__1 _201\"/>ents to third p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ties ente<span class=\"__1 _201\"/>red into in the n<span class=\"__1 _201\"/>orma<span class=\"__1 _201\"/>l cours<span class=\"__1 _201\"/>e of busi<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>s,<span class=\"__1 _201\"/> but th<span class=\"__1 _201\"/>e Group d<span class=\"__1 _201\"/>oes n<span class=\"__1 _201\"/>ot consi<span class=\"__1 _201\"/>der that th<span class=\"__1 _201\"/>ese wo<span class=\"__1 _201\"/>uld resu<span class=\"__1 _201\"/>lt in a sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant unprov<span class=\"__1 _201\"/>isio<span class=\"__1 _201\"/>ned l<span class=\"__1 _201\"/>oss<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>34.<span class=\"__1 _201\"/>3 Support for<span class=\"__1 _200\"/> the With-Profits<span class=\"__1 _200\"/> Fund<span class=\"__1 _200\"/> by<span class=\"__1 _200\"/> shareholders<span class=\"__1 _32b\"> </span>P<span class=\"__1 _200\"/>AC is liable to m<span class=\"__1 _201\"/>eet its o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>ons to with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers even i<span class=\"__1 _201\"/>f the ass<span class=\"__1 _201\"/>ets of the w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profits s<span class=\"__1 _201\"/>ub-f<span class=\"__1 _201\"/>unds are i<span class=\"__1 _201\"/>nsuffi<span class=\"__1 _201\"/>cient<span class=\"__1 _201\"/> to do so. T<span class=\"__1 _201\"/>he as<span class=\"__1 _201\"/>sets<span class=\"__1 _201\"/>, repre<span class=\"__1 _201\"/>sented by th<span class=\"__1 _201\"/>e unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surpl<span class=\"__1 _201\"/>us of the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund<span class=\"__1 _201\"/>, in exces<span class=\"__1 _201\"/>s of amou<span class=\"__1 _201\"/>nts expe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d to be<span class=\"__1 _32b\"> </span>paid f<span class=\"__1 _201\"/>or future ter<span class=\"__1 _201\"/>minal b<span class=\"__1 _201\"/>onus<span class=\"__1 _201\"/>es and re<span class=\"__1 _201\"/>lated sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der tra<span class=\"__1 _201\"/>nsfe<span class=\"__1 _201\"/>rs (\u2018<span class=\"__1 _201\"/>the exces<span class=\"__1 _201\"/>s ass<span class=\"__1 _201\"/>ets\u2019) in the w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits s<span class=\"__1 _201\"/>ub-f<span class=\"__1 _201\"/>unds co<span class=\"__1 _201\"/>uld be<span class=\"__1 _201\"/> materi<span class=\"__1 _201\"/>ally de<span class=\"__1 _201\"/>plete<span class=\"__1 _201\"/>d over time by, for exampl<span class=\"__1 _201\"/>e, a sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant or sus<span class=\"__1 _201\"/>tain<span class=\"__1 _201\"/>ed eq<span class=\"__1 _201\"/>uity m<span class=\"__1 _201\"/>arket down<span class=\"__1 _201\"/>turn. I<span class=\"__1 _201\"/>n the unlikel<span class=\"__1 _201\"/>y circums<span class=\"__1 _201\"/>tance th<span class=\"__1 _201\"/>at<span class=\"__1 _32b\"> </span>the de<span class=\"__1 _201\"/>pleti<span class=\"__1 _201\"/>on of the exces<span class=\"__1 _201\"/>s ass<span class=\"__1 _201\"/>ets wit<span class=\"__1 _201\"/>hin the wit<span class=\"__1 _201\"/>h-pro<span class=\"__1 _201\"/>fits su<span class=\"__1 _201\"/>b-fun<span class=\"__1 _201\"/>ds was su<span class=\"__1 _201\"/>ch that the G<span class=\"__1 _201\"/>roup\u2019s abilit<span class=\"__1 _201\"/>y to satis<span class=\"__1 _201\"/>f<span class=\"__1 _201\"/>y poli<span class=\"__1 _201\"/>cyh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>rs\u2019<span class=\"__1 _32b\"> </span>reaso<span class=\"__1 _201\"/>nabl<span class=\"__1 _201\"/>e expe<span class=\"__1 _201\"/>ctatio<span class=\"__1 _201\"/>ns was ad<span class=\"__1 _201\"/>vers<span class=\"__1 _201\"/>ely affe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d, it mig<span class=\"__1 _201\"/>ht bec<span class=\"__1 _201\"/>ome ne<span class=\"__1 _201\"/>ces<span class=\"__1 _201\"/>sar<span class=\"__1 _201\"/>y to res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>t the an<span class=\"__1 _201\"/>nual dis<span class=\"__1 _201\"/>trib<span class=\"__1 _201\"/>ution to sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>ders o<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span>to c<span class=\"__1 _200\"/>ontribut<span class=\"__1 _200\"/>e shar<span class=\"__1 _200\"/>eholders\u2019<span class=\"__1 _200\"/> funds t<span class=\"__1 _200\"/>o the<span class=\"__1 _200\"/> with-profits<span class=\"__1 _200\"/> sub-funds t<span class=\"__1 _200\"/>o pro<span class=\"__1 _200\"/>vide financia<span class=\"__1 _200\"/>l support.<span class=\"__1 _32b\"> </span>The<span class=\"__1 _201\"/>re are a numb<span class=\"__1 _201\"/>er of ad<span class=\"__1 _201\"/>ditiona<span class=\"__1 _201\"/>l arra<span class=\"__1 _201\"/>ngem<span class=\"__1 _201\"/>ents b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder a<span class=\"__1 _201\"/>nd the Wi<span class=\"__1 _201\"/>th-P<span class=\"__1 _201\"/>rofits Fund a<span class=\"__1 _201\"/>s follow<span class=\"__1 _201\"/>s:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">The W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund contr<span class=\"__1 _201\"/>ibuted to the c<span class=\"__1 _201\"/>ost<span class=\"__1 _201\"/>s of esta<span class=\"__1 _201\"/>blishi<span class=\"__1 _201\"/>ng the Po<span class=\"__1 _201\"/>lish br<span class=\"__1 _201\"/>anch of PA<span class=\"__1 _200\"/>C, and re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>s repaym<span class=\"__1 _201\"/>ent thro<span class=\"__1 _201\"/>ugh<span class=\"__1 _32b\"> </span></span>inco<span class=\"__1 _201\"/>me from c<span class=\"__1 _201\"/>harges l<span class=\"__1 _201\"/>evie<span class=\"__1 _201\"/>d on the b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>. There i<span class=\"__1 _201\"/>s an obli<span class=\"__1 _201\"/>gation on th<span class=\"__1 _201\"/>e share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ers to ens<span class=\"__1 _201\"/>ure that the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profits Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>will b<span class=\"__1 _201\"/>e repai<span class=\"__1 _201\"/>d in full wi<span class=\"__1 _201\"/>th interes<span class=\"__1 _201\"/>t, and a<span class=\"__1 _201\"/>n amount i<span class=\"__1 _201\"/>s reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d for the e<span class=\"__1 _201\"/>stimate<span class=\"__1 _201\"/>d cost to th<span class=\"__1 _201\"/>e shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er of any sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tfa<span class=\"__1 _201\"/>ll at the<span class=\"__1 _201\"/> end of th<span class=\"__1 _201\"/>e term of th<span class=\"__1 _201\"/>e agree<span class=\"__1 _201\"/>ment. T<span class=\"__1 _201\"/>he imp<span class=\"__1 _201\"/>act i<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>ded in th<span class=\"__1 _201\"/>e unallo<span class=\"__1 _201\"/>cate<span class=\"__1 _201\"/>d surpl<span class=\"__1 _201\"/>us of the wi<span class=\"__1 _201\"/>th-pro<span class=\"__1 _201\"/>fits fu<span class=\"__1 _201\"/>nd with ch<span class=\"__1 _201\"/>anges i<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>valu<span class=\"__1 _201\"/>e reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in movem<span class=\"__1 _201\"/>ent in una<span class=\"__1 _201\"/>lloc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of th<span class=\"__1 _201\"/>e with-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s fund in th<span class=\"__1 _201\"/>e cons<span class=\"__1 _201\"/>olidate<span class=\"__1 _201\"/>d incom<span class=\"__1 _201\"/>e statem<span class=\"__1 _201\"/>ent.<span class=\"__1 _201\"/> \u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Par<span class=\"__1 _201\"/>t of th<span class=\"__1 _201\"/>e acquis<span class=\"__1 _201\"/>ition co<span class=\"__1 _201\"/>sts in<span class=\"__1 _201\"/>curre<span class=\"__1 _201\"/>d in the ear<span class=\"__1 _201\"/>ly year<span class=\"__1 _201\"/>s of M&amp;G Wealth Ad<span class=\"__1 _201\"/>vice L<span class=\"__1 _201\"/>imited (form<span class=\"__1 _201\"/>erly P<span class=\"__1 _201\"/>rud<span class=\"__1 _201\"/>ential Fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>l Planni<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span></span>Ltd) were fu<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d by the With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund. I<span class=\"__1 _201\"/>n return<span class=\"__1 _201\"/>, M&amp;G Wealth Adv<span class=\"__1 _201\"/>ice Lim<span class=\"__1 _201\"/>ited is re<span class=\"__1 _201\"/>quired to d<span class=\"__1 _201\"/>eliver c<span class=\"__1 _201\"/>ost s<span class=\"__1 _201\"/>avings to the<span class=\"__1 _201\"/> With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund. I<span class=\"__1 _201\"/>n the event of cl<span class=\"__1 _201\"/>osure of M&amp;<span class=\"__1 _201\"/>G Wealth Advi<span class=\"__1 _201\"/>ce or<span class=\"__1 _200\"/>, the cos<span class=\"__1 _201\"/>t savin<span class=\"__1 _201\"/>gs not be<span class=\"__1 _201\"/>ing de<span class=\"__1 _201\"/>livere<span class=\"__1 _201\"/>d and M&amp;<span class=\"__1 _201\"/>G W<span class=\"__1 _200\"/>ealth<span class=\"__1 _201\"/> Advi<span class=\"__1 _201\"/>ce stop<span class=\"__1 _201\"/>s writin<span class=\"__1 _201\"/>g new bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s, th<span class=\"__1 _201\"/>e shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er will re<span class=\"__1 _201\"/>imburs<span class=\"__1 _201\"/>e the Wit<span class=\"__1 _201\"/>h-P<span class=\"__1 _201\"/>rofits Fund fo<span class=\"__1 _201\"/>r any remai<span class=\"__1 _201\"/>ning sh<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tf<span class=\"__1 _201\"/>all. Th<span class=\"__1 _201\"/>e time<span class=\"__1 _201\"/> per<span class=\"__1 _201\"/>iod fo<span class=\"__1 _201\"/>r repaym<span class=\"__1 _201\"/>ent is not d<span class=\"__1 _201\"/>efine<span class=\"__1 _201\"/>d.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">T<span class=\"__1 _f_1\"/>ra<span class=\"__1 _201\"/>nsfo<span class=\"__1 _201\"/>rmatio<span class=\"__1 _201\"/>n cost<span class=\"__1 _201\"/>s asso<span class=\"__1 _201\"/>ciated w<span class=\"__1 _201\"/>ith with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts new bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s will b<span class=\"__1 _201\"/>e recove<span class=\"__1 _201\"/>red in the p<span class=\"__1 _201\"/>ricin<span class=\"__1 _201\"/>g of future ne<span class=\"__1 _201\"/>w busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/> </span>(subjec<span class=\"__1 _201\"/>t to a share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er und<span class=\"__1 _201\"/>erpi<span class=\"__1 _201\"/>n where<span class=\"__1 _201\"/>by the sha<span class=\"__1 _201\"/>rehol<span class=\"__1 _201\"/>der wil<span class=\"__1 _201\"/>l comp<span class=\"__1 _201\"/>ensate th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund if any of the<span class=\"__1 _201\"/>se cos<span class=\"__1 _201\"/>ts are<span class=\"__1 _201\"/> not fu<span class=\"__1 _201\"/>lly rec<span class=\"__1 _201\"/>overed at the e<span class=\"__1 _201\"/>nd of the ter<span class=\"__1 _201\"/>m of the ag<span class=\"__1 _201\"/>reeme<span class=\"__1 _201\"/>nt).<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">P<span class=\"__1 _200\"/>AC has unde<span class=\"__1 _201\"/>rta<span class=\"__1 _201\"/>ken a proje<span class=\"__1 _201\"/>ct to ratio<span class=\"__1 _201\"/>nalis<span class=\"__1 _201\"/>e fund s<span class=\"__1 _201\"/>truc<span class=\"__1 _201\"/>tures (<span class=\"__1 _201\"/>Th<span class=\"__1 _201\"/>e T<span class=\"__1 _f_1\"/>arge<span class=\"__1 _201\"/>t Investm<span class=\"__1 _201\"/>ent Mo<span class=\"__1 _201\"/>del p<span class=\"__1 _201\"/>rogram<span class=\"__1 _201\"/>me) achieved by c<span class=\"__1 _201\"/>ombin<span class=\"__1 _201\"/>ing<span class=\"__1 _32b\"> </span></span>exis<span class=\"__1 _201\"/>ting, s<span class=\"__1 _201\"/>malle<span class=\"__1 _201\"/>r funds w<span class=\"__1 _201\"/>ith the mai<span class=\"__1 _201\"/>n With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s ass<span class=\"__1 _201\"/>et share f<span class=\"__1 _201\"/>und in a fun<span class=\"__1 _201\"/>d umbre<span class=\"__1 _201\"/>lla str<span class=\"__1 _201\"/>uctu<span class=\"__1 _201\"/>re, and is ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to yie<span class=\"__1 _201\"/>ld<span class=\"__1 _201\"/> vari<span class=\"__1 _201\"/>ous be<span class=\"__1 _201\"/>nefit<span class=\"__1 _201\"/>s for the b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss over ti<span class=\"__1 _201\"/>me. If exp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted be<span class=\"__1 _201\"/>nefits d<span class=\"__1 _201\"/>o not mater<span class=\"__1 _201\"/>ialis<span class=\"__1 _201\"/>e to the With<span class=\"__1 _201\"/>-Profi<span class=\"__1 _201\"/>ts Fund, th<span class=\"__1 _201\"/>e shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er is<span class=\"__1 _201\"/> comm<span class=\"__1 _201\"/>itte<span class=\"__1 _201\"/>d to compe<span class=\"__1 _201\"/>nsate the f<span class=\"__1 _201\"/>und for a<span class=\"__1 _201\"/>ny imple<span class=\"__1 _201\"/>mentati<span class=\"__1 _201\"/>on cos<span class=\"__1 _201\"/>ts bor<span class=\"__1 _201\"/>ne whi<span class=\"__1 _201\"/>ch were not f<span class=\"__1 _201\"/>ully re<span class=\"__1 _201\"/>coup<span class=\"__1 _201\"/>ed. T<span class=\"__1 _201\"/>he ass<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>ment p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>for th<span class=\"__1 _201\"/>e under<span class=\"__1 _201\"/>pin ar<span class=\"__1 _201\"/>range<span class=\"__1 _201\"/>ment i<span class=\"__1 _201\"/>s 5 years<span class=\"__1 _201\"/>, runni<span class=\"__1 _201\"/>ng to the en<span class=\"__1 _201\"/>d of 2025<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">P<span class=\"__1 _200\"/>AC has pric<span class=\"__1 _201\"/>ed new w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits b<span class=\"__1 _201\"/>usine<span class=\"__1 _201\"/>ss on a b<span class=\"__1 _201\"/>asis that is ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted to be fi<span class=\"__1 _201\"/>nancia<span class=\"__1 _201\"/>lly se<span class=\"__1 _201\"/>lf-suppo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting or<span class=\"__1 _200\"/>, whe<span class=\"__1 _201\"/>re this has<span class=\"__1 _201\"/> </span>not b<span class=\"__1 _201\"/>een the c<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>, the share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er is re<span class=\"__1 _201\"/>quired to cove<span class=\"__1 _201\"/>r the cos<span class=\"__1 _201\"/>t (know<span class=\"__1 _201\"/>n as the Ne<span class=\"__1 _201\"/>w Busin<span class=\"__1 _201\"/>ess S<span class=\"__1 _201\"/>uppor<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y T<span class=\"__1 _f_1\"/>e<span class=\"__1 _201\"/>st, \u2018<span class=\"__1 _201\"/>NBS<span class=\"__1 _201\"/>T\u2019<span class=\"__1 _201\"/>).<span class=\"__1 _32b\"> </span>The i<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t is incl<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>d in the unal<span class=\"__1 _201\"/>loc<span class=\"__1 _201\"/>ated sur<span class=\"__1 _201\"/>plus of the w<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>profit<span class=\"__1 _201\"/>s fund wi<span class=\"__1 _201\"/>th chang<span class=\"__1 _201\"/>es in val<span class=\"__1 _201\"/>ue reco<span class=\"__1 _201\"/>gnise<span class=\"__1 _201\"/>d in movem<span class=\"__1 _201\"/>ent in<span class=\"__1 _201\"/> unall<span class=\"__1 _201\"/>ocate<span class=\"__1 _201\"/>d surp<span class=\"__1 _201\"/>lus of the w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits f<span class=\"__1 _201\"/>und in the c<span class=\"__1 _201\"/>onso<span class=\"__1 _201\"/>lidated i<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e stateme<span class=\"__1 _201\"/>nt.<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing mat<span class=\"__1 _201\"/>ters are of rel<span class=\"__1 _201\"/>evanc<span class=\"__1 _201\"/>e with resp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>t to the With<span class=\"__1 _201\"/>-Pro<span class=\"__1 _201\"/>fits Fund:<span class=\"__1 _201\"/> 34<span class=\"__1 _201\"/>.3.<span class=\"__1 _f_1\"/>1 Pension mis-selling re<span class=\"__1 _200\"/>view<span class=\"__1 _32b\"> </span>The P<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>ns mis-<span class=\"__1 _201\"/>sellin<span class=\"__1 _201\"/>g review cove<span class=\"__1 _201\"/>rs clie<span class=\"__1 _201\"/>nts wh<span class=\"__1 _201\"/>o were sol<span class=\"__1 _201\"/>d per<span class=\"__1 _201\"/>sonal p<span class=\"__1 _201\"/>ensi<span class=\"__1 _201\"/>ons bet<span class=\"__1 _201\"/>we<span class=\"__1 _201\"/>en 29 Ap<span class=\"__1 _201\"/>ril 198<span class=\"__1 _201\"/>8 and 3<span class=\"__1 _201\"/>0 June 19<span class=\"__1 _201\"/>94<span class=\"__1 _201\"/>, and<span class=\"__1 _201\"/> who we<span class=\"__1 _201\"/>re adv<span class=\"__1 _201\"/>ised to tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>r out, n<span class=\"__1 _201\"/>ot join<span class=\"__1 _201\"/>, or opt o<span class=\"__1 _201\"/>ut of their e<span class=\"__1 _201\"/>mploye<span class=\"__1 _201\"/>r\u2019s Defin<span class=\"__1 _201\"/>ed Be<span class=\"__1 _201\"/>nefit Pe<span class=\"__1 _201\"/>nsio<span class=\"__1 _201\"/>n Sche<span class=\"__1 _201\"/>me. Cur<span class=\"__1 _201\"/>rently a p<span class=\"__1 _201\"/>rovisio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>amo<span class=\"__1 _201\"/>unting to \u00a3<span class=\"__1 _201\"/>226m (2<span class=\"__1 _201\"/>021: \u00a32<span class=\"__1 _201\"/>96m) as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 202<span class=\"__1 _201\"/>2 is be<span class=\"__1 _201\"/>ing he<span class=\"__1 _201\"/>ld in relati<span class=\"__1 _201\"/>on to this with<span class=\"__1 _201\"/>in insur<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>ntrac<span class=\"__1 _201\"/>t liabi<span class=\"__1 _201\"/>lities<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Dur<span class=\"__1 _201\"/>ing the in<span class=\"__1 _201\"/>itial revi<span class=\"__1 _201\"/>ew, some cli<span class=\"__1 _201\"/>ents were i<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>ed with gu<span class=\"__1 _201\"/>arante<span class=\"__1 _201\"/>es that red<span class=\"__1 _201\"/>ress w<span class=\"__1 _201\"/>ill be c<span class=\"__1 _201\"/>alculate<span class=\"__1 _201\"/>d on retirem<span class=\"__1 _201\"/>ent or tr<span class=\"__1 _201\"/>ansfe<span class=\"__1 _201\"/>r of<span class=\"__1 _32b\"> </span>their p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>. The prov<span class=\"__1 _201\"/>isio<span class=\"__1 _201\"/>n continu<span class=\"__1 _201\"/>es to cover th<span class=\"__1 _201\"/>ese cli<span class=\"__1 _201\"/>ents<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Whil<span class=\"__1 _201\"/>st P<span class=\"__1 _200\"/>AC believe<span class=\"__1 _201\"/>d it met the re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>ments of t<span class=\"__1 _201\"/>he FSA (the UK ins<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce regul<span class=\"__1 _201\"/>ator at that time) to issu<span class=\"__1 _201\"/>e offer<span class=\"__1 _201\"/>s of redres<span class=\"__1 _201\"/>s to all<span class=\"__1 _201\"/> impa<span class=\"__1 _201\"/>cted c<span class=\"__1 _201\"/>lients by 3<span class=\"__1 _201\"/>0 Jun<span class=\"__1 _201\"/>e 2002<span class=\"__1 _201\"/>, there is a p<span class=\"__1 _201\"/>opul<span class=\"__1 _201\"/>ation of cli<span class=\"__1 _201\"/>ents w<span class=\"__1 _201\"/>ho, whil<span class=\"__1 _201\"/>st an at<span class=\"__1 _201\"/>tempt was m<span class=\"__1 _201\"/>ade at the ti<span class=\"__1 _201\"/>me to invite the<span class=\"__1 _201\"/>m to<span class=\"__1 _32b\"> </span>par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pate in the rev<span class=\"__1 _201\"/>iew, may not have rece<span class=\"__1 _201\"/>ived th<span class=\"__1 _201\"/>eir invi<span class=\"__1 _201\"/>tation. T<span class=\"__1 _201\"/>hes<span class=\"__1 _201\"/>e client<span class=\"__1 _201\"/>s have be<span class=\"__1 _201\"/>en re-<span class=\"__1 _201\"/>eng<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/>d, to ensure t<span class=\"__1 _201\"/>hey have the<span class=\"__1 _201\"/> opp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tunit<span class=\"__1 _201\"/>y to take par<span class=\"__1 _201\"/>t in the rev<span class=\"__1 _201\"/>iew. The prov<span class=\"__1 _201\"/>isio<span class=\"__1 _201\"/>n also cove<span class=\"__1 _201\"/>rs this p<span class=\"__1 _201\"/>opulati<span class=\"__1 _201\"/>on.<span class=\"__1 _32b\"> </span>The key as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons und<span class=\"__1 _201\"/>erly<span class=\"__1 _201\"/>ing the p<span class=\"__1 _201\"/>rovisi<span class=\"__1 _201\"/>ons are:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">averag<span class=\"__1 _201\"/>e cost o<span class=\"__1 _201\"/>f redres<span class=\"__1 _201\"/>s per c<span class=\"__1 _201\"/>lient<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">prop<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tion of p<span class=\"__1 _201\"/>rovisi<span class=\"__1 _201\"/>on (reser<span class=\"__1 _201\"/>ve rate) held fo<span class=\"__1 _201\"/>r sof<span class=\"__1 _201\"/>t clos<span class=\"__1 _201\"/>e cas<span class=\"__1 _201\"/>es (where all re<span class=\"__1 _201\"/>ason<span class=\"__1 _201\"/>able s<span class=\"__1 _201\"/>teps have be<span class=\"__1 _201\"/>en taken to con<span class=\"__1 _201\"/>tact th<span class=\"__1 _201\"/>e client<span class=\"__1 _201\"/> </span>but th<span class=\"__1 _201\"/>e client h<span class=\"__1 _201\"/>as not en<span class=\"__1 _201\"/>gage<span class=\"__1 _201\"/>d with the rev<span class=\"__1 _201\"/>iew).<span class=\"__1 _32b\"> </span>Sen<span class=\"__1 _201\"/>sitiv<span class=\"__1 _201\"/>ities of th<span class=\"__1 _201\"/>e value of t<span class=\"__1 _201\"/>he provi<span class=\"__1 _201\"/>sion to cha<span class=\"__1 _201\"/>nge in as<span class=\"__1 _201\"/>sumpti<span class=\"__1 _201\"/>ons are as fo<span class=\"__1 _201\"/>llows<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>Assumption <span class=\"__1 _2b7\"> </span><span class=\"ls1_1\">As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span></span>Change i<span class=\"__1 _200\"/>n assumpti<span class=\"__1 _200\"/>on<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Average c<span class=\"__1 _201\"/>ost of re<span class=\"__1 _201\"/>dress<span class=\"__1 _485\"> </span>inc<span class=\"__1 _201\"/>rease/<span class=\"__1 _200\"/>dec<span class=\"__1 _201\"/>rease by 10%<span class=\"__1 _5d_1\"> </span><span class=\"ff1_1 ls98_1 ws50_1\">+/-<span class=\"__1 _201\"/> 1<span class=\"__1 _250\"/>0<span class=\"__1 _204\"> </span></span><span class=\"ls99_1 ws6_1\">+/- 1<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span>Res<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ve rate for s<span class=\"__1 _201\"/>oft c<span class=\"__1 _201\"/>lose<span class=\"__1 _201\"/>d cas<span class=\"__1 _201\"/>es<span class=\"__1 _364\"> </span>i<span class=\"__1 _201\"/>ncreas<span class=\"__1 _201\"/>e/<span class=\"__1 _f_1\"/>d<span class=\"__1 _201\"/>ecreas<span class=\"__1 _201\"/>e by 10%<span class=\"__1 _7d_1\"> </span><span class=\"ff1_1 ls98_1 ws50_1\">+/-<span class=\"__1 _201\"/> 3<span class=\"__1 _201\"/>0<span class=\"__1 _243\"> </span></span><span class=\"ls99_1 ws6_1\">+<span class=\"__1 _201\"/>/-<span class=\"__1 _201\"/> 3<span class=\"__1 _201\"/>0<span class=\"__1 _32b\"> </span></span>34 Contingencies and r<span class=\"__1 _200\"/>elat<span class=\"__1 _200\"/>ed obligat<span class=\"__1 _200\"/>ions cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Cos<span class=\"__1 _201\"/>ts ari<span class=\"__1 _201\"/>sing fro<span class=\"__1 _201\"/>m this revi<span class=\"__1 _201\"/>ew are met by the exce<span class=\"__1 _201\"/>ss as<span class=\"__1 _201\"/>sets of th<span class=\"__1 _201\"/>e with<span class=\"__1 _201\"/>-profi<span class=\"__1 _201\"/>ts sub<span class=\"__1 _201\"/>-fund a<span class=\"__1 _201\"/>nd hen<span class=\"__1 _201\"/>ce have not b<span class=\"__1 _201\"/>een cha<span class=\"__1 _201\"/>rged to<span class=\"__1 _201\"/> the as<span class=\"__1 _201\"/>set sh<span class=\"__1 _201\"/>ares use<span class=\"__1 _201\"/>d in the d<span class=\"__1 _201\"/>eterminat<span class=\"__1 _201\"/>ion of po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der bo<span class=\"__1 _201\"/>nus rates<span class=\"__1 _201\"/>. An as<span class=\"__1 _201\"/>suran<span class=\"__1 _201\"/>ce was gi<span class=\"__1 _201\"/>ven that th<span class=\"__1 _201\"/>ese de<span class=\"__1 _201\"/>duc<span class=\"__1 _201\"/>tions f<span class=\"__1 _201\"/>rom exces<span class=\"__1 _201\"/>s asse<span class=\"__1 _201\"/>ts woul<span class=\"__1 _201\"/>d not impa<span class=\"__1 _201\"/>ct PA<span class=\"__1 _200\"/>C\u2019s bonus o<span class=\"__1 _201\"/>r investm<span class=\"__1 _201\"/>ent po<span class=\"__1 _201\"/>licy f<span class=\"__1 _201\"/>or pol<span class=\"__1 _201\"/>icies w<span class=\"__1 _201\"/>ithin the w<span class=\"__1 _201\"/>ith-p<span class=\"__1 _201\"/>rofits s<span class=\"__1 _201\"/>ub-f<span class=\"__1 _201\"/>unds that we<span class=\"__1 _201\"/>re in force at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 2<span class=\"__1 _201\"/>003<span class=\"__1 _201\"/>. This a<span class=\"__1 _201\"/>ssur<span class=\"__1 _201\"/>ance do<span class=\"__1 _201\"/>es not a<span class=\"__1 _201\"/>pply to n<span class=\"__1 _201\"/>ew busin<span class=\"__1 _201\"/>ess s<span class=\"__1 _201\"/>ince 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y 20<span class=\"__1 _201\"/>04<span class=\"__1 _201\"/>. In the unli<span class=\"__1 _201\"/>kely event that s<span class=\"__1 _201\"/>uch ded<span class=\"__1 _201\"/>ucti<span class=\"__1 _201\"/>ons wou<span class=\"__1 _201\"/>ld affe<span class=\"__1 _201\"/>ct the b<span class=\"__1 _201\"/>onus o<span class=\"__1 _201\"/>r investm<span class=\"__1 _201\"/>ent po<span class=\"__1 _201\"/>licy f<span class=\"__1 _201\"/>or the rel<span class=\"__1 _201\"/>evant po<span class=\"__1 _201\"/>licie<span class=\"__1 _201\"/>s, the a<span class=\"__1 _201\"/>ssur<span class=\"__1 _201\"/>ance p<span class=\"__1 _201\"/>rovide<span class=\"__1 _201\"/>s that supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t woul<span class=\"__1 _201\"/>d be ma<span class=\"__1 _201\"/>de availa<span class=\"__1 _201\"/>ble to the su<span class=\"__1 _201\"/>b-fu<span class=\"__1 _201\"/>nd from PA<span class=\"__1 _200\"/>C\u2019s shareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r reso<span class=\"__1 _201\"/>urces for a<span class=\"__1 _201\"/>s long a<span class=\"__1 _201\"/>s the situati<span class=\"__1 _201\"/>on conti<span class=\"__1 _201\"/>nued<span class=\"__1 _201\"/>, so as to ens<span class=\"__1 _201\"/>ure that P<span class=\"__1 _200\"/>AC\u2019s polic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s were not di<span class=\"__1 _201\"/>sadv<span class=\"__1 _201\"/>antage<span class=\"__1 _201\"/>d. PA<span class=\"__1 _200\"/>C\u2019s comfor<span class=\"__1 _201\"/>t in it<span class=\"__1 _201\"/>s abilit<span class=\"__1 _201\"/>y to make su<span class=\"__1 _201\"/>ch supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t availab<span class=\"__1 _201\"/>le was su<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>te<span class=\"__1 _201\"/>d by related i<span class=\"__1 _201\"/>ntra-<span class=\"__1 _201\"/>group a<span class=\"__1 _201\"/>rran<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nts bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n Pru<span class=\"__1 _201\"/>dential p<span class=\"__1 _201\"/>lc and PA<span class=\"__1 _200\"/>C, wh<span class=\"__1 _201\"/>ich for<span class=\"__1 _201\"/>malis<span class=\"__1 _201\"/>ed the circ<span class=\"__1 _201\"/>umsta<span class=\"__1 _201\"/>nces in w<span class=\"__1 _201\"/>hich c<span class=\"__1 _201\"/>apital s<span class=\"__1 _201\"/>uppo<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/> woul<span class=\"__1 _201\"/>d be mad<span class=\"__1 _201\"/>e availab<span class=\"__1 _201\"/>le to P<span class=\"__1 _200\"/>A<span class=\"__1 _200\"/>C by Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l plc<span class=\"__1 _201\"/>. Thes<span class=\"__1 _201\"/>e intra<span class=\"__1 _201\"/>-gro<span class=\"__1 _201\"/>up arra<span class=\"__1 _201\"/>ngem<span class=\"__1 _201\"/>ents ter<span class=\"__1 _201\"/>minated o<span class=\"__1 _201\"/>n 21 Oc<span class=\"__1 _201\"/>tober 2019, f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing the de<span class=\"__1 _201\"/>merg<span class=\"__1 _201\"/>er of M&amp;G p<span class=\"__1 _201\"/>lc from Pr<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>ntial pl<span class=\"__1 _201\"/>c, at whi<span class=\"__1 _201\"/>ch time intr<span class=\"__1 _201\"/>a-<span class=\"__1 _201\"/>group ar<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/>s form<span class=\"__1 _201\"/>alisin<span class=\"__1 _201\"/>g the circum<span class=\"__1 _201\"/>stan<span class=\"__1 _201\"/>ces in wh<span class=\"__1 _201\"/>ich M&amp;G p<span class=\"__1 _201\"/>lc woul<span class=\"__1 _201\"/>d make capit<span class=\"__1 _201\"/>al supp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t availab<span class=\"__1 _201\"/>le to P<span class=\"__1 _200\"/>AC beca<span class=\"__1 _201\"/>me effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve. 34.<span class=\"__1 _201\"/>3.2 With-profits options<span class=\"__1 _200\"/> and gua<span class=\"__1 _200\"/>rant<span class=\"__1 _200\"/>ees<span class=\"__1 _32b\"> </span>Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in poli<span class=\"__1 _201\"/>cies wi<span class=\"__1 _201\"/>thin the W<span class=\"__1 _201\"/>ith-P<span class=\"__1 _201\"/>rofits Fund g<span class=\"__1 _201\"/>ive poten<span class=\"__1 _201\"/>tially va<span class=\"__1 _201\"/>luabl<span class=\"__1 _201\"/>e guara<span class=\"__1 _201\"/>ntees to po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>, or opti<span class=\"__1 _201\"/>ons to chan<span class=\"__1 _201\"/>ge po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/> ben<span class=\"__1 _201\"/>efits w<span class=\"__1 _201\"/>hich c<span class=\"__1 _201\"/>an be exercis<span class=\"__1 _201\"/>ed at the p<span class=\"__1 _201\"/>olic<span class=\"__1 _201\"/>yho<span class=\"__1 _201\"/>lder<span class=\"__1 _201\"/>s\u2019 discretio<span class=\"__1 _201\"/>n. Th<span class=\"__1 _201\"/>ese op<span class=\"__1 _201\"/>tions an<span class=\"__1 _201\"/>d guara<span class=\"__1 _201\"/>ntees are v<span class=\"__1 _201\"/>alued a<span class=\"__1 _201\"/>s par<span class=\"__1 _201\"/>t of the<span class=\"__1 _201\"/> pol<span class=\"__1 _201\"/>icy<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er liab<span class=\"__1 _201\"/>ilities<span class=\"__1 _201\"/>. Ple<span class=\"__1 _201\"/>ase refer to N<span class=\"__1 _201\"/>ote 26.<span class=\"__1 _200\"/>1 for fu<span class=\"__1 _201\"/>rth<span class=\"__1 _201\"/>er deta<span class=\"__1 _201\"/>ils on the<span class=\"__1 _201\"/>se opti<span class=\"__1 _201\"/>ons and g<span class=\"__1 _201\"/>uarante<span class=\"__1 _201\"/>es<span class=\"__1 _201\"/>. 35 Comm<span class=\"__1 _201\"/>itments<span class=\"__1 _201\"/> The G<span class=\"__1 _201\"/>roup l<span class=\"__1 _201\"/>eases v<span class=\"__1 _201\"/>ario<span class=\"__1 _201\"/>us offic<span class=\"__1 _201\"/>es to cond<span class=\"__1 _201\"/>uct it<span class=\"__1 _201\"/>s busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>. In lin<span class=\"__1 _201\"/>e with the re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>ments o<span class=\"__1 _201\"/>f IFRS 16<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up has re<span class=\"__1 _201\"/>cognis<span class=\"__1 _201\"/>ed a<span class=\"__1 _201\"/> leas<span class=\"__1 _201\"/>e liabi<span class=\"__1 _201\"/>lity i<span class=\"__1 _201\"/>n respe<span class=\"__1 _201\"/>ct of th<span class=\"__1 _201\"/>ese l<span class=\"__1 _201\"/>ease<span class=\"__1 _201\"/>s repres<span class=\"__1 _201\"/>enting th<span class=\"__1 _201\"/>e oblig<span class=\"__1 _201\"/>ation to make future l<span class=\"__1 _201\"/>ease p<span class=\"__1 _201\"/>ayment<span class=\"__1 _201\"/>s. Fo<span class=\"__1 _201\"/>r fur<span class=\"__1 _201\"/>ther in<span class=\"__1 _201\"/>formati<span class=\"__1 _201\"/>on on th<span class=\"__1 _32b\"> </span>e<span class=\"__1 _201\"/> leas<span class=\"__1 _201\"/>e liabi<span class=\"__1 _201\"/>lity s<span class=\"__1 _201\"/>ee N<span class=\"__1 _201\"/>ote 28.<span class=\"__1 _32b\"> </span>In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up has prov<span class=\"__1 _201\"/>ide<span class=\"__1 _201\"/>d, from ti<span class=\"__1 _201\"/>me to time, c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain gua<span class=\"__1 _201\"/>rantee<span class=\"__1 _201\"/>s and com<span class=\"__1 _201\"/>mitmen<span class=\"__1 _201\"/>ts to third par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es incl<span class=\"__1 _201\"/>uding f<span class=\"__1 _201\"/>unding<span class=\"__1 _201\"/> the pu<span class=\"__1 _201\"/>rchase o<span class=\"__1 _201\"/>r develo<span class=\"__1 _201\"/>pment of l<span class=\"__1 _201\"/>and an<span class=\"__1 _201\"/>d build<span class=\"__1 _201\"/>ings and o<span class=\"__1 _201\"/>ther rel<span class=\"__1 _201\"/>ated matte<span class=\"__1 _201\"/>rs. T<span class=\"__1 _201\"/>he contr<span class=\"__1 _201\"/>actu<span class=\"__1 _201\"/>al obli<span class=\"__1 _201\"/>gations to p<span class=\"__1 _201\"/>urchase o<span class=\"__1 _201\"/>r<span class=\"__1 _32b\"> </span> devel<span class=\"__1 _201\"/>op inves<span class=\"__1 _201\"/>tment p<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 were \u00a3<span class=\"__1 _201\"/>805m (<span class=\"__1 _201\"/>2021: \u00a3813m). Co<span class=\"__1 _201\"/>mmitm<span class=\"__1 _201\"/>ents als<span class=\"__1 _201\"/>o aris<span class=\"__1 _201\"/>e in relatio<span class=\"__1 _201\"/>n to the<span class=\"__1 _32b\"> </span> refur<span class=\"__1 _201\"/>bishm<span class=\"__1 _201\"/>ent of inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t prope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>ies<span class=\"__1 _201\"/>, however th<span class=\"__1 _201\"/>ese wou<span class=\"__1 _201\"/>ld not b<span class=\"__1 _201\"/>e material to th<span class=\"__1 _201\"/>e financ<span class=\"__1 _201\"/>ial state<span class=\"__1 _201\"/>ments<span class=\"__1 _201\"/>, eith<span class=\"__1 _201\"/>er indi<span class=\"__1 _201\"/>vidu<span class=\"__1 _201\"/>ally or<span class=\"__1 _201\"/> in agg<span class=\"__1 _201\"/>regate.<span class=\"__1 _32b\"> </span>As at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22<span class=\"__1 _201\"/>, the Gro<span class=\"__1 _201\"/>up had un<span class=\"__1 _201\"/>drawn co<span class=\"__1 _201\"/>mmitm<span class=\"__1 _201\"/>ents of \u00a34<span class=\"__1 _201\"/>,027m to third par<span class=\"__1 _201\"/>ti<span class=\"__1 _201\"/>es (2021: \u00a3<span class=\"__1 _201\"/>3,<span class=\"__1 _201\"/>24<span class=\"__1 _201\"/>6m) of which \u00a3<span class=\"__1 _201\"/>2,<span class=\"__1 _201\"/>566<span class=\"__1 _201\"/>m<span class=\"__1 _32b\"> </span> (2021: \u00a31,<span class=\"__1 _201\"/>676m) was co<span class=\"__1 _201\"/>mmit<span class=\"__1 _201\"/>ted by its pr<span class=\"__1 _201\"/>ivate eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y and infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>uctu<span class=\"__1 _201\"/>re funds<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>ese co<span class=\"__1 _201\"/>mmitme<span class=\"__1 _201\"/>nts were en<span class=\"__1 _201\"/>tered into in th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span> nor<span class=\"__1 _201\"/>mal cou<span class=\"__1 _201\"/>rse of bu<span class=\"__1 _201\"/>sine<span class=\"__1 _201\"/>ss and n<span class=\"__1 _201\"/>o materia<span class=\"__1 _201\"/>l adver<span class=\"__1 _201\"/>se imp<span class=\"__1 _201\"/>act o<span class=\"__1 _201\"/>n the ope<span class=\"__1 _201\"/>ration<span class=\"__1 _201\"/>s is expe<span class=\"__1 _201\"/>cted to ar<span class=\"__1 _201\"/>ise<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-574": {
   "value": "35 Commitments The Group leases various offices to conduct its business. In line with the requirements of IFRS 16, the Group has recognised a lease liability in respect of these leases representing the obligation to make future lease payments. For further information on th lease liability see Note 28. In addition, the Group has provided, from time to time, certain guarantees and commitments to third parties including funding the purchase or development of land and buildings and other related matters. The contractual obligations to purchase or develop investment property as at 31 December 2022 were \u00a3805m (2021: \u00a3813m). Commitments also arise in relation to the refurbishment of investment properties, however these would not be material to the financial statements, either individually or in aggregate. As at 31 December 2022, the Group had undrawn commitments of \u00a34,027m to third parties (2021: \u00a33,246m) of which \u00a32,566m (2021: \u00a31,676m) was committed by its private equity and infrastructure funds. These commitments were entered into in the normal course of business and no material adverse impact on the operations is expected to arise . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-517": {
   "value": "36 Related part<span class=\"__1 _201\"/>y transacti<span class=\"__1 _201\"/>ons The G<span class=\"__1 _201\"/>roup an<span class=\"__1 _201\"/>d its relate<span class=\"__1 _201\"/>d par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s compr<span class=\"__1 _201\"/>ise me<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>rs of the M&amp;<span class=\"__1 _201\"/>G plc G<span class=\"__1 _201\"/>roup, as wel<span class=\"__1 _201\"/>l as the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s join<span class=\"__1 _201\"/>t ventures an<span class=\"__1 _201\"/>d ass<span class=\"__1 _201\"/>ociates<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span>and any e<span class=\"__1 _201\"/>ntit<span class=\"__1 _201\"/>y control<span class=\"__1 _201\"/>led by tho<span class=\"__1 _201\"/>se par<span class=\"__1 _201\"/>tie<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>36.<span class=\"__1 _f_1\"/>1 T<span class=\"__1 _f_1\"/>ransactions with<span class=\"__1 _200\"/> the Group<span class=\"__1 _200\"/>\u2019s<span class=\"__1 _200\"/> joint<span class=\"__1 _200\"/> ven<span class=\"__1 _200\"/>tures<span class=\"__1 _200\"/> and associa<span class=\"__1 _200\"/>tes<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup re<span class=\"__1 _201\"/>ceive<span class=\"__1 _201\"/>d div<span class=\"__1 _201\"/>iden<span class=\"__1 _201\"/>ds and intere<span class=\"__1 _201\"/>st of \u00a3<span class=\"__1 _201\"/>91m for the year e<span class=\"__1 _201\"/>nde<span class=\"__1 _201\"/>d 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 (2021: \u00a32<span class=\"__1 _201\"/>1m<span class=\"__1 _200\"/>) from jo<span class=\"__1 _201\"/>int venture<span class=\"__1 _201\"/>s or<span class=\"__1 _32b\"> </span>ass<span class=\"__1 _201\"/>ociates a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ted for usi<span class=\"__1 _201\"/>ng the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y metho<span class=\"__1 _201\"/>d. In a<span class=\"__1 _201\"/>dditio<span class=\"__1 _201\"/>n, the G<span class=\"__1 _201\"/>roup had b<span class=\"__1 _201\"/>alan<span class=\"__1 _201\"/>ces due f<span class=\"__1 _201\"/>rom join<span class=\"__1 _201\"/>t ventures or a<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciates<span class=\"__1 _201\"/> acco<span class=\"__1 _201\"/>unted fo<span class=\"__1 _201\"/>r using th<span class=\"__1 _201\"/>e equit<span class=\"__1 _201\"/>y met<span class=\"__1 _201\"/>hod of \u00a38<span class=\"__1 _201\"/>8m a<span class=\"__1 _201\"/>s at 31 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2022 (2<span class=\"__1 _201\"/>021: \u00a3105m) and b<span class=\"__1 _201\"/>alanc<span class=\"__1 _201\"/>es due to jo<span class=\"__1 _201\"/>int venture<span class=\"__1 _201\"/>s or<span class=\"__1 _32b\"> </span>ass<span class=\"__1 _201\"/>ociates a<span class=\"__1 _201\"/>ccoun<span class=\"__1 _201\"/>ted for usi<span class=\"__1 _201\"/>ng the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y metho<span class=\"__1 _201\"/>d of \u00a3nil as at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 (202<span class=\"__1 _201\"/>1: \u00a3nil).<span class=\"__1 _201\"/> Fur<span class=\"__1 _201\"/>therm<span class=\"__1 _201\"/>ore, in th<span class=\"__1 _201\"/>e norm<span class=\"__1 _201\"/>al cour<span class=\"__1 _201\"/>se of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s a numb<span class=\"__1 _201\"/>er of inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s into and di<span class=\"__1 _201\"/>vestm<span class=\"__1 _201\"/>ents fro<span class=\"__1 _201\"/>m investm<span class=\"__1 _201\"/>ent vehi<span class=\"__1 _201\"/>cles m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>by the G<span class=\"__1 _201\"/>roup were ma<span class=\"__1 _201\"/>de. Th<span class=\"__1 _201\"/>is inclu<span class=\"__1 _201\"/>des inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt vehic<span class=\"__1 _201\"/>les whi<span class=\"__1 _201\"/>ch are clas<span class=\"__1 _201\"/>sifi<span class=\"__1 _201\"/>ed as inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts in as<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ates and jo<span class=\"__1 _201\"/>int venture<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>mea<span class=\"__1 _201\"/>sured at F<span class=\"__1 _201\"/>V<span class=\"__1 _201\"/>TP<span class=\"__1 _201\"/>L<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup entiti<span class=\"__1 _201\"/>es pai<span class=\"__1 _201\"/>d amoun<span class=\"__1 _201\"/>ts for the i<span class=\"__1 _201\"/>ssu<span class=\"__1 _201\"/>e of shares o<span class=\"__1 _201\"/>r units a<span class=\"__1 _201\"/>nd rece<span class=\"__1 _201\"/>ived am<span class=\"__1 _201\"/>ounts f<span class=\"__1 _201\"/>or the c<span class=\"__1 _201\"/>ancel<span class=\"__1 _201\"/>lation of<span class=\"__1 _201\"/> share<span class=\"__1 _201\"/>s or unit<span class=\"__1 _201\"/>s. Th<span class=\"__1 _201\"/>ese tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns are not co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ered to be m<span class=\"__1 _201\"/>aterial to the G<span class=\"__1 _201\"/>roup.<span class=\"__1 _32b\"> </span>36.<span class=\"__1 _201\"/>2 Compensa<span class=\"__1 _200\"/>tion of<span class=\"__1 _200\"/> k<span class=\"__1 _200\"/>ey<span class=\"__1 _200\"/> management<span class=\"__1 _200\"/> personnel<span class=\"__1 _32b\"> </span>The m<span class=\"__1 _201\"/>emb<span class=\"__1 _201\"/>ers of the B<span class=\"__1 _201\"/>oard an<span class=\"__1 _201\"/>d the Gro<span class=\"__1 _201\"/>up Exe<span class=\"__1 _201\"/>cutive C<span class=\"__1 _201\"/>ommit<span class=\"__1 _201\"/>tee are de<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>d to have power to in<span class=\"__1 _201\"/>fluen<span class=\"__1 _201\"/>ce the dire<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on, p<span class=\"__1 _201\"/>lannin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span>and co<span class=\"__1 _201\"/>ntrol the a<span class=\"__1 _201\"/>ctiv<span class=\"__1 _201\"/>ities o<span class=\"__1 _201\"/>f the Gro<span class=\"__1 _201\"/>up, and he<span class=\"__1 _201\"/>nce are al<span class=\"__1 _201\"/>so cons<span class=\"__1 _201\"/>idere<span class=\"__1 _201\"/>d to be key manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t pers<span class=\"__1 _201\"/>onne<span class=\"__1 _201\"/>l.<span class=\"__1 _32b\"> </span>Key manag<span class=\"__1 _201\"/>emen<span class=\"__1 _201\"/>t pers<span class=\"__1 _201\"/>onne<span class=\"__1 _201\"/>l of the Co<span class=\"__1 _201\"/>mpany may fro<span class=\"__1 _201\"/>m time to time p<span class=\"__1 _201\"/>urchas<span class=\"__1 _201\"/>e insura<span class=\"__1 _201\"/>nce, as<span class=\"__1 _201\"/>set ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>ment or a<span class=\"__1 _201\"/>nnuit<span class=\"__1 _201\"/>y pro<span class=\"__1 _201\"/>duct<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>eted by the G<span class=\"__1 _201\"/>roup co<span class=\"__1 _201\"/>mpan<span class=\"__1 _201\"/>ies in the o<span class=\"__1 _201\"/>rdinar<span class=\"__1 _201\"/>y c<span class=\"__1 _201\"/>ourse o<span class=\"__1 _201\"/>f busin<span class=\"__1 _201\"/>ess o<span class=\"__1 _201\"/>n subst<span class=\"__1 _201\"/>antiall<span class=\"__1 _201\"/>y the sam<span class=\"__1 _201\"/>e terms a<span class=\"__1 _201\"/>s those p<span class=\"__1 _201\"/>revailing at th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>time for<span class=\"__1 _200\"/> comparable t<span class=\"__1 _200\"/>ransactions wit<span class=\"__1 _200\"/>h ot<span class=\"__1 _200\"/>her persons.<span class=\"__1 _32b\"> </span>Oth<span class=\"__1 _201\"/>er tran<span class=\"__1 _201\"/>sac<span class=\"__1 _201\"/>tions w<span class=\"__1 _201\"/>ith key manage<span class=\"__1 _201\"/>ment p<span class=\"__1 _201\"/>erso<span class=\"__1 _201\"/>nnel a<span class=\"__1 _201\"/>re not de<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>d to be sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant eith<span class=\"__1 _201\"/>er by vir<span class=\"__1 _201\"/>tue of th<span class=\"__1 _201\"/>eir size or in <span class=\"__1 _201\"/>the contex<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>of the key mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt per<span class=\"__1 _201\"/>sonn<span class=\"__1 _201\"/>el\u2019s respe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>ve finan<span class=\"__1 _201\"/>cial pos<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/>. All of th<span class=\"__1 _201\"/>ese tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns are on ter<span class=\"__1 _201\"/>ms broad<span class=\"__1 _201\"/>ly equ<span class=\"__1 _201\"/>ival<span class=\"__1 _201\"/>ent to<span class=\"__1 _32b\"> </span>thos<span class=\"__1 _201\"/>e that prevai<span class=\"__1 _201\"/>l in arm\u2019s length tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns.<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>ummar<span class=\"__1 _201\"/>y o<span class=\"__1 _201\"/>f compe<span class=\"__1 _201\"/>nsati<span class=\"__1 _201\"/>on of key manage<span class=\"__1 _201\"/>ment p<span class=\"__1 _201\"/>erso<span class=\"__1 _201\"/>nnel i<span class=\"__1 _201\"/>s as follo<span class=\"__1 _201\"/>ws:<span class=\"__1 _32b\"> </span>For th<span class=\"__1 _201\"/>e yea<span class=\"__1 _201\"/>r end<span class=\"__1 _201\"/>ed 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3m<span class=\"__1 _32b\"> </span>Salaries and short<span class=\"__1 _200\"/>-t<span class=\"__1 _200\"/>erm benefits<span class=\"__1 _205\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">11.<span class=\"__1 _201\"/>4<span class=\"__1 _237\"> </span></span><span class=\"lse_1 wsc_1\">12<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span>Post<span class=\"__1 _200\"/>-employment benefits<span class=\"__1 _2bc\"> </span><span class=\"ff1_1 ls38_1 ws38_1\">0.5<span class=\"__1 _345\"> </span></span><span class=\"ls32_1 ws33_1\">0.<span class=\"__1 _201\"/>6<span class=\"__1 _32b\"> </span></span>Share-based pa<span class=\"__1 _200\"/>yments<span class=\"__1 _2bd\"> </span><span class=\"ff1_1 ls47_1 ws4d_1\">4.8<span class=\"__1 _256\"> </span></span><span class=\"ls81_1 ws98_1\">7.<span class=\"__1 _250\"/>2<span class=\"__1 _32b\"> </span></span>To<span class=\"__1 _250\"/>t<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>l<span class=\"__1 _2be\"> </span><span class=\"ls33_1 ws34_1\">16<span class=\"__1 _201\"/>.7<span class=\"__1 _272\"> </span><span class=\"ff2_1 ls32_1 ws33_1\">20.0<span class=\"__1 _32b\"> </span></span></span>Infor<span class=\"__1 _201\"/>mation c<span class=\"__1 _201\"/>once<span class=\"__1 _201\"/>rning i<span class=\"__1 _201\"/>ndiv<span class=\"__1 _201\"/>idual D<span class=\"__1 _201\"/>irec<span class=\"__1 _201\"/>tors\u2019 emo<span class=\"__1 _201\"/>lumen<span class=\"__1 _201\"/>ts, in<span class=\"__1 _201\"/>terest<span class=\"__1 _201\"/>s and tran<span class=\"__1 _201\"/>sac<span class=\"__1 _201\"/>tions a<span class=\"__1 _201\"/>re provid<span class=\"__1 _201\"/>ed in the s<span class=\"__1 _201\"/>ingle fi<span class=\"__1 _201\"/>gure tab<span class=\"__1 _201\"/>les in th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>Annu<span class=\"__1 _201\"/>al Rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t on Rem<span class=\"__1 _201\"/>unerati<span class=\"__1 _201\"/>on on pa<span class=\"__1 _201\"/>ges 141 and 145<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-575": {
   "value": "36.2 Compensation of key management personnel The members of the Board and the Group Executive Committee are deemed to have power to influence the direction, planning  and control the activities of the Group, and hence are also considered to be key management personnel. Key management personnel of the Company may from time to time purchase insurance, asset management or annuity products  marketed by the Group companies in the ordinary course of business on substantially the same terms as those prevailing at the  time for comparable transactions with other persons. Other transactions with key management personnel are not deemed to be significant either by virtue of their size or in the context  of the key management personnel\u2019s respective financial positions. All of these transactions are on terms broadly equivalent to  those that prevail in arm\u2019s length transactions. The summary of compensation of key management personnel is as follows: For the year ended 31 December  2022 \u00a3m 2021 \u00a3m Salaries and short-term benefits 11.4 12.2 Post-employment benefits 0.5 0.6 Share-based payments 4.8 7.2 Total 16.7 20.0 Information concerning individual Directors\u2019 emoluments, interests and transactions are provided in the single figure tables in the  Annual Report on Remuneration on pages 141 and 145. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-518": {
   "value": "37 Capit<span class=\"__1 _200\"/>al managemen<span class=\"__1 _200\"/>t<span class=\"__1 _32b\"> </span>37<span class=\"__1 _f_1\"/>.<span class=\"__1 _f_1\"/>1 Capital regula<span class=\"__1 _200\"/>tions o<span class=\"__1 _200\"/>f enti<span class=\"__1 _200\"/>ties within<span class=\"__1 _200\"/> the Group<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup is re<span class=\"__1 _201\"/>gulate<span class=\"__1 _201\"/>d under S<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I and sup<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>sed as a<span class=\"__1 _201\"/>n insura<span class=\"__1 _201\"/>nce grou<span class=\"__1 _201\"/>p by the Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Regul<span class=\"__1 _201\"/>ation Auth<span class=\"__1 _201\"/>orit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>s Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II own fu<span class=\"__1 _201\"/>nds as its m<span class=\"__1 _201\"/>easure o<span class=\"__1 _201\"/>f capit<span class=\"__1 _201\"/>al. As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 2022 e<span class=\"__1 _201\"/>stimate<span class=\"__1 _201\"/>d and una<span class=\"__1 _201\"/>udited G<span class=\"__1 _201\"/>roup<span class=\"__1 _201\"/> Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II own f<span class=\"__1 _201\"/>unds are \u00a311.8<span class=\"__1 _201\"/>bn (202<span class=\"__1 _201\"/>1: \u00a315.<span class=\"__1 _201\"/>3bn).<span class=\"__1 _32b\"> </span>The S<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I surp<span class=\"__1 _201\"/>lus repre<span class=\"__1 _201\"/>sent<span class=\"__1 _201\"/>s the aggre<span class=\"__1 _201\"/>gated c<span class=\"__1 _201\"/>apital (own fun<span class=\"__1 _201\"/>ds) held by the G<span class=\"__1 _201\"/>roup le<span class=\"__1 _201\"/>ss the s<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy c<span class=\"__1 _201\"/>apital re<span class=\"__1 _201\"/>quire<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/> (SCR). Ow<span class=\"__1 _201\"/>n funds i<span class=\"__1 _201\"/>s the So<span class=\"__1 _201\"/>lvenc<span class=\"__1 _201\"/>y II me<span class=\"__1 _201\"/>asure of c<span class=\"__1 _201\"/>apital ava<span class=\"__1 _201\"/>ilabl<span class=\"__1 _201\"/>e to meet lo<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s, an<span class=\"__1 _201\"/>d is base<span class=\"__1 _201\"/>d on the a<span class=\"__1 _201\"/>sset<span class=\"__1 _201\"/>s les<span class=\"__1 _201\"/>s liabil<span class=\"__1 _201\"/>ities of th<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>Gro<span class=\"__1 _201\"/>up, subje<span class=\"__1 _201\"/>ct to ce<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tain res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>tions an<span class=\"__1 _201\"/>d adjus<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts. T<span class=\"__1 _201\"/>he SCR is c<span class=\"__1 _201\"/>alcu<span class=\"__1 _201\"/>lated usin<span class=\"__1 _201\"/>g the Gro<span class=\"__1 _201\"/>up\u2019<span class=\"__1 _200\"/>s Inter<span class=\"__1 _201\"/>nal Mo<span class=\"__1 _201\"/>del, w<span class=\"__1 _201\"/>hich c<span class=\"__1 _201\"/>alculate<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>the SC<span class=\"__1 _201\"/>R as the 99.<span class=\"__1 _201\"/>5th pe<span class=\"__1 _201\"/>rcentil<span class=\"__1 _201\"/>e (<span class=\"__1 _200\"/>or 1-in<span class=\"__1 _201\"/>-200) worst ou<span class=\"__1 _201\"/>tcome over th<span class=\"__1 _201\"/>e comin<span class=\"__1 _201\"/>g year<span class=\"__1 _200\"/>, out of 100,0<span class=\"__1 _201\"/>00 e<span class=\"__1 _201\"/>quall<span class=\"__1 _201\"/>y likely sce<span class=\"__1 _201\"/>nari<span class=\"__1 _201\"/>os,<span class=\"__1 _201\"/> allow<span class=\"__1 _201\"/>ing for th<span class=\"__1 _201\"/>e dep<span class=\"__1 _201\"/>ende<span class=\"__1 _201\"/>ncy b<span class=\"__1 _201\"/>etwe<span class=\"__1 _201\"/>en the r<span class=\"__1 _201\"/>isks the b<span class=\"__1 _201\"/>usin<span class=\"__1 _201\"/>ess is ex<span class=\"__1 _201\"/>pose<span class=\"__1 _201\"/>d to.<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>gulate<span class=\"__1 _201\"/>d entitie<span class=\"__1 _201\"/>s within th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>re also su<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>t to loc<span class=\"__1 _201\"/>al ca<span class=\"__1 _201\"/>pital re<span class=\"__1 _201\"/>gulatio<span class=\"__1 _201\"/>ns. C<span class=\"__1 _201\"/>apital i<span class=\"__1 _201\"/>s acti<span class=\"__1 _201\"/>vely ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>d to ensure th<span class=\"__1 _201\"/>at<span class=\"__1 _32b\"> </span>loc<span class=\"__1 _201\"/>al reg<span class=\"__1 _201\"/>ulator<span class=\"__1 _201\"/>y req<span class=\"__1 _201\"/>uireme<span class=\"__1 _201\"/>nts are m<span class=\"__1 _201\"/>et. Th<span class=\"__1 _201\"/>e main reg<span class=\"__1 _201\"/>ulated enti<span class=\"__1 _201\"/>ties in th<span class=\"__1 _201\"/>e Group a<span class=\"__1 _201\"/>nd the re<span class=\"__1 _201\"/>gulator<span class=\"__1 _201\"/>y fr<span class=\"__1 _201\"/>amewor<span class=\"__1 _201\"/>k to which th<span class=\"__1 _201\"/>ey mus<span class=\"__1 _32b\"> </span>adhe<span class=\"__1 _201\"/>re are lis<span class=\"__1 _201\"/>ted bel<span class=\"__1 _201\"/>ow:<span class=\"__1 _32b\"> </span>Entity<span class=\"__1 _2bf\"> </span><span class=\"ls3_1 ws69_1\">Main activ<span class=\"__1 _201\"/>ity<span class=\"__1 _17a_1\"> </span><span class=\"ls2e_1 ws2e_1\">Regulatory framework<span class=\"__1 _32b\"> </span></span></span>M&amp;G p<span class=\"__1 _201\"/>lc<span class=\"__1 _16c_1\"> </span><span class=\"ls38_1 ws38_1\">Insurance<span class=\"__1 _2c0\"> </span></span>Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II<span class=\"__1 _32b\"> </span>The Prudential<span class=\"__1 _200\"/> Assurance Company<span class=\"__1 _200\"/> Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _b7_1\"> </span><span class=\"ls38_1 ws38_1\">Insurance<span class=\"__1 _2c0\"> </span><span class=\"ls6_1 ws1_1\">Solve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I<span class=\"__1 _32b\"> </span></span></span>Prudential<span class=\"__1 _200\"/> Interna<span class=\"__1 _200\"/>tional<span class=\"__1 _200\"/> Assurance plc<span class=\"__1 _346\"> </span><span class=\"ls38_1 ws38_1\">Insurance<span class=\"__1 _2c0\"> </span><span class=\"ls6_1 ws1_1\">So<span class=\"__1 _201\"/>lvenc<span class=\"__1 _201\"/>y II<span class=\"__1 _201\"/> </span></span>Prudential<span class=\"__1 _200\"/> Pensions Li<span class=\"__1 _200\"/>mited<span class=\"__1 _2c1\"> </span><span class=\"ls38_1 ws38_1\">Insurance<span class=\"__1 _2c0\"> </span><span class=\"ls6_1 ws1_1\">Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II<span class=\"__1 _32b\"> </span></span></span>M&amp;G G<span class=\"__1 _201\"/>roup Li<span class=\"__1 _201\"/>mited (in<span class=\"__1 _201\"/>cludin<span class=\"__1 _201\"/>g subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es)<span class=\"__1 _17b_1\"> </span><span class=\"lsd_1 wse_1\">Investment<span class=\"__1 _200\"/> management<span class=\"__1 _252\"> </span><span class=\"ls38_1 ws38_1\">IFP<span class=\"__1 _201\"/>R<span class=\"__1 _32b\"> </span></span></span>i<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _201\"/>s Direc<span class=\"__1 _201\"/>t Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _201\"/> <span class=\"__1 _f3_1\"> </span>Investm<span class=\"__1 _201\"/>ent ser<span class=\"__1 _250\"/>vice<span class=\"__1 _201\"/>s<span class=\"__1 _375\"> </span><span class=\"ls38_1 ws38_1\">IFPR<span class=\"__1 _32b\"> </span></span>i<span class=\"__1 _32b\"> </span>i <span class=\"__1 _2d_1\"> </span>Inve<span class=\"__1 _201\"/>stm<span class=\"__1 _201\"/>ent F<span class=\"__1 _201\"/>irm<span class=\"__1 _201\"/>s Pru<span class=\"__1 _201\"/>den<span class=\"__1 _201\"/>tial Re<span class=\"__1 _201\"/>gim<span class=\"__1 _201\"/>e und<span class=\"__1 _201\"/>er M<span class=\"__1 _201\"/>IFI<span class=\"__1 _201\"/>DPR<span class=\"__1 _201\"/>U \u2013 Pru<span class=\"__1 _201\"/>den<span class=\"__1 _201\"/>tial S<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>ceb<span class=\"__1 _201\"/>ook f<span class=\"__1 _201\"/>or Mi<span class=\"__1 _201\"/>FID In<span class=\"__1 _201\"/>ves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>t Fir<span class=\"__1 _201\"/>ms<span class=\"__1 _32b\"> </span>All G<span class=\"__1 _201\"/>roup entit<span class=\"__1 _201\"/>ies that we<span class=\"__1 _201\"/>re subje<span class=\"__1 _201\"/>ct to ex<span class=\"__1 _201\"/>ternal<span class=\"__1 _201\"/>ly imp<span class=\"__1 _201\"/>osed re<span class=\"__1 _201\"/>gulator<span class=\"__1 _250\"/>y capi<span class=\"__1 _201\"/>tal requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts comp<span class=\"__1 _201\"/>lied w<span class=\"__1 _201\"/>ith them th<span class=\"__1 _201\"/>rough<span class=\"__1 _201\"/>out<span class=\"__1 _32b\"> </span>t<span class=\"__1 _201\"/>h<span class=\"__1 _250\"/>e<span class=\"__1 _201\"/> y<span class=\"__1 _201\"/>e<span class=\"__1 _201\"/>a<span class=\"__1 _250\"/>r.<span class=\"__1 _32b\"> </span>37<span class=\"__1 _200\"/>.<span class=\"__1 _201\"/>2 Grou<span class=\"__1 _201\"/>p cap<span class=\"__1 _201\"/>ital p<span class=\"__1 _201\"/>osit<span class=\"__1 _201\"/>ion<span class=\"__1 _32b\"> </span>37<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/> Regulatory capit<span class=\"__1 _200\"/>al position<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>gulator<span class=\"__1 _250\"/>y capi<span class=\"__1 _201\"/>tal pos<span class=\"__1 _201\"/>ition of th<span class=\"__1 _201\"/>e Group ta<span class=\"__1 _201\"/>kes into accou<span class=\"__1 _201\"/>nt all Gro<span class=\"__1 _201\"/>up expos<span class=\"__1 _201\"/>ures<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding that of th<span class=\"__1 _201\"/>e With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund.<span class=\"__1 _201\"/> This v<span class=\"__1 _201\"/>iew of c<span class=\"__1 _201\"/>apital re<span class=\"__1 _201\"/>cogn<span class=\"__1 _201\"/>ises th<span class=\"__1 _201\"/>e ring<span class=\"__1 _201\"/>-fence<span class=\"__1 _201\"/>d nature of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund, and o<span class=\"__1 _201\"/>n cons<span class=\"__1 _201\"/>olidati<span class=\"__1 _201\"/>on sur<span class=\"__1 _201\"/>plus in th<span class=\"__1 _201\"/>e fund c<span class=\"__1 _201\"/>an<span class=\"__1 _32b\"> </span>onl<span class=\"__1 _201\"/>y be rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed to the leve<span class=\"__1 _201\"/>l of ass<span class=\"__1 _201\"/>ociated S<span class=\"__1 _201\"/>CR with any exce<span class=\"__1 _201\"/>ss sur<span class=\"__1 _201\"/>plus b<span class=\"__1 _201\"/>eing el<span class=\"__1 _201\"/>iminated a<span class=\"__1 _201\"/>s a ring<span class=\"__1 _201\"/>-fence<span class=\"__1 _201\"/>d fund re<span class=\"__1 _201\"/>stri<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n,<span class=\"__1 _201\"/> effe<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>vely res<span class=\"__1 _201\"/>tric<span class=\"__1 _201\"/>ting th<span class=\"__1 _201\"/>e solve<span class=\"__1 _201\"/>ncy c<span class=\"__1 _201\"/>overag<span class=\"__1 _201\"/>e ratio of the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund to 100%<span class=\"__1 _201\"/>. As such<span class=\"__1 _201\"/>, the re<span class=\"__1 _201\"/>gulator<span class=\"__1 _201\"/>y s<span class=\"__1 _201\"/>olven<span class=\"__1 _201\"/>cy cover<span class=\"__1 _201\"/>age<span class=\"__1 _201\"/> ratio is h<span class=\"__1 _201\"/>ighly re<span class=\"__1 _201\"/>silie<span class=\"__1 _201\"/>nt to moveme<span class=\"__1 _201\"/>nts in the W<span class=\"__1 _201\"/>ith-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund\u2019s own fund<span class=\"__1 _201\"/>s.<span class=\"__1 _201\"/> The e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated and un<span class=\"__1 _201\"/>audited S<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I capi<span class=\"__1 _201\"/>tal pos<span class=\"__1 _201\"/>ition fo<span class=\"__1 _201\"/>r the Gro<span class=\"__1 _201\"/>up as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 and the p<span class=\"__1 _201\"/>ositi<span class=\"__1 _201\"/>on as at<span class=\"__1 _201\"/> 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021 i<span class=\"__1 _201\"/>s shown b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3bn<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3bn<span class=\"__1 _32b\"> </span>Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II eli<span class=\"__1 _201\"/>gible ow<span class=\"__1 _201\"/>n fund<span class=\"__1 _201\"/>s<span class=\"__1 _313\"> </span><span class=\"ff1_1 ls45_1 ws49_1\">11<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>8<span class=\"__1 _223\"> </span></span><span class=\"ls4d_1 ws54_1\">15<span class=\"__1 _201\"/>.3<span class=\"__1 _32b\"> </span></span>Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II SCR<span class=\"__1 _442\"> </span><span class=\"ff1_1 ls61_1 ws74_1\">(<span class=\"__1 _201\"/>7.<span class=\"__1 _e7_1\"/>2<span class=\"__1 _201\"/>)<span class=\"__1 _253\"> </span></span><span class=\"ls43_1 ws47_1\">(9<span class=\"__1 _250\"/>.1<span class=\"__1 _32b\"> </span></span>Solvenc<span class=\"__1 _200\"/>y II surplus<span class=\"__1 _300\"> </span><span class=\"ls38_1 ws38_1\">4.6<span class=\"__1 _e_1\"> </span><span class=\"ff2_1 ls10_1 wsf_1\">6.<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span>Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II cover<span class=\"__1 _201\"/>age rati<span class=\"__1 _201\"/>o<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>1<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>4%<span class=\"__1 _204\"> </span><span class=\"ff2_1 ls2a_1 ws2a_1\">168%<span class=\"__1 _32b\"> </span></span>i <span class=\"__1 _2d_1\"> </span>So<span class=\"__1 _201\"/>lve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I cove<span class=\"__1 _201\"/>rag<span class=\"__1 _201\"/>e rati<span class=\"__1 _201\"/>o has b<span class=\"__1 _201\"/>een c<span class=\"__1 _201\"/>alc<span class=\"__1 _201\"/>ulate<span class=\"__1 _201\"/>d usi<span class=\"__1 _201\"/>ng unr<span class=\"__1 _201\"/>oun<span class=\"__1 _201\"/>ded fi<span class=\"__1 _201\"/>gure<span class=\"__1 _201\"/>s. O<span class=\"__1 _201\"/>n a reg<span class=\"__1 _201\"/>ulato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y app<span class=\"__1 _201\"/>rove<span class=\"__1 _201\"/>d tran<span class=\"__1 _201\"/>siti<span class=\"__1 _201\"/>on me<span class=\"__1 _201\"/>asur<span class=\"__1 _201\"/>es on te<span class=\"__1 _201\"/>chn<span class=\"__1 _201\"/>ica<span class=\"__1 _201\"/>l prov<span class=\"__1 _201\"/>isi<span class=\"__1 _201\"/>ons b<span class=\"__1 _201\"/>asis<span class=\"__1 _201\"/>,<span class=\"__1 _32b\"> </span>the s<span class=\"__1 _201\"/>urp<span class=\"__1 _201\"/>lus is \u00a3<span class=\"__1 _201\"/>4.<span class=\"__1 _201\"/>8b<span class=\"__1 _201\"/>n (202<span class=\"__1 _201\"/>1: \u00a36.<span class=\"__1 _201\"/>2b<span class=\"__1 _201\"/>n) and th<span class=\"__1 _201\"/>e sol<span class=\"__1 _201\"/>ven<span class=\"__1 _201\"/>cy cov<span class=\"__1 _201\"/>era<span class=\"__1 _201\"/>ge rat<span class=\"__1 _201\"/>io is 16<span class=\"__1 _201\"/>8% (20<span class=\"__1 _201\"/>21: 16<span class=\"__1 _201\"/>8%)<span class=\"__1 _32b\"> </span>The re<span class=\"__1 _201\"/>sults i<span class=\"__1 _201\"/>nclud<span class=\"__1 _201\"/>e trans<span class=\"__1 _201\"/>itional m<span class=\"__1 _201\"/>easu<span class=\"__1 _201\"/>res, w<span class=\"__1 _201\"/>hich are p<span class=\"__1 _201\"/>resente<span class=\"__1 _201\"/>d assu<span class=\"__1 _201\"/>ming a re<span class=\"__1 _201\"/>calc<span class=\"__1 _201\"/>ulation as at th<span class=\"__1 _201\"/>e valuati<span class=\"__1 _201\"/>on date, us<span class=\"__1 _201\"/>ing<span class=\"__1 _32b\"> </span>mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt\u2019s es<span class=\"__1 _201\"/>timate of the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t of oper<span class=\"__1 _201\"/>ating an<span class=\"__1 _201\"/>d market con<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>s. As at 3<span class=\"__1 _201\"/>1 Dece<span class=\"__1 _201\"/>mbe<span class=\"__1 _201\"/>r 2022<span class=\"__1 _201\"/>, the re<span class=\"__1 _201\"/>calc<span class=\"__1 _201\"/>ulated tra<span class=\"__1 _201\"/>nsitio<span class=\"__1 _201\"/>nal<span class=\"__1 _32b\"> </span>mea<span class=\"__1 _201\"/>sures do n<span class=\"__1 _201\"/>ot align to th<span class=\"__1 _201\"/>e latest ap<span class=\"__1 _201\"/>proved re<span class=\"__1 _201\"/>gulator<span class=\"__1 _201\"/>y p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n and the<span class=\"__1 _201\"/>refore the e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated and un<span class=\"__1 _201\"/>audited S<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I capi<span class=\"__1 _201\"/>tal<span class=\"__1 _32b\"> </span>pos<span class=\"__1 _201\"/>ition di<span class=\"__1 _201\"/>ffers f<span class=\"__1 _201\"/>rom the po<span class=\"__1 _201\"/>sition d<span class=\"__1 _201\"/>isclo<span class=\"__1 _201\"/>sed in th<span class=\"__1 _201\"/>e form<span class=\"__1 _201\"/>al regul<span class=\"__1 _201\"/>ator<span class=\"__1 _201\"/>y Qua<span class=\"__1 _201\"/>ntitative Re<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>tin<span class=\"__1 _201\"/>g T<span class=\"__1 _f_1\"/>emp<span class=\"__1 _201\"/>lates and G<span class=\"__1 _201\"/>roup S<span class=\"__1 _201\"/>olven<span class=\"__1 _201\"/>cy an<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>Fina<span class=\"__1 _201\"/>ncial C<span class=\"__1 _201\"/>onditi<span class=\"__1 _201\"/>on Rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>t of the sa<span class=\"__1 _201\"/>me date. As at 3<span class=\"__1 _201\"/>1 Dec<span class=\"__1 _201\"/>embe<span class=\"__1 _201\"/>r 2021, the re<span class=\"__1 _201\"/>cal<span class=\"__1 _201\"/>culatio<span class=\"__1 _201\"/>n was app<span class=\"__1 _201\"/>roved for th<span class=\"__1 _201\"/>e repor<span class=\"__1 _201\"/>tin<span class=\"__1 _201\"/>g date and<span class=\"__1 _201\"/> the po<span class=\"__1 _201\"/>sition<span class=\"__1 _201\"/>s were alig<span class=\"__1 _201\"/>ned<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>37<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>2.<span class=\"__1 _201\"/>2 Shar<span class=\"__1 _200\"/>eholder capital<span class=\"__1 _200\"/> position<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup fo<span class=\"__1 _201\"/>cuse<span class=\"__1 _201\"/>s on a share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>er vie<span class=\"__1 _201\"/>w of the So<span class=\"__1 _201\"/>lvenc<span class=\"__1 _201\"/>y II c<span class=\"__1 _201\"/>apital p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n, whi<span class=\"__1 _201\"/>ch is con<span class=\"__1 _201\"/>side<span class=\"__1 _201\"/>red to provi<span class=\"__1 _201\"/>de a more re<span class=\"__1 _201\"/>levant<span class=\"__1 _201\"/> refle<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on of the c<span class=\"__1 _201\"/>apital s<span class=\"__1 _201\"/>trengt<span class=\"__1 _201\"/>h of the Gro<span class=\"__1 _201\"/>up. The G<span class=\"__1 _201\"/>roup\u2019s shareh<span class=\"__1 _201\"/>old<span class=\"__1 _201\"/>er Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II ca<span class=\"__1 _201\"/>pital p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n excludes t<span class=\"__1 _201\"/>he contr<span class=\"__1 _201\"/>ibutio<span class=\"__1 _201\"/>n<span class=\"__1 _32b\"> </span>to own fun<span class=\"__1 _201\"/>ds and S<span class=\"__1 _201\"/>CR from the r<span class=\"__1 _201\"/>ing-fe<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/>d With-<span class=\"__1 _201\"/>Profit<span class=\"__1 _201\"/>s Fund. Fur<span class=\"__1 _201\"/>ther in<span class=\"__1 _201\"/>formati<span class=\"__1 _201\"/>on on th<span class=\"__1 _201\"/>e ring-f<span class=\"__1 _201\"/>ence<span class=\"__1 _201\"/>d With-<span class=\"__1 _201\"/>Profi<span class=\"__1 _201\"/>ts Fund\u2019s<span class=\"__1 _32b\"> </span>cap<span class=\"__1 _201\"/>ital po<span class=\"__1 _201\"/>sition i<span class=\"__1 _201\"/>s provid<span class=\"__1 _201\"/>ed in Se<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on 1.4<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>5 of Supp<span class=\"__1 _201\"/>leme<span class=\"__1 _201\"/>ntar<span class=\"__1 _201\"/>y Fin<span class=\"__1 _201\"/>ancial I<span class=\"__1 _201\"/>nform<span class=\"__1 _201\"/>ation. S<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II own fu<span class=\"__1 _201\"/>nds als<span class=\"__1 _201\"/>o<span class=\"__1 _32b\"> </span>ass<span class=\"__1 _201\"/>ume tra<span class=\"__1 _201\"/>nsitio<span class=\"__1 _201\"/>nal mea<span class=\"__1 _201\"/>sures on te<span class=\"__1 _201\"/>chnic<span class=\"__1 _201\"/>al prov<span class=\"__1 _201\"/>ision<span class=\"__1 _201\"/>s which have b<span class=\"__1 _201\"/>een re<span class=\"__1 _201\"/>cal<span class=\"__1 _201\"/>culated us<span class=\"__1 _201\"/>ing man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent\u2019s es<span class=\"__1 _201\"/>timate of the im<span class=\"__1 _201\"/>pac<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>of ope<span class=\"__1 _201\"/>rating a<span class=\"__1 _201\"/>nd market co<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>ns at the rep<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>ting date (rega<span class=\"__1 _201\"/>rdles<span class=\"__1 _201\"/>s as to wheth<span class=\"__1 _201\"/>er the re<span class=\"__1 _201\"/>calc<span class=\"__1 _201\"/>ulation w<span class=\"__1 _201\"/>as approve<span class=\"__1 _201\"/>d for the<span class=\"__1 _201\"/> repo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ting date).<span class=\"__1 _32b\"> </span>The e<span class=\"__1 _201\"/>stim<span class=\"__1 _201\"/>ated and un<span class=\"__1 _201\"/>audited s<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r Sol<span class=\"__1 _201\"/>venc<span class=\"__1 _201\"/>y II cap<span class=\"__1 _201\"/>ital po<span class=\"__1 _201\"/>sition fo<span class=\"__1 _201\"/>r the Gro<span class=\"__1 _201\"/>up as at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 202<span class=\"__1 _201\"/>2 and th<span class=\"__1 _201\"/>e positi<span class=\"__1 _201\"/>on as<span class=\"__1 _201\"/> at 31 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er 2021 i<span class=\"__1 _201\"/>s shown b<span class=\"__1 _201\"/>elow.<span class=\"__1 _32b\"> </span>As at 3<span class=\"__1 _201\"/>1 De<span class=\"__1 _201\"/>cemb<span class=\"__1 _201\"/>er<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>\u00a3bn<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>\u00a3bn<span class=\"__1 _32b\"> </span>Shareholder<span class=\"__1 _200\"/> Solvency II el<span class=\"__1 _200\"/>igible o<span class=\"__1 _200\"/>wn funds<span class=\"__1 _7c_1\"> </span><span class=\"ff1_1 ls32_1 ws33_1\">9.3<span class=\"__1 _2c_1\"> </span></span><span class=\"ls11_1 ws10_1\">11<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>4<span class=\"__1 _32b\"> </span></span>Shareholder<span class=\"__1 _200\"/> Solvency II SC<span class=\"__1 _200\"/>R<span class=\"__1 _316\"> </span><span class=\"ff1_1 ls9_1 ws7_1\">(4<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>)<span class=\"__1 _1c2_1\"> </span></span><span class=\"ls8_1 ws6_1\">(5<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span>Solvenc<span class=\"__1 _200\"/>y II surplus<span class=\"__1 _300\"> </span><span class=\"ls38_1 ws38_1\">4.6<span class=\"__1 _e_1\"> </span><span class=\"ff2_1 ls10_1 wsf_1\">6.<span class=\"__1 _201\"/>2<span class=\"__1 _32b\"> </span></span></span>Share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der So<span class=\"__1 _201\"/>lven<span class=\"__1 _201\"/>cy II cove<span class=\"__1 _201\"/>rage r<span class=\"__1 _201\"/>atio<span class=\"__1 _32b\"> </span>i<span class=\"__1 _32b\"> </span>199%<span class=\"__1 _204\"> </span><span class=\"ff2_1 ls40_1 ws44_1\">218%<span class=\"__1 _32b\"> </span></span>i <span class=\"__1 _2d_1\"> </span>Shareholder<span class=\"__1 _200\"/> Solvency II co<span class=\"__1 _200\"/>verage ra<span class=\"__1 _200\"/>tio h<span class=\"__1 _200\"/>as been calcula<span class=\"__1 _200\"/>ted u<span class=\"__1 _200\"/>sing unr<span class=\"__1 _200\"/>ounded figures.<span class=\"__1 _32b\"> </span>37<span class=\"__1 _f_1\"/>.3 Meeting of capit<span class=\"__1 _200\"/>al managemen<span class=\"__1 _200\"/>t objectiv<span class=\"__1 _200\"/>es<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>s its ca<span class=\"__1 _201\"/>pital on a S<span class=\"__1 _201\"/>olve<span class=\"__1 _201\"/>ncy I<span class=\"__1 _201\"/>I basis to e<span class=\"__1 _201\"/>nsure that su<span class=\"__1 _201\"/>fficie<span class=\"__1 _201\"/>nt own fun<span class=\"__1 _201\"/>ds are avail<span class=\"__1 _201\"/>able o<span class=\"__1 _201\"/>n an ongo<span class=\"__1 _201\"/>ing bas<span class=\"__1 _201\"/>is to<span class=\"__1 _32b\"> </span>me<span class=\"__1 _201\"/>et regulato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y capi<span class=\"__1 _201\"/>tal requ<span class=\"__1 _201\"/>ireme<span class=\"__1 _201\"/>nts. T<span class=\"__1 _201\"/>his is ac<span class=\"__1 _201\"/>hieved by ta<span class=\"__1 _201\"/>rgeting a c<span class=\"__1 _201\"/>apita<span class=\"__1 _201\"/>l buffe<span class=\"__1 _201\"/>r signi<span class=\"__1 _201\"/>fica<span class=\"__1 _201\"/>ntly in exces<span class=\"__1 _201\"/>s of regu<span class=\"__1 _201\"/>lator<span class=\"__1 _201\"/>y ca<span class=\"__1 _201\"/>pital<span class=\"__1 _201\"/> requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>ts. T<span class=\"__1 _201\"/>his bu<span class=\"__1 _201\"/>ffer is inten<span class=\"__1 _201\"/>ded to ab<span class=\"__1 _201\"/>sorb th<span class=\"__1 _201\"/>e impa<span class=\"__1 _201\"/>ct of s<span class=\"__1 _201\"/>tress<span class=\"__1 _201\"/>ed mar<span class=\"__1 _201\"/>ket conditi<span class=\"__1 _201\"/>ons and th<span class=\"__1 _201\"/>us make the S<span class=\"__1 _201\"/>olven<span class=\"__1 _201\"/>cy II b<span class=\"__1 _201\"/>alanc<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>she<span class=\"__1 _201\"/>et unde<span class=\"__1 _201\"/>r the reg<span class=\"__1 _201\"/>ulator<span class=\"__1 _201\"/>y vi<span class=\"__1 _201\"/>ew resili<span class=\"__1 _201\"/>ent to stre<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s that affe<span class=\"__1 _201\"/>ct the G<span class=\"__1 _201\"/>roup\u2019s busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>37 Capit<span class=\"__1 _200\"/>al managemen<span class=\"__1 _200\"/>t cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>A rang<span class=\"__1 _201\"/>e of stre<span class=\"__1 _201\"/>ss and s<span class=\"__1 _201\"/>cena<span class=\"__1 _201\"/>rio tes<span class=\"__1 _201\"/>ting is c<span class=\"__1 _201\"/>arri<span class=\"__1 _201\"/>ed out a<span class=\"__1 _201\"/>cross th<span class=\"__1 _201\"/>e busin<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>, incl<span class=\"__1 _201\"/>uding c<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>tain sc<span class=\"__1 _201\"/>enari<span class=\"__1 _201\"/>os mand<span class=\"__1 _201\"/>ated by the re<span class=\"__1 _201\"/>gulator<span class=\"__1 _200\"/>.<span class=\"__1 _32b\"> </span>The s<span class=\"__1 _201\"/>ensit<span class=\"__1 _201\"/>ivit<span class=\"__1 _201\"/>y of liab<span class=\"__1 _201\"/>ilitie<span class=\"__1 _201\"/>s and othe<span class=\"__1 _201\"/>r comp<span class=\"__1 _201\"/>onent<span class=\"__1 _201\"/>s of total ca<span class=\"__1 _201\"/>pital va<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, depe<span class=\"__1 _201\"/>nding u<span class=\"__1 _201\"/>pon the t<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/>pe of bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s conc<span class=\"__1 _201\"/>erne<span class=\"__1 _201\"/>d, an<span class=\"__1 _201\"/>d this<span class=\"__1 _32b\"> </span>influences the<span class=\"__1 _200\"/> approach<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> asset/liability management.<span class=\"__1 _32b\"> </span>In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, proje<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns are pe<span class=\"__1 _201\"/>rf<span class=\"__1 _201\"/>orme<span class=\"__1 _201\"/>d to unde<span class=\"__1 _201\"/>rsta<span class=\"__1 _201\"/>nd how th<span class=\"__1 _201\"/>e own fun<span class=\"__1 _201\"/>ds and c<span class=\"__1 _201\"/>apital p<span class=\"__1 _201\"/>ositio<span class=\"__1 _201\"/>n is expe<span class=\"__1 _201\"/>cted to d<span class=\"__1 _201\"/>evelop a<span class=\"__1 _201\"/>nd how<span class=\"__1 _201\"/> this mi<span class=\"__1 _201\"/>ght be affe<span class=\"__1 _201\"/>cte<span class=\"__1 _201\"/>d by adver<span class=\"__1 _201\"/>se event<span class=\"__1 _201\"/>s taking p<span class=\"__1 _201\"/>lace. I<span class=\"__1 _201\"/>nform<span class=\"__1 _201\"/>ed by the re<span class=\"__1 _201\"/>sults of th<span class=\"__1 _201\"/>ese p<span class=\"__1 _201\"/>rojec<span class=\"__1 _201\"/>tions th<span class=\"__1 _201\"/>ere are a nu<span class=\"__1 _201\"/>mber of a<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span>availab<span class=\"__1 _201\"/>le to mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent to stren<span class=\"__1 _201\"/>gthen th<span class=\"__1 _201\"/>e own fun<span class=\"__1 _201\"/>ds pos<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>As we<span class=\"__1 _201\"/>ll as hol<span class=\"__1 _201\"/>ding su<span class=\"__1 _201\"/>fficie<span class=\"__1 _201\"/>nt capi<span class=\"__1 _201\"/>tal to mee<span class=\"__1 _201\"/>t regulato<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y require<span class=\"__1 _201\"/>ment<span class=\"__1 _201\"/>s, the G<span class=\"__1 _201\"/>roup al<span class=\"__1 _201\"/>so clos<span class=\"__1 _201\"/>ely ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>s the cas<span class=\"__1 _201\"/>h it hol<span class=\"__1 _201\"/>ds so that<span class=\"__1 _201\"/> it ca<span class=\"__1 _201\"/>n:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">mainta<span class=\"__1 _201\"/>in flexib<span class=\"__1 _201\"/>ilit<span class=\"__1 _201\"/>y<span class=\"__1 _200\"/>, fund n<span class=\"__1 _201\"/>ew oppo<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tunitie<span class=\"__1 _201\"/>s and abs<span class=\"__1 _201\"/>orb sh<span class=\"__1 _201\"/>ock event<span class=\"__1 _201\"/>s;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">me<span class=\"__1 _201\"/>et liabili<span class=\"__1 _201\"/>ties to po<span class=\"__1 _201\"/>licy<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>ders an<span class=\"__1 _201\"/>d other o<span class=\"__1 _201\"/>bligati<span class=\"__1 _201\"/>ons;<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">fund dividends; a<span class=\"__1 _200\"/>nd<span class=\"__1 _32b\"> </span></span>\u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">cover<span class=\"__1 _200\"/> central<span class=\"__1 _200\"/> costs and deb<span class=\"__1 _200\"/>t pa<span class=\"__1 _200\"/>yments.<span class=\"__1 _32b\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-519": {
   "value": "38 Share<span class=\"__1 _201\"/>-based payments<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup o<span class=\"__1 _201\"/>perates v<span class=\"__1 _201\"/>ario<span class=\"__1 _201\"/>us share<span class=\"__1 _201\"/>-ba<span class=\"__1 _201\"/>sed p<span class=\"__1 _201\"/>ayment s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>es that award M<span class=\"__1 _201\"/>&amp;G plc s<span class=\"__1 _201\"/>hares to pa<span class=\"__1 _201\"/>rti<span class=\"__1 _201\"/>cipant<span class=\"__1 _201\"/>s upon m<span class=\"__1 _201\"/>eetin<span class=\"__1 _201\"/>g the<span class=\"__1 _32b\"> </span>requ<span class=\"__1 _201\"/>ired ves<span class=\"__1 _201\"/>ting co<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>ns. D<span class=\"__1 _201\"/>etails of th<span class=\"__1 _201\"/>ose sc<span class=\"__1 _201\"/>heme<span class=\"__1 _201\"/>s are state<span class=\"__1 _201\"/>d belo<span class=\"__1 _201\"/>w:<span class=\"__1 _32b\"> </span>38<span class=\"__1 _201\"/>.<span class=\"__1 _200\"/>1 Desc<span class=\"__1 _201\"/>ript<span class=\"__1 _201\"/>ion of t<span class=\"__1 _201\"/>he pl<span class=\"__1 _201\"/>ans<span class=\"__1 _32b\"> </span>Discretion<span class=\"__1 _200\"/>ary schemes initia<span class=\"__1 _200\"/>ted prior<span class=\"__1 _200\"/> to<span class=\"__1 _200\"/> demerger:<span class=\"__1 _32b\"> </span>Scheme<span class=\"__1 _6a_1\"> </span>Des<span class=\"__1 _201\"/>cription<span class=\"__1 _32b\"> </span>Long-term<span class=\"__1 _32b\"> </span>Incentiv<span class=\"__1 _200\"/>e Plan<span class=\"__1 _32b\"> </span>(<span class=\"__1 _250\"/>LT<span class=\"__1 _201\"/>I<span class=\"__1 _e7_1\"/>P<span class=\"__1 _201\"/>)<span class=\"__1 _32b\"> </span>The L<span class=\"__1 _200\"/>TIP is a c<span class=\"__1 _201\"/>onditi<span class=\"__1 _201\"/>onal s<span class=\"__1 _201\"/>hare pla<span class=\"__1 _201\"/>n: the sha<span class=\"__1 _201\"/>res awarde<span class=\"__1 _201\"/>d will o<span class=\"__1 _201\"/>rdinari<span class=\"__1 _201\"/>ly be re<span class=\"__1 _201\"/>lease<span class=\"__1 _201\"/>d to par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pants af<span class=\"__1 _201\"/>ter<span class=\"__1 _201\"/> three ye<span class=\"__1 _201\"/>ars of se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice to th<span class=\"__1 _201\"/>e extent th<span class=\"__1 _201\"/>at per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>manc<span class=\"__1 _201\"/>e condi<span class=\"__1 _201\"/>tions have b<span class=\"__1 _201\"/>een m<span class=\"__1 _201\"/>et. If p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span>are not a<span class=\"__1 _201\"/>chieved i<span class=\"__1 _201\"/>n full, th<span class=\"__1 _201\"/>e unveste<span class=\"__1 _201\"/>d por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of any award la<span class=\"__1 _201\"/>pses<span class=\"__1 _201\"/>. The p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>mance c<span class=\"__1 _201\"/>onditi<span class=\"__1 _201\"/>ons at<span class=\"__1 _201\"/>tache<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>to L<span class=\"__1 _f_1\"/>TI<span class=\"__1 _201\"/>P awards in<span class=\"__1 _201\"/>clude m<span class=\"__1 _201\"/>arket per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce cond<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/>; Relati<span class=\"__1 _201\"/>ve T<span class=\"__1 _f_1\"/>otal Sh<span class=\"__1 _201\"/>areho<span class=\"__1 _201\"/>lder R<span class=\"__1 _201\"/>eturn (<span class=\"__1 _201\"/>TS<span class=\"__1 _201\"/>R); and oth<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/> non<span class=\"__1 _201\"/>-mar<span class=\"__1 _201\"/>ket conditi<span class=\"__1 _201\"/>ons<span class=\"__1 _201\"/>, inclu<span class=\"__1 _201\"/>ding me<span class=\"__1 _201\"/>asures li<span class=\"__1 _201\"/>nked to profit<span class=\"__1 _201\"/>. The p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>ns atta<span class=\"__1 _201\"/>che<span class=\"__1 _201\"/>d to each<span class=\"__1 _201\"/> award are d<span class=\"__1 _201\"/>epen<span class=\"__1 _201\"/>dent o<span class=\"__1 _201\"/>n the role of th<span class=\"__1 _201\"/>e par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pants<span class=\"__1 _201\"/>. Thre<span class=\"__1 _201\"/>shol<span class=\"__1 _201\"/>d and ma<span class=\"__1 _201\"/>ximum a<span class=\"__1 _201\"/>chievem<span class=\"__1 _201\"/>ent level<span class=\"__1 _201\"/>s will b<span class=\"__1 _201\"/>e set<span class=\"__1 _32b\"> </span>at the be<span class=\"__1 _201\"/>ginni<span class=\"__1 _201\"/>ng of the p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>ds in line w<span class=\"__1 _201\"/>ith the bu<span class=\"__1 _201\"/>sine<span class=\"__1 _201\"/>ss pla<span class=\"__1 _201\"/>n. Th<span class=\"__1 _201\"/>e last of th<span class=\"__1 _201\"/>ese awa<span class=\"__1 _201\"/>rds veste<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>in 202<span class=\"__1 _201\"/>2.<span class=\"__1 _32b\"> </span>Annual Incen<span class=\"__1 _200\"/>tiv<span class=\"__1 _200\"/>e<span class=\"__1 _32b\"> </span>Plan (AIP<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>Cer<span class=\"__1 _201\"/>ta<span class=\"__1 _201\"/>in seni<span class=\"__1 _201\"/>or executi<span class=\"__1 _201\"/>ves par<span class=\"__1 _201\"/>tic<span class=\"__1 _201\"/>ipate in the AI<span class=\"__1 _201\"/>P whe<span class=\"__1 _201\"/>re a por<span class=\"__1 _201\"/>tio<span class=\"__1 _201\"/>n of the indi<span class=\"__1 _201\"/>vidu<span class=\"__1 _201\"/>al\u2019s bonus i<span class=\"__1 _201\"/>s deli<span class=\"__1 _201\"/>vered in<span class=\"__1 _201\"/> the fo<span class=\"__1 _201\"/>rm of share<span class=\"__1 _201\"/>s that are rel<span class=\"__1 _201\"/>ease<span class=\"__1 _201\"/>d afte<span class=\"__1 _201\"/>r three year<span class=\"__1 _201\"/>s of ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice. T<span class=\"__1 _201\"/>here are n<span class=\"__1 _201\"/>o per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>manc<span class=\"__1 _201\"/>e condi<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>ociate<span class=\"__1 _201\"/>d with the p<span class=\"__1 _201\"/>lan. T<span class=\"__1 _201\"/>he las<span class=\"__1 _201\"/>t of thes<span class=\"__1 _201\"/>e awards ves<span class=\"__1 _201\"/>ted in 202<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Group Def<span class=\"__1 _200\"/>erred<span class=\"__1 _32b\"> </span>Bonus Plan<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>GDBP)<span class=\"ls5_1 ws1_1\"> </span>Und<span class=\"__1 _201\"/>er thes<span class=\"__1 _201\"/>e plan<span class=\"__1 _201\"/>s, pa<span class=\"__1 _201\"/>rt of th<span class=\"__1 _201\"/>e par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pant<span class=\"__1 _201\"/>\u2019s annual bo<span class=\"__1 _201\"/>nus is pa<span class=\"__1 _201\"/>id in the fo<span class=\"__1 _201\"/>rm of a share aw<span class=\"__1 _201\"/>ard that ves<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/> af<span class=\"__1 _201\"/>ter three yea<span class=\"__1 _201\"/>rs of ser<span class=\"__1 _250\"/>vice<span class=\"__1 _201\"/>. Othe<span class=\"__1 _201\"/>r than the s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>e cond<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>, there are n<span class=\"__1 _201\"/>o other pe<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>forma<span class=\"__1 _201\"/>nce co<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>ns<span class=\"__1 _32b\"> </span>ass<span class=\"__1 _201\"/>ociate<span class=\"__1 _201\"/>d with this p<span class=\"__1 _201\"/>lan. T<span class=\"__1 _201\"/>he las<span class=\"__1 _201\"/>t of thes<span class=\"__1 _201\"/>e awards ves<span class=\"__1 _201\"/>ted in 202<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Restricted Share<span class=\"__1 _32b\"> </span>Pl<span class=\"__1 _201\"/>an<span class=\"__1 _201\"/> (R<span class=\"__1 _201\"/>SP)<span class=\"__1 _201\"/><span class=\"ls5_1 ws1_1\"> </span>Awards und<span class=\"__1 _201\"/>er this p<span class=\"__1 _201\"/>lan are dis<span class=\"__1 _201\"/>cretion<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y and ad<span class=\"__1 _201\"/>-ho<span class=\"__1 _201\"/>c, an<span class=\"__1 _201\"/>d the ves<span class=\"__1 _201\"/>ting of award<span class=\"__1 _201\"/>s are subj<span class=\"__1 _201\"/>ect to a s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>e<span class=\"__1 _32b\"> </span>con<span class=\"__1 _201\"/>dition an<span class=\"__1 _201\"/>d may be su<span class=\"__1 _201\"/>bjec<span class=\"__1 _201\"/>t to per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce cond<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/>. Th<span class=\"__1 _201\"/>ese award<span class=\"__1 _201\"/>s may be retentio<span class=\"__1 _201\"/>n awards<span class=\"__1 _201\"/>, new<span class=\"__1 _201\"/> join<span class=\"__1 _201\"/>er awards a<span class=\"__1 _201\"/>nd prom<span class=\"__1 _201\"/>otion rel<span class=\"__1 _201\"/>ated awards<span class=\"__1 _201\"/>. The l<span class=\"__1 _201\"/>ast of th<span class=\"__1 _201\"/>ese awa<span class=\"__1 _201\"/>rds will ves<span class=\"__1 _201\"/>t in 202<span class=\"__1 _201\"/>3.<span class=\"__1 _32b\"> </span>Pri<span class=\"__1 _201\"/>or to deme<span class=\"__1 _201\"/>rger<span class=\"__1 _200\"/>, all dis<span class=\"__1 _201\"/>cretion<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y sche<span class=\"__1 _201\"/>mes m<span class=\"__1 _201\"/>ention<span class=\"__1 _201\"/>ed ab<span class=\"__1 _201\"/>ove were bas<span class=\"__1 _201\"/>ed on Pr<span class=\"__1 _201\"/>ude<span class=\"__1 _201\"/>ntial pl<span class=\"__1 _201\"/>c awards<span class=\"__1 _201\"/>. At the point of d<span class=\"__1 _201\"/>eme<span class=\"__1 _201\"/>rger<span class=\"__1 _201\"/> and s<span class=\"__1 _201\"/>ubseq<span class=\"__1 _201\"/>uent li<span class=\"__1 _201\"/>sting of M<span class=\"__1 _201\"/>&amp;G plc<span class=\"__1 _201\"/>, all o<span class=\"__1 _201\"/>utsta<span class=\"__1 _201\"/>nding d<span class=\"__1 _201\"/>iscretio<span class=\"__1 _201\"/>nar<span class=\"__1 _201\"/>y award<span class=\"__1 _201\"/>s were rep<span class=\"__1 _201\"/>lace<span class=\"__1 _201\"/>d with eq<span class=\"__1 _201\"/>uival<span class=\"__1 _201\"/>ent awards b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on M&amp;G p<span class=\"__1 _201\"/>lc<span class=\"__1 _32b\"> </span>share<span class=\"__1 _201\"/>s. T<span class=\"__1 _201\"/>he sch<span class=\"__1 _201\"/>eme ru<span class=\"__1 _201\"/>les for t<span class=\"__1 _201\"/>he awards re<span class=\"__1 _201\"/>main the s<span class=\"__1 _201\"/>ame in pr<span class=\"__1 _201\"/>incip<span class=\"__1 _201\"/>le, except f<span class=\"__1 _201\"/>or the L<span class=\"__1 _200\"/>TIP award<span class=\"__1 _201\"/>s, for w<span class=\"__1 _201\"/>hich the re<span class=\"__1 _201\"/>levant m<span class=\"__1 _201\"/>etric<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>are bas<span class=\"__1 _201\"/>ed on M&amp;<span class=\"__1 _201\"/>G plc as o<span class=\"__1 _201\"/>ppo<span class=\"__1 _201\"/>sed to Pr<span class=\"__1 _201\"/>udenti<span class=\"__1 _201\"/>al plc p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance.<span class=\"__1 _32b\"> </span>In acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with IF<span class=\"__1 _201\"/>RS 2, th<span class=\"__1 _201\"/>e repla<span class=\"__1 _201\"/>ceme<span class=\"__1 _201\"/>nt awards we<span class=\"__1 _201\"/>re accoun<span class=\"__1 _201\"/>ted for as a m<span class=\"__1 _201\"/>odifi<span class=\"__1 _201\"/>catio<span class=\"__1 _201\"/>n of the prev<span class=\"__1 _201\"/>ious s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>e and the<span class=\"__1 _201\"/> expe<span class=\"__1 _201\"/>nse in rel<span class=\"__1 _201\"/>ation to the s<span class=\"__1 _201\"/>chem<span class=\"__1 _201\"/>e has conti<span class=\"__1 _201\"/>nued to b<span class=\"__1 _201\"/>e record<span class=\"__1 _201\"/>ed over th<span class=\"__1 _201\"/>e remaini<span class=\"__1 _201\"/>ng ves<span class=\"__1 _201\"/>ting per<span class=\"__1 _201\"/>iod<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Discretion<span class=\"__1 _200\"/>ary schemes initia<span class=\"__1 _200\"/>ted po<span class=\"__1 _200\"/>st demerger:<span class=\"__1 _32b\"> </span>Scheme<span class=\"__1 _2b4\"> </span>Descr<span class=\"__1 _201\"/>iption<span class=\"__1 _32b\"> </span>Per<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>manc<span class=\"__1 _201\"/>e Share<span class=\"__1 _201\"/> Plan (PSP)<span class=\"__1 _32b\"> </span>The P<span class=\"__1 _201\"/>SP is a c<span class=\"__1 _201\"/>onditi<span class=\"__1 _201\"/>onal sh<span class=\"__1 _201\"/>are plan<span class=\"__1 _201\"/>: the share<span class=\"__1 _201\"/>s awarde<span class=\"__1 _201\"/>d will ord<span class=\"__1 _201\"/>inari<span class=\"__1 _201\"/>ly be rel<span class=\"__1 _201\"/>ease<span class=\"__1 _201\"/>d to par<span class=\"__1 _201\"/>ticip<span class=\"__1 _201\"/>ants af<span class=\"__1 _201\"/>ter a<span class=\"__1 _201\"/> pred<span class=\"__1 _201\"/>etermi<span class=\"__1 _201\"/>ned p<span class=\"__1 _201\"/>erio<span class=\"__1 _201\"/>d of ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice, us<span class=\"__1 _201\"/>ually th<span class=\"__1 _201\"/>ree year<span class=\"__1 _201\"/>s, to the ex<span class=\"__1 _201\"/>tent that p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>form<span class=\"__1 _201\"/>ance co<span class=\"__1 _201\"/>nditi<span class=\"__1 _201\"/>ons have be<span class=\"__1 _201\"/>en<span class=\"__1 _201\"/> met<span class=\"__1 _201\"/>. If per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce cond<span class=\"__1 _201\"/>itions a<span class=\"__1 _201\"/>re not achi<span class=\"__1 _201\"/>eved in ful<span class=\"__1 _201\"/>l, the unve<span class=\"__1 _201\"/>sted p<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tion of any aw<span class=\"__1 _201\"/>ard laps<span class=\"__1 _201\"/>es. T<span class=\"__1 _201\"/>he<span class=\"__1 _201\"/> per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce con<span class=\"__1 _201\"/>ditions at<span class=\"__1 _201\"/>tach<span class=\"__1 _201\"/>ed to PS<span class=\"__1 _201\"/>P awards in<span class=\"__1 _201\"/>clude m<span class=\"__1 _201\"/>arket per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce con<span class=\"__1 _201\"/>ditions<span class=\"__1 _201\"/>; Relati<span class=\"__1 _201\"/>ve T<span class=\"__1 _f_1\"/>otal<span class=\"__1 _201\"/> Share<span class=\"__1 _201\"/>hol<span class=\"__1 _201\"/>der Retur<span class=\"__1 _201\"/>n (<span class=\"__1 _201\"/>TSR)<span class=\"__1 _201\"/>; and othe<span class=\"__1 _201\"/>r non<span class=\"__1 _201\"/>-market co<span class=\"__1 _201\"/>nditio<span class=\"__1 _201\"/>ns, in<span class=\"__1 _201\"/>cludi<span class=\"__1 _201\"/>ng cap<span class=\"__1 _201\"/>ital ge<span class=\"__1 _201\"/>nerati<span class=\"__1 _201\"/>on meas<span class=\"__1 _201\"/>ures<span class=\"__1 _201\"/>. The<span class=\"__1 _201\"/> per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce con<span class=\"__1 _201\"/>ditions at<span class=\"__1 _201\"/>tach<span class=\"__1 _201\"/>ed to eac<span class=\"__1 _201\"/>h award are dep<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>ent on th<span class=\"__1 _201\"/>e role of the p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ticipa<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>. Thres<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/> and ma<span class=\"__1 _201\"/>ximu<span class=\"__1 _201\"/>m achievem<span class=\"__1 _201\"/>ent leve<span class=\"__1 _201\"/>ls will b<span class=\"__1 _201\"/>e set at the b<span class=\"__1 _201\"/>egin<span class=\"__1 _201\"/>ning of the p<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>for<span class=\"__1 _201\"/>mance p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ods in lin<span class=\"__1 _201\"/>e with the<span class=\"__1 _201\"/> business plan.<span class=\"__1 _32b\"> </span>Defe<span class=\"__1 _201\"/>rred I<span class=\"__1 _201\"/>ncenti<span class=\"__1 _201\"/>ve<span class=\"__1 _32b\"> </span>Plan (DIP)<span class=\"__1 _32b\"> </span>Und<span class=\"__1 _201\"/>er thes<span class=\"__1 _201\"/>e plan<span class=\"__1 _201\"/>s, pa<span class=\"__1 _201\"/>rt of th<span class=\"__1 _201\"/>e par<span class=\"__1 _201\"/>tici<span class=\"__1 _201\"/>pant<span class=\"__1 _201\"/>\u2019s Annual Bo<span class=\"__1 _201\"/>nus is pa<span class=\"__1 _201\"/>id in the fo<span class=\"__1 _201\"/>rm of a share aw<span class=\"__1 _201\"/>ard that ves<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/> af<span class=\"__1 _201\"/>ter three o<span class=\"__1 _201\"/>r four year<span class=\"__1 _201\"/>s. O<span class=\"__1 _201\"/>ther tha<span class=\"__1 _201\"/>n the se<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>vice co<span class=\"__1 _201\"/>nditi<span class=\"__1 _201\"/>on, the<span class=\"__1 _201\"/>re are no oth<span class=\"__1 _201\"/>er per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce cond<span class=\"__1 _201\"/>itions<span class=\"__1 _201\"/> ass<span class=\"__1 _201\"/>ociate<span class=\"__1 _201\"/>d with this p<span class=\"__1 _201\"/>lan.<span class=\"__1 _32b\"> </span>Appro<span class=\"__1 _200\"/>ved<span class=\"__1 _200\"/> schemes:<span class=\"__1 _32b\"> </span>Share<span class=\"__1 _200\"/> scheme<span class=\"__1 _f4_1\"> </span><span class=\"ls3_1 ws3_1\">Des<span class=\"__1 _201\"/>cription<span class=\"__1 _32b\"> </span></span>Save As You Earn<span class=\"__1 _201\"/> (S<span class=\"__1 _200\"/>A<span class=\"__1 _f_1\"/>YE<span class=\"__1 _201\"/>) plans<span class=\"__1 _32b\"> </span>The G<span class=\"__1 _201\"/>roup o<span class=\"__1 _201\"/>perates S<span class=\"__1 _201\"/>A<span class=\"__1 _f_1\"/>YE p<span class=\"__1 _201\"/>lans<span class=\"__1 _201\"/>, which a<span class=\"__1 _201\"/>llow eli<span class=\"__1 _201\"/>gible e<span class=\"__1 _201\"/>mploye<span class=\"__1 _201\"/>es the o<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>tun<span class=\"__1 _201\"/>ity to s<span class=\"__1 _201\"/>ave a monthl<span class=\"__1 _201\"/>y amou<span class=\"__1 _201\"/>nt<span class=\"__1 _32b\"> </span>from th<span class=\"__1 _201\"/>eir sal<span class=\"__1 _201\"/>arie<span class=\"__1 _201\"/>s, over e<span class=\"__1 _201\"/>ither a thre<span class=\"__1 _201\"/>e or fi<span class=\"__1 _201\"/>ve-year p<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>od, w<span class=\"__1 _201\"/>hich c<span class=\"__1 _201\"/>an be use<span class=\"__1 _201\"/>d to purcha<span class=\"__1 _201\"/>se share<span class=\"__1 _201\"/>s in M&amp;G p<span class=\"__1 _201\"/>lc<span class=\"__1 _32b\"> </span>at a pred<span class=\"__1 _201\"/>etermi<span class=\"__1 _201\"/>ned pr<span class=\"__1 _201\"/>ice sub<span class=\"__1 _201\"/>jec<span class=\"__1 _201\"/>t to the emp<span class=\"__1 _201\"/>loyee re<span class=\"__1 _201\"/>mainin<span class=\"__1 _201\"/>g in empl<span class=\"__1 _201\"/>oyme<span class=\"__1 _201\"/>nt for thre<span class=\"__1 _201\"/>e years af<span class=\"__1 _201\"/>ter the gr<span class=\"__1 _201\"/>ant<span class=\"__1 _201\"/> date of the op<span class=\"__1 _201\"/>tions an<span class=\"__1 _201\"/>d satis<span class=\"__1 _201\"/>f<span class=\"__1 _201\"/>ying th<span class=\"__1 _201\"/>e monthl<span class=\"__1 _201\"/>y savin<span class=\"__1 _201\"/>gs requ<span class=\"__1 _201\"/>iremen<span class=\"__1 _201\"/>t.<span class=\"__1 _32b\"> </span>Share I<span class=\"__1 _201\"/>ncenti<span class=\"__1 _201\"/>ve Plan<span class=\"__1 _201\"/> (SIP): fre<span class=\"__1 _201\"/>e share<span class=\"__1 _201\"/>s<span class=\"__1 _32b\"> </span>In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, to celeb<span class=\"__1 _201\"/>rate the de<span class=\"__1 _201\"/>merg<span class=\"__1 _201\"/>er<span class=\"__1 _f_1\"/>, a<span class=\"__1 _201\"/>ll eligi<span class=\"__1 _201\"/>ble emp<span class=\"__1 _201\"/>loyee<span class=\"__1 _201\"/>s were prov<span class=\"__1 _201\"/>ided w<span class=\"__1 _201\"/>ith 920 M&amp;<span class=\"__1 _201\"/>G plc sh<span class=\"__1 _201\"/>ares wit<span class=\"__1 _201\"/>h a<span class=\"__1 _32b\"> </span>valu<span class=\"__1 _201\"/>e of \u00a32<span class=\"__1 _201\"/>,000 at th<span class=\"__1 _201\"/>e date of grant s<span class=\"__1 _201\"/>ubje<span class=\"__1 _201\"/>ct to a t<span class=\"__1 _201\"/>wo-ye<span class=\"__1 _201\"/>ar ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ice con<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>. The aw<span class=\"__1 _201\"/>ards full<span class=\"__1 _201\"/>y veste<span class=\"__1 _201\"/>d durin<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span>2021 fo<span class=\"__1 _201\"/>r empl<span class=\"__1 _201\"/>oyees w<span class=\"__1 _201\"/>ho met th<span class=\"__1 _201\"/>e relevant ve<span class=\"__1 _201\"/>stin<span class=\"__1 _201\"/>g condi<span class=\"__1 _201\"/>tions<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>All ap<span class=\"__1 _201\"/>proved s<span class=\"__1 _201\"/>cheme<span class=\"__1 _201\"/>s are acco<span class=\"__1 _201\"/>unted fo<span class=\"__1 _201\"/>r as equi<span class=\"__1 _201\"/>ty-s<span class=\"__1 _201\"/>ettl<span class=\"__1 _201\"/>ed as the aw<span class=\"__1 _201\"/>ards are set<span class=\"__1 _201\"/>tle<span class=\"__1 _201\"/>d in M&amp;G p<span class=\"__1 _201\"/>lc share<span class=\"__1 _201\"/>s.<span class=\"__1 _32b\"> </span>38.<span class=\"__1 _201\"/>2 Outstanding<span class=\"__1 _200\"/> options<span class=\"__1 _200\"/> and a<span class=\"__1 _200\"/>war<span class=\"__1 _200\"/>ds<span class=\"__1 _32b\"> </span>Movem<span class=\"__1 _201\"/>ents in o<span class=\"__1 _201\"/>uts<span class=\"__1 _201\"/>tandin<span class=\"__1 _201\"/>g option<span class=\"__1 _201\"/>s and awards u<span class=\"__1 _201\"/>nder th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s share<span class=\"__1 _201\"/>-bas<span class=\"__1 _201\"/>ed co<span class=\"__1 _201\"/>mpen<span class=\"__1 _201\"/>sation a<span class=\"__1 _201\"/>re as follo<span class=\"__1 _201\"/>ws: <span class=\"__1 _19a_1\"> </span><span class=\"ls3_1 ws3_1\">2022<span class=\"__1 _32b\"> </span></span>Outstanding opt<span class=\"__1 _200\"/>ions under<span class=\"__1 _32b\"> </span>SA<span class=\"__1 _f_1\"/>YE schemes<span class=\"__1 _32b\"> </span>Awards outstanding under<span class=\"__1 _32b\"> </span>incentive plans<span class=\"__1 _32b\"> </span>Out<span class=\"__1 _201\"/>stan<span class=\"__1 _201\"/>ding as at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y<span class=\"__1 _1a1_1\"> </span><span class=\"ff1_1 ls15_1 ws14_1\">23<span class=\"__1 _201\"/>,299,<span class=\"__1 _201\"/>399<span class=\"__1 _2c2\"> </span>82<span class=\"__1 _201\"/>,892<span class=\"__1 _201\"/>,380<span class=\"__1 _32b\"> </span></span>Gr<span class=\"__1 _201\"/>ante<span class=\"__1 _201\"/>d<span class=\"__1 _396\"> </span><span class=\"ff1_1 lsb_1 ws32_1\">3,085,857<span class=\"__1 _427\"> </span><span class=\"ls3f_1 ws41_1\">25,900,361<span class=\"__1 _32b\"> </span></span></span>E<span class=\"__1 _201\"/>xerci<span class=\"__1 _201\"/>sed<span class=\"__1 _201\"/> <span class=\"__1 _d1_1\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">(5<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>8<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>9)<span class=\"__1 _6a_1\"> </span><span class=\"ls1d_1 ws1c_1\">(1<span class=\"__1 _201\"/>1<span class=\"__1 _201\"/>,<span class=\"__1 _250\"/>5<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>8)<span class=\"__1 _32b\"> </span></span></span>For<span class=\"__1 _201\"/>feited/Ex<span class=\"__1 _201\"/>pired<span class=\"__1 _e5_1\"> </span><span class=\"ff1_1 ls3c_1 ws3d_1\">(<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>51<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>0)<span class=\"__1 _2b9\"> </span><span class=\"ls33_1 ws34_1\">(9,703<span class=\"__1 _201\"/>,76<span class=\"__1 _201\"/>5)<span class=\"__1 _32b\"> </span></span></span>Outstanding at<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _276\"> </span><span class=\"ls3f_1 ws41_1\">23,265,327<span class=\"__1 _463\"> </span><span class=\"lsd_1 wsb_1\">87<span class=\"__1 _f_1\"/>,565<span class=\"__1 _201\"/>,318<span class=\"__1 _32b\"> </span></span></span>Options immediat<span class=\"__1 _200\"/>ely e<span class=\"__1 _200\"/>x<span class=\"__1 _200\"/>ercisable<span class=\"__1 _200\"/> at 31<span class=\"__1 _200\"/> December<span class=\"__1 _364\"> </span><span class=\"ls24_1 ws23_1\">9<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _201\"/>2<span class=\"__1 _bf_1\"> </span><span class=\"ls15_1 ws14_1\">96<span class=\"__1 _201\"/>,498</span></span> <span class=\"__1 _1a1_1\"> </span><span class=\"ls3_1 ws3_1\">2021<span class=\"__1 _32b\"> </span></span>Outstanding opt<span class=\"__1 _200\"/>ions under<span class=\"__1 _32b\"> </span>SA<span class=\"__1 _f_1\"/>YE schemes<span class=\"__1 _32b\"> </span>Awards outstanding under<span class=\"__1 _32b\"> </span>incentive plans<span class=\"__1 _32b\"> </span>Out<span class=\"__1 _201\"/>stan<span class=\"__1 _201\"/>ding as at 1 Ja<span class=\"__1 _201\"/>nuar<span class=\"__1 _201\"/>y<span class=\"__1 _25a\"> </span><span class=\"ls16_1 ws15_1\">23,<span class=\"__1 _200\"/>673,<span class=\"__1 _337\"/>199<span class=\"__1 _2c3\"> </span><span class=\"lsc_1 wsa_1\">7<span class=\"__1 _201\"/>7<span class=\"__1 _f_1\"/>,011,381<span class=\"__1 _32b\"> </span></span></span>Gr<span class=\"__1 _201\"/>ante<span class=\"__1 _201\"/>d<span class=\"__1 _308\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _250\"/>,1<span class=\"__1 _201\"/>47,1<span class=\"__1 _201\"/>3<span class=\"__1 _250\"/>4<span class=\"__1 _464\"> </span><span class=\"ls8_1 ws6_1\">24<span class=\"__1 _201\"/>,749<span class=\"__1 _201\"/>,79<span class=\"__1 _201\"/>5<span class=\"__1 _32b\"> </span></span></span>E<span class=\"__1 _201\"/>xerci<span class=\"__1 _201\"/>sed<span class=\"__1 _1d3_1\"> </span><span class=\"ls3f_1 ws41_1\">(<span class=\"__1 _200\"/>480,465)<span class=\"__1 _477\"> </span><span class=\"ls16_1 ws15_1\">(<span class=\"__1 _f_1\"/>13,589<span class=\"__1 _200\"/>,<span class=\"__1 _f_1\"/>785)<span class=\"__1 _32b\"> </span></span></span>For<span class=\"__1 _201\"/>feited/Ex<span class=\"__1 _201\"/>pired<span class=\"__1 _24c\"> </span><span class=\"ls11_1 ws10_1\">(3<span class=\"__1 _201\"/>,0<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>9)<span class=\"__1 _262\"> </span>(<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>7<span class=\"__1 _201\"/>9,<span class=\"__1 _201\"/>0<span class=\"__1 _201\"/>11)<span class=\"__1 _32b\"> </span></span>Outstanding at<span class=\"__1 _200\"/> 31 Dec<span class=\"__1 _200\"/>ember<span class=\"__1 _7f_1\"> </span><span class=\"ff2_1 ls27_1 ws27_1\">23,<span class=\"__1 _201\"/>299,399<span class=\"__1 _466\"> </span><span class=\"ls5_1 ws1_1\">8<span class=\"__1 _200\"/>2,892,38<span class=\"__1 _200\"/>0<span class=\"__1 _32b\"> </span></span></span>Options immediat<span class=\"__1 _200\"/>ely e<span class=\"__1 _200\"/>x<span class=\"__1 _200\"/>ercisable<span class=\"__1 _200\"/> at 31<span class=\"__1 _200\"/> December<span class=\"__1 _a1_1\"> </span><span class=\"ff2_1 ls13_1 ws12_1\">13<span class=\"__1 _250\"/>7,<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _1fe\"> </span><span class=\"lsc_1 wsa_1\">21,83<span class=\"__1 _201\"/>1<span class=\"__1 _32b\"> </span></span></span>The f<span class=\"__1 _201\"/>ollow<span class=\"__1 _201\"/>ing tabl<span class=\"__1 _201\"/>es prov<span class=\"__1 _201\"/>ide a sum<span class=\"__1 _201\"/>mar<span class=\"__1 _201\"/>y of the r<span class=\"__1 _201\"/>ange of exerc<span class=\"__1 _201\"/>ise pr<span class=\"__1 _201\"/>ices fo<span class=\"__1 _201\"/>r the SA<span class=\"__1 _f_1\"/>Y<span class=\"__1 _201\"/>E optio<span class=\"__1 _201\"/>ns. T<span class=\"__1 _201\"/>he awards u<span class=\"__1 _201\"/>nder th<span class=\"__1 _201\"/>e other<span class=\"__1 _201\"/> sch<span class=\"__1 _201\"/>emes d<span class=\"__1 _201\"/>o not have an exerci<span class=\"__1 _201\"/>se pri<span class=\"__1 _201\"/>ce:<span class=\"__1 _32b\"> </span>2022 <span class=\"__1 _212\"> </span><span class=\"ls4f_1 ws58_1\">Numbe<span class=\"__1 _201\"/>r outstanding<span class=\"__1 _32b\"> </span></span>Wei<span class=\"__1 _200\"/>ghted<span class=\"__1 _200\"/> average<span class=\"__1 _32b\"> </span>remaining contrac<span class=\"__1 _201\"/>tual life<span class=\"__1 _32b\"> </span>(<span class=\"__1 _201\"/>ye<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>s)<span class=\"__1 _32b\"> </span>Wei<span class=\"__1 _200\"/>ghted<span class=\"__1 _200\"/> average<span class=\"__1 _200\"/> exer<span class=\"__1 _200\"/>cise<span class=\"__1 _32b\"> </span>pr<span class=\"__1 _201\"/>ice (\u00a3)<span class=\"__1 _270\"> </span><span class=\"ls4f_1 ws58_1\">Number exercisable<span class=\"__1 _32b\"> </span></span>Bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n \u00a31 and \u00a32<span class=\"__1 _2c4\"> </span><span class=\"ff1_1 ls3f_1 ws41_1\">23,<span class=\"__1 _201\"/>265,327<span class=\"__1 _b3_1\"> </span><span class=\"ls28_1 ws28_1\">1.63<span class=\"__1 _b3_1\"> </span>1.<span class=\"__1 _201\"/>45<span class=\"__1 _415\"> </span><span class=\"ls24_1 ws23_1\">9<span class=\"__1 _201\"/>9<span class=\"__1 _201\"/>,1<span class=\"__1 _250\"/>6<span class=\"__1 _250\"/>2<span class=\"__1 _32b\"> </span></span></span></span>2021 <span class=\"__1 _212\"> </span><span class=\"ls4f_1 ws58_1\">Numbe<span class=\"__1 _201\"/>r outstanding<span class=\"__1 _32b\"> </span></span>Wei<span class=\"__1 _200\"/>ghted<span class=\"__1 _200\"/> average<span class=\"__1 _32b\"> </span>remaining contrac<span class=\"__1 _201\"/>tual life<span class=\"__1 _32b\"> </span>(<span class=\"__1 _201\"/>ye<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>s)<span class=\"__1 _32b\"> </span>Wei<span class=\"__1 _200\"/>ghted<span class=\"__1 _200\"/> average<span class=\"__1 _200\"/> exer<span class=\"__1 _200\"/>cise<span class=\"__1 _32b\"> </span>pr<span class=\"__1 _201\"/>ice (\u00a3)<span class=\"__1 _270\"> </span><span class=\"ls4f_1 ws58_1\">Number exercisable<span class=\"__1 _32b\"> </span></span>Bet<span class=\"__1 _201\"/>wee<span class=\"__1 _201\"/>n \u00a31 and \u00a32<span class=\"__1 _e2_1\"> </span><span class=\"ls27_1 ws27_1\">23,<span class=\"__1 _201\"/>299,399<span class=\"__1 _b3_1\"> </span><span class=\"ls29_1 ws29_1\">2.33<span class=\"__1 _c2_1\"> </span><span class=\"lsc_1 wsa_1\">1.<span class=\"__1 _201\"/>43<span class=\"__1 _1aa_1\"> </span><span class=\"ls13_1 ws12_1\">1<span class=\"__1 _250\"/>3<span class=\"__1 _201\"/>7,<span class=\"__1 _250\"/>0<span class=\"__1 _250\"/>4<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></span></span></span>38<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>3 F<span class=\"__1 _200\"/>air va<span class=\"__1 _201\"/>lue o<span class=\"__1 _201\"/>f opti<span class=\"__1 _201\"/>ons an<span class=\"__1 _201\"/>d awards<span class=\"__1 _32b\"> </span>The f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue of all award<span class=\"__1 _201\"/>s is base<span class=\"__1 _201\"/>d on the M<span class=\"__1 _201\"/>&amp;G plc s<span class=\"__1 _201\"/>hare pr<span class=\"__1 _201\"/>ice at the date of gr<span class=\"__1 _201\"/>ant, exce<span class=\"__1 _201\"/>pt for the fo<span class=\"__1 _201\"/>llowin<span class=\"__1 _201\"/>g:<span class=\"__1 _32b\"> </span>\u2013 <span class=\"__1 _291\"> </span><span class=\"ws1_1\">Awards with m<span class=\"__1 _201\"/>arket per<span class=\"__1 _201\"/>fo<span class=\"__1 _201\"/>rman<span class=\"__1 _201\"/>ce con<span class=\"__1 _201\"/>ditions b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d on T<span class=\"__1 _f_1\"/>otal S<span class=\"__1 _201\"/>hareh<span class=\"__1 _201\"/>olde<span class=\"__1 _201\"/>r Returns (\u201c<span class=\"__1 _201\"/>TS<span class=\"__1 _201\"/>R awards\u201d): th<span class=\"__1 _201\"/>ese in<span class=\"__1 _201\"/>clud<span class=\"__1 _201\"/>e the L<span class=\"__1 _f_1\"/>T<span class=\"__1 _201\"/>IP TS<span class=\"__1 _201\"/>R<span class=\"__1 _32b\"> </span></span>awards gr<span class=\"__1 _201\"/>anted in 2019 an<span class=\"__1 _201\"/>d cer<span class=\"__1 _201\"/>tain P<span class=\"__1 _201\"/>SP awa<span class=\"__1 _201\"/>rds grante<span class=\"__1 _201\"/>d from 2020 o<span class=\"__1 _201\"/>nwards;<span class=\"__1 _201\"/> \u2013 <span class=\"__1 _291\"> </span><span class=\"lsd_1 wse_1\">SA<span class=\"__1 _f_1\"/>YE options.<span class=\"__1 _32b\"> </span></span>The d<span class=\"__1 _201\"/>etermi<span class=\"__1 _201\"/>nation of th<span class=\"__1 _201\"/>e fair val<span class=\"__1 _201\"/>ue of the<span class=\"__1 _201\"/>se awards re<span class=\"__1 _201\"/>quires th<span class=\"__1 _201\"/>e use of va<span class=\"__1 _201\"/>riou<span class=\"__1 _201\"/>s assum<span class=\"__1 _201\"/>ptions w<span class=\"__1 _201\"/>hich are di<span class=\"__1 _201\"/>sclo<span class=\"__1 _201\"/>sed b<span class=\"__1 _201\"/>elow<span class=\"__1 _201\"/>:<span class=\"__1 _32b\"> </span>38 Share<span class=\"__1 _201\"/>-based payments continued<span class=\"__1 _32b\"> </span>Awards<span class=\"__1 _200\"/> granted in<span class=\"__1 _32b\"> </span>2022<span class=\"__1 _32b\"> </span>Awards<span class=\"__1 _200\"/> granted in<span class=\"__1 _32b\"> </span>2021<span class=\"__1 _32b\"> </span>PSP TSR<span class=\"__1 _32b\"> </span>award<span class=\"__1 _32b\"> </span>S<span class=\"__1 _201\"/>AY<span class=\"__1 _250\"/>E<span class=\"__1 _201\"/> options<span class=\"__1 _32b\"> </span>PSP TSR<span class=\"__1 _32b\"> </span>award<span class=\"__1 _32b\"> </span>S<span class=\"__1 _201\"/>AY<span class=\"__1 _250\"/>E<span class=\"__1 _201\"/> options<span class=\"__1 _32b\"> </span>Dividend yie<span class=\"__1 _200\"/>ld (<span class=\"__1 _200\"/>%<span class=\"__1 _f_1\"/>)<span class=\"__1 _24e\"> </span><span class=\"ff1_1 ls82_1 ws99_1\">n/a<span class=\"__1 _7d_1\"> </span><span class=\"ls45_1 ws49_1\">11<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>37<span class=\"__1 _8c_1\"> </span></span></span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _6b_1\"> </span><span class=\"ls42_1 ws46_1\">9.0<span class=\"__1 _201\"/>8<span class=\"__1 _32b\"> </span></span></span>E<span class=\"__1 _201\"/>xp<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>ted p<span class=\"__1 _201\"/>ay-<span class=\"__1 _201\"/>off (%<span class=\"__1 _200\"/>)<span class=\"__1 _460\"> </span><span class=\"ff1_1 ls19_1 ws18_1\">10<span class=\"__1 _201\"/>0.00<span class=\"__1 _231\"> </span><span class=\"ls82_1 ws99_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _231\"> </span></span></span><span class=\"ls4a_1 ws50_1\">41.<span class=\"__1 _201\"/>6<span class=\"__1 _201\"/>7<span class=\"__1 _345\"> </span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _32b\"> </span></span></span>Ex<span class=\"__1 _201\"/>pec<span class=\"__1 _201\"/>ted vo<span class=\"__1 _201\"/>latilit<span class=\"__1 _201\"/>y (%<span class=\"__1 _f_1\"/>)<span class=\"__1 _2c5\"> </span><span class=\"ff1_1 ls82_1 ws99_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _204\"> </span><span class=\"ls3c_1 ws3d_1\">4<span class=\"__1 _201\"/>8<span class=\"__1 _250\"/>.<span class=\"__1 _201\"/>51<span class=\"__1 _8c_1\"> </span></span></span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _1b5_1\"> </span><span class=\"ls43_1 ws47_1\">3<span class=\"__1 _201\"/>0<span class=\"__1 _250\"/>.1<span class=\"__1 _201\"/>7<span class=\"__1 _32b\"> </span></span></span>Risk-free inte<span class=\"__1 _201\"/>rest rate (%<span class=\"__1 _200\"/>)<span class=\"__1 _1d4_1\"> </span><span class=\"ff1_1 ls82_1 ws99_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _6b_1\"> </span><span class=\"ls22_1 ws21_1\">4<span class=\"__1 _201\"/>.37<span class=\"__1 _8c_1\"> </span></span></span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _272\"> </span><span class=\"ls32_1 ws33_1\">0.<span class=\"__1 _201\"/>88<span class=\"__1 _32b\"> </span></span></span>Expec<span class=\"__1 _201\"/>ted op<span class=\"__1 _200\"/>tion li<span class=\"__1 _200\"/>fe (yea<span class=\"__1 _200\"/>rs<span class=\"__1 _200\"/>)<span class=\"__1 _452\"> </span><span class=\"ff1_1 ls82_1 ws99_1\">n/a<span class=\"__1 _212\"> </span><span class=\"ls47_1 ws4d_1\">3.45<span class=\"__1 _8c_1\"> </span></span></span><span class=\"lsa_1 ws8_1\">n/a<span class=\"__1 _1c2_1\"> </span><span class=\"ls1c_1 ws43_1\">3<span class=\"__1 _201\"/>.66<span class=\"__1 _32b\"> </span></span></span>Weighted aver<span class=\"__1 _201\"/>age exercis<span class=\"__1 _201\"/>e pric<span class=\"__1 _201\"/>e (\u00a3)<span class=\"__1 _424\"> </span><span class=\"ff1_1 ls82_1 ws99_1\">n/a<span class=\"__1 _c_1\"> </span><span class=\"ls18_1 ws17_1\">1<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>61<span class=\"__1 _8c_1\"> </span></span></span><span class=\"lsa_1 ws8_1\">n<span class=\"__1 _201\"/>/a<span class=\"__1 _223\"> </span><span class=\"lsc_1 wsa_1\">1.<span class=\"__1 _201\"/>64<span class=\"__1 _32b\"> </span></span></span>Weighted aver<span class=\"__1 _201\"/>age sha<span class=\"__1 _201\"/>re pric<span class=\"__1 _201\"/>e at grant date (\u00a3)<span class=\"__1 _1b6_1\"> </span><span class=\"ff1_1 ls60_1 ws73_1\">2<span class=\"__1 _250\"/>.1<span class=\"__1 _201\"/>7<span class=\"__1 _223\"> </span><span class=\"ls38_1 ws38_1\">1.6<span class=\"__1 _201\"/>7<span class=\"__1 _f7_1\"> </span></span></span><span class=\"ls42_1 ws46_1\">2.0<span class=\"__1 _201\"/>9<span class=\"__1 _272\"> </span>2<span class=\"__1 _201\"/>.04<span class=\"__1 _32b\"> </span></span>Weighted aver<span class=\"__1 _201\"/>age fai<span class=\"__1 _201\"/>r value at gr<span class=\"__1 _201\"/>ant date (\u00a3)<span class=\"__1 _2b5\"> </span><span class=\"ff1_1 ls60_1 ws73_1\">2<span class=\"__1 _250\"/>.1<span class=\"__1 _201\"/>7<span class=\"__1 _272\"> </span><span class=\"ls38_1 ws38_1\">0.<span class=\"__1 _201\"/>33<span class=\"__1 _18b_1\"> </span></span></span><span class=\"ls43_1 ws47_1\">1<span class=\"__1 _201\"/>.1<span class=\"__1 _201\"/>1<span class=\"__1 _272\"> </span><span class=\"ls32_1 ws33_1\">0.<span class=\"__1 _201\"/>30<span class=\"__1 _32b\"> </span></span></span>The G<span class=\"__1 _201\"/>roup us<span class=\"__1 _201\"/>es the B<span class=\"__1 _201\"/>lack-Schol<span class=\"__1 _201\"/>es mo<span class=\"__1 _201\"/>del to valu<span class=\"__1 _201\"/>e the SA<span class=\"__1 _f_1\"/>Y<span class=\"__1 _201\"/>E optio<span class=\"__1 _201\"/>ns. I<span class=\"__1 _201\"/>n determ<span class=\"__1 _201\"/>ining the f<span class=\"__1 _201\"/>air val<span class=\"__1 _201\"/>ue of optio<span class=\"__1 _201\"/>ns grante<span class=\"__1 _201\"/>d, the h<span class=\"__1 _201\"/>istor<span class=\"__1 _201\"/>ic<span class=\"__1 _32b\"> </span>volatil<span class=\"__1 _201\"/>ity of th<span class=\"__1 _201\"/>e share p<span class=\"__1 _201\"/>rice of s<span class=\"__1 _201\"/>uitabl<span class=\"__1 _201\"/>e pee<span class=\"__1 _201\"/>rs and a r<span class=\"__1 _201\"/>isk<span class=\"__1 _200\"/>-free r<span class=\"__1 _201\"/>ate determi<span class=\"__1 _201\"/>ned by refe<span class=\"__1 _201\"/>rence to s<span class=\"__1 _201\"/>wap rates wa<span class=\"__1 _201\"/>s also co<span class=\"__1 _201\"/>nsid<span class=\"__1 _201\"/>ered<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>38.<span class=\"__1 _201\"/>4 Shar<span class=\"__1 _200\"/>e-based pa<span class=\"__1 _200\"/>yment e<span class=\"__1 _200\"/>xpense<span class=\"__1 _200\"/> charged<span class=\"__1 _200\"/> to the<span class=\"__1 _200\"/> consolida<span class=\"__1 _200\"/>ted inc<span class=\"__1 _200\"/>ome stat<span class=\"__1 _200\"/>ement<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>ota<span class=\"__1 _201\"/>l expens<span class=\"__1 _201\"/>es rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed in the ye<span class=\"__1 _201\"/>ar in the co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated fin<span class=\"__1 _201\"/>ancia<span class=\"__1 _201\"/>l stateme<span class=\"__1 _201\"/>nts relati<span class=\"__1 _201\"/>ng to equi<span class=\"__1 _201\"/>ty-s<span class=\"__1 _201\"/>ettl<span class=\"__1 _201\"/>ed sha<span class=\"__1 _201\"/>re-b<span class=\"__1 _201\"/>ase<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>comp<span class=\"__1 _201\"/>ens<span class=\"__1 _201\"/>ation as at 31 D<span class=\"__1 _201\"/>ece<span class=\"__1 _201\"/>mber 20<span class=\"__1 _201\"/>22 was \u00a3<span class=\"__1 _201\"/>34<span class=\"__1 _201\"/>m (2021: \u00a34<span class=\"__1 _201\"/>0m). The G<span class=\"__1 _201\"/>roup has n<span class=\"__1 _201\"/>o outs<span class=\"__1 _201\"/>tandi<span class=\"__1 _201\"/>ng liabi<span class=\"__1 _201\"/>lities at th<span class=\"__1 _201\"/>e year en<span class=\"__1 _201\"/>d relating<span class=\"__1 _201\"/> to awards wh<span class=\"__1 _201\"/>ich are set<span class=\"__1 _201\"/>tle<span class=\"__1 _201\"/>d in cas<span class=\"__1 _201\"/>h.<span class=\"__1 _32b\"> </span>38 Share<span class=\"__1 _201\"/>-based payments continued<span class=\"__1 _32b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-520": {
   "value": "<div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"left:0.010047913px; bottom:245.64496px;\">39 Post balance s<span class=\"__1 _201\"/>heet ev<span class=\"__1 _f_1\"/>e<span class=\"__1 _201\"/>nts </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:225.02057px;\">On 3 Aug<span class=\"__1 _201\"/>ust 202<span class=\"__1 _201\"/>2, M<span class=\"__1 _201\"/>&amp;G Wealth Adv<span class=\"__1 _201\"/>ice Lim<span class=\"__1 _201\"/>ited, a w<span class=\"__1 _201\"/>holl<span class=\"__1 _201\"/>y owne<span class=\"__1 _201\"/>d subsid<span class=\"__1 _201\"/>iar<span class=\"__1 _201\"/>y of the G<span class=\"__1 _201\"/>roup, ag<span class=\"__1 _201\"/>reed to ac<span class=\"__1 _201\"/>quire a 49<span class=\"__1 _201\"/>.9% ho<span class=\"__1 _201\"/>lding i<span class=\"__1 _201\"/>n </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:208.5221px;\">My C<span class=\"__1 _201\"/>ontinuu<span class=\"__1 _201\"/>m Financ<span class=\"__1 _201\"/>ial Limi<span class=\"__1 _201\"/>ted (MCF<span class=\"__1 _201\"/>L). MCF<span class=\"__1 _201\"/>L is the ho<span class=\"__1 _201\"/>lding c<span class=\"__1 _201\"/>ompany of C<span class=\"__1 _201\"/>ontinu<span class=\"__1 _201\"/>um (Fina<span class=\"__1 _201\"/>ncial S<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>es) LLP (CFSL) an<span class=\"__1 _201\"/>d My<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:192.02356px;\">Cont<span class=\"__1 _201\"/>inuum Wealth (M<span class=\"__1 _201\"/>CW<span class=\"__1 _201\"/>). CFSL is a re<span class=\"__1 _201\"/>gulate<span class=\"__1 _201\"/>d entit<span class=\"__1 _201\"/>y enga<span class=\"__1 _201\"/>ged in p<span class=\"__1 _201\"/>rovidi<span class=\"__1 _201\"/>ng wealth m<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>ment s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>es to retail cl<span class=\"__1 _201\"/>ients th<span class=\"__1 _201\"/>rough<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:175.52509px;\">a net<span class=\"__1 _201\"/>work o<span class=\"__1 _201\"/>f indep<span class=\"__1 _201\"/>end<span class=\"__1 _201\"/>ent fina<span class=\"__1 _201\"/>ncial ad<span class=\"__1 _201\"/>vis<span class=\"__1 _201\"/>ors wh<span class=\"__1 _201\"/>ereas M<span class=\"__1 _201\"/>CW provi<span class=\"__1 _201\"/>des in<span class=\"__1 _201\"/>-hou<span class=\"__1 _201\"/>se por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>foli<span class=\"__1 _201\"/>o manag<span class=\"__1 _201\"/>ement s<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vi<span class=\"__1 _201\"/>ces thro<span class=\"__1 _201\"/>ugh provi<span class=\"__1 _201\"/>sion<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:159.02655px;\">of mo<span class=\"__1 _201\"/>del po<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tfol<span class=\"__1 _201\"/>ios.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:134.27881px;\">The tr<span class=\"__1 _201\"/>ansa<span class=\"__1 _201\"/>ctio<span class=\"__1 _201\"/>n require<span class=\"__1 _201\"/>d regu<span class=\"__1 _201\"/>lator<span class=\"__1 _201\"/>y app<span class=\"__1 _201\"/>roval, w<span class=\"__1 _201\"/>hich was gr<span class=\"__1 _201\"/>anted on 3 Fe<span class=\"__1 _201\"/>bru<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y 2023<span class=\"__1 _201\"/>, and a<span class=\"__1 _201\"/>cquisi<span class=\"__1 _201\"/>tion of the i<span class=\"__1 _201\"/>nitial s<span class=\"__1 _201\"/>take </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:117.780334px;\">comp<span class=\"__1 _201\"/>leted o<span class=\"__1 _201\"/>n 8 March 202<span class=\"__1 _201\"/>3 and fro<span class=\"__1 _201\"/>m this date the inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt was rec<span class=\"__1 _201\"/>ognis<span class=\"__1 _201\"/>ed as an i<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent in as<span class=\"__1 _201\"/>sociate a<span class=\"__1 _201\"/>ccounte<span class=\"__1 _201\"/>d for und<span class=\"__1 _201\"/>er </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:101.2818px;\">the e<span class=\"__1 _201\"/>quit<span class=\"__1 _201\"/>y metho<span class=\"__1 _201\"/>d on the co<span class=\"__1 _201\"/>nsol<span class=\"__1 _201\"/>idated s<span class=\"__1 _201\"/>tatement o<span class=\"__1 _201\"/>f financ<span class=\"__1 _201\"/>ial pos<span class=\"__1 _201\"/>ition<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:76.53406px;\">The a<span class=\"__1 _201\"/>greem<span class=\"__1 _201\"/>ent prov<span class=\"__1 _201\"/>ides th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p the cal<span class=\"__1 _201\"/>l option a<span class=\"__1 _201\"/>nd the se<span class=\"__1 _201\"/>ller<span class=\"__1 _201\"/>s the put op<span class=\"__1 _201\"/>tion to allo<span class=\"__1 _201\"/>w acquis<span class=\"__1 _201\"/>ition of th<span class=\"__1 _201\"/>e remaini<span class=\"__1 _201\"/>ng hol<span class=\"__1 _201\"/>ding in<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:60.035583px;\">MCFL ove<span class=\"__1 _201\"/>r 2 years f<span class=\"__1 _201\"/>rom the co<span class=\"__1 _201\"/>mpleti<span class=\"__1 _201\"/>on date.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:35.28781px;\">In ad<span class=\"__1 _201\"/>dition<span class=\"__1 _201\"/>, as refere<span class=\"__1 _201\"/>nced in N<span class=\"__1 _201\"/>ote 2.<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>2, th<span class=\"__1 _201\"/>e Group re<span class=\"__1 _201\"/>taine<span class=\"__1 _201\"/>d call o<span class=\"__1 _201\"/>ptions an<span class=\"__1 _201\"/>d the se<span class=\"__1 _201\"/>ller reta<span class=\"__1 _201\"/>ined p<span class=\"__1 _201\"/>ut optio<span class=\"__1 _201\"/>ns over the rem<span class=\"__1 _201\"/>aining<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:18.789307px;\">share<span class=\"__1 _201\"/>hold<span class=\"__1 _201\"/>ing in res<span class=\"__1 _201\"/>pons<span class=\"__1 _201\"/>Abilit<span class=\"__1 _201\"/>y that th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p did not pu<span class=\"__1 _201\"/>rchase at th<span class=\"__1 _201\"/>e acqui<span class=\"__1 _201\"/>sition d<span class=\"__1 _201\"/>ate. The G<span class=\"__1 _201\"/>roup has s<span class=\"__1 _201\"/>ubse<span class=\"__1 _201\"/>quentl<span class=\"__1 _201\"/>y acqui<span class=\"__1 _201\"/>red the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:2.2908325px;\">remai<span class=\"__1 _201\"/>ning sh<span class=\"__1 _201\"/>ares on 21 Fe<span class=\"__1 _201\"/>brua<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y 2023<span class=\"__1 _201\"/>. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-521": {
   "value": "<div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:349.96393px;\">40 Relat<span class=\"__1 _200\"/>ed undertakings<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:329.3395px;\">In acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with Se<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on 40<span class=\"__1 _201\"/>9 of the Co<span class=\"__1 _201\"/>mpani<span class=\"__1 _201\"/>es Act 20<span class=\"__1 _201\"/>06<span class=\"__1 _201\"/>, a list of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es, j<span class=\"__1 _201\"/>oint venture<span class=\"__1 _201\"/>s, as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iates and<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:312.84103px;\">sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant hol<span class=\"__1 _201\"/>dings (b<span class=\"__1 _201\"/>eing h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>gs of more t<span class=\"__1 _201\"/>han 20%), along wi<span class=\"__1 _201\"/>th the clas<span class=\"__1 _201\"/>ses of s<span class=\"__1 _201\"/>hares h<span class=\"__1 _201\"/>eld, th<span class=\"__1 _201\"/>e regis<span class=\"__1 _201\"/>tered o<span class=\"__1 _201\"/>ffice ad<span class=\"__1 _201\"/>dress a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:296.34253px;\">the co<span class=\"__1 _201\"/>untr<span class=\"__1 _201\"/>y of inc<span class=\"__1 _201\"/>orpo<span class=\"__1 _201\"/>ration a<span class=\"__1 _201\"/>nd the eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive perc<span class=\"__1 _201\"/>entag<span class=\"__1 _201\"/>e of equit<span class=\"__1 _201\"/>y ow<span class=\"__1 _201\"/>ned at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 is dis<span class=\"__1 _201\"/>clos<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>low.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:271.59476px;\">The d<span class=\"__1 _201\"/>efiniti<span class=\"__1 _201\"/>ons of a su<span class=\"__1 _201\"/>bsidia<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y unde<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>aking<span class=\"__1 _201\"/>, joint ven<span class=\"__1 _201\"/>ture and as<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ate in accord<span class=\"__1 _201\"/>ance wi<span class=\"__1 _201\"/>th the Co<span class=\"__1 _201\"/>mpani<span class=\"__1 _201\"/>es Act 20<span class=\"__1 _201\"/>06 are di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:255.09628px;\">from th<span class=\"__1 _201\"/>e defini<span class=\"__1 _201\"/>tion un<span class=\"__1 _201\"/>der IFR<span class=\"__1 _201\"/>S. A<span class=\"__1 _201\"/>s a result<span class=\"__1 _201\"/>, the rel<span class=\"__1 _201\"/>ated unde<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>taking<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>ded wi<span class=\"__1 _201\"/>thin the lis<span class=\"__1 _201\"/>t bel<span class=\"__1 _201\"/>ow may not b<span class=\"__1 _201\"/>e the sam<span class=\"__1 _201\"/>e as the<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:238.59778px;\">und<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>taking<span class=\"__1 _201\"/>s conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d in the Gro<span class=\"__1 _201\"/>up IFR<span class=\"__1 _201\"/>S stateme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup\u2019s consol<span class=\"__1 _201\"/>idatio<span class=\"__1 _201\"/>n polic<span class=\"__1 _201\"/>y is de<span class=\"__1 _201\"/>scrib<span class=\"__1 _201\"/>ed in N<span class=\"__1 _201\"/>ote 1.5<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:213.85px;\">Direct subsidiary undertakings o<span class=\"__1 _200\"/>f the<span class=\"__1 _200\"/> Parent<span class=\"__1 _200\"/> Company<span class=\"__1 _f_1\"/>, M&amp;G plc<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>shares<span class=\"__1 _200\"/> held directly<span class=\"__1 _200\"/> or via<span class=\"__1 _200\"/> nominees<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:193.22052px;\">Key to class<span class=\"__1 _201\"/>es of sha<span class=\"__1 _201\"/>res hel<span class=\"__1 _201\"/>d: Lim<span class=\"__1 _201\"/>ited by guar<span class=\"__1 _201\"/>antee (L<span class=\"__1 _201\"/>BG), Limited p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ship intere<span class=\"__1 _201\"/>st (L<span class=\"__1 _201\"/>PI), Ordin<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y sha<span class=\"__1 _201\"/>res (OS<span class=\"__1 _200\"/>), Prefere<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:176.72202px;\">share<span class=\"__1 _201\"/>s (PS), Unit<span class=\"__1 _201\"/>s (U) or e<span class=\"__1 _201\"/>quiv<span class=\"__1 _201\"/>alent s<span class=\"__1 _201\"/>ubdi<span class=\"__1 _201\"/>visio<span class=\"__1 _201\"/>n of ope<span class=\"__1 _201\"/>n ende<span class=\"__1 _201\"/>d coll<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive inves<span class=\"__1 _201\"/>tment ve<span class=\"__1 _201\"/>hicle<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:135.85677px;\">Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:283.9689px; bottom:147.85828px;\">Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:283.9689px; bottom:135.85677px;\">shares held<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:356.54776px; bottom:147.85828px;\">Proportion<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:356.54776px; bottom:135.85677px;\">held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:116.10042px;\">M&amp;G G<span class=\"__1 _201\"/>roup Re<span class=\"__1 _201\"/>gulated Ent<span class=\"__1 _201\"/>ity H<span class=\"__1 _201\"/>oldi<span class=\"__1 _201\"/>ng Com<span class=\"__1 _201\"/>pany<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:0.010047913px; bottom:101.106415px;\">Limited<span class=\"__1 _334\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:81.34392px;\">M&amp;G C<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>orate Hol<span class=\"__1 _201\"/>dings L<span class=\"__1 _201\"/>imited<span class=\"__1 _bc_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:61.58142px;\">Prude<span class=\"__1 _201\"/>ntial Capital Holdin<span class=\"__1 _201\"/>g Company Limited<span class=\"__1 _204\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:41.818924px;\">Prude<span class=\"__1 _201\"/>ntial Capital Public Limited C<span class=\"__1 _201\"/>ompany<span class=\"__1 _237\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:22.05642px;\">Prude<span class=\"__1 _201\"/>ntial Financial Ser<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>es Limited<span class=\"__1 _1eb_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:2.2939224px;\">Prudential<span class=\"__1 _200\"/> Propert<span class=\"__1 _201\"/>y Services Limited<span class=\"__1 _1eb_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span></div>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Other subsidiaries, joint<span class=\"__1 _200\"/> v<span class=\"__1 _200\"/>entures, a<span class=\"__1 _200\"/>ssociates<span class=\"__1 _200\"/> and significant<span class=\"__1 _200\"/> holdings of<span class=\"__1 _200\"/> the Group<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>no shar<span class=\"__1 _200\"/>es held dir<span class=\"__1 _200\"/>ectly b<span class=\"__1 _200\"/>y the<span class=\"__1 _200\"/> Parent Company<span class=\"__1 _f_1\"/>, M&amp;G plc<span class=\"__1 _200\"/> or its nominees<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>Aldw<span class=\"__1 _201\"/>ych<span class=\"__1 _200\"/> LP<span class=\"__1 _1af_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">120<span class=\"__1 _201\"/>9 Ora<span class=\"__1 _201\"/>nge Stree<span class=\"__1 _201\"/>t, Wilm<span class=\"__1 _201\"/>ington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span></span></span></span>ANR<span class=\"__1 _201\"/>P II (A<span class=\"__1 _201\"/>IV VI FC), L<span class=\"__1 _201\"/>.P<span class=\"__1 _f_1\"/>.<span class=\"__1 _2c6\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls40_1 ws44_1\">4<span class=\"__1 _201\"/>3%<span class=\"__1 _e_1\"> </span></span></span>C<span class=\"__1 _201\"/>ayman C<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>orate Ce<span class=\"__1 _201\"/>ntre, 27 H<span class=\"__1 _201\"/>ospita<span class=\"__1 _201\"/>l Road<span class=\"__1 _201\"/>, Geo<span class=\"__1 _201\"/>rge<span class=\"__1 _201\"/> T<span class=\"__1 _f_1\"/>ow<span class=\"__1 _201\"/>n, K<span class=\"__1 _201\"/>Y 90<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, Cayman I<span class=\"__1 _201\"/>slan<span class=\"__1 _201\"/>ds<span class=\"__1 _32b\"> </span>BW<span class=\"__1 _f_1\"/>A<span class=\"__1 _200\"/>T Retail Nominee (<span class=\"__1 _200\"/>1)<span class=\"__1 _200\"/> Limited<span class=\"__1 _261\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span></span><span class=\"ws18_1\">5<span class=\"__1 _201\"/>0%<span class=\"__1 _345\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span>BW<span class=\"__1 _f_1\"/>A<span class=\"__1 _200\"/>T Retail Nominee (2) Limited<span class=\"__1 _2c7\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span></span><span class=\"ws18_1\">50%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchu<span class=\"__1 _201\"/>rch Avenue, Lo<span class=\"__1 _201\"/>ndon<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span>Cai<span class=\"__1 _201\"/>sson (Je<span class=\"__1 _201\"/>rsey) Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2c8\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>I<span class=\"__1 _201\"/>FC 5, St H<span class=\"__1 _201\"/>elier, JE<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jers<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span>Can<span class=\"__1 _201\"/>ada Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y (<span class=\"__1 _201\"/>T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>tee) No 1 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _269\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>180 Dun<span class=\"__1 _201\"/>das Street Wes<span class=\"__1 _201\"/>t, T<span class=\"__1 _f_1\"/>oro<span class=\"__1 _201\"/>nto, M5G 1Z8<span class=\"__1 _201\"/>, Ca<span class=\"__1 _201\"/>nada<span class=\"__1 _32b\"> </span>Can<span class=\"__1 _201\"/>ada Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Hol<span class=\"__1 _201\"/>dings Li<span class=\"__1 _201\"/>mited<span class=\"__1 _268\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Car<span class=\"__1 _201\"/>raway Gui<span class=\"__1 _201\"/>ldford (<span class=\"__1 _201\"/>Nomin<span class=\"__1 _201\"/>ee A) L<span class=\"__1 _201\"/>imited<span class=\"__1 _8c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IF<span class=\"__1 _201\"/>C 5, St He<span class=\"__1 _201\"/>lier<span class=\"__1 _200\"/>, JE1 1ST<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span>Car<span class=\"__1 _201\"/>raway Gui<span class=\"__1 _201\"/>ldford (<span class=\"__1 _201\"/>Nomin<span class=\"__1 _201\"/>ee B) Limite<span class=\"__1 _201\"/>d<span class=\"__1 _8c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Heli<span class=\"__1 _201\"/>er<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>Carraway<span class=\"__1 _200\"/> Guildfor<span class=\"__1 _200\"/>d General Partner Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Car<span class=\"__1 _201\"/>raway Gui<span class=\"__1 _201\"/>ldford I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents Un<span class=\"__1 _201\"/>it T<span class=\"__1 _f_1\"/>ru<span class=\"__1 _201\"/>st<span class=\"__1 _237\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>13 Cas<span class=\"__1 _201\"/>tle Street<span class=\"__1 _201\"/>, St Hel<span class=\"__1 _201\"/>ier<span class=\"__1 _200\"/>, JE4 5U<span class=\"__1 _201\"/>T<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span>Carr<span class=\"__1 _201\"/>away<span class=\"__1 _200\"/> Guildford Limite<span class=\"__1 _201\"/>d Partne<span class=\"__1 _201\"/>rship<span class=\"__1 _367\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span></span><span class=\"ws18_1\">50%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span>Centaurus Retail L<span class=\"__1 _201\"/>LP<span class=\"__1 _9a_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span></span><span class=\"ws18_1\">50%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span>Cent<span class=\"__1 _201\"/>re Capit<span class=\"__1 _201\"/>al Non<span class=\"__1 _201\"/>-Q<span class=\"__1 _201\"/>uali<span class=\"__1 _201\"/>fied I<span class=\"__1 _201\"/>nvestor<span class=\"__1 _201\"/>s IV AIV-<span class=\"__1 _32b\"> </span>ELS,<span class=\"__1 _200\"/> L.P<span class=\"__1 _337\"/>.<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls40_1 ws44_1\">8<span class=\"__1 _201\"/>8%<span class=\"__1 _e_1\"> </span><span class=\"lsd_1 wse_1\">Corporation<span class=\"__1 _200\"/> Ser<span class=\"__1 _201\"/>vice Company<span class=\"__1 _f_1\"/>, 271<span class=\"__1 _200\"/>1 Cent<span class=\"__1 _200\"/>erville Rd., </span></span>Suite 4<span class=\"__1 _201\"/>00, Wil<span class=\"__1 _201\"/>mington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, USA<span class=\"__1 _32b\"> </span>Cent<span class=\"__1 _201\"/>re Capit<span class=\"__1 _201\"/>al Non<span class=\"__1 _201\"/>-Q<span class=\"__1 _201\"/>uali<span class=\"__1 _201\"/>fied I<span class=\"__1 _201\"/>nvestor<span class=\"__1 _201\"/>s IV<span class=\"__1 _f_1\"/>, L<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>P<span class=\"__1 _337\"/>.<span class=\"__1 _213\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">63%<span class=\"__1 _226\"> </span><span class=\"lsd_1 wse_1\">Corporation Ser<span class=\"__1 _201\"/>vice Compan<span class=\"__1 _200\"/>y<span class=\"__1 _200\"/>, 27<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>1 Cent<span class=\"__1 _200\"/>erv<span class=\"__1 _201\"/>ille<span class=\"__1 _200\"/> Rd., </span></span></span>Suite 4<span class=\"__1 _201\"/>00, Wil<span class=\"__1 _201\"/>mington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, USA<span class=\"__1 _32b\"> </span>Cent<span class=\"__1 _201\"/>re Capit<span class=\"__1 _201\"/>al Non<span class=\"__1 _201\"/>-Q<span class=\"__1 _201\"/>uali<span class=\"__1 _201\"/>fied I<span class=\"__1 _201\"/>nvestor<span class=\"__1 _201\"/>s V AIV-<span class=\"__1 _32b\"> </span>ELS L<span class=\"__1 _201\"/>P<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls40_1 ws44_1\">5<span class=\"__1 _201\"/>8%<span class=\"__1 _e_1\"> </span><span class=\"lsd_1 wse_1\">Corporation Ser<span class=\"__1 _201\"/>vice Compan<span class=\"__1 _200\"/>y<span class=\"__1 _f_1\"/>, 2711<span class=\"__1 _200\"/> Centerville Rd., </span></span>Suite 4<span class=\"__1 _201\"/>00, Wil<span class=\"__1 _201\"/>mington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, USA<span class=\"__1 _32b\"> </span>Cent<span class=\"__1 _201\"/>re Capit<span class=\"__1 _201\"/>al Non<span class=\"__1 _201\"/>-Q<span class=\"__1 _201\"/>uali<span class=\"__1 _201\"/>fied I<span class=\"__1 _201\"/>nvestor<span class=\"__1 _201\"/>s V LP<span class=\"__1 _240\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls12_1 ws11_1\">61%<span class=\"__1 _1d_1\"> </span><span class=\"lsd_1 wse_1\">C<span class=\"__1 _201\"/>orporation<span class=\"__1 _200\"/> Ser<span class=\"__1 _201\"/>vice Compan<span class=\"__1 _200\"/>y<span class=\"__1 _200\"/>, 27<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>1 Cent<span class=\"__1 _200\"/>erv<span class=\"__1 _201\"/>ille<span class=\"__1 _200\"/> Rd., </span></span></span>Suite 4<span class=\"__1 _201\"/>00, Wil<span class=\"__1 _201\"/>mington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, USA<span class=\"__1 _32b\"> </span>CJ<span class=\"__1 _201\"/>PT Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Inc<span class=\"__1 _201\"/>.<span class=\"__1 _394\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>180 D<span class=\"__1 _201\"/>unda<span class=\"__1 _201\"/>s Street West<span class=\"__1 _201\"/>, T<span class=\"__1 _f_1\"/>oronto, M<span class=\"__1 _201\"/>5G 1Z8<span class=\"__1 _201\"/>, Cana<span class=\"__1 _201\"/>da<span class=\"__1 _32b\"> </span>CJ<span class=\"__1 _201\"/>PT Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate No. 1 T<span class=\"__1 _200\"/>rust<span class=\"__1 _b8_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>18<span class=\"__1 _201\"/>0 Dun<span class=\"__1 _201\"/>das Street Wes<span class=\"__1 _201\"/>t, T<span class=\"__1 _f_1\"/>o<span class=\"__1 _201\"/>ronto, M5G 1Z8<span class=\"__1 _201\"/>, Ca<span class=\"__1 _201\"/>nada<span class=\"__1 _32b\"> </span>CJ<span class=\"__1 _201\"/>PT Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate No. 2 T<span class=\"__1 _200\"/>rust<span class=\"__1 _373\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>180 Dun<span class=\"__1 _201\"/>das Street Wes<span class=\"__1 _201\"/>t, T<span class=\"__1 _f_1\"/>oro<span class=\"__1 _201\"/>nto, M5G 1Z8<span class=\"__1 _201\"/>, Ca<span class=\"__1 _201\"/>nada<span class=\"__1 _32b\"> </span>Clea<span class=\"__1 _201\"/>r View As<span class=\"__1 _201\"/>sure<span class=\"__1 _201\"/>d Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2c9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">3<span class=\"__1 _201\"/>0 Mar<span class=\"__1 _201\"/>ket Street, Hu<span class=\"__1 _201\"/>dder<span class=\"__1 _201\"/>sfi<span class=\"__1 _201\"/>eld, Wes<span class=\"__1 _201\"/>t Y<span class=\"__1 _f_1\"/>or<span class=\"__1 _201\"/>kshire,<span class=\"__1 _201\"/> </span>Engla<span class=\"__1 _201\"/>nd, H<span class=\"__1 _201\"/>D1 2HG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Crib<span class=\"__1 _201\"/>bs Caus<span class=\"__1 _201\"/>eway JV Li<span class=\"__1 _201\"/>mited<span class=\"__1 _266\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">5<span class=\"__1 _201\"/>0%<span class=\"__1 _345\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Crib<span class=\"__1 _201\"/>bs Caus<span class=\"__1 _201\"/>eway Merc<span class=\"__1 _201\"/>hants A<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciation L<span class=\"__1 _201\"/>imited<span class=\"__1 _2ca\"> </span><span class=\"ls30_1 ws30_1\">LBG<span class=\"__1 _219\"> </span><span class=\"ls32_1 ws33_1\">20%<span class=\"__1 _e_1\"> </span></span></span>T<span class=\"__1 _201\"/>he Mal<span class=\"__1 _201\"/>l at Cribbs C<span class=\"__1 _201\"/>ausew<span class=\"__1 _201\"/>ay<span class=\"__1 _200\"/>, Bris<span class=\"__1 _201\"/>tol, BS<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>4 5DG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Cribbs Mall No<span class=\"__1 _201\"/>minee (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Limited<span class=\"__1 _c0_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Deb<span class=\"__1 _201\"/>t Investm<span class=\"__1 _201\"/>ents O<span class=\"__1 _201\"/>ppo<span class=\"__1 _201\"/>rtu<span class=\"__1 _201\"/>nities I<span class=\"__1 _201\"/>V<span class=\"__1 _463\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"lsc_1 wsa_1\">26%<span class=\"__1 _f7_1\"> </span></span></span>Fourt<span class=\"__1 _201\"/>h Floo<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, 76 Lowe<span class=\"__1 _201\"/>r Bagg<span class=\"__1 _201\"/>ot Street<span class=\"__1 _201\"/>, Dubli<span class=\"__1 _201\"/>n 2,<span class=\"__1 _201\"/> Irela<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>Digi<span class=\"__1 _201\"/>tal Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers G<span class=\"__1 _201\"/>P LLP<span class=\"__1 _e7_1\"/><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls45_1 ws49_1\">6<span class=\"__1 _201\"/>5%<span class=\"__1 _226\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Digi<span class=\"__1 _201\"/>tal Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers G<span class=\"__1 _201\"/>P1<span class=\"__1 _201\"/> Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Digi<span class=\"__1 _201\"/>tal Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers SL<span class=\"__1 _201\"/>P GP LLP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Digi<span class=\"__1 _201\"/>tal Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers SL<span class=\"__1 _201\"/>P GP<span class=\"__1 _201\"/>1 Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Digi<span class=\"__1 _201\"/>tal Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers SL<span class=\"__1 _201\"/>P GP<span class=\"__1 _201\"/>2 Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts \u2013 Asi<span class=\"__1 _201\"/>an Bon<span class=\"__1 _201\"/>d Fund<span class=\"__1 _212\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls40_1 ws44_1\">4<span class=\"__1 _201\"/>8%<span class=\"__1 _345\"> </span></span></span>26<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-2449<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts \u2013 Asi<span class=\"__1 _201\"/>an High Y<span class=\"__1 _201\"/>ield B<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls52_1 ws5a_1\">2<span class=\"__1 _201\"/>4%<span class=\"__1 _f7_1\"> </span></span><span class=\"ls6_1\">26<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span>Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts \u2013 Asi<span class=\"__1 _201\"/>an Loc<span class=\"__1 _201\"/>al Bon<span class=\"__1 _201\"/>d Fund<span class=\"__1 _2ca\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls45_1 ws49_1\">9<span class=\"__1 _201\"/>5%<span class=\"__1 _226\"> </span></span></span>26<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts \u2013 Asi<span class=\"__1 _201\"/>an T<span class=\"__1 _f_1\"/>otal R<span class=\"__1 _201\"/>eturn<span class=\"__1 _201\"/> Bond F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">26, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></span>Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts \u2013 China B<span class=\"__1 _201\"/>ond Fund<span class=\"__1 _272\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>26, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span>Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts SI<span class=\"__1 _201\"/>CA<span class=\"__1 _f_1\"/>V-FI<span class=\"__1 _201\"/>S Afric<span class=\"__1 _201\"/>a Equit<span class=\"__1 _201\"/>y Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">26<span class=\"__1 _201\"/>, Boulev<span class=\"__1 _201\"/>ard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _337\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>296<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022<span class=\"__1 _32b\"> </span></span></span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>Edger In<span class=\"__1 _200\"/>vestments<span class=\"__1 _200\"/> Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _2cb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>EF IV Schoo<span class=\"__1 _201\"/>lhill GP Limited<span class=\"__1 _2cb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>Elle 14 S<span class=\"__1 _201\"/>.a.<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>l comp<span class=\"__1 _201\"/>any<span class=\"__1 _383\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls45_1 ws49_1\">4<span class=\"__1 _201\"/>5%<span class=\"__1 _2cc\"> </span></span></span>Via Al<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>andro M<span class=\"__1 _201\"/>anzoni 3<span class=\"__1 _201\"/>8, M<span class=\"__1 _201\"/>ilan, 20121<span class=\"__1 _201\"/>, Italy<span class=\"__1 _32b\"> </span>Elle S<span class=\"__1 _201\"/>.r<span class=\"__1 _200\"/>.l. (form<span class=\"__1 _201\"/>erly k<span class=\"__1 _201\"/>nown as M<span class=\"__1 _201\"/>CF S.<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>l.)<span class=\"__1 _1c1_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls45_1 ws49_1\">4<span class=\"__1 _201\"/>5%<span class=\"__1 _226\"> </span></span></span>Via M<span class=\"__1 _201\"/>ontena<span class=\"__1 _201\"/>pole<span class=\"__1 _201\"/>one 2<span class=\"__1 _201\"/>9 CAP<span class=\"__1 _f_1\"/>, 20121, Mil<span class=\"__1 _201\"/>an, Ita<span class=\"__1 _201\"/>ly<span class=\"__1 _32b\"> </span>Emban<span class=\"__1 _201\"/>kment G<span class=\"__1 _201\"/>P Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _2cd\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Emban<span class=\"__1 _201\"/>kment N<span class=\"__1 _201\"/>omin<span class=\"__1 _201\"/>ee 1 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _2ce\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Emban<span class=\"__1 _201\"/>kment N<span class=\"__1 _201\"/>omin<span class=\"__1 _201\"/>ee 2 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _261\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Epis<span class=\"__1 _201\"/>ode In<span class=\"__1 _201\"/>c<span class=\"__1 _22e\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">93%<span class=\"__1 _226\"> </span></span></span>c/o Inter<span class=\"__1 _201\"/>trus<span class=\"__1 _201\"/>t Cayma<span class=\"__1 _201\"/>n Islan<span class=\"__1 _201\"/>ds, 19<span class=\"__1 _201\"/>0 Elgin Avenue<span class=\"__1 _201\"/>, Ge<span class=\"__1 _201\"/>orge T<span class=\"__1 _200\"/>own, G<span class=\"__1 _201\"/>rand C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/>, K<span class=\"__1 _201\"/>Y<span class=\"__1 _200\"/>1-9<span class=\"__1 _201\"/>005<span class=\"__1 _201\"/>, Cayma<span class=\"__1 _201\"/>n Islands<span class=\"__1 _32b\"> </span>Falan GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _387\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Square<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Fashion S<span class=\"__1 _201\"/>quare ECO L<span class=\"__1 _201\"/>P (In liq<span class=\"__1 _201\"/>uidatio<span class=\"__1 _201\"/>n<span class=\"__1 _200\"/>)<span class=\"__1 _470\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>120<span class=\"__1 _201\"/>9 Oran<span class=\"__1 _201\"/>ge Stree<span class=\"__1 _201\"/>t, Wilm<span class=\"__1 _201\"/>ington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span>Folio<span class=\"__1 _201\"/>s III D<span class=\"__1 _201\"/>esign<span class=\"__1 _201\"/>ated Acti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y Com<span class=\"__1 _201\"/>pany<span class=\"__1 _1d5_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">4<span class=\"__1 _201\"/>9%<span class=\"__1 _e_1\"> </span></span></span>Four<span class=\"__1 _201\"/>th Fl<span class=\"__1 _201\"/>oor<span class=\"__1 _200\"/>, 76 Lower Ba<span class=\"__1 _201\"/>ggot Stre<span class=\"__1 _201\"/>et, Du<span class=\"__1 _201\"/>blin 2<span class=\"__1 _201\"/>, Irela<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>Folio<span class=\"__1 _201\"/>s IV De<span class=\"__1 _201\"/>signated Ac<span class=\"__1 _201\"/>tiv<span class=\"__1 _201\"/>ity C<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ny<span class=\"__1 _1c1_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">66%<span class=\"__1 _e_1\"> </span></span></span>Fo<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>th Floo<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, 76 Low<span class=\"__1 _201\"/>er Bagg<span class=\"__1 _201\"/>ot Street<span class=\"__1 _201\"/>, Dubli<span class=\"__1 _201\"/>n 2,<span class=\"__1 _201\"/> Irela<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>For<span class=\"__1 _201\"/>t Kin<span class=\"__1 _201\"/>naird G<span class=\"__1 _201\"/>P Limited<span class=\"__1 _18e_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>Y<span class=\"__1 _200\"/>ork H<span class=\"__1 _201\"/>ouse<span class=\"__1 _201\"/>, 45 S<span class=\"__1 _201\"/>eymo<span class=\"__1 _201\"/>ur Street<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, W1H 7L<span class=\"__1 _201\"/>X<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>For<span class=\"__1 _201\"/>t Kin<span class=\"__1 _201\"/>naird Lim<span class=\"__1 _201\"/>ited Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ersh<span class=\"__1 _201\"/>ip<span class=\"__1 _260\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span>Y<span class=\"__1 _f_1\"/>o<span class=\"__1 _201\"/>rk Ho<span class=\"__1 _201\"/>use, 4<span class=\"__1 _201\"/>5 Sey<span class=\"__1 _201\"/>mour Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndon<span class=\"__1 _201\"/>, W1H 7L<span class=\"__1 _201\"/>X<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Foudr<span class=\"__1 _250\"/>y Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ties Li<span class=\"__1 _201\"/>mited<span class=\"__1 _1c0_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>Cl<span class=\"__1 _201\"/>ear<span class=\"__1 _201\"/>water C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t, Vastern R<span class=\"__1 _201\"/>oad, R<span class=\"__1 _201\"/>eadin<span class=\"__1 _201\"/>g RG1 8DB<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Fundsdirect ISA No<span class=\"__1 _201\"/>minees Limited<span class=\"__1 _2cf\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>Fundsdirect N<span class=\"__1 _201\"/>ominees Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _bf_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Ge<span class=\"__1 _201\"/>nny GP 1 LL<span class=\"__1 _201\"/>P<span class=\"__1 _2a4\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Ge<span class=\"__1 _201\"/>nny GP 2 Li<span class=\"__1 _201\"/>mited<span class=\"__1 _2d0\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Ge<span class=\"__1 _201\"/>nny GP Li<span class=\"__1 _201\"/>mited<span class=\"__1 _380\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Ge<span class=\"__1 _201\"/>orge D<span class=\"__1 _201\"/>igital G<span class=\"__1 _201\"/>P 1 LLP<span class=\"__1 _2d1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Ge<span class=\"__1 _201\"/>orge D<span class=\"__1 _201\"/>igital G<span class=\"__1 _201\"/>P 2 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2d2\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Geo<span class=\"__1 _201\"/>rge Digital GP Limited<span class=\"__1 _a0_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>GG<span class=\"__1 _201\"/>E GP Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _483\"> </span><span class=\"ls32_1 ws33_1\">O<span class=\"__1 _201\"/>S<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Gre<span class=\"__1 _201\"/>en GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _1bd_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Gre<span class=\"__1 _201\"/>enpar<span class=\"__1 _201\"/>k (Rea<span class=\"__1 _201\"/>ding) Ge<span class=\"__1 _201\"/>nera<span class=\"__1 _201\"/>l Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>r Limited<span class=\"__1 _210\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>GT<span class=\"__1 _f_1\"/>A W2<span class=\"__1 _201\"/>1 GP<span class=\"__1 _2d3\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span>22 Ade<span class=\"__1 _201\"/>laide S<span class=\"__1 _201\"/>treet West, S<span class=\"__1 _201\"/>uite 260<span class=\"__1 _201\"/>0, T<span class=\"__1 _f_1\"/>oron<span class=\"__1 _201\"/>to, Onta<span class=\"__1 _201\"/>rio, M<span class=\"__1 _201\"/>5H 4E3<span class=\"__1 _201\"/>, Ca<span class=\"__1 _201\"/>nada<span class=\"__1 _32b\"> </span>GT<span class=\"__1 _f_1\"/>A W2<span class=\"__1 _201\"/>1 LP<span class=\"__1 _1e7_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls19_1 ws18_1\">90%<span class=\"__1 _345\"> </span></span></span>2<span class=\"__1 _201\"/>2 Adel<span class=\"__1 _201\"/>aide Stre<span class=\"__1 _201\"/>et West, Su<span class=\"__1 _201\"/>ite 2600, T<span class=\"__1 _200\"/>oronto,<span class=\"__1 _201\"/> Onta<span class=\"__1 _201\"/>rio, M<span class=\"__1 _201\"/>5H 4E3<span class=\"__1 _201\"/>, Ca<span class=\"__1 _201\"/>nada<span class=\"__1 _32b\"> </span>HCR C<span class=\"__1 _201\"/>anar<span class=\"__1 _201\"/>y Fund<span class=\"__1 _2d4\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">9<span class=\"__1 _201\"/>9%<span class=\"__1 _e_1\"> </span></span></span>30<span class=\"__1 _201\"/>0 Atlantic Stree<span class=\"__1 _201\"/>t, Suite 6<span class=\"__1 _201\"/>00, Stamfo<span class=\"__1 _201\"/>rd, CT 0<span class=\"__1 _201\"/>69<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span>ICP (F<span class=\"__1 _201\"/>inch) GP 1 Li<span class=\"__1 _201\"/>mited<span class=\"__1 _410\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span>ICP (F<span class=\"__1 _201\"/>inch) GP 2 Li<span class=\"__1 _201\"/>mited<span class=\"__1 _2d5\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span>ICP (F<span class=\"__1 _201\"/>inch) GP LL<span class=\"__1 _201\"/>P<span class=\"__1 _2d6\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span>IFDL Personal<span class=\"__1 _200\"/> Pensions Lim<span class=\"__1 _200\"/>ited<span class=\"__1 _417\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>Infrac<span class=\"__1 _201\"/>apital (AIRI) G<span class=\"__1 _201\"/>P Limited<span class=\"__1 _409\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls14_1 ws13_1\">297<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>Infrac<span class=\"__1 _201\"/>apital (Belmond<span class=\"__1 _201\"/>) GP Limited<span class=\"__1 _1aa_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital (Bio<span class=\"__1 _200\"/>) GP Limited<span class=\"__1 _2c9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital (<span class=\"__1 _200\"/>Churchill) GP 1 Limited<span class=\"__1 _463\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Infrac<span class=\"__1 _201\"/>apital (<span class=\"__1 _200\"/>Churchill) GP LLP<span class=\"__1 _1fe\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Infrac<span class=\"__1 _201\"/>apital (<span class=\"__1 _200\"/>GC) GP Limited<span class=\"__1 _ad_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital (Gigac<span class=\"__1 _201\"/>lear) GP 1 L<span class=\"__1 _201\"/>imited<span class=\"__1 _2d7\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital (Gigac<span class=\"__1 _201\"/>lear) GP 2 L<span class=\"__1 _201\"/>imited<span class=\"__1 _26f\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 Lot<span class=\"__1 _201\"/>hian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infracapital (<span class=\"__1 _f_1\"/>G<span class=\"__1 _201\"/>igaclear<span class=\"__1 _200\"/>) GP LLP<span class=\"__1 _b3_1\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Edi<span class=\"__1 _201\"/>nburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital (IT P<span class=\"__1 _201\"/>PP) GP Li<span class=\"__1 _201\"/>mited<span class=\"__1 _343\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbur<span class=\"__1 _201\"/>gh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital (Leo)<span class=\"__1 _200\"/> GP Limited<span class=\"__1 _b8_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital (Novo<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) GP Li<span class=\"__1 _201\"/>mited<span class=\"__1 _bf_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital (<span class=\"__1 _200\"/>Sense) GP Limited<span class=\"__1 _bf_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Square<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital (T<span class=\"__1 _201\"/>LSB) GP Limited<span class=\"__1 _b7_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital (<span class=\"__1 _201\"/>TL<span class=\"__1 _201\"/>SB) SLP L<span class=\"__1 _201\"/>P<span class=\"__1 _1c0_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 Lot<span class=\"__1 _201\"/>hian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital DF I<span class=\"__1 _201\"/>I GP LL<span class=\"__1 _201\"/>P<span class=\"__1 _295\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road<span class=\"__1 _201\"/>, Festi<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital DF II Limited<span class=\"__1 _2d8\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Empl<span class=\"__1 _201\"/>oyee Fee<span class=\"__1 _201\"/>der G<span class=\"__1 _201\"/>P 1 LLP<span class=\"__1 _465\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Edi<span class=\"__1 _201\"/>nburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Empl<span class=\"__1 _201\"/>oyee Fee<span class=\"__1 _201\"/>der G<span class=\"__1 _201\"/>P Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _1e_1\"> </span><span class=\"ls32_1 ws33_1\">O<span class=\"__1 _201\"/>S<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital F<span class=\"__1 _200\"/>1 GP<span class=\"__1 _201\"/>2 Limited<span class=\"__1 _342\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>Infrac<span class=\"__1 _201\"/>apital F2 GP Limited<span class=\"__1 _2d9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>Infrac<span class=\"__1 _201\"/>apital F2 GP1 Limited<span class=\"__1 _342\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital GP 1 L<span class=\"__1 _201\"/>LP<span class=\"__1 _18c_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital GP Limited<span class=\"__1 _e2_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld DF G<span class=\"__1 _201\"/>P LLP<span class=\"__1 _1e8_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers 1 S<span class=\"__1 _201\"/>LP GP<span class=\"__1 _201\"/>1 Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers 1 S<span class=\"__1 _201\"/>LP GP<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/> Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infracapital<span class=\"__1 _200\"/> Greenfield Partners I Emplo<span class=\"__1 _200\"/>yee Fee<span class=\"__1 _201\"/>der LP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls23_1 ws22_1\">76<span class=\"__1 _201\"/>%<span class=\"__1 _2cc\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road<span class=\"__1 _201\"/>, Festi<span class=\"__1 _201\"/>val Sq<span class=\"__1 _201\"/>uare, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers I G<span class=\"__1 _201\"/>P Limite<span class=\"__1 _201\"/>d<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers I L<span class=\"__1 _201\"/>P<span class=\"__1 _26f\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span>22%<span class=\"__1 _2cc\"> </span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers I S<span class=\"__1 _201\"/>LP EF GP L<span class=\"__1 _201\"/>LP<span class=\"__1 _6c_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers I S<span class=\"__1 _201\"/>LP LP<span class=\"__1 _8a_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">36%<span class=\"__1 _226\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>298<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers I S<span class=\"__1 _201\"/>LP<span class=\"__1 _201\"/>2 LP<span class=\"__1 _219\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infracapital<span class=\"__1 _200\"/> Greenfield Partners I Subholdings<span class=\"__1 _200\"/> GP Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers II G<span class=\"__1 _201\"/>P S.<span class=\"__1 _201\"/>\u00e0 r<span class=\"__1 _200\"/>.l<span class=\"__1 _237\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">6<span class=\"__1 _201\"/>, rue E<span class=\"__1 _200\"/>ug\u00e8ne Ruppert, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _200\"/>2453, Luxembourg<span class=\"__1 _32b\"> </span></span></span></span>Infracapital<span class=\"__1 _200\"/> Greenfield Partners II Subholdings (Euro) GP LLP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span>Infracapital<span class=\"__1 _200\"/> Greenfield Partners II Subholdings (<span class=\"__1 _200\"/>St<span class=\"__1 _200\"/>erling<span class=\"__1 _200\"/>) GP<span class=\"__1 _200\"/> LLP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span>Infracapital<span class=\"__1 _200\"/> Greenfield Partners II Subholdings GP<span class=\"__1 _201\"/>1 Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Infracapital<span class=\"__1 _200\"/> Greenfield Partners II Subholdings GP<span class=\"__1 _201\"/>2 Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers II L<span class=\"__1 _201\"/>P<span class=\"__1 _12a_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"lsc_1 wsa_1\">26%<span class=\"__1 _226\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Infracapital<span class=\"__1 _200\"/> Partners II Subholdings<span class=\"__1 _200\"/> GP Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _1b0_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH<span class=\"__1 _201\"/>3 </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers II<span class=\"__1 _201\"/>I GP S<span class=\"__1 _201\"/>.\u00e0 r<span class=\"__1 _200\"/>.l<span class=\"__1 _bb_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">6, rue Eug\u00e8ne Ru<span class=\"__1 _200\"/>pper<span class=\"__1 _201\"/>t, L<span class=\"__1 _337\"/>-2<span class=\"__1 _200\"/>453<span class=\"__1 _201\"/>, Lux<span class=\"__1 _200\"/>embourg<span class=\"__1 _32b\"> </span></span></span></span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers II<span class=\"__1 _201\"/>I Subh<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>gs (Euro) GP LLP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span>Infracapital<span class=\"__1 _200\"/> Partners III Subholdings<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>Sterli<span class=\"__1 _200\"/>ng) GP LLP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span>Infracapital<span class=\"__1 _200\"/> Partners III Subholdings<span class=\"__1 _200\"/> GP1 Limited<span class=\"__1 _5a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Infracapital<span class=\"__1 _200\"/> Partners III Subholdings<span class=\"__1 _200\"/> GP2 Limited<span class=\"__1 _dd_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Infracapital Par<span class=\"__1 _201\"/>tners LP<span class=\"__1 _233\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">33%<span class=\"__1 _2cc\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Infrac<span class=\"__1 _201\"/>apital Sisu GP Limited<span class=\"__1 _17a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital SL<span class=\"__1 _201\"/>P II LP<span class=\"__1 _18c_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">40%<span class=\"__1 _345\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Infrac<span class=\"__1 _201\"/>apital SLP Limited<span class=\"__1 _2da\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>Inni<span class=\"__1 _201\"/>sfre<span class=\"__1 _201\"/>e M&amp;G PPP L<span class=\"__1 _201\"/>LP<span class=\"__1 _2db\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>5%<span class=\"__1 _2cc\"> </span></span></span>B<span class=\"__1 _201\"/>ounda<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y Hous<span class=\"__1 _201\"/>e, 91-9<span class=\"__1 _201\"/>3 Char<span class=\"__1 _201\"/>terho<span class=\"__1 _201\"/>use Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndon<span class=\"__1 _201\"/>, EC1M 6H<span class=\"__1 _201\"/>R, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _201\"/>s Direc<span class=\"__1 _201\"/>t Gro<span class=\"__1 _201\"/>up Limite<span class=\"__1 _201\"/>d<span class=\"__1 _269\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _201\"/>s Direc<span class=\"__1 _201\"/>t Ho<span class=\"__1 _201\"/>lding<span class=\"__1 _201\"/>s Limited<span class=\"__1 _228\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _201\"/>s Direc<span class=\"__1 _201\"/>t Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _261\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Kis<span class=\"__1 _201\"/>kadee L<span class=\"__1 _201\"/>atitud<span class=\"__1 _201\"/>e Fund Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _417\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls45_1 ws49_1\">9<span class=\"__1 _201\"/>5%<span class=\"__1 _226\"> </span></span></span>c/o Horse<span class=\"__1 _201\"/>shoe Fun<span class=\"__1 _201\"/>d Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices Ltd.<span class=\"__1 _201\"/>, Wessex H<span class=\"__1 _201\"/>ouse<span class=\"__1 _201\"/>, 3rd Fl<span class=\"__1 _201\"/>oor<span class=\"__1 _200\"/>, 45 R<span class=\"__1 _201\"/>eid Stree<span class=\"__1 _201\"/>t, Hami<span class=\"__1 _201\"/>lton, H<span class=\"__1 _201\"/>M 12, Be<span class=\"__1 _201\"/>rmud<span class=\"__1 _201\"/>a<span class=\"__1 _32b\"> </span>LB Prof<span class=\"__1 _201\"/>essi<span class=\"__1 _201\"/>onal Inve<span class=\"__1 _201\"/>stors P<span class=\"__1 _201\"/>rivate R<span class=\"__1 _201\"/>eal Es<span class=\"__1 _201\"/>tate Fund No. 10<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls40_1 ws44_1\">23%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">2<span class=\"__1 _201\"/>0th flo<span class=\"__1 _201\"/>or<span class=\"__1 _200\"/>, 136, S<span class=\"__1 _201\"/>ejong<span class=\"__1 _201\"/>-d<span class=\"__1 _201\"/>aero, Ju<span class=\"__1 _201\"/>ng-<span class=\"__1 _201\"/>gu, S<span class=\"__1 _201\"/>eoul<span class=\"__1 _201\"/>, </span>Rep<span class=\"__1 _201\"/>ublic of Kore<span class=\"__1 _201\"/>a<span class=\"__1 _32b\"> </span>Leadenhall Unit T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>t<span class=\"__1 _26d\"> </span><span class=\"ls5_1 ws1_1\">U<span class=\"__1 _1c1_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">IF<span class=\"__1 _201\"/>C 5, St He<span class=\"__1 _201\"/>lier<span class=\"__1 _200\"/>, JE1 1ST<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span></span></span>LF Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Ris<span class=\"__1 _201\"/>k Manag<span class=\"__1 _201\"/>ed Act<span class=\"__1 _201\"/>ive 2<span class=\"__1 _29c\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls30_1 ws30_1\">2<span class=\"__1 _201\"/>2%<span class=\"__1 _2cc\"> </span></span></span>6th Flo<span class=\"__1 _201\"/>or<span class=\"__1 _200\"/>, 65, G<span class=\"__1 _201\"/>resham Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n EC2V 7NQ, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>LF Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Ris<span class=\"__1 _201\"/>k Manag<span class=\"__1 _201\"/>ed Act<span class=\"__1 _201\"/>ive 3<span class=\"__1 _377\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls40_1 ws44_1\">23%<span class=\"__1 _2cc\"> </span></span></span>6th Fl<span class=\"__1 _201\"/>oor<span class=\"__1 _200\"/>, 65<span class=\"__1 _201\"/>, Gresh<span class=\"__1 _201\"/>am Street<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on EC2V 7<span class=\"__1 _201\"/>NQ, UK<span class=\"__1 _32b\"> </span>LF Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Ris<span class=\"__1 _201\"/>k Manag<span class=\"__1 _201\"/>ed Act<span class=\"__1 _201\"/>ive 4<span class=\"__1 _377\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls12_1 ws11_1\">3<span class=\"__1 _201\"/>1%<span class=\"__1 _1d_1\"> </span></span></span>6th F<span class=\"__1 _201\"/>loor, 65, Gre<span class=\"__1 _201\"/>sham Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndon EC<span class=\"__1 _201\"/>2V 7NQ, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>LF Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Ris<span class=\"__1 _201\"/>k Manag<span class=\"__1 _201\"/>ed Act<span class=\"__1 _201\"/>ive 5<span class=\"__1 _377\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls19_1 ws18_1\">30%<span class=\"__1 _e_1\"> </span></span></span>6th Flo<span class=\"__1 _201\"/>or<span class=\"__1 _200\"/>, 65, G<span class=\"__1 _201\"/>resham Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n EC2V 7NQ, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>LF Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Ris<span class=\"__1 _201\"/>k Manag<span class=\"__1 _201\"/>ed Pas<span class=\"__1 _201\"/>sive Fun<span class=\"__1 _201\"/>d 1<span class=\"__1 _272\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4a_1 ws50_1\">41%<span class=\"__1 _f4_1\"> </span></span></span>6th Fl<span class=\"__1 _201\"/>oor<span class=\"__1 _200\"/>, 65<span class=\"__1 _201\"/>, Gres<span class=\"__1 _201\"/>ham Street<span class=\"__1 _201\"/>, Lon<span class=\"__1 _201\"/>don EC2V 7<span class=\"__1 _201\"/>NQ, UK<span class=\"__1 _32b\"> </span>Lio<span class=\"__1 _201\"/>n Credit O<span class=\"__1 _201\"/>ppo<span class=\"__1 _201\"/>rtu<span class=\"__1 _201\"/>nit<span class=\"__1 _201\"/>y Fund Publi<span class=\"__1 _201\"/>c Limite<span class=\"__1 _201\"/>d Com<span class=\"__1 _201\"/>pany \u2013 Cred<span class=\"__1 _201\"/>it Opp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tunit<span class=\"__1 _201\"/>y Fund X<span class=\"__1 _201\"/>V<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">5 Ge<span class=\"__1 _201\"/>orge\u2019s Doc<span class=\"__1 _201\"/>k, IFS<span class=\"__1 _201\"/>C, Du<span class=\"__1 _201\"/>blin 1, Ire<span class=\"__1 _201\"/>land<span class=\"__1 _201\"/>, D01 X8N7<span class=\"__1 _32b\"> </span></span>Lon<span class=\"__1 _201\"/>don G<span class=\"__1 _201\"/>reen Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts II S<span class=\"__1 _201\"/>LP GP<span class=\"__1 _201\"/>1 Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _213\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tival<span class=\"__1 _201\"/> Square<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Lon<span class=\"__1 _201\"/>don G<span class=\"__1 _201\"/>reen Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts II S<span class=\"__1 _201\"/>LP GP<span class=\"__1 _201\"/>2 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _216\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>London Green In<span class=\"__1 _200\"/>vestments II<span class=\"__1 _200\"/> SLP1 Employ<span class=\"__1 _200\"/>ee Fee<span class=\"__1 _201\"/>der G<span class=\"__1 _201\"/>P LLP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2f_1 ws2f_1\">299<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>Lon<span class=\"__1 _201\"/>don G<span class=\"__1 _201\"/>reen Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts II S<span class=\"__1 _201\"/>LP<span class=\"__1 _201\"/>2 GP Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _216\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>London St<span class=\"__1 _200\"/>one Inv<span class=\"__1 _200\"/>estments F<span class=\"__1 _200\"/>3 Emplo<span class=\"__1 _200\"/>yee Feeder GP LLP<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>London St<span class=\"__1 _200\"/>one Inv<span class=\"__1 _200\"/>estments F<span class=\"__1 _200\"/>3 I Limi<span class=\"__1 _200\"/>ted<span class=\"__1 _a5_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>London St<span class=\"__1 _200\"/>one Inv<span class=\"__1 _200\"/>estments F<span class=\"__1 _200\"/>3 II Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _353\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Lon<span class=\"__1 _201\"/>don Ston<span class=\"__1 _201\"/>e Investm<span class=\"__1 _201\"/>ents F3 S<span class=\"__1 _201\"/>P GP LL<span class=\"__1 _201\"/>P<span class=\"__1 _271\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Bla<span class=\"__1 _201\"/>ckRoc<span class=\"__1 _201\"/>k Japan Eq<span class=\"__1 _201\"/>uity Fun<span class=\"__1 _201\"/>d<span class=\"__1 _2cc\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Bla<span class=\"__1 _201\"/>ckRoc<span class=\"__1 _201\"/>k UK All S<span class=\"__1 _201\"/>hare Equit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _2e_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Bla<span class=\"__1 _201\"/>ckRoc<span class=\"__1 _201\"/>k US Equit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _470\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">9<span class=\"__1 _201\"/>9%<span class=\"__1 _e_1\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndon<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) China Eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _15f_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls7_1 ws5_1\">97%<span class=\"__1 _f7_1\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) China Fun<span class=\"__1 _201\"/>d<span class=\"__1 _2dc\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls7_1 ws5_1\">97<span class=\"__1 _201\"/>%<span class=\"__1 _2cc\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Ear<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>t Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rs US Sm<span class=\"__1 _201\"/>all Cap Value<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Gr<span class=\"__1 _201\"/>anaha<span class=\"__1 _201\"/>n US Small C<span class=\"__1 _201\"/>ap Grow<span class=\"__1 _201\"/>th Fund<span class=\"__1 _250\"/><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Jap<span class=\"__1 _201\"/>an Equit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _b3_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G (ACS<span class=\"__1 _200\"/>) Japan Smaller Companie<span class=\"__1 _201\"/>s F<span class=\"__1 _200\"/>und<span class=\"__1 _7d_1\"> </span><span class=\"ls5_1 ws1_1\">U<span class=\"__1 _465\"> </span><span class=\"ls40_1 ws44_1\">98%<span class=\"__1 _e_1\"> </span></span><span class=\"ls6_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) UK L<span class=\"__1 _201\"/>isted Eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _2dd\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls7_1 ws5_1\">97<span class=\"__1 _201\"/>%<span class=\"__1 _2cc\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) UK L<span class=\"__1 _201\"/>isted M<span class=\"__1 _201\"/>id Ca<span class=\"__1 _201\"/>p Equit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _222\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G (Gue<span class=\"__1 _201\"/>rnsey) Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _2c8\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Do<span class=\"__1 _201\"/>rey Cour<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>, Admiral P<span class=\"__1 _201\"/>ark<span class=\"__1 _201\"/>, St Peter Por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>, GY<span class=\"__1 _200\"/>1 2HT<span class=\"__1 _200\"/>, Guernsey<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) Eme<span class=\"__1 _201\"/>rging M<span class=\"__1 _201\"/>arkets Co<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate ESG<span class=\"__1 _201\"/> Bond F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls1c_1 ws43_1\">57%<span class=\"__1 _f7_1\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></span>M&amp;G (L<span class=\"__1 _201\"/>ux) Euro ex U<span class=\"__1 _201\"/>K Index Fund<span class=\"__1 _1aa_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roy<span class=\"__1 _201\"/>al, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) Europ<span class=\"__1 _201\"/>e ex UK Equi<span class=\"__1 _201\"/>ty Fund<span class=\"__1 _375\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449, L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) G<span class=\"__1 _201\"/>lobal E<span class=\"__1 _201\"/>nhanc<span class=\"__1 _201\"/>ed Equit<span class=\"__1 _201\"/>y Prem<span class=\"__1 _201\"/>ia Fund<span class=\"__1 _437\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449, L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) G<span class=\"__1 _201\"/>lobal Fun<span class=\"__1 _201\"/>ds<span class=\"__1 _2d8\"> </span><span class=\"ls5_1 ws1_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _337\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span></span>M&amp;G (L<span class=\"__1 _201\"/>ux) Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds 1 \u2013 M&amp;G L<span class=\"__1 _201\"/>ux Emerg<span class=\"__1 _201\"/>ing Mar<span class=\"__1 _201\"/>kets Bond Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls19_1 ws18_1\">60%<span class=\"__1 _e_1\"> </span></span><span class=\"ls6_1\">16, Bo<span class=\"__1 _201\"/>ulevard R<span class=\"__1 _201\"/>oyal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></span>M&amp;G (L<span class=\"__1 _201\"/>ux) Ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>d Cauti<span class=\"__1 _201\"/>ous (Euro) Fund<span class=\"__1 _231\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) Ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>d Grow<span class=\"__1 _201\"/>th (Euro) Fund<span class=\"__1 _264\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) Pa<span class=\"__1 _201\"/>n Europea<span class=\"__1 _201\"/>n Small<span class=\"__1 _201\"/>er Com<span class=\"__1 _201\"/>p Fund<span class=\"__1 _245\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls40_1 ws44_1\">9<span class=\"__1 _201\"/>8%<span class=\"__1 _345\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) Re<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>ve<span class=\"__1 _201\"/>d Investm<span class=\"__1 _201\"/>ent Fund (2), SCA<span class=\"__1 _201\"/> S<span class=\"__1 _201\"/>I<span class=\"__1 _250\"/>C<span class=\"__1 _201\"/>AV<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>R<span class=\"__1 _250\"/>A<span class=\"__1 _250\"/>I<span class=\"__1 _201\"/>F<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bour<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span></span>M&amp;G (L<span class=\"__1 _201\"/>ux) Re<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>ve<span class=\"__1 _201\"/>d Investm<span class=\"__1 _201\"/>ent Funds (2) G<span class=\"__1 _201\"/>P Sarl<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></span></span>M&amp;G (L<span class=\"__1 _201\"/>ux) Ster<span class=\"__1 _201\"/>ling Li<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _1ab_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>M&amp;G (L<span class=\"__1 _201\"/>ux) Su<span class=\"__1 _201\"/>stain<span class=\"__1 _201\"/>able O<span class=\"__1 _201\"/>ptimal In<span class=\"__1 _201\"/>come B<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls40_1 ws44_1\">9<span class=\"__1 _201\"/>8%<span class=\"__1 _345\"> </span></span><span class=\"ls6_1\">16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves CV SC<span class=\"__1 _201\"/>Sp<span class=\"__1 _17a_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _337\"/>-<span class=\"__1 _200\"/>17<span class=\"__1 _337\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves GP S<span class=\"__1 _201\"/>arl<span class=\"__1 _349\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves Inves<span class=\"__1 _201\"/>tment M<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/> Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 2020 A<span class=\"__1 _201\"/>sian PE<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 2020 Euro<span class=\"__1 _201\"/>pean<span class=\"__1 _201\"/> PE<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span>Luxembourg<span class=\"__1 _32b\"> </span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>300<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022<span class=\"__1 _32b\"> </span></span></span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 2020 PE C<span class=\"__1 _201\"/>o-<span class=\"__1 _32b\"> </span>inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 2021 N<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>th American Fu<span class=\"__1 _200\"/>nd<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 2021 PE I<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 202<span class=\"__1 _201\"/>2 Glob<span class=\"__1 _201\"/>al PE<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _201\"/> LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 202<span class=\"__1 _201\"/>2 PE Co<span class=\"__1 _201\"/>-<span class=\"__1 _32b\"> </span>Inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span>Luxembourg<span class=\"__1 _32b\"> </span>M&amp;G A<span class=\"__1 _201\"/>sia Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund<span class=\"__1 _2de\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls45_1 ws49_1\">4<span class=\"__1 _201\"/>5%<span class=\"__1 _226\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>M&amp;G B<span class=\"__1 _201\"/>lackRo<span class=\"__1 _201\"/>ck Can<span class=\"__1 _201\"/>ada Equit<span class=\"__1 _201\"/>y Fund (form<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>y know<span class=\"__1 _201\"/>n as M&amp;G ACS C<span class=\"__1 _201\"/>anada I<span class=\"__1 _201\"/>ndex Fund)<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G B<span class=\"__1 _201\"/>lackRo<span class=\"__1 _201\"/>ck UK 20<span class=\"__1 _201\"/>0 Equit<span class=\"__1 _201\"/>y Fund (forme<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/> know<span class=\"__1 _201\"/>n as M&amp;G ACS U<span class=\"__1 _201\"/>K 200 In<span class=\"__1 _201\"/>dex Fund)<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G C<span class=\"__1 _201\"/>atalys<span class=\"__1 _201\"/>t Cap<span class=\"__1 _201\"/>ital Fund<span class=\"__1 _12c_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>16, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>M&amp;G C<span class=\"__1 _201\"/>atalys<span class=\"__1 _201\"/>t Credi<span class=\"__1 _201\"/>t Fund<span class=\"__1 _20a\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>M&amp;G C<span class=\"__1 _201\"/>atalys<span class=\"__1 _201\"/>t Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Agri<span class=\"__1 _201\"/>culture GP L<span class=\"__1 _201\"/>LP<span class=\"__1 _249\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G C<span class=\"__1 _201\"/>atalys<span class=\"__1 _201\"/>t Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Agri<span class=\"__1 _201\"/>culture GP<span class=\"__1 _201\"/> Member<span class=\"__1 _200\"/> No.<span class=\"__1 _f_1\"/>1 Limi<span class=\"__1 _200\"/>ted<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G C<span class=\"__1 _201\"/>atalys<span class=\"__1 _201\"/>t Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Agri<span class=\"__1 _201\"/>culture GP<span class=\"__1 _201\"/> Mem<span class=\"__1 _201\"/>ber N<span class=\"__1 _201\"/>o.<span class=\"__1 _201\"/>2 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G C<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>orate Ser<span class=\"__1 _250\"/>vice<span class=\"__1 _201\"/>s Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2df\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G Cre<span class=\"__1 _201\"/>dit Inc<span class=\"__1 _201\"/>ome Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt T<span class=\"__1 _f_1\"/>ru<span class=\"__1 _201\"/>st pl<span class=\"__1 _201\"/>c<span class=\"__1 _288\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls30_1 ws30_1\">22%<span class=\"__1 _2cc\"> </span></span></span>Be<span class=\"__1 _201\"/>aufor<span class=\"__1 _201\"/>t Ho<span class=\"__1 _201\"/>use, 51 New No<span class=\"__1 _201\"/>rth R<span class=\"__1 _201\"/>oad, E<span class=\"__1 _201\"/>xeter<span class=\"__1 _200\"/>, EX4 4<span class=\"__1 _201\"/>EP<span class=\"__1 _337\"/>,<span class=\"__1 _201\"/> UK<span class=\"__1 _32b\"> </span>M&amp;G Em<span class=\"__1 _201\"/>erging M<span class=\"__1 _201\"/>arkets Mo<span class=\"__1 _201\"/>nthly I<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e Fund<span class=\"__1 _258\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls40_1 ws44_1\">93%<span class=\"__1 _226\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G Euro<span class=\"__1 _201\"/>pean H<span class=\"__1 _201\"/>igh Yi<span class=\"__1 _201\"/>eld Cred<span class=\"__1 _201\"/>it Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"lsc_1 wsa_1\">26%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">8<span class=\"__1 _201\"/>0, route d\u2019E<span class=\"__1 _201\"/>sch<span class=\"__1 _201\"/>, L<span class=\"__1 _337\"/>-14<span class=\"__1 _200\"/>70, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></span>M&amp;G Euro<span class=\"__1 _201\"/>pean L<span class=\"__1 _201\"/>ivin<span class=\"__1 _201\"/>g Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty Fund S<span class=\"__1 _201\"/>CSP<span class=\"__1 _f_1\"/>,<span class=\"__1 _201\"/> S<span class=\"__1 _201\"/>I<span class=\"__1 _250\"/>C<span class=\"__1 _201\"/>AV<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>R<span class=\"__1 _250\"/>A<span class=\"__1 _250\"/>I<span class=\"__1 _201\"/>F<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449, L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></span>M&amp;G Euro<span class=\"__1 _201\"/>pean P<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund SI<span class=\"__1 _201\"/>CA<span class=\"__1 _200\"/>V<span class=\"__1 _200\"/>-FIS<span class=\"__1 _1d_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls19_1 ws18_1\">30%<span class=\"__1 _e_1\"> </span></span></span>16, Bo<span class=\"__1 _201\"/>uleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span>M&amp;G FA Limited<span class=\"__1 _18d_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G Fe<span class=\"__1 _201\"/>ede<span class=\"__1 _201\"/>r of Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty Po<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tfol<span class=\"__1 _201\"/>io<span class=\"__1 _2c3\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">49%<span class=\"__1 _e_1\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G Financial S<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vices Limited<span class=\"__1 _417\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G F<span class=\"__1 _201\"/>itzrovia G<span class=\"__1 _201\"/>P Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _349\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G F<span class=\"__1 _201\"/>itzrovia L<span class=\"__1 _201\"/>imited<span class=\"__1 _383\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G F<span class=\"__1 _201\"/>itzrovia L<span class=\"__1 _201\"/>imited P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ship<span class=\"__1 _464\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G F<span class=\"__1 _201\"/>itzrovia N<span class=\"__1 _201\"/>omin<span class=\"__1 _201\"/>ee 1 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _2df\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G F<span class=\"__1 _201\"/>itzrovia N<span class=\"__1 _201\"/>omin<span class=\"__1 _201\"/>ee 2 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _260\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G Fo<span class=\"__1 _201\"/>under<span class=\"__1 _201\"/>s 1 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2e0\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Asia P<span class=\"__1 _201\"/>acifi<span class=\"__1 _201\"/>c (<span class=\"__1 _200\"/>ex Japan) Equit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">9<span class=\"__1 _201\"/>6%<span class=\"__1 _345\"> </span></span><span class=\"ls6_1\">16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Black<span class=\"__1 _201\"/>rock As<span class=\"__1 _201\"/>ia Paci<span class=\"__1 _201\"/>fic (ex Japan) Equity Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bour<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Black<span class=\"__1 _201\"/>rock Eme<span class=\"__1 _201\"/>rging M<span class=\"__1 _201\"/>arkets Equity Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bour<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) GSAM G<span class=\"__1 _201\"/>lob<span class=\"__1 _201\"/>al Emergi<span class=\"__1 _201\"/>ng Mar<span class=\"__1 _201\"/>ket Equity Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Invesc<span class=\"__1 _201\"/>o Glo<span class=\"__1 _201\"/>bal Eme<span class=\"__1 _201\"/>rging Ma<span class=\"__1 _201\"/>rkets Equity Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Laz<span class=\"__1 _201\"/>ard Glo<span class=\"__1 _201\"/>bal Eme<span class=\"__1 _201\"/>rging Ma<span class=\"__1 _201\"/>rkets Equity Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls4f_1 ws55_1\">301<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) MFS G<span class=\"__1 _201\"/>loba<span class=\"__1 _201\"/>l Emergin<span class=\"__1 _201\"/>g Markets<span class=\"__1 _201\"/> Equity Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Sterlin<span class=\"__1 _201\"/>g Invest<span class=\"__1 _201\"/>ment G<span class=\"__1 _201\"/>rade<span class=\"__1 _201\"/> Corporate Bond<span class=\"__1 _200\"/> Fu<span class=\"__1 _200\"/>nd<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls3a_1 ws3b_1\">7<span class=\"__1 _201\"/>7%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-2449<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) US Cor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ate Bond Fund<span class=\"__1 _392\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) US Sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t Durati<span class=\"__1 _201\"/>on Cor<span class=\"__1 _201\"/>porate<span class=\"__1 _201\"/> Bond F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) W<span class=\"__1 _200\"/>ellin<span class=\"__1 _201\"/>gton Imp<span class=\"__1 _201\"/>act B<span class=\"__1 _201\"/>ond Fund<span class=\"__1 _242\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449, L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>M&amp;G General Partner Inc.<span class=\"__1 _2d9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">19<span class=\"__1 _201\"/>0 Elgin Avenue<span class=\"__1 _201\"/>, Geo<span class=\"__1 _201\"/>rge T<span class=\"__1 _f_1\"/>ow<span class=\"__1 _201\"/>n, Gr<span class=\"__1 _201\"/>and Cay<span class=\"__1 _201\"/>man, K<span class=\"__1 _201\"/>Y<span class=\"__1 _201\"/>I-<span class=\"__1 _32b\"> </span></span></span></span>9005<span class=\"__1 _201\"/>, Cayman Islands<span class=\"__1 _32b\"> </span>M&amp;G G<span class=\"__1 _201\"/>lob<span class=\"__1 _201\"/>al Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices P<span class=\"__1 _201\"/>rivate L<span class=\"__1 _201\"/>imited<span class=\"__1 _478\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Hous<span class=\"__1 _201\"/>e, Mum<span class=\"__1 _201\"/>bai, 4<span class=\"__1 _201\"/>00076<span class=\"__1 _201\"/>, India<span class=\"__1 _32b\"> </span>M&amp;G G<span class=\"__1 _201\"/>roup Li<span class=\"__1 _201\"/>mited<span class=\"__1 _2e1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G G<span class=\"__1 _201\"/>roup P<span class=\"__1 _201\"/>CC Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2cd\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>P<span class=\"__1 _201\"/>O Box 155, M<span class=\"__1 _201\"/>ill Cou<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>, La<span class=\"__1 _201\"/>, Charrote<span class=\"__1 _201\"/>rie, St Pe<span class=\"__1 _201\"/>ter Por<span class=\"__1 _201\"/>t,<span class=\"__1 _201\"/> GY1 4ET<span class=\"__1 _200\"/>, Gue<span class=\"__1 _201\"/>rnsey<span class=\"__1 _32b\"> </span>M&amp;G I<span class=\"__1 _201\"/>MPPP 1 L<span class=\"__1 _201\"/>imited<span class=\"__1 _2e2\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G In<span class=\"__1 _201\"/>ternatio<span class=\"__1 _201\"/>nal Inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts Nom<span class=\"__1 _201\"/>inee<span class=\"__1 _201\"/>s Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>M&amp;G In<span class=\"__1 _201\"/>ternatio<span class=\"__1 _201\"/>nal Inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts Swit<span class=\"__1 _201\"/>zerlan<span class=\"__1 _201\"/>d AG<span class=\"__1 _20d\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>T<span class=\"__1 _200\"/>alstr<span class=\"__1 _201\"/>ass<span class=\"__1 _201\"/>e 66, 8<span class=\"__1 _201\"/>001 Zuri<span class=\"__1 _201\"/>ch, Swi<span class=\"__1 _201\"/>tzerl<span class=\"__1 _201\"/>and<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (10<span class=\"__1 _200\"/>) \u2013 M&amp;G Bet<span class=\"__1 _201\"/>ter He<span class=\"__1 _201\"/>alth Solutions Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls52_1 ws5a_1\">9<span class=\"__1 _201\"/>4%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (10<span class=\"__1 _200\"/>) \u2013 M&amp;G Climate<span class=\"__1 _201\"/> Solutions Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls45_1 ws49_1\">5<span class=\"__1 _201\"/>5%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (10<span class=\"__1 _200\"/>) \u2013 M&amp;G Gl<span class=\"__1 _201\"/>obal H<span class=\"__1 _201\"/>igh Yie<span class=\"__1 _201\"/>ld ESG B<span class=\"__1 _201\"/>ond Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls30_1 ws30_1\">32%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fen<span class=\"__1 _201\"/>church Avenu<span class=\"__1 _201\"/>e, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (10<span class=\"__1 _200\"/>) \u2013 M&amp;G Posi<span class=\"__1 _201\"/>tive Impact Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">29%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (2) \u2013 M&amp;G G<span class=\"__1 _201\"/>ilt &amp; Fi<span class=\"__1 _201\"/>xed Interes<span class=\"__1 _201\"/>t Inc<span class=\"__1 _201\"/>ome Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (2) \u2013 M&amp;G G<span class=\"__1 _201\"/>lob<span class=\"__1 _201\"/>al High<span class=\"__1 _201\"/> Yield Bond<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span><span class=\"ls6_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (3) \u2013 M&amp;G Div<span class=\"__1 _201\"/>iden<span class=\"__1 _201\"/>d Fund<span class=\"__1 _2e3\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _201\"/>%<span class=\"__1 _f4_1\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (4<span class=\"__1 _200\"/>) \u2013 M&amp;G Epis<span class=\"__1 _201\"/>ode<span class=\"__1 _201\"/> Allocation F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls52_1 ws5a_1\">2<span class=\"__1 _201\"/>4%<span class=\"__1 _f7_1\"> </span></span><span class=\"ls6_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (4<span class=\"__1 _200\"/>) \u2013 M&amp;G Sus<span class=\"__1 _201\"/>taina<span class=\"__1 _201\"/>ble<span class=\"__1 _201\"/> Multi A<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>et Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls32_1 ws33_1\">42%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (<span class=\"__1 _201\"/>7) \u2013 M&amp;<span class=\"__1 _201\"/>G Glo<span class=\"__1 _201\"/>bal<span class=\"__1 _201\"/> Convertibles F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls3d_1 ws3f_1\">74<span class=\"__1 _201\"/>%<span class=\"__1 _f4_1\"> </span></span><span class=\"ls6_1\">10 Fenchurc<span class=\"__1 _201\"/>h A<span class=\"__1 _200\"/>venu<span class=\"__1 _201\"/>e, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _465\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts (A<span class=\"__1 _201\"/>meri<span class=\"__1 _201\"/>cas) Inc.<span class=\"__1 _bc_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>25<span class=\"__1 _200\"/>1 Littl<span class=\"__1 _201\"/>e Falls Dri<span class=\"__1 _201\"/>ve, Wilm<span class=\"__1 _201\"/>ington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts (Aus<span class=\"__1 _201\"/>tralia) P<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Ltd<span class=\"__1 _379\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Leve<span class=\"__1 _201\"/>l 6, 60 M<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tin Plac<span class=\"__1 _201\"/>e, Sydney N<span class=\"__1 _201\"/>SW 200<span class=\"__1 _201\"/>0, Austra<span class=\"__1 _201\"/>lia<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts (H<span class=\"__1 _201\"/>ong Kong) L<span class=\"__1 _201\"/>imited<span class=\"__1 _a5_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">6th Floor<span class=\"__1 _f_1\"/>, Alexander House,<span class=\"__1 _200\"/> 18 C<span class=\"__1 _200\"/>hat<span class=\"__1 _200\"/>er Road, Cent<span class=\"__1 _200\"/>ral, </span></span></span>Hong Kong<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts (Singa<span class=\"__1 _201\"/>pore) Pte. Ltd.<span class=\"__1 _ab_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>138 M<span class=\"__1 _201\"/>arket Street<span class=\"__1 _201\"/>, Capi<span class=\"__1 _201\"/>taGre<span class=\"__1 _201\"/>en #3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>-01, 0<span class=\"__1 _201\"/>48<span class=\"__1 _201\"/>94<span class=\"__1 _201\"/>6,<span class=\"__1 _201\"/> Singapore<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts (U<span class=\"__1 _201\"/>SA) Inc<span class=\"__1 _297\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>2<span class=\"__1 _201\"/>5<span class=\"__1 _200\"/>1 Lit<span class=\"__1 _201\"/>tle Falls Dr<span class=\"__1 _201\"/>ive, Wil<span class=\"__1 _201\"/>mington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span>M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts Jap<span class=\"__1 _201\"/>an Co.<span class=\"__1 _201\"/>, Ltd.<span class=\"__1 _bc_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">3-<span class=\"__1 _200\"/>1, T<span class=\"__1 _337\"/>oranomon 4-<span class=\"__1 _201\"/>chome, Mina<span class=\"__1 _200\"/>to-ku, T<span class=\"__1 _337\"/>ok<span class=\"__1 _201\"/>yo,<span class=\"__1 _200\"/> Japan<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg S.<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>.<span class=\"__1 _2c4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>16, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>M&amp;G Management<span class=\"__1 _200\"/> Ser<span class=\"__1 _201\"/>vices Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _a6_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G Nomin<span class=\"__1 _201\"/>ees Limited<span class=\"__1 _2da\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G P<span class=\"__1 _201\"/>FI 2018 GP LL<span class=\"__1 _201\"/>P<span class=\"__1 _1a6_1\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G P<span class=\"__1 _201\"/>FI 2018 GP<span class=\"__1 _201\"/>1 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2e4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G P<span class=\"__1 _201\"/>FI 2018 GP<span class=\"__1 _201\"/>2 Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _2cb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>302<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>M&amp;G P<span class=\"__1 _201\"/>FI Car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y Par<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ship 2016 L<span class=\"__1 _201\"/>P<span class=\"__1 _2c2\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls45_1 ws49_1\">25%<span class=\"__1 _f7_1\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G P<span class=\"__1 _201\"/>FI Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rship 2018 L<span class=\"__1 _201\"/>P<span class=\"__1 _17b_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G Pl<span class=\"__1 _201\"/>atfo<span class=\"__1 _201\"/>rm Nom<span class=\"__1 _201\"/>inee<span class=\"__1 _201\"/>s Limite<span class=\"__1 _201\"/>d<span class=\"__1 _415\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G Pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>folio<span class=\"__1 _2d1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls40_1 ws44_1\">88%<span class=\"__1 _e_1\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>E Esp<span class=\"__1 _201\"/>ana, 2<span class=\"__1 _201\"/>016, S.<span class=\"__1 _201\"/>L<span class=\"__1 _201\"/>.<span class=\"__1 _12c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Ca<span class=\"__1 _201\"/>lle For<span class=\"__1 _201\"/>tuny, 6 \u2013 4 A, 28<span class=\"__1 _201\"/>010, Madr<span class=\"__1 _201\"/>id, S<span class=\"__1 _201\"/>pain<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>E UKE<span class=\"__1 _201\"/>V (GP<span class=\"__1 _201\"/>1<span class=\"__1 _200\"/>) LLP<span class=\"__1 _331\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>E UKE<span class=\"__1 _201\"/>V 1 Li<span class=\"__1 _201\"/>mited<span class=\"__1 _295\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>E UKE<span class=\"__1 _201\"/>V 1-A LP<span class=\"__1 _2ba\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Asia H<span class=\"__1 _201\"/>oldi<span class=\"__1 _201\"/>ng Com<span class=\"__1 _201\"/>pany P<span class=\"__1 _201\"/>te. Ltd.<span class=\"__1 _2e3\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _2cc\"> </span></span></span>138 M<span class=\"__1 _201\"/>arket Street<span class=\"__1 _201\"/>, Capit<span class=\"__1 _201\"/>aGre<span class=\"__1 _201\"/>en #3<span class=\"__1 _201\"/>5-<span class=\"__1 _201\"/>01, 0<span class=\"__1 _201\"/>48<span class=\"__1 _201\"/>94<span class=\"__1 _201\"/>6,<span class=\"__1 _201\"/> Singapore<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Asia P<span class=\"__1 _201\"/>TE<span class=\"__1 _201\"/>. Ltd.<span class=\"__1 _3c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _226\"> </span></span></span>13<span class=\"__1 _201\"/>8 Mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>et Stree<span class=\"__1 _201\"/>t, Cap<span class=\"__1 _201\"/>itaG<span class=\"__1 _201\"/>reen #<span class=\"__1 _201\"/>35<span class=\"__1 _201\"/>-01, 0<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>894<span class=\"__1 _201\"/>6,<span class=\"__1 _201\"/> Singapore<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate France SA<span class=\"__1 _201\"/>S<span class=\"__1 _404\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>8 Avenu<span class=\"__1 _201\"/>e Hoch<span class=\"__1 _201\"/>e, 750<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, Paris<span class=\"__1 _201\"/>, France<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Funds Man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent S<span class=\"__1 _201\"/>.\u00e0 r<span class=\"__1 _200\"/>.l.<span class=\"__1 _14d_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>16, Bo<span class=\"__1 _201\"/>uleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Japa<span class=\"__1 _201\"/>n Co., Ltd<span class=\"__1 _201\"/>.<span class=\"__1 _2e5\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>9/F Sh<span class=\"__1 _201\"/>iroyama T<span class=\"__1 _200\"/>rust T<span class=\"__1 _200\"/>ower<span class=\"__1 _200\"/>, 4-3<span class=\"__1 _201\"/>-<span class=\"__1 _200\"/>1 T<span class=\"__1 _f_1\"/>oran<span class=\"__1 _201\"/>omo<span class=\"__1 _201\"/>n, Min<span class=\"__1 _201\"/>ato-<span class=\"__1 _32b\"> </span>ku, T<span class=\"__1 _f_1\"/>o<span class=\"__1 _201\"/>kyo 10<span class=\"__1 _201\"/>5-<span class=\"__1 _201\"/>60<span class=\"__1 _201\"/>09, Jap<span class=\"__1 _201\"/>an<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Korea Co.<span class=\"__1 _201\"/>, Ltd.<span class=\"__1 _ae_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _2cc\"> </span></span></span>Jo<span class=\"__1 _201\"/>ngno 1-<span class=\"__1 _201\"/>ga<span class=\"__1 _201\"/>, K<span class=\"__1 _f_1\"/>yo<span class=\"__1 _201\"/>bo Bui<span class=\"__1 _201\"/>lding<span class=\"__1 _201\"/>, Seo<span class=\"__1 _201\"/>ul, Korea<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Limite<span class=\"__1 _201\"/>d<span class=\"__1 _331\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate UK Enha<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/>d V<span class=\"__1 _200\"/>alue LP<span class=\"__1 _8d_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate UKE<span class=\"__1 _201\"/>V (GP) LLP<span class=\"__1 _2e5\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED II Emp<span class=\"__1 _201\"/>loyee Fe<span class=\"__1 _201\"/>eder G<span class=\"__1 _201\"/>P Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _232\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Edi<span class=\"__1 _201\"/>nburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED II GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _2c4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>D<span class=\"__1 _201\"/>e Cata<span class=\"__1 _201\"/>pan Ho<span class=\"__1 _201\"/>use, G<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>e Road<span class=\"__1 _201\"/>, St Peter Por<span class=\"__1 _201\"/>t, GY1 2QG<span class=\"__1 _201\"/>, Gu<span class=\"__1 _201\"/>erns<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED II SL<span class=\"__1 _201\"/>P GP Li<span class=\"__1 _201\"/>mited<span class=\"__1 _17a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED II SL<span class=\"__1 _201\"/>P LP<span class=\"__1 _27f\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">28%<span class=\"__1 _226\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED III Em<span class=\"__1 _201\"/>ployee Fe<span class=\"__1 _201\"/>ede<span class=\"__1 _201\"/>r GP Li<span class=\"__1 _201\"/>mited<span class=\"__1 _226\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED III G<span class=\"__1 _201\"/>P Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _2d1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>D<span class=\"__1 _201\"/>e Catap<span class=\"__1 _201\"/>an Hous<span class=\"__1 _201\"/>e, Gr<span class=\"__1 _201\"/>ange Ro<span class=\"__1 _201\"/>ad, St Pete<span class=\"__1 _201\"/>r Por<span class=\"__1 _201\"/>t, GY1 2QG<span class=\"__1 _201\"/>, Gu<span class=\"__1 _201\"/>erns<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED III S<span class=\"__1 _201\"/>LP GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _de_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Edi<span class=\"__1 _201\"/>nburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>ED III S<span class=\"__1 _201\"/>LP LP<span class=\"__1 _2d0\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>5%<span class=\"__1 _f7_1\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>PF GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _393\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>PF No<span class=\"__1 _201\"/>minee 1 L<span class=\"__1 _201\"/>imited<span class=\"__1 _2e6\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G R<span class=\"__1 _201\"/>PF No<span class=\"__1 _201\"/>minee 2 L<span class=\"__1 _201\"/>imited<span class=\"__1 _be_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G Se<span class=\"__1 _201\"/>curities Limited<span class=\"__1 _2d1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G S<span class=\"__1 _201\"/>FF (CIP GP) S\u00e1<span class=\"__1 _201\"/>rl<span class=\"__1 _2c4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">Heienhaff 5, 1<span class=\"__1 _200\"/>736 Senningerberg, Luxem<span class=\"__1 _200\"/>bourg<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G S<span class=\"__1 _201\"/>FF (GP) S\u00e1rl<span class=\"__1 _5b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">Heienhaff 5, 1<span class=\"__1 _200\"/>736 Senningerberg, Luxem<span class=\"__1 _200\"/>bourg<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G S<span class=\"__1 _201\"/>hared O<span class=\"__1 _201\"/>wne<span class=\"__1 _201\"/>rship G<span class=\"__1 _201\"/>P Limite<span class=\"__1 _201\"/>d<span class=\"__1 _472\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G S<span class=\"__1 _201\"/>hared O<span class=\"__1 _201\"/>wne<span class=\"__1 _201\"/>rship L<span class=\"__1 _201\"/>P<span class=\"__1 _2e7\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">4<span class=\"__1 _201\"/>6%<span class=\"__1 _e_1\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G S<span class=\"__1 _201\"/>IF Man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent Co<span class=\"__1 _201\"/>mpany (Ire<span class=\"__1 _201\"/>land<span class=\"__1 _201\"/>) Limite<span class=\"__1 _201\"/>d<span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">5 Ge<span class=\"__1 _201\"/>orge\u2019s Doc<span class=\"__1 _201\"/>k, IFS<span class=\"__1 _201\"/>C, Du<span class=\"__1 _201\"/>blin 1, Ire<span class=\"__1 _201\"/>land<span class=\"__1 _32b\"> </span></span>M&amp;G S<span class=\"__1 _201\"/>peci<span class=\"__1 _201\"/>alt<span class=\"__1 _201\"/>y Finan<span class=\"__1 _201\"/>ce Fund 2 GB<span class=\"__1 _201\"/>P SCS<span class=\"__1 _201\"/>p<span class=\"__1 _228\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">80%<span class=\"__1 _345\"> </span><span class=\"lsd_1 wse_1\">5, Heienhaff<span class=\"__1 _200\"/>, L<span class=\"__1 _337\"/>-<span class=\"__1 _200\"/>1736, Senningerberg,<span class=\"__1 _200\"/> Luxembourg<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G S<span class=\"__1 _201\"/>ustain<span class=\"__1 _201\"/>able L<span class=\"__1 _201\"/>oan Fund Li<span class=\"__1 _201\"/>mited<span class=\"__1 _374\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">8<span class=\"__1 _201\"/>8%<span class=\"__1 _345\"> </span></span></span>5 G<span class=\"__1 _201\"/>eorg<span class=\"__1 _201\"/>e\u2019<span class=\"__1 _200\"/>s Do<span class=\"__1 _201\"/>ck, IF<span class=\"__1 _201\"/>SC, Du<span class=\"__1 _201\"/>blin 1, Ire<span class=\"__1 _201\"/>land<span class=\"__1 _32b\"> </span>M&amp;G T<span class=\"__1 _200\"/>ruste<span class=\"__1 _201\"/>e Com<span class=\"__1 _201\"/>pany Limi<span class=\"__1 _201\"/>ted (forme<span class=\"__1 _201\"/>rly kn<span class=\"__1 _201\"/>own<span class=\"__1 _201\"/> as Prudential T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>tee Company Limit<span class=\"__1 _200\"/>ed)<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls14_1 ws13_1\">303<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>M&amp;G U<span class=\"__1 _201\"/>K Comp<span class=\"__1 _201\"/>anie<span class=\"__1 _201\"/>s Finan<span class=\"__1 _201\"/>cing Fund II L<span class=\"__1 _201\"/>P<span class=\"__1 _232\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">4<span class=\"__1 _201\"/>8%<span class=\"__1 _345\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>K Mor<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ge Inco<span class=\"__1 _201\"/>me Fund<span class=\"__1 _261\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _226\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>K Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty Fund<span class=\"__1 _233\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls40_1 ws44_1\">9<span class=\"__1 _201\"/>8%<span class=\"__1 _e_1\"> </span></span></span>16, Bo<span class=\"__1 _201\"/>ulevard R<span class=\"__1 _201\"/>oyal, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>K Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty G<span class=\"__1 _201\"/>P Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2e8\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>K Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty N<span class=\"__1 _201\"/>omine<span class=\"__1 _201\"/>e 1 Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _1eb_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>K Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty N<span class=\"__1 _201\"/>omine<span class=\"__1 _201\"/>e 2 Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _471\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>K Resi<span class=\"__1 _201\"/>dential P<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y Fund<span class=\"__1 _466\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"lsc_1 wsa_1\">26%<span class=\"__1 _226\"> </span></span></span>3<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>-38<span class=\"__1 _201\"/>, avenue d<span class=\"__1 _201\"/>e la Lib<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t\u00e9, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _200\"/>1931, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>K Share<span class=\"__1 _201\"/>d Own<span class=\"__1 _201\"/>ersh<span class=\"__1 _201\"/>ip Limite<span class=\"__1 _201\"/>d<span class=\"__1 _472\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>KE<span class=\"__1 _201\"/>V (SLP) Gen<span class=\"__1 _201\"/>eral P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner L<span class=\"__1 _201\"/>LP<span class=\"__1 _376\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G U<span class=\"__1 _201\"/>KE<span class=\"__1 _201\"/>V (SLP) LP<span class=\"__1 _475\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>M&amp;G Wealth Ad<span class=\"__1 _201\"/>vice L<span class=\"__1 _201\"/>imited<span class=\"__1 _de_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>M&amp;G Wealth I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents LL<span class=\"__1 _201\"/>P (<span class=\"__1 _200\"/>for<span class=\"__1 _201\"/>merl<span class=\"__1 _201\"/>y know<span class=\"__1 _201\"/>n as TCF Fund Mana<span class=\"__1 _201\"/>gers L<span class=\"__1 _201\"/>LP)<span class=\"__1 _32b\"> </span>LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span>M&amp;G Wealth S<span class=\"__1 _201\"/>oluti<span class=\"__1 _201\"/>ons Lim<span class=\"__1 _201\"/>ited (forme<span class=\"__1 _201\"/>rly kn<span class=\"__1 _201\"/>own<span class=\"__1 _201\"/> as M&amp;G Wealth I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents L<span class=\"__1 _201\"/>imited)<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Manche<span class=\"__1 _201\"/>ster JV Limited<span class=\"__1 _2db\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span></span><span class=\"ws18_1\">50%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span>Manche<span class=\"__1 _201\"/>ster Nomine<span class=\"__1 _201\"/>e (<span class=\"__1 _f_1\"/>1) Limited<span class=\"__1 _2b7\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment M<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ers (P<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y) Ltd<span class=\"__1 _ab_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Prote<span class=\"__1 _201\"/>a Place<span class=\"__1 _201\"/>, 40 Dreye<span class=\"__1 _201\"/>r Street, Cl<span class=\"__1 _201\"/>aremo<span class=\"__1 _201\"/>nt, 7<span class=\"__1 _201\"/>708<span class=\"__1 _201\"/>, South Africa<span class=\"__1 _32b\"> </span>Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s (Nami<span class=\"__1 _201\"/>bia) (Pt<span class=\"__1 _201\"/>y) Ltd<span class=\"__1 _13d_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>Unit 3, 2n<span class=\"__1 _201\"/>d Flo<span class=\"__1 _201\"/>or<span class=\"__1 _f_1\"/>, Au<span class=\"__1 _201\"/>sspa<span class=\"__1 _201\"/>nn Plaza<span class=\"__1 _201\"/>, Dr Agos<span class=\"__1 _201\"/>tinho N<span class=\"__1 _201\"/>eto Road<span class=\"__1 _201\"/>, Pri<span class=\"__1 _201\"/>vate Bag 12012, Aus<span class=\"__1 _201\"/>spa<span class=\"__1 _201\"/>nnplat<span class=\"__1 _201\"/>z, Win<span class=\"__1 _201\"/>dho<span class=\"__1 _201\"/>ek,<span class=\"__1 _201\"/> Namibia<span class=\"__1 _32b\"> </span>Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s Life S<span class=\"__1 _201\"/>outh Afr<span class=\"__1 _201\"/>ica (R<span class=\"__1 _201\"/>F) L<span class=\"__1 _201\"/>td<span class=\"__1 _213\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Protea Pl<span class=\"__1 _201\"/>ace, 4<span class=\"__1 _201\"/>0 Dreyer Stre<span class=\"__1 _201\"/>et, Cla<span class=\"__1 _201\"/>remont<span class=\"__1 _201\"/>, 7<span class=\"__1 _201\"/>708,<span class=\"__1 _201\"/> South Africa<span class=\"__1 _32b\"> </span>Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s Sou<span class=\"__1 _201\"/>thern Af<span class=\"__1 _201\"/>ric<span class=\"__1 _201\"/>a (Pt<span class=\"__1 _201\"/>y) Ltd<span class=\"__1 _249\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>P<span class=\"__1 _201\"/>rotea Place<span class=\"__1 _201\"/>, 40 Dreye<span class=\"__1 _201\"/>r Street<span class=\"__1 _201\"/>, Claremo<span class=\"__1 _201\"/>nt, 7<span class=\"__1 _201\"/>708<span class=\"__1 _201\"/>, South Africa<span class=\"__1 _32b\"> </span>Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s Unit T<span class=\"__1 _200\"/>rust<span class=\"__1 _201\"/>s (Nami<span class=\"__1 _201\"/>bia) Ltd<span class=\"__1 _4c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>U<span class=\"__1 _201\"/>nit 3<span class=\"__1 _201\"/>, 2nd Flo<span class=\"__1 _201\"/>or<span class=\"__1 _200\"/>, Aussp<span class=\"__1 _201\"/>ann Plaza<span class=\"__1 _201\"/>, Dr Agos<span class=\"__1 _201\"/>tinh<span class=\"__1 _201\"/>o Neto Road<span class=\"__1 _201\"/>, Pri<span class=\"__1 _201\"/>vate Bag 12012, Aus<span class=\"__1 _201\"/>spa<span class=\"__1 _201\"/>nnplat<span class=\"__1 _201\"/>z, Win<span class=\"__1 _201\"/>dho<span class=\"__1 _201\"/>ek,<span class=\"__1 _201\"/> Namibia<span class=\"__1 _32b\"> </span>Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s Unit T<span class=\"__1 _200\"/>rust<span class=\"__1 _201\"/>s Sout<span class=\"__1 _201\"/>h Afric<span class=\"__1 _201\"/>a (RF<span class=\"__1 _201\"/>)<span class=\"__1 _201\"/> Ltd<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">P<span class=\"__1 _201\"/>rotea Plac<span class=\"__1 _201\"/>e, 40 D<span class=\"__1 _201\"/>reyer Street<span class=\"__1 _201\"/>, Clarem<span class=\"__1 _201\"/>ont, 7<span class=\"__1 _201\"/>708<span class=\"__1 _201\"/>, </span></span>South Africa<span class=\"__1 _32b\"> </span>Mins<span class=\"__1 _201\"/>ter Cou<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t Est<span class=\"__1 _201\"/>ate Manage<span class=\"__1 _201\"/>ment L<span class=\"__1 _201\"/>imited<span class=\"__1 _237\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">56%<span class=\"__1 _226\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Mol<span class=\"__1 _201\"/>e GP<span class=\"__1 _201\"/>1 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _ba_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Mol<span class=\"__1 _201\"/>e GP<span class=\"__1 _201\"/>2 Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _2e9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>NAP<span class=\"__1 _201\"/>I REIT<span class=\"__1 _200\"/>, Inc<span class=\"__1 _2c1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span></span>30<span class=\"__1 _201\"/>0 E Lomb<span class=\"__1 _201\"/>ard Street<span class=\"__1 _201\"/>, Baltim<span class=\"__1 _201\"/>ore, MD 2<span class=\"__1 _201\"/>1202, US<span class=\"__1 _201\"/>A<span class=\"__1 _32b\"> </span>NB G<span class=\"__1 _201\"/>emini Fund L<span class=\"__1 _201\"/>P<span class=\"__1 _9b_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span></span>Mapl<span class=\"__1 _201\"/>es Co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>rate Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices L<span class=\"__1 _201\"/>imited<span class=\"__1 _201\"/>, Uglan<span class=\"__1 _201\"/>d Hous<span class=\"__1 _201\"/>e, <span class=\"ls5_1\"> </span>P<span class=\"__1 _337\"/>.O. B<span class=\"__1 _201\"/>ox 309, G<span class=\"__1 _201\"/>rand C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/>, K<span class=\"__1 _201\"/>Y1-<span class=\"__1 _f_1\"/>1104, C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>Islands<span class=\"__1 _32b\"> </span>Oak<span class=\"__1 _201\"/>tree Bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s Par<span class=\"__1 _201\"/>k Limite<span class=\"__1 _201\"/>d<span class=\"__1 _bf_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls52_1 ws5a_1\">14%<span class=\"__1 _f4_1\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Old K<span class=\"__1 _201\"/>ings<span class=\"__1 _201\"/>way LP<span class=\"__1 _387\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>2<span class=\"__1 _201\"/>71<span class=\"__1 _200\"/>1 Cen<span class=\"__1 _201\"/>ter<span class=\"__1 _201\"/>vill<span class=\"__1 _201\"/>e Road<span class=\"__1 _201\"/>, Suite 40<span class=\"__1 _201\"/>0, Wilmi<span class=\"__1 _201\"/>ngton, D<span class=\"__1 _201\"/>E 19808, US<span class=\"__1 _200\"/>A<span class=\"__1 _32b\"> </span>Optimus Point Manag<span class=\"__1 _201\"/>ement Compa<span class=\"__1 _201\"/>ny Limited<span class=\"__1 _b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span>52%<span class=\"__1 _f7_1\"> </span><span class=\"ls6_1 ws1_1\">Barr<span class=\"__1 _201\"/>at Hous<span class=\"__1 _201\"/>e, Ca<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>wr<span class=\"__1 _201\"/>ight Way<span class=\"__1 _f_1\"/>, B<span class=\"__1 _201\"/>ardon H<span class=\"__1 _201\"/>ill, Co<span class=\"__1 _201\"/>alvi<span class=\"__1 _201\"/>lle,<span class=\"__1 _201\"/> </span></span>LE67 1U<span class=\"__1 _201\"/>F<span class=\"__1 _f_1\"/>, UK<span class=\"__1 _32b\"> </span>Pacu<span class=\"__1 _201\"/>s (UK<span class=\"__1 _201\"/>) Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _489\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>P<span class=\"__1 _200\"/>AP T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>ustee P<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _295\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Level 17 T<span class=\"__1 _200\"/>ower One<span class=\"__1 _201\"/>, Intern<span class=\"__1 _201\"/>ational T<span class=\"__1 _200\"/>owers<span class=\"__1 _201\"/>, Bara<span class=\"__1 _201\"/>ngaro<span class=\"__1 _201\"/>o, Sydney, NSW 200<span class=\"__1 _201\"/>0, Austra<span class=\"__1 _201\"/>lia<span class=\"__1 _32b\"> </span>Pes<span class=\"__1 _201\"/>ca GP L<span class=\"__1 _201\"/>LP<span class=\"__1 _2ea\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span>PG<span class=\"__1 _201\"/>DS (UK O<span class=\"__1 _201\"/>ne) Limited<span class=\"__1 _2c6\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>PG<span class=\"__1 _201\"/>F Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt Com<span class=\"__1 _201\"/>pany (Ire<span class=\"__1 _201\"/>land) L<span class=\"__1 _201\"/>imited (i<span class=\"__1 _201\"/>n liquidation<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">5 Ge<span class=\"__1 _201\"/>orge\u2019s Dock<span class=\"__1 _201\"/>, Dub<span class=\"__1 _201\"/>lin 1, D01 X8N<span class=\"__1 _201\"/>7<span class=\"__1 _f_1\"/>, Ire<span class=\"__1 _201\"/>land<span class=\"__1 _32b\"> </span></span></span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>304<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>PPM Am<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ca Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y Fund II<span class=\"__1 _201\"/>I LP<span class=\"__1 _1c1_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span>87<span class=\"__1 _200\"/>4 W<span class=\"__1 _200\"/>alker Roa<span class=\"__1 _201\"/>d, Suite C<span class=\"__1 _201\"/>, City of D<span class=\"__1 _201\"/>over<span class=\"__1 _200\"/>, Count<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> Kent, State of D<span class=\"__1 _201\"/>elaware 19<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4, Un<span class=\"__1 _201\"/>ited States<span class=\"__1 _32b\"> </span>PPM Am<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ca Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y Fund IV L<span class=\"__1 _201\"/>P<span class=\"__1 _13d_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>87<span class=\"__1 _200\"/>4 Walker Road, S<span class=\"__1 _201\"/>uite C, Cit<span class=\"__1 _201\"/>y of Dove<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, C<span class=\"__1 _201\"/>ount<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> Kent, State of D<span class=\"__1 _201\"/>elaware 19<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4, Un<span class=\"__1 _201\"/>ited States<span class=\"__1 _32b\"> </span>PPM Am<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ca Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y Fund V LP<span class=\"__1 _a3_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span>87<span class=\"__1 _200\"/>4 W<span class=\"__1 _200\"/>alker Road<span class=\"__1 _201\"/>, Suite C, Ci<span class=\"__1 _201\"/>ty of D<span class=\"__1 _201\"/>over<span class=\"__1 _200\"/>, Count<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> Kent, State of D<span class=\"__1 _201\"/>elaware 19<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4, Un<span class=\"__1 _201\"/>ited States<span class=\"__1 _32b\"> </span>PPM Am<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ca Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y Fund VI L<span class=\"__1 _201\"/>P<span class=\"__1 _13d_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">40%<span class=\"__1 _345\"> </span></span></span>87<span class=\"__1 _200\"/>4 W<span class=\"__1 _200\"/>alker Roa<span class=\"__1 _201\"/>d, Suite C<span class=\"__1 _201\"/>, City o<span class=\"__1 _201\"/>f Dover<span class=\"__1 _200\"/>, Coun<span class=\"__1 _201\"/>ty of<span class=\"__1 _201\"/> Kent, State of D<span class=\"__1 _201\"/>elaware 19<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4, Un<span class=\"__1 _201\"/>ited States<span class=\"__1 _32b\"> </span>PPM Am<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ca Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y Fund VI<span class=\"__1 _201\"/>I LP<span class=\"__1 _311\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">4<span class=\"__1 _201\"/>6%<span class=\"__1 _e_1\"> </span></span></span>87<span class=\"__1 _200\"/>4 W<span class=\"__1 _200\"/>alker Road<span class=\"__1 _201\"/>, Suite C, Ci<span class=\"__1 _201\"/>ty of D<span class=\"__1 _201\"/>over<span class=\"__1 _200\"/>, Count<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> Kent, State of D<span class=\"__1 _201\"/>elaware 19<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4, Un<span class=\"__1 _201\"/>ited States<span class=\"__1 _32b\"> </span>PPM Capital (H<span class=\"__1 _201\"/>oldings) Limited<span class=\"__1 _343\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>PPM M<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>rs GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _2e4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>PPM M<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>rs Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rshi<span class=\"__1 _201\"/>p CI VII (A<span class=\"__1 _201\"/>) LP<span class=\"__1 _311\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls45_1 ws49_1\">25%<span class=\"__1 _f7_1\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>PPM Ventures (A<span class=\"__1 _201\"/>sia) Limite<span class=\"__1 _201\"/>d (In liq<span class=\"__1 _201\"/>uidatio<span class=\"__1 _201\"/>n)<span class=\"__1 _6b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>13/F<span class=\"__1 _f_1\"/>, On<span class=\"__1 _201\"/>e Intern<span class=\"__1 _201\"/>ational F<span class=\"__1 _201\"/>inanc<span class=\"__1 _201\"/>e Centre<span class=\"__1 _201\"/>, 1 Harb<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/> View Stre<span class=\"__1 _201\"/>et, C<span class=\"__1 _201\"/>entral<span class=\"__1 _201\"/>, Hong Ko<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span>PPMC Firs<span class=\"__1 _201\"/>t Nominee<span class=\"__1 _201\"/>s Limited<span class=\"__1 _a2_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>s (T<span class=\"__1 _200\"/>wo Rive<span class=\"__1 _201\"/>rs<span class=\"__1 _200\"/>) Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _1c1_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>B<span class=\"__1 _201\"/>ow Bells H<span class=\"__1 _201\"/>ous<span class=\"__1 _201\"/>e, 1 Bread Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC4<span class=\"__1 _201\"/>M 9H<span class=\"__1 _201\"/>H,<span class=\"__1 _201\"/> UK<span class=\"__1 _32b\"> </span>Pru Limited<span class=\"__1 _2b3\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prudence Limited<span class=\"__1 _2e9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Capit<span class=\"__1 _201\"/>al (Singap<span class=\"__1 _201\"/>ore<span class=\"__1 _200\"/>) P<span class=\"__1 _201\"/>te. Ltd. (in<span class=\"__1 _201\"/> liquidation<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 M<span class=\"__1 _201\"/>arina B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard, #<span class=\"__1 _201\"/>32-01, M<span class=\"__1 _201\"/>arina B<span class=\"__1 _201\"/>ay Financ<span class=\"__1 _201\"/>ial </span></span>Cent<span class=\"__1 _201\"/>re, 01898<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>, Singa<span class=\"__1 _201\"/>pore<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _200\"/> Corporate<span class=\"__1 _200\"/> Pensions T<span class=\"__1 _337\"/>rustee Limited<span class=\"__1 _5f_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Credit O<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>tun<span class=\"__1 _201\"/>ities 1 S<span class=\"__1 _201\"/>.a<span class=\"__1 _201\"/>.r<span class=\"__1 _200\"/>.l.<span class=\"__1 _333\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>1, R<span class=\"__1 _201\"/>ue Hild<span class=\"__1 _201\"/>egard vo<span class=\"__1 _201\"/>n Bing<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-1<span class=\"__1 _200\"/>282<span class=\"__1 _201\"/>, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Credit O<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>tun<span class=\"__1 _201\"/>ities 2 S<span class=\"__1 _201\"/>.a<span class=\"__1 _201\"/>.r<span class=\"__1 _200\"/>.l<span class=\"__1 _13d_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>1, R<span class=\"__1 _201\"/>ue Hild<span class=\"__1 _201\"/>egard vo<span class=\"__1 _201\"/>n Binge<span class=\"__1 _201\"/>n, L<span class=\"__1 _f_1\"/>-1<span class=\"__1 _200\"/>282<span class=\"__1 _201\"/>, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Credit O<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>tun<span class=\"__1 _201\"/>ities G<span class=\"__1 _201\"/>P S.<span class=\"__1 _201\"/>a.r.l<span class=\"__1 _271\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>1, Rue Hil<span class=\"__1 _201\"/>dega<span class=\"__1 _201\"/>rd von Bing<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-1<span class=\"__1 _200\"/>282<span class=\"__1 _201\"/>, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Credit O<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>tun<span class=\"__1 _201\"/>ities S<span class=\"__1 _201\"/>CSp<span class=\"__1 _9d_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>1, Rue H<span class=\"__1 _201\"/>ilde<span class=\"__1 _201\"/>gard von B<span class=\"__1 _201\"/>ingen<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _200\"/>1282, L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span>Prude<span class=\"__1 _201\"/>ntial Distribution L<span class=\"__1 _201\"/>imited<span class=\"__1 _1a7_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">5 C<span class=\"__1 _201\"/>entra<span class=\"__1 _201\"/>l W<span class=\"__1 _200\"/>ay<span class=\"__1 _200\"/>, Kild<span class=\"__1 _201\"/>ean Bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s Park<span class=\"__1 _201\"/>, Stirl<span class=\"__1 _201\"/>ing, FK8<span class=\"__1 _201\"/> </span></span></span>1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _200\"/> Equity Release<span class=\"__1 _200\"/> Mor<span class=\"__1 _201\"/>tg<span class=\"__1 _200\"/>ages Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _286\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prude<span class=\"__1 _201\"/>ntial Financial Planning Limited<span class=\"__1 _a4_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Prude<span class=\"__1 _201\"/>ntial GP Limited<span class=\"__1 _389\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">5 Central Way<span class=\"__1 _200\"/>, Kil<span class=\"__1 _201\"/>dean Bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s Par<span class=\"__1 _201\"/>k, Stir<span class=\"__1 _201\"/>ling, F<span class=\"__1 _201\"/>K8 </span></span></span>1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _200\"/> Greenfield GP LLP<span class=\"__1 _404\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Greenfield GP1 Limited<span class=\"__1 _1ac_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Greenfield GP2 Limited<span class=\"__1 _262\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Greenfield LP<span class=\"__1 _2c8\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prude<span class=\"__1 _201\"/>ntial Holborn Life L<span class=\"__1 _201\"/>imited<span class=\"__1 _3c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Interna<span class=\"__1 _200\"/>tional<span class=\"__1 _200\"/> Assurance plc<span class=\"__1 _1ce_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">M<span class=\"__1 _201\"/>ontagu<span class=\"__1 _201\"/>e Hous<span class=\"__1 _201\"/>e, Adel<span class=\"__1 _201\"/>aide Ro<span class=\"__1 _201\"/>ad, D<span class=\"__1 _201\"/>ublin 2<span class=\"__1 _201\"/>, D02 K039<span class=\"__1 _201\"/>, </span></span></span>Irela<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _200\"/> Interna<span class=\"__1 _200\"/>tional<span class=\"__1 _200\"/> Management Services<span class=\"__1 _201\"/> Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">M<span class=\"__1 _201\"/>onta<span class=\"__1 _201\"/>gue Ho<span class=\"__1 _201\"/>use, Ade<span class=\"__1 _201\"/>laide R<span class=\"__1 _201\"/>oad, D<span class=\"__1 _201\"/>ublin 2<span class=\"__1 _201\"/>, D0<span class=\"__1 _201\"/>2 K<span class=\"__1 _200\"/>039<span class=\"__1 _201\"/>, </span></span>Irela<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _200\"/> Investmen<span class=\"__1 _200\"/>t (Lux<span class=\"__1 _200\"/>embourg)<span class=\"__1 _200\"/> 2 S.\u00e0.r<span class=\"__1 _200\"/>.l.<span class=\"__1 _248\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">16<span class=\"__1 _201\"/>, Boulev<span class=\"__1 _201\"/>ard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _337\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span></span></span>Prude<span class=\"__1 _201\"/>ntial Lifetime Mor<span class=\"__1 _201\"/>tgages Limited<span class=\"__1 _470\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">5 C<span class=\"__1 _201\"/>entra<span class=\"__1 _201\"/>l W<span class=\"__1 _200\"/>ay<span class=\"__1 _200\"/>, Kild<span class=\"__1 _201\"/>ean Bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s Park<span class=\"__1 _201\"/>, Stirl<span class=\"__1 _201\"/>ing, FK8<span class=\"__1 _201\"/> </span></span></span>1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _200\"/> Loan Inv<span class=\"__1 _200\"/>estments 1<span class=\"__1 _200\"/> S.a.r<span class=\"__1 _200\"/>.l<span class=\"__1 _26e\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">1, Ru<span class=\"__1 _201\"/>e Hilde<span class=\"__1 _201\"/>gard von B<span class=\"__1 _201\"/>ingen<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _200\"/>1282<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Loan Inv<span class=\"__1 _200\"/>estments GP S.a.r<span class=\"__1 _f_1\"/>.l<span class=\"__1 _376\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">1, Rue Hil<span class=\"__1 _201\"/>dega<span class=\"__1 _201\"/>rd von Bing<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-1<span class=\"__1 _200\"/>282<span class=\"__1 _201\"/>, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Loan Inv<span class=\"__1 _200\"/>estments SCSp<span class=\"__1 _426\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">1, R<span class=\"__1 _201\"/>ue Hil<span class=\"__1 _201\"/>dega<span class=\"__1 _201\"/>rd von Bing<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-1282, L<span class=\"__1 _201\"/>uxembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Pensions Li<span class=\"__1 _200\"/>mited<span class=\"__1 _de_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Polska s<span class=\"__1 _201\"/>p. z.o.o<span class=\"__1 _20f\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>02-6<span class=\"__1 _201\"/>70 Warszawa<span class=\"__1 _201\"/>, Pulaws<span class=\"__1 _201\"/>ka 182<span class=\"__1 _201\"/>, Polan<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2e_1 ws6c_1\">305<span class=\"__1 _32b\"> </span></span></span></span>Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>Prudential<span class=\"__1 _200\"/> Port<span class=\"__1 _201\"/>folio<span class=\"__1 _200\"/> Management Grou<span class=\"__1 _200\"/>p Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _437\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Propert<span class=\"__1 _201\"/>y In<span class=\"__1 _200\"/>vestment Man<span class=\"__1 _200\"/>agers Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Real E<span class=\"__1 _201\"/>state Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s 1 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _214\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Real E<span class=\"__1 _201\"/>state Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s 2 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _243\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Real E<span class=\"__1 _201\"/>state Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s 3 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _243\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Prude<span class=\"__1 _201\"/>ntial Staff Pensions Limited<span class=\"__1 _2df\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> UK Real Estat<span class=\"__1 _200\"/>e General Partner Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l UK Real E<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/>ate Limited P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners<span class=\"__1 _201\"/>hip<span class=\"__1 _213\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l UK Real E<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/>ate Nomin<span class=\"__1 _201\"/>ee 1 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _211\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l UK Real E<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/>ate Nomin<span class=\"__1 _201\"/>ee 2 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _282\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Prudential<span class=\"__1 _200\"/> UK Ser<span class=\"__1 _201\"/>vices Limi<span class=\"__1 _200\"/>ted<span class=\"__1 _3c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">5 C<span class=\"__1 _201\"/>entral Way<span class=\"__1 _200\"/>, Kild<span class=\"__1 _201\"/>ean Bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s Par<span class=\"__1 _201\"/>k, Stirl<span class=\"__1 _201\"/>ing, FK<span class=\"__1 _201\"/>8 </span></span></span>1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span>Prude<span class=\"__1 _201\"/>ntial Unit T<span class=\"__1 _f_1\"/>rust<span class=\"__1 _201\"/>s Limited<span class=\"__1 _1fe\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Pr<span class=\"__1 _201\"/>utec<span class=\"__1 _201\"/> Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _20b\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenu<span class=\"__1 _201\"/>e, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>PVM Par<span class=\"__1 _201\"/>tnersh<span class=\"__1 _201\"/>ips Limited<span class=\"__1 _20a\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>Rads G<span class=\"__1 _201\"/>amma L<span class=\"__1 _201\"/>imited<span class=\"__1 _26d\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span>9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Rads O<span class=\"__1 _201\"/>meg<span class=\"__1 _201\"/>a Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2eb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Rand<span class=\"__1 _201\"/>olph Stre<span class=\"__1 _201\"/>et LP<span class=\"__1 _2ec\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>2<span class=\"__1 _201\"/>71<span class=\"__1 _200\"/>1 Center<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ille Ro<span class=\"__1 _201\"/>ad, S<span class=\"__1 _201\"/>uite 400<span class=\"__1 _201\"/>, Wilmin<span class=\"__1 _201\"/>gton, D<span class=\"__1 _201\"/>E 19808, US<span class=\"__1 _200\"/>A<span class=\"__1 _32b\"> </span>RD Park (Hoddesdon Phase<span class=\"__1 _200\"/> 1<span class=\"__1 _200\"/>) Management Company Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls52_1 ws5a_1\">6<span class=\"__1 _201\"/>4%<span class=\"__1 _2cc\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Agric<span class=\"__1 _201\"/>ulture Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers SL<span class=\"__1 _201\"/>P<span class=\"__1 _2b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls12_1 ws11_1\">6<span class=\"__1 _201\"/>1%<span class=\"__1 _1d_1\"> </span></span></span>15, Bo<span class=\"__1 _201\"/>ulevard F<span class=\"__1 _200\"/>.<span class=\"__1 _f_1\"/>W. Raiffeis<span class=\"__1 _201\"/>en, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>24<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>1, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span>responsAbility Management<span class=\"__1 _200\"/> Company<span class=\"__1 _200\"/> S.<span class=\"__1 _201\"/>A. (in liquidation<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">80%<span class=\"__1 _345\"> </span><span class=\"ls6_1 ws1_1\">c/o KPMG<span class=\"__1 _201\"/>; 39, Avenue J<span class=\"__1 _201\"/>ohn F<span class=\"__1 _f_1\"/>. Kenn<span class=\"__1 _201\"/>edy, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _200\"/>1855<span class=\"__1 _201\"/>, </span></span>Luxembourg resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Foo<span class=\"__1 _201\"/>d \u2013 Asia I<span class=\"__1 _201\"/>I (GP), S.\u00e0 r<span class=\"__1 _f_1\"/>.l.<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">15<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard F<span class=\"__1 _f_1\"/>.W<span class=\"__1 _f_1\"/>. Rai<span class=\"__1 _201\"/>ffeis<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-241<span class=\"__1 _200\"/>1, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Foo<span class=\"__1 _201\"/>d \u2013 Lata<span class=\"__1 _201\"/>m I (<span class=\"__1 _200\"/>GP),<span class=\"__1 _201\"/> S.\u00e0 r<span class=\"__1 _f_1\"/>.l.<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">15<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard F<span class=\"__1 _f_1\"/>.W<span class=\"__1 _f_1\"/>. Rai<span class=\"__1 _201\"/>ffeis<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-241<span class=\"__1 _200\"/>1, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Afri<span class=\"__1 _201\"/>ca Ltd<span class=\"__1 _331\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">M<span class=\"__1 _201\"/>ercha<span class=\"__1 _201\"/>nt Squa<span class=\"__1 _201\"/>re, Blo<span class=\"__1 _201\"/>ck D, 5th Floo<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, R<span class=\"__1 _201\"/>ivers<span class=\"__1 _201\"/>ide Dr<span class=\"__1 _201\"/>ive,<span class=\"__1 _201\"/> </span>Westlan<span class=\"__1 _201\"/>ds, P<span class=\"__1 _f_1\"/>.O. 29<span class=\"__1 _201\"/>300<span class=\"__1 _201\"/>623 Na<span class=\"__1 _201\"/>irobi, Ke<span class=\"__1 _201\"/>nya<span class=\"__1 _32b\"> </span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Agric<span class=\"__1 _201\"/>ulture (GP) S\u00e0r<span class=\"__1 _201\"/>l<span class=\"__1 _18f_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">15, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard F<span class=\"__1 _f_1\"/>.<span class=\"__1 _200\"/>W<span class=\"__1 _200\"/>. Raiffei<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>, L<span class=\"__1 _337\"/>-241<span class=\"__1 _200\"/>1, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Ame<span class=\"__1 _201\"/>ric<span class=\"__1 _201\"/>a Latin<span class=\"__1 _201\"/>a SAC<span class=\"__1 _466\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">Av. 28 de Juli<span class=\"__1 _201\"/>o 753<span class=\"__1 _201\"/>, Mirafl<span class=\"__1 _201\"/>ores<span class=\"__1 _201\"/>, Provin<span class=\"__1 _201\"/>cia de L<span class=\"__1 _201\"/>ima,<span class=\"__1 _201\"/> </span>1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/> P<span class=\"__1 _250\"/>e<span class=\"__1 _250\"/>r<span class=\"__1 _201\"/>u<span class=\"__1 _32b\"> </span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y BOP S<span class=\"__1 _201\"/>\u00e0rl<span class=\"__1 _2ed\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span><span class=\"ws1_1\">5, Ru<span class=\"__1 _201\"/>e Jean M<span class=\"__1 _201\"/>onne<span class=\"__1 _201\"/>t, L<span class=\"__1 _f_1\"/>-2180, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y France S<span class=\"__1 _201\"/>AS<span class=\"__1 _2cb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">5 Rue du H<span class=\"__1 _201\"/>eld<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>, Paris<span class=\"__1 _201\"/>, D\u00e9p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tement d<span class=\"__1 _201\"/>e Pari<span class=\"__1 _201\"/>s, ID<span class=\"__1 _201\"/>F<span class=\"__1 _f_1\"/>,<span class=\"__1 _201\"/> </span>75009, F<span class=\"__1 _200\"/>rance<span class=\"__1 _32b\"> </span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Ge<span class=\"__1 _201\"/>orgia L<span class=\"__1 _201\"/>LC<span class=\"__1 _2e7\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">4 T<span class=\"__1 _200\"/>amar Chove<span class=\"__1 _201\"/>lidze Street<span class=\"__1 _201\"/>, T\u2019bi<span class=\"__1 _201\"/>lisi, T<span class=\"__1 _201\"/>bilis<span class=\"__1 _201\"/>i, 0108<span class=\"__1 _201\"/>, </span>Ge<span class=\"__1 _201\"/>orgia<span class=\"__1 _32b\"> </span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Ind<span class=\"__1 _201\"/>ia Busin<span class=\"__1 _201\"/>ess Ad<span class=\"__1 _201\"/>viso<span class=\"__1 _201\"/>rs P<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>t. Ltd<span class=\"__1 _b1_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">31 Gre<span class=\"__1 _201\"/>en Acre, U<span class=\"__1 _201\"/>nion Pa<span class=\"__1 _201\"/>rk Roa<span class=\"__1 _201\"/>d Numbe<span class=\"__1 _201\"/>r 5, Mu<span class=\"__1 _201\"/>mbai,<span class=\"__1 _201\"/> </span>Mumbai Su<span class=\"__1 _200\"/>burban, MH, 400052, India<span class=\"__1 _32b\"> </span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s AG<span class=\"__1 _3c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls40_1 ws44_1\">93%<span class=\"__1 _226\"> </span></span></span><span class=\"ws1_1\">Zolls<span class=\"__1 _201\"/>tras<span class=\"__1 _201\"/>se 17<span class=\"__1 _f_1\"/>, Z\u00fcr<span class=\"__1 _201\"/>ich, Z<span class=\"__1 _201\"/>H, 80<span class=\"__1 _201\"/>05, Sw<span class=\"__1 _201\"/>itzer<span class=\"__1 _201\"/>land<span class=\"__1 _32b\"> </span></span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Tha<span class=\"__1 _201\"/>iland Ltd<span class=\"__1 _2ee\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"lsd_1 wse_1\">62 Thaniya BTS Buildi<span class=\"__1 _200\"/>ng, Silom Road,<span class=\"__1 _200\"/> Suriyawongse, </span></span></span>Bangrak, Bangkok, 10500, Thailand<span class=\"__1 _32b\"> </span>resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y V<span class=\"__1 _200\"/>enture<span class=\"__1 _201\"/>s I Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices AG<span class=\"__1 _376\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">Zo<span class=\"__1 _201\"/>llstr<span class=\"__1 _201\"/>ass<span class=\"__1 _201\"/>e 17<span class=\"__1 _f_1\"/>, Z\u00fcri<span class=\"__1 _201\"/>ch, ZH<span class=\"__1 _201\"/>, 800<span class=\"__1 _201\"/>5, Swit<span class=\"__1 _201\"/>zerla<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span></span>San<span class=\"__1 _201\"/>dring<span class=\"__1 _201\"/>ham Fina<span class=\"__1 _201\"/>ncial P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners L<span class=\"__1 _201\"/>imited<span class=\"__1 _8d_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls12_1 ws11_1\">61%<span class=\"__1 _1d_1\"> </span></span></span><span class=\"ws1_1\">3<span class=\"__1 _201\"/>0 Market Stree<span class=\"__1 _201\"/>t, Hud<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>fie<span class=\"__1 _201\"/>ld, West Y<span class=\"__1 _200\"/>orks<span class=\"__1 _201\"/>hire,<span class=\"__1 _201\"/> </span>Engla<span class=\"__1 _201\"/>nd, H<span class=\"__1 _201\"/>D1 2HG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>San<span class=\"__1 _201\"/>dring<span class=\"__1 _201\"/>ham Fina<span class=\"__1 _201\"/>ncial P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners L<span class=\"__1 _201\"/>imited<span class=\"__1 _8d_1\"> </span><span class=\"ls1f_1 ws1e_1\">PS<span class=\"__1 _8d_1\"> </span><span class=\"ls38_1 ws38_1\">3<span class=\"__1 _201\"/>9%<span class=\"__1 _e_1\"> </span></span></span><span class=\"ws1_1\">3<span class=\"__1 _201\"/>0 Market Stree<span class=\"__1 _201\"/>t, Hud<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>fie<span class=\"__1 _201\"/>ld, West Y<span class=\"__1 _200\"/>orks<span class=\"__1 _201\"/>hire,<span class=\"__1 _201\"/> </span>Engla<span class=\"__1 _201\"/>nd, H<span class=\"__1 _201\"/>D1 2HG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Scho<span class=\"__1 _201\"/>olhill Sarl<span class=\"__1 _20e\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">20, r<span class=\"__1 _201\"/>ue de la Po<span class=\"__1 _201\"/>ste, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></span></span></span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>306<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022<span class=\"__1 _32b\"> </span></span></span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of shares held Proportion held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>Scot<span class=\"__1 _201\"/>Am P<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>n T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>tees L<span class=\"__1 _201\"/>imited<span class=\"__1 _1ac_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5 C<span class=\"__1 _201\"/>entral Way<span class=\"__1 _200\"/>, Kild<span class=\"__1 _201\"/>ean Bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s Park<span class=\"__1 _201\"/>, Stirl<span class=\"__1 _201\"/>ing, FK<span class=\"__1 _201\"/>8 1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span>Scot<span class=\"__1 _201\"/>tish A<span class=\"__1 _201\"/>mica<span class=\"__1 _201\"/>ble Li<span class=\"__1 _201\"/>fe Ass<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce Soc<span class=\"__1 _201\"/>iet<span class=\"__1 _201\"/>y<span class=\"__1 _e_1\"> </span>No s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/> capital<span class=\"__1 _32b\"> </span>100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">5 Central Way<span class=\"__1 _200\"/>, Kild<span class=\"__1 _201\"/>ean Bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s Par<span class=\"__1 _201\"/>k, Stir<span class=\"__1 _201\"/>ling, F<span class=\"__1 _201\"/>K8 </span>1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span>Selly Oak Shopping<span class=\"__1 _200\"/> Park (<span class=\"__1 _200\"/>General Partner<span class=\"__1 _200\"/>) Limited<span class=\"__1 _32b\"> </span>OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span>Sel<span class=\"__1 _201\"/>ly Oak S<span class=\"__1 _201\"/>hopp<span class=\"__1 _201\"/>ing Par<span class=\"__1 _201\"/>k (Nom<span class=\"__1 _201\"/>inee 1) Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _248\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Sel<span class=\"__1 _201\"/>ly Oak S<span class=\"__1 _201\"/>hopp<span class=\"__1 _201\"/>ing Par<span class=\"__1 _201\"/>k (Nom<span class=\"__1 _201\"/>inee 2) L<span class=\"__1 _201\"/>imited<span class=\"__1 _210\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Sel<span class=\"__1 _201\"/>ly Oak S<span class=\"__1 _201\"/>hopp<span class=\"__1 _201\"/>ing Par<span class=\"__1 _201\"/>k Limite<span class=\"__1 _201\"/>d Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rship<span class=\"__1 _206\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">63%<span class=\"__1 _226\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Sil<span class=\"__1 _201\"/>ver<span class=\"__1 _201\"/>flee<span class=\"__1 _201\"/>t Capit<span class=\"__1 _201\"/>al 200<span class=\"__1 _201\"/>4 LP<span class=\"__1 _342\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>1 Roy<span class=\"__1 _201\"/>al Plaza<span class=\"__1 _201\"/>, St Peter Por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>, GY<span class=\"__1 _200\"/>1 2HL<span class=\"__1 _201\"/>, G<span class=\"__1 _201\"/>uern<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>Sil<span class=\"__1 _201\"/>ver<span class=\"__1 _201\"/>flee<span class=\"__1 _201\"/>t Capit<span class=\"__1 _201\"/>al 200<span class=\"__1 _201\"/>9 LP<span class=\"__1 _342\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>1 Roya<span class=\"__1 _201\"/>l Plaza<span class=\"__1 _201\"/>, St Peter Por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>, GY<span class=\"__1 _200\"/>1 2HL<span class=\"__1 _201\"/>, G<span class=\"__1 _201\"/>uerns<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span>Sil<span class=\"__1 _201\"/>ver<span class=\"__1 _201\"/>flee<span class=\"__1 _201\"/>t Capit<span class=\"__1 _201\"/>al 2011<span class=\"__1 _200\"/>/12 LP<span class=\"__1 _be_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>1 Royal Plaza<span class=\"__1 _201\"/>, St Peter Po<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>, GY<span class=\"__1 _200\"/>1 2HL<span class=\"__1 _201\"/>, G<span class=\"__1 _201\"/>uern<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>Sil<span class=\"__1 _201\"/>ver<span class=\"__1 _201\"/>flee<span class=\"__1 _201\"/>t Capit<span class=\"__1 _201\"/>al II WPL<span class=\"__1 _201\"/>F LP<span class=\"__1 _404\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>1 C<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ter L<span class=\"__1 _201\"/>ane, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC4V 5ER<span class=\"__1 _201\"/>, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Sk<span class=\"__1 _201\"/>y Fund V Ons<span class=\"__1 _201\"/>hore L<span class=\"__1 _201\"/>P<span class=\"__1 _2da\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">36%<span class=\"__1 _226\"> </span></span></span>5<span class=\"__1 _201\"/>59 Paci<span class=\"__1 _201\"/>fic Avenue, S<span class=\"__1 _201\"/>an Francis<span class=\"__1 _201\"/>co, CA 9<span class=\"__1 _201\"/>4<span class=\"__1 _200\"/>133<span class=\"__1 _201\"/>, USA<span class=\"__1 _32b\"> </span>Sk<span class=\"__1 _201\"/>y I Interm<span class=\"__1 _201\"/>ediate L<span class=\"__1 _201\"/>P<span class=\"__1 _26d\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls40_1 ws44_1\">28%<span class=\"__1 _2cc\"> </span></span></span>Map<span class=\"__1 _201\"/>les C<span class=\"__1 _201\"/>orpo<span class=\"__1 _201\"/>rate Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices L<span class=\"__1 _201\"/>imited<span class=\"__1 _201\"/>, Ugla<span class=\"__1 _201\"/>nd Hou<span class=\"__1 _201\"/>se,<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>P<span class=\"__1 _337\"/>.O. B<span class=\"__1 _201\"/>ox 309, G<span class=\"__1 _201\"/>rand C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/>, K<span class=\"__1 _201\"/>Y1-<span class=\"__1 _f_1\"/>1104, C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>Islands<span class=\"__1 _32b\"> </span>Smithfiel<span class=\"__1 _201\"/>d Limited<span class=\"__1 _348\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>SM<span class=\"__1 _201\"/>LLC<span class=\"__1 _2a8\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">1<span class=\"__1 _200\"/>209 O<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>e Street, W<span class=\"__1 _201\"/>ilming<span class=\"__1 _201\"/>ton, DE 19<span class=\"__1 _201\"/>801, US<span class=\"__1 _201\"/>A<span class=\"__1 _32b\"> </span></span></span></span>SOFA Hold<span class=\"__1 _201\"/>ing LP<span class=\"__1 _2ef\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>2<span class=\"__1 _201\"/>71<span class=\"__1 _200\"/>1 Center<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ille Ro<span class=\"__1 _201\"/>ad, S<span class=\"__1 _201\"/>uite 400<span class=\"__1 _201\"/>, Wilmin<span class=\"__1 _201\"/>gton, D<span class=\"__1 _201\"/>E 19808, US<span class=\"__1 _200\"/>A<span class=\"__1 _32b\"> </span>Spe<span class=\"__1 _201\"/>ciali<span class=\"__1 _201\"/>st Inves<span class=\"__1 _201\"/>tment Fun<span class=\"__1 _201\"/>ds (2) ICA<span class=\"__1 _200\"/>V \u2013 M&amp;G Rea<span class=\"__1 _201\"/>l Impact Fund<span class=\"__1 _32b\"> </span>U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">5 Ge<span class=\"__1 _201\"/>orge\u2019s Doc<span class=\"__1 _201\"/>k, IFS<span class=\"__1 _201\"/>C, Du<span class=\"__1 _201\"/>blin 1, Ire<span class=\"__1 _201\"/>land<span class=\"__1 _32b\"> </span></span>St Edward H<span class=\"__1 _201\"/>ome<span class=\"__1 _201\"/>s Limite<span class=\"__1 _201\"/>d<span class=\"__1 _20a\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>B<span class=\"__1 _201\"/>erkeley H<span class=\"__1 _201\"/>ouse<span class=\"__1 _201\"/>, 19 Por<span class=\"__1 _201\"/>tsm<span class=\"__1 _201\"/>outh Roa<span class=\"__1 _201\"/>d, Sur<span class=\"__1 _201\"/>rey<span class=\"__1 _200\"/>, KT11 1JG<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> UK<span class=\"__1 _32b\"> </span>St Edward H<span class=\"__1 _201\"/>ome<span class=\"__1 _201\"/>s Par<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ship<span class=\"__1 _c4_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>B<span class=\"__1 _201\"/>erkeley H<span class=\"__1 _201\"/>ouse<span class=\"__1 _201\"/>, 19 Por<span class=\"__1 _201\"/>tsm<span class=\"__1 _201\"/>outh Roa<span class=\"__1 _201\"/>d, Sur<span class=\"__1 _201\"/>rey<span class=\"__1 _200\"/>, K<span class=\"__1 _201\"/>T1<span class=\"__1 _200\"/>1 1JG<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> UK<span class=\"__1 _32b\"> </span>St Edward Str<span class=\"__1 _201\"/>and Pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tners<span class=\"__1 _201\"/>hip<span class=\"__1 _b7_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _32b\"> </span></span></span>Ber<span class=\"__1 _201\"/>keley Hou<span class=\"__1 _201\"/>se, 19 Por<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>mouth R<span class=\"__1 _201\"/>oad, S<span class=\"__1 _201\"/>urrey, KT11 1JG<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> UK<span class=\"__1 _32b\"> </span>Stableview Limited<span class=\"__1 _489\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>StepS<span class=\"__1 _200\"/>tone Scorpio<span class=\"__1 _200\"/> Infrastructur<span class=\"__1 _200\"/>e Opportunities F<span class=\"__1 _250\"/>u<span class=\"__1 _250\"/>n<span class=\"__1 _250\"/>d<span class=\"__1 _e7_1\"> </span>,<span class=\"__1 _250\"/> L<span class=\"__1 _e7_1\"> </span>.<span class=\"__1 _e7_1\"> </span>P.<span class=\"__1 _f0_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _32b\"> </span></span></span>Map<span class=\"__1 _201\"/>les Co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>rate Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices L<span class=\"__1 _201\"/>imited<span class=\"__1 _201\"/>, Uglan<span class=\"__1 _201\"/>d Hou<span class=\"__1 _201\"/>se,<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span>P<span class=\"__1 _337\"/>.O. B<span class=\"__1 _201\"/>ox 309, G<span class=\"__1 _201\"/>rand C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/>, K<span class=\"__1 _201\"/>Y1-<span class=\"__1 _f_1\"/>1104, C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span>Islands<span class=\"__1 _32b\"> </span>Sustainable Multi As<span class=\"__1 _201\"/>set Balanced Fund<span class=\"__1 _13d_1\"> </span><span class=\"ls5_1 ws1_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls12_1 ws11_1\">3<span class=\"__1 _201\"/>1%<span class=\"__1 _1d_1\"> </span></span><span class=\"ls6_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span>Sustainable Multi As<span class=\"__1 _201\"/>set Cautious F<span class=\"__1 _200\"/>und<span class=\"__1 _ab_1\"> </span><span class=\"ls5_1 ws1_1\">U<span class=\"__1 _ab_1\"> </span></span><span class=\"ws38_1\">4<span class=\"__1 _201\"/>9%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchu<span class=\"__1 _201\"/>rch Avenue, Lo<span class=\"__1 _201\"/>ndon<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span>Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Mult<span class=\"__1 _201\"/>i Ass<span class=\"__1 _201\"/>et Grow<span class=\"__1 _201\"/>th Fund<span class=\"__1 _401\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _226\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>The C<span class=\"__1 _201\"/>ar Auc<span class=\"__1 _201\"/>tion Un<span class=\"__1 _201\"/>it T<span class=\"__1 _f_1\"/>ru<span class=\"__1 _201\"/>st<span class=\"__1 _405\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _32b\"> </span></span></span>Dorey C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t, Adm<span class=\"__1 _201\"/>iral Pa<span class=\"__1 _201\"/>rk, St P<span class=\"__1 _201\"/>eter Por<span class=\"__1 _201\"/>t, GY1 2HT<span class=\"__1 _200\"/>, Guernsey<span class=\"__1 _32b\"> </span>The F<span class=\"__1 _201\"/>irst B<span class=\"__1 _201\"/>ritis<span class=\"__1 _201\"/>h Fixed T<span class=\"__1 _200\"/>rust C<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ny Limite<span class=\"__1 _201\"/>d<span class=\"__1 _1c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>The P<span class=\"__1 _201\"/>rojec<span class=\"__1 _201\"/>t Hox<span class=\"__1 _201\"/>ton LP<span class=\"__1 _2f0\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>The Prudential<span class=\"__1 _200\"/> Assurance Company<span class=\"__1 _200\"/> Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>The St<span class=\"__1 _201\"/>rand Pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Unit T<span class=\"__1 _200\"/>rus<span class=\"__1 _201\"/>t<span class=\"__1 _bf_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _32b\"> </span></span></span>Lib<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>te Hous<span class=\"__1 _201\"/>e, 19<span class=\"__1 _201\"/>-<span class=\"__1 _200\"/>23 L<span class=\"__1 _201\"/>a Mot<span class=\"__1 _201\"/>te Street, St H<span class=\"__1 _201\"/>elie<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E2<span class=\"__1 _201\"/> 4<span class=\"__1 _201\"/>SY<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span>The T<span class=\"__1 _200\"/>wo Rive<span class=\"__1 _201\"/>rs T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>ust<span class=\"__1 _2eb\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _32b\"> </span></span></span>Lib<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>te Hous<span class=\"__1 _201\"/>e, 19<span class=\"__1 _201\"/>-<span class=\"__1 _200\"/>23 L<span class=\"__1 _201\"/>a Mot<span class=\"__1 _201\"/>te Street, St H<span class=\"__1 _201\"/>elie<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E2<span class=\"__1 _201\"/> 4<span class=\"__1 _201\"/>SY<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span>Thre<span class=\"__1 _201\"/>e Snow<span class=\"__1 _201\"/>hill Bir<span class=\"__1 _201\"/>mingh<span class=\"__1 _201\"/>am S.<span class=\"__1 _201\"/>a.r.l.<span class=\"__1 _2bb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">5, Heienhaff<span class=\"__1 _200\"/>, L<span class=\"__1 _337\"/>-<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>736, Senningerberg, Luxembour<span class=\"__1 _200\"/>g<span class=\"__1 _32b\"> </span></span></span></span>T<span class=\"__1 _f_1\"/>wo R<span class=\"__1 _201\"/>ivers L<span class=\"__1 _201\"/>P<span class=\"__1 _378\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _32b\"> </span></span></span>Bow Be<span class=\"__1 _201\"/>lls Ho<span class=\"__1 _201\"/>use, 1 Bre<span class=\"__1 _201\"/>ad Street<span class=\"__1 _201\"/>, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>4M 9<span class=\"__1 _201\"/>HH<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>T<span class=\"__1 _f_1\"/>wo Snowhill Bir<span class=\"__1 _201\"/>mingham S.<span class=\"__1 _201\"/>a.r<span class=\"__1 _200\"/>.l.<span class=\"__1 _14b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"lsd_1 wse_1\">5, Heienha<span class=\"__1 _200\"/>ff<span class=\"__1 _200\"/>, L<span class=\"__1 _337\"/>-<span class=\"__1 _200\"/>1736, Senningerberg, Lux<span class=\"__1 _200\"/>embourg<span class=\"__1 _32b\"> </span></span></span></span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish I Uni<span class=\"__1 _201\"/>t T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>t<span class=\"__1 _21f\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Heli<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>, JE1 1<span class=\"__1 _200\"/>ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish II U<span class=\"__1 _201\"/>nit T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>ust<span class=\"__1 _26d\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Helie<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jers<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties (<span class=\"__1 _201\"/>UK<span class=\"__1 _201\"/>) Limi<span class=\"__1 _201\"/>ted Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rship<span class=\"__1 _249\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span>Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span>M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls3e_1 ws40_1\">307<span class=\"__1 _32b\"> </span></span></span></span><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:313.81775px;\">Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:284.49225px; bottom:325.8192px;\">Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:284.49225px; bottom:313.81775px;\">shares held<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:357.3465px; bottom:325.8192px;\">Proportion<span class=\"__1 _32b\"> </span> </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:357.3465px; bottom:313.81775px;\">held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:294.0614px;\">V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _ae_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Hel<span class=\"__1 _201\"/>ier<span class=\"__1 _200\"/>, JE1 1<span class=\"__1 _200\"/>ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:274.29883px;\">V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P No<span class=\"__1 _201\"/>minee 1 L<span class=\"__1 _201\"/>imited<span class=\"__1 _270\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>IFC 5, S<span class=\"__1 _201\"/>t Helie<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jers<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:254.53638px;\">V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P No<span class=\"__1 _201\"/>minee 2 L<span class=\"__1 _201\"/>imited<span class=\"__1 _6b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Heli<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>, JE<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:234.77386px;\">V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P No<span class=\"__1 _201\"/>minee 3 <span class=\"__1 _201\"/>Limited<span class=\"__1 _212\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>I<span class=\"__1 _201\"/>FC 5, St H<span class=\"__1 _201\"/>elier, JE<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jers<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:215.01135px;\">V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P No<span class=\"__1 _201\"/>minee 4 L<span class=\"__1 _201\"/>imited<span class=\"__1 _212\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Heli<span class=\"__1 _201\"/>er<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:195.24884px;\">V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P No<span class=\"__1 _201\"/>minee A L<span class=\"__1 _201\"/>imited<span class=\"__1 _1a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Heli<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>, JE<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:175.48633px;\">V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties L<span class=\"__1 _201\"/>P Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _c0_1\"> </span><span class=\"ls32_1 ws33_1\">O<span class=\"__1 _201\"/>S<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>I<span class=\"__1 _201\"/>FC 5, St He<span class=\"__1 _201\"/>lier<span class=\"__1 _200\"/>, JE1 1ST<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:155.72388px;\">Wessex G<span class=\"__1 _201\"/>ate Limited<span class=\"__1 _26d\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:135.96136px;\">West Statio<span class=\"__1 _201\"/>n 1 SCI<span class=\"__1 _9c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">8 Avenue Ho<span class=\"__1 _201\"/>che, 75<span class=\"__1 _201\"/>008<span class=\"__1 _201\"/>, Par<span class=\"__1 _201\"/>is, Fran<span class=\"__1 _201\"/>ce<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:116.19885px;\">West Statio<span class=\"__1 _201\"/>n 2 SCI<span class=\"__1 _1ba_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">8 Avenu<span class=\"__1 _201\"/>e Hoch<span class=\"__1 _201\"/>e, 750<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, Paris<span class=\"__1 _201\"/>, France<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:96.43634px;\">West Statio<span class=\"__1 _201\"/>n SAS<span class=\"__1 _2d4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">8 Avenue H<span class=\"__1 _201\"/>och<span class=\"__1 _201\"/>e, 7500<span class=\"__1 _201\"/>8, P<span class=\"__1 _201\"/>aris<span class=\"__1 _201\"/>, France<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:76.67383px;\">Westwacker Limited<span class=\"__1 _21f\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:41.91736px;\">WFH Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts LLC<span class=\"__1 _1a8_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">23%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:56.911377px;\">2711 Center<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ille Ro<span class=\"__1 _201\"/>ad, Su<span class=\"__1 _201\"/>ite 400, W<span class=\"__1 _201\"/>ilming<span class=\"__1 _201\"/>ton, DE<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3f_1 ws4c_1\" style=\"left:428.3775px; bottom:41.91736px;\">19808, US<span class=\"__1 _200\"/>A<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:22.154846px;\">Wrap IFA Ser<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>es Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _2e4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:2.392334px;\">Wy<span class=\"__1 _201\"/>nnefi<span class=\"__1 _201\"/>eld Pr<span class=\"__1 _201\"/>ivate Equit<span class=\"__1 _201\"/>y Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers II<span class=\"__1 _201\"/>, L<span class=\"__1 _201\"/>.P<span class=\"__1 _f_1\"/>.<span class=\"__1 _1d_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>120<span class=\"__1 _201\"/>9 Ora<span class=\"__1 _201\"/>nge Stree<span class=\"__1 _201\"/>t, Wilm<span class=\"__1 _201\"/>ington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:359.45044px;\">40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-576": {
   "value": "40 Relat<span class=\"__1 _200\"/>ed undertakings<span class=\"__1 _32b\"> </span>In acc<span class=\"__1 _201\"/>ordanc<span class=\"__1 _201\"/>e with Se<span class=\"__1 _201\"/>cti<span class=\"__1 _201\"/>on 40<span class=\"__1 _201\"/>9 of the Co<span class=\"__1 _201\"/>mpani<span class=\"__1 _201\"/>es Act 20<span class=\"__1 _201\"/>06<span class=\"__1 _201\"/>, a list of th<span class=\"__1 _201\"/>e Grou<span class=\"__1 _201\"/>p\u2019<span class=\"__1 _200\"/>s subsi<span class=\"__1 _201\"/>diari<span class=\"__1 _201\"/>es, j<span class=\"__1 _201\"/>oint venture<span class=\"__1 _201\"/>s, as<span class=\"__1 _201\"/>soc<span class=\"__1 _201\"/>iates and<span class=\"__1 _201\"/> sign<span class=\"__1 _201\"/>ific<span class=\"__1 _201\"/>ant hol<span class=\"__1 _201\"/>dings (b<span class=\"__1 _201\"/>eing h<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>gs of more t<span class=\"__1 _201\"/>han 20%), along wi<span class=\"__1 _201\"/>th the clas<span class=\"__1 _201\"/>ses of s<span class=\"__1 _201\"/>hares h<span class=\"__1 _201\"/>eld, th<span class=\"__1 _201\"/>e regis<span class=\"__1 _201\"/>tered o<span class=\"__1 _201\"/>ffice ad<span class=\"__1 _201\"/>dress a<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span>the co<span class=\"__1 _201\"/>untr<span class=\"__1 _201\"/>y of inc<span class=\"__1 _201\"/>orpo<span class=\"__1 _201\"/>ration a<span class=\"__1 _201\"/>nd the eff<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive perc<span class=\"__1 _201\"/>entag<span class=\"__1 _201\"/>e of equit<span class=\"__1 _201\"/>y ow<span class=\"__1 _201\"/>ned at 31 D<span class=\"__1 _201\"/>ecem<span class=\"__1 _201\"/>ber 20<span class=\"__1 _201\"/>22 is dis<span class=\"__1 _201\"/>clos<span class=\"__1 _201\"/>ed be<span class=\"__1 _201\"/>low.<span class=\"__1 _32b\"> </span>The d<span class=\"__1 _201\"/>efiniti<span class=\"__1 _201\"/>ons of a su<span class=\"__1 _201\"/>bsidia<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y unde<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>aking<span class=\"__1 _201\"/>, joint ven<span class=\"__1 _201\"/>ture and as<span class=\"__1 _201\"/>soci<span class=\"__1 _201\"/>ate in accord<span class=\"__1 _201\"/>ance wi<span class=\"__1 _201\"/>th the Co<span class=\"__1 _201\"/>mpani<span class=\"__1 _201\"/>es Act 20<span class=\"__1 _201\"/>06 are di<span class=\"__1 _201\"/>fferen<span class=\"__1 _201\"/>t<span class=\"__1 _32b\"> </span>from th<span class=\"__1 _201\"/>e defini<span class=\"__1 _201\"/>tion un<span class=\"__1 _201\"/>der IFR<span class=\"__1 _201\"/>S. A<span class=\"__1 _201\"/>s a result<span class=\"__1 _201\"/>, the rel<span class=\"__1 _201\"/>ated unde<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>taking<span class=\"__1 _201\"/>s inclu<span class=\"__1 _201\"/>ded wi<span class=\"__1 _201\"/>thin the lis<span class=\"__1 _201\"/>t bel<span class=\"__1 _201\"/>ow may not b<span class=\"__1 _201\"/>e the sam<span class=\"__1 _201\"/>e as the<span class=\"__1 _201\"/> und<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>taking<span class=\"__1 _201\"/>s conso<span class=\"__1 _201\"/>lidate<span class=\"__1 _201\"/>d in the Gro<span class=\"__1 _201\"/>up IFR<span class=\"__1 _201\"/>S stateme<span class=\"__1 _201\"/>nts<span class=\"__1 _201\"/>. The G<span class=\"__1 _201\"/>roup\u2019s consol<span class=\"__1 _201\"/>idatio<span class=\"__1 _201\"/>n polic<span class=\"__1 _201\"/>y is de<span class=\"__1 _201\"/>scrib<span class=\"__1 _201\"/>ed in N<span class=\"__1 _201\"/>ote 1.5<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Direct subsidiary undertakings o<span class=\"__1 _200\"/>f the<span class=\"__1 _200\"/> Parent<span class=\"__1 _200\"/> Company<span class=\"__1 _f_1\"/>, M&amp;G plc<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>shares<span class=\"__1 _200\"/> held directly<span class=\"__1 _200\"/> or via<span class=\"__1 _200\"/> nominees<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span>Key to class<span class=\"__1 _201\"/>es of sha<span class=\"__1 _201\"/>res hel<span class=\"__1 _201\"/>d: Lim<span class=\"__1 _201\"/>ited by guar<span class=\"__1 _201\"/>antee (L<span class=\"__1 _201\"/>BG), Limited p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ship intere<span class=\"__1 _201\"/>st (L<span class=\"__1 _201\"/>PI), Ordin<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>y sha<span class=\"__1 _201\"/>res (OS<span class=\"__1 _200\"/>), Prefere<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/> share<span class=\"__1 _201\"/>s (PS), Unit<span class=\"__1 _201\"/>s (U) or e<span class=\"__1 _201\"/>quiv<span class=\"__1 _201\"/>alent s<span class=\"__1 _201\"/>ubdi<span class=\"__1 _201\"/>visio<span class=\"__1 _201\"/>n of ope<span class=\"__1 _201\"/>n ende<span class=\"__1 _201\"/>d coll<span class=\"__1 _201\"/>ec<span class=\"__1 _201\"/>tive inves<span class=\"__1 _201\"/>tment ve<span class=\"__1 _201\"/>hicle<span class=\"__1 _201\"/>.<span class=\"__1 _32b\"> </span>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of<span class=\"__1 _32b\"> </span>shares held<span class=\"__1 _32b\"> </span>Proportion<span class=\"__1 _32b\"> </span>held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>M&amp;G G<span class=\"__1 _201\"/>roup Re<span class=\"__1 _201\"/>gulated Ent<span class=\"__1 _201\"/>ity H<span class=\"__1 _201\"/>oldi<span class=\"__1 _201\"/>ng Com<span class=\"__1 _201\"/>pany<span class=\"__1 _32b\"> </span>Limited<span class=\"__1 _334\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>M&amp;G C<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>orate Hol<span class=\"__1 _201\"/>dings L<span class=\"__1 _201\"/>imited<span class=\"__1 _bc_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span>Prude<span class=\"__1 _201\"/>ntial Capital Holdin<span class=\"__1 _201\"/>g Company Limited<span class=\"__1 _204\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prude<span class=\"__1 _201\"/>ntial Capital Public Limited C<span class=\"__1 _201\"/>ompany<span class=\"__1 _237\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span>Prude<span class=\"__1 _201\"/>ntial Financial Ser<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>es Limited<span class=\"__1 _1eb_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span>Prudential<span class=\"__1 _200\"/> Propert<span class=\"__1 _201\"/>y Services Limited<span class=\"__1 _1eb_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span><div class=\"t_1 m0_1 hd_1 ff2_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1166.7065px;\">Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:1050.5483px;\">Other subsidiaries, joint<span class=\"__1 _200\"/> v<span class=\"__1 _200\"/>entures, a<span class=\"__1 _200\"/>ssociates<span class=\"__1 _200\"/> and significant<span class=\"__1 _200\"/> holdings of<span class=\"__1 _200\"/> the Group<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>no shar<span class=\"__1 _200\"/>es held dir<span class=\"__1 _200\"/>ectly b<span class=\"__1 _200\"/>y the<span class=\"__1 _200\"/> Parent </div><div class=\"t_1 m0_1 h5_1 ff1_1 fs3_1 fc3_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:1034.0498px;\">Company<span class=\"__1 _f_1\"/>, M&amp;G plc<span class=\"__1 _200\"/> or its nominees<span class=\"__1 _f_1\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:997.3119px;\">Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:284.49225px; bottom:1009.31335px;\">Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:284.49225px; bottom:997.3119px;\">shares held </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:357.3465px; bottom:1009.31335px;\">Proportion </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:357.3465px; bottom:997.3119px;\">held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:977.55566px;\">Aldw<span class=\"__1 _201\"/>ych<span class=\"__1 _200\"/> LP<span class=\"__1 _1af_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">120<span class=\"__1 _201\"/>9 Ora<span class=\"__1 _201\"/>nge Stree<span class=\"__1 _201\"/>t, Wilm<span class=\"__1 _201\"/>ington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:957.79315px;\">ANR<span class=\"__1 _201\"/>P II (A<span class=\"__1 _201\"/>IV VI FC), L<span class=\"__1 _201\"/>.P<span class=\"__1 _f_1\"/>.<span class=\"__1 _2c6\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls40_1 ws44_1\">4<span class=\"__1 _201\"/>3%<span class=\"__1 _e_1\"> </span></span></span>C<span class=\"__1 _201\"/>ayman C<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>orate Ce<span class=\"__1 _201\"/>ntre, 27 H<span class=\"__1 _201\"/>ospita<span class=\"__1 _201\"/>l Road<span class=\"__1 _201\"/>, Geo<span class=\"__1 _201\"/>rge<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:942.79913px;\">T<span class=\"__1 _f_1\"/>ow<span class=\"__1 _201\"/>n, K<span class=\"__1 _201\"/>Y 90<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, Cayman I<span class=\"__1 _201\"/>slan<span class=\"__1 _201\"/>ds<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:923.0366px;\">BW<span class=\"__1 _f_1\"/>A<span class=\"__1 _200\"/>T Retail Nominee (<span class=\"__1 _200\"/>1)<span class=\"__1 _200\"/> Limited<span class=\"__1 _261\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span></span><span class=\"ws18_1\">5<span class=\"__1 _201\"/>0%<span class=\"__1 _345\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:903.2742px;\">BW<span class=\"__1 _f_1\"/>A<span class=\"__1 _200\"/>T Retail Nominee (2) Limited<span class=\"__1 _2c7\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span></span><span class=\"ws18_1\">50%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchu<span class=\"__1 _201\"/>rch Avenue, Lo<span class=\"__1 _201\"/>ndon<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:883.51166px;\">Cai<span class=\"__1 _201\"/>sson (Je<span class=\"__1 _201\"/>rsey) Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2c8\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>I<span class=\"__1 _201\"/>FC 5, St H<span class=\"__1 _201\"/>elier, JE<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jers<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:863.74915px;\">Can<span class=\"__1 _201\"/>ada Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y (<span class=\"__1 _201\"/>T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>tee) No 1 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _269\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>180 Dun<span class=\"__1 _201\"/>das Street Wes<span class=\"__1 _201\"/>t, T<span class=\"__1 _f_1\"/>oro<span class=\"__1 _201\"/>nto, M5G 1Z8<span class=\"__1 _201\"/>, Ca<span class=\"__1 _201\"/>nada<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:843.98663px;\">Can<span class=\"__1 _201\"/>ada Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Hol<span class=\"__1 _201\"/>dings Li<span class=\"__1 _201\"/>mited<span class=\"__1 _268\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:824.2241px;\">Car<span class=\"__1 _201\"/>raway Gui<span class=\"__1 _201\"/>ldford (<span class=\"__1 _201\"/>Nomin<span class=\"__1 _201\"/>ee A) L<span class=\"__1 _201\"/>imited<span class=\"__1 _8c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IF<span class=\"__1 _201\"/>C 5, St He<span class=\"__1 _201\"/>lier<span class=\"__1 _200\"/>, JE1 1ST<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:804.4617px;\">Car<span class=\"__1 _201\"/>raway Gui<span class=\"__1 _201\"/>ldford (<span class=\"__1 _201\"/>Nomin<span class=\"__1 _201\"/>ee B) Limite<span class=\"__1 _201\"/>d<span class=\"__1 _8c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Heli<span class=\"__1 _201\"/>er<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:784.69916px;\">Carraway<span class=\"__1 _200\"/> Guildfor<span class=\"__1 _200\"/>d General Partner Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:764.93665px;\">Car<span class=\"__1 _201\"/>raway Gui<span class=\"__1 _201\"/>ldford I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents Un<span class=\"__1 _201\"/>it T<span class=\"__1 _f_1\"/>ru<span class=\"__1 _201\"/>st<span class=\"__1 _237\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>13 Cas<span class=\"__1 _201\"/>tle Street<span class=\"__1 _201\"/>, St Hel<span class=\"__1 _201\"/>ier<span class=\"__1 _200\"/>, JE4 5U<span class=\"__1 _201\"/>T<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:745.17413px;\">Carr<span class=\"__1 _201\"/>away<span class=\"__1 _200\"/> Guildford Limite<span class=\"__1 _201\"/>d Partne<span class=\"__1 _201\"/>rship<span class=\"__1 _367\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span></span><span class=\"ws18_1\">50%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:725.4116px;\">Centaurus Retail L<span class=\"__1 _201\"/>LP<span class=\"__1 _9a_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span></span><span class=\"ws18_1\">50%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:705.6492px;\">Cent<span class=\"__1 _201\"/>re Capit<span class=\"__1 _201\"/>al Non<span class=\"__1 _201\"/>-Q<span class=\"__1 _201\"/>uali<span class=\"__1 _201\"/>fied I<span class=\"__1 _201\"/>nvestor<span class=\"__1 _201\"/>s IV AIV-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls77_1 wsb5_1\" style=\"bottom:690.65515px;\">ELS,<span class=\"__1 _200\"/> L.P<span class=\"__1 _337\"/>.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:284.49225px; bottom:705.6492px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls40_1 ws44_1\">8<span class=\"__1 _201\"/>8%<span class=\"__1 _e_1\"> </span><span class=\"lsd_1 wse_1\">Corporation<span class=\"__1 _200\"/> Ser<span class=\"__1 _201\"/>vice Company<span class=\"__1 _f_1\"/>, 271<span class=\"__1 _200\"/>1 Cent<span class=\"__1 _200\"/>erville Rd., </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:690.65515px;\">Suite 4<span class=\"__1 _201\"/>00, Wil<span class=\"__1 _201\"/>mington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, USA<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:670.89264px;\">Cent<span class=\"__1 _201\"/>re Capit<span class=\"__1 _201\"/>al Non<span class=\"__1 _201\"/>-Q<span class=\"__1 _201\"/>uali<span class=\"__1 _201\"/>fied I<span class=\"__1 _201\"/>nvestor<span class=\"__1 _201\"/>s IV<span class=\"__1 _f_1\"/>, L<span class=\"__1 _201\"/>.<span class=\"__1 _201\"/>P<span class=\"__1 _337\"/>.<span class=\"__1 _213\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">63%<span class=\"__1 _226\"> </span><span class=\"lsd_1 wse_1\">Corporation Ser<span class=\"__1 _201\"/>vice Compan<span class=\"__1 _200\"/>y<span class=\"__1 _200\"/>, 27<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>1 Cent<span class=\"__1 _200\"/>erv<span class=\"__1 _201\"/>ille<span class=\"__1 _200\"/> Rd., </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:655.8986px;\">Suite 4<span class=\"__1 _201\"/>00, Wil<span class=\"__1 _201\"/>mington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, USA<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:636.13617px;\">Cent<span class=\"__1 _201\"/>re Capit<span class=\"__1 _201\"/>al Non<span class=\"__1 _201\"/>-Q<span class=\"__1 _201\"/>uali<span class=\"__1 _201\"/>fied I<span class=\"__1 _201\"/>nvestor<span class=\"__1 _201\"/>s V AIV-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:621.14215px;\">ELS L<span class=\"__1 _201\"/>P<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:284.49225px; bottom:636.13617px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls40_1 ws44_1\">5<span class=\"__1 _201\"/>8%<span class=\"__1 _e_1\"> </span><span class=\"lsd_1 wse_1\">Corporation Ser<span class=\"__1 _201\"/>vice Compan<span class=\"__1 _200\"/>y<span class=\"__1 _f_1\"/>, 2711<span class=\"__1 _200\"/> Centerville Rd., </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:621.14215px;\">Suite 4<span class=\"__1 _201\"/>00, Wil<span class=\"__1 _201\"/>mington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, USA<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:601.37964px;\">Cent<span class=\"__1 _201\"/>re Capit<span class=\"__1 _201\"/>al Non<span class=\"__1 _201\"/>-Q<span class=\"__1 _201\"/>uali<span class=\"__1 _201\"/>fied I<span class=\"__1 _201\"/>nvestor<span class=\"__1 _201\"/>s V LP<span class=\"__1 _240\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls12_1 ws11_1\">61%<span class=\"__1 _1d_1\"> </span><span class=\"lsd_1 wse_1\">C<span class=\"__1 _201\"/>orporation<span class=\"__1 _200\"/> Ser<span class=\"__1 _201\"/>vice Compan<span class=\"__1 _200\"/>y<span class=\"__1 _200\"/>, 27<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>1 Cent<span class=\"__1 _200\"/>erv<span class=\"__1 _201\"/>ille<span class=\"__1 _200\"/> Rd., </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:586.3856px;\">Suite 4<span class=\"__1 _201\"/>00, Wil<span class=\"__1 _201\"/>mington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, USA<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:566.62317px;\">CJ<span class=\"__1 _201\"/>PT Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Inc<span class=\"__1 _201\"/>.<span class=\"__1 _394\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>180 D<span class=\"__1 _201\"/>unda<span class=\"__1 _201\"/>s Street West<span class=\"__1 _201\"/>, T<span class=\"__1 _f_1\"/>oronto, M<span class=\"__1 _201\"/>5G 1Z8<span class=\"__1 _201\"/>, Cana<span class=\"__1 _201\"/>da<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:546.86066px;\">CJ<span class=\"__1 _201\"/>PT Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate No. 1 T<span class=\"__1 _200\"/>rust<span class=\"__1 _b8_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>18<span class=\"__1 _201\"/>0 Dun<span class=\"__1 _201\"/>das Street Wes<span class=\"__1 _201\"/>t, T<span class=\"__1 _f_1\"/>o<span class=\"__1 _201\"/>ronto, M5G 1Z8<span class=\"__1 _201\"/>, Ca<span class=\"__1 _201\"/>nada<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:527.09814px;\">CJ<span class=\"__1 _201\"/>PT Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate No. 2 T<span class=\"__1 _200\"/>rust<span class=\"__1 _373\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>180 Dun<span class=\"__1 _201\"/>das Street Wes<span class=\"__1 _201\"/>t, T<span class=\"__1 _f_1\"/>oro<span class=\"__1 _201\"/>nto, M5G 1Z8<span class=\"__1 _201\"/>, Ca<span class=\"__1 _201\"/>nada<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:507.33563px;\">Clea<span class=\"__1 _201\"/>r View As<span class=\"__1 _201\"/>sure<span class=\"__1 _201\"/>d Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2c9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">3<span class=\"__1 _201\"/>0 Mar<span class=\"__1 _201\"/>ket Street, Hu<span class=\"__1 _201\"/>dder<span class=\"__1 _201\"/>sfi<span class=\"__1 _201\"/>eld, Wes<span class=\"__1 _201\"/>t Y<span class=\"__1 _f_1\"/>or<span class=\"__1 _201\"/>kshire,<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:492.34167px;\">Engla<span class=\"__1 _201\"/>nd, H<span class=\"__1 _201\"/>D1 2HG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:472.57916px;\">Crib<span class=\"__1 _201\"/>bs Caus<span class=\"__1 _201\"/>eway JV Li<span class=\"__1 _201\"/>mited<span class=\"__1 _266\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">5<span class=\"__1 _201\"/>0%<span class=\"__1 _345\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:452.81665px;\">Crib<span class=\"__1 _201\"/>bs Caus<span class=\"__1 _201\"/>eway Merc<span class=\"__1 _201\"/>hants A<span class=\"__1 _201\"/>sso<span class=\"__1 _201\"/>ciation L<span class=\"__1 _201\"/>imited<span class=\"__1 _2ca\"> </span><span class=\"ls30_1 ws30_1\">LBG<span class=\"__1 _219\"> </span><span class=\"ls32_1 ws33_1\">20%<span class=\"__1 _e_1\"> </span></span></span>T<span class=\"__1 _201\"/>he Mal<span class=\"__1 _201\"/>l at Cribbs C<span class=\"__1 _201\"/>ausew<span class=\"__1 _201\"/>ay<span class=\"__1 _200\"/>, Bris<span class=\"__1 _201\"/>tol, BS<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>4 5DG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:433.05414px;\">Cribbs Mall No<span class=\"__1 _201\"/>minee (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Limited<span class=\"__1 _c0_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:413.29166px;\">Deb<span class=\"__1 _201\"/>t Investm<span class=\"__1 _201\"/>ents O<span class=\"__1 _201\"/>ppo<span class=\"__1 _201\"/>rtu<span class=\"__1 _201\"/>nities I<span class=\"__1 _201\"/>V<span class=\"__1 _463\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"lsc_1 wsa_1\">26%<span class=\"__1 _f7_1\"> </span></span></span>Fourt<span class=\"__1 _201\"/>h Floo<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, 76 Lowe<span class=\"__1 _201\"/>r Bagg<span class=\"__1 _201\"/>ot Street<span class=\"__1 _201\"/>, Dubli<span class=\"__1 _201\"/>n 2,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:428.3775px; bottom:398.29764px;\">Irela<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:378.53516px;\">Digi<span class=\"__1 _201\"/>tal Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers G<span class=\"__1 _201\"/>P LLP<span class=\"__1 _e7_1\"/><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls45_1 ws49_1\">6<span class=\"__1 _201\"/>5%<span class=\"__1 _226\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:358.77264px;\">Digi<span class=\"__1 _201\"/>tal Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers G<span class=\"__1 _201\"/>P1<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"bottom:343.77866px;\">Limited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:358.77264px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:324.01614px;\">Digi<span class=\"__1 _201\"/>tal Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers SL<span class=\"__1 _201\"/>P </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:309.02216px;\">GP LLP<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:284.49225px; bottom:324.01614px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:309.02216px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:289.25964px;\">Digi<span class=\"__1 _201\"/>tal Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers SL<span class=\"__1 _201\"/>P </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:274.26566px;\">GP<span class=\"__1 _201\"/>1 Limited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:289.25964px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:254.50314px;\">Digi<span class=\"__1 _201\"/>tal Infr<span class=\"__1 _201\"/>astr<span class=\"__1 _201\"/>ucture I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ent Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers SL<span class=\"__1 _201\"/>P </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:239.50916px;\">GP<span class=\"__1 _201\"/>2 Limited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:254.50314px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:219.74664px;\">Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts \u2013 Asi<span class=\"__1 _201\"/>an Bon<span class=\"__1 _201\"/>d Fund<span class=\"__1 _212\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls40_1 ws44_1\">4<span class=\"__1 _201\"/>8%<span class=\"__1 _345\"> </span></span></span>26<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-2449<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:199.98415px;\">Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts \u2013 Asi<span class=\"__1 _201\"/>an High Y<span class=\"__1 _201\"/>ield B<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5a_1 ws64_1\" style=\"bottom:184.99014px;\">Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:199.98415px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls52_1 ws5a_1\">2<span class=\"__1 _201\"/>4%<span class=\"__1 _f7_1\"> </span></span><span class=\"ls6_1\">26<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:165.22765px;\">Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts \u2013 Asi<span class=\"__1 _201\"/>an Loc<span class=\"__1 _201\"/>al Bon<span class=\"__1 _201\"/>d Fund<span class=\"__1 _2ca\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls45_1 ws49_1\">9<span class=\"__1 _201\"/>5%<span class=\"__1 _226\"> </span></span></span>26<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:145.46515px;\">Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts \u2013 Asi<span class=\"__1 _201\"/>an T<span class=\"__1 _f_1\"/>otal R<span class=\"__1 _201\"/>eturn<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws5d_1\" style=\"bottom:130.47115px;\">Bond F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:145.46515px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">26, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:110.70865px;\">Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts \u2013 China B<span class=\"__1 _201\"/>ond Fund<span class=\"__1 _272\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>26, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:90.94615px;\">Eas<span class=\"__1 _201\"/>tspr<span class=\"__1 _201\"/>ing Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts SI<span class=\"__1 _201\"/>CA<span class=\"__1 _f_1\"/>V-FI<span class=\"__1 _201\"/>S Afric<span class=\"__1 _201\"/>a Equit<span class=\"__1 _201\"/>y </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5a_1 ws64_1\" style=\"bottom:75.95215px;\">Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:90.94615px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">26<span class=\"__1 _201\"/>, Boulev<span class=\"__1 _201\"/>ard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _337\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:1081.6672px;\">40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls35_1 ws4a_1\" style=\"bottom:2.0501442px;\">296<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:1036.0345px;\">Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:283.9689px; bottom:1048.036px;\">Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:283.9689px; bottom:1036.0345px;\">shares held </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:356.54776px; bottom:1048.036px;\">Proportion </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:356.54776px; bottom:1036.0345px;\">held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:1016.2782px;\">Edger In<span class=\"__1 _200\"/>vestments<span class=\"__1 _200\"/> Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _2cb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:996.5156px;\">EF IV Schoo<span class=\"__1 _201\"/>lhill GP Limited<span class=\"__1 _2cb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:976.7532px;\">Elle 14 S<span class=\"__1 _201\"/>.a.<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>l comp<span class=\"__1 _201\"/>any<span class=\"__1 _383\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls45_1 ws49_1\">4<span class=\"__1 _201\"/>5%<span class=\"__1 _2cc\"> </span></span></span>Via Al<span class=\"__1 _201\"/>ess<span class=\"__1 _201\"/>andro M<span class=\"__1 _201\"/>anzoni 3<span class=\"__1 _201\"/>8, M<span class=\"__1 _201\"/>ilan, 20121<span class=\"__1 _201\"/>, Italy<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:956.99066px;\">Elle S<span class=\"__1 _201\"/>.r<span class=\"__1 _200\"/>.l. (form<span class=\"__1 _201\"/>erly k<span class=\"__1 _201\"/>nown as M<span class=\"__1 _201\"/>CF S.<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>.<span class=\"__1 _201\"/>l.)<span class=\"__1 _1c1_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls45_1 ws49_1\">4<span class=\"__1 _201\"/>5%<span class=\"__1 _226\"> </span></span></span>Via M<span class=\"__1 _201\"/>ontena<span class=\"__1 _201\"/>pole<span class=\"__1 _201\"/>one 2<span class=\"__1 _201\"/>9 CAP<span class=\"__1 _f_1\"/>, 20121, Mil<span class=\"__1 _201\"/>an, Ita<span class=\"__1 _201\"/>ly<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:937.22815px;\">Emban<span class=\"__1 _201\"/>kment G<span class=\"__1 _201\"/>P Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _2cd\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:917.46564px;\">Emban<span class=\"__1 _201\"/>kment N<span class=\"__1 _201\"/>omin<span class=\"__1 _201\"/>ee 1 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _2ce\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:897.7031px;\">Emban<span class=\"__1 _201\"/>kment N<span class=\"__1 _201\"/>omin<span class=\"__1 _201\"/>ee 2 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _261\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:877.9407px;\">Epis<span class=\"__1 _201\"/>ode In<span class=\"__1 _201\"/>c<span class=\"__1 _22e\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">93%<span class=\"__1 _226\"> </span></span></span>c/o Inter<span class=\"__1 _201\"/>trus<span class=\"__1 _201\"/>t Cayma<span class=\"__1 _201\"/>n Islan<span class=\"__1 _201\"/>ds, 19<span class=\"__1 _201\"/>0 Elgin Avenue<span class=\"__1 _201\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:862.94666px;\">Ge<span class=\"__1 _201\"/>orge T<span class=\"__1 _200\"/>own, G<span class=\"__1 _201\"/>rand C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/>, K<span class=\"__1 _201\"/>Y<span class=\"__1 _200\"/>1-9<span class=\"__1 _201\"/>005<span class=\"__1 _201\"/>, Cayma<span class=\"__1 _201\"/>n </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:428.54907px; bottom:847.95264px;\">Islands<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:828.1901px;\">Falan GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _387\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Square<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:813.19617px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:793.43365px;\">Fashion S<span class=\"__1 _201\"/>quare ECO L<span class=\"__1 _201\"/>P (In liq<span class=\"__1 _201\"/>uidatio<span class=\"__1 _201\"/>n<span class=\"__1 _200\"/>)<span class=\"__1 _470\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>120<span class=\"__1 _201\"/>9 Oran<span class=\"__1 _201\"/>ge Stree<span class=\"__1 _201\"/>t, Wilm<span class=\"__1 _201\"/>ington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:773.67114px;\">Folio<span class=\"__1 _201\"/>s III D<span class=\"__1 _201\"/>esign<span class=\"__1 _201\"/>ated Acti<span class=\"__1 _201\"/>vit<span class=\"__1 _201\"/>y Com<span class=\"__1 _201\"/>pany<span class=\"__1 _1d5_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">4<span class=\"__1 _201\"/>9%<span class=\"__1 _e_1\"> </span></span></span>Four<span class=\"__1 _201\"/>th Fl<span class=\"__1 _201\"/>oor<span class=\"__1 _200\"/>, 76 Lower Ba<span class=\"__1 _201\"/>ggot Stre<span class=\"__1 _201\"/>et, Du<span class=\"__1 _201\"/>blin 2<span class=\"__1 _201\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:428.54907px; bottom:758.6771px;\">Irela<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:738.9147px;\">Folio<span class=\"__1 _201\"/>s IV De<span class=\"__1 _201\"/>signated Ac<span class=\"__1 _201\"/>tiv<span class=\"__1 _201\"/>ity C<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ny<span class=\"__1 _1c1_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">66%<span class=\"__1 _e_1\"> </span></span></span>Fo<span class=\"__1 _201\"/>ur<span class=\"__1 _201\"/>th Floo<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, 76 Low<span class=\"__1 _201\"/>er Bagg<span class=\"__1 _201\"/>ot Street<span class=\"__1 _201\"/>, Dubli<span class=\"__1 _201\"/>n 2,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:428.54907px; bottom:723.92065px;\">Irela<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:704.15814px;\">For<span class=\"__1 _201\"/>t Kin<span class=\"__1 _201\"/>naird G<span class=\"__1 _201\"/>P Limited<span class=\"__1 _18e_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>Y<span class=\"__1 _200\"/>ork H<span class=\"__1 _201\"/>ouse<span class=\"__1 _201\"/>, 45 S<span class=\"__1 _201\"/>eymo<span class=\"__1 _201\"/>ur Street<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, W1H 7L<span class=\"__1 _201\"/>X<span class=\"__1 _201\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws3b_1\" style=\"left:428.54907px; bottom:689.1641px;\">UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:669.4017px;\">For<span class=\"__1 _201\"/>t Kin<span class=\"__1 _201\"/>naird Lim<span class=\"__1 _201\"/>ited Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ersh<span class=\"__1 _201\"/>ip<span class=\"__1 _260\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span>Y<span class=\"__1 _f_1\"/>o<span class=\"__1 _201\"/>rk Ho<span class=\"__1 _201\"/>use, 4<span class=\"__1 _201\"/>5 Sey<span class=\"__1 _201\"/>mour Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndon<span class=\"__1 _201\"/>, W1H 7L<span class=\"__1 _201\"/>X<span class=\"__1 _201\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws3b_1\" style=\"left:428.54907px; bottom:654.40765px;\">UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:634.64514px;\">Foudr<span class=\"__1 _250\"/>y Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ties Li<span class=\"__1 _201\"/>mited<span class=\"__1 _1c0_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>Cl<span class=\"__1 _201\"/>ear<span class=\"__1 _201\"/>water C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t, Vastern R<span class=\"__1 _201\"/>oad, R<span class=\"__1 _201\"/>eadin<span class=\"__1 _201\"/>g RG1 8DB<span class=\"__1 _201\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws3b_1\" style=\"left:428.54907px; bottom:619.6511px;\">UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:599.8887px;\">Fundsdirect ISA No<span class=\"__1 _201\"/>minees Limited<span class=\"__1 _2cf\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:580.12616px;\">Fundsdirect N<span class=\"__1 _201\"/>ominees Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _bf_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:560.36365px;\">Ge<span class=\"__1 _201\"/>nny GP 1 LL<span class=\"__1 _201\"/>P<span class=\"__1 _2a4\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:540.60114px;\">Ge<span class=\"__1 _201\"/>nny GP 2 Li<span class=\"__1 _201\"/>mited<span class=\"__1 _2d0\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:525.6071px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:505.84467px;\">Ge<span class=\"__1 _201\"/>nny GP Li<span class=\"__1 _201\"/>mited<span class=\"__1 _380\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:490.85065px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:471.08813px;\">Ge<span class=\"__1 _201\"/>orge D<span class=\"__1 _201\"/>igital G<span class=\"__1 _201\"/>P 1 LLP<span class=\"__1 _2d1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:456.09415px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:436.33163px;\">Ge<span class=\"__1 _201\"/>orge D<span class=\"__1 _201\"/>igital G<span class=\"__1 _201\"/>P 2 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2d2\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:421.33765px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:401.57513px;\">Geo<span class=\"__1 _201\"/>rge Digital GP Limited<span class=\"__1 _a0_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:386.58115px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:366.81863px;\">GG<span class=\"__1 _201\"/>E GP Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _483\"> </span><span class=\"ls32_1 ws33_1\">O<span class=\"__1 _201\"/>S<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:351.82465px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:332.06213px;\">Gre<span class=\"__1 _201\"/>en GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _1bd_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:317.06815px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:297.30563px;\">Gre<span class=\"__1 _201\"/>enpar<span class=\"__1 _201\"/>k (Rea<span class=\"__1 _201\"/>ding) Ge<span class=\"__1 _201\"/>nera<span class=\"__1 _201\"/>l Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>r Limited<span class=\"__1 _210\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:277.54315px;\">GT<span class=\"__1 _f_1\"/>A W2<span class=\"__1 _201\"/>1 GP<span class=\"__1 _2d3\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span>22 Ade<span class=\"__1 _201\"/>laide S<span class=\"__1 _201\"/>treet West, S<span class=\"__1 _201\"/>uite 260<span class=\"__1 _201\"/>0, T<span class=\"__1 _f_1\"/>oron<span class=\"__1 _201\"/>to, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:262.54913px;\">Onta<span class=\"__1 _201\"/>rio, M<span class=\"__1 _201\"/>5H 4E3<span class=\"__1 _201\"/>, Ca<span class=\"__1 _201\"/>nada<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:242.78665px;\">GT<span class=\"__1 _f_1\"/>A W2<span class=\"__1 _201\"/>1 LP<span class=\"__1 _1e7_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls19_1 ws18_1\">90%<span class=\"__1 _345\"> </span></span></span>2<span class=\"__1 _201\"/>2 Adel<span class=\"__1 _201\"/>aide Stre<span class=\"__1 _201\"/>et West, Su<span class=\"__1 _201\"/>ite 2600, T<span class=\"__1 _200\"/>oronto,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:227.79263px;\">Onta<span class=\"__1 _201\"/>rio, M<span class=\"__1 _201\"/>5H 4E3<span class=\"__1 _201\"/>, Ca<span class=\"__1 _201\"/>nada<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:208.03015px;\">HCR C<span class=\"__1 _201\"/>anar<span class=\"__1 _201\"/>y Fund<span class=\"__1 _2d4\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">9<span class=\"__1 _201\"/>9%<span class=\"__1 _e_1\"> </span></span></span>30<span class=\"__1 _201\"/>0 Atlantic Stree<span class=\"__1 _201\"/>t, Suite 6<span class=\"__1 _201\"/>00, Stamfo<span class=\"__1 _201\"/>rd, CT 0<span class=\"__1 _201\"/>69<span class=\"__1 _201\"/>01, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:428.54907px; bottom:193.03615px;\">USA<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:173.27365px;\">ICP (F<span class=\"__1 _201\"/>inch) GP 1 Li<span class=\"__1 _201\"/>mited<span class=\"__1 _410\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:153.51114px;\">ICP (F<span class=\"__1 _201\"/>inch) GP 2 Li<span class=\"__1 _201\"/>mited<span class=\"__1 _2d5\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:133.74864px;\">ICP (F<span class=\"__1 _201\"/>inch) GP LL<span class=\"__1 _201\"/>P<span class=\"__1 _2d6\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:113.986145px;\">IFDL Personal<span class=\"__1 _200\"/> Pensions Lim<span class=\"__1 _200\"/>ited<span class=\"__1 _417\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:94.22365px;\">Infrac<span class=\"__1 _201\"/>apital (AIRI) G<span class=\"__1 _201\"/>P Limited<span class=\"__1 _409\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:79.229645px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:1081.6672px;\">40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m1_1 h9_1 ff1_1 fs1_1 fc3_1 sc0_1 ls35_1 ws36_1\" style=\"left:771.7404px; bottom:700.5532px;\">Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls1_1 ws1_1\" style=\"left:500.5692px; bottom:2.0501442px;\">M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls14_1 ws13_1\">297<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 hd_1 ff2_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1166.7065px;\">Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:1036.0345px;\">Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:284.49225px; bottom:1048.036px;\">Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:284.49225px; bottom:1036.0345px;\">shares held </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:357.3465px; bottom:1048.036px;\">Proportion </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:357.3465px; bottom:1036.0345px;\">held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:1016.2782px;\">Infrac<span class=\"__1 _201\"/>apital (Belmond<span class=\"__1 _201\"/>) GP Limited<span class=\"__1 _1aa_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:1001.2842px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:981.52167px;\">Infrac<span class=\"__1 _201\"/>apital (Bio<span class=\"__1 _200\"/>) GP Limited<span class=\"__1 _2c9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:966.52765px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:946.76514px;\">Infrac<span class=\"__1 _201\"/>apital (<span class=\"__1 _200\"/>Churchill) GP 1 Limited<span class=\"__1 _463\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:927.0026px;\">Infrac<span class=\"__1 _201\"/>apital (<span class=\"__1 _200\"/>Churchill) GP LLP<span class=\"__1 _1fe\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:907.2402px;\">Infrac<span class=\"__1 _201\"/>apital (<span class=\"__1 _200\"/>GC) GP Limited<span class=\"__1 _ad_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:892.24615px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:872.48364px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital (Gigac<span class=\"__1 _201\"/>lear) GP 1 L<span class=\"__1 _201\"/>imited<span class=\"__1 _2d7\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:857.4896px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:837.7272px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital (Gigac<span class=\"__1 _201\"/>lear) GP 2 L<span class=\"__1 _201\"/>imited<span class=\"__1 _26f\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 Lot<span class=\"__1 _201\"/>hian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:822.73315px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls15_1 ws68_1\" style=\"bottom:802.97064px;\">Infracapital (<span class=\"__1 _f_1\"/>G<span class=\"__1 _201\"/>igaclear<span class=\"__1 _200\"/>) GP LLP<span class=\"__1 _b3_1\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Edi<span class=\"__1 _201\"/>nburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:787.9766px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:768.2142px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital (IT P<span class=\"__1 _201\"/>PP) GP Li<span class=\"__1 _201\"/>mited<span class=\"__1 _343\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbur<span class=\"__1 _201\"/>gh, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:753.22015px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:733.45764px;\">Infrac<span class=\"__1 _201\"/>apital (Leo)<span class=\"__1 _200\"/> GP Limited<span class=\"__1 _b8_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:718.4636px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:698.7012px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital (Novo<span class=\"__1 _201\"/>s<span class=\"__1 _200\"/>) GP Li<span class=\"__1 _201\"/>mited<span class=\"__1 _bf_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:683.70715px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:663.94464px;\">Infrac<span class=\"__1 _201\"/>apital (<span class=\"__1 _200\"/>Sense) GP Limited<span class=\"__1 _bf_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Square<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:648.9506px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:629.1882px;\">Infrac<span class=\"__1 _201\"/>apital (T<span class=\"__1 _201\"/>LSB) GP Limited<span class=\"__1 _b7_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:614.19415px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:594.43164px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital (<span class=\"__1 _201\"/>TL<span class=\"__1 _201\"/>SB) SLP L<span class=\"__1 _201\"/>P<span class=\"__1 _1c0_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 Lot<span class=\"__1 _201\"/>hian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:579.4376px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:559.6752px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital DF I<span class=\"__1 _201\"/>I GP LL<span class=\"__1 _201\"/>P<span class=\"__1 _295\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road<span class=\"__1 _201\"/>, Festi<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:544.68115px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:524.91864px;\">Infrac<span class=\"__1 _201\"/>apital DF II Limited<span class=\"__1 _2d8\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:509.92462px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:490.16217px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Empl<span class=\"__1 _201\"/>oyee Fee<span class=\"__1 _201\"/>der G<span class=\"__1 _201\"/>P 1 LLP<span class=\"__1 _465\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Edi<span class=\"__1 _201\"/>nburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:475.16815px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:455.40564px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Empl<span class=\"__1 _201\"/>oyee Fee<span class=\"__1 _201\"/>der G<span class=\"__1 _201\"/>P Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _1e_1\"> </span><span class=\"ls32_1 ws33_1\">O<span class=\"__1 _201\"/>S<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:440.41165px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:420.64914px;\">Infrac<span class=\"__1 _201\"/>apital F<span class=\"__1 _200\"/>1 GP<span class=\"__1 _201\"/>2 Limited<span class=\"__1 _342\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:400.88666px;\">Infrac<span class=\"__1 _201\"/>apital F2 GP Limited<span class=\"__1 _2d9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:381.12415px;\">Infrac<span class=\"__1 _201\"/>apital F2 GP1 Limited<span class=\"__1 _342\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:361.36163px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital GP 1 L<span class=\"__1 _201\"/>LP<span class=\"__1 _18c_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:341.59915px;\">Infrac<span class=\"__1 _201\"/>apital GP Limited<span class=\"__1 _e2_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:321.83664px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld DF G<span class=\"__1 _201\"/>P LLP<span class=\"__1 _1e8_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:306.84265px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:287.08014px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers 1 S<span class=\"__1 _201\"/>LP GP<span class=\"__1 _201\"/>1 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"bottom:272.08615px;\">Limited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:287.08014px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:272.08615px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:252.32364px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers 1 S<span class=\"__1 _201\"/>LP GP<span class=\"__1 _201\"/>2<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"bottom:237.32965px;\">Limited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:252.32364px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:237.32965px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:217.56714px;\">Infracapital<span class=\"__1 _200\"/> Greenfield Partners I Emplo<span class=\"__1 _200\"/>yee </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:202.57315px;\">Fee<span class=\"__1 _201\"/>der LP<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:284.49225px; bottom:217.56714px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls23_1 ws22_1\">76<span class=\"__1 _201\"/>%<span class=\"__1 _2cc\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road<span class=\"__1 _201\"/>, Festi<span class=\"__1 _201\"/>val Sq<span class=\"__1 _201\"/>uare, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:202.57315px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:182.81064px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers I G<span class=\"__1 _201\"/>P Limite<span class=\"__1 _201\"/>d<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:163.04814px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers I L<span class=\"__1 _201\"/>P<span class=\"__1 _26f\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span>22%<span class=\"__1 _2cc\"> </span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:143.28564px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers I S<span class=\"__1 _201\"/>LP EF GP L<span class=\"__1 _201\"/>LP<span class=\"__1 _6c_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:128.29164px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:108.529144px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers I S<span class=\"__1 _201\"/>LP LP<span class=\"__1 _8a_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">36%<span class=\"__1 _226\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:93.53514px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:1081.6672px;\">40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls2f_1 ws2f_1\" style=\"bottom:2.0501442px;\">298<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:1036.0345px;\">Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:283.9689px; bottom:1048.036px;\">Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:283.9689px; bottom:1036.0345px;\">shares held </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:356.54776px; bottom:1048.036px;\">Proportion </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:356.54776px; bottom:1036.0345px;\">held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1016.2782px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers I S<span class=\"__1 _201\"/>LP<span class=\"__1 _201\"/>2 LP<span class=\"__1 _219\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:1001.2842px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:981.52167px;\">Infracapital<span class=\"__1 _200\"/> Greenfield Partners I Subholdings<span class=\"__1 _200\"/> GP </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:0.010047913px; bottom:966.52765px;\">Limited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:283.9689px; bottom:981.52167px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:966.52765px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:946.76514px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Gre<span class=\"__1 _201\"/>enfi<span class=\"__1 _201\"/>eld Pa<span class=\"__1 _201\"/>rtn<span class=\"__1 _201\"/>ers II G<span class=\"__1 _201\"/>P S.<span class=\"__1 _201\"/>\u00e0 r<span class=\"__1 _200\"/>.l<span class=\"__1 _237\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">6<span class=\"__1 _201\"/>, rue E<span class=\"__1 _200\"/>ug\u00e8ne Ruppert, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _200\"/>2453, Luxembourg<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:927.0026px;\">Infracapital<span class=\"__1 _200\"/> Greenfield Partners II Subholdings </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:912.00867px;\">(Euro) GP LLP<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:283.9689px; bottom:927.0026px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:892.24615px;\">Infracapital<span class=\"__1 _200\"/> Greenfield Partners II Subholdings </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"left:0.010047913px; bottom:877.25214px;\">(<span class=\"__1 _200\"/>St<span class=\"__1 _200\"/>erling<span class=\"__1 _200\"/>) GP<span class=\"__1 _200\"/> LLP<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:283.9689px; bottom:892.24615px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:857.4896px;\">Infracapital<span class=\"__1 _200\"/> Greenfield Partners II Subholdings </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:842.49567px;\">GP<span class=\"__1 _201\"/>1 Limited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:283.9689px; bottom:857.4896px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:822.73315px;\">Infracapital<span class=\"__1 _200\"/> Greenfield Partners II Subholdings </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:807.73914px;\">GP<span class=\"__1 _201\"/>2 Limited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:283.9689px; bottom:822.73315px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:787.9766px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers II L<span class=\"__1 _201\"/>P<span class=\"__1 _12a_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"lsc_1 wsa_1\">26%<span class=\"__1 _226\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:768.2142px;\">Infracapital<span class=\"__1 _200\"/> Partners II Subholdings<span class=\"__1 _200\"/> GP Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _1b0_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH<span class=\"__1 _201\"/>3 </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:753.22015px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:733.45764px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers II<span class=\"__1 _201\"/>I GP S<span class=\"__1 _201\"/>.\u00e0 r<span class=\"__1 _200\"/>.l<span class=\"__1 _bb_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">6, rue Eug\u00e8ne Ru<span class=\"__1 _200\"/>pper<span class=\"__1 _201\"/>t, L<span class=\"__1 _337\"/>-2<span class=\"__1 _200\"/>453<span class=\"__1 _201\"/>, Lux<span class=\"__1 _200\"/>embourg<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:713.6951px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers II<span class=\"__1 _201\"/>I Subh<span class=\"__1 _201\"/>oldin<span class=\"__1 _201\"/>gs (Euro) GP </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:0.010047913px; bottom:698.7012px;\">LLP<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:283.9689px; bottom:713.6951px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:678.93866px;\">Infracapital<span class=\"__1 _200\"/> Partners III Subholdings<span class=\"__1 _200\"/> (<span class=\"__1 _200\"/>Sterli<span class=\"__1 _200\"/>ng) GP </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsb_1 ws32_1\" style=\"left:0.010047913px; bottom:663.94464px;\">LLP<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:283.9689px; bottom:678.93866px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:644.1821px;\">Infracapital<span class=\"__1 _200\"/> Partners III Subholdings<span class=\"__1 _200\"/> GP1 Limited<span class=\"__1 _5a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:624.4196px;\">Infracapital<span class=\"__1 _200\"/> Partners III Subholdings<span class=\"__1 _200\"/> GP2 Limited<span class=\"__1 _dd_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:0.010047913px; bottom:604.65717px;\">Infracapital Par<span class=\"__1 _201\"/>tners LP<span class=\"__1 _233\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">33%<span class=\"__1 _2cc\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:584.89465px;\">Infrac<span class=\"__1 _201\"/>apital Sisu GP Limited<span class=\"__1 _17a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:569.90063px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:550.1381px;\">Infr<span class=\"__1 _201\"/>acap<span class=\"__1 _201\"/>ital SL<span class=\"__1 _201\"/>P II LP<span class=\"__1 _18c_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">40%<span class=\"__1 _345\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:535.14417px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:515.38165px;\">Infrac<span class=\"__1 _201\"/>apital SLP Limited<span class=\"__1 _2da\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:495.61914px;\">Inni<span class=\"__1 _201\"/>sfre<span class=\"__1 _201\"/>e M&amp;G PPP L<span class=\"__1 _201\"/>LP<span class=\"__1 _2db\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls45_1 ws49_1\">3<span class=\"__1 _201\"/>5%<span class=\"__1 _2cc\"> </span></span></span>B<span class=\"__1 _201\"/>ounda<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y Hous<span class=\"__1 _201\"/>e, 91-9<span class=\"__1 _201\"/>3 Char<span class=\"__1 _201\"/>terho<span class=\"__1 _201\"/>use Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndon<span class=\"__1 _201\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:480.62512px;\">EC1M 6H<span class=\"__1 _201\"/>R, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:460.86264px;\">Inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _201\"/>s Direc<span class=\"__1 _201\"/>t Gro<span class=\"__1 _201\"/>up Limite<span class=\"__1 _201\"/>d<span class=\"__1 _269\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:441.10016px;\">Inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _201\"/>s Direc<span class=\"__1 _201\"/>t Ho<span class=\"__1 _201\"/>lding<span class=\"__1 _201\"/>s Limited<span class=\"__1 _228\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:421.33765px;\">Inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _201\"/>s Direc<span class=\"__1 _201\"/>t Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _261\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:401.57513px;\">Kis<span class=\"__1 _201\"/>kadee L<span class=\"__1 _201\"/>atitud<span class=\"__1 _201\"/>e Fund Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _417\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls45_1 ws49_1\">9<span class=\"__1 _201\"/>5%<span class=\"__1 _226\"> </span></span></span>c/o Horse<span class=\"__1 _201\"/>shoe Fun<span class=\"__1 _201\"/>d Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices Ltd.<span class=\"__1 _201\"/>, Wessex H<span class=\"__1 _201\"/>ouse<span class=\"__1 _201\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:386.58115px;\">3rd Fl<span class=\"__1 _201\"/>oor<span class=\"__1 _200\"/>, 45 R<span class=\"__1 _201\"/>eid Stree<span class=\"__1 _201\"/>t, Hami<span class=\"__1 _201\"/>lton, H<span class=\"__1 _201\"/>M 12, Be<span class=\"__1 _201\"/>rmud<span class=\"__1 _201\"/>a<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:366.81863px;\">LB Prof<span class=\"__1 _201\"/>essi<span class=\"__1 _201\"/>onal Inve<span class=\"__1 _201\"/>stors P<span class=\"__1 _201\"/>rivate R<span class=\"__1 _201\"/>eal Es<span class=\"__1 _201\"/>tate </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:351.82465px;\">Fund No. 10<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:283.9689px; bottom:366.81863px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls40_1 ws44_1\">23%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">2<span class=\"__1 _201\"/>0th flo<span class=\"__1 _201\"/>or<span class=\"__1 _200\"/>, 136, S<span class=\"__1 _201\"/>ejong<span class=\"__1 _201\"/>-d<span class=\"__1 _201\"/>aero, Ju<span class=\"__1 _201\"/>ng-<span class=\"__1 _201\"/>gu, S<span class=\"__1 _201\"/>eoul<span class=\"__1 _201\"/>, </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:351.82465px;\">Rep<span class=\"__1 _201\"/>ublic of Kore<span class=\"__1 _201\"/>a<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:0.010047913px; bottom:332.06213px;\">Leadenhall Unit T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>t<span class=\"__1 _26d\"> </span><span class=\"ls5_1 ws1_1\">U<span class=\"__1 _1c1_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">IF<span class=\"__1 _201\"/>C 5, St He<span class=\"__1 _201\"/>lier<span class=\"__1 _200\"/>, JE1 1ST<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:312.29965px;\">LF Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Ris<span class=\"__1 _201\"/>k Manag<span class=\"__1 _201\"/>ed Act<span class=\"__1 _201\"/>ive 2<span class=\"__1 _29c\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls30_1 ws30_1\">2<span class=\"__1 _201\"/>2%<span class=\"__1 _2cc\"> </span></span></span>6th Flo<span class=\"__1 _201\"/>or<span class=\"__1 _200\"/>, 65, G<span class=\"__1 _201\"/>resham Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n EC2V 7NQ, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:292.53714px;\">LF Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Ris<span class=\"__1 _201\"/>k Manag<span class=\"__1 _201\"/>ed Act<span class=\"__1 _201\"/>ive 3<span class=\"__1 _377\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls40_1 ws44_1\">23%<span class=\"__1 _2cc\"> </span></span></span>6th Fl<span class=\"__1 _201\"/>oor<span class=\"__1 _200\"/>, 65<span class=\"__1 _201\"/>, Gresh<span class=\"__1 _201\"/>am Street<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on EC2V 7<span class=\"__1 _201\"/>NQ, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:272.77466px;\">LF Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Ris<span class=\"__1 _201\"/>k Manag<span class=\"__1 _201\"/>ed Act<span class=\"__1 _201\"/>ive 4<span class=\"__1 _377\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls12_1 ws11_1\">3<span class=\"__1 _201\"/>1%<span class=\"__1 _1d_1\"> </span></span></span>6th F<span class=\"__1 _201\"/>loor, 65, Gre<span class=\"__1 _201\"/>sham Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndon EC<span class=\"__1 _201\"/>2V 7NQ, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:253.01215px;\">LF Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Ris<span class=\"__1 _201\"/>k Manag<span class=\"__1 _201\"/>ed Act<span class=\"__1 _201\"/>ive 5<span class=\"__1 _377\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls19_1 ws18_1\">30%<span class=\"__1 _e_1\"> </span></span></span>6th Flo<span class=\"__1 _201\"/>or<span class=\"__1 _200\"/>, 65, G<span class=\"__1 _201\"/>resham Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n EC2V 7NQ, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:233.24963px;\">LF Pr<span class=\"__1 _201\"/>uden<span class=\"__1 _201\"/>tial Ris<span class=\"__1 _201\"/>k Manag<span class=\"__1 _201\"/>ed Pas<span class=\"__1 _201\"/>sive Fun<span class=\"__1 _201\"/>d 1<span class=\"__1 _272\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4a_1 ws50_1\">41%<span class=\"__1 _f4_1\"> </span></span></span>6th Fl<span class=\"__1 _201\"/>oor<span class=\"__1 _200\"/>, 65<span class=\"__1 _201\"/>, Gres<span class=\"__1 _201\"/>ham Street<span class=\"__1 _201\"/>, Lon<span class=\"__1 _201\"/>don EC2V 7<span class=\"__1 _201\"/>NQ, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:213.48715px;\">Lio<span class=\"__1 _201\"/>n Credit O<span class=\"__1 _201\"/>ppo<span class=\"__1 _201\"/>rtu<span class=\"__1 _201\"/>nit<span class=\"__1 _201\"/>y Fund Publi<span class=\"__1 _201\"/>c Limite<span class=\"__1 _201\"/>d </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:198.49315px;\">Com<span class=\"__1 _201\"/>pany \u2013 Cred<span class=\"__1 _201\"/>it Opp<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>tunit<span class=\"__1 _201\"/>y Fund X<span class=\"__1 _201\"/>V<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:283.9689px; bottom:213.48715px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">5 Ge<span class=\"__1 _201\"/>orge\u2019s Doc<span class=\"__1 _201\"/>k, IFS<span class=\"__1 _201\"/>C, Du<span class=\"__1 _201\"/>blin 1, Ire<span class=\"__1 _201\"/>land<span class=\"__1 _201\"/>, D01 X8N7<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:178.73065px;\">Lon<span class=\"__1 _201\"/>don G<span class=\"__1 _201\"/>reen Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts II S<span class=\"__1 _201\"/>LP GP<span class=\"__1 _201\"/>1 Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _213\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tival<span class=\"__1 _201\"/> Square<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:163.73665px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:143.97415px;\">Lon<span class=\"__1 _201\"/>don G<span class=\"__1 _201\"/>reen Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts II S<span class=\"__1 _201\"/>LP GP<span class=\"__1 _201\"/>2 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _216\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:128.98015px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:109.21765px;\">London Green In<span class=\"__1 _200\"/>vestments II<span class=\"__1 _200\"/> SLP1 Employ<span class=\"__1 _200\"/>ee </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:94.22365px;\">Fee<span class=\"__1 _201\"/>der G<span class=\"__1 _201\"/>P LLP<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:283.9689px; bottom:109.21765px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:94.22365px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:1081.6672px;\">40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m1_1 h9_1 ff1_1 fs1_1 fc3_1 sc0_1 ls35_1 ws36_1\" style=\"left:771.7404px; bottom:700.5532px;\">Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls1_1 ws1_1\" style=\"left:500.5692px; bottom:2.0501442px;\">M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2f_1 ws2f_1\">299<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 hd_1 ff2_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1166.7065px;\">Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:1036.0345px;\">Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:284.49225px; bottom:1048.036px;\">Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:284.49225px; bottom:1036.0345px;\">shares held </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:357.3465px; bottom:1048.036px;\">Proportion </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:357.3465px; bottom:1036.0345px;\">held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1016.2782px;\">Lon<span class=\"__1 _201\"/>don G<span class=\"__1 _201\"/>reen Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts II S<span class=\"__1 _201\"/>LP<span class=\"__1 _201\"/>2 GP Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _216\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:1001.2842px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:981.52167px;\">London St<span class=\"__1 _200\"/>one Inv<span class=\"__1 _200\"/>estments F<span class=\"__1 _200\"/>3 Emplo<span class=\"__1 _200\"/>yee Feeder </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsb_1 ws9_1\" style=\"bottom:966.52765px;\">GP LLP<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:284.49225px; bottom:981.52167px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:966.52765px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:946.76514px;\">London St<span class=\"__1 _200\"/>one Inv<span class=\"__1 _200\"/>estments F<span class=\"__1 _200\"/>3 I Limi<span class=\"__1 _200\"/>ted<span class=\"__1 _a5_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:931.7711px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:912.00867px;\">London St<span class=\"__1 _200\"/>one Inv<span class=\"__1 _200\"/>estments F<span class=\"__1 _200\"/>3 II Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _353\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:897.01465px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:877.25214px;\">Lon<span class=\"__1 _201\"/>don Ston<span class=\"__1 _201\"/>e Investm<span class=\"__1 _201\"/>ents F3 S<span class=\"__1 _201\"/>P GP LL<span class=\"__1 _201\"/>P<span class=\"__1 _271\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:862.2581px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:842.49567px;\">M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Bla<span class=\"__1 _201\"/>ckRoc<span class=\"__1 _201\"/>k Japan Eq<span class=\"__1 _201\"/>uity Fun<span class=\"__1 _201\"/>d<span class=\"__1 _2cc\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:822.73315px;\">M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Bla<span class=\"__1 _201\"/>ckRoc<span class=\"__1 _201\"/>k UK All S<span class=\"__1 _201\"/>hare Equit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _2e_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:802.97064px;\">M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Bla<span class=\"__1 _201\"/>ckRoc<span class=\"__1 _201\"/>k US Equit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _470\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">9<span class=\"__1 _201\"/>9%<span class=\"__1 _e_1\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndon<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:783.2081px;\">M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) China Eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _15f_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls7_1 ws5_1\">97%<span class=\"__1 _f7_1\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:763.4456px;\">M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) China Fun<span class=\"__1 _201\"/>d<span class=\"__1 _2dc\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls7_1 ws5_1\">97<span class=\"__1 _201\"/>%<span class=\"__1 _2cc\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:743.68317px;\">M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Ear<span class=\"__1 _201\"/>nes<span class=\"__1 _201\"/>t Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rs US Sm<span class=\"__1 _201\"/>all Cap Value<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5a_1 ws64_1\" style=\"bottom:728.68915px;\">Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:743.68317px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:708.92664px;\">M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Gr<span class=\"__1 _201\"/>anaha<span class=\"__1 _201\"/>n US Small C<span class=\"__1 _201\"/>ap Grow<span class=\"__1 _201\"/>th Fund<span class=\"__1 _250\"/><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:689.1641px;\">M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) Jap<span class=\"__1 _201\"/>an Equit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _b3_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"bottom:669.4017px;\">M&amp;G (ACS<span class=\"__1 _200\"/>) Japan Smaller Companie<span class=\"__1 _201\"/>s F<span class=\"__1 _200\"/>und<span class=\"__1 _7d_1\"> </span><span class=\"ls5_1 ws1_1\">U<span class=\"__1 _465\"> </span><span class=\"ls40_1 ws44_1\">98%<span class=\"__1 _e_1\"> </span></span><span class=\"ls6_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:649.63916px;\">M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) UK L<span class=\"__1 _201\"/>isted Eq<span class=\"__1 _201\"/>uit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _2dd\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls7_1 ws5_1\">97<span class=\"__1 _201\"/>%<span class=\"__1 _2cc\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:629.87665px;\">M&amp;G (<span class=\"__1 _201\"/>A<span class=\"__1 _200\"/>CS) UK L<span class=\"__1 _201\"/>isted M<span class=\"__1 _201\"/>id Ca<span class=\"__1 _201\"/>p Equit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _222\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:610.11414px;\">M&amp;G (Gue<span class=\"__1 _201\"/>rnsey) Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _2c8\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Do<span class=\"__1 _201\"/>rey Cour<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>, Admiral P<span class=\"__1 _201\"/>ark<span class=\"__1 _201\"/>, St Peter Por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>, GY<span class=\"__1 _200\"/>1 2HT<span class=\"__1 _200\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:428.3775px; bottom:595.1201px;\">Guernsey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:575.35767px;\">M&amp;G (L<span class=\"__1 _201\"/>ux) Eme<span class=\"__1 _201\"/>rging M<span class=\"__1 _201\"/>arkets Co<span class=\"__1 _201\"/>rpor<span class=\"__1 _201\"/>ate ESG<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws5d_1\" style=\"bottom:560.36365px;\">Bond F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:575.35767px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls1c_1 ws43_1\">57%<span class=\"__1 _f7_1\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:540.60114px;\">M&amp;G (L<span class=\"__1 _201\"/>ux) Euro ex U<span class=\"__1 _201\"/>K Index Fund<span class=\"__1 _1aa_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roy<span class=\"__1 _201\"/>al, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:520.8386px;\">M&amp;G (L<span class=\"__1 _201\"/>ux) Europ<span class=\"__1 _201\"/>e ex UK Equi<span class=\"__1 _201\"/>ty Fund<span class=\"__1 _375\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449, L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:501.07617px;\">M&amp;G (L<span class=\"__1 _201\"/>ux) G<span class=\"__1 _201\"/>lobal E<span class=\"__1 _201\"/>nhanc<span class=\"__1 _201\"/>ed Equit<span class=\"__1 _201\"/>y Prem<span class=\"__1 _201\"/>ia Fund<span class=\"__1 _437\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449, L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:481.31366px;\">M&amp;G (L<span class=\"__1 _201\"/>ux) G<span class=\"__1 _201\"/>lobal Fun<span class=\"__1 _201\"/>ds<span class=\"__1 _2d8\"> </span><span class=\"ls5_1 ws1_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _337\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:461.55115px;\">M&amp;G (L<span class=\"__1 _201\"/>ux) Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds 1 \u2013 M&amp;G L<span class=\"__1 _201\"/>ux </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:446.55716px;\">Emerg<span class=\"__1 _201\"/>ing Mar<span class=\"__1 _201\"/>kets Bond Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:461.55115px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls19_1 ws18_1\">60%<span class=\"__1 _e_1\"> </span></span><span class=\"ls6_1\">16, Bo<span class=\"__1 _201\"/>ulevard R<span class=\"__1 _201\"/>oyal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:426.79465px;\">M&amp;G (L<span class=\"__1 _201\"/>ux) Ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>d Cauti<span class=\"__1 _201\"/>ous (Euro) Fund<span class=\"__1 _231\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:407.03214px;\">M&amp;G (L<span class=\"__1 _201\"/>ux) Ma<span class=\"__1 _201\"/>nage<span class=\"__1 _201\"/>d Grow<span class=\"__1 _201\"/>th (Euro) Fund<span class=\"__1 _264\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:387.26965px;\">M&amp;G (L<span class=\"__1 _201\"/>ux) Pa<span class=\"__1 _201\"/>n Europea<span class=\"__1 _201\"/>n Small<span class=\"__1 _201\"/>er Com<span class=\"__1 _201\"/>p Fund<span class=\"__1 _245\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls40_1 ws44_1\">9<span class=\"__1 _201\"/>8%<span class=\"__1 _345\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:367.50714px;\">M&amp;G (L<span class=\"__1 _201\"/>ux) Re<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>ve<span class=\"__1 _201\"/>d Investm<span class=\"__1 _201\"/>ent Fund (2), SCA<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls98_1 wsb6_1\" style=\"bottom:352.51315px;\">S<span class=\"__1 _201\"/>I<span class=\"__1 _250\"/>C<span class=\"__1 _201\"/>AV<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>R<span class=\"__1 _250\"/>A<span class=\"__1 _250\"/>I<span class=\"__1 _201\"/>F<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:367.50714px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bour<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:332.75064px;\">M&amp;G (L<span class=\"__1 _201\"/>ux) Re<span class=\"__1 _201\"/>ser<span class=\"__1 _201\"/>ve<span class=\"__1 _201\"/>d Investm<span class=\"__1 _201\"/>ent Funds (2) G<span class=\"__1 _201\"/>P </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"bottom:317.75665px;\">Sarl<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:332.75064px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:297.99414px;\">M&amp;G (L<span class=\"__1 _201\"/>ux) Ster<span class=\"__1 _201\"/>ling Li<span class=\"__1 _201\"/>quidit<span class=\"__1 _201\"/>y Fund<span class=\"__1 _1ab_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:278.23166px;\">M&amp;G (L<span class=\"__1 _201\"/>ux) Su<span class=\"__1 _201\"/>stain<span class=\"__1 _201\"/>able O<span class=\"__1 _201\"/>ptimal In<span class=\"__1 _201\"/>come B<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5a_1 ws64_1\" style=\"bottom:263.23764px;\">Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:278.23166px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls40_1 ws44_1\">9<span class=\"__1 _201\"/>8%<span class=\"__1 _345\"> </span></span><span class=\"ls6_1\">16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:243.47516px;\">M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves CV SC<span class=\"__1 _201\"/>Sp<span class=\"__1 _17a_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _337\"/>-<span class=\"__1 _200\"/>17<span class=\"__1 _337\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:428.3775px; bottom:228.48114px;\">Luxembourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:208.71864px;\">M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves GP S<span class=\"__1 _201\"/>arl<span class=\"__1 _349\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:428.3775px; bottom:193.72464px;\">Luxembourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:173.96214px;\">M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves Inves<span class=\"__1 _201\"/>tment M<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ement<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"bottom:158.96814px;\">Limited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:173.96214px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:139.20564px;\">M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 2020 A<span class=\"__1 _201\"/>sian PE<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5a_1 ws64_1\" style=\"bottom:124.21164px;\">Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:284.49225px; bottom:139.20564px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:428.3775px; bottom:124.21164px;\">Luxembourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:104.44914px;\">M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 2020 Euro<span class=\"__1 _201\"/>pean<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5a_1 wsb_1\" style=\"bottom:89.45514px;\">PE<span class=\"__1 _201\"/> Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:284.49225px; bottom:104.44914px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:428.3775px; bottom:89.45514px;\">Luxembourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:1081.6672px;\">40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls35_1 ws4a_1\" style=\"bottom:2.0501442px;\">300<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:1036.0345px;\">Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:283.9689px; bottom:1048.036px;\">Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:283.9689px; bottom:1036.0345px;\">shares held </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:356.54776px; bottom:1048.036px;\">Proportion </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:356.54776px; bottom:1036.0345px;\">held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1016.2782px;\">M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 2020 PE C<span class=\"__1 _201\"/>o-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1001.2842px;\">inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:283.9689px; bottom:1016.2782px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:428.54907px; bottom:1001.2842px;\">Luxembourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:981.52167px;\">M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 2021 N<span class=\"__1 _201\"/>or<span class=\"__1 _201\"/>th </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:966.52765px;\">American Fu<span class=\"__1 _200\"/>nd<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:283.9689px; bottom:981.52167px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:428.54907px; bottom:966.52765px;\">Luxembourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:946.76514px;\">M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 2021 PE I<span class=\"__1 _201\"/>mpac<span class=\"__1 _201\"/>t </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5a_1 ws64_1\" style=\"left:0.010047913px; bottom:931.7711px;\">Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:283.9689px; bottom:946.76514px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:428.54907px; bottom:931.7711px;\">Luxembourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:912.00867px;\">M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 202<span class=\"__1 _201\"/>2 Glob<span class=\"__1 _201\"/>al PE<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5a_1 ws64_1\" style=\"left:0.010047913px; bottom:897.01465px;\">Fun<span class=\"__1 _201\"/>d<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:283.9689px; bottom:912.00867px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:428.54907px; bottom:897.01465px;\">Luxembourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:877.25214px;\">M&amp;G A<span class=\"__1 _201\"/>lternati<span class=\"__1 _201\"/>ves, S<span class=\"__1 _201\"/>CSp \u2013 R<span class=\"__1 _201\"/>AI<span class=\"__1 _201\"/>F \u2013 202<span class=\"__1 _201\"/>2 PE Co<span class=\"__1 _201\"/>-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:862.2581px;\">Inves<span class=\"__1 _201\"/>tment Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:283.9689px; bottom:877.25214px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">8<span class=\"__1 _201\"/>, rue Lou<span class=\"__1 _200\"/> Hemmer<span class=\"__1 _f_1\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _f_1\"/>17<span class=\"__1 _f_1\"/>4<span class=\"__1 _201\"/>8, Senningerberg, </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:428.54907px; bottom:862.2581px;\">Luxembourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:842.49567px;\">M&amp;G A<span class=\"__1 _201\"/>sia Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund<span class=\"__1 _2de\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls45_1 ws49_1\">4<span class=\"__1 _201\"/>5%<span class=\"__1 _226\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:822.73315px;\">M&amp;G B<span class=\"__1 _201\"/>lackRo<span class=\"__1 _201\"/>ck Can<span class=\"__1 _201\"/>ada Equit<span class=\"__1 _201\"/>y Fund (form<span class=\"__1 _201\"/>erl<span class=\"__1 _201\"/>y </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:807.73914px;\">know<span class=\"__1 _201\"/>n as M&amp;G ACS C<span class=\"__1 _201\"/>anada I<span class=\"__1 _201\"/>ndex Fund)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:283.9689px; bottom:822.73315px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:787.9766px;\">M&amp;G B<span class=\"__1 _201\"/>lackRo<span class=\"__1 _201\"/>ck UK 20<span class=\"__1 _201\"/>0 Equit<span class=\"__1 _201\"/>y Fund (forme<span class=\"__1 _201\"/>rly<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:772.98267px;\">know<span class=\"__1 _201\"/>n as M&amp;G ACS U<span class=\"__1 _201\"/>K 200 In<span class=\"__1 _201\"/>dex Fund)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:283.9689px; bottom:787.9766px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:753.22015px;\">M&amp;G C<span class=\"__1 _201\"/>atalys<span class=\"__1 _201\"/>t Cap<span class=\"__1 _201\"/>ital Fund<span class=\"__1 _12c_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>16, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:733.45764px;\">M&amp;G C<span class=\"__1 _201\"/>atalys<span class=\"__1 _201\"/>t Credi<span class=\"__1 _201\"/>t Fund<span class=\"__1 _20a\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:713.6951px;\">M&amp;G C<span class=\"__1 _201\"/>atalys<span class=\"__1 _201\"/>t Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Agri<span class=\"__1 _201\"/>culture GP L<span class=\"__1 _201\"/>LP<span class=\"__1 _249\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:698.7012px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:678.93866px;\">M&amp;G C<span class=\"__1 _201\"/>atalys<span class=\"__1 _201\"/>t Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Agri<span class=\"__1 _201\"/>culture GP<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls28_1 ws6e_1\" style=\"left:0.010047913px; bottom:663.94464px;\">Member<span class=\"__1 _200\"/> No.<span class=\"__1 _f_1\"/>1 Limi<span class=\"__1 _200\"/>ted<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:283.9689px; bottom:678.93866px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:663.94464px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:644.1821px;\">M&amp;G C<span class=\"__1 _201\"/>atalys<span class=\"__1 _201\"/>t Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Agri<span class=\"__1 _201\"/>culture GP<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:0.010047913px; bottom:629.1882px;\">Mem<span class=\"__1 _201\"/>ber N<span class=\"__1 _201\"/>o.<span class=\"__1 _201\"/>2 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:283.9689px; bottom:644.1821px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:629.1882px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:609.42566px;\">M&amp;G C<span class=\"__1 _201\"/>orp<span class=\"__1 _201\"/>orate Ser<span class=\"__1 _250\"/>vice<span class=\"__1 _201\"/>s Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2df\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:589.66315px;\">M&amp;G Cre<span class=\"__1 _201\"/>dit Inc<span class=\"__1 _201\"/>ome Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt T<span class=\"__1 _f_1\"/>ru<span class=\"__1 _201\"/>st pl<span class=\"__1 _201\"/>c<span class=\"__1 _288\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls30_1 ws30_1\">22%<span class=\"__1 _2cc\"> </span></span></span>Be<span class=\"__1 _201\"/>aufor<span class=\"__1 _201\"/>t Ho<span class=\"__1 _201\"/>use, 51 New No<span class=\"__1 _201\"/>rth R<span class=\"__1 _201\"/>oad, E<span class=\"__1 _201\"/>xeter<span class=\"__1 _200\"/>, EX4 4<span class=\"__1 _201\"/>EP<span class=\"__1 _337\"/>,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws3b_1\" style=\"left:428.54907px; bottom:574.6691px;\">UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:554.9066px;\">M&amp;G Em<span class=\"__1 _201\"/>erging M<span class=\"__1 _201\"/>arkets Mo<span class=\"__1 _201\"/>nthly I<span class=\"__1 _201\"/>ncom<span class=\"__1 _201\"/>e Fund<span class=\"__1 _258\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls40_1 ws44_1\">93%<span class=\"__1 _226\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:535.14417px;\">M&amp;G Euro<span class=\"__1 _201\"/>pean H<span class=\"__1 _201\"/>igh Yi<span class=\"__1 _201\"/>eld Cred<span class=\"__1 _201\"/>it Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5a_1 ws64_1\" style=\"left:0.010047913px; bottom:520.15015px;\">Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:283.9689px; bottom:535.14417px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"lsc_1 wsa_1\">26%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">8<span class=\"__1 _201\"/>0, route d\u2019E<span class=\"__1 _201\"/>sch<span class=\"__1 _201\"/>, L<span class=\"__1 _337\"/>-14<span class=\"__1 _200\"/>70, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:500.38763px;\">M&amp;G Euro<span class=\"__1 _201\"/>pean L<span class=\"__1 _201\"/>ivin<span class=\"__1 _201\"/>g Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty Fund S<span class=\"__1 _201\"/>CSP<span class=\"__1 _f_1\"/>,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls98_1 wsb6_1\" style=\"left:0.010047913px; bottom:485.39362px;\">S<span class=\"__1 _201\"/>I<span class=\"__1 _250\"/>C<span class=\"__1 _201\"/>AV<span class=\"__1 _201\"/>-<span class=\"__1 _201\"/>R<span class=\"__1 _250\"/>A<span class=\"__1 _250\"/>I<span class=\"__1 _201\"/>F<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:283.9689px; bottom:500.38763px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449, L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:465.63113px;\">M&amp;G Euro<span class=\"__1 _201\"/>pean P<span class=\"__1 _201\"/>roper<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Fund SI<span class=\"__1 _201\"/>CA<span class=\"__1 _200\"/>V<span class=\"__1 _200\"/>-FIS<span class=\"__1 _1d_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls19_1 ws18_1\">30%<span class=\"__1 _e_1\"> </span></span></span>16, Bo<span class=\"__1 _201\"/>uleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:445.86865px;\">M&amp;G FA Limited<span class=\"__1 _18d_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:426.10614px;\">M&amp;G Fe<span class=\"__1 _201\"/>ede<span class=\"__1 _201\"/>r of Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty Po<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tfol<span class=\"__1 _201\"/>io<span class=\"__1 _2c3\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">49%<span class=\"__1 _e_1\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:406.34366px;\">M&amp;G Financial S<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>vices Limited<span class=\"__1 _417\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:386.58115px;\">M&amp;G F<span class=\"__1 _201\"/>itzrovia G<span class=\"__1 _201\"/>P Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _349\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:366.81863px;\">M&amp;G F<span class=\"__1 _201\"/>itzrovia L<span class=\"__1 _201\"/>imited<span class=\"__1 _383\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:347.05615px;\">M&amp;G F<span class=\"__1 _201\"/>itzrovia L<span class=\"__1 _201\"/>imited P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ship<span class=\"__1 _464\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:327.29364px;\">M&amp;G F<span class=\"__1 _201\"/>itzrovia N<span class=\"__1 _201\"/>omin<span class=\"__1 _201\"/>ee 1 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _2df\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:307.53116px;\">M&amp;G F<span class=\"__1 _201\"/>itzrovia N<span class=\"__1 _201\"/>omin<span class=\"__1 _201\"/>ee 2 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _260\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:287.76865px;\">M&amp;G Fo<span class=\"__1 _201\"/>under<span class=\"__1 _201\"/>s 1 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2e0\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:268.00613px;\">M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Asia P<span class=\"__1 _201\"/>acifi<span class=\"__1 _201\"/>c (<span class=\"__1 _200\"/>ex Japan) Equit<span class=\"__1 _201\"/>y<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5a_1 ws64_1\" style=\"left:0.010047913px; bottom:253.01215px;\">Fun<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:283.9689px; bottom:268.00613px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">9<span class=\"__1 _201\"/>6%<span class=\"__1 _345\"> </span></span><span class=\"ls6_1\">16<span class=\"__1 _201\"/>, Bou<span class=\"__1 _201\"/>levard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:233.24963px;\">M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Black<span class=\"__1 _201\"/>rock As<span class=\"__1 _201\"/>ia Paci<span class=\"__1 _201\"/>fic (ex Japan) </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"left:0.010047913px; bottom:218.25565px;\">Equity Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:283.9689px; bottom:233.24963px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bour<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:198.49315px;\">M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Black<span class=\"__1 _201\"/>rock Eme<span class=\"__1 _201\"/>rging M<span class=\"__1 _201\"/>arkets </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"left:0.010047913px; bottom:183.49915px;\">Equity Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:283.9689px; bottom:198.49315px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bour<span class=\"__1 _201\"/>g<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:163.73665px;\">M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) GSAM G<span class=\"__1 _201\"/>lob<span class=\"__1 _201\"/>al Emergi<span class=\"__1 _201\"/>ng Mar<span class=\"__1 _201\"/>ket </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"left:0.010047913px; bottom:148.74265px;\">Equity Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:283.9689px; bottom:163.73665px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:128.98015px;\">M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Invesc<span class=\"__1 _201\"/>o Glo<span class=\"__1 _201\"/>bal Eme<span class=\"__1 _201\"/>rging Ma<span class=\"__1 _201\"/>rkets </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"left:0.010047913px; bottom:113.986145px;\">Equity Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:283.9689px; bottom:128.98015px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:94.22365px;\">M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Laz<span class=\"__1 _201\"/>ard Glo<span class=\"__1 _201\"/>bal Eme<span class=\"__1 _201\"/>rging Ma<span class=\"__1 _201\"/>rkets </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"left:0.010047913px; bottom:79.229645px;\">Equity Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:283.9689px; bottom:94.22365px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:1081.6672px;\">40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m1_1 h9_1 ff1_1 fs1_1 fc3_1 sc0_1 ls35_1 ws36_1\" style=\"left:771.7404px; bottom:700.5532px;\">Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls1_1 ws1_1\" style=\"left:500.5692px; bottom:2.0501442px;\">M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls4f_1 ws55_1\">301<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 hd_1 ff2_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1166.7065px;\">Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:1036.0345px;\">Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:284.49225px; bottom:1048.036px;\">Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:284.49225px; bottom:1036.0345px;\">shares held </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:357.3465px; bottom:1048.036px;\">Proportion </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:357.3465px; bottom:1036.0345px;\">held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1016.2782px;\">M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) MFS G<span class=\"__1 _201\"/>loba<span class=\"__1 _201\"/>l Emergin<span class=\"__1 _201\"/>g Markets<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"bottom:1001.2842px;\">Equity Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:1016.2782px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span><span class=\"ls6_1\">16, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:981.52167px;\">M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) Sterlin<span class=\"__1 _201\"/>g Invest<span class=\"__1 _201\"/>ment G<span class=\"__1 _201\"/>rade<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:966.52765px;\">Corporate Bond<span class=\"__1 _200\"/> Fu<span class=\"__1 _200\"/>nd<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:981.52167px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls3a_1 ws3b_1\">7<span class=\"__1 _201\"/>7%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Roya<span class=\"__1 _201\"/>l, L<span class=\"__1 _f_1\"/>-2449<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:946.76514px;\">M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) US Cor<span class=\"__1 _201\"/>por<span class=\"__1 _201\"/>ate Bond Fund<span class=\"__1 _392\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:927.0026px;\">M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) US Sho<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t Durati<span class=\"__1 _201\"/>on Cor<span class=\"__1 _201\"/>porate<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws5d_1\" style=\"bottom:912.00867px;\">Bond F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:927.0026px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:892.24615px;\">M&amp;G Fund<span class=\"__1 _201\"/>s (<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>) W<span class=\"__1 _200\"/>ellin<span class=\"__1 _201\"/>gton Imp<span class=\"__1 _201\"/>act B<span class=\"__1 _201\"/>ond Fund<span class=\"__1 _242\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449, L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:872.48364px;\">M&amp;G General Partner Inc.<span class=\"__1 _2d9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">19<span class=\"__1 _201\"/>0 Elgin Avenue<span class=\"__1 _201\"/>, Geo<span class=\"__1 _201\"/>rge T<span class=\"__1 _f_1\"/>ow<span class=\"__1 _201\"/>n, Gr<span class=\"__1 _201\"/>and Cay<span class=\"__1 _201\"/>man, K<span class=\"__1 _201\"/>Y<span class=\"__1 _201\"/>I-<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:428.3775px; bottom:857.4896px;\">9005<span class=\"__1 _201\"/>, Cayman Islands<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:837.7272px;\">M&amp;G G<span class=\"__1 _201\"/>lob<span class=\"__1 _201\"/>al Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices P<span class=\"__1 _201\"/>rivate L<span class=\"__1 _201\"/>imited<span class=\"__1 _478\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Hous<span class=\"__1 _201\"/>e, Mum<span class=\"__1 _201\"/>bai, 4<span class=\"__1 _201\"/>00076<span class=\"__1 _201\"/>, India<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:817.96466px;\">M&amp;G G<span class=\"__1 _201\"/>roup Li<span class=\"__1 _201\"/>mited<span class=\"__1 _2e1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:798.20215px;\">M&amp;G G<span class=\"__1 _201\"/>roup P<span class=\"__1 _201\"/>CC Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2cd\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>P<span class=\"__1 _201\"/>O Box 155, M<span class=\"__1 _201\"/>ill Cou<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>, La<span class=\"__1 _201\"/>, Charrote<span class=\"__1 _201\"/>rie, St Pe<span class=\"__1 _201\"/>ter Por<span class=\"__1 _201\"/>t,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:783.2081px;\">GY1 4ET<span class=\"__1 _200\"/>, Gue<span class=\"__1 _201\"/>rnsey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:763.4456px;\">M&amp;G I<span class=\"__1 _201\"/>MPPP 1 L<span class=\"__1 _201\"/>imited<span class=\"__1 _2e2\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:743.68317px;\">M&amp;G In<span class=\"__1 _201\"/>ternatio<span class=\"__1 _201\"/>nal Inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts Nom<span class=\"__1 _201\"/>inee<span class=\"__1 _201\"/>s </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"bottom:728.68915px;\">Limited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:743.68317px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:708.92664px;\">M&amp;G In<span class=\"__1 _201\"/>ternatio<span class=\"__1 _201\"/>nal Inves<span class=\"__1 _201\"/>tmen<span class=\"__1 _201\"/>ts Swit<span class=\"__1 _201\"/>zerlan<span class=\"__1 _201\"/>d AG<span class=\"__1 _20d\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>T<span class=\"__1 _200\"/>alstr<span class=\"__1 _201\"/>ass<span class=\"__1 _201\"/>e 66, 8<span class=\"__1 _201\"/>001 Zuri<span class=\"__1 _201\"/>ch, Swi<span class=\"__1 _201\"/>tzerl<span class=\"__1 _201\"/>and<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:689.1641px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (10<span class=\"__1 _200\"/>) \u2013 M&amp;G Bet<span class=\"__1 _201\"/>ter He<span class=\"__1 _201\"/>alth </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"bottom:674.17017px;\">Solutions Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:689.1641px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls52_1 ws5a_1\">9<span class=\"__1 _201\"/>4%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:654.40765px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (10<span class=\"__1 _200\"/>) \u2013 M&amp;G Climate<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls40_1 ws6f_1\" style=\"bottom:639.41364px;\">Solutions Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:654.40765px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls45_1 ws49_1\">5<span class=\"__1 _201\"/>5%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:619.6511px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (10<span class=\"__1 _200\"/>) \u2013 M&amp;G Gl<span class=\"__1 _201\"/>obal H<span class=\"__1 _201\"/>igh </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:604.65717px;\">Yie<span class=\"__1 _201\"/>ld ESG B<span class=\"__1 _201\"/>ond Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:619.6511px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls30_1 ws30_1\">32%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fen<span class=\"__1 _201\"/>church Avenu<span class=\"__1 _201\"/>e, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:584.89465px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (10<span class=\"__1 _200\"/>) \u2013 M&amp;G Posi<span class=\"__1 _201\"/>tive </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws71_1\" style=\"bottom:569.90063px;\">Impact Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:584.89465px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls38_1 ws38_1\">29%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:550.1381px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (2) \u2013 M&amp;G G<span class=\"__1 _201\"/>ilt &amp; Fi<span class=\"__1 _201\"/>xed </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:535.14417px;\">Interes<span class=\"__1 _201\"/>t Inc<span class=\"__1 _201\"/>ome Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:550.1381px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:515.38165px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (2) \u2013 M&amp;G G<span class=\"__1 _201\"/>lob<span class=\"__1 _201\"/>al High<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:500.38763px;\">Yield Bond<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:515.38165px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span><span class=\"ls6_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:480.62512px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (3) \u2013 M&amp;G Div<span class=\"__1 _201\"/>iden<span class=\"__1 _201\"/>d Fund<span class=\"__1 _2e3\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls74_1 ws89_1\">51<span class=\"__1 _201\"/>%<span class=\"__1 _f4_1\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:460.86264px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (4<span class=\"__1 _200\"/>) \u2013 M&amp;G Epis<span class=\"__1 _201\"/>ode<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:445.86865px;\">Allocation F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:460.86264px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls52_1 ws5a_1\">2<span class=\"__1 _201\"/>4%<span class=\"__1 _f7_1\"> </span></span><span class=\"ls6_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:426.10614px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (4<span class=\"__1 _200\"/>) \u2013 M&amp;G Sus<span class=\"__1 _201\"/>taina<span class=\"__1 _201\"/>ble<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:411.11215px;\">Multi A<span class=\"__1 _201\"/>ss<span class=\"__1 _201\"/>et Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:426.10614px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls32_1 ws33_1\">42%<span class=\"__1 _2cc\"> </span></span><span class=\"ls6_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:391.34964px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Funds (<span class=\"__1 _201\"/>7) \u2013 M&amp;<span class=\"__1 _201\"/>G Glo<span class=\"__1 _201\"/>bal<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:376.35565px;\">Convertibles F<span class=\"__1 _200\"/>und<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:284.49225px; bottom:391.34964px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls3d_1 ws3f_1\">74<span class=\"__1 _201\"/>%<span class=\"__1 _f4_1\"> </span></span><span class=\"ls6_1\">10 Fenchurc<span class=\"__1 _201\"/>h A<span class=\"__1 _200\"/>venu<span class=\"__1 _201\"/>e, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:356.59314px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nt Mana<span class=\"__1 _201\"/>gem<span class=\"__1 _201\"/>ent Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _465\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:336.83066px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts (A<span class=\"__1 _201\"/>meri<span class=\"__1 _201\"/>cas) Inc.<span class=\"__1 _bc_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>25<span class=\"__1 _200\"/>1 Littl<span class=\"__1 _201\"/>e Falls Dri<span class=\"__1 _201\"/>ve, Wilm<span class=\"__1 _201\"/>ington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:317.06815px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts (Aus<span class=\"__1 _201\"/>tralia) P<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Ltd<span class=\"__1 _379\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Leve<span class=\"__1 _201\"/>l 6, 60 M<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tin Plac<span class=\"__1 _201\"/>e, Sydney N<span class=\"__1 _201\"/>SW 200<span class=\"__1 _201\"/>0, Austra<span class=\"__1 _201\"/>lia<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:297.30563px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts (H<span class=\"__1 _201\"/>ong Kong) L<span class=\"__1 _201\"/>imited<span class=\"__1 _a5_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">6th Floor<span class=\"__1 _f_1\"/>, Alexander House,<span class=\"__1 _200\"/> 18 C<span class=\"__1 _200\"/>hat<span class=\"__1 _200\"/>er Road, Cent<span class=\"__1 _200\"/>ral, </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls15_1 ws68_1\" style=\"left:428.3775px; bottom:282.31165px;\">Hong Kong<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:262.54913px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts (Singa<span class=\"__1 _201\"/>pore) Pte. Ltd.<span class=\"__1 _ab_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>138 M<span class=\"__1 _201\"/>arket Street<span class=\"__1 _201\"/>, Capi<span class=\"__1 _201\"/>taGre<span class=\"__1 _201\"/>en #3<span class=\"__1 _201\"/>5<span class=\"__1 _201\"/>-01, 0<span class=\"__1 _201\"/>48<span class=\"__1 _201\"/>94<span class=\"__1 _201\"/>6,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:428.3775px; bottom:247.55515px;\">Singapore<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:227.79263px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts (U<span class=\"__1 _201\"/>SA) Inc<span class=\"__1 _297\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>2<span class=\"__1 _201\"/>5<span class=\"__1 _200\"/>1 Lit<span class=\"__1 _201\"/>tle Falls Dr<span class=\"__1 _201\"/>ive, Wil<span class=\"__1 _201\"/>mington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:208.03015px;\">M&amp;G Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts Jap<span class=\"__1 _201\"/>an Co.<span class=\"__1 _201\"/>, Ltd.<span class=\"__1 _bc_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">3-<span class=\"__1 _200\"/>1, T<span class=\"__1 _337\"/>oranomon 4-<span class=\"__1 _201\"/>chome, Mina<span class=\"__1 _200\"/>to-ku, T<span class=\"__1 _337\"/>ok<span class=\"__1 _201\"/>yo,<span class=\"__1 _200\"/> Japan<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:188.26764px;\">M&amp;G L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg S.<span class=\"__1 _201\"/>A<span class=\"__1 _201\"/>.<span class=\"__1 _2c4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>16, B<span class=\"__1 _201\"/>ouleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>244<span class=\"__1 _201\"/>9, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:168.50514px;\">M&amp;G Management<span class=\"__1 _200\"/> Ser<span class=\"__1 _201\"/>vices Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _a6_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:148.74265px;\">M&amp;G Nomin<span class=\"__1 _201\"/>ees Limited<span class=\"__1 _2da\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:128.98015px;\">M&amp;G P<span class=\"__1 _201\"/>FI 2018 GP LL<span class=\"__1 _201\"/>P<span class=\"__1 _1a6_1\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:113.986145px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:94.22365px;\">M&amp;G P<span class=\"__1 _201\"/>FI 2018 GP<span class=\"__1 _201\"/>1 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2e4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:74.46114px;\">M&amp;G P<span class=\"__1 _201\"/>FI 2018 GP<span class=\"__1 _201\"/>2 Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _2cb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:1081.6672px;\">40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls4b_1 ws51_1\" style=\"bottom:2.0501442px;\">302<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:1036.0345px;\">Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:283.9689px; bottom:1048.036px;\">Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:283.9689px; bottom:1036.0345px;\">shares held </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:356.54776px; bottom:1048.036px;\">Proportion </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:356.54776px; bottom:1036.0345px;\">held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1016.2782px;\">M&amp;G P<span class=\"__1 _201\"/>FI Car<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>y Par<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ship 2016 L<span class=\"__1 _201\"/>P<span class=\"__1 _2c2\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls45_1 ws49_1\">25%<span class=\"__1 _f7_1\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:1001.2842px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:981.52167px;\">M&amp;G P<span class=\"__1 _201\"/>FI Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rship 2018 L<span class=\"__1 _201\"/>P<span class=\"__1 _17b_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:966.52765px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:946.76514px;\">M&amp;G Pl<span class=\"__1 _201\"/>atfo<span class=\"__1 _201\"/>rm Nom<span class=\"__1 _201\"/>inee<span class=\"__1 _201\"/>s Limite<span class=\"__1 _201\"/>d<span class=\"__1 _415\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:927.0026px;\">M&amp;G Pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>folio<span class=\"__1 _2d1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls40_1 ws44_1\">88%<span class=\"__1 _e_1\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:907.2402px;\">M&amp;G R<span class=\"__1 _201\"/>E Esp<span class=\"__1 _201\"/>ana, 2<span class=\"__1 _201\"/>016, S.<span class=\"__1 _201\"/>L<span class=\"__1 _201\"/>.<span class=\"__1 _12c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Ca<span class=\"__1 _201\"/>lle For<span class=\"__1 _201\"/>tuny, 6 \u2013 4 A, 28<span class=\"__1 _201\"/>010, Madr<span class=\"__1 _201\"/>id, S<span class=\"__1 _201\"/>pain<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:887.47766px;\">M&amp;G R<span class=\"__1 _201\"/>E UKE<span class=\"__1 _201\"/>V (GP<span class=\"__1 _201\"/>1<span class=\"__1 _200\"/>) LLP<span class=\"__1 _331\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:867.71515px;\">M&amp;G R<span class=\"__1 _201\"/>E UKE<span class=\"__1 _201\"/>V 1 Li<span class=\"__1 _201\"/>mited<span class=\"__1 _295\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:847.95264px;\">M&amp;G R<span class=\"__1 _201\"/>E UKE<span class=\"__1 _201\"/>V 1-A LP<span class=\"__1 _2ba\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:828.1901px;\">M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Asia H<span class=\"__1 _201\"/>oldi<span class=\"__1 _201\"/>ng Com<span class=\"__1 _201\"/>pany P<span class=\"__1 _201\"/>te. Ltd.<span class=\"__1 _2e3\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _2cc\"> </span></span></span>138 M<span class=\"__1 _201\"/>arket Street<span class=\"__1 _201\"/>, Capit<span class=\"__1 _201\"/>aGre<span class=\"__1 _201\"/>en #3<span class=\"__1 _201\"/>5-<span class=\"__1 _201\"/>01, 0<span class=\"__1 _201\"/>48<span class=\"__1 _201\"/>94<span class=\"__1 _201\"/>6,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:428.54907px; bottom:813.19617px;\">Singapore<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:793.43365px;\">M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Asia P<span class=\"__1 _201\"/>TE<span class=\"__1 _201\"/>. Ltd.<span class=\"__1 _3c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _226\"> </span></span></span>13<span class=\"__1 _201\"/>8 Mar<span class=\"__1 _201\"/>k<span class=\"__1 _200\"/>et Stree<span class=\"__1 _201\"/>t, Cap<span class=\"__1 _201\"/>itaG<span class=\"__1 _201\"/>reen #<span class=\"__1 _201\"/>35<span class=\"__1 _201\"/>-01, 0<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>894<span class=\"__1 _201\"/>6,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:428.54907px; bottom:778.43964px;\">Singapore<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:758.6771px;\">M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate France SA<span class=\"__1 _201\"/>S<span class=\"__1 _404\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>8 Avenu<span class=\"__1 _201\"/>e Hoch<span class=\"__1 _201\"/>e, 750<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, Paris<span class=\"__1 _201\"/>, France<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:738.9147px;\">M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Funds Man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent S<span class=\"__1 _201\"/>.\u00e0 r<span class=\"__1 _200\"/>.l.<span class=\"__1 _14d_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>16, Bo<span class=\"__1 _201\"/>uleva<span class=\"__1 _201\"/>rd Royal, L<span class=\"__1 _f_1\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:719.15216px;\">M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Japa<span class=\"__1 _201\"/>n Co., Ltd<span class=\"__1 _201\"/>.<span class=\"__1 _2e5\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>9/F Sh<span class=\"__1 _201\"/>iroyama T<span class=\"__1 _200\"/>rust T<span class=\"__1 _200\"/>ower<span class=\"__1 _200\"/>, 4-3<span class=\"__1 _201\"/>-<span class=\"__1 _200\"/>1 T<span class=\"__1 _f_1\"/>oran<span class=\"__1 _201\"/>omo<span class=\"__1 _201\"/>n, Min<span class=\"__1 _201\"/>ato-<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:704.15814px;\">ku, T<span class=\"__1 _f_1\"/>o<span class=\"__1 _201\"/>kyo 10<span class=\"__1 _201\"/>5-<span class=\"__1 _201\"/>60<span class=\"__1 _201\"/>09, Jap<span class=\"__1 _201\"/>an<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:684.3956px;\">M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Korea Co.<span class=\"__1 _201\"/>, Ltd.<span class=\"__1 _ae_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _2cc\"> </span></span></span>Jo<span class=\"__1 _201\"/>ngno 1-<span class=\"__1 _201\"/>ga<span class=\"__1 _201\"/>, K<span class=\"__1 _f_1\"/>yo<span class=\"__1 _201\"/>bo Bui<span class=\"__1 _201\"/>lding<span class=\"__1 _201\"/>, Seo<span class=\"__1 _201\"/>ul, Korea<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:664.6331px;\">M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate Limite<span class=\"__1 _201\"/>d<span class=\"__1 _331\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:644.87067px;\">M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate UK Enha<span class=\"__1 _201\"/>nce<span class=\"__1 _201\"/>d V<span class=\"__1 _200\"/>alue LP<span class=\"__1 _8d_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:629.87665px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:610.11414px;\">M&amp;G Re<span class=\"__1 _201\"/>al Es<span class=\"__1 _201\"/>tate UKE<span class=\"__1 _201\"/>V (GP) LLP<span class=\"__1 _2e5\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:590.3516px;\">M&amp;G R<span class=\"__1 _201\"/>ED II Emp<span class=\"__1 _201\"/>loyee Fe<span class=\"__1 _201\"/>eder G<span class=\"__1 _201\"/>P Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _232\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Edi<span class=\"__1 _201\"/>nburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:575.35767px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:555.59515px;\">M&amp;G R<span class=\"__1 _201\"/>ED II GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _2c4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>D<span class=\"__1 _201\"/>e Cata<span class=\"__1 _201\"/>pan Ho<span class=\"__1 _201\"/>use, G<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>e Road<span class=\"__1 _201\"/>, St Peter Por<span class=\"__1 _201\"/>t, GY1 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:540.60114px;\">2QG<span class=\"__1 _201\"/>, Gu<span class=\"__1 _201\"/>erns<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:520.8386px;\">M&amp;G R<span class=\"__1 _201\"/>ED II SL<span class=\"__1 _201\"/>P GP Li<span class=\"__1 _201\"/>mited<span class=\"__1 _17a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>50 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:505.84467px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:486.08215px;\">M&amp;G R<span class=\"__1 _201\"/>ED II SL<span class=\"__1 _201\"/>P LP<span class=\"__1 _27f\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">28%<span class=\"__1 _226\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:471.08813px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:451.32565px;\">M&amp;G R<span class=\"__1 _201\"/>ED III Em<span class=\"__1 _201\"/>ployee Fe<span class=\"__1 _201\"/>ede<span class=\"__1 _201\"/>r GP Li<span class=\"__1 _201\"/>mited<span class=\"__1 _226\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:436.33163px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:416.56915px;\">M&amp;G R<span class=\"__1 _201\"/>ED III G<span class=\"__1 _201\"/>P Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _2d1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>D<span class=\"__1 _201\"/>e Catap<span class=\"__1 _201\"/>an Hous<span class=\"__1 _201\"/>e, Gr<span class=\"__1 _201\"/>ange Ro<span class=\"__1 _201\"/>ad, St Pete<span class=\"__1 _201\"/>r Por<span class=\"__1 _201\"/>t, GY1 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:401.57513px;\">2QG<span class=\"__1 _201\"/>, Gu<span class=\"__1 _201\"/>erns<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:381.81265px;\">M&amp;G R<span class=\"__1 _201\"/>ED III S<span class=\"__1 _201\"/>LP GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _de_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Edi<span class=\"__1 _201\"/>nburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:366.81863px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:347.05615px;\">M&amp;G R<span class=\"__1 _201\"/>ED III S<span class=\"__1 _201\"/>LP LP<span class=\"__1 _2d0\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls45_1 ws49_1\">2<span class=\"__1 _201\"/>5%<span class=\"__1 _f7_1\"> </span></span></span>50 Loth<span class=\"__1 _201\"/>ian Roa<span class=\"__1 _201\"/>d, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare, Ed<span class=\"__1 _201\"/>inburgh<span class=\"__1 _201\"/>, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:332.06213px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:312.29965px;\">M&amp;G R<span class=\"__1 _201\"/>PF GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _393\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:292.53714px;\">M&amp;G R<span class=\"__1 _201\"/>PF No<span class=\"__1 _201\"/>minee 1 L<span class=\"__1 _201\"/>imited<span class=\"__1 _2e6\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:272.77466px;\">M&amp;G R<span class=\"__1 _201\"/>PF No<span class=\"__1 _201\"/>minee 2 L<span class=\"__1 _201\"/>imited<span class=\"__1 _be_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:253.01215px;\">M&amp;G Se<span class=\"__1 _201\"/>curities Limited<span class=\"__1 _2d1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:233.24963px;\">M&amp;G S<span class=\"__1 _201\"/>FF (CIP GP) S\u00e1<span class=\"__1 _201\"/>rl<span class=\"__1 _2c4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">Heienhaff 5, 1<span class=\"__1 _200\"/>736 Senningerberg, Luxem<span class=\"__1 _200\"/>bourg<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:213.48715px;\">M&amp;G S<span class=\"__1 _201\"/>FF (GP) S\u00e1rl<span class=\"__1 _5b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">Heienhaff 5, 1<span class=\"__1 _200\"/>736 Senningerberg, Luxem<span class=\"__1 _200\"/>bourg<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:193.72464px;\">M&amp;G S<span class=\"__1 _201\"/>hared O<span class=\"__1 _201\"/>wne<span class=\"__1 _201\"/>rship G<span class=\"__1 _201\"/>P Limite<span class=\"__1 _201\"/>d<span class=\"__1 _472\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:173.96214px;\">M&amp;G S<span class=\"__1 _201\"/>hared O<span class=\"__1 _201\"/>wne<span class=\"__1 _201\"/>rship L<span class=\"__1 _201\"/>P<span class=\"__1 _2e7\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">4<span class=\"__1 _201\"/>6%<span class=\"__1 _e_1\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws3e_1\" style=\"left:0.010047913px; bottom:154.19965px;\">M&amp;G S<span class=\"__1 _201\"/>IF Man<span class=\"__1 _201\"/>agem<span class=\"__1 _201\"/>ent Co<span class=\"__1 _201\"/>mpany (Ire<span class=\"__1 _201\"/>land<span class=\"__1 _201\"/>) Limite<span class=\"__1 _201\"/>d<span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">5 Ge<span class=\"__1 _201\"/>orge\u2019s Doc<span class=\"__1 _201\"/>k, IFS<span class=\"__1 _201\"/>C, Du<span class=\"__1 _201\"/>blin 1, Ire<span class=\"__1 _201\"/>land<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:134.43715px;\">M&amp;G S<span class=\"__1 _201\"/>peci<span class=\"__1 _201\"/>alt<span class=\"__1 _201\"/>y Finan<span class=\"__1 _201\"/>ce Fund 2 GB<span class=\"__1 _201\"/>P SCS<span class=\"__1 _201\"/>p<span class=\"__1 _228\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">80%<span class=\"__1 _345\"> </span><span class=\"lsd_1 wse_1\">5, Heienhaff<span class=\"__1 _200\"/>, L<span class=\"__1 _337\"/>-<span class=\"__1 _200\"/>1736, Senningerberg,<span class=\"__1 _200\"/> Luxembourg<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:114.67465px;\">M&amp;G S<span class=\"__1 _201\"/>ustain<span class=\"__1 _201\"/>able L<span class=\"__1 _201\"/>oan Fund Li<span class=\"__1 _201\"/>mited<span class=\"__1 _374\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">8<span class=\"__1 _201\"/>8%<span class=\"__1 _345\"> </span></span></span>5 G<span class=\"__1 _201\"/>eorg<span class=\"__1 _201\"/>e\u2019<span class=\"__1 _200\"/>s Do<span class=\"__1 _201\"/>ck, IF<span class=\"__1 _201\"/>SC, Du<span class=\"__1 _201\"/>blin 1, Ire<span class=\"__1 _201\"/>land<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:94.91214px;\">M&amp;G T<span class=\"__1 _200\"/>ruste<span class=\"__1 _201\"/>e Com<span class=\"__1 _201\"/>pany Limi<span class=\"__1 _201\"/>ted (forme<span class=\"__1 _201\"/>rly kn<span class=\"__1 _201\"/>own<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:0.010047913px; bottom:79.918144px;\">as Prudential T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>tee Company Limit<span class=\"__1 _200\"/>ed)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:283.9689px; bottom:94.91214px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:1081.6672px;\">40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m1_1 h9_1 ff1_1 fs1_1 fc3_1 sc0_1 ls35_1 ws36_1\" style=\"left:771.7404px; bottom:700.5532px;\">Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls1_1 ws1_1\" style=\"left:499.16052px; bottom:2.0501442px;\">M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls14_1 ws13_1\">303<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 hd_1 ff2_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1166.7065px;\">Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:1036.0345px;\">Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:284.49225px; bottom:1048.036px;\">Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:284.49225px; bottom:1036.0345px;\">shares held </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:357.3465px; bottom:1048.036px;\">Proportion </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:357.3465px; bottom:1036.0345px;\">held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:1016.2782px;\">M&amp;G U<span class=\"__1 _201\"/>K Comp<span class=\"__1 _201\"/>anie<span class=\"__1 _201\"/>s Finan<span class=\"__1 _201\"/>cing Fund II L<span class=\"__1 _201\"/>P<span class=\"__1 _232\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">4<span class=\"__1 _201\"/>8%<span class=\"__1 _345\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:996.5156px;\">M&amp;G U<span class=\"__1 _201\"/>K Mor<span class=\"__1 _201\"/>tga<span class=\"__1 _201\"/>ge Inco<span class=\"__1 _201\"/>me Fund<span class=\"__1 _261\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _226\"> </span></span></span>16<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-2449<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:976.7532px;\">M&amp;G U<span class=\"__1 _201\"/>K Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty Fund<span class=\"__1 _233\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls40_1 ws44_1\">9<span class=\"__1 _201\"/>8%<span class=\"__1 _e_1\"> </span></span></span>16, Bo<span class=\"__1 _201\"/>ulevard R<span class=\"__1 _201\"/>oyal, L<span class=\"__1 _f_1\"/>-244<span class=\"__1 _201\"/>9, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:956.99066px;\">M&amp;G U<span class=\"__1 _201\"/>K Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty G<span class=\"__1 _201\"/>P Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2e8\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:937.22815px;\">M&amp;G U<span class=\"__1 _201\"/>K Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty N<span class=\"__1 _201\"/>omine<span class=\"__1 _201\"/>e 1 Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _1eb_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:917.46564px;\">M&amp;G U<span class=\"__1 _201\"/>K Prope<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>ty N<span class=\"__1 _201\"/>omine<span class=\"__1 _201\"/>e 2 Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _471\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:897.7031px;\">M&amp;G U<span class=\"__1 _201\"/>K Resi<span class=\"__1 _201\"/>dential P<span class=\"__1 _201\"/>rope<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>y Fund<span class=\"__1 _466\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"lsc_1 wsa_1\">26%<span class=\"__1 _226\"> </span></span></span>3<span class=\"__1 _201\"/>4<span class=\"__1 _201\"/>-38<span class=\"__1 _201\"/>, avenue d<span class=\"__1 _201\"/>e la Lib<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>t\u00e9, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _200\"/>1931, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:877.9407px;\">M&amp;G U<span class=\"__1 _201\"/>K Share<span class=\"__1 _201\"/>d Own<span class=\"__1 _201\"/>ersh<span class=\"__1 _201\"/>ip Limite<span class=\"__1 _201\"/>d<span class=\"__1 _472\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:858.17816px;\">M&amp;G U<span class=\"__1 _201\"/>KE<span class=\"__1 _201\"/>V (SLP) Gen<span class=\"__1 _201\"/>eral P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner L<span class=\"__1 _201\"/>LP<span class=\"__1 _376\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:838.41565px;\">M&amp;G U<span class=\"__1 _201\"/>KE<span class=\"__1 _201\"/>V (SLP) LP<span class=\"__1 _475\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tival S<span class=\"__1 _201\"/>quare<span class=\"__1 _201\"/>, Edinburg<span class=\"__1 _201\"/>h, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:823.42163px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:803.6591px;\">M&amp;G Wealth Ad<span class=\"__1 _201\"/>vice L<span class=\"__1 _201\"/>imited<span class=\"__1 _de_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:783.89667px;\">M&amp;G Wealth I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents LL<span class=\"__1 _201\"/>P (<span class=\"__1 _200\"/>for<span class=\"__1 _201\"/>merl<span class=\"__1 _201\"/>y know<span class=\"__1 _201\"/>n as </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:768.90265px;\">TCF Fund Mana<span class=\"__1 _201\"/>gers L<span class=\"__1 _201\"/>LP)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:284.49225px; bottom:783.89667px;\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:749.14014px;\">M&amp;G Wealth S<span class=\"__1 _201\"/>oluti<span class=\"__1 _201\"/>ons Lim<span class=\"__1 _201\"/>ited (forme<span class=\"__1 _201\"/>rly kn<span class=\"__1 _201\"/>own<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:734.1461px;\">as M&amp;G Wealth I<span class=\"__1 _201\"/>nvestm<span class=\"__1 _201\"/>ents L<span class=\"__1 _201\"/>imited)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:749.14014px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:714.38367px;\">Manche<span class=\"__1 _201\"/>ster JV Limited<span class=\"__1 _2db\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span></span><span class=\"ws18_1\">50%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:694.62115px;\">Manche<span class=\"__1 _201\"/>ster Nomine<span class=\"__1 _201\"/>e (<span class=\"__1 _f_1\"/>1) Limited<span class=\"__1 _2b7\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:674.85864px;\">Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment M<span class=\"__1 _201\"/>anag<span class=\"__1 _201\"/>ers (P<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y) Ltd<span class=\"__1 _ab_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Prote<span class=\"__1 _201\"/>a Place<span class=\"__1 _201\"/>, 40 Dreye<span class=\"__1 _201\"/>r Street, Cl<span class=\"__1 _201\"/>aremo<span class=\"__1 _201\"/>nt, 7<span class=\"__1 _201\"/>708<span class=\"__1 _201\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws71_1\" style=\"left:428.3775px; bottom:659.8646px;\">South Africa<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:640.1022px;\">Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s (Nami<span class=\"__1 _201\"/>bia) (Pt<span class=\"__1 _201\"/>y) Ltd<span class=\"__1 _13d_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>Unit 3, 2n<span class=\"__1 _201\"/>d Flo<span class=\"__1 _201\"/>or<span class=\"__1 _f_1\"/>, Au<span class=\"__1 _201\"/>sspa<span class=\"__1 _201\"/>nn Plaza<span class=\"__1 _201\"/>, Dr Agos<span class=\"__1 _201\"/>tinho N<span class=\"__1 _201\"/>eto </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:625.10815px;\">Road<span class=\"__1 _201\"/>, Pri<span class=\"__1 _201\"/>vate Bag 12012, Aus<span class=\"__1 _201\"/>spa<span class=\"__1 _201\"/>nnplat<span class=\"__1 _201\"/>z, Win<span class=\"__1 _201\"/>dho<span class=\"__1 _201\"/>ek,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:428.3775px; bottom:610.11414px;\">Namibia<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:590.3516px;\">Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s Life S<span class=\"__1 _201\"/>outh Afr<span class=\"__1 _201\"/>ica (R<span class=\"__1 _201\"/>F) L<span class=\"__1 _201\"/>td<span class=\"__1 _213\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Protea Pl<span class=\"__1 _201\"/>ace, 4<span class=\"__1 _201\"/>0 Dreyer Stre<span class=\"__1 _201\"/>et, Cla<span class=\"__1 _201\"/>remont<span class=\"__1 _201\"/>, 7<span class=\"__1 _201\"/>708,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws71_1\" style=\"left:428.3775px; bottom:575.35767px;\">South Africa<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:555.59515px;\">Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s Sou<span class=\"__1 _201\"/>thern Af<span class=\"__1 _201\"/>ric<span class=\"__1 _201\"/>a (Pt<span class=\"__1 _201\"/>y) Ltd<span class=\"__1 _249\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>P<span class=\"__1 _201\"/>rotea Place<span class=\"__1 _201\"/>, 40 Dreye<span class=\"__1 _201\"/>r Street<span class=\"__1 _201\"/>, Claremo<span class=\"__1 _201\"/>nt, 7<span class=\"__1 _201\"/>708<span class=\"__1 _201\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws71_1\" style=\"left:428.3775px; bottom:540.60114px;\">South Africa<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:520.8386px;\">Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s Unit T<span class=\"__1 _200\"/>rust<span class=\"__1 _201\"/>s (Nami<span class=\"__1 _201\"/>bia) Ltd<span class=\"__1 _4c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>U<span class=\"__1 _201\"/>nit 3<span class=\"__1 _201\"/>, 2nd Flo<span class=\"__1 _201\"/>or<span class=\"__1 _200\"/>, Aussp<span class=\"__1 _201\"/>ann Plaza<span class=\"__1 _201\"/>, Dr Agos<span class=\"__1 _201\"/>tinh<span class=\"__1 _201\"/>o Neto </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:505.84467px;\">Road<span class=\"__1 _201\"/>, Pri<span class=\"__1 _201\"/>vate Bag 12012, Aus<span class=\"__1 _201\"/>spa<span class=\"__1 _201\"/>nnplat<span class=\"__1 _201\"/>z, Win<span class=\"__1 _201\"/>dho<span class=\"__1 _201\"/>ek,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:428.3775px; bottom:490.85065px;\">Namibia<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:471.08813px;\">Man<span class=\"__1 _201\"/>dG Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s Unit T<span class=\"__1 _200\"/>rust<span class=\"__1 _201\"/>s Sout<span class=\"__1 _201\"/>h Afric<span class=\"__1 _201\"/>a (RF<span class=\"__1 _201\"/>)<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls21_1 ws20_1\" style=\"bottom:456.09415px;\">Ltd<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:471.08813px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">P<span class=\"__1 _201\"/>rotea Plac<span class=\"__1 _201\"/>e, 40 D<span class=\"__1 _201\"/>reyer Street<span class=\"__1 _201\"/>, Clarem<span class=\"__1 _201\"/>ont, 7<span class=\"__1 _201\"/>708<span class=\"__1 _201\"/>, </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws71_1\" style=\"left:428.3775px; bottom:456.09415px;\">South Africa<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:436.33163px;\">Mins<span class=\"__1 _201\"/>ter Cou<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>t Est<span class=\"__1 _201\"/>ate Manage<span class=\"__1 _201\"/>ment L<span class=\"__1 _201\"/>imited<span class=\"__1 _237\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">56%<span class=\"__1 _226\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:416.56915px;\">Mol<span class=\"__1 _201\"/>e GP<span class=\"__1 _201\"/>1 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _ba_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:401.57513px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:381.81265px;\">Mol<span class=\"__1 _201\"/>e GP<span class=\"__1 _201\"/>2 Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _2e9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:366.81863px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:347.05615px;\">NAP<span class=\"__1 _201\"/>I REIT<span class=\"__1 _200\"/>, Inc<span class=\"__1 _2c1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span></span>30<span class=\"__1 _201\"/>0 E Lomb<span class=\"__1 _201\"/>ard Street<span class=\"__1 _201\"/>, Baltim<span class=\"__1 _201\"/>ore, MD 2<span class=\"__1 _201\"/>1202, US<span class=\"__1 _201\"/>A<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:327.29364px;\">NB G<span class=\"__1 _201\"/>emini Fund L<span class=\"__1 _201\"/>P<span class=\"__1 _9b_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _226\"> </span></span></span>Mapl<span class=\"__1 _201\"/>es Co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>rate Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices L<span class=\"__1 _201\"/>imited<span class=\"__1 _201\"/>, Uglan<span class=\"__1 _201\"/>d Hous<span class=\"__1 _201\"/>e, <span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:312.29965px;\">P<span class=\"__1 _337\"/>.O. B<span class=\"__1 _201\"/>ox 309, G<span class=\"__1 _201\"/>rand C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/>, K<span class=\"__1 _201\"/>Y1-<span class=\"__1 _f_1\"/>1104, C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:428.3775px; bottom:297.30563px;\">Islands<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:277.54315px;\">Oak<span class=\"__1 _201\"/>tree Bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s Par<span class=\"__1 _201\"/>k Limite<span class=\"__1 _201\"/>d<span class=\"__1 _bf_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls52_1 ws5a_1\">14%<span class=\"__1 _f4_1\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:257.78064px;\">Old K<span class=\"__1 _201\"/>ings<span class=\"__1 _201\"/>way LP<span class=\"__1 _387\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>2<span class=\"__1 _201\"/>71<span class=\"__1 _200\"/>1 Cen<span class=\"__1 _201\"/>ter<span class=\"__1 _201\"/>vill<span class=\"__1 _201\"/>e Road<span class=\"__1 _201\"/>, Suite 40<span class=\"__1 _201\"/>0, Wilmi<span class=\"__1 _201\"/>ngton, D<span class=\"__1 _201\"/>E </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3f_1 ws4c_1\" style=\"left:428.3775px; bottom:242.78665px;\">19808, US<span class=\"__1 _200\"/>A<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:223.02414px;\">Optimus Point Manag<span class=\"__1 _201\"/>ement Compa<span class=\"__1 _201\"/>ny Limited<span class=\"__1 _b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span>52%<span class=\"__1 _f7_1\"> </span><span class=\"ls6_1 ws1_1\">Barr<span class=\"__1 _201\"/>at Hous<span class=\"__1 _201\"/>e, Ca<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>wr<span class=\"__1 _201\"/>ight Way<span class=\"__1 _f_1\"/>, B<span class=\"__1 _201\"/>ardon H<span class=\"__1 _201\"/>ill, Co<span class=\"__1 _201\"/>alvi<span class=\"__1 _201\"/>lle,<span class=\"__1 _201\"/> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:208.03015px;\">LE67 1U<span class=\"__1 _201\"/>F<span class=\"__1 _f_1\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:188.26764px;\">Pacu<span class=\"__1 _201\"/>s (UK<span class=\"__1 _201\"/>) Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _489\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:168.50514px;\">P<span class=\"__1 _200\"/>AP T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>ustee P<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _295\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>Level 17 T<span class=\"__1 _200\"/>ower One<span class=\"__1 _201\"/>, Intern<span class=\"__1 _201\"/>ational T<span class=\"__1 _200\"/>owers<span class=\"__1 _201\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:153.51114px;\">Bara<span class=\"__1 _201\"/>ngaro<span class=\"__1 _201\"/>o, Sydney, NSW 200<span class=\"__1 _201\"/>0, Austra<span class=\"__1 _201\"/>lia<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:133.74864px;\">Pes<span class=\"__1 _201\"/>ca GP L<span class=\"__1 _201\"/>LP<span class=\"__1 _2ea\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:113.986145px;\">PG<span class=\"__1 _201\"/>DS (UK O<span class=\"__1 _201\"/>ne) Limited<span class=\"__1 _2c6\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:94.22365px;\">PG<span class=\"__1 _201\"/>F Mana<span class=\"__1 _201\"/>geme<span class=\"__1 _201\"/>nt Com<span class=\"__1 _201\"/>pany (Ire<span class=\"__1 _201\"/>land) L<span class=\"__1 _201\"/>imited (i<span class=\"__1 _201\"/>n </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"bottom:79.229645px;\">liquidation<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:94.22365px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">5 Ge<span class=\"__1 _201\"/>orge\u2019s Dock<span class=\"__1 _201\"/>, Dub<span class=\"__1 _201\"/>lin 1, D01 X8N<span class=\"__1 _201\"/>7<span class=\"__1 _f_1\"/>, Ire<span class=\"__1 _201\"/>land<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:1081.6672px;\">40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls35_1 ws4a_1\" style=\"bottom:2.0501442px;\">304<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2022<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:1036.0345px;\">Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:283.9689px; bottom:1048.036px;\">Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:283.9689px; bottom:1036.0345px;\">shares held </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:356.54776px; bottom:1048.036px;\">Proportion </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:356.54776px; bottom:1036.0345px;\">held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1016.2782px;\">PPM Am<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ca Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y Fund II<span class=\"__1 _201\"/>I LP<span class=\"__1 _1c1_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span>87<span class=\"__1 _200\"/>4 W<span class=\"__1 _200\"/>alker Roa<span class=\"__1 _201\"/>d, Suite C<span class=\"__1 _201\"/>, City of D<span class=\"__1 _201\"/>over<span class=\"__1 _200\"/>, Count<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:1001.2842px;\">Kent, State of D<span class=\"__1 _201\"/>elaware 19<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4, Un<span class=\"__1 _201\"/>ited States<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:981.52167px;\">PPM Am<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ca Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y Fund IV L<span class=\"__1 _201\"/>P<span class=\"__1 _13d_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>87<span class=\"__1 _200\"/>4 Walker Road, S<span class=\"__1 _201\"/>uite C, Cit<span class=\"__1 _201\"/>y of Dove<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, C<span class=\"__1 _201\"/>ount<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:966.52765px;\">Kent, State of D<span class=\"__1 _201\"/>elaware 19<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4, Un<span class=\"__1 _201\"/>ited States<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:946.76514px;\">PPM Am<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ca Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y Fund V LP<span class=\"__1 _a3_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span>87<span class=\"__1 _200\"/>4 W<span class=\"__1 _200\"/>alker Road<span class=\"__1 _201\"/>, Suite C, Ci<span class=\"__1 _201\"/>ty of D<span class=\"__1 _201\"/>over<span class=\"__1 _200\"/>, Count<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:931.7711px;\">Kent, State of D<span class=\"__1 _201\"/>elaware 19<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4, Un<span class=\"__1 _201\"/>ited States<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:912.00867px;\">PPM Am<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ca Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y Fund VI L<span class=\"__1 _201\"/>P<span class=\"__1 _13d_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">40%<span class=\"__1 _345\"> </span></span></span>87<span class=\"__1 _200\"/>4 W<span class=\"__1 _200\"/>alker Roa<span class=\"__1 _201\"/>d, Suite C<span class=\"__1 _201\"/>, City o<span class=\"__1 _201\"/>f Dover<span class=\"__1 _200\"/>, Coun<span class=\"__1 _201\"/>ty of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:897.01465px;\">Kent, State of D<span class=\"__1 _201\"/>elaware 19<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4, Un<span class=\"__1 _201\"/>ited States<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:877.25214px;\">PPM Am<span class=\"__1 _201\"/>eri<span class=\"__1 _201\"/>ca Pri<span class=\"__1 _201\"/>vate Equit<span class=\"__1 _201\"/>y Fund VI<span class=\"__1 _201\"/>I LP<span class=\"__1 _311\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">4<span class=\"__1 _201\"/>6%<span class=\"__1 _e_1\"> </span></span></span>87<span class=\"__1 _200\"/>4 W<span class=\"__1 _200\"/>alker Road<span class=\"__1 _201\"/>, Suite C, Ci<span class=\"__1 _201\"/>ty of D<span class=\"__1 _201\"/>over<span class=\"__1 _200\"/>, Count<span class=\"__1 _201\"/>y of<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:862.2581px;\">Kent, State of D<span class=\"__1 _201\"/>elaware 19<span class=\"__1 _201\"/>90<span class=\"__1 _201\"/>4, Un<span class=\"__1 _201\"/>ited States<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:842.49567px;\">PPM Capital (H<span class=\"__1 _201\"/>oldings) Limited<span class=\"__1 _343\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:822.73315px;\">PPM M<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>rs GP L<span class=\"__1 _201\"/>imited<span class=\"__1 _2e4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothian Ro<span class=\"__1 _201\"/>ad, Fe<span class=\"__1 _201\"/>stiv<span class=\"__1 _201\"/>al Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:807.73914px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:787.9766px;\">PPM M<span class=\"__1 _201\"/>anage<span class=\"__1 _201\"/>rs Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rshi<span class=\"__1 _201\"/>p CI VII (A<span class=\"__1 _201\"/>) LP<span class=\"__1 _311\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls45_1 ws49_1\">25%<span class=\"__1 _f7_1\"> </span></span></span>50 L<span class=\"__1 _201\"/>othian Ro<span class=\"__1 _201\"/>ad, Fes<span class=\"__1 _201\"/>tiva<span class=\"__1 _201\"/>l Squa<span class=\"__1 _201\"/>re, Edinbu<span class=\"__1 _201\"/>rgh, EH3<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.54907px; bottom:772.98267px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:753.22015px;\">PPM Ventures (A<span class=\"__1 _201\"/>sia) Limite<span class=\"__1 _201\"/>d (In liq<span class=\"__1 _201\"/>uidatio<span class=\"__1 _201\"/>n)<span class=\"__1 _6b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>13/F<span class=\"__1 _f_1\"/>, On<span class=\"__1 _201\"/>e Intern<span class=\"__1 _201\"/>ational F<span class=\"__1 _201\"/>inanc<span class=\"__1 _201\"/>e Centre<span class=\"__1 _201\"/>, 1 Harb<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:738.22614px;\">View Stre<span class=\"__1 _201\"/>et, C<span class=\"__1 _201\"/>entral<span class=\"__1 _201\"/>, Hong Ko<span class=\"__1 _201\"/>ng<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:718.4636px;\">PPMC Firs<span class=\"__1 _201\"/>t Nominee<span class=\"__1 _201\"/>s Limited<span class=\"__1 _a2_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:698.7012px;\">Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ty P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>s (T<span class=\"__1 _200\"/>wo Rive<span class=\"__1 _201\"/>rs<span class=\"__1 _200\"/>) Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _1c1_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>B<span class=\"__1 _201\"/>ow Bells H<span class=\"__1 _201\"/>ous<span class=\"__1 _201\"/>e, 1 Bread Stre<span class=\"__1 _201\"/>et, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC4<span class=\"__1 _201\"/>M 9H<span class=\"__1 _201\"/>H,<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws3b_1\" style=\"left:428.54907px; bottom:683.70715px;\">UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:663.94464px;\">Pru Limited<span class=\"__1 _2b3\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1c_1 ws1b_1\" style=\"left:0.010047913px; bottom:644.1821px;\">Prudence Limited<span class=\"__1 _2e9\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:624.4196px;\">Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Capit<span class=\"__1 _201\"/>al (Singap<span class=\"__1 _201\"/>ore<span class=\"__1 _200\"/>) P<span class=\"__1 _201\"/>te. Ltd. (in<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"left:0.010047913px; bottom:609.42566px;\">liquidation<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:283.9689px; bottom:624.4196px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 M<span class=\"__1 _201\"/>arina B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard, #<span class=\"__1 _201\"/>32-01, M<span class=\"__1 _201\"/>arina B<span class=\"__1 _201\"/>ay Financ<span class=\"__1 _201\"/>ial </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:609.42566px;\">Cent<span class=\"__1 _201\"/>re, 01898<span class=\"__1 _201\"/>3<span class=\"__1 _201\"/>, Singa<span class=\"__1 _201\"/>pore<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:589.66315px;\">Prudential<span class=\"__1 _200\"/> Corporate<span class=\"__1 _200\"/> Pensions T<span class=\"__1 _337\"/>rustee Limited<span class=\"__1 _5f_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:569.90063px;\">Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Credit O<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>tun<span class=\"__1 _201\"/>ities 1 S<span class=\"__1 _201\"/>.a<span class=\"__1 _201\"/>.r<span class=\"__1 _200\"/>.l.<span class=\"__1 _333\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>1, R<span class=\"__1 _201\"/>ue Hild<span class=\"__1 _201\"/>egard vo<span class=\"__1 _201\"/>n Bing<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-1<span class=\"__1 _200\"/>282<span class=\"__1 _201\"/>, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:550.1381px;\">Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Credit O<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>tun<span class=\"__1 _201\"/>ities 2 S<span class=\"__1 _201\"/>.a<span class=\"__1 _201\"/>.r<span class=\"__1 _200\"/>.l<span class=\"__1 _13d_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>1, R<span class=\"__1 _201\"/>ue Hild<span class=\"__1 _201\"/>egard vo<span class=\"__1 _201\"/>n Binge<span class=\"__1 _201\"/>n, L<span class=\"__1 _f_1\"/>-1<span class=\"__1 _200\"/>282<span class=\"__1 _201\"/>, Luxem<span class=\"__1 _201\"/>bourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:530.3757px;\">Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Credit O<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>tun<span class=\"__1 _201\"/>ities G<span class=\"__1 _201\"/>P S.<span class=\"__1 _201\"/>a.r.l<span class=\"__1 _271\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>1, Rue Hil<span class=\"__1 _201\"/>dega<span class=\"__1 _201\"/>rd von Bing<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-1<span class=\"__1 _200\"/>282<span class=\"__1 _201\"/>, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:510.61316px;\">Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Credit O<span class=\"__1 _201\"/>ppor<span class=\"__1 _201\"/>tun<span class=\"__1 _201\"/>ities S<span class=\"__1 _201\"/>CSp<span class=\"__1 _9d_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>1, Rue H<span class=\"__1 _201\"/>ilde<span class=\"__1 _201\"/>gard von B<span class=\"__1 _201\"/>ingen<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _200\"/>1282, L<span class=\"__1 _201\"/>uxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:490.85065px;\">Prude<span class=\"__1 _201\"/>ntial Distribution L<span class=\"__1 _201\"/>imited<span class=\"__1 _1a7_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">5 C<span class=\"__1 _201\"/>entra<span class=\"__1 _201\"/>l W<span class=\"__1 _200\"/>ay<span class=\"__1 _200\"/>, Kild<span class=\"__1 _201\"/>ean Bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s Park<span class=\"__1 _201\"/>, Stirl<span class=\"__1 _201\"/>ing, FK8<span class=\"__1 _201\"/> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls49_1 wsb7_1\" style=\"left:428.54907px; bottom:475.85663px;\">1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:456.09415px;\">Prudential<span class=\"__1 _200\"/> Equity Release<span class=\"__1 _200\"/> Mor<span class=\"__1 _201\"/>tg<span class=\"__1 _200\"/>ages Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _286\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:436.33163px;\">Prude<span class=\"__1 _201\"/>ntial Financial Planning Limited<span class=\"__1 _a4_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:416.56915px;\">Prude<span class=\"__1 _201\"/>ntial GP Limited<span class=\"__1 _389\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">5 Central Way<span class=\"__1 _200\"/>, Kil<span class=\"__1 _201\"/>dean Bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s Par<span class=\"__1 _201\"/>k, Stir<span class=\"__1 _201\"/>ling, F<span class=\"__1 _201\"/>K8 </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls49_1 wsb7_1\" style=\"left:428.54907px; bottom:401.57513px;\">1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:381.81265px;\">Prudential<span class=\"__1 _200\"/> Greenfield GP LLP<span class=\"__1 _404\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:362.05014px;\">Prudential<span class=\"__1 _200\"/> Greenfield GP1 Limited<span class=\"__1 _1ac_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:342.28766px;\">Prudential<span class=\"__1 _200\"/> Greenfield GP2 Limited<span class=\"__1 _262\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:322.52515px;\">Prudential<span class=\"__1 _200\"/> Greenfield LP<span class=\"__1 _2c8\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:302.76263px;\">Prude<span class=\"__1 _201\"/>ntial Holborn Life L<span class=\"__1 _201\"/>imited<span class=\"__1 _3c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:283.00015px;\">Prudential<span class=\"__1 _200\"/> Interna<span class=\"__1 _200\"/>tional<span class=\"__1 _200\"/> Assurance plc<span class=\"__1 _1ce_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">M<span class=\"__1 _201\"/>ontagu<span class=\"__1 _201\"/>e Hous<span class=\"__1 _201\"/>e, Adel<span class=\"__1 _201\"/>aide Ro<span class=\"__1 _201\"/>ad, D<span class=\"__1 _201\"/>ublin 2<span class=\"__1 _201\"/>, D02 K039<span class=\"__1 _201\"/>, </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:428.54907px; bottom:268.00613px;\">Irela<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:248.24365px;\">Prudential<span class=\"__1 _200\"/> Interna<span class=\"__1 _200\"/>tional<span class=\"__1 _200\"/> Management Services<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:0.010047913px; bottom:233.24963px;\">Limited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:283.9689px; bottom:248.24365px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">M<span class=\"__1 _201\"/>onta<span class=\"__1 _201\"/>gue Ho<span class=\"__1 _201\"/>use, Ade<span class=\"__1 _201\"/>laide R<span class=\"__1 _201\"/>oad, D<span class=\"__1 _201\"/>ublin 2<span class=\"__1 _201\"/>, D0<span class=\"__1 _201\"/>2 K<span class=\"__1 _200\"/>039<span class=\"__1 _201\"/>, </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"left:428.54907px; bottom:233.24963px;\">Irela<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:213.48715px;\">Prudential<span class=\"__1 _200\"/> Investmen<span class=\"__1 _200\"/>t (Lux<span class=\"__1 _200\"/>embourg)<span class=\"__1 _200\"/> 2 S.\u00e0.r<span class=\"__1 _200\"/>.l.<span class=\"__1 _248\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">16<span class=\"__1 _201\"/>, Boulev<span class=\"__1 _201\"/>ard Royal<span class=\"__1 _201\"/>, L<span class=\"__1 _337\"/>-24<span class=\"__1 _201\"/>49, Lu<span class=\"__1 _201\"/>xembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:193.72464px;\">Prude<span class=\"__1 _201\"/>ntial Lifetime Mor<span class=\"__1 _201\"/>tgages Limited<span class=\"__1 _470\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">5 C<span class=\"__1 _201\"/>entra<span class=\"__1 _201\"/>l W<span class=\"__1 _200\"/>ay<span class=\"__1 _200\"/>, Kild<span class=\"__1 _201\"/>ean Bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s Park<span class=\"__1 _201\"/>, Stirl<span class=\"__1 _201\"/>ing, FK8<span class=\"__1 _201\"/> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls49_1 wsb7_1\" style=\"left:428.54907px; bottom:178.73065px;\">1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:158.96814px;\">Prudential<span class=\"__1 _200\"/> Loan Inv<span class=\"__1 _200\"/>estments 1<span class=\"__1 _200\"/> S.a.r<span class=\"__1 _200\"/>.l<span class=\"__1 _26e\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">1, Ru<span class=\"__1 _201\"/>e Hilde<span class=\"__1 _201\"/>gard von B<span class=\"__1 _201\"/>ingen<span class=\"__1 _201\"/>, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _200\"/>1282<span class=\"__1 _201\"/>, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:139.20564px;\">Prudential<span class=\"__1 _200\"/> Loan Inv<span class=\"__1 _200\"/>estments GP S.a.r<span class=\"__1 _f_1\"/>.l<span class=\"__1 _376\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">1, Rue Hil<span class=\"__1 _201\"/>dega<span class=\"__1 _201\"/>rd von Bing<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-1<span class=\"__1 _200\"/>282<span class=\"__1 _201\"/>, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:119.443146px;\">Prudential<span class=\"__1 _200\"/> Loan Inv<span class=\"__1 _200\"/>estments SCSp<span class=\"__1 _426\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">1, R<span class=\"__1 _201\"/>ue Hil<span class=\"__1 _201\"/>dega<span class=\"__1 _201\"/>rd von Bing<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-1282, L<span class=\"__1 _201\"/>uxembo<span class=\"__1 _201\"/>urg<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:99.68065px;\">Prudential<span class=\"__1 _200\"/> Pensions Li<span class=\"__1 _200\"/>mited<span class=\"__1 _de_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:79.918144px;\">Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Polska s<span class=\"__1 _201\"/>p. z.o.o<span class=\"__1 _20f\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>02-6<span class=\"__1 _201\"/>70 Warszawa<span class=\"__1 _201\"/>, Pulaws<span class=\"__1 _201\"/>ka 182<span class=\"__1 _201\"/>, Polan<span class=\"__1 _201\"/>d<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:1081.6672px;\">40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m1_1 h9_1 ff1_1 fs1_1 fc3_1 sc0_1 ls35_1 ws36_1\" style=\"left:771.7404px; bottom:700.5532px;\">Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls1_1 ws1_1\" style=\"left:499.16052px; bottom:2.0501442px;\">M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls2e_1 ws6c_1\">305<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 hd_1 ff2_1 fs0_1 fc0_1 sc0_1 ls4e_1 ws1_1\" style=\"bottom:1166.7065px;\">Not<span class=\"__1 _200\"/>es to t<span class=\"__1 _200\"/>he consolida<span class=\"__1 _200\"/>t<span class=\"__1 _200\"/>ed financial sta<span class=\"__1 _200\"/>temen<span class=\"__1 _200\"/>ts cont<span class=\"__1 _200\"/>inued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:5.1585007px; bottom:1036.0345px;\">Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:284.49225px; bottom:1048.036px;\">Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:284.49225px; bottom:1036.0345px;\">shares held </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:357.3465px; bottom:1048.036px;\">Proportion </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:357.3465px; bottom:1036.0345px;\">held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:1016.2782px;\">Prudential<span class=\"__1 _200\"/> Port<span class=\"__1 _201\"/>folio<span class=\"__1 _200\"/> Management Grou<span class=\"__1 _200\"/>p Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _437\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:996.5156px;\">Prudential<span class=\"__1 _200\"/> Propert<span class=\"__1 _201\"/>y In<span class=\"__1 _200\"/>vestment Man<span class=\"__1 _200\"/>agers </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"bottom:981.52167px;\">Limited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:996.5156px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:961.75916px;\">Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Real E<span class=\"__1 _201\"/>state Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s 1 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _214\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5A<span class=\"__1 _200\"/>G<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:941.99664px;\">Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Real E<span class=\"__1 _201\"/>state Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s 2 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _243\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:922.23413px;\">Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l Real E<span class=\"__1 _201\"/>state Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s 3 Limite<span class=\"__1 _201\"/>d<span class=\"__1 _243\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:902.4716px;\">Prude<span class=\"__1 _201\"/>ntial Staff Pensions Limited<span class=\"__1 _2df\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:882.70917px;\">Prudential<span class=\"__1 _200\"/> UK Real Estat<span class=\"__1 _200\"/>e General Partner </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"bottom:867.71515px;\">Limited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:882.70917px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:847.95264px;\">Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l UK Real E<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/>ate Limited P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners<span class=\"__1 _201\"/>hip<span class=\"__1 _213\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:828.1901px;\">Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l UK Real E<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/>ate Nomin<span class=\"__1 _201\"/>ee 1 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _211\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:808.4277px;\">Pru<span class=\"__1 _201\"/>dentia<span class=\"__1 _201\"/>l UK Real E<span class=\"__1 _201\"/>st<span class=\"__1 _201\"/>ate Nomin<span class=\"__1 _201\"/>ee 2 Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _282\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:788.66516px;\">Prudential<span class=\"__1 _200\"/> UK Ser<span class=\"__1 _201\"/>vices Limi<span class=\"__1 _200\"/>ted<span class=\"__1 _3c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">5 C<span class=\"__1 _201\"/>entral Way<span class=\"__1 _200\"/>, Kild<span class=\"__1 _201\"/>ean Bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s Par<span class=\"__1 _201\"/>k, Stirl<span class=\"__1 _201\"/>ing, FK<span class=\"__1 _201\"/>8 </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls49_1 wsb7_1\" style=\"left:428.3775px; bottom:773.67114px;\">1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:753.9086px;\">Prude<span class=\"__1 _201\"/>ntial Unit T<span class=\"__1 _f_1\"/>rust<span class=\"__1 _201\"/>s Limited<span class=\"__1 _1fe\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls21_1 ws1e_1\" style=\"bottom:734.1461px;\">Pr<span class=\"__1 _201\"/>utec<span class=\"__1 _201\"/> Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _20b\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenu<span class=\"__1 _201\"/>e, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:714.38367px;\">PVM Par<span class=\"__1 _201\"/>tnersh<span class=\"__1 _201\"/>ips Limited<span class=\"__1 _20a\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:694.62115px;\">Rads G<span class=\"__1 _201\"/>amma L<span class=\"__1 _201\"/>imited<span class=\"__1 _26d\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">5<span class=\"__1 _201\"/>0 Lothian R<span class=\"__1 _201\"/>oad, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:679.62714px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:659.8646px;\">Rads O<span class=\"__1 _201\"/>meg<span class=\"__1 _201\"/>a Limite<span class=\"__1 _201\"/>d<span class=\"__1 _2eb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>5<span class=\"__1 _201\"/>0 Lothia<span class=\"__1 _201\"/>n Road, Fe<span class=\"__1 _201\"/>sti<span class=\"__1 _201\"/>val Squ<span class=\"__1 _201\"/>are, Edinb<span class=\"__1 _201\"/>urgh, EH<span class=\"__1 _201\"/>3 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls43_1 ws11_1\" style=\"left:428.3775px; bottom:644.87067px;\">9<span class=\"__1 _201\"/>WJ<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:625.10815px;\">Rand<span class=\"__1 _201\"/>olph Stre<span class=\"__1 _201\"/>et LP<span class=\"__1 _2ec\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>2<span class=\"__1 _201\"/>71<span class=\"__1 _200\"/>1 Center<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ille Ro<span class=\"__1 _201\"/>ad, S<span class=\"__1 _201\"/>uite 400<span class=\"__1 _201\"/>, Wilmin<span class=\"__1 _201\"/>gton, D<span class=\"__1 _201\"/>E </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3f_1 ws4c_1\" style=\"left:428.3775px; bottom:610.11414px;\">19808, US<span class=\"__1 _200\"/>A<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:590.3516px;\">RD Park (Hoddesdon Phase<span class=\"__1 _200\"/> 1<span class=\"__1 _200\"/>) Management </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:575.35767px;\">Company Limited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:590.3516px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls52_1 ws5a_1\">6<span class=\"__1 _201\"/>4%<span class=\"__1 _2cc\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:555.59515px;\">resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Agric<span class=\"__1 _201\"/>ulture Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers SL<span class=\"__1 _201\"/>P<span class=\"__1 _2b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls12_1 ws11_1\">6<span class=\"__1 _201\"/>1%<span class=\"__1 _1d_1\"> </span></span></span>15, Bo<span class=\"__1 _201\"/>ulevard F<span class=\"__1 _200\"/>.<span class=\"__1 _f_1\"/>W. Raiffeis<span class=\"__1 _201\"/>en, L<span class=\"__1 _200\"/>-<span class=\"__1 _200\"/>24<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>1, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"bottom:535.83264px;\">responsAbility Management<span class=\"__1 _200\"/> Company<span class=\"__1 _200\"/> S.<span class=\"__1 _201\"/>A. (in </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws30_1\" style=\"bottom:520.8386px;\">liquidation<span class=\"__1 _200\"/>)<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:535.83264px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">80%<span class=\"__1 _345\"> </span><span class=\"ls6_1 ws1_1\">c/o KPMG<span class=\"__1 _201\"/>; 39, Avenue J<span class=\"__1 _201\"/>ohn F<span class=\"__1 _f_1\"/>. Kenn<span class=\"__1 _201\"/>edy, L<span class=\"__1 _f_1\"/>-<span class=\"__1 _200\"/>1855<span class=\"__1 _201\"/>, </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:428.3775px; bottom:520.8386px;\">Luxembourg </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:501.07617px;\">resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Foo<span class=\"__1 _201\"/>d \u2013 Asia I<span class=\"__1 _201\"/>I (GP), </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls22_1 ws6b_1\" style=\"bottom:486.08215px;\">S.\u00e0 r<span class=\"__1 _f_1\"/>.l.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:501.07617px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">15<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard F<span class=\"__1 _f_1\"/>.W<span class=\"__1 _f_1\"/>. Rai<span class=\"__1 _201\"/>ffeis<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-241<span class=\"__1 _200\"/>1, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"bottom:466.31964px;\">resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Foo<span class=\"__1 _201\"/>d \u2013 Lata<span class=\"__1 _201\"/>m I (<span class=\"__1 _200\"/>GP),<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls22_1 ws6b_1\" style=\"bottom:451.32565px;\">S.\u00e0 r<span class=\"__1 _f_1\"/>.l.<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:284.49225px; bottom:466.31964px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">15<span class=\"__1 _201\"/>, Boul<span class=\"__1 _201\"/>evard F<span class=\"__1 _f_1\"/>.W<span class=\"__1 _f_1\"/>. Rai<span class=\"__1 _201\"/>ffeis<span class=\"__1 _201\"/>en, L<span class=\"__1 _f_1\"/>-241<span class=\"__1 _200\"/>1, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:431.56314px;\">resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Afri<span class=\"__1 _201\"/>ca Ltd<span class=\"__1 _331\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">M<span class=\"__1 _201\"/>ercha<span class=\"__1 _201\"/>nt Squa<span class=\"__1 _201\"/>re, Blo<span class=\"__1 _201\"/>ck D, 5th Floo<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, R<span class=\"__1 _201\"/>ivers<span class=\"__1 _201\"/>ide Dr<span class=\"__1 _201\"/>ive,<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:416.56915px;\">Westlan<span class=\"__1 _201\"/>ds, P<span class=\"__1 _f_1\"/>.O. 29<span class=\"__1 _201\"/>300<span class=\"__1 _201\"/>623 Na<span class=\"__1 _201\"/>irobi, Ke<span class=\"__1 _201\"/>nya<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:396.80664px;\">resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Agric<span class=\"__1 _201\"/>ulture (GP) S\u00e0r<span class=\"__1 _201\"/>l<span class=\"__1 _18f_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">15, B<span class=\"__1 _201\"/>oulev<span class=\"__1 _201\"/>ard F<span class=\"__1 _f_1\"/>.<span class=\"__1 _200\"/>W<span class=\"__1 _200\"/>. Raiffei<span class=\"__1 _201\"/>sen<span class=\"__1 _201\"/>, L<span class=\"__1 _337\"/>-241<span class=\"__1 _200\"/>1, Luxemb<span class=\"__1 _201\"/>ourg<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:377.04416px;\">resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Ame<span class=\"__1 _201\"/>ric<span class=\"__1 _201\"/>a Latin<span class=\"__1 _201\"/>a SAC<span class=\"__1 _466\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">Av. 28 de Juli<span class=\"__1 _201\"/>o 753<span class=\"__1 _201\"/>, Mirafl<span class=\"__1 _201\"/>ores<span class=\"__1 _201\"/>, Provin<span class=\"__1 _201\"/>cia de L<span class=\"__1 _201\"/>ima,<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3d_1 wsb8_1\" style=\"left:428.3775px; bottom:362.05014px;\">1<span class=\"__1 _201\"/>5<span class=\"__1 _250\"/>0<span class=\"__1 _201\"/>74<span class=\"__1 _250\"/>,<span class=\"__1 _201\"/> P<span class=\"__1 _250\"/>e<span class=\"__1 _250\"/>r<span class=\"__1 _201\"/>u<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:342.28766px;\">resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y BOP S<span class=\"__1 _201\"/>\u00e0rl<span class=\"__1 _2ed\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _e_1\"> </span></span></span><span class=\"ws1_1\">5, Ru<span class=\"__1 _201\"/>e Jean M<span class=\"__1 _201\"/>onne<span class=\"__1 _201\"/>t, L<span class=\"__1 _f_1\"/>-2180, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:322.52515px;\">resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y France S<span class=\"__1 _201\"/>AS<span class=\"__1 _2cb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">5 Rue du H<span class=\"__1 _201\"/>eld<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>, Paris<span class=\"__1 _201\"/>, D\u00e9p<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tement d<span class=\"__1 _201\"/>e Pari<span class=\"__1 _201\"/>s, ID<span class=\"__1 _201\"/>F<span class=\"__1 _f_1\"/>,<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws5d_1\" style=\"left:428.3775px; bottom:307.53116px;\">75009, F<span class=\"__1 _200\"/>rance<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:287.76865px;\">resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Ge<span class=\"__1 _201\"/>orgia L<span class=\"__1 _201\"/>LC<span class=\"__1 _2e7\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">4 T<span class=\"__1 _200\"/>amar Chove<span class=\"__1 _201\"/>lidze Street<span class=\"__1 _201\"/>, T\u2019bi<span class=\"__1 _201\"/>lisi, T<span class=\"__1 _201\"/>bilis<span class=\"__1 _201\"/>i, 0108<span class=\"__1 _201\"/>, </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls7_1 ws5_1\" style=\"left:428.3775px; bottom:272.77466px;\">Ge<span class=\"__1 _201\"/>orgia<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:253.01215px;\">resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Ind<span class=\"__1 _201\"/>ia Busin<span class=\"__1 _201\"/>ess Ad<span class=\"__1 _201\"/>viso<span class=\"__1 _201\"/>rs P<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>t. Ltd<span class=\"__1 _b1_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">31 Gre<span class=\"__1 _201\"/>en Acre, U<span class=\"__1 _201\"/>nion Pa<span class=\"__1 _201\"/>rk Roa<span class=\"__1 _201\"/>d Numbe<span class=\"__1 _201\"/>r 5, Mu<span class=\"__1 _201\"/>mbai,<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls27_1 ws5d_1\" style=\"left:428.3775px; bottom:238.01816px;\">Mumbai Su<span class=\"__1 _200\"/>burban, MH, 400052, India<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:218.25565px;\">resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Inves<span class=\"__1 _201\"/>tment<span class=\"__1 _201\"/>s AG<span class=\"__1 _3c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls40_1 ws44_1\">93%<span class=\"__1 _226\"> </span></span></span><span class=\"ws1_1\">Zolls<span class=\"__1 _201\"/>tras<span class=\"__1 _201\"/>se 17<span class=\"__1 _f_1\"/>, Z\u00fcr<span class=\"__1 _201\"/>ich, Z<span class=\"__1 _201\"/>H, 80<span class=\"__1 _201\"/>05, Sw<span class=\"__1 _201\"/>itzer<span class=\"__1 _201\"/>land<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:198.49315px;\">resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y Tha<span class=\"__1 _201\"/>iland Ltd<span class=\"__1 _2ee\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"lsd_1 wse_1\">62 Thaniya BTS Buildi<span class=\"__1 _200\"/>ng, Silom Road,<span class=\"__1 _200\"/> Suriyawongse, </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:428.3775px; bottom:183.49915px;\">Bangrak, Bangkok, 10500, Thailand<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:163.73665px;\">resp<span class=\"__1 _201\"/>onsA<span class=\"__1 _201\"/>bilit<span class=\"__1 _201\"/>y V<span class=\"__1 _200\"/>enture<span class=\"__1 _201\"/>s I Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices AG<span class=\"__1 _376\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">Zo<span class=\"__1 _201\"/>llstr<span class=\"__1 _201\"/>ass<span class=\"__1 _201\"/>e 17<span class=\"__1 _f_1\"/>, Z\u00fcri<span class=\"__1 _201\"/>ch, ZH<span class=\"__1 _201\"/>, 800<span class=\"__1 _201\"/>5, Swit<span class=\"__1 _201\"/>zerla<span class=\"__1 _201\"/>nd<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:143.97415px;\">San<span class=\"__1 _201\"/>dring<span class=\"__1 _201\"/>ham Fina<span class=\"__1 _201\"/>ncial P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners L<span class=\"__1 _201\"/>imited<span class=\"__1 _8d_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls12_1 ws11_1\">61%<span class=\"__1 _1d_1\"> </span></span></span><span class=\"ws1_1\">3<span class=\"__1 _201\"/>0 Market Stree<span class=\"__1 _201\"/>t, Hud<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>fie<span class=\"__1 _201\"/>ld, West Y<span class=\"__1 _200\"/>orks<span class=\"__1 _201\"/>hire,<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:128.98015px;\">Engla<span class=\"__1 _201\"/>nd, H<span class=\"__1 _201\"/>D1 2HG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws52_1\" style=\"bottom:109.21765px;\">San<span class=\"__1 _201\"/>dring<span class=\"__1 _201\"/>ham Fina<span class=\"__1 _201\"/>ncial P<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>tners L<span class=\"__1 _201\"/>imited<span class=\"__1 _8d_1\"> </span><span class=\"ls1f_1 ws1e_1\">PS<span class=\"__1 _8d_1\"> </span><span class=\"ls38_1 ws38_1\">3<span class=\"__1 _201\"/>9%<span class=\"__1 _e_1\"> </span></span></span><span class=\"ws1_1\">3<span class=\"__1 _201\"/>0 Market Stree<span class=\"__1 _201\"/>t, Hud<span class=\"__1 _201\"/>ders<span class=\"__1 _201\"/>fie<span class=\"__1 _201\"/>ld, West Y<span class=\"__1 _200\"/>orks<span class=\"__1 _201\"/>hire,<span class=\"__1 _201\"/> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.3775px; bottom:94.22365px;\">Engla<span class=\"__1 _201\"/>nd, H<span class=\"__1 _201\"/>D1 2HG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"bottom:74.46114px;\">Scho<span class=\"__1 _201\"/>olhill Sarl<span class=\"__1 _20e\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">20, r<span class=\"__1 _201\"/>ue de la Po<span class=\"__1 _201\"/>ste, Luxe<span class=\"__1 _201\"/>mbou<span class=\"__1 _201\"/>rg<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"bottom:1081.6672px;\">40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls35_1 ws4a_1\" style=\"bottom:2.0501442px;\">306<span class=\"fc2_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls1_1\">M&amp;<span class=\"__1 _201\"/>G pl<span class=\"__1 _201\"/>c</span><span class=\"ff2_1 ls2e_1 ws2e_1\"> Annual Report and Accounts 2<span class=\"__1 _200\"/>022<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h2_1 ff1_1 fs0_1 fc0_1 sc0_1 ls71_1 ws86_1\" style=\"left:0.010047913px; bottom:1081.6672px;\">40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:4.260002px; bottom:1036.0345px;\">Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls1_1 ws1_1\" style=\"left:283.9689px; bottom:1048.036px;\">Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws2b_1\" style=\"left:283.9689px; bottom:1036.0345px;\">shares held </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2b_1 ws57_1\" style=\"left:356.54776px; bottom:1048.036px;\">Proportion </div><div class=\"t_1 m0_1 h3_1 ff2_1 fs1_1 fc1_1 sc0_1 ls2f_1 ws2f_1\" style=\"left:356.54776px; bottom:1036.0345px;\">held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:1016.2782px;\">Scot<span class=\"__1 _201\"/>Am P<span class=\"__1 _201\"/>ensio<span class=\"__1 _201\"/>n T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>tees L<span class=\"__1 _201\"/>imited<span class=\"__1 _1ac_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>5 C<span class=\"__1 _201\"/>entral Way<span class=\"__1 _200\"/>, Kild<span class=\"__1 _201\"/>ean Bus<span class=\"__1 _201\"/>ines<span class=\"__1 _201\"/>s Park<span class=\"__1 _201\"/>, Stirl<span class=\"__1 _201\"/>ing, FK<span class=\"__1 _201\"/>8 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls49_1 wsb7_1\" style=\"left:428.54907px; bottom:1001.2842px;\">1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:981.52167px;\">Scot<span class=\"__1 _201\"/>tish A<span class=\"__1 _201\"/>mica<span class=\"__1 _201\"/>ble Li<span class=\"__1 _201\"/>fe Ass<span class=\"__1 _201\"/>uran<span class=\"__1 _201\"/>ce Soc<span class=\"__1 _201\"/>iet<span class=\"__1 _201\"/>y<span class=\"__1 _e_1\"> </span>No s<span class=\"__1 _201\"/>hare<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:283.9689px; bottom:966.52765px;\">capital<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls4d_1 ws54_1\" style=\"left:356.54776px; bottom:981.52167px;\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">5 Central Way<span class=\"__1 _200\"/>, Kild<span class=\"__1 _201\"/>ean Bu<span class=\"__1 _201\"/>sines<span class=\"__1 _201\"/>s Par<span class=\"__1 _201\"/>k, Stir<span class=\"__1 _201\"/>ling, F<span class=\"__1 _201\"/>K8 </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls49_1 wsb7_1\" style=\"left:428.54907px; bottom:966.52765px;\">1<span class=\"__1 _201\"/>F<span class=\"__1 _250\"/>T,<span class=\"__1 _201\"/> U<span class=\"__1 _250\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:946.76514px;\">Selly Oak Shopping<span class=\"__1 _200\"/> Park (<span class=\"__1 _200\"/>General Partner<span class=\"__1 _200\"/>) </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws18_1\" style=\"left:0.010047913px; bottom:931.7711px;\">Limited<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls32_1 ws33_1\" style=\"left:283.9689px; bottom:946.76514px;\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:912.00867px;\">Sel<span class=\"__1 _201\"/>ly Oak S<span class=\"__1 _201\"/>hopp<span class=\"__1 _201\"/>ing Par<span class=\"__1 _201\"/>k (Nom<span class=\"__1 _201\"/>inee 1) Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _248\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:892.24615px;\">Sel<span class=\"__1 _201\"/>ly Oak S<span class=\"__1 _201\"/>hopp<span class=\"__1 _201\"/>ing Par<span class=\"__1 _201\"/>k (Nom<span class=\"__1 _201\"/>inee 2) L<span class=\"__1 _201\"/>imited<span class=\"__1 _210\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:872.48364px;\">Sel<span class=\"__1 _201\"/>ly Oak S<span class=\"__1 _201\"/>hopp<span class=\"__1 _201\"/>ing Par<span class=\"__1 _201\"/>k Limite<span class=\"__1 _201\"/>d Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rship<span class=\"__1 _206\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">63%<span class=\"__1 _226\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:852.7211px;\">Sil<span class=\"__1 _201\"/>ver<span class=\"__1 _201\"/>flee<span class=\"__1 _201\"/>t Capit<span class=\"__1 _201\"/>al 200<span class=\"__1 _201\"/>4 LP<span class=\"__1 _342\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>1 Roy<span class=\"__1 _201\"/>al Plaza<span class=\"__1 _201\"/>, St Peter Por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>, GY<span class=\"__1 _200\"/>1 2HL<span class=\"__1 _201\"/>, G<span class=\"__1 _201\"/>uern<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:832.9586px;\">Sil<span class=\"__1 _201\"/>ver<span class=\"__1 _201\"/>flee<span class=\"__1 _201\"/>t Capit<span class=\"__1 _201\"/>al 200<span class=\"__1 _201\"/>9 LP<span class=\"__1 _342\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>1 Roya<span class=\"__1 _201\"/>l Plaza<span class=\"__1 _201\"/>, St Peter Por<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>, GY<span class=\"__1 _200\"/>1 2HL<span class=\"__1 _201\"/>, G<span class=\"__1 _201\"/>uerns<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:813.19617px;\">Sil<span class=\"__1 _201\"/>ver<span class=\"__1 _201\"/>flee<span class=\"__1 _201\"/>t Capit<span class=\"__1 _201\"/>al 2011<span class=\"__1 _200\"/>/12 LP<span class=\"__1 _be_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span></span></span>1 Royal Plaza<span class=\"__1 _201\"/>, St Peter Po<span class=\"__1 _201\"/>rt<span class=\"__1 _201\"/>, GY<span class=\"__1 _200\"/>1 2HL<span class=\"__1 _201\"/>, G<span class=\"__1 _201\"/>uern<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:793.43365px;\">Sil<span class=\"__1 _201\"/>ver<span class=\"__1 _201\"/>flee<span class=\"__1 _201\"/>t Capit<span class=\"__1 _201\"/>al II WPL<span class=\"__1 _201\"/>F LP<span class=\"__1 _404\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span>1 C<span class=\"__1 _201\"/>ar<span class=\"__1 _201\"/>ter L<span class=\"__1 _201\"/>ane, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC4V 5ER<span class=\"__1 _201\"/>, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:773.67114px;\">Sk<span class=\"__1 _201\"/>y Fund V Ons<span class=\"__1 _201\"/>hore L<span class=\"__1 _201\"/>P<span class=\"__1 _2da\"> </span><span class=\"ls30_1 ws30_1\">L<span class=\"__1 _201\"/>PI<span class=\"__1 _9e_1\"> </span><span class=\"ls38_1 ws38_1\">36%<span class=\"__1 _226\"> </span></span></span>5<span class=\"__1 _201\"/>59 Paci<span class=\"__1 _201\"/>fic Avenue, S<span class=\"__1 _201\"/>an Francis<span class=\"__1 _201\"/>co, CA 9<span class=\"__1 _201\"/>4<span class=\"__1 _200\"/>133<span class=\"__1 _201\"/>, USA<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:753.9086px;\">Sk<span class=\"__1 _201\"/>y I Interm<span class=\"__1 _201\"/>ediate L<span class=\"__1 _201\"/>P<span class=\"__1 _26d\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls40_1 ws44_1\">28%<span class=\"__1 _2cc\"> </span></span></span>Map<span class=\"__1 _201\"/>les C<span class=\"__1 _201\"/>orpo<span class=\"__1 _201\"/>rate Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices L<span class=\"__1 _201\"/>imited<span class=\"__1 _201\"/>, Ugla<span class=\"__1 _201\"/>nd Hou<span class=\"__1 _201\"/>se,<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:738.9147px;\">P<span class=\"__1 _337\"/>.O. B<span class=\"__1 _201\"/>ox 309, G<span class=\"__1 _201\"/>rand C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/>, K<span class=\"__1 _201\"/>Y1-<span class=\"__1 _f_1\"/>1104, C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:428.54907px; bottom:723.92065px;\">Islands<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:704.15814px;\">Smithfiel<span class=\"__1 _201\"/>d Limited<span class=\"__1 _348\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lse_1 wsc_1\" style=\"left:0.010047913px; bottom:684.3956px;\">SM<span class=\"__1 _201\"/>LLC<span class=\"__1 _2a8\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"ls6_1 ws1_1\">1<span class=\"__1 _200\"/>209 O<span class=\"__1 _201\"/>rang<span class=\"__1 _201\"/>e Street, W<span class=\"__1 _201\"/>ilming<span class=\"__1 _201\"/>ton, DE 19<span class=\"__1 _201\"/>801, US<span class=\"__1 _201\"/>A<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:664.6331px;\">SOFA Hold<span class=\"__1 _201\"/>ing LP<span class=\"__1 _2ef\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>2<span class=\"__1 _201\"/>71<span class=\"__1 _200\"/>1 Center<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ille Ro<span class=\"__1 _201\"/>ad, S<span class=\"__1 _201\"/>uite 400<span class=\"__1 _201\"/>, Wilmin<span class=\"__1 _201\"/>gton, D<span class=\"__1 _201\"/>E </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3f_1 ws4c_1\" style=\"left:428.54907px; bottom:649.63916px;\">19808, US<span class=\"__1 _200\"/>A<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:629.87665px;\">Spe<span class=\"__1 _201\"/>ciali<span class=\"__1 _201\"/>st Inves<span class=\"__1 _201\"/>tment Fun<span class=\"__1 _201\"/>ds (2) ICA<span class=\"__1 _200\"/>V \u2013 M&amp;G Rea<span class=\"__1 _201\"/>l </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls30_1 ws71_1\" style=\"left:0.010047913px; bottom:614.8826px;\">Impact Fund<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls5_1 ws1_1\" style=\"left:283.9689px; bottom:629.87665px;\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span><span class=\"ls6_1\">5 Ge<span class=\"__1 _201\"/>orge\u2019s Doc<span class=\"__1 _201\"/>k, IFS<span class=\"__1 _201\"/>C, Du<span class=\"__1 _201\"/>blin 1, Ire<span class=\"__1 _201\"/>land<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:595.1201px;\">St Edward H<span class=\"__1 _201\"/>ome<span class=\"__1 _201\"/>s Limite<span class=\"__1 _201\"/>d<span class=\"__1 _20a\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>B<span class=\"__1 _201\"/>erkeley H<span class=\"__1 _201\"/>ouse<span class=\"__1 _201\"/>, 19 Por<span class=\"__1 _201\"/>tsm<span class=\"__1 _201\"/>outh Roa<span class=\"__1 _201\"/>d, Sur<span class=\"__1 _201\"/>rey<span class=\"__1 _200\"/>, KT11 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1b_1 ws41_1\" style=\"left:428.54907px; bottom:580.12616px;\">1JG<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:560.36365px;\">St Edward H<span class=\"__1 _201\"/>ome<span class=\"__1 _201\"/>s Par<span class=\"__1 _201\"/>tner<span class=\"__1 _201\"/>ship<span class=\"__1 _c4_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _345\"> </span></span></span>B<span class=\"__1 _201\"/>erkeley H<span class=\"__1 _201\"/>ouse<span class=\"__1 _201\"/>, 19 Por<span class=\"__1 _201\"/>tsm<span class=\"__1 _201\"/>outh Roa<span class=\"__1 _201\"/>d, Sur<span class=\"__1 _201\"/>rey<span class=\"__1 _200\"/>, K<span class=\"__1 _201\"/>T1<span class=\"__1 _200\"/>1 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1b_1 ws41_1\" style=\"left:428.54907px; bottom:545.3696px;\">1JG<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:510.61316px;\">St Edward Str<span class=\"__1 _201\"/>and Pa<span class=\"__1 _201\"/>r<span class=\"__1 _201\"/>tners<span class=\"__1 _201\"/>hip<span class=\"__1 _b7_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:525.6071px;\">Ber<span class=\"__1 _201\"/>keley Hou<span class=\"__1 _201\"/>se, 19 Por<span class=\"__1 _201\"/>ts<span class=\"__1 _201\"/>mouth R<span class=\"__1 _201\"/>oad, S<span class=\"__1 _201\"/>urrey, KT11 </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls1b_1 ws41_1\" style=\"left:428.54907px; bottom:510.61316px;\">1JG<span class=\"__1 _201\"/>,<span class=\"__1 _201\"/> UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:490.85065px;\">Stableview Limited<span class=\"__1 _489\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ondo<span class=\"__1 _201\"/>n, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:456.09415px;\">StepS<span class=\"__1 _200\"/>tone Scorpio<span class=\"__1 _200\"/> Infrastructur<span class=\"__1 _200\"/>e Opportunities </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls9c_1 wsb9_1\" style=\"left:0.010047913px; bottom:441.10016px;\">F<span class=\"__1 _250\"/>u<span class=\"__1 _250\"/>n<span class=\"__1 _250\"/>d<span class=\"__1 _e7_1\"> </span>,<span class=\"__1 _250\"/> L<span class=\"__1 _e7_1\"> </span>.<span class=\"__1 _e7_1\"> </span>P.<span class=\"__1 _f0_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:471.1009px;\">Map<span class=\"__1 _201\"/>les Co<span class=\"__1 _201\"/>rpo<span class=\"__1 _201\"/>rate Ser<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ices L<span class=\"__1 _201\"/>imited<span class=\"__1 _201\"/>, Uglan<span class=\"__1 _201\"/>d Hou<span class=\"__1 _201\"/>se,<span class=\"__1 _201\"/> <span class=\"__1 _200\"/><span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:456.1069px;\">P<span class=\"__1 _337\"/>.O. B<span class=\"__1 _201\"/>ox 309, G<span class=\"__1 _201\"/>rand C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/>, K<span class=\"__1 _201\"/>Y1-<span class=\"__1 _f_1\"/>1104, C<span class=\"__1 _201\"/>ayman<span class=\"__1 _201\"/> <span class=\"ls5_1\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws38_1\" style=\"left:428.54907px; bottom:441.11288px;\">Islands<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:0.010047913px; bottom:421.3504px;\">Sustainable Multi As<span class=\"__1 _201\"/>set Balanced Fund<span class=\"__1 _13d_1\"> </span><span class=\"ls5_1 ws1_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls12_1 ws11_1\">3<span class=\"__1 _201\"/>1%<span class=\"__1 _1d_1\"> </span></span><span class=\"ls6_1\">10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls38_1 ws3e_1\" style=\"left:0.010047913px; bottom:401.5879px;\">Sustainable Multi As<span class=\"__1 _201\"/>set Cautious F<span class=\"__1 _200\"/>und<span class=\"__1 _ab_1\"> </span><span class=\"ls5_1 ws1_1\">U<span class=\"__1 _ab_1\"> </span></span><span class=\"ws38_1\">4<span class=\"__1 _201\"/>9%<span class=\"__1 _e_1\"> </span><span class=\"ls6_1 ws1_1\">10 Fenchu<span class=\"__1 _201\"/>rch Avenue, Lo<span class=\"__1 _201\"/>ndon<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:381.8254px;\">Sus<span class=\"__1 _201\"/>tainab<span class=\"__1 _201\"/>le Mult<span class=\"__1 _201\"/>i Ass<span class=\"__1 _201\"/>et Grow<span class=\"__1 _201\"/>th Fund<span class=\"__1 _401\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls3a_1 ws3b_1\">67%<span class=\"__1 _226\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:347.0689px;\">The C<span class=\"__1 _201\"/>ar Auc<span class=\"__1 _201\"/>tion Un<span class=\"__1 _201\"/>it T<span class=\"__1 _f_1\"/>ru<span class=\"__1 _201\"/>st<span class=\"__1 _405\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:362.0629px;\">Dorey C<span class=\"__1 _201\"/>our<span class=\"__1 _201\"/>t, Adm<span class=\"__1 _201\"/>iral Pa<span class=\"__1 _201\"/>rk, St P<span class=\"__1 _201\"/>eter Por<span class=\"__1 _201\"/>t, GY1 2HT<span class=\"__1 _200\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wsb_1\" style=\"left:428.54907px; bottom:347.0689px;\">Guernsey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:327.3064px;\">The F<span class=\"__1 _201\"/>irst B<span class=\"__1 _201\"/>ritis<span class=\"__1 _201\"/>h Fixed T<span class=\"__1 _200\"/>rust C<span class=\"__1 _201\"/>ompa<span class=\"__1 _201\"/>ny Limite<span class=\"__1 _201\"/>d<span class=\"__1 _1c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fenc<span class=\"__1 _201\"/>hurch Avenue, L<span class=\"__1 _201\"/>ond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:307.54388px;\">The P<span class=\"__1 _201\"/>rojec<span class=\"__1 _201\"/>t Hox<span class=\"__1 _201\"/>ton LP<span class=\"__1 _2f0\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 lsd_1 wse_1\" style=\"left:0.010047913px; bottom:287.7814px;\">The Prudential<span class=\"__1 _200\"/> Assurance Company<span class=\"__1 _200\"/> Limit<span class=\"__1 _200\"/>ed<span class=\"__1 _4a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fen<span class=\"__1 _201\"/>church Avenue<span class=\"__1 _201\"/>, Lond<span class=\"__1 _201\"/>on, EC<span class=\"__1 _201\"/>3M 5AG<span class=\"__1 _201\"/>, UK<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:253.0249px;\">The St<span class=\"__1 _201\"/>rand Pro<span class=\"__1 _201\"/>per<span class=\"__1 _201\"/>t<span class=\"__1 _201\"/>y Unit T<span class=\"__1 _200\"/>rus<span class=\"__1 _201\"/>t<span class=\"__1 _bf_1\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:268.0189px;\">Lib<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>te Hous<span class=\"__1 _201\"/>e, 19<span class=\"__1 _201\"/>-<span class=\"__1 _200\"/>23 L<span class=\"__1 _201\"/>a Mot<span class=\"__1 _201\"/>te Street, St H<span class=\"__1 _201\"/>elie<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E2<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:253.0249px;\">4<span class=\"__1 _201\"/>SY<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:218.2684px;\">The T<span class=\"__1 _200\"/>wo Rive<span class=\"__1 _201\"/>rs T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>ust<span class=\"__1 _2eb\"> </span><span class=\"ls5_1\">U<span class=\"__1 _465\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:233.26239px;\">Lib<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>te Hous<span class=\"__1 _201\"/>e, 19<span class=\"__1 _201\"/>-<span class=\"__1 _200\"/>23 L<span class=\"__1 _201\"/>a Mot<span class=\"__1 _201\"/>te Street, St H<span class=\"__1 _201\"/>elie<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E2<span class=\"__1 _201\"/> </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:218.2684px;\">4<span class=\"__1 _201\"/>SY<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:198.50589px;\">Thre<span class=\"__1 _201\"/>e Snow<span class=\"__1 _201\"/>hill Bir<span class=\"__1 _201\"/>mingh<span class=\"__1 _201\"/>am S.<span class=\"__1 _201\"/>a.r.l.<span class=\"__1 _2bb\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span><span class=\"lsd_1 wse_1\">5, Heienhaff<span class=\"__1 _200\"/>, L<span class=\"__1 _337\"/>-<span class=\"__1 _200\"/>1<span class=\"__1 _200\"/>736, Senningerberg, Luxembour<span class=\"__1 _200\"/>g<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:163.74939px;\">T<span class=\"__1 _f_1\"/>wo R<span class=\"__1 _201\"/>ivers L<span class=\"__1 _201\"/>P<span class=\"__1 _378\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _9e_1\"> </span><span class=\"ls19_1 ws18_1\">50%<span class=\"__1 _32b\"> </span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:428.54907px; bottom:178.7434px;\">Bow Be<span class=\"__1 _201\"/>lls Ho<span class=\"__1 _201\"/>use, 1 Bre<span class=\"__1 _201\"/>ad Street<span class=\"__1 _201\"/>, Lon<span class=\"__1 _201\"/>don, EC<span class=\"__1 _201\"/>4M 9<span class=\"__1 _201\"/>HH<span class=\"__1 _201\"/>, </div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls3a_1 ws3b_1\" style=\"left:428.54907px; bottom:163.74939px;\">UK<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls19_1 ws24_1\" style=\"left:0.010047913px; bottom:143.9869px;\">T<span class=\"__1 _f_1\"/>wo Snowhill Bir<span class=\"__1 _201\"/>mingham S.<span class=\"__1 _201\"/>a.r<span class=\"__1 _200\"/>.l.<span class=\"__1 _14b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _270\"> </span><span class=\"lsd_1 wse_1\">5, Heienha<span class=\"__1 _200\"/>ff<span class=\"__1 _200\"/>, L<span class=\"__1 _337\"/>-<span class=\"__1 _200\"/>1736, Senningerberg, Lux<span class=\"__1 _200\"/>embourg<span class=\"__1 _32b\"> </span></span></span></span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:124.224396px;\">V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish I Uni<span class=\"__1 _201\"/>t T<span class=\"__1 _f_1\"/>rus<span class=\"__1 _201\"/>t<span class=\"__1 _21f\"> </span><span class=\"ls5_1\">U<span class=\"__1 _ab_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Heli<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>, JE1 1<span class=\"__1 _200\"/>ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:104.4619px;\">V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish II U<span class=\"__1 _201\"/>nit T<span class=\"__1 _f_1\"/>r<span class=\"__1 _201\"/>ust<span class=\"__1 _26d\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Helie<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jers<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m0_1 h6_1 ff2_1 fs3_1 fc2_1 sc0_1 ls6_1 ws1_1\" style=\"left:0.010047913px; bottom:84.699394px;\">V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties (<span class=\"__1 _201\"/>UK<span class=\"__1 _201\"/>) Limi<span class=\"__1 _201\"/>ted Par<span class=\"__1 _201\"/>tne<span class=\"__1 _201\"/>rship<span class=\"__1 _249\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></div><div class=\"t_1 m1_1 h9_1 ff1_1 fs1_1 fc3_1 sc0_1 ls35_1 ws36_1\" style=\"left:771.7404px; bottom:700.5532px;\">Financial in<span class=\"__1 _200\"/>formation<span class=\"__1 _3b_1\"/><span class=\"fc4_1\">Stra<span class=\"__1 _200\"/>tegic Report<span class=\"__1 _3c_1\"> </span><span class=\"ls36_1 ws37_1\">Gove<span class=\"__1 _201\"/>rna<span class=\"__1 _201\"/>nc<span class=\"__1 _201\"/>e<span class=\"__1 _3d_1\"> </span></span>Other informa<span class=\"__1 _200\"/>tion<span class=\"__1 _32b\"> </span></span></div><div class=\"t_1 m0_1 h9_1 ff1_1 fs1_1 fc0_1 sc0_1 ls1_1 ws1_1\" style=\"left:500.5692px; bottom:2.0501442px;\">M&amp;<span class=\"__1 _201\"/>G plc<span class=\"ff2_1 fc2_1 ls2e_1 ws2e_1\"> Annual Repor<span class=\"__1 _201\"/>t and Accounts<span class=\"__1 _200\"/> 2022<span class=\"ff1_1 ls5_1 ws1_1\">  <span class=\"ff2_1\">|</span>  <span class=\"fc0_1 ls3e_1 ws40_1\">307<span class=\"__1 _32b\"> </span></span></span></span></div>Nam<span class=\"__1 _201\"/>e of en<span class=\"__1 _201\"/>tit<span class=\"__1 _201\"/>y<span class=\"__1 _32b\"> </span>Cla<span class=\"__1 _201\"/>sse<span class=\"__1 _201\"/>s of<span class=\"__1 _32b\"> </span>shares held<span class=\"__1 _32b\"> </span>Proportion<span class=\"__1 _32b\"> </span>held<span class=\"__1 _264\"> </span><span class=\"ls2b_1 ws2b_1\">Registered office address<span class=\"__1 _200\"/> and coun<span class=\"__1 _200\"/>try of incorporation<span class=\"__1 _32b\"> </span></span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _ae_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Hel<span class=\"__1 _201\"/>ier<span class=\"__1 _200\"/>, JE1 1<span class=\"__1 _200\"/>ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P No<span class=\"__1 _201\"/>minee 1 L<span class=\"__1 _201\"/>imited<span class=\"__1 _270\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span></span></span>IFC 5, S<span class=\"__1 _201\"/>t Helie<span class=\"__1 _201\"/>r<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jers<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P No<span class=\"__1 _201\"/>minee 2 L<span class=\"__1 _201\"/>imited<span class=\"__1 _6b_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Heli<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>, JE<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P No<span class=\"__1 _201\"/>minee 3 <span class=\"__1 _201\"/>Limited<span class=\"__1 _212\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>I<span class=\"__1 _201\"/>FC 5, St H<span class=\"__1 _201\"/>elier, JE<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jers<span class=\"__1 _201\"/>ey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P No<span class=\"__1 _201\"/>minee 4 L<span class=\"__1 _201\"/>imited<span class=\"__1 _212\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Heli<span class=\"__1 _201\"/>er<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>E<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties G<span class=\"__1 _201\"/>P No<span class=\"__1 _201\"/>minee A L<span class=\"__1 _201\"/>imited<span class=\"__1 _1a_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>IFC 5<span class=\"__1 _201\"/>, St Heli<span class=\"__1 _201\"/>er<span class=\"__1 _200\"/>, JE<span class=\"__1 _200\"/>1 1ST<span class=\"__1 _200\"/>, Jer<span class=\"__1 _201\"/>sey<span class=\"__1 _32b\"> </span>V<span class=\"__1 _200\"/>anq<span class=\"__1 _201\"/>uish Prop<span class=\"__1 _201\"/>er<span class=\"__1 _201\"/>ties L<span class=\"__1 _201\"/>P Limi<span class=\"__1 _201\"/>ted<span class=\"__1 _c0_1\"> </span><span class=\"ls32_1 ws33_1\">O<span class=\"__1 _201\"/>S<span class=\"__1 _9e_1\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span>I<span class=\"__1 _201\"/>FC 5, St He<span class=\"__1 _201\"/>lier<span class=\"__1 _200\"/>, JE1 1ST<span class=\"__1 _f_1\"/>, J<span class=\"__1 _201\"/>ersey<span class=\"__1 _32b\"> </span>Wessex G<span class=\"__1 _201\"/>ate Limited<span class=\"__1 _26d\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>West Statio<span class=\"__1 _201\"/>n 1 SCI<span class=\"__1 _9c_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">8 Avenue Ho<span class=\"__1 _201\"/>che, 75<span class=\"__1 _201\"/>008<span class=\"__1 _201\"/>, Par<span class=\"__1 _201\"/>is, Fran<span class=\"__1 _201\"/>ce<span class=\"__1 _32b\"> </span></span>West Statio<span class=\"__1 _201\"/>n 2 SCI<span class=\"__1 _1ba_1\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _1c2_1\"> </span></span></span><span class=\"ws1_1\">8 Avenu<span class=\"__1 _201\"/>e Hoch<span class=\"__1 _201\"/>e, 750<span class=\"__1 _201\"/>08<span class=\"__1 _201\"/>, Paris<span class=\"__1 _201\"/>, France<span class=\"__1 _32b\"> </span></span>West Statio<span class=\"__1 _201\"/>n SAS<span class=\"__1 _2d4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">10<span class=\"__1 _201\"/>0%<span class=\"__1 _222\"> </span></span></span><span class=\"ws1_1\">8 Avenue H<span class=\"__1 _201\"/>och<span class=\"__1 _201\"/>e, 7500<span class=\"__1 _201\"/>8, P<span class=\"__1 _201\"/>aris<span class=\"__1 _201\"/>, France<span class=\"__1 _32b\"> </span></span>Westwacker Limited<span class=\"__1 _21f\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _392\"> </span><span class=\"ls4d_1 ws54_1\">100<span class=\"__1 _201\"/>%<span class=\"__1 _222\"> </span><span class=\"ls6_1 ws1_1\">10 Fench<span class=\"__1 _201\"/>urch Avenue, Lo<span class=\"__1 _201\"/>ndo<span class=\"__1 _201\"/>n, EC3<span class=\"__1 _201\"/>M 5AG, U<span class=\"__1 _201\"/>K<span class=\"__1 _32b\"> </span></span></span></span>WFH Inve<span class=\"__1 _201\"/>stme<span class=\"__1 _201\"/>nts LLC<span class=\"__1 _1a8_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls40_1 ws44_1\">23%<span class=\"__1 _32b\"> </span></span></span>2711 Center<span class=\"__1 _201\"/>v<span class=\"__1 _201\"/>ille Ro<span class=\"__1 _201\"/>ad, Su<span class=\"__1 _201\"/>ite 400, W<span class=\"__1 _201\"/>ilming<span class=\"__1 _201\"/>ton, DE<span class=\"__1 _201\"/> 19808, US<span class=\"__1 _200\"/>A<span class=\"__1 _32b\"> </span>Wrap IFA Ser<span class=\"__1 _201\"/>vic<span class=\"__1 _201\"/>es Lim<span class=\"__1 _201\"/>ited<span class=\"__1 _2e4\"> </span><span class=\"ls32_1 ws33_1\">OS<span class=\"__1 _8a_1\"> </span><span class=\"ls4d_1 ws54_1\">100%<span class=\"__1 _222\"> </span></span></span>10 Fe<span class=\"__1 _201\"/>nchurch Avenu<span class=\"__1 _201\"/>e, Lon<span class=\"__1 _201\"/>don<span class=\"__1 _201\"/>, EC3<span class=\"__1 _201\"/>M 5AG, UK<span class=\"__1 _32b\"> </span>Wy<span class=\"__1 _201\"/>nnefi<span class=\"__1 _201\"/>eld Pr<span class=\"__1 _201\"/>ivate Equit<span class=\"__1 _201\"/>y Par<span class=\"__1 _201\"/>tn<span class=\"__1 _201\"/>ers II<span class=\"__1 _201\"/>, L<span class=\"__1 _201\"/>.P<span class=\"__1 _f_1\"/>.<span class=\"__1 _1d_1\"> </span><span class=\"ls30_1 ws30_1\">LPI<span class=\"__1 _392\"> </span><span class=\"ls38_1 ws38_1\">99%<span class=\"__1 _e_1\"> </span></span></span>120<span class=\"__1 _201\"/>9 Ora<span class=\"__1 _201\"/>nge Stree<span class=\"__1 _201\"/>t, Wilm<span class=\"__1 _201\"/>ington<span class=\"__1 _201\"/>, DE 198<span class=\"__1 _201\"/>01, USA<span class=\"__1 _32b\"> </span>40 Relat<span class=\"__1 _200\"/>ed undertakings con<span class=\"__1 _200\"/>tinued",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-597": {
   "value": "M&amp;G p<span class=\"__1 _201\"/>lc",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-598": {
   "value": "M&amp;G p<span class=\"__1 _201\"/>lc",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-599": {
   "value": "public limited company",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-600": {
   "value": "England and Wales",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-601": {
   "value": "10 Fenchurch Avenue, London EC3M 5AG",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:254900TWUJUQ44TQJY84",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  }
 }
}